[Table_Title] 全球储能有望迎高增，Ai 电力产业链+机器人加 速布局 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1. 人形机器人 M e rcado L ibre 联手 Agility R obotics 部署 Digit 人形机器人 证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 21 日 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 2. 新能源汽车 福特计划改造电池工厂投向储能市场 我们认为，随着国内储能市场逐步成熟，以及海外电网老旧、缺电 问题频发等带动下，全球储能电池需求进入高景气阶段，预计未来 出货将保持快速增长。在前期供给过剩导致价格大幅下跌的背景 下，锂电池产业链多数企业出现亏损。在"反内卷"趋势下，叠加 需求向上共振，电池及材料环节迎来量价向上信号，看 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company offers a comprehensive chip system foundry service, with significant growth in module packaging business, which saw over 100% year-on-year revenue increase. The automotive power module revenue grew over 200% in the first half of 2025 due to deepening collaboration with end customers [4] - The company has established multiple production lines covering power semiconductors and signal chain foundry, continuously advancing in analog and control foundry services. The 12-inch silicon-based production line and 8-inch silicon carbide line are expected to enhance cost advantages and technological leadership, driving long-term growth in automotive, AI, high-end consumer, and industrial control sectors [5] - The company anticipates revenues of 8.04 billion, 10.01 billion, and 12.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected to be -470 million, 136 million, and 310 million yuan for the same years [7][8] Company Overview - The latest closing price is 5.18 yuan, with a total market capitalization of 36.6 billion yuan and a circulating market value of 22.9 billion yuan. The company has a total share capital of 7.069 billion shares, with a debt-to-asset ratio of 41.7% [3]