股票近期走势股价波动显著：2月24日股价大涨7.30%至25.13元，成交额19.74亿元；近一周（2月24日 至27日）区间振幅达9.35%，截至2月27日最新价为24.69元，较2月24日开盘价累计上涨4.80%。资金面 活跃：2月24日主力资金净流入1.23亿元，但近5日整体净流出1.02亿元；融资余额3.55亿元（截至2月26 日），较前期小幅下降。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 2026年2月24日，三变科技因日换手率达30.15%登上龙虎榜，机构专用席位净买入1.55亿 元，显示机构资金大幅流入。同日及2月26日，公司在投资者互动平台回应称，部分变压器通过外贸代 理公司对外出口，提及海外市场拓展，但未直接确认与xAI项目的具体合作细节。 ...

（文章来源：证券日报） 证券日报网讯 2月24日，三变科技在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 人数约为9万户。 ...

马年首个交易日，A股三大指数集体走高，沪指涨0.87%，深证成指涨1.36%，创业板指涨0.99%。超4000股上涨，超百股涨 停。油气开采、贵金属（核心股）、培育钻石（核心股）等板块上涨；影视（核心股）院线、AI应用、旅游及酒店、白 酒、免税店下跌。 龙虎榜单日净买入额前三为华工科技、深南电路、湖南白银（核心股），分别为5.23亿元、4.21亿元、3.44亿元。 个股方面，并购重组的韩建河山9天5板、豫能控股4连板，光伏（核心股）板块协鑫集成9天5板，化工（核心股）板块美邦 股份4连板，AI应用的风语筑6天4板，汉缆股份3连板，招商轮船、中远海能等3天2板，长飞光纤、深南电路等涨停。 | 代码 | 名称 | 价格 | 涨跌 | | 涨幅� 换手% 几天几板I2 ... | 成交额 | 成交量 涨停分析 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300157 | 新锦动力 | 6.76 | +1.13 | +20.07% | 17.42% 自板张停 | 7.9617. | 123.3万 出缩机+绿蒸氨 | | 300164 | 通源白祖 | 1 ...

三变科技今日涨7.30%，成交额19.74亿元，换手率30.15%，盘后龙虎榜数据显示，4家机构专用席位净 买入1.55亿元。 ...

证券之星消息，2月13日浙江国企改革板块较上一交易日下跌1.31%，三变科技领跌。当日上证指数报 收于4082.07，下跌1.26%。深证成指报收于14100.19，下跌1.28%。浙江国企改革板块个股涨跌见下 表： 从资金流向上来看，当日浙江国企改革板块主力资金净流出9.48亿元，游资资金净流入9887.68万元，散 户资金净流入8.49亿元。浙江国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1: Stock Performance - The stock price of Sanbian Technology (002112.SZ) surged by 75.13% from January 6 to February 13, 2025, significantly outperforming the overall market increase of 19.04% for the year [1][2][10] - After reaching a historical high on February 9, the stock has been on a downward trend, with a notable drop of 4.49% on February 13, bringing the total market capitalization to 7 billion yuan [3][10] Group 2: Financial Performance - Sanbian Technology is expected to report a net profit attributable to shareholders of only 12 million to 18 million yuan for 2025, representing a staggering decline of 90.06% compared to the previous year [3][10] - The company has experienced a continuous decline in quarterly profits, with Q4 2025 projected to be the only quarter with a loss, estimated between 22.15 million to 28.15 million yuan [3][10] - For the first three quarters of 2025, the company reported a revenue of 1.239 billion yuan, a decrease of 16.91% year-on-year, and a net profit of 40.155 million yuan, down 48.84% [3][12] Group 3: Operational Challenges - The decline in performance is attributed to a reduction in orders for new energy products, leading to a contraction in revenue [4][11] - High levels of accounts receivable and inventory have strained the company's cash flow, with accounts receivable and inventory accounting for 60.13% and 62.68% of revenue, respectively, as of Q3 2025 [12][13] - The company faces significant pressure from rising copper prices, which reached a peak of over 100,000 yuan per ton in 2025, impacting production costs and profit margins [6][12] Group 4: Market Competition - The transformer market is experiencing intensified competition, particularly in the high-value ultra-high voltage transformer segment, where Sanbian Technology lacks core competitiveness [7][13] - The company is primarily engaged in the production of transformers, motors, and related equipment, with a focus on oil-immersed and dry-type transformers, but is facing challenges in maintaining market share due to aggressive pricing strategies from competitors [2][11]

Group 1 - The core point of the article is that Sanbian Technology (002112) has approximately 70,000 shareholders as of January 31, 2026 [1]

证券日报网讯2月12日，三变科技（002112）在互动平台回答投资者提问时表示，公司产品主要用于电 力转换、传输、升压、降压等，广泛应用于国家电网公司、光伏等企业。 ...

Group 1 - On February 12, a total of 46 stocks were involved with institutional investors, with 28 showing net buying and 18 showing net selling [1] - The top three stocks with the highest net buying by institutions were Yingweike (3.2 billion), Baichuan Co. (2.26 billion), and Jingchen Co. (1.87 billion) [1] - The top three stocks with the highest net selling by institutions were China Jushi (5.05 billion), Jiecheng Co. (1.49 billion), and Sanbian Technology (1.2 billion) [1] Group 2 - The stock Yingweike had a daily increase of 10.00% with a net buying amount of 320.2 million [2] - Baichuan Co. experienced a daily decrease of 4.92% with a net buying amount of 225.6 million [2] - Jingchen Co. saw a daily increase of 15.75% with a net buying amount of 186.8 million [2] Group 3 - China Jushi had a daily increase of 7.13% but faced a net selling amount of 50.5 million [4] - Jiecheng Co. had a daily increase of 1.13% with a net selling amount of 14.9 million [4] - Sanbian Technology experienced a daily increase of 3.49% with a net selling amount of 12.0 million [3]

Core Viewpoint - The stock price of Sanbian Technology (002112) has risen despite a projected decline in performance for 2025, driven by high market expectations for emerging businesses like AI computing power, creating a short-term divergence from the company's fundamentals [1]. Performance and Operating Conditions - The company forecasts a net profit attributable to shareholders for 2025 between 12 million and 18 million yuan, representing a year-on-year decline of 85.10% to 90.06%. The decline in net profit is primarily due to intensified competition in the transformer market, leading to a decrease in new energy order share, and rising copper prices squeezing gross margins. For the first three quarters of 2025, revenue decreased by 16.91%, net profit fell by 48.84%, and gross margin dropped to 17.45% [2]. Stock Price Movement Reasons - AI computing power concept catalyzed the stock price increase: The company became the main transformer supplier for Musk's xAI Memphis supercomputer center, with initial orders around 50 million yuan, leading to high market expectations for its entry into the global AI industry chain. From January to early February 2026, the stock price surged nearly 100%, closing at 24.92 yuan on February 12, with a year-to-date increase of 87.93% [3]. - Funding and sentiment drove the stock price: Since the beginning of 2026, the stock frequently appeared on the leaderboard, with turnover rates exceeding 40%, indicating intense speculation from retail and institutional investors. However, recent main fund outflows were noted, with a net outflow of 40.17 million yuan on February 12, reflecting significant divergence in market sentiment [3]. Company Fundamentals - Valuation and performance divergence: As of the closing price on February 12, the price-to-earnings ratio (TTM) reached 88.91 times, while net profit significantly declined, indicating a high valuation [4]. - Financial pressures unresolved: By the end of the third quarter of 2025, accounts receivable and inventory stood at 753 million yuan and 776 million yuan, respectively, with low turnover efficiency (accounts receivable turnover days at 168 days). The net cash flow from operating activities was a negative 100 million yuan, and the quick ratio was 0.89, below the safety line [4]. - Traditional business under pressure: Oil-immersed transformers accounted for 58.38% of the business, with capacity utilization dropping to 65% due to a slowdown in grid investment [4]. Institutional Perspectives - Analysts believe the stock price increase is primarily driven by speculative trading, as the current revenue contribution from the AI computing power business is minimal. Future attention should be on order fulfillment and improvements in traditional business. If performance does not meet expectations, the high valuation may face downward pressure [5].