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]

公开资料显示，良信股份是国内低压电器行业高端市场的领先企业之一，公司目前从事终端电器、配电 电器、控制电器以及智能家居、中低压智能配电柜等产品及相关软件系统的研发、生产和销售。公司生 产的低压电器产品作为用电负载的前端设备，广泛应用于新能源、智算中心、新能源汽车、电力、工 业、基础设施、智能楼宇等国民经济的各个领域。（全景网） 此外，还有投资者提问：请问良信国产替代方面有什么计划吗？ 良信股份独立董事李传轩回复：目前在部分公商建、工控、轨交、数据中心等绝对高端的低压电器应用 场景中，国产品牌市场占有率仍然较低，国产替代仍然有较大的市场空间。随着国产化政策的引导，以 及国产厂商的品牌影响力、市场竞争力的持续提升，公司有望进一步拓展市场份额。公司将持续进行下 游市场的机会挖掘，同时通过"两智"业务的综合能力，针对此类型的用电场景和客户通电，打造高性价 比、智能化、一站式的配电解决方案，以赢得更多客户的认可。 4月1日，良信股份（002706）2024年度业绩说明会在全景路演举行。有投资者提问：公司在海外市场的 拓展情况如何？主要目标市场有哪些？请问是否面对关税可能加征的问题，如果存在会如何应对？ 良信股份财务总监 ...

| 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 □ □ | | | 路演活动 □ 新闻发布会 □ | | | □ 现场参观 | | | □ 其他 （电话会议） | | 参与单位名称 | 参会名单详见附件 | | 及人员姓名 | | | 时间 | 2025 年 3 月 28 日 19:30-20:30 | | 地点 | 线上：电话会议 | | 上市公司接待 | 1、董事会秘书兼财务总监 程秋高 | | 人员姓名 | 2、证券事务代表 王锐 | | | 1、 公司 2024 年四季度利润下降的主要原因是什么？ | | | 四季度利润下降主要有三个原因：（一）四季度毛利率环比下 | | | 滑近 2%。由于收入结构变化，新能源业务占比提升，其毛利率 | | | 相对较低，而原本占比较高、毛利高的房地产行业收入下滑， | | | 导致整体毛利率下降；（二）四季度管理费用增加。海盐园区 | | | 二期四季度转固项目增多，导致折旧费用相应增加；（三）四 | | 投资者关系活 | 季度营销及研发费用投入增加。公司加强在新品研发、客户触 | | ...

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 ...