国金证券股份有限公司 关于深圳麦格米特电气股份有限公司 向特定对象发行股票 发行过程和认购对象合规性的报告 （二）发行价格 本次发行的定价基准日为发行期首日，即 2026 年 1 月 12 日。本次向特定对 象发行股票发行价格不低于定价基准日前 20 个交易日公司股票交易均价（定价 1 基准日前 20 个交易日股票交易均价=定价基准日前 20 个交易日股票交易总额/ 定价基准日前 20 个交易日股票交易总量）的 80%，即不低于 70.30 元/股，本次 发行底价为 70.30 元/股。 发行人和保荐人（主承销商）根据投资者申购报价情况，并严格按照《深圳 麦格米特电气股份有限公司向特定对象发行股票认购邀请书》（以下简称"《认 购邀请书》"）中确定的发行价格、发行对象及分配股数的确定程序和规则，确 定本次发行价格为 85.01 元/股，不低于定价基准日前 20 个交易日股票交易均价 的 80%。发行价格为发行底价的 1.21 倍。 本次发行的发行价格的确定符合中国证监会、深交所的相关规定，符合发行 人股东大会审议通过的本次发行的发行方案。 （三）发行数量 经中国证券监督管理委员会（以下简称"中国证监会"）《关于 ...

北京市嘉源律师事务所 关于深圳麦格米特电气股份有限公司 2025 年度向特定对象发行股票 发行过程和发行对象合规性的 见证法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN·武汉 WUHAN·长沙 CHANGSHA 致：深圳麦格米特电气股份有限公司 北京市嘉源律师事务所 关于深圳麦格米特电气股份有限公司 2025 年度向特定对象发行股票 发行过程和发行对象合规性的 见证法律意见书 编号：嘉源（2026）-04-035 敬启者： 根据深圳麦格米特电气股份有限公司（以下简称"公司"、"麦格米特"或"发 行人"）与北京市嘉源律师事务所签订的《专项法律顾问协议》，本所担任发行人 2025年度向特定对象发行股票（以下简称"本次发行"）的专项法律顾问，对本 次发行过程及认购对象的合规性进行核查并出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管理办 法 ...

披露的提示性公告 本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、误导性陈述或重大遗漏。 证券代码：002851 证券简称：麦格米特 公告编号：2026-006 深圳麦格米特电气股份有限公司 关于向特定对象发行股票发行情况报告书 董 事 会 2026 年 1 月 27 日 1 深圳麦格米特电气股份有限公司（以下简称"公司"）向特定对象发行股票 （以下简称"本次发行"）发行承销总结相关文件已经深圳证券交易所备案通过， 公司将依据相关规定尽快办理本次发行新增股份的登记托管事宜。 特此公告。 深圳麦格米特电气股份有限公司 《深圳麦格米特电气股份有限公司向特定对象发行股票发行情况报告书》等 相关文件已于同日在巨潮资讯网（www.cninfo.com.cn）上披露，敬请广大投资者 查阅。 ...

从资金流向上来看，当日其他电源设备板块主力资金净流出7.68亿元，游资资金净流入4.06亿元，散户资 金净流入3.62亿元。其他电源设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002335 科华数据 | | 2.37 乙 | 9.72% | -1.26 Z | -5.16% | -1.11 Z | -4.56% | | 002851 麦格米特 | | 1.33 乙 | 4.48% | -2507.02万 | -0.85% | -1.08 Z | -3.63% | | 002364 中恒电气 | | 1.11 Z 1 | 7.91% | 4722.54万 | 3.36% | -1.58亿 | -11.27% | | 300376 | 易事特 | 3197.47万 | 4.88% | 273.73万 | 0.42% | -3471.20万 | -5.30% | | 688551 科威尔 ...

证券研究报告 | 公司点评报告 2026 年 01 月 25 日 麦格米特（002851.SZ） 主业有望企稳，AI 电源业务进展顺利 中游制造/电力设备及新能源 公司自从 2024 年率先导入英伟达产业链以来，在 PSU（一次电源）、CBU（超 容）、HVDC 等新产品的研发上形成了一定的领先优势和卡位优势。伴随 AI 电源业务的逐步落地，未来经营表现有望迎来转变，维持 "增持"评级。 财务数据与估值 基础数据 | 总股本（百万股） | 550 | | --- | --- | | 已上市流通股（百万股） | 458 | | 总市值（十亿元） | 66.4 | | 流通市值（十亿元） | 55.2 | | 每股净资产（MRQ） | 11.4 | | ROE（TTM） | 3.8 | | 资产负债率 | 51.3% | | 主要股东 | 童永胜 | | 主要股东持股比例 | 17.72% | 股价表现 % 1m 6m 12m 绝对表现 40 120 70 相对表现 38 105 46 -50 0 50 100 Jan/25 May/25 Sep/25 Dec/25 (%) 麦格米特 沪深300 资料来源：公司数 ...

从资金流向上来看，当日其他电源设备板块主力资金净流出4.9亿元，游资资金净流入7243.35万元，散户 资金净流入4.17亿元。其他电源设备板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002851 | 麦格米特 | 120.62 | 5.75% | 22.65万 | 26.80亿 | | 600212 | 绿能慧充 | 8.50 | 5.46% | 48.40万 | 4.05亿 | | 002534 | 西子洁能 | 18.94 | 4.41% | 28.67万 | ﺧ 5.36亿 | | 300593 | 新雷能 | 32.09 | 3.75% | - 36.38万 | 11.58亿 | | 688551 | 科威尔 | 43.08 | 3.26% | 1.47万 | 6284.73万 | | 600875 | 东方电气 | 27.58 | 2.53% | 94.27万 | 26.06亿 | | 002951 | 金时科技 | 14.15 | 2.39% | 3. ...

石墨烯概念持续走强，渝三峡Ａ、中超控股、ST新华锦涨停，中天科技、曼恩斯特、道氏技术、沃特 股份、麦格米特、格林美等跟涨。 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入67.91亿元，同比增长15.05%，实现净利润 2.13亿元，同比下降48.29%，基本每股收益为0.3911元，加权平均净资产收益率3.46%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，麦格米特所属的电力设备行业，目前整体涨幅为2.91%，行业内，目前股价 上涨的有349只，涨停的有拉普拉斯、飞沃科技等19只。股价下跌的有46只，跌幅居前的有华瑞股份、 凯发电气、大洋电机等，跌幅分别为3.56%、3.11%、2.09%。 两融数据显示，该股最新（1月22日）两融余额为36.88亿元，其中，融资余额为36.57亿元，近10日增加 2.50亿元，环比增长7.35%。 麦格米特股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至10:09，该股目前上涨4.33%，股价报119.00元，成交843.97万股，成交金额9.88亿元，换手 率1.84%，该股最新A股总市值达654.59亿元，该股A股流通市值544.86亿元。 ...

Summary of Megmeet (002851.SZ) Conference Call Company Overview - **Company**: Megmeet (002851.SZ) - **Industry**: AI Robotics & Power Supply Key Points Industry Outlook - **2026 as a Pivotal Year**: Megmeet anticipates significant growth in AI server power supply shipments in 2026, driven by an expanded product portfolio and deeper engagements with major Cloud Service Providers (CSPs) [1][2] - **Initial Shipments**: The company has begun initial shipments of server power products, including 5.5kW Power Supply Units (PSUs) and various power shelves, although specific shipment sizes were not disclosed [1] Business Model and Engagement - **Shift in Engagement**: The business model is transitioning from engaging Original Design Manufacturers (ODMs) to direct engagement with CSPs, requiring Megmeet to pass stringent customization tests to gain vendor codes [2] - **CSP Relationships**: The company is actively engaging with major CSPs in the US and China to secure more vendor codes [2] Execution Challenges - **Production Ramp-Up**: Megmeet faces challenges in transitioning from R&D to mass production, with a focus on tracking production efficiency and field performance post-deployment [3][6] - **Complex Supply Chains**: Managing over 200 suppliers and 1,000 components presents significant challenges, particularly in ensuring quality control for AI-grade components [6] Competitive Landscape - **Gap with Global Leaders**: Megmeet acknowledges a gap in R&D strength and manufacturing readiness compared to global leaders like Delta Electronics, but is catching up by launching next-gen products ahead of the adoption timeline [7] - **Co-Design Engagement**: Direct co-design engagement with Nvidia and end-users is seen as a competitive advantage [7] Product Development - **Next-Gen Products**: The company plans to launch official samples of 18kW PSUs and 3U 110kW power shelves in 1Q26, with 800V DC power racks expected in mid-2026 [8] - **Technical Barriers**: Transitioning to 800V DC architecture faces multiple technical challenges, making mass production in 2026 less likely [8] Financial Outlook - **Margin Recovery**: Megmeet expects gradual net margin recovery driven by a better product mix and improved operating leverage as the server power supply business scales [9] - **Overseas Revenue Target**: The company aims for 60% of total revenue to come from overseas markets, up from approximately 40% currently [9] Investment Thesis - **Structural Transformation**: Megmeet is transforming from an automation specialist to a contender in the global AI server power supply market, with a forecasted 5% market share by 2030 [10] - **Valuation**: The 12-month target price is set at Rmb86.8, indicating a downside potential of 16.1% from the current price of Rmb103.5 [14] Risks - **Market Share Dynamics**: Risks include the pace of market share gain within the NVIDIA ecosystem and the execution on mass production [13] - **R&D Cycle Variability**: The length of R&D cycles for 800V DC products and industry adoption rates also pose risks [13] Additional Insights - **Investment Banking Relationships**: Goldman Sachs has investment banking relationships with a significant percentage of companies covered in its research, which may influence objectivity [3] - **Market Cap and Financial Metrics**: Megmeet's market cap is Rmb56.5 billion, with projected revenues increasing from Rmb8.17 billion in 2024 to Rmb16.62 billion by 2027 [14]

Summary of Conference Call Records Industry Overview - The conference call focuses on the AI hardware and power supply sectors, particularly highlighting the developments in HVDC (High Voltage Direct Current) technology and its implications for various companies involved in this space [1][2][3]. Key Points and Arguments AI Hardware Market - North American CSP cloud providers are expected to report earnings in mid-February, with overseas cloud business anticipated to exceed expectations, potentially acting as a catalyst for the AI hardware sector [1][2]. - The GTC conference in March will feature product showcases from companies like NVIDIA and Google, indicating a significant opportunity for investment in AI hardware over the next month [2]. Company Performances - **Maigemit**: - Expected to achieve an order volume of 16,000 AI power cabinets for the year, capturing 16% of the NV system market share, with potential growth to 20% [1][4]. - The total market size for AI power and HVDC is approximately 100 billion, with Maigemit's 20% market share translating to an additional revenue of 20 billion and profit of 4 billion, corresponding to a market valuation of 80 billion [1][4]. - **Youyou Green Energy**: - Noted as the most dynamic player in the HVDC sector, primarily engaged in charging pile modules and collaborating closely with Schneider and ABB [1][6]. - Expected to achieve a profit of 300-350 million in its main business by 2026, with HVDC business contributing an additional 400-500 million in profit [7]. HVDC Technology Developments - Significant changes in HVDC technology are anticipated by 2026, with major clients like ByteDance planning to adopt 40% of their cabinets using ±400V HVDC systems, and Google aiming for 30% with 800V HVDC systems [5]. - The penetration rate of HVDC technology is projected to rise from 0% to 30% by 2026, marking a critical year for the adoption of these systems [5]. Domestic Companies in Global HVDC Supply Chain - Domestic companies such as Yingfeiyuan, Tonghe, and Youyou Green Energy are positioned favorably in the global HVDC supply chain, providing OEM services to international firms due to lower production costs and supply chain advantages [3][8]. - Recommended companies in the HVDC sector include Youyou Green Energy and Tonghe, which are expected to benefit from increased demand for their products [9]. SST (Solid State Transformer) Market - SST is a growing area of interest, particularly for data centers, with companies like Google and Meta setting ambitious targets for net-zero emissions and PUE below 1.2 by 2024, driving demand for SST products [10]. - However, technical challenges have slowed SST product development, with expectations for small-scale deliveries starting in 2027 [10][11]. - Leading companies in the SST field include Yangguang Sifang, with key component suppliers like Telik and Jinqiuhua also being noteworthy [12]. Additional Insights - The AI hardware market is projected to have significant growth potential, with Maigemit being a top recommendation due to its potential market valuation reaching 100 billion [13]. - The overall landscape indicates a robust opportunity for investment in companies that are well-positioned within the AI hardware and power supply sectors, particularly those involved in HVDC and SST technologies [13].