华鑫证券研报指出，豪鹏科技聚焦Ai+，盈利拐点明确。公司积极推进产品向高附加值方向升级，研发 资源重点投向高电压正极、硅基负极、叠片钢壳及固态电池等领域，持续强化在高能量密度、安全性及 可靠性方面的技术壁垒。公司将业务重心由传统消费电子逐步转向AI端侧与算力基础设施等新兴应用 场景，有望实现产品量价齐升，打开第二增长曲线。此外，公司积极加码在机器人领域的拓展，拥抱 Ai+领域，未来成长路径清晰。综合而言，公司凭借在固态电池、钢壳叠片等领域扎实的技术储备，坚 定转型AI端侧项目，已与多家全球头部AI端侧科技品牌建立深度合作关系，新产品陆续进入量产阶 段，订单能见度提升，有望驱动收入增长；高端AI产品占比提升，整体盈利结构或将持续优化。考虑 到公司技术储备深厚，多个AI端侧项目已初步进入量产期，业绩拐点较为明确，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company is focusing on AI+ strategies, indicating a clear turning point in profitability as it shifts its product offerings towards high-value areas such as high-voltage positive electrodes, silicon-based negative electrodes, stacked steel shells, and solid-state batteries [3]. - The company is transitioning its business focus from traditional consumer electronics to emerging applications in AI edge computing and computing infrastructure, which is expected to drive both volume and price increases, opening a second growth curve [3]. - The AI edge applications are progressing well, with products like AI glasses, AI headphones, AI toys, AI servers, and robots entering mass production, which is anticipated to lead to significant revenue growth as market penetration increases [4]. - The company has entered the data center BBU core supply chain, capitalizing on the growing global demand for AI computing and high-end backup power sources, which presents a substantial market opportunity [5]. Financial Projections - The company forecasts net profits of 247 million, 397 million, and 550 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.47, 3.97, and 5.50 yuan [6][10]. - The current stock price corresponds to a PE ratio of 28, 18, and 13 for the years 2025, 2026, and 2027 respectively, reflecting the company's strong technical foundation and the clear profitability turning point [6].