深圳麦格米特电气股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 此码用于证明该审计报告是否由具有执业许可的会计师事务所出具 "注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 您可使用手机"扫一扫"或进入 报告编码:浙25LLJY4RB6 6-1-1 三、财务报表附注 18-156 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 ww ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688411 | 海道思创 | 166.41 | -7.09% | 5.20万 | 8.74亿 | | 300491 | 通合科技 | 36.09 | -5.05% | 26.17万 | 9.42 G | | 300820 | 英杰电气 | 49.20 | -2.98% | 2.94万 | 1.46 Z | | 301157 | 华塑科技 | 50.41 | -1.70% | 1.02万 | 5195.80万 | | 300693 | 盛弘股份 | 38.31 | -1.62% | 19.66万 | 7.51亿 | | 600212 | 绿能慧充 | 8.27 | -1.55% | 20.21万 | 1.67亿 | | 600875 | 东方电气 | 18.91 | -1.25% | 21.62万 | 4.10亿 | | 002255 | 海陆重工 | 8.23 | -1.08% | 12.04万 | 9940.17万 | | 300713 | 英 ...

Group 1 - The core viewpoint of the news is that Magpower's stock price increased by 5.12% to 75.33 CNY per share, with a trading volume of 1.979 billion CNY and a turnover rate of 5.86%, resulting in a total market capitalization of 41.258 billion CNY [1] - Magpower, established on July 29, 2003, and listed on March 6, 2017, specializes in the research, production, and sales of smart home appliance control products, industrial power supplies, and industrial automation products [1] - The revenue composition of Magpower includes: smart home appliance control products (45.92%), power supply products (24.77%), new energy and rail transit components (10.87%), industrial automation (8.32%), smart equipment (5.09%), precision connections (4.37%), and others (0.66%) [1] Group 2 - According to data from the top ten holdings of funds, one fund under Huaxia Fund has a significant position in Magpower, with Huaxia Strategy Mixed Fund (002031) increasing its holdings by 53,200 shares in the second quarter, totaling 420,000 shares, accounting for 4.24% of the fund's net value [2] - The Huaxia Strategy Mixed Fund (002031) was established on October 23, 2008, with a latest scale of 497 million CNY, achieving a year-to-date return of 4.35% and a one-year return of 29.67% [2] - The fund manager of Huaxia Strategy Mixed Fund is Chen Weiyan, who has been in the position for 9 years and 299 days, with the best fund return during his tenure being 44.15% and the worst being -32.92% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25][29] Core Views - The company's revenue for the first half of 2025 was 4.67 billion yuan, a year-on-year increase of 17%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 45% year-on-year [9][19] - The traditional business's gross margin is under pressure, and the company is waiting for the ramp-up of AI server power supply orders [3][4] - The AI server power supply business is expected to gradually increase in volume, with the company being one of the few domestic suppliers capable of high-power, high-efficiency server power supply technology [3][22] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 22.1%, down 3.6 percentage points year-on-year, and a net profit margin of 4.0%, down 4.0 percentage points year-on-year [9][19] - The second quarter of 2025 saw revenue of 2.36 billion yuan, an 8% increase year-on-year, but a 62% decrease in net profit [9][19] Business Segments - The smart home appliance control segment generated revenue of 2.15 billion yuan, up 7% year-on-year, while the power supply segment generated 1.16 billion yuan, up 5% year-on-year [2][19] - The new energy and rail transit segment saw significant growth, with revenue of 510 million yuan, a 151% increase year-on-year [21][19] Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026 to 480 million yuan and 780 million yuan, respectively, while maintaining a forecast of 1.02 billion yuan for 2027 [4][25] - The expected revenue for 2025 is 9.79 billion yuan, with a year-on-year growth of 19.8% [24][23]

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：我们上半年投入了五亿多研发费用，属于AI的研发费 用有多少？ 麦格米特（002851.SZ）9月9日在投资者互动平台表示，公司是电力电子平台型公司，持续十多年研发 费用率维持在11%左右，远超同行业平均水平，公司目前已有约3000人的研发人员团队，研发人员占比 超35%，以高强度研发投入打开未来发展空间，也为公司未来的长线发展带来更多机会。因电力电子产 品的研发是一个多学科交叉、多环节协同的复杂过程，需覆盖从理论设计到工程落地、从器件选型到系 统验证的全链条，无法单独量化某一应用领域，公司研发费用相关数据请以定期报告内披露内容为准。 ...

公司与谷歌自研tpu是否有合作呢？有可能与谷歌公司达成供货协定吗？ 来源：问董秘 投资者提问： 查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(麦格米特SZ002851)： 您好，公司是电气自动化领域硬件和软件研发、生产、销售与服务的一站式解决方案提供商，为国内外 各行业大客户提供电力电子部件与系统ODM/JDM服务，可公开的合作业务及客户信息会通过官方渠道 新闻或在定期报告中进行更新披露，敬请关注，谢谢。 ...

格隆汇9月9日丨麦格米特(002851.SZ)在互动平台表示，公司激光电源相关部分产品已进入批量销售阶 段。 ...

格隆汇9月9日丨麦格米特(002851.SZ)在互动平台表示，公司主营业务为电力电子产品的研发、生产及 销售，暂不涉及半导体销售的业务范围。 ...

丨证券研究报告丨 联合研究丨公司点评丨麦格米特（002851.SZ） [Table_Title] 麦格米特 25H1 点评：AIDC 供电体系持续变革， 平台化布局未来可期 报告要点 [Table_Summary] 麦格米特目前为大陆地区唯一与英伟达进行电源合作的企业，我们认为伴随英伟达对 AIDC 行 业的推动，AI 电源有望成为公司新成长点。预计 2025-2026 年公司实现归母净利润 5.3、12.1 亿元，对应 PE 分别为 79、34 倍。维持"买入"评级。 分析师及联系人 [Table_Author] 赵智勇 邬博华 曹小敏 司鸿历 屈奇 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490521050001 SAC：S0490520080002 SAC：S0490524070003 SFC：BRP550 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% 风险提示 research.95579.com 1 麦格米特（002851.SZ） cjzqdt11111 [Table_Title 麦格米特 25H1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Views - The company's revenue for the first half of 2025 reached 4.674 billion yuan, a year-on-year increase of 16.52%, while the net profit attributable to shareholders decreased by 44.82% to 174 million yuan [1][2]. - The decline in profitability is attributed to intensified competition in downstream sectors, particularly in home appliances, which has compressed industry profit margins [2]. - The company is focusing on high R&D investment, maintaining a research expense ratio of 11%, with total R&D expenses amounting to 514 million yuan, a year-on-year increase of 15.24% [2]. - Significant breakthroughs have been made in the AI server power supply business, with partnerships established with NVIDIA, positioning the company as a key supplier for data center components [2][3]. Summary by Sections Financial Performance - In 2025H1, the company achieved a revenue of 4.674 billion yuan, with a gross margin of 22.07%, down 3.77 percentage points year-on-year [1][2]. - The second quarter of 2025 saw revenue of 2.357 billion yuan, an 8.13% increase year-on-year, but net profit dropped by 62.33% to 66 million yuan [1]. Business Segments - The new energy and rail transportation sectors showed remarkable growth, with revenue increasing by 150.94% year-on-year [2]. - Other business segments, except for intelligent equipment, experienced a decline in gross margins due to competitive pressures [2]. Capital Expenditure and Fundraising - The intelligent warehousing project has been delayed until October 2026 due to technical complexities, with 168.86 million yuan invested so far [3]. - The company plans to raise up to 2.663 billion yuan through a private placement to expand production capacity and enhance global layout [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been revised downwards due to short-term pressures, while projections for 2026 and 2027 have been adjusted upwards, with expected net profits of 402 million yuan, 838 million yuan, and 1.166 billion yuan for 2025, 2026, and 2027 respectively [3][4]. - The current stock price corresponds to a PE ratio of 104 for 2025, 50 for 2026, and 36 for 2027 [3].