Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Insights - The company is positioned as a hidden champion in overseas metering, benefiting from the global smart grid construction wave. The advanced metering infrastructure (AMI) market is expected to grow significantly, driven by carbon neutrality goals and energy digitalization [5][7][10]. Summary by Sections 1. Market Performance - The company's closing price is 92.43 yuan, with a market capitalization of 12,837.29 million yuan and a circulating market value of 2,938.66 million yuan. The asset-liability ratio stands at 22.45% [3]. 2. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 2,550 million yuan (2023), 2,933 million yuan (2024), 3,698 million yuan (2025E), 4,383 million yuan (2026E), and 5,082 million yuan (2027E). The corresponding net profit estimates are 486 million yuan (2023), 589 million yuan (2024), 757 million yuan (2025E), 935 million yuan (2026E), and 1,073 million yuan (2027E) [6][8]. 3. Industry Dynamics - The global smart metering market is projected to grow from 21.91 billion USD in 2022 to 32.46 billion USD by 2027, with a CAGR of 8.2%. The company is well-positioned to capture market share in this expanding sector [7][19]. 4. Competitive Landscape - The company competes with global giants like Itron and Landis+Gyr, and has successfully established a presence in various European markets. Its market share in Europe has increased from 9.46% in 2021 to 12.14% in 2023 [10][31]. 5. Company Strengths - The company has a strong technological foundation with over 600 global certifications and a significant presence in the European market. It has established long-term relationships with top-tier power companies, enhancing its competitive edge [10][44][49]. 6. Growth Potential - The company is expected to see substantial growth in both domestic and international markets, with a projected revenue increase of 132.86% in the domestic market for the first half of 2025. The company aims to expand its production capacity significantly through new investment projects [7][10][30].

Group 1 - The company held its 12th meeting of the 10th Board of Directors on September 12, 2025, via telecommunication, with all 9 directors present, complying with relevant laws and regulations [1][2] - The Board approved the appointment of Mr. Xiu Lexin as Vice President, following a proposal from the Board's Nomination Committee [1][2] - The voting results for the appointment were unanimous, with 9 votes in favor and no votes against or abstentions [2] Group 2 - Mr. Xiu Lexin, aged 50, holds a Bachelor's degree in Mechanical Manufacturing Technology and Equipment from Xi'an Jiaotong University and has held various positions within the company [4] - As of now, Mr. Xiu Lexin holds no shares in the company but has been granted options for 450,000 shares under the 2022 stock option incentive plan, with 148,500 shares already exercised [5] - Mr. Xiu Lexin has no related party relationships with shareholders holding more than 5% of the company, and he meets all legal requirements to serve as a senior executive [5]

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

证券代码：920029 证券简称：开发科技 公告编号：2025-132 成都长城开发科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 √现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （走进上市公司活动） 二、 投资者关系活动情况 活动时间：2025 年 9 月 5 日 活动地点：四川省成都市高新区天全路 99 号 参会单位：华泰证券、开源证券、东吴证券、山西证券、联储证券、长江证 券、东北证券、华源证券、重庆国恩私募证券投资基金、四川发展证券投资基金、 成都金枫银帆投资、四川汇聚投资、眉山投资、四川港航汇能私募基金、西藏合 众易晟投资、深圳市中润东方资产、西藏隆源投资、广东璟诚私募基金、资阳空 港私募基金、万柏私募基金、成联天府股权投资基金、成都观今股权投资基金、 中科汇升（深圳）基金、海南龙吟虎啸私募基金、汇迪投资。 上市公司接待人员：董事、总经理张森辉先生；副总经理、董事会秘书夏志 □媒体采访 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - In the first half of 2025, the company achieved a significant increase in domestic revenue, with a year-on-year growth of 133% in domestic income and a 46% increase in net profit excluding non-recurring items [2][3] - The company is focused on empowering a global smart energy system, with steady growth in core business revenue driven by smart meter products [2][3] - The company has established a strong presence in the European market, benefiting from the digital transformation of energy, and has signed new smart meter project agreements in Spain and Poland [3] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 1.68 billion yuan, a year-on-year increase of 27%, and a net profit of 395 million yuan, up 32% year-on-year [2] - The gross profit margin for the first half of 2025 was 38.27%, reflecting a slight increase from the previous year [2] - The company's revenue from smart metering terminals accounted for 99% of total revenue, with a year-on-year growth of 28% [2] Market Position and Strategy - The company has developed multiple core technologies that exceed relevant standards in reliability, stability, and safety, enhancing its competitive edge [3] - The company is the only Chinese brand to penetrate the UK market and has successfully participated in smart meter deployments in various countries, including Saudi Arabia and Uzbekistan [3] - The company has secured a significant procurement project with the State Grid in China, valued at over 127 million yuan, contributing to the construction of a new power system [3]

华泰联合证券有限责任公司 关于成都长城开发科技股份有限公司 2025 年半年度持续督导跟踪报告 2025 年半年度持续督导跟踪报告 | | | 根据《证券法》、《证券发行上市保荐业务管理办法》、《北京证券交易所 股票上市规则》和《北京证券交易所证券发行上市保荐业务管理细则》等有关法 律、法规的规定，华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保 荐机构"）作为成都长城开发科技股份有限公司（以下简称"开发科技"、"公 司"或"上市公司"）向不特定合格投资者公开发行股票并在北京证券交易所上 市的保荐机构，对开发科技进行持续督导，现就2025年半年度持续督导工作总结 如下： | 序号 | 工作内容 | 持续督导完成情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导业务管理制度。针对 | 已建立健全并有效执行持续督导工作 | | | 上市公司的具体情况，制定持续督导工作计划和实 | 制度，并已根据上市公司的具体情况 | | | 施方案，就持续督导工作的主要内容、重点、实施 | 制定了相应的持续督导工作计划和安 | | | 方式、步骤等做出完整、有效的安排。 | 排。 | ...

专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 证券代码：920029 证券简称：开发科技 公告编号：2025-129 成都长城开发科技股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的 一、募集资金基本情况 （一）募集资金金额及到位时间 公司向不特定合格投资者公开发行股票并在北京证券交易所上市的申请已 于2024年12月6日经北京证券交易所（以下简称"北交所"）上市委员会审核同 意，并于2025年2月28日获得中国证券监督管理委员会出具的《关于同意成都长 城开发科技股份有限公司向不特定合格投资者公开发行股票注册的批复》（证 监许可〔2025〕372号）。公司股票于2025年3月28日在北交所上市。 公司本次公开发行股票3,346.6667万股（超额配售选择权行使前），每股面值 为 人 民 币 1元，每股发行价格为人民币30.38元，募集资金总额为人民币 1,016,717,343.46元，扣除不含税的发行费用人民币53,148,842.89元（超额配售 选择权行使前），实际募 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 证券代码：920029 证券简称：开发科技 公告编号：2025-130 成都长城开发科技股份有限公司 关于 2025 年度向金融机构申请新增授信的公告 五、备查文件目录 一、申请授信的基本情况 公司于2025年4月23日召开第一届董事会第三十一次会议，审议通过了《关 于2025年度向金融机构申请授信的议案》，同意公司2025度向金融机构申请等值 约39.95亿元人民币的综合授信额度。具体内容详见公司于2025年4月24日登载于 北京证券交易所信息披露平台（www.bse.cn）披露的《成都长城开发科技股份有 限公司关于2025年度向金融机构申请授信的公告》（公告编号：2025-034）。 根据公司日常运营的实际需要，为进一步拓宽融资渠道，优化融资结构，公 司 2025 年度拟向金融机构申请新增 2 亿元人民币的综合授信额度，全年共计总 额等值约 41.95 亿元。综合授信额度为年度内新增授信额度，授信品种包括但不 限于借款、开立银行承兑汇票、贸易融资、保函 ...

Group 1 - The latest stock price of the company is 92.62 yuan, an increase of 1.78% from the previous trading day [1] - The opening price was 91.48 yuan, with a highest point of 93.30 yuan and a lowest point of 90.97 yuan, and the trading volume reached 10,212 hands with a transaction amount of 0.94 billion yuan [1] - The company is located in Sichuan and operates in the instrument and meter industry, focusing on the research and manufacturing of smart instrument equipment widely used in industrial automation [1] Group 2 - As a state-owned enterprise reform concept stock, the company has a background of state capital [1] - On August 14, the company received a net financing buy of 10.018 million yuan, ranking third in the net financing buy list on the Beijing Stock Exchange for that day [1] - The latest financing balance reached 71.7594 million yuan, accounting for 2.48% of the circulating market value [1]

Group 1 - A block trade occurred for the company Developer Technology on August 6, 2025, with a closing price of 93.1 yuan per share [1] - The transaction price was 64.88 yuan per share, representing a discount of 30.31% [1] - The total volume of shares traded was 67,500, resulting in a transaction amount of 4.3794 million yuan [1] Group 2 - The buying brokerage was CITIC Securities (Shandong) Co., Ltd., specifically the Longkou Nanshan Road Securities Branch [1] - The selling brokerage was Lianchu Securities Co., Ltd., Yantai Branch [1]