电力设备 证券研究报告 行业研究 / 行业点评 2026 年 02 月 09 日 一年内行业指数与沪深 300 指数对比走势： 2026-02-03 2026-01-28 《数据中心供配电设备行业跟踪：韩国半导体 出口同比大幅增长，DRAM 价格持续上涨》 2026-01-27 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：甲骨文资本 开支环比高增，DRAM 价格小幅回落》 2026-02-03 《锂电行业跟踪：碳酸锂价格下跌，储能电芯 均价持续上涨》2026-02-03 《光储行业跟踪：电网侧独立新型储能容量电 价机制建立，光伏组件价格持续上涨》 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 行业及产业 碳酸锂价格下行，储能电芯均价上行 ——锂电行业跟踪 强于大市 投资要点： 排产：12 月份正极材料产量同比增长。2025 年 1-12 月，国内电池和磷酸铁锂正极材料产 量显著高于 2024 年同期。2 ...

Investment Rating - The report assigns an "Outperform" rating for the lithium battery industry [3]. Core Insights - Lithium carbonate prices have decreased, while the average price of energy storage cells continues to rise [1]. - In December 2025, domestic battery production reached 201.7 GWh, a year-on-year increase of approximately 62% and a month-on-month increase of about 14% [1]. - The production of lithium iron phosphate (LFP) cathode materials in December 2025 was 269,300 tons, reflecting a year-on-year growth of 32.48% [1]. - The utilization rate of production capacity for LFP cathode materials was 59.85% [1]. - The average price of industrial-grade lithium carbonate as of January 30, 2026, was 148,000 CNY/ton, with a weekly decrease of 11.90% [1]. - The average price of LFP (power type) was reported at 47,100 CNY/ton on January 9, 2026, an increase of 4.43% from January 4, 2026 [1]. - The average price of ternary power cells remained stable at 0.47 CNY/Wh as of January 30, 2026 [1]. - The monthly loading volume of LFP batteries in December 2025 was 79.8 GWh, a year-on-year increase of 30.82% [1]. - The export volume of Chinese power batteries in December 2025 was 19.0 GWh, a year-on-year increase of 47.29% [1]. Summary by Sections Production - In December 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [1]. Prices - The report highlights a decline in lithium carbonate prices and an increase in the prices of energy storage cells and systems [1]. Domestic Demand - The report notes a strong demand for both LFP and ternary power batteries, with record monthly loading volumes and new bidding capacities for energy storage projects [1]. Overseas Demand - The export of power batteries from China has increased significantly, indicating robust international demand for lithium batteries [1].

证券研究报告 公司研究 / 首次覆盖 2026 年 02 月 02 日 装备出海+结构件扩张驱动增长，固态 电池设备前景广阔 电力设备 报告原因： | 买入（首次评级） | | | --- | --- | | 市场数据： | 2026 年 01 月 30 日 | | 收盘价（元） | 93.00 | | 一年内最高/最低（元） | 94.33/33.5 | | 市净率 | 5.6 | | 市净率 | 5.6 | | --- | --- | | 股息率（分红/股价） | 0.64 | | 流通 A 股市值（百万元） | 11,759 | | 上证指数/深证成指 | 4,118/14,206 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | | | | 2025 | 年 | 09 | 月 30 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | 16.9 | | 资产负债率% | | | | | | | 54.55 | | | 总股本/流通 | | A | 股（百 ...

证券研究报告 公司研究 / 首次覆盖 2026 年 02 月 02 日 装备出海+结构件扩张驱动增长，固态 电池设备前景广阔 电力设备 报告原因： | 买入（首次评级） | | | --- | --- | | 市场数据： | 2026 年 01 月 30 日 | | 收盘价（元） | 93.00 | | 一年内最高/最低（元） | 94.33/33.5 | | 市净率 | 5.6 | | 市净率 | 5.6 | | --- | --- | | 股息率（分红/股价） | 0.64 | | 流通 A 股市值（百万元） | 11,759 | | 上证指数/深证成指 | 4,118/14,206 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | | | | 2025 | 年 | 09 | 月 30 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | 16.9 | | 资产负债率% | | | | | | | 54.55 | | | 总股本/流通 | | A | 股（百 ...

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Ningde Times, China Railway, and Shanghai Jahwa, reflecting strong market confidence in these sectors [1][2]. Group 2 - On January 29, the companies with the highest target price increases were Ningde Times (75.79%), China Railway (53.99%), and Shanghai Jahwa (52.17%), indicating significant bullish sentiment in the battery, infrastructure, and cosmetics industries respectively [1][2]. - A total of 27 listed companies received broker recommendations on January 29, with Qingdao Bank receiving the most recommendations at 5, followed by Mingyang Smart Energy and Ruoyuchen with 2 each [1][3]. - Three companies had their ratings upgraded on January 29, including TBEA, which was upgraded from "Hold" to "Buy" by Huatai Securities, reflecting improved outlooks for these firms [4][6]. - Five companies received initial coverage on January 29, with Qingdao Bank rated "Recommended" by Guolian Minsheng Securities, indicating new interest from analysts in these stocks [6][7].

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Insights - The company's performance exceeded market expectations, with a projected net profit of 3.5 billion yuan for 2025, representing a year-on-year increase of 56.93% [8] - The company is expected to benefit significantly from the high demand in the downstream power and energy storage sectors, with a notable increase in overseas orders and revenue [8] - The company is positioned as a leader in module/pack equipment and structural components, which are expected to benefit from the growth in lithium battery and solid-state battery markets [8] Financial Projections - Total revenue is projected to grow from 2,448 million yuan in 2023 to 4,370 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.86% [1] - The net profit attributable to shareholders is expected to increase from 39.95 million yuan in 2023 to 521.29 million yuan in 2027, reflecting a CAGR of 16.27% [1] - The earnings per share (EPS) is forecasted to rise from 0.32 yuan in 2023 to 4.12 yuan in 2027, indicating strong growth potential [1] Market Data - The closing price of the stock is 87.09 yuan, with a market capitalization of approximately 11,011.31 million yuan [6] - The price-to-earnings (P/E) ratio is projected to decrease from 275.60 in 2023 to 21.12 in 2027, suggesting an improving valuation as earnings grow [1][9] Business Strategy - The company is focusing on expanding its overseas business, with overseas orders accounting for 68% of total orders by the end of 2024 [8] - Collaboration with Qingtao Energy for the development of solid-state battery equipment is a key strategic initiative, enhancing the company's technological capabilities [8]

证券研究报告·公司点评报告·电池 先惠技术（688155） 2025 年业绩预告点评：业绩超市场预期，设 备出海&固态电池设备布局成效显著 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 股价走势 -8% 7% 22% 37% 52% 67% 82% 97% 112% 127% 142% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 先惠技术 沪深300 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,448 | 2,464 | 2,899 | 3,646 | 4,370 | | 同比（%） | 35.63 | 0.64 | 17.64 | 25.80 | 19.86 | | 归母净利润（百万元） | ...

公司25年Q4归母、扣非净利润分别约1.45、1.43亿元，分别环比174%、175%。 【招商电新&机械】先惠技术2025年业绩预告点评 公司公告： 2025年公司预计实现归母、扣非净利润分别约3.5亿元、3.4亿元，分别同比增长56.93%、增长64.07%。 1、Q4业绩超预期 公司25年Q4归母、扣非净利润分别约1.45、1.43亿元，分别环比174%、175%。 1、Q4业绩超预期 业绩超预期主要系设备订单交付开始加速，大客户订单增量也十分显著。 【招商电新&机械】先惠技术2025年业绩预告点评 公司公告： 2025年公司预计实现归母、扣非净利润分别约3.5亿元、3.4亿元，分别同比增长56.93%、增长64.07%。 东恒为宁德pack结构件主供，产品品类也在往ccs等环节拓展，预计26年随着宁德强势排产，仍有望实现高增长。 3、固态电池领域实现多点开花。 公司全方位布局固态电池设备。 公司的干法辊压设备已向客户实现交付。 同时公司在后端高压分容化成、pack装配设备端也已实现较好突破，与大客户紧密对接中，这也是今年大客户在 固态电池领域需要突破的重点环节，估算后端pack装配价值量超过5000w ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]