Core Viewpoint - The company reported lower-than-expected financial performance for 2024 and Q1 2025, primarily due to declining gross margins and changes in expenses and profits [1][2]. Financial Performance Summary - For 2024, the company achieved revenue of 8.172 billion yuan, a year-on-year increase of 21%, but the net profit attributable to shareholders was 436 million yuan, a decrease of 31% [1]. - In Q1 2025, revenue reached 2.316 billion yuan, reflecting a year-on-year growth of 27% and a quarter-on-quarter increase of 2%. However, the net profit attributable to shareholders was 107 million yuan, down 23% year-on-year but up 329% quarter-on-quarter [1]. - The gross margin for Q4 2024 and Q1 2025 was 23.90% and 22.95%, respectively, showing a decline of 0.65 and 2.95 percentage points year-on-year [2]. Business Segment Performance - In 2024, the smart home appliance control business generated revenue of 3.74 billion yuan, up 43% year-on-year, while the power supply business brought in 2.35 billion yuan, an 11% increase [3]. - For Q1 2025, the smart home appliance control business revenue was 1.23 billion yuan, a 32% increase year-on-year, and the power supply business revenue was 490 million yuan, up 1% [3]. - The company is expected to continue steady revenue growth as it expands its focus on key product areas and overseas markets [3]. Strategic Outlook - The company is diversifying its business and expects improved profitability as various segments scale up [2]. - The data center business is progressing steadily, with expectations for significant deliveries starting in the second half of 2025 [3]. - The company aims to leverage customer partnerships for product updates and market opportunities, building a competitive moat [4]. Profit Forecast and Valuation - The company has adjusted its gross margin assumptions and forecasts net profits of 622 million yuan, 789 million yuan, and 1.013 billion yuan for 2025, 2026, and 2027, respectively [5]. - The estimated price-to-earnings ratio for 2025 is set at 46.4 times, reflecting a 40% premium over comparable companies, with a target price of 52.91 yuan [5].

Summary of the Conference Call for 麦克米特 Company Overview - 麦克米特 is focused on sectors such as AI, automotive, and energy storage, with significant investments in R&D and global expansion strategies. Key Financial Highlights - In 2024, 麦克米特's revenue reached 8.172 billion yuan, a 21% year-on-year increase, with R&D investment close to 1 billion yuan, accounting for 12% of total revenue, marking a historical high [2][3][26]. - Q1 2025 revenue grew by 26% to 2.3 billion yuan, but net profit decreased by 22% due to fair value changes and increased taxes [2][8][12]. Business Segment Performance - Smart home appliances grew over 40%, accounting for nearly half of total revenue [2][4]. - The automotive and rail transit sectors saw over 100% growth in Q1 2025, with a recovery in vehicle power supply shipments [2][8]. - The power supply segment remained stable, while industrial automation and precision connections grew by 26% and 22%, respectively [9]. R&D and Future Focus - 麦克米特 is actively investing in AI data center power supply, targeting sales of 500 million yuan starting in the second half of 2025 [2][5][18]. - The company aims to exceed 10 billion yuan in revenue from AI, energy storage, and smart equipment by 2025 [2][30]. Global Expansion and Market Strategy - Direct overseas revenue accounted for approximately 32%-33%, with plans for increased investment in Thailand to mitigate tariff impacts [2][7][24]. - The company is adapting to U.S. tariffs, with minimal impact on exports, and is exploring partnerships and local production strategies [20][24][46]. Challenges and Risks - The decline in gross margin is attributed to increased automotive power supply shipments and intensified competition in smart home products [10][31]. - Net profit decline in 2024 was primarily due to significant drops in fair value from equity investments and increased asset impairments [11]. Investment and Development Strategy - 麦克米特 has invested at least 300 million yuan in AI and energy storage, with ongoing collaborations with major clients [28]. - The company is focusing on steady growth in the energy storage and charging sectors, emphasizing product reliability [42]. Market Outlook - The company anticipates significant orders from the AI sector, particularly related to NVIDIA products, with a target of approximately 500 million yuan in sales [35][43]. - Future revenue targets include exceeding 100 billion yuan in 2025, with a long-term goal of reaching several hundred billion [30][50]. Conclusion - 麦克米特 is strategically positioned for growth in AI, automotive, and energy sectors, with a strong focus on R&D and global market expansion, despite facing challenges in profit margins and market competition [52].

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

Financial Performance - In 2024, the company achieved operating revenue of 8.172 billion CNY, a year-on-year increase of 21.00% [4] - Operating profit for 2024 was 456.35 million CNY, a decrease of 27.87% compared to the previous year [4] - Net profit attributable to shareholders was 436.12 million CNY, down 30.70% year-on-year [4] - For Q1 2025, operating revenue reached 2.316 billion CNY, up 26.51% year-on-year [4] - Net profit attributable to shareholders in Q1 2025 was 107.26 million CNY, a decrease of 22.57% compared to the same period last year [4] Profitability Analysis - The decline in net profit is attributed to rising expenses, asset impairment, increased tax expenses, and a decrease in non-recurring gains [4] - The company's gross margin has been pressured due to the rapid growth of its new energy vehicle (NEV) business, which has lower margins [4][5] - Non-recurring gains were significantly lower in 2024 compared to 2023, impacting net profit figures [4] Business Development - The company has transitioned from a single product focus to a comprehensive supplier of electrical components for NEVs, collaborating with major automotive manufacturers [5] - The server power supply business is progressing well, with several products launched and positive engagement with clients [7] - The company anticipates significant sales growth in the NEV sector starting in 2025 [5][6] Market Strategy - The company plans to expand its manufacturing capacity in Thailand to mitigate the impact of U.S. tariffs, as most exports are directed to non-U.S. markets [8] - The company maintains a positive outlook for its server power supply business despite fluctuating U.S. trade policies [9] - The company aims to achieve a revenue target of over 10 billion CNY by 2025, supported by strong growth in various business segments [11] Product Innovation - The company is focusing on developing smart home appliances and has invested in a comprehensive R&D platform to support the industry's transition to smart technology [12] - The company is committed to continuous technological innovation to maintain a competitive edge in the market [9][12] Taxation and Compliance - The company will adhere to local tax regulations in overseas markets, with tax rates varying by country (e.g., zero tax rate in Thailand, approximately 25% in India) [13]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

深圳麦格米特电气股份有限公司 章 程 二○二五年四月 | 第一章 | 总 | 则 2 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 3 | | 第三章 | 股 | 份 3 | | 第一节 | | 股份发行 3 | | 第二节 | | 股份增减和回购 5 | | 第三节 | | 股份转让 6 | | 第四章 | | 股东和股东大会 7 | | 第一节 | | 股 东 7 | | 第二节 | | 股东大会的一般规定 10 | | 第三节 | | 股东大会的召集 12 | | 第四节 | | 股东大会的提案与通知 13 | | 第五节 | | 股东大会的召开 14 | | 第六节 | | 股东大会的表决和决议 17 | | 第五章 | | 董事会 20 | | 第一节 | | 董 事 20 | | 第二节 | | 董事会 22 | | 第六章 | | 总经理及其他高级管理人员 28 | | 第七章 | | 监事会 29 | | 第一节 | | 监事 29 | | 第二节 | | 监事会 30 | | 第八章 | | 财务会计制度、利润分配和审计 31 | | 第一节 | | 财务会 ...

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