Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - As of January 30, 2026, the installed capacity of new energy storage in China reached 136 million kilowatts, marking an 84% increase compared to the end of 2024 and over 40 times growth compared to the end of the 13th Five-Year Plan [2][40] - The report highlights significant growth in the photovoltaic and wind power sectors, with new installations expected to reach 315.1 GW and 119.3 GW respectively in 2025, representing year-on-year increases of 13.7% and 50.4% [42] - The report emphasizes the increasing flexibility of new energy storage systems, which play a crucial role in enhancing the stability and safety of the power system [42] Market Review - The power equipment sector experienced a decline of 0.47% over the past two weeks, underperforming the CSI 300 index by 0.53 percentage points, ranking 19th among 31 sectors [11] - In January 2026, the power equipment sector saw a monthly increase of 4.56%, outperforming the CSI 300 index by 1.88 percentage points [11] - The wind power equipment sector rose by 1.77%, while the photovoltaic equipment sector increased by 4.24% during the same period [18] Valuation and Industry Data - As of January 29, 2026, the price-to-earnings (PE) ratio for the power equipment sector was 34.76 times, with sub-sectors such as electric motors and other power equipment showing PE ratios of 59.88 and 59.64 respectively [24] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in their market performance [25] Company Announcements - The report notes that several companies, including Gree and Enjie, are expected to turn profitable in 2025, with projected net profits ranging from 34 million to 164 million yuan [41][44] - The report highlights the importance of technological advancements and market strategies for companies in the power equipment sector to maintain competitive advantages [43]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to increase its investment in AI, with a potential turning point in performance anticipated in 2026 [1] - The company's revenue for 2025 is projected to be 8.68 billion yuan, with a year-on-year growth of 6.25% [1] - The net profit attributable to the parent company for 2025 is forecasted to be 133.47 million yuan, reflecting a significant decline of 69.40% year-on-year [1] - The company is positioned as the only supplier of AI server power supplies for Nvidia in mainland China, with expectations for increased orders and market share [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 6.75 billion yuan - 2024: 8.17 billion yuan - 2025: 8.68 billion yuan - 2026: 12.22 billion yuan - 2027: 16.61 billion yuan [1][8] - Net profit projections are: - 2023: 629.32 million yuan - 2024: 436.12 million yuan - 2025: 133.47 million yuan - 2026: 800.61 million yuan - 2027: 1.72 billion yuan [1][8] - The earnings per share (EPS) forecast is: - 2023: 1.14 yuan - 2024: 0.79 yuan - 2025: 0.24 yuan - 2026: 1.46 yuan - 2027: 3.12 yuan [1][8] Market Data - The closing price of the company's stock is 139.18 yuan, with a market capitalization of approximately 76.56 billion yuan [5] - The price-to-earnings (P/E) ratio is currently 121.65, projected to rise to 573.63 in 2025 before decreasing to 44.54 by 2027 [1][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a harvest period with a stabilization in micro-inverter competition, leading to steady growth [1] - The company anticipates a significant recovery in its energy storage business in 2026, with projected revenues of over 10 billion yuan from large-scale storage systems and a gross margin of around 15% [8] - The company is undergoing a transformation phase, with high expenses expected in 2025, but a slight increase in costs is anticipated for 2026 as the framework for various teams has been established [8] Financial Projections - Total revenue is projected to decline slightly from 1,993 million yuan in 2024 to 1,959 million yuan in 2025, before increasing to 4,018 million yuan in 2026 and 5,345 million yuan in 2027 [1][9] - The net profit attributable to the parent company is expected to be -149 million yuan in 2025, with a recovery to 313 million yuan in 2026 and 511 million yuan in 2027 [1][9] - The earnings per share (EPS) is forecasted to be -1.20 yuan in 2025, recovering to 2.52 yuan in 2026 and 4.12 yuan in 2027 [1][9] Market Data - The closing price of the company's stock is 111.50 yuan, with a market capitalization of 13,834.20 million yuan [5] - The price-to-earnings (P/E) ratio is currently 43.23, expected to drop to -99.98 in 2025 before stabilizing at 29.09 in 2027 [1][9] Business Segments - The company expects to generate over 3 billion yuan in revenue from large-scale storage systems and PCS in 2025, with a significant portion coming from overseas markets [8] - The micro-inverter segment is projected to see revenues of over 8 billion yuan in 2025, despite a 30% decline in prices due to increased competition [8]

Market Overview - The other power equipment sector increased by 0.51% on January 23, with Maigemit leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Top Performers - Maigemit (002851) closed at 120.62, up 5.75%, with a trading volume of 226,500 shares and a transaction value of 2.68 billion [1] - Green Energy Charging (600212) closed at 8.50, up 5.46%, with a trading volume of 484,000 shares and a transaction value of 405 million [1] - Xizi Clean Energy (002534) closed at 18.94, up 4.41%, with a trading volume of 286,700 shares and a transaction value of 536 million [1] Underperformers - Oulu Tong (300870) closed at 218.00, down 3.45%, with a trading volume of 46,500 shares and a transaction value of 1.018 billion [2] - KOTAI Power (300153) closed at 36.31, down 2.21%, with a trading volume of 399,200 shares and a transaction value of 1.458 billion [2] - China Power (600482) closed at 26.60, down 2.13%, with a trading volume of 714,300 shares and a transaction value of 1.947 billion [2] Capital Flow - The other power equipment sector experienced a net outflow of 490 million from institutional investors, while retail investors saw a net inflow of 417 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Oriental Electric (600875) had a net inflow of 288 million from institutional investors, but a net outflow of 68.94 million from speculative funds [3] - Maigemit (002851) saw a net inflow of 89.72 million from institutional investors and a net inflow of 48.47 million from speculative funds [3] - Xizi Clean Energy (002534) had a net inflow of 53.70 million from institutional investors, but a net outflow of 2.61 million from speculative funds [3]

Market Performance - The other power equipment sector increased by 1.69% compared to the previous trading day, with Youyou Green Energy leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers - Youyou Green Energy (301590) closed at 230.78, up 15.38% with a trading volume of 23,200 lots and a transaction value of 507 million [1] - MagiMet (002851) closed at 113.85, up 10.00% with a trading volume of 244,500 lots and a transaction value of 2.697 billion [1] - Tonghe Technology (300491) closed at 29.53, up 5.24% with a trading volume of 183,500 lots and a transaction value of 534 million [1] Other Notable Performers - Keda (002518) closed at 59.49, up 5.01% with a trading volume of 215,100 lots and a transaction value of 1.258 billion [1] - Oulu Tong (300870) closed at 226.89, up 4.31% with a trading volume of 46,000 lots and a transaction value of 1.031 billion [1] - Zhongheng Electric (002364) closed at 31.09, up 4.05% with a trading volume of 352,300 lots and a transaction value of 1.08 billion [1] Market Capital Flow - The other power equipment sector saw a net inflow of 780 million from main funds, while retail funds experienced a net outflow of 407 million [2] - The main funds' net inflow for Dongfang Electric (600875) was 432 million, while it saw a net outflow of 375 million from retail funds [3] - MagiMet (002851) had a main fund net inflow of 430 million, with a significant retail fund outflow of 271 million [3]

证券研究报告 行业点评（R3）- 无重点股票 其他电源设备Ⅱ 星环聚能完成开年最大核聚变融资，核聚变产业化 进程加速 投资要点： 风险提示：核电安全事故风险，可控核聚变发展不及预期。 2026 年 01 月 21 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 相关报告 1 电力设备行业点评：Meta 签署核能供电协议， 看好核电发展 2026-01-16 2 电力设备行业点评：商业航天海上平台基建先 行，拥有码头和成熟海工经验的海工企业有望受 益 2026-01-14 3 电力设备行业点评：全球首台 30 兆瓦纯氢燃 气轮机实现纯氢发电，看好国产氢能装备和燃气 轮机发展 2026-01-06 请务必阅读正文之后的免责声明 % 1M 3M 12M 其他电源设备 Ⅱ 18.07 17.97 60.50 沪深 300 3.39 4.07 23.33 -8% 12% 32% 52% 72% 2025-01 2025-04 2025-07 2025-10 2026-01 其他电源设备Ⅱ 沪深300 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21% to 67.43% [2] - The data center business is steadily growing, with projected revenue of over 3 billion yuan in 2025, a year-on-year increase of 20% [2] - The new energy business is recovering, with expected revenue of 2 billion yuan in 2025, a year-on-year increase of 10%, and storage business revenue expected to nearly double [2] Financial Forecasts - Total revenue is forecasted to be 5,281 million yuan in 2025, with a year-on-year growth of 26.99% [1] - The net profit attributable to shareholders is projected to be 643.82 million yuan in 2025, with a year-on-year growth of 63.32% [1] - The latest diluted EPS is expected to be 1.11 yuan per share in 2025 [1] Revenue Breakdown - The data center segment is expected to generate over 10 billion yuan in Q4 2025, reflecting a year-on-year increase of 40% [2] - The storage revenue in Q4 2025 is projected to be around 4 billion yuan, with a year-on-year increase of 50% [2] Profitability Metrics - The company’s profitability forecast for 2025 has been raised to 6.4 billion yuan, with corresponding P/E ratios of 50, 29, and 21 for 2025, 2026, and 2027 respectively [3] - The gross margin is expected to be 29.75% in 2025, with a net profit margin of 12.19% [9] Market Position - The company has made significant breakthroughs in the North American market, with new orders expected to contribute significantly to revenue in 2026 [3] - Collaborations with major domestic players like ByteDance and Alibaba are expected to stabilize the domestic market base [3]

Market Overview - The other power equipment sector experienced a decline of 0.19% on January 16, with Aikaisibo leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Yoyo Green Energy (301590) closed at 192.88, up 2.17% with a trading volume of 5809.85 lots and a transaction value of 111 million [1] - Koweier (688551) closed at 41.38, up 2.12% with a trading volume of 17,900 lots and a transaction value of 74 million [1] - Dongfang Electric (600875) closed at 25.40, up 1.56% with a trading volume of 1.26 million lots and a transaction value of 3.29 billion [1] - Aikaisibo (688719) closed at 51.26, down 3.85% with a trading volume of 43,200 lots and a transaction value of 226 million [2] - Zhongheng Electric (002364) closed at 31.43, down 2.81% with a trading volume of 435,200 lots and a transaction value of 1.38 billion [2] Capital Flow - The other power equipment sector saw a net outflow of 570 million from institutional investors, while retail investors had a net inflow of 434 million [2] - The capital flow for individual stocks showed mixed results, with some stocks like Maigemit (002851) experiencing a net inflow from retail investors [3]

Core Viewpoint - Keda Technology's stock price has shown fluctuations, with a recent decline of 2.08% and a total market capitalization of 30.21 billion yuan, while the company has experienced a year-to-date increase of 6.95% in stock price [1] Financial Performance - For the period from January to September 2025, Keda Technology achieved a revenue of 3.609 billion yuan, representing a year-on-year growth of 23.93%, and a net profit attributable to shareholders of 446 million yuan, reflecting a growth of 24.93% [2] Shareholder Information - As of January 9, 2025, Keda Technology had 44,000 shareholders, an increase of 4.76% from the previous period, with an average of 12,844 circulating shares per shareholder, a decrease of 4.55% [2] - The company has distributed a total of 1.544 billion yuan in dividends since its A-share listing, with 602 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.6908 million shares, an increase of 2.450 million shares from the previous period [3] - Several new institutional shareholders have entered, including Bosera Huixing Return Mixed Fund, holding 5.0283 million shares, and Huatai-PineBridge Technology Innovation Mixed Fund, holding 4.0335 million shares [3]

Core Viewpoint - On January 12, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for Xianle Health, Dongfang Securities, and Hanshuo Technology, showing potential investment opportunities in the food processing and securities industries [1][6]. Group 1: Target Price Increases - Xianle Health received a target price increase of 44.73%, with a highest target price of 35.30 yuan from China International Capital Corporation [2][6]. - Dongfang Securities saw a target price increase of 37.03%, with a highest target price of 15.06 yuan from Zheshang Securities [2][6]. - Hanshuo Technology had a target price increase of 23.44%, with a highest target price of 75.00 yuan from CITIC Securities [2][6]. Group 2: Brokerage Recommendations - A total of 22 listed companies received brokerage recommendations on January 12, with Xianle Health receiving recommendations from 3 firms, and Hanshuo Technology from 2 firms [6]. - Other companies like Hailan Home received recommendations from 1 firm [6]. Group 3: First Coverage Ratings - Six companies received first coverage ratings on January 12, including Quanyangquan with an "Increase" rating from Zhongtai Securities, and Yili with an "Increase" rating from Xiangcai Securities [3][7]. - Other companies included Shisheng Intelligent with an "Increase" rating from Huayuan Securities, and Pruis with a "Buy" rating from Zhongyou Securities [3][7]. - Youyou Green Energy received a "Outperform Industry" rating from China International Financial [3][7].