证券代码：002706 证券简称：良信股份 公告编号：2025-023 关于使用部分闲置募集资金进行现金管理的 进展公告 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。 上海良信电器股份有限公司（以下简称"良信股份"或"公司"）于 2024 年 8 月 23 日召开了第六届董事会第二十三次会议，会议审议通过了《关于使用部分暂时 闲置募集资金进行现金管理的议案》，同意公司（含子公司）在不影响募集资金投资 项目建设和正常生产经营的前提下，使用不超过人民币 3.5 亿元的闲置募集资金进 行现金管理，产品期限不超过董事会审议通过之日起 12 个月，可在上述额度及期限 内滚动使用。具体内容详见 2024 年 8 月 24 日刊登于巨潮资讯网《关于使用部分暂 时闲置募集资金进行现金管理的公告》，公告编号：2024-066。 根据上述决议，近日上海良信电器股份有限公司与兴业银行股份有限公司（以 下简称"兴业银行"）签署了结构性存款协议，具体如下： 注：公司及子公司与上表所列签约银行无关联关系。 二、 投资风险及风险控制措施 （一）投资风险分析 1、尽管公司及子公司拟使用暂时 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 良信股份 (002706) 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 静待行业复苏，关注 AI 数据中心场景应用 [Table_ReportDate] 2025 年 4 月 3 日 | 重要财务指标 | | | 单位: | | 百万元 | | --- | --- | --- | --- | --- | --- | | 主要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 4,585 | 4,238 | 5,059 | 5,989 | 6,882 | | 同比(%) | 1 ...

证券研究报告 [Table_ReportType] 点评报告 公司研究 [Table_StockAndRank] 良信股份 (002706) 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 静待行业复苏，关注 AI 数据中心场景应用 [Table_ReportDate] 2025 年 4 月 3 日 | 重要财务指标 | | | 单位: | | 百万元 | | --- | --- | --- | --- | --- | --- | | 主要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 4,585 | 4,238 | 5,059 | 5,989 | 6,882 | | 同比(%) | 1 ...

（文/张志峰 编辑/周远方） 日前，国内低压电器设备头部供应商之一的良信股份发布2024年财务报告。 数据显示，企业受到市场竞争加剧、需求疲软、原材料价格波动等因素影响，2024年营业总收入为42.38亿元，同比下滑7.57%；归母净利润3.12亿元，同比 下降38.92%。 不过在管理层看来，这依然称得上是一个"机遇与挑战并存"的时代。 尤其是在数字经济高速发展的今天，国产算力需求如同井喷般迅猛增长，成为推动整个科技产业前进的强大引擎。这一趋势不仅拉动了AIDC（人工智能数 据中心）的加速建设，更在不经意间为AI数据中心新型配电系统建设开辟了广阔的市场空间。 《全球数据中心市场报告》预测，近五年全球智算中心电力需求将增长56%，而传统电力系统建设模式已难以应对快速迭代的算力需求与碳中和目标。 而新的智算中心必然对建设速度、运营效率和能源管理提出了前所未有的挑战，这就给作为智慧电气解决方案头部供应商的良信股份，带来了前所未有的发 展机遇。 | | 2024 年 | 2023 年 | 变动比例 | | --- | --- | --- | --- | | 研发人员数量(人) | 594 | 228 | 6. 45 ...

证券代码： 002706 证券简称：良信股份 上海良信电器股份有限公司投资者关系活动记录表 | 投资者关系活 | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | □ 媒体采访 √ 业绩说明会 | | | 新闻发布会 路演活动 □ □ | | | 现场参观 □ | | | □ 其他 （电话会议） | | 参与单位名称 | 投资者网上提问 | | 及人员姓名 | | | 时间 | 2025 年 4 月 1 日 15:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待 | 1、董事长任思龙 | | 人员姓名 | 2、财务总监、董事会秘书程秋高 | | | 3、独立董事李传轩 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、面对行业竞争加剧，公司有哪些具体的差异化策略来提升市 | | | 场份额？ | | | 投资者您好。公司聚焦两智一新战略，持续围绕新能源电气技 | | | 术、智能配电、智慧人居市场深耕发力，通过头部大客户 ...

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].