2025年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 证券代码：002364 证券简称：中恒电气 公告编号：2025-35 杭州中恒电气股份有限公司 1、现场会议日期与时间：2025年7月17日（星期四）下午14:00； 2、网络投票日期与时间：2025年7月17日（星期四），其中通过深圳证券交 易所交易系统进行网络投票的具体时间为：2025年7月17日9:15-9:25，9:30— 11:30，13:00—15:00；通过深圳证券交易所互联网投票系统进行网络投票的具 体时间为：2025年7月17日9:15-15:00期间的任意时间。 (二) 现场会议召开地点：杭州市滨江区东信大道69号公司十九楼会议室。 (三) 会议召开方式：本次股东大会采取现场表决与网络投票相结合的方 式召开。 (四) 会议召集人：公司董事会 (五) 会议主持人：董事长包晓茹女士 (六) 本次会议的召集、召开和表决程序符合有关法律法规、规范性文件和 《公 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-36 杭州中恒电气股份有限公司 第九届董事会第一次会议决议公告 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。 | 委员会名称 | 主任委员 | 委员 | | --- | --- | --- | | 审计委员会 | 叶肖剑 | 曾平良、姜宁 | | 提名委员会 | 曾平良 | 叶肖剑、胥飞飞 | | 薪酬与考核委员会 | 叶肖剑 | 曾平良、胥飞飞 | | 战略与规划委员会 | 包晓茹 | 仇向东、姜宁 | 杭州中恒电气股份有限公司（以下简称"公司"）第九届董事会第一次会议 于2025年7月17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。经全体与会董事一致同意豁免本次会议通知期限，会议由 全体董事共同推举的包晓茹女士主持。本次会议应出席董事7人，实际出席董事 7人，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《关于选举公司第九届董 事会董事长的议案》。 ...

Group 1 - The A-share data center sector showed active trading at the beginning of the session [1] - Weichai Heavy Machinery and Hongbo Shares both reached the daily limit up [1] - Changxin Bochuang, Diguang Technology, and Zhongheng Electric also experienced upward movement [1]

Group 1 - Data centers are experiencing significant activity in the market, with Weichai Heavy Machinery (000880) hitting the daily limit and reaching a historical high in stock price [1] - Hongbo Shares (002229) also surged to the daily limit, indicating strong investor interest [1] - Other companies such as Changxin Bochuang (300548), Deguang Technology (002730), and Zhongheng Electric (002364) followed suit with notable increases in their stock prices [1] Group 2 - The AI wave is becoming increasingly prominent, prompting discussions on how ordinary individuals can participate in the technological advancements [1]

Core Viewpoint - The A-share power equipment sector experienced a significant rise at the beginning of trading, with companies such as KOTAI Power and Zhongheng Electric both increasing by over 5% [1] Company Summary - KOTAI Power saw its stock price increase by more than 5% [1] - Zhongheng Electric also recorded a rise exceeding 5% [1] - Other companies in the sector, including Jinshi Technology, Hu塑 Technology, Oulu Tong, and Tongzhou Electronics, followed suit with notable gains [1]

Group 1 - The report highlights that Zhongheng Electric (002364.SZ) is a leader in HVDC solutions and is poised to benefit from the AI wave, with a focus on the digital energy industry chain, including data centers, digital grids, and electric vehicle charging [4][6] - The company was founded in 1996 and went public in 2010, with a stable shareholding structure and experienced management. It is projected to achieve significant profit growth in 2024 and 2025, with expected revenues of 1.96 billion yuan in 2024, a year-on-year increase of 26.1%, and a net profit of 110 million yuan, a year-on-year increase of 178.5% [6] - The hardware business is stable, with HVDC solutions expected to see increased market penetration due to their advantages in long-distance transmission, low loss, stability, and efficiency. The company is a pioneer in HVDC solutions and has established national standards for direct current power supply systems [6][7] Group 2 - The report notes that the Panama solution, developed in collaboration with Alibaba, is expected to significantly contribute to the company's performance, with Alibaba's infrastructure investment projected to exceed the total of the past decade over the next three years [6] - The communication power segment remains stable, with revenue expected to be 306 million yuan in 2024, a year-on-year decrease of 4.5%. The electric power segment is projected to grow by 20.5% year-on-year, reaching 479 million yuan in 2024 [6] - The software business focuses on digital grid development and new comprehensive energy services, with the company leveraging its subsidiary Zhongheng Borui's 20 years of experience in power digitalization [6] Group 3 - The revenue forecast for Zhongheng Electric from 2025 to 2027 is 2.67 billion yuan, 3.63 billion yuan, and 5.24 billion yuan, representing year-on-year growth rates of 36.2%, 35.7%, and 44.6% respectively. The net profit is expected to be 210 million yuan, 310 million yuan, and 440 million yuan for the same period, with year-on-year growth rates of 89.2%, 51.1%, and 40.6% [7] - The report maintains a "Buy-B" rating for the company, with projected EPS of 0.37, 0.56, and 0.78 for 2025 to 2027, corresponding to PE ratios of 41.1x, 27.2x, and 19.3x based on the closing price on July 10 [7]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Viewpoints - The company is a leader in HVDC solutions and is poised to benefit from the AI wave, with significant profit growth expected in 2024 and continued growth in 2025 [1][7] - The company focuses on the digital energy industry chain, integrating software and hardware development, and has established stable partnerships with major clients in the internet and telecommunications sectors [2][18] Company Overview - Founded in 1996 and listed in 2010, the company specializes in data center energy, digital grid services, power supply, and new energy vehicle charging [1][18] - The company has a stable shareholding structure and an experienced management team, with significant improvements in performance and cost control [29][24] Hardware Business - The power supply business is stable, with HVDC solutions expected to gain market share due to their advantages in efficiency and reliability [2][41] - The Panama power module, developed in collaboration with Alibaba, is anticipated to contribute significantly to revenue growth, with Alibaba's infrastructure investment projected to exceed the total of the past decade [3][67] - Communication power revenue is stable, while power supply revenue is expected to grow due to market expansion and overseas business development [75][76] Software Business - The company is deeply involved in the digital transformation of the power grid and the construction of new power systems, providing various software solutions for energy management and optimization [86][79] - The demand for digital and intelligent solutions in the energy sector is increasing, driven by the growth of renewable energy and electric vehicles [81][82] Financial Forecast and Valuation Analysis - Projected revenues for 2025-2027 are expected to be 2.67 billion, 3.63 billion, and 5.24 billion yuan, with year-on-year growth rates of 36.2%, 35.7%, and 44.6% respectively [7][90] - Net profits for the same period are forecasted to be 210 million, 310 million, and 440 million yuan, with growth rates of 89.2%, 51.1%, and 40.6% respectively [7][90]

证券代码：002364 证券简称：中恒电气 公告编号：2025-33 二、本次股份回购实施情况与回购方案不存在差异的说明 本次回购股份的资金来源、使用资金总额、回购方式、回购价格及回购实施期 限等，与公司董事会审议通过的回购方案不存在差异。公司实际回购金额已达回购 方案中的回购资金总额下限，且未超过回购资金总额上限，本次回购符合公司既定 的回购股份方案及相关法律法规的要求。 三、回购方案的实施对公司的影响 一、回购股份的具体实施情况 式回购公司股份 210,000 股，占目前公司总股本的 0.04%，成交总金额为 2,843,823 元（不含交易费用）。具体内容详见公司 2025 年 4 月 17 日披露的《关于首次回购 公司股份的公告》（公告编号：2025-07）。 第 9 号 ——回购股份》的有关规定，公司在回购期间应当在每个月的前三个交易 日内披露截至上月末的回购进展情况。具体内容详见公司 2025 年 5 月 8 日、2025 年 6 月 4 日、2025 年 7 月 3 日披露的相关进展公告。 计回购公司股份 1,804,400 股，占公司总股本的 0.32%，其中最高成交价为 15.437 元/股 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-33 杭州中恒电气股份有限公司 关于股份回购完成暨回购实施结果的公告 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"）于2025年4月11日召开第八 届董事会第十二次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 以自有资金通过集中竞价交易方式回购部分公司发行的人民币普通股（A股），用 于维护公司价值及股东权益。本次回购的资金总额不低于人民币2,500万元且不超 过人民币5,000万元，回购价格不超过人民币23元/股，实施期限为自公司董事会审 议通过回购方案之日起3个月之内。具体内容详见公司2025年4月12日披露的《关于 回购公司股份方案的公告暨回购报告书》（公告编号：2025-05）。 截至本公告披露日，公司回购股份方案已实施完毕。现将本次回购实施结果公 告如下： 本次回购股份的资金来源、使用资金总额、回购方式、回购价格及回购实施期 限等，与公司董事会审议通过的回购方案不存在差异。公司实际回购金额已达回购 方案中的回购资金总额下限，且未超过 ...