深圳可立克科技股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 信会师报字[2026]第 ZI10060 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 acc.mof.gov.cn) 报告编码:沪26W39NBHWB 深圳可立克科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 (2025年1月1日至2025年12月31日止) | | 录 页 次 目 | | --- | --- | | | 1-2 专项报告 | | -- | 1-2 非经营性资金占用及其他关联资金往来情 | | | 况汇总表 | | | 事务所及注册会计师执业资质证明 | 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANT 关于深圳可立克科技股份有限公司 非经营性资金占用及其他关联资金往来情况, 的专项报告 信会师报字[2026]第 ZI10060 号 深圳可立克科技股份有限公司全体股东: 我们审计了深圳可立克科技股份有限公司(以下简称"贵公 司")2025 ...

Investment Rating - The investment rating for the power equipment and new energy industry is "Outperform the Market" (maintained) [2][11] Core Insights - The joint issuance of the "High-Quality Development Implementation Plan for Energy-Saving Equipment (2026-2028)" by four government departments emphasizes the promotion of large-capacity solid-state transformers and the enhancement of transformer efficiency in the new energy sector [3][4] - The policy indicates a shift from traditional energy-saving approaches to new power electronics, with a focus on adapting to high volatility and rapid response requirements in new energy applications [4][5] - Solid-state transformers are positioned as key facilities connecting the grid, energy storage, and load, with advantages in efficient energy conversion and flexible control [5] Summary by Sections Policy Developments - The plan aims for over 75% of newly added energy-saving transformers to be in place by 2028, with 15% of existing transformers meeting energy-saving standards [3][4] - The focus is on promoting advanced transformers such as environmentally friendly insulated oil transformers and flexible DC transformers [3][4] Market Opportunities - Solid-state transformers are expected to benefit from policy support and are likely to see application in wind power, photovoltaics, hydrogen energy, and new energy storage scenarios [3][4][6] - Companies to watch include Sifang Co., New Special Electric, Teradyne, Keli, Jinpan Technology, and Igor, as they are positioned to capitalize on these trends [6] Financial Projections - The report includes profit forecasts for relevant companies, with Sifang Co. projected to achieve a net profit of 1,005 million RMB by 2026, while New Special Electric is expected to recover from a loss to a profit of 100 million RMB [8]

证券代码：002782 证券简称：可立克 公告编号：2026-006 深圳可立克科技股份有限公司 关于使用部分闲置自有资金购买理财产品到期 赎回并继续购买的实施公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 深圳可立克科技股份有限公司（以下简称"公司"或"可立克"）于 2025 年 9 月 24 日召开第五届董事会第十四次会议、第五届监事会第十四次会议审议 通过了《关于公司及子公司使用部分闲置自有资金购买理财产品的议案》。在不 影响正常经营、有效控制投资风险的前提下，公司及子公司拟使用不超过（含） 人民币 2 亿元的闲置自有资金购买保本型理财产品。期限为自董事会审议通过之 日起一年内有效，在上述额度内资金可以滚动使用。 公司于 2026 年 1 月 19 日召开第五届董事会第十七次会议审议通过了《关于 公司及子公司使用部分闲置募集资金购买理财产品的议案》。为提高公司募集资 金使用效率，增加公司收益，在确保募投项目的正常实施和资金安全的前提下， 同意公司及实施募投项目的全资子公司使用不超过人民币 1 亿元的暂时闲置募 集资金择机购买安全性高、流动性好、低风 ...

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Industry**: Renewable Energy, Distributed Energy, Green Hydrogen, and Power Equipment - **Companies Mentioned**: Four-way Co., Oriental Cable, Goldwind Technology, Deleja, Huadian Technology, and others Core Insights and Arguments 1. **Distributed Energy Demand**: Geopolitical conflicts have intensified the demand for distributed energy, particularly in Europe, where household storage is expected to see a resurgence similar to the high demand during the 2022 crisis. The capacity for 100Ah battery cells is currently insufficient for the first half of 2025 [1][2] 2. **Green Hydrogen Economics**: Rising oil prices enhance the economic viability of green hydrogen, with green methanol costs estimated between 2,700-4,000 RMB/ton, making it a strategic alternative to traditional fuels priced at around 4,000 RMB/ton [1][8] 3. **Infrastructure Shift**: The construction of computing infrastructure is returning to domestic markets, driving demand for integrated green electricity and computing solutions, with Four-way Co. having over five years of experience in solid-state transformer (SST) technology [1][11] 4. **Market Valuation**: Oriental Cable is projected to have a dynamic PE of approximately 20 times by 2026, significantly lower than the 30-50 times average in the grid sector, indicating a high safety margin [1][13] 5. **Wind Power Market Dynamics**: The wind power gearbox market is characterized by a duopoly between Deleja and China High-Speed Transmission, with Deleja expected to achieve over 30% growth through overseas brand certifications [1][15] 6. **Green Fuel Acceleration**: Goldwind Technology plans to gradually produce green methanol from 2025 to 2027, while Huadian Technology has secured nearly 1 billion RMB in equipment orders, establishing a leading position in the market [1][9] Additional Important Insights 1. **Short-term Demand Surge**: The short-term impact of rising natural gas prices in Europe has led to a significant increase in demand for distributed energy equipment, particularly household storage and solar storage systems [2][4] 2. **Long-term Renewable Energy Growth**: The long-term outlook suggests a shift from fossil fuels to renewable energy sources, with a focus on green fuels and space photovoltaic applications [2][3] 3. **Financial Performance Risks**: Companies with exposure to the Middle East may face delivery disruptions in 2026, but long-term demand for renewable energy is expected to drive growth [5][6] 4. **Investment Recommendations**: Key recommended stocks include Four-way Co., Oriental Cable, Keli Co., and Deleja, with a focus on their performance in 2026 [1][17] 5. **Green Methanol Production**: Goldwind Technology's green methanol projects are set to produce significant volumes by 2027, with additional projects planned in the Inner Mongolia region [9][12] This summary encapsulates the critical insights and projections from the conference call, highlighting the evolving landscape of the renewable energy sector and the strategic positioning of key companies within it.

关于使用部分闲置自有资金购买理财产品到期 赎回并继续购买的实施公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 证券代码：002782 证券简称：可立克 公告编号：2026-005 深圳可立克科技股份有限公司 深圳可立克科技股份有限公司（以下简称"公司"或"可立克"）于 2025 年 9 月 24 日召开第五届董事会第十四次会议、第五届监事会第十四次会议审议 通过了《关于公司及子公司使用部分闲置自有资金购买理财产品的议案》。在不 影响正常经营、有效控制投资风险的前提下，公司及子公司拟使用不超过（含） 人民币 2 亿元的闲置自有资金购买保本型理财产品。期限为自董事会审议通过之 日起一年内有效，在上述额度内资金可以滚动使用。 公司于 2026 年 1 月 19 日召开第五届董事会第十七次会议审议通过了《关于 公司及子公司使用部分闲置募集资金购买理财产品的议案》。为提高公司募集资 金使用效率，增加公司收益，在确保募投项目的正常实施和资金安全的前提下， 同意公司及实施募投项目的全资子公司使用不超过人民币 1 亿元的暂时闲置募 集资金择机购买安全性高、流动性好、低风 ...

Key Insights - The report provides a summary of recommended stocks across various industries for February 2026, highlighting investment opportunities based on specific market conditions and company performance [1][2]. Financial and Valuation Summary - **Banking Sector**: - China Merchants Bank (600036.SH) is recommended due to its clear performance bottom, attractive valuation, and potential for retail credit recovery [1][3]. - **Non-Banking Financials**: - Ping An Insurance (601318.SH) is favored for its ongoing transformation and improved product structure, alongside easing real estate risks [1][3]. - **Food and Beverage**: - Weilong Delicious Food (9985.HK) is noted for its innovative product development and solid channel foundation, expected to maintain or slightly increase profit margins [1][3]. - **Home Appliances**: - Haier Smart Home (600690.SH) is highlighted for its strategic positioning in high-end markets and operational efficiency improvements, benefiting from domestic policies and overseas demand [1][3]. - **Power Equipment**: - Keli (002782.SZ) is recognized for its strong market position in magnetic components and ongoing overseas expansion, with a focus on solid-state transformer applications [1][3]. - **Basic Chemicals**: - China Petroleum (601857.SH) is expected to benefit from declining natural gas import costs and increasing domestic market share [1][3]. - **Metals and Materials**: - China Aluminum (601600.SH) is positioned for growth due to its acquisition of Brazilian aluminum assets and high profitability from rising aluminum prices [1][3]. - **Electronics**: - Lante Optics (688127.SH) anticipates significant profit growth driven by expanding demand in various tech sectors, including AR glasses [1][3]. - **Internet**: - Alibaba (9988.HK) is projected to see substantial cloud revenue growth, supported by its "Cloud + AI + Chip" strategy [1][3]. - **Machinery**: - Boying Welding (301468.SZ) is expected to capture market share in HRSG and oil and gas composite pipes, benefiting from North American demand [1][3].

Market Performance - The other electronic sector increased by 0.01% on January 28, with Keleke leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] Top Gainers - Keleke (002782) closed at 23.33, up by 6.43% with a trading volume of 316,500 shares and a transaction value of 726 million [1] - Mindray Electronics (300656) closed at 27.64, up by 6.14% with a trading volume of 216,200 shares and a transaction value of 605 million [1] - Shannon Chip Creation (300475) closed at 175.00, up by 5.00% with a trading volume of 454,600 shares and a transaction value of 778 million [1] Top Losers - Walden Nuclear Materials (002130) closed at 29.32, down by 10.01% with a trading volume of 1,972,400 shares and a transaction value of 6.072 billion [2] - Jingquan Technology (002885) closed at 27.40, down by 3.15% with a trading volume of 151,500 shares and a transaction value of 419 million [2] - Hanzhuo Technology (301275) closed at 60.40, down by 2.89% with a trading volume of 33,600 shares and a transaction value of 206 million [2] Capital Flow - The other electronic sector experienced a net outflow of 320 million from institutional investors, while retail investors saw a net inflow of 444 million [2] - The capital flow data indicates that institutional investors withdrew funds, while retail investors increased their investments in the sector [2] Individual Stock Capital Flow - Shannon Chip Creation (300475) had a net inflow of 96.5 million from institutional investors, but a net outflow of 47.3 million from speculative funds [3] - Keleke (002782) saw a net inflow of 29.9 million from institutional investors, with a significant outflow from retail investors [3] - Mindray Electronics (300656) had a net inflow of 10.6 million from institutional investors, while retail investors withdrew funds [3]

Group 1 - On January 27, the target price increases for listed companies were led by Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [1][2] - A total of 29 listed companies received broker recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer each receiving one recommendation [2] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [3][4] Group 3 - Five companies received initial coverage on January 27, including Taihe New Materials with an "Overweight" rating from Dongbei Securities, Keli Ke with an "Outperform" rating from Guoxin Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Overweight" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [5][6]

Group 1 - On January 27, brokerages set target prices for listed companies with notable increases for Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [2][3] - A total of 29 listed companies received brokerage recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer receiving one recommendation each [3] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [4][5] - Five companies received initial coverage on January 27, including Taihe New Materials with an "Accumulate" rating from Northeast Securities, Kelike with an "Outperform" rating from Guosen Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Accumulate" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [6]

Investment Rating - The report assigns an "Outperform" rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading domestic magnetic component manufacturer, enhancing its overseas presence and actively entering the solid-state transformer market [4][5]. - The company plans to establish overseas subsidiaries in Mexico and Vietnam with an investment of up to 500 million RMB to expand its international market presence [3]. - The magnetic components market is projected to reach $27.2 billion by 2031, with a CAGR of 5.1% from 2025 to 2031, driven by demand in various sectors including new energy vehicles and data centers [4][34]. - The solid-state transformer is expected to become a key power supply solution in the AIDC era, with a potential market size of 87 billion RMB by 2030 [5][59]. Summary by Sections Company Overview - Established in 1995, the company has strengthened its magnetic component business through acquisitions and international expansion, including a subsidiary in Vietnam and plans for a factory in Mexico [4][15]. - The company has long-term partnerships with major clients such as BYD, Bosch, and Huawei, enhancing its market position [4][8]. Business Segments - The company’s revenue is primarily derived from magnetic components (83%) and switch power supplies (17%) [25]. - The magnetic components are crucial for applications in electric vehicles, energy storage, and AI servers, with expected revenue growth of 24.8% to 24.2% from 2025 to 2027 [75][76]. Financial Performance - The company reported a revenue of 4.105 billion RMB in the first three quarters of 2025, a year-on-year increase of 24.86%, with a net profit of 232 million RMB, up 52.51% [63]. - The gross margin for magnetic components improved to 12.17% in the first half of 2025, reflecting better operational management [30][70]. Market Trends - The magnetic components industry is experiencing robust growth due to increasing demand in new energy vehicles and data centers, with significant opportunities in solid-state transformers as the market evolves [34][44]. - The company is positioned to benefit from the transition to high-efficiency power supply solutions, particularly in the context of rising power demands in data centers [5][44].