Summary of Megmeet Conference Call Company Overview - Megmeet is positioned as a platform company focusing on AI and expanding its business scope beyond single clients or products, emphasizing a platform-oriented approach [3][4][11] Key Points and Arguments - Recent stock price rebound attributed to the realization of previously recommended strategies, with a strong performance noted [3] - Participation in NVIDIA's GTC conference highlighted, showcasing new products and technologies, including the 800V HVDC power shell [5][12] - The 800V HVDC power shell differs from traditional server power supplies (48V or 50V), reducing line losses and improving efficiency, but introduces new challenges such as fire safety [6][7] - Google's proposed ±400V architecture aims to enhance power density, indicating a shift towards higher voltage outputs to minimize line losses [7] - Megmeet has adapted to high-voltage direct current (HVDC) technology changes, modifying its products to meet market demands [8] - Product evolution from power shelf to power rack has significantly increased unit value, with a complete cabinet system showcased at GTC [9][12] - Expansion of product categories from ACDC to BBU and supercapacitors, with active efforts to penetrate overseas markets [4][9] - Domestic capital expenditure enthusiasm is high, increasing demand for power supplies despite lower server computing efficiency [4][11] Industry Dynamics - The GTC conference serves as a platform for showcasing technological advancements and competitive positioning within the power supply market [5][12] - Megmeet's comprehensive solutions, including PDU, power shelf, supercapacitors, and BBU, indicate a strong capability in providing integrated data center solutions [12] - The company's strategic positioning and technological capabilities are expected to attract more domestic leading manufacturers for collaboration, enhancing business growth [11] Additional Important Insights - Megmeet's platform strategy not only broadens product dimensions but also expands its customer base, with a focus on high-end power supply needs [11] - The integration of new technologies and products at GTC reflects Megmeet's commitment to innovation and market competitiveness, solidifying its industry position [12]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company focuses on the power electronics industry and has established a strong management team with significant technical expertise. It has diversified its business into six major matrices and is making strides in the AI server power supply sector, having integrated its products into NVIDIA's supply chain [1][7]. - The company has achieved substantial revenue growth, with projected revenues of 82.01 billion, 108.44 billion, and 137.73 billion RMB for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 21%, 32%, and 27% [2][46]. Financial Data and Valuation - Total revenue for 2022 was 5,478 million RMB, with a year-on-year growth of 32%. The projected revenue for 2023 is 6,754 million RMB, reflecting a 23% increase [2]. - The company expects net profits of 575 million RMB and 883 million RMB for 2024 and 2025, respectively, with corresponding PE ratios of 58X and 38X [7][46]. - The company’s total assets and liabilities show a debt ratio of 57.7%, indicating a stable financial position [20][23]. Business Overview - The company operates in six main product categories: smart home appliance control products, power supply products, new energy and rail transit components, industrial automation, intelligent equipment, and precision connections [15][16]. - The company has made significant advancements in the AI server power supply market, launching a modular 5.5kW AI power module compatible with NVIDIA's GB200 system [7][32]. Market Position and Growth Potential - The company has established partnerships with leading international clients, including Ericsson and Cisco, and is positioned to benefit from the growing demand for AI-related power supply solutions [32]. - The report highlights the increasing power requirements in data centers driven by AI applications, projecting a significant market opportunity for the company in the coming years [33][38]. Research and Development - The company emphasizes R&D, with a reported R&D expenditure of 6.96 billion RMB in the first three quarters of 2024, reflecting a 33% increase year-on-year [26][28]. - The management team, largely composed of former Huawei and Emerson employees, brings strong technical capabilities to the company, enhancing its competitive edge [26][27]. Revenue Forecast - The company anticipates revenue from its smart home appliance segment to reach 38.06 billion RMB in 2024, with a projected growth rate of 45% [44]. - The power supply segment is expected to generate revenues of 23.97 billion RMB in 2024, with a growth rate of 13% [44]. Conclusion - The report indicates a positive outlook for the company, driven by its strategic positioning in the AI power supply market and robust revenue growth across its diversified business segments [1][3][46].

证券代码：002851 证券简称：麦格米特 公告编号：2025-008 深圳麦格米特电气股份有限公司 关于审计机构变更项目合伙人及签字注册会计师的公告 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。 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 分别召开了第五届董事会第九次会议、第五届监事会第八次会议，并于 2024 年 5 月 21 日召开了 2023 年年度股东大会，会议审议通过了《关于公司续聘会计师 事务所的议案》，同意续聘中汇会计师事务所（特殊普通合伙）（以下简称"中 汇"）担任公司 2024 年度财务报告、内部控制的审计机构。具体内容详见公司 于 2024 年 4 月 30 日在《证券日报 》、《证券时报》 及巨潮资讯网 http://www.cninfo.com.cn上披露的《关于公司拟续聘会计师事务所的公告》（公 告编号：2024-025）。 近日，公司收到中汇出具的《关于变更深圳麦格米特电气股份有限公司项目 签字会计师的告知函》，现将具体情况公告如下： 一、本次变更的基本情况 中汇作为公司 2024 年度财 ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

证券代码：002851 证券简称：麦格米特 公告编号：2025-007 深圳麦格米特电气股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公告 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。 一、使用 2019 年公开发行可转换公司债券部分闲置募集资金进行现金管理 情况 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 分别召开了第五届董事会第九次会议、第五届监事会第八次会议，并于 2024 年 5 月 21 日召开了 2023 年年度股东大会，会议审议通过了《关于使用暂时闲置的 募集资金进行现金管理的议案》，为提高募集资金使用效率，降低公司财务成本， 促进公司经营业务发展，在遵循股东利益最大化的原则并保证募集资金投资项目 建设资金需求的前提下，同意公司使用额度不超过 1 亿元 2019 年可转换公司债 券暂时闲置募集资金进行现金管理，期限不超过 12 个月且上述资金额度在 2023 年年度股东大会决议有效期内可滚动使用。具体内容详见公司 2024 年 4 月 30 日 公布在巨潮资讯网（www.cninfo.com.c ...

证券代码：002851 证券简称：麦格米特 公告编号：2025-006 深圳麦格米特电气股份有限公司 关于为子公司提供担保的进展公告 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。 特别提示： 1、被担保人：公司全资子公司株洲麦格米特电气有限责任公司、浙江麦格 米特电气技术有限公司、深圳麦米电气供应链管理有限公司； 2、截至本公告日，公司对资产负债率超过 70%的子公司提供担保的余额为 0.9 亿元，占公司最近一期经审计净资产的 2.04%，提请投资者关注担保风险； 3、公司全部担保事项仅为对合并报表范围内子公司提供的担保，公司及下 属子公司无对合并报表外单位提供担保的事项。 一、担保进展情况 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 召开第五届董事会第九次会议及第五届监事会第八次会议、于 2024 年 5 月 21 日 召开了 2023 年年度股东大会，审议通过了《关于公司 2024 年度为全资及控股子 公司提供担保额度预计的议案》，根据公司全资及控股子公司的生产经营资金需 求，于 2023 年年度股东大会通过之日起 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

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。 一、使用 2019 年公开发行可转换公司债券部分闲置募集资金进行现金管理 情况 证券代码：002851 证券简称：麦格米特 公告编号：2025-005 深圳麦格米特电气股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公告 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 分别召开了第五届董事会第九次会议、第五届监事会第八次会议，并于 2024 年 5 月 21 日召开了 2023 年年度股东大会，会议审议通过了《关于使用暂时闲置的 募集资金进行现金管理的议案》，为提高募集资金使用效率，降低公司财务成本， 促进公司经营业务发展，在遵循股东利益最大化的原则并保证募集资金投资项目 建设资金需求的前提下，同意公司使用额度不超过 1 亿元 2019 年可转换公司债 券暂时闲置募集资金进行现金管理，期限不超过 12 个月且上述资金额度在 2023 年年度股东大会决议有效期内可滚动使用。具体内容详见公司 2024 年 4 月 30 日 公布在巨潮资讯网（www.cninfo.com.c ...

证券代码：002851 证券简称：麦格米特 公告编号：2025-004 深圳麦格米特电气股份有限公司 关于为子公司提供担保的进展公告 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。 特别提示： 1、被担保人：公司全资子公司深圳市麦格米特驱动技术有限公司、控股子 公司深圳市麦格米特焊接技术有限公司、杭州乾景科技有限公司； 2、截至本公告日，公司对资产负债率超过 70%的子公司提供担保的余额为 0.4 亿元，占公司最近一期经审计净资产的 0.91%，提请投资者关注担保风险； 3、公司全部担保事项仅为对合并报表范围内子公司提供的担保，公司及下 属子公司无对合并报表外单位提供担保的事项。 一、担保进展情况 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 召开第五届董事会第九次会议及第五届监事会第八次会议、于 2024 年 5 月 21 日 召开了 2023 年年度股东大会，审议通过了《关于公司 2024 年度为全资及控股子 公司提供担保额度预计的议案》，根据公司全资及控股子公司的生产经营资金需 求，于 2023 年年度股东大会通过之 ...

证券代码：002851 证券简称：麦格米特 公告编号：2025-002 深圳麦格米特电气股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间： （1）现场会议时间：2025 年 1 月 7 日（星期二）下午 14:00。 （2）网络投票时间：2025 年 1 月 7 日（星期二）上午 9:15 至下午 15:00。其 中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 1 月 7 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统进 行网络投票的时间为 2025 年 1 月 7 日上午 9:15 至下午 15:00 的任意时间。 2、会议召开地点：深圳市南山区学府路 63 号高新区联合总部大厦 34 层公司 会议室。 3、会议召开方式：现场表决和网络投票相结 ...