富士康周一表示，该公司计划与软银合作，在其位于美国俄亥俄州的前电动汽车工厂生产数据中心设 备，这是"星际之门(Stargate)"项目的一部分，旨在推进美国的人工智能基础设施建设。富士康董事长刘 扬伟表示，软银已收购了这家位于俄亥俄州洛兹敦的工厂，富士康将通过双方共同设立的合资企业继续 运营该工厂。 "星际之门"是由软银、OpenAI 以及甲骨文(ORCL.US)共同组建的合资项目。该项目于今年 1 月由美国 总统特朗普宣布，他称这些公司将投资高达 5000 亿美元。 刘扬伟补充说，软银和富士康早在半年多前就开始为该项目做准备工作。刘扬伟称："我们明白，对于 这个项目，首要考虑的因素是电力、场地和时间安排——不能拖延太久。综合考虑所有这些因素，我们 认为俄亥俄州是一个非常合适的地点，软银也持相同看法。" 富士康本月早些时候表示，已达成协议将以 3.75 亿美元的价格出售该工厂及其设备，但未透露买家身 份。 ...

Group 1: Financial Performance - In Q1 2025, the company's revenue increased by 13.51% year-on-year, driven by growth in both the data center and new energy sectors [1] - The net profit attributable to shareholders decreased by 10.44% year-on-year due to low gross margins in the new energy sector, impacted by intense competition and lower product prices [1] - Future recovery in gross margins is anticipated with the resurgence of overseas energy storage demand [1] Group 2: Market Outlook - The global renewable energy market is expected to grow, with emerging markets in the Middle East, Southeast Asia, and Africa showing sustained demand [2] - The previously competitive European market is gradually recovering after inventory depletion [2] - The company maintains an optimistic outlook on the global renewable energy market and is actively expanding new market channel development [2] Group 3: Production and Capacity - The company operates 5 automated production lines for lead-acid batteries, with an annual production capacity of 3 million kVAh to meet current demand [2] - The company offers two sales models for UPS: one with only the UPS head and another bundled with lead-acid batteries, allowing for customization based on customer needs [2] Group 4: Data Center Business - The internet industry's increased investment in data centers is expected to accelerate growth, although project timelines can be lengthy due to various stages of development [2] - The company has seen a year-on-year increase in data center business growth in Q1 and remains optimistic about the overall industry benefiting from AI development in the next three to five years [2] Group 5: Investor Relations - The company conducted the investor relations activity in compliance with information disclosure regulations, ensuring the accuracy and completeness of the information shared [2]

Investment Rating - The report maintains a "Buy" rating on Nari Tech and other domestic China opportunities, while downgrading Sungrow to "Neutral" [3][24]. Core Views - The report indicates a preference for domestic China opportunities, particularly in the grid technology sector, with a strong outlook for 2025E grid investment [2][3]. - The overall sector results for 1Q25 were largely in-line, with a median revenue change of -0% and net profit change of -6% compared to Goldman Sachs estimates [1][10]. - The report revises target prices by -14% to +13% based on 1Q25 results and forward-looking trends, rolling over the valuation base year to 2026E [1][43]. Summary by Sections 1Q25 Results Summary - 1Q25 sector results were largely in-line with 14 companies missing earnings, 13 in-line, and 5 beating expectations [1][10]. - The median gross profit margin (GPM), operating profit margin (OPM), and net profit margin (NPM) were -0.9pp, -1.7pp, and -0.5pp compared to Goldman Sachs estimates [11]. Demand Outlook - The report expects a weaker demand outlook for industrial automation in 2H25, lowering the growth expectation from flat to -4% year-on-year due to tariff impacts and uncertainties [12][16]. - Despite the challenges, a deep decline in demand is not anticipated, with government policies potentially providing support [14][20]. Domestic Opportunities - Nari Tech is highlighted as a preferred investment due to its strong growth guidance of 12% year-on-year for 2025, attributed to a robust backlog and favorable market conditions [24][46]. - The report emphasizes the potential benefits from government stimulus and the structural needs for smart grid investments in China [3][25]. AI Beneficiaries - The report continues to favor AI beneficiaries, particularly in the AI Data Centre (AIDC) space, with companies like Kstar and Envicool rated as "Buy" due to strong demand growth [2][34]. - The humanoid robot sector is also noted for its rapid R&D advancements, with companies like Sanhua being preferred for their product certainty and reasonable valuations [38][39]. Target Price Revisions - Target prices for the sector have been revised downwards by an average of -14% to +13%, reflecting the 1Q25 results and anticipated market trends [1][43].