登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002364 证券简称：中恒电气 公告编号：2025-04 杭州中恒电气股份有限公司 第八届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 杭州中恒电气股份有限公司（以下简称"公司"）第八届董事会第十二次会议通知于2025年4月11日以电 话等方式发出，经全体董事一致同意豁免本次会议通知时间要求。会议于2025年4月11日在杭州市滨江 区东信大道69号公司十九楼会议室以现场会议加通讯表决的方式召开。本次会议应出席董事7人，实际 出席董事7人，其中董事包晓茹、胥飞飞、仇向东、薛静、叶肖剑、曾平良以通讯表决方式出席会议。 本次会议由公司董事长包晓茹主持，公司高级管理人员列席了会议。本次会议召集和召开程序符合法律 法规和《公司章程》的规定，会议审议了以下议案： 一、以7票同意、0票反对、0票弃权，审议通过了《关于回购公司股份方案的议案》。 基于对公司未来发展前景的信心和对公司价值的高度认可，为维护广大投资者利益，同意公司使用自有 资金2,500-5,000万元以集中竞价交易方式回 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-04 具体内容详见公司 2025 年 4 月 12 日披露于《证券时报》、《中国证券报》、 《上海证券报》和巨潮资讯网的《关于回购公司股份方案的公告暨回购报告书》。 特此公告。 杭州中恒电气股份有限公司 董事会 杭州中恒电气股份有限公司 2025年4月12日 第八届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州中恒电气股份有限公司（以下简称"公司"）第八届董事会第十二次会 议通知于2025年4月11日以电话等方式发出，经全体董事一致同意豁免本次会议 通知时间要求。会议于2025年4月11日在杭州市滨江区东信大道69号公司十九楼 会议室以现场会议加通讯表决的方式召开。本次会议应出席董事7人，实际出席 董事7人，其中董事包晓茹、胥飞飞、仇向东、薛静、叶肖剑、曾平良以通讯表 决方式出席会议。本次会议由公司董事长包晓茹主持，公司高级管理人员列席了 会议。本次会议召集和召开程序符合法律法规和《公司章程》的规定，会议审议 了以下议案： 一、 以7票同意、0票反对、0票弃权，审 ...

中恒电气（002364）公告，公司拟以2500万元-5000万元资金回购股份，回购股份价格不超过人民币23 元/股。本次回购股份将全部用于维护公司价值及股东权益，预计回购股份数量在108.7万股-217.39万股 之间，约占公司目前总股本的0.19%-0.39%。回购期限为董事会审议通过之日起3个月内，资金来源为公 司自有资金。 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-05 （1）本次回购存在回购期限内公司股票价格持续超出回购价格上限，而导 致回购方案无法实施或只能部分实施等不确定性风险； （2）回购股份所需资金未能及时到位，导致回购方案无法按计划实施的风 险； 杭州中恒电气股份有限公司 关于回购公司股份方案的公告暨回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 一、回购股份方案的主要内容 （一）回购股份的目的和用途 基于对公司未来持续稳定发展的信心及对公司价值的合理判断，以及对公司 长期投资价值的认可，为维护广大投资者利益，增强投资者信心，确保公司长期经 营目标的实现，综合考虑公司财务状况、未来发展战略的实施以及合理估值水平等 因素，公司拟通过集中竞价交易方式进行股份回购，回购股份将用于维护公司价值 及股东权益。 公司股票连续二十个交易日内（2025年3月11日至2025年4月8日）收盘价格跌 幅累计超过百分之二十（2025年3月11日收盘价为18.62元/股，2025年4月8日收盘 价为12.5元/股）。本次回购股份符合《上市公司 ...

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]

Core Insights - The battery swapping concept saw a rise of 0.52% on April 2, with a net inflow of 206 million yuan from major funds, indicating positive investor sentiment in this sector [1] - Out of 45 stocks in this concept, 28 stocks increased while 17 stocks decreased, reflecting a generally favorable market condition [1] Company Summaries - **Beiqi Blue Valley (600733)**: Latest price at 8.77 yuan, with a rise of 0.69% and a net inflow of 108 million yuan, accounting for 6.3% of the total net inflow [2] - **Zhongheng Electric (002364)**: Latest price at 15.49 yuan, with a significant increase of 4.52% and a net inflow of 100 million yuan, representing 12.68% of the total net inflow [2] - **Tongyu Communication (002792)**: Latest price at 14.79 yuan, with a rise of 4.89% and a net inflow of 45.385 million yuan, making up 11.41% of the total net inflow [2] - **Tuobang Co., Ltd. (002139)**: Latest price at 15.09 yuan, with an increase of 2.31% and a net inflow of 44.045 million yuan, which is 9.15% of the total net inflow [2] - **Aima Technology (603529)**: Latest price at 46.97 yuan, with a rise of 1.45% and a net inflow of 27.336 million yuan, accounting for 14.52% of the total net inflow [2] - **Qianli Technology (601777)**: Latest price at 8.57 yuan, with an increase of 2.27% and a net inflow of 20.908 million yuan, representing 5.4% of the total net inflow [2] - **Shandong Weida (002026)**: Latest price at 11.7 yuan, with a rise of 4.46% and a net inflow of 18.459 million yuan, which is 5.0% of the total net inflow [2] - **Bohui Precision (688097)**: Latest price at 30.15 yuan, with an increase of 1.82% and a net inflow of 13.670 million yuan, accounting for 10.13% of the total net inflow [2] - **Guodian Nari (600406)**: Latest price at 21.9 yuan, with a slight decrease of 0.95% and a net inflow of 12.139 million yuan, representing 2.84% of the total net inflow [2] - **Jinguang Co., Ltd. (300510)**: Latest price at 4.39 yuan, with an increase of 1.62% and a net inflow of 6.782 million yuan, which is 4.57% of the total net inflow [2]

Company Overview - The company is Hangzhou Zhongheng Electric Co., Ltd., with stock code 002364 [1] - The report covers investor relations activities conducted from February 24 to February 28, 2025, in multiple cities including Beijing, Shanghai, Wuxi, and Hangzhou [2] Financial Performance - In the first three quarters of 2024, the company achieved total operating revenue of CNY 1.179 billion, representing a year-on-year growth of 20.53% [3] - Net profit for the same period was CNY 85.981 million, showing a significant year-on-year increase of 183.38% [3] - The growth in performance is primarily attributed to the increase in revenue from data center power products [3] Product and Market Insights - Key products in the data center sector include the Panama power module series, AC power modules, and critical DC power supplies [3] - The company serves major clients such as Alibaba, Tencent, and various telecommunications operators, as well as third-party data center operators like GDS [3] Competitive Advantages - The company is a leader in high-voltage direct current (HVDC) green power supply technology and has established national standards for 240V/336V DC power supply systems [3] - It has been recognized as a champion enterprise in the manufacturing sector by the Ministry of Industry and Information Technology [3] Future Strategies - The company plans to expand its overseas market presence while maintaining its existing customer base and focusing on new customer needs [4] - There is a commitment to increasing research and development investments to drive high-quality growth [4] - The gross margin for the first three quarters of 2024 increased due to improved margins in communication power systems and data center products [4] Production Capacity - The company’s production facility in Fuyang has nearly 100,000 square meters of production area, which is currently sufficient to meet market order demands [4]

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

证券代码：002364 证券简称：中恒电气 公告编号：2025-03 杭州中恒电气股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况 杭州中恒电气股份有限公司（以下简称"公司"）（证券简称：中恒电气， 证券代码：002364）股票连续三个交易日内（2025年2月10日、2025年2月11日、 2025年2月12日）日收盘价格涨幅偏离值累计超过20%，根据深圳证券交易所相关 规定，属于股票交易异常波动情形。 二、公司关注、核实情况的说明 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定 应予以披露而未披露的、对公司股票及其衍生品种交易价格产生较大影响的信息； 公司前期披露的信息不存在需要更正、补充之处。 四、风险提示 1、经自查，公司不存在违反信息公平披露的情形。 针对股票交易异常波动的情况，公司对有关事项 ...

Financial Projections - The estimated net profit for 2024 is projected to be between 100 million and 125 million CNY, representing a year-on-year increase of 154.05% to 217.57% compared to 39.36 million CNY in the previous year[3] - The net profit after deducting non-recurring gains and losses is expected to be between 70 million and 90 million CNY, reflecting a growth of 255.43% to 356.98% from 19.69 million CNY in the same period last year[3] - Basic earnings per share are anticipated to be between 0.18 CNY and 0.22 CNY, compared to 0.07 CNY per share in the previous year[3] Revenue Growth - The revenue from the data center power supply business has increased year-on-year, contributing to the overall performance growth[6] Non-Recurring Income - The company expects to generate non-recurring investment income of approximately 32.68 million CNY from the transfer of equity in an associated company[6] Financial Reporting - The financial data presented is preliminary and has not been audited by the accounting firm, with detailed financial information to be disclosed in the 2024 annual report[7]