Core Insights - The company focuses on a "two intelligence and one innovation" strategy to enhance market share in the competitive landscape of the low-voltage electrical industry [1][2] - The Haiyan Super Factory is currently operational, featuring over 140 automated and semi-automated production lines, with a capacity of 376,000 units per shift [1] Group 1: Company Strategy - The company aims to deepen its market penetration by developing key clients and enhancing its product competitiveness through innovative R&D [1] - The transition from a component supplier to a comprehensive solution provider is emphasized, focusing on integrated hardware and software capabilities [1] Group 2: Production Capacity - The Haiyan factory has received the "2023 Zhejiang Province Future Factory" certification, indicating its advanced manufacturing capabilities [1] - The factory's core processes include electroplating, welding, and electronics, which contribute to cost optimization and improved product reliability [1]

Core Insights - The company is focusing on new growth demands driven by renewable energy and digital economy in the low-voltage electrical sector [1][2] - The company aims to become a leader in technological innovation and application within the industry by enhancing high voltage and high current technology research [1] Group 1: Product Innovations - The company has introduced new products such as 2P compact products and vacuum contactors to support the continuous development of renewable energy [1] - The company has also launched simplified isolation switches to meet the demands of data center development [1] Group 2: Research and Development Strategy - The company is implementing multiple R&D projects in areas such as renewable energy, digital energy, and smart living [1] - The company will focus on developing a new generation of LAZZEN low-voltage component series products using the IPD2.0 process [1] - The company plans to maintain strong R&D collaboration with major clients like Huawei and Vertiv to develop leading core technology systems [1] Group 3: Future Focus - The company will continue to emphasize the "Two Intelligence and One New" strategy, deepening research in high voltage and high current technologies [1] - The company aims to strengthen the application of solid-state and AI frontier technology achievements and expand overseas UL standard applications [1]

Group 1 - The company is focusing on overseas market opportunities and has restructured its overseas business strategy for 2024, targeting Southeast Asia, South Korea, Europe, and North America [1] - The company aims to enhance its competitiveness in overseas markets through product certification and promotional events [1] Group 2 - The company sees significant market potential for domestic substitution in high-end low-voltage electrical applications, where domestic brands currently hold a low market share [2] - The company plans to leverage the ongoing domestic policy guidance and the increasing brand influence of domestic manufacturers to expand its market share [2] - The company is involved in the research, production, and sales of various electrical products, which are widely used across multiple sectors including renewable energy, smart computing centers, and infrastructure [2]

Group 1: Financial Performance - The main reasons for the decline in Q4 profits include a 2% decrease in gross margin due to a shift in revenue structure, with increased contributions from lower-margin new energy business and a decline in high-margin real estate revenue [1] - Increased management expenses due to more fixed asset projects in the Haiyan Park, leading to higher depreciation costs [1] - Increased marketing and R&D expenses as the company invests in new product development and customer engagement [1] Group 2: Market Trends and Strategies - The company believes that R&D investment is crucial for long-term development, despite short-term profit impacts, aiming to enhance product competitiveness and customer satisfaction [1] - The company is focusing on sectors such as new energy, digital energy, smart buildings, and infrastructure for future growth, with expectations of pressure on building business due to market conditions [2] - The largest segment within the new energy business unit is photovoltaic, followed by energy storage and wind energy, with expectations of improved overall gross margin as high-margin segments grow [2] Group 3: Competitive Positioning - The company aims to replace foreign brands in the data center sector by leveraging its product reliability and stability, while also enhancing its offerings in the renewable energy sector [2] - The company is preparing to increase investments in the development of direct current circuit breakers, particularly for energy storage applications [2] Group 4: Supply Chain and Cost Management - Rising prices of raw materials are expected to impact gross margins, with the company planning to manage costs through early procurement and potential cost pass-through to downstream customers [3] Group 5: International Strategy - The company is restructuring its overseas business strategy, focusing on Southeast Asia, South Korea, Europe, and North America, with plans for differentiated market expansion based on local conditions [2] - The company is pursuing UL certification for high-demand products to enter the North American market and enhance its export business [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by over 15% in the next 6-12 months [5][16]. Core Views - The company reported a revenue of 4.238 billion yuan in 2024, a decrease of 7.57% year-on-year, and a net profit attributable to shareholders of 312 million yuan, down 38.92% year-on-year [2][5]. - The overall gross margin for the company decreased by 2.09 percentage points to 30.36% in 2024, reflecting pressure on major business segments due to weak real estate demand [3][5]. - The company is focusing on technological research and development, having completed the development and enhancement of 84 products in 2024, which is expected to support long-term growth [3][4]. Revenue and Profitability Summary - The distribution electrical equipment segment saw a revenue decline of 1.76% to 2.759 billion yuan, with a gross margin drop of 2.25 percentage points to 30.04% [3]. - The terminal electrical equipment segment experienced a significant revenue decrease of 23.89% to 835 million yuan, with a gross margin decline of 2.34 percentage points to 39.88% [3]. - The control equipment segment grew by 3.89% to 458 million yuan, with a gross margin increase of 2.21 percentage points to 14.74% [3]. - The smart electrical segment's revenue decreased by 29.26% to 156 million yuan, but its gross margin increased by 0.69 percentage points to 23.13% [3]. Future Growth Potential - The company has over 20 years of experience in the data center sector and has established a strong presence, including winning significant projects with major telecom companies [4]. - The collaboration with global power electronics supplier Vertiv is expected to enhance the company's market reach, particularly in the growing data center market driven by AI advancements [4]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 440 million yuan, 552 million yuan, and 665 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.39 yuan, 0.49 yuan, and 0.59 yuan [5][6]. - The current stock price corresponds to a PE ratio of 23, 18, and 15 for the years 2025, 2026, and 2027 respectively [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's main business is expected to recover from its bottom in 2024, with a forecasted return to growth in 2025 [1]. - The company has made significant investments in research and development, completing over 160 product development and enhancement plans in 2024, including the launch of 19 new products [2]. - The demand for intelligent computing centers is anticipated to drive the company's growth, leveraging its extensive experience in the data center sector [2]. - The company's DC contactor products are gaining traction in the market, particularly in the energy storage and charging station sectors [3]. - Revenue projections for 2025-2027 are estimated at 51.93 billion, 65.23 billion, and 83.23 billion yuan, with corresponding growth rates of 22.5%, 25.6%, and 27.6% [3]. Financial Summary - In 2024, the company achieved a revenue of 4.238 billion yuan, a decrease of 7.57% year-on-year, and a net profit of 312 million yuan, down 38.92% year-on-year [1][4]. - The gross margin for 2024 was 30.36%, a decline of 2.09 percentage points compared to the previous year, while the net profit margin was 7.36%, down 3.78 percentage points [1]. - The company forecasts a net profit of 503 million yuan in 2025, representing a growth of 61.3% [4][9].

公募基金方面本期较上一季度持股减少的公募基金共计2个，包括招商品质生活混合A、招商安益灵活 配置混合A，持股减少占比小幅下跌。本期较上一季度新披露的公募基金共计34个，主要包括招商社会 责任混合A、招商核心竞争力混合A、安信永鑫增强债券A、西部利得中证1000指数增强A、安信新趋势 混合A等。本期较上一季未再披露的公募基金共计5个，包括国联安小盘精选混合、国联安添利增长债 券A、国联安价值甄选混合、华富强化回报债券、国联安价值优选股票。 外资态度来看，本期较上一季度持股减少的外资基金共计2个，包括香港中央结算有限公司、首源投资 (英国)有限公司-FSSA中国增长基金，持股减少占比达1.49%。 2025年3月29日，良信股份(002706.SZ)发布2024年年度报告。截至2025年3月28日，共有50个机构投资 者披露持有良信股份A股股份，合计持股量达1.51亿股，占良信股份总股本的13.48%。其中，前十大机 构投资者包括香港中央结算有限公司、首源投资(英国)有限公司-FSSA中国增长基金、首源投资(英国) 有限公司-FSSA中国增长基金、国联安基金-中国太平洋人寿保险股份有限公司-分红险-国联安基金中国 ...

Core Viewpoint - In 2024, the company reported a revenue of 4.238 billion yuan, a year-on-year decrease of 7.57%, and a net profit attributable to shareholders of 312 million yuan, indicating challenges in the market environment [1] Group 1: Financial Performance - The company achieved a revenue of 4.238 billion yuan in 2024, reflecting a decline of 7.57% compared to the previous year [1] - The net profit attributable to shareholders was reported at 312 million yuan for the year [1] Group 2: Strategic Initiatives - The company is focusing on the "Two Intelligence and One New" strategy, enhancing product upgrades in smart and digital solutions tailored for various sectors including new energy and intelligent buildings [1] - In the low-voltage component sector, the company executed over 160 product development and enhancement plans, completing 84 product developments, including the launch of 19 new products [1] Group 3: Research and Development - The company emphasizes technological accumulation and R&D capabilities, applying the IPD2.0 transformation and deepening the end-to-end process-oriented product line model [2] - In 2024, the company applied for 456 domestic and international patents, including 127 invention patents, and obtained 356 new authorizations [2] - As of the end of 2024, the company has cumulatively applied for 3,103 patents, including 922 invention patents, and has received 2,171 authorizations [2] Group 4: Product and Market Position - The company is a leading player in the high-end market of the domestic low-voltage electrical industry, involved in the R&D, production, and sales of terminal electrical appliances, distribution electrical appliances, control electrical appliances, and smart home products [2] - The low-voltage electrical products produced by the company are widely used across various sectors of the national economy, including new energy, intelligent computing centers, and electric vehicles [2]

东吴证券股份有限公司 关于上海良信电器股份有限公司 2024年度募集资金存放与使用情况的专项核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为上海 良信电器股份有限公司（以下简称"良信股份"或"公司"）的保荐机构，根据 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主 板上市公司规范运作》及《深圳证券交易所上市公司自律监管指引第13号——保 荐业务》等相关法律法规和规范性文件的要求，对公司2024年度募集资金存放与 使用情况进行了核查，并发表核查意见如下： 的不含税发行费用人民币4,126,214.91 元，实际募集资金净额为1,502,029,431.14 元。上述资金已经到位，业经立信会计师事务所（特殊普通合伙）验证，并由其 出具信会师报字[2022]第ZA15577号验资报告。公司对募集资金采取了专户存储 制度。 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于核准上海良信电器股份有限公司非公开发 行股票的批复》（证监许可[2022]504号） ...

信会师报字[2025]第 ZA10457 号 2024 年 12 月 31 日 内部控制审计报告 上海良信电器股份有限公司 内部控制审计报告 我们认为，良信股份于 2024 年 12 月 31 日按照《企业内部控制 基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控 制。 上海良信电器股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了上海良信电器股份有限公司（以下简称良信股份） 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是良信股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制 ...