Core Viewpoint - Suzhou United Power System Co., Ltd. (referred to as "United Power") has met the conditions for listing and is positioned as a leading enterprise in the new energy vehicle power system sector, having been spun off from Huichuan Technology [2][3] Group 1: Company Overview - United Power is the only entity within the Huichuan Technology system that operates the electric drive and power systems for new energy vehicles, showcasing a complete and independent R&D, production, and sales system [2][3] - Huichuan Technology, the parent company, has a market capitalization of 170 billion yuan and reported a revenue of 37.04 billion yuan in 2024, with a year-on-year growth of 21.77% [3] Group 2: Business Performance - United Power's revenue has shown significant growth from 2.90 billion yuan in 2021 to 16.18 billion yuan in 2024, with a compound annual growth rate of approximately 79.39% over the past three years [4] - In 2024, United Power held a market share of approximately 10.7% in the electric control products segment, ranking first among third-party suppliers [4] Group 3: Industry Position and Innovation - United Power is positioned at the core of the new energy vehicle industry chain, focusing on technological innovation in core components, and has developed 26 core product technologies and 98 invention patents [6] - The company has actively participated in national key research projects, enhancing its technological barriers and industry recognition [6] Group 4: Spin-off Benefits - The spin-off of United Power aims to enhance its transparency and showcase its value, which is expected to positively impact its valuation and stock price [7] - This separation allows Huichuan Technology to focus on its core business, improving operational efficiency and reducing risks associated with diversification [7][8]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric power equipment and new energy sectors are expected to see improved profitability, particularly in the electric vehicle battery segment, as lithium battery supply issues are anticipated to reach a turning point. The decline in lithium carbonate prices is expected to lower battery costs and stimulate downstream demand [2][3] - The report emphasizes the importance of the electric power equipment sector, predicting a significant investment year for the grid, driven by increased electricity demand from emerging industries like AI and the rapid development of renewable energy, which is creating pressure on the grid [2][3] - In the energy storage sector, the report forecasts sustained high growth in 2025, with opportunities arising from the development of large-scale storage, commercial storage, and household storage [3][4] - The photovoltaic industry is expected to benefit from high demand in Europe and a robust domestic market, with new technologies like TOPCON and HJT accelerating the market's growth [3][4] - The report also discusses the industrial control and humanoid robot sectors, noting the establishment of the Guangdong Artificial Intelligence and Robotics Industry Alliance, which is expected to facilitate the industrialization of humanoid robots [5][6] Summary by Relevant Sections New Energy Vehicles - The report indicates that in April 2025, new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2%, while the installed capacity of power batteries was 54.1 GWh, up 54.6% year-on-year [11][12] Electric Power Equipment and Energy Storage - The report suggests that 2025 will be a significant year for grid investment, with a focus on companies like Suyuan Electric, Haixing Power, and Jindan Technology [2][3] - In energy storage, the report highlights investment opportunities in large-scale storage, commercial storage, and household storage, recommending companies such as Nanfang Technology and Sungrow Power [3][4] Photovoltaic Industry - The report notes that the photovoltaic sector is experiencing strong demand, particularly in Europe, and highlights the potential of new technologies to drive growth [3][4] Industrial Control and Humanoid Robots - The establishment of the Guangdong Artificial Intelligence and Robotics Industry Alliance is expected to enhance collaboration among robot companies and accelerate the industrialization of humanoid robots [5][6]

Investment Rating - The report maintains a "Strong Buy" rating for the machinery sector [4] Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to enhance model training and R&D efficiency, which is expected to accelerate the commercialization of humanoid robots [1][11][41] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies, indicating a potential influx of capital into the robotics sector, supporting continued market momentum [1][11][41] - The report emphasizes a strong outlook for embodied intelligence, including both humanoid and non-humanoid robots, and encourages exploration of investment opportunities in "AI + Robotics" beyond just humanoid robots [1][11][41] Summary by Sections Humanoid Robots - Major tech giants are enhancing robotics manufacturers' capabilities, which is expected to boost the commercialization of humanoid robots [2][11] - The newly launched robotics index includes companies such as Huichuan Technology, Hubei Zhongke, and others, with expectations for increased capital inflow into the sector [2][11] - The report suggests focusing on embodied intelligence and exploring various robotics applications, including exoskeletons and sensors, which do not necessarily depend on humanoid robot proliferation [2][11] Engineering Machinery - Recent rumors about poor domestic sales data for engineering machinery in early May have led to significant stock corrections among leading companies, but the report suggests that this data may not represent the entire month [12][21] - The report anticipates double-digit growth in domestic sales for the year, supported by a low base from the previous year [12][21] - The domestic market is expected to recover, driven by increased investment in infrastructure and construction projects [21][22] Semiconductor Equipment - The report highlights the increasing importance of domestic semiconductor equipment due to export restrictions from the U.S., which is expected to accelerate the domestic production rate [25][26] - The overall outlook for the semiconductor equipment sector remains positive, with anticipated growth in orders for 2025 [26] 3C Equipment - The report notes that domestic manufacturers are well-positioned to benefit from the ongoing adjustments in Apple's production strategy, with expectations for strong demand in 2025 [27] Other Equipment Sectors - The report provides insights into various sectors, including oil service equipment, elevators, rail transit equipment, and mining machinery, with specific recommendations for companies within these sectors [30][31][32][33]

电新周报：Optimus 展示舞蹈动作，机器人再进化 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 5 月 17 日 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_Title] Optimus 展示舞蹈动作，机器人再进化 [Table_ReportDate] 2025 年 5 月 17 日 本期核心观点 [Tale_S 行业展望及配置建议： um ➢ 新能源汽车： [Table_StockAndRank] 电力设备与新能源 投资评级 看好 上次评级 看好 武浩 电新行业首席分析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电新行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 动力电池格局有望优化，板块盈利 ...

Investment Rating - The report maintains a "Recommended" rating for the machinery industry, indicating a positive outlook for investment opportunities in this sector [6][18]. Core Insights - The machinery industry is experiencing a recovery phase, driven by increased domestic demand and favorable monetary and fiscal policies. The report highlights the potential for a new recovery cycle in the equipment industry [6][18]. - Excavator sales in April 2025 showed significant growth, with domestic sales reaching 12,547 units (up 16.4% year-on-year) and exports at 9,595 units (up 19.3% year-on-year) [6][18]. - The report emphasizes three key directions for the robotics sector: marginal changes in the main chains, the evolution from product to customer scenarios, and the focus on core components and processing efficiency [6][18]. Summary by Sections Industry and Company Investment Views - The report suggests that the automation market in China is expected to enter an upward cycle in 2025, driven by OEM market recovery and increased demand for industrial automation [18][19]. - Key companies recommended for investment include 汇川技术 (Inovance Technology), 信捷电气 (Xinjie Electric), and 伟创电气 (Weichuang Electric), all of which are positioned to benefit from the recovery in the automation sector [18][20]. Key Data Tracking - The report provides macroeconomic data indicating a total market capitalization of 50,722.59 billion yuan for the machinery sector, with a circulation market value of 41,442.66 billion yuan [3][6]. - The machinery sector's performance over the past month shows an absolute increase of 10.7% and a relative increase of 6.4% compared to the broader market indices [4][10]. Company Earnings Forecasts and Valuations - The report includes earnings per share (EPS) forecasts for key companies, with 汇川技术 projected to have an EPS of 2.12 yuan in 2025, and a price-to-earnings (PE) ratio of 32.80 [2][7]. - Other companies such as 法兰泰克 (Flantak) and 信捷电气 are also highlighted with strong earnings growth and favorable valuations, reinforcing the positive investment sentiment in the sector [2][7].

新能源汽车板块2025Q1持仓占总市值比重为5.20%，环比下降0.09pct。2024Q1-2025Q1 持仓比例分别为5.09%、5.06%、5.25%、5.29%、5.20%。1）上游锂矿2025Q1整体持仓下降 0.56pct至1.64%；2）中游板块持仓整体下降0.98pct至8.86%，结构件、正极、隔膜、添加 剂、铝箔、铜箔持仓上升，电池、负极、电解液持仓下降；3）核心零部件、整车持仓 2025Q1上升，充电桩下降；4）新技术板块2025Q1上升0.89pct至1.68%，钠电池、复合集流 体均上涨。 新能源：光伏、风电、核电均下降 光伏板块2025Q1持仓占总市值比重环比下降至3.33%，环比-0.80pct，2024Q1-2025Q1持 仓比例分别4.45%、3.88%、4.15%、4.13%、3.33%。硅片、电池上升，硅料、组件、逆变器 持仓下降。1）硅料环节下降0.68pct；2）硅片环节上升0.97pct；3）电池上升1.27pct；4）一 体化组件下降1.10pct；5）逆变器环节下降1.70pct；6）辅材环节：胶膜、玻璃、支架、 EPC、设备、金刚线、银浆、石英坩埚均下降。 东 ...

电新行业 24 年报及 25 年一季报业绩总结 20250507 摘要 • 2025 年一季度新能源行业营收小幅增长，但盈利能力持续下滑，主要受 光伏板块拖累，需关注光伏行业产能过剩及政策调控对市场的影响。 • 新能源车板块复苏势头良好，一季度营收和净利润均实现显著增长，其中 电池子行业表现稳健，但三元正极材料和电解液子行业盈利承压。 • 风电行业迎来拐点，产能利用率上升，订单充足，但主机厂盈利修复滞后， 需关注二三季度主机厂制造业务盈利拐点。 • 储能板块需求良好，一季度收入和利润均实现正增长，是新能源发电板块 中表现相对较好的子行业。 • 电力设备行业整体稳健增长，特高压和智能化是主要驱动力，出海业务潜 力巨大，相关公司值得关注。 • 工控领域业绩显著提升，人形机器人领域展现良好市场潜力，但各子行业 发展不平衡，需关注特斯拉供应商及国内迭代速度快的企业。 • 风电产业链价格趋稳，海上风电装机预计翻倍，海外需求旺盛，长期逻辑 明确，关注头部企业及海缆管桩相关公司。 Q&A 请介绍一下去年（2024 年）和今年（2025 年）一季度新能源行业的整体业 绩情况。 去年（2024 年），新能源行业整体营收同比下滑 ...

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment and new energy sector [6] Core Views - The demand for the new energy vehicle industry chain is improving, leading to a recovery in performance. The first quarter of 2025 shows a positive trend in profitability across various segments, particularly in the energy storage and wind power sectors [1][5] - The report highlights the significant growth in domestic new energy vehicle sales, which reached 3.075 million units in Q1 2025, a year-on-year increase of 47.1% [2][28] - The energy storage market is experiencing a surge in demand, particularly in the U.S. due to tariff expectations, while the European and Asia-Pacific markets are also expected to grow [3] - The photovoltaic sector is seeing a release of pent-up demand, with losses narrowing compared to previous quarters, although challenges remain due to price pressures in certain segments [4] - The wind power sector is witnessing an upward trend in performance, driven by strong demand and favorable policies, particularly in offshore wind projects [5] Summary by Sections New Energy Vehicles - Domestic new energy vehicle sales reached 3.075 million units in Q1 2025, up 47.1% year-on-year, with battery installation capacity at 130.2 GWh, a 52.8% increase [2][28] - The European market also shows growth, with a 16.7% increase in new energy vehicle sales [2] - The report emphasizes the importance of companies with cost and technology advantages in the supply chain [2] Energy Storage - Domestic energy storage installations in Q1 2025 totaled 11.79 GWh, a decrease of 5.5% year-on-year, but the bidding scale reached 102.7 GWh, up 299% [3] - The U.S. market saw a significant increase in large-scale storage installations, with a 164% year-on-year growth [3] - The report suggests focusing on inverter companies benefiting from the growth in Europe and Asia-Pacific markets [3] Photovoltaics - The photovoltaic sector experienced a recovery in Q1 2025, with demand driven by new market policies, although profitability remains mixed across different segments [4] - The report notes that while some segments like silicon materials face pressure, others like glass and encapsulants are seeing improved profitability [4] Wind Power - The wind power sector is experiencing a performance turnaround, with strong demand and stable bidding prices [5] - The report highlights the potential for growth in offshore wind projects, supported by favorable government policies [5] Industrial Control - The industrial control sector shows signs of recovery, with a market size of 80.183 billion yuan in Q1 2025, a year-on-year increase of 2.35% [10] - The report indicates that leading companies are gaining market share in low-voltage frequency converters and servo motors, benefiting from accelerated domestic replacement [10]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Viewpoints - The human-shaped robot sector is experiencing significant domestic and international resonance, indicating a strong growth potential. The valuation of leading lithium battery storage companies is currently low, presenting a potential investment opportunity [1][4] - The report highlights a robust demand for energy storage solutions, particularly in emerging markets, and anticipates a compound annual growth rate (CAGR) of 20-40% for global energy storage installations from 2025 to 2028 [4][5] Industry Trends - The electric equipment sector has shown varied performance, with specific segments like nuclear power and electric vehicles experiencing growth, while others like wind and photovoltaic sectors have faced declines [4] - The report notes significant developments in the human-shaped robot market, including strategic partnerships and product deliveries, which are expected to drive growth in this sector [4] - The electric vehicle market is witnessing a surge in sales, with major manufacturers reporting substantial year-on-year increases in production and sales figures [4] Company Performance - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential, with specific revenue and profit forecasts provided for 2024 and 2025 [6][8] - The report emphasizes the financial performance of various companies, indicating a mix of growth and challenges, with some companies like Longi Green Energy facing significant declines in revenue and profit [4][6] Investment Strategy - The report recommends a focus on key sectors such as robotics, energy storage, and electric vehicles, identifying specific companies that are expected to benefit from market trends and technological advancements [6][10] - It suggests that the human-shaped robot market is at a pivotal point, akin to the early stages of the electric vehicle market, with substantial long-term growth potential [10]

Market Overview - US stock market experienced two consecutive declines ahead of the Federal Reserve's interest rate decision, with Palantir dropping 12% after its earnings report [2][5] - Offshore RMB rose over 100 points, breaking the 7.20 mark, while the Nasdaq 100 gained over 1% in after-hours trading [2] - 10-year US Treasury auction showed strong demand, leading to a decline in bond yields [2][5] - Crude oil prices rebounded nearly 5%, and spot gold surged above $3,400 [2] Key News - He Lifeng will visit Switzerland and France for high-level economic talks, including discussions on US-China trade [3][8] - The EU plans to impose tariffs on $100 billion worth of US goods if trade negotiations fail [9] - The US trade deficit reached a record high of $140.5 billion in March, with imports surging 4.4% to a record $419 billion [10] - Nvidia's CEO projected that China's AI market could reach $50 billion [10] Domestic Macro - China's April Caixin Services PMI was reported at 50.7, indicating a slowdown in new orders [13] - The Chinese government aims for a 5% growth target by 2025, with plans for more proactive macro policies [14] Domestic Companies - Apple is expected to launch a domestic AI version supported by Baidu and Alibaba, ensuring compliance with local regulations [15] Overseas Macro - The US Treasury Department reported a successful 10-year bond auction, indicating a return of overseas demand [16] - Concerns over inflation may lead the Federal Reserve to delay interest rate cuts [16] Industry Insights - The AI Agent development is transforming the software landscape, making databases essential for AI applications [23] - The military industry is facing pressure, with revenue and profit at low levels, but potential recovery is expected in 2025 [23] - The industrial control sector shows signs of recovery, with strong performance from leading companies [23]