证券日报网讯 1月8日，比亚迪在互动平台回答投资者提问时表示，从1996年开始，公司深耕3C锂离子 电池，陆续推出方形铝壳、软包、扣式以及钢壳电池，满足各类消费类终端的应用。一直以来，坚持服 务全球大客户，赢得客户的信赖。 （编辑 楚丽君） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][14]. Core Insights - The company has successfully completed the design and mass production of consumer-grade steel shell batteries, which offer higher flexibility and efficiency compared to traditional polymer soft-pack batteries. This innovation is expected to enhance applications in consumer electronics such as smartphones and smartwatches [3]. - The company is expanding its market reach into emerging consumer electronics, including smart wearables and drones, and has achieved significant growth in these sectors. Notably, it will supply high-end smartwatch batteries to Samsung using a Cell+Pack supply model by 2025 [4]. - The company is focusing on advanced technologies, including the development of silicon anode batteries and sodium-ion batteries, which are expected to enhance its competitive edge in the battery market. The silicon anode batteries have achieved a high energy density of 900Wh/L, while sodium-ion batteries are being developed for stable power supply in low-temperature scenarios [5]. Financial Projections - Revenue projections for the company are as follows: 2025 at 144 billion yuan, 2026 at 200 billion yuan, and 2027 at 239 billion yuan. Corresponding net profits are expected to be 6.4 billion yuan, 16 billion yuan, and 21 billion yuan respectively [6][10]. - The company is projected to achieve a revenue growth rate of 24.38% in 2025, 38.98% in 2026, and 19.66% in 2027, with net profit growth rates of 48.98%, 154.73%, and 29.01% for the same years [10][11]. - The earnings per share (EPS) are forecasted to be 0.57 yuan in 2025, 1.44 yuan in 2026, and 1.86 yuan in 2027, with a decreasing price-to-earnings (P/E) ratio from 56.82 in 2024 to 11.61 in 2027 [10][11]. Company Overview - The latest closing price of the company's stock is 21.60 yuan, with a total market capitalization of 245 billion yuan. The company has a debt-to-asset ratio of 65.3% and a current P/E ratio of 56.84 [2]. - The largest shareholder is Zhuhai Prida Investment Co., Ltd., which indicates a significant backing for the company's operations and growth strategies [2].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 29 年 月 日 珠海冠宇（688772.SH） 消费类电池标杆，解锁 AI 终端新成长 从消费龙头到多领域布局，以创新与韧性构筑新版图。公司的发展始于 1998 年创始人徐延铭对锂电池领域的探索，凭借在消费电池领域的技术 积累，迅速成长为全球领先的笔记本电脑电池供应商，于 2015 年发展为 全球前五的聚合物锂电池供应商。2021 年，公司在科创板成功上市，此 后，持续深化战略布局，各项业务快速发展，持续保持在消费类电池领域 的行业头部领先地位。2025 年，公司发展势头进一步向好，前三季度营业 总收入同比增长 21.2%至 103.21 亿元，归母净利润同比增长 44.4%至 3.87 亿元，盈利能力持续改善，业绩成长拐点已现。 消费类电池：受益端侧 AI 渗透加速，公司持续强化技术壁垒。AI 的创新 与应用正为消费电子行业注入新的增长动力，显著提升了现有产品的智能 化体验，更催生了 AI 手机、AI 眼镜等新兴品类，拓展了市场需求边界。 根据 Precedence research，2024 年全球消费电子市场规模为 8.1 千亿 ...

李宁公司在散热和金属结构件领域具备优势，其子公司赛尔康提供电源 解决方案，与富士康等合作开发服务器电源，有望在英伟达成本下降和 技术变革背景下提升竞争力。预计 2025-2027 年利润增长超 30%。 Q&A 领益智造 20251217 摘要 领益智造前三季度利润增长 37%，达 19 亿元，主要得益于逆变器组装 业务和新能源动力电池业务扭亏为盈，以及小型收购带来的增量。美国 制造业回流政策影响减弱，行业竞争格局改善是关键因素。 领益智造通过可转债收购汽车部件、硅胶及 PVD 镀膜业务，预计年底至 明年一季度并表，这些资产保持盈利状态，将进一步贡献营收。 领益智造在折叠机屏幕支架及碳纤维结构件市场取得突破，计划进入关 键客户的折叠设备供应链，有望显著提升相关业务收入。 钢壳电池、VC 均热板和 40 瓦快充等新技术在 iPhone 17 的应用，为 领益智造带来增长机遇，特别是赛尔康作为苹果主要充电器供应商，占 据 80%以上份额。 李宁公司自 2024 年起布局机器人和服务器赛道，并在液冷领域取得进 展，预示其对未来市场趋势的积极应对和战略转型。 国内平台类公司在服务器赛道拥有巨大潜力，市场规模达数万亿美 ...

AI 手机加速迭代，ASIC 市场火热 20251207 摘要 AI 手机雏形已现，豆包手机展示了 AI 助手在日常场景的应用，通过自然 语言指令完成任务，类似苹果 Siri 的升级方向，预计 2026 年苹果、三 星、谷歌将跟进 Agent 应用。 定制化架构芯片（ASIC）通过牺牲通用性加速特定算法，降低应用成本； 英伟达 GPU 保留灵活性服务全行业开发者。短期内 ASIC 不会完全取代 GPU，两者将共同推动 AI 基础设施迭代。 英伟达 CUDA toolkit 13.1 版本是 20 年来最大更新，首次将 Tensor Core 函数抽象到 Python 层级，加速 GPU 软件栈进步，提升开发者生 态易用性，应对大模型发展趋势。 全球 AI 算力投资节奏快，模型端创新不断，云端算力需求强劲。2026 年创新节奏预计不落后于 2025 年，Gemini 3、GPT-5.2 等新模型发布 值得关注。 AI 手机端侧运行中小参数模型面临散热、续航和内存瓶颈。未来可能通 过蒸馏高参数模型解决，存储涨价背景下，苹果在硬件创新方面更具看 点。 Q&A 近期豆包与中兴合作推出 AI 手机预览版后，市场对 AI ...

Group 1 - The core viewpoint emphasizes the ongoing growth in computing infrastructure, with Alibaba's quarterly AI capital expenditure reaching 31.5 billion and Google's annual guidance exceeding 90 billion, indicating a "certain incremental" growth in the optical interconnection industry, prompting institutions to maintain a strong call for related investment opportunities [1] - A low-valuation consumer battery leader has been identified, with a price-to-earnings ratio of only 11 times. The production capacity of steel-shell batteries has surged by 300%, Apple's market share has doubled, and the company has entered Samsung's supply chain from scratch. Additionally, cobalt prices have increased by 130%, enhancing profits, and the energy storage business is expected to turn profitable, with institutions projecting a nearly 40% increase [1]

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Group 1: Power Equipment Industry Insights - The power equipment sector is expected to see significant growth driven by overseas expansion and advancements in technology, particularly in 800V HVDC systems, with key companies to watch including Sifang Co., Jinpan Technology, and Xuchang Electric [1][36] - The wind power sector is projected to maintain a growth rate of 10%-20% in new installations in 2026, supported by strong order backlogs and stable pricing, with major players like Goldwind Technology and Sany Renewable Energy highlighted [1][39] - The overall profitability of wind turbine manufacturers is recovering, with exports contributing positively to performance, indicating a synchronized recovery in both domestic and international markets [1][39] Group 2: Lithium Battery Industry Trends - The lithium battery supply chain is anticipated to experience a reversal in the downward price trend, with significant profit recovery expected in 2026, particularly for solid-state batteries and large-scale energy storage cells [2][72] - New technologies such as steel-shell batteries and silicon anodes are expected to achieve mass production in 2026, laying the groundwork for widespread application from 2027 to 2030 [2][72] - The electrification transition is driving explosive growth in global energy storage demand, with key companies like CATL and EVE Energy recommended for investment [2][72] Group 3: Photovoltaic Industry Developments - The photovoltaic sector is undergoing supply-side adjustments, with innovations like low-silver and silver-free pastes becoming critical for cost reduction, and the market is expected to see the ramp-up of these technologies in 2026 [3][72] - The profitability of silicon material is recovering, and the industry is gradually expanding into semiconductor fields, indicating a shift in focus for photovoltaic companies [3][72] - Investment opportunities are emerging in new technologies such as solid-state batteries and flexible converters, with companies like Xiamen Tungsten and Wolong Electric Drive highlighted for their potential [3][72] Group 4: Investment Recommendations - The report suggests focusing on companies that are expanding overseas and improving performance, particularly in the lithium battery and wind turbine sectors, with specific recommendations for companies like CATL and Goldwind Technology [3][37] - The anticipated acceleration in capital expenditure in the AIDC sector is expected to benefit domestic power equipment manufacturers, with a focus on companies like Sifang Co. and Jinpan Technology [36][37] - The report emphasizes the importance of monitoring the recovery of pricing and profitability in the wind power sector, particularly for leading companies in the supply chain [39][68]

Core Viewpoint - Zhuhai Guanyu (688772) has significant technological reserves in "large cylindrical" batteries, with mass production of semi-solid batteries already underway and solid-state batteries being developed in an orderly manner based on market demand [1] Group 1: Technology Development - The company has a technological reserve for "large cylindrical" batteries [1] - Mass production of semi-solid batteries has commenced [1] - Solid-state batteries are being developed systematically [1] Group 2: Production Capabilities - The company currently produces steel-shell battery cells, which are packaged by other manufacturers [1] - The company possesses complete and mature packaging capabilities [1] - In the first half of this year, the self-supply ratio of consumer battery cell PACK reached 44.43% [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance met expectations, with significant improvements in profitability driven by seasonal demand for consumer batteries and the first mass production of new steel-shell products [5] - The company is focusing on differentiated competition in the low-voltage lithium battery and drone battery sectors, with clear profit pathways and collaborations with major automotive and drone manufacturers [5] - The report anticipates stable growth in the consumer battery business and improved profitability in the dynamic storage business, leading to an upward revision of profit forecasts for 2025-2027 [5] Financial Data and Profit Forecast - For the first three quarters of 2025, the company reported a revenue of 10.32 billion yuan, a year-on-year increase of 21.2%, and a net profit attributable to shareholders of 390 million yuan, up 44.4% year-on-year [4] - The projected total revenue for 2025 is 14.75 billion yuan, with a year-on-year growth rate of 27.8% [4] - The estimated net profit for 2025 is 674 million yuan, reflecting a year-on-year growth of 56.7% [4] - The report includes projections for revenue and net profit for 2026 and 2027, indicating continued growth [4][7]