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]

龙虎榜数据显示，机构净卖出4424.46万元，营业部席位合计净卖出2083.98万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-8.17%上榜，机构专用席位净卖出4424.46万元。 证券时报网讯，中恒电气今日下跌8.93%，全天换手率21.41%，成交额15.42亿元，振幅14.71%。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交3.42亿元，其中，买入成交额为1.39亿 元，卖出成交额为2.04亿元，合计净卖出6508.43万元。 ...

Stock Performance - The stock of Zhongheng Electric has hit the daily limit up again, recording 7 limit-ups within 12 trading days, with a cumulative increase of 90.10% and a cumulative turnover rate of 278.51% [1] - As of 13:53, the stock's trading volume for the day was 181 million shares, with a trading value of 2.688 billion yuan and a turnover rate of 32.49% [1] Market Capitalization and Trading Data - The latest A-share total market capitalization reached 8.656 billion yuan, with an A-share circulating market capitalization of 8.572 billion yuan [2] - The stock has been listed on the Dragon and Tiger List 7 times due to a cumulative deviation of 20% in three trading days, a daily turnover rate of 20%, a daily deviation of 7%, and a daily amplitude of 15% [2] - Among the top trading departments, institutional net purchases amounted to 80.6193 million yuan, while the total net purchases by brokerage seats reached 225 million yuan [2]

股票交易异常波动公告 证券代码：002364 证券简称：中恒电气 公告编号：2025-01 杭州中恒电气股份有限公司 三、是否存在应披露而未披露信息的说明 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1月2日、2025年1月3日、2025 年1月6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 针对股票交易异常波动的情况，公司对有关事项进行了核查，现将核查情况 说明如下: 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息； 3、公司近期经营情况正常，内外部经营环境未发生重大变化； 4、公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大 事项，或处于筹划阶段的重大事项； 5、在上述股票异常波动期间，公司控股股东、实际控制人不存在 ...

财联社1月6日电，中恒电气公告，公司股票连续三个交易日内（2025年1月2日、2025年1月3日、2025年 1月6日）日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。 公司对有关事项进行了核查，前期披露的信息不存在需要更正、补充之处；未发现近期公共传媒报道了 可能或已经对公司股票交易价格产生较大影响的未公开重大信息；近期经营情况正常，内外部经营环境 未发生重大变化；公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大事项，或处于 筹划阶段的重大事项；在上述股票异常波动期间，公司控股股东、实际控制人不存在买卖公司股票的情 形。 ...

证券时报网讯，中恒电气再度涨停，10个交易日内录得5个涨停，累计涨幅为57.05%，累计换手率为 214.86%。 截至9:58，该股今日成交量7432.46万股，成交金额8.68亿元，换手率13.32%。 最新A股总市值达71.52亿元，A股流通市值70.82亿元。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%、日换手率达20%、日涨幅偏离值 达7%、日振幅值达15%上榜龙虎榜7次，买卖居前营业部中，机构净买入8118.10万元，营业部席位合计 净买入1.04亿元。 ...

消息面上，据美国CNBC报道，1月3日，微软公司表示，公司计划在2025财年（截至2025年6月的一 年）投入800亿美元（约合人民币5856亿元）用于建设人工智能数据中心。 财联社1月6日电，中恒电气10天5板，此前顺钠股份7连板，华塑科技20CM涨停，三变科技、上能电 气、英威腾等跟涨。 ...