Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][1]. Key Points 1. **Long-term Outlook for AIDC**: After 25 years of development, it is anticipated that leading AIDC companies will see sustained order growth and performance in 2026, particularly in transformers and AI power supplies [1][1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is expected to worsen in 2026. As a critical link in overseas production capacity, Chinese companies are projected to be the main contributors to future capacity increases, with exports likely to accelerate [1][1]. 3. **AI Power Supply Development**: The core focus for 2026 is on the transition from "0 to 1" in high-voltage direct current (HVDC) systems, with expectations for significant advancements. Additionally, the SST (Solid State Transformer) is currently undergoing testing and sample delivery, while internal power supplies are expected to see a continuous flow of orders [1][1]. Company-Specific Insights 1. **Siyuan Electric**: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. 2. **Igor**: Reports a 100% increase in North American orders in 2025, closely collaborating with T [2]. 3. **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. 4. **Sifang Co.**: SST is entering the final stages of collaboration with V [2]. 5. **Kostad**: Experiencing growth in North American UPS (Uninterruptible Power Supply) market, launching HVDC and advancing SST technology [2]. 6. **Magnum**: Securing large-scale orders and successfully delivering new product samples [2].

Core Viewpoint - The announcement from Magmi Tech indicates that major shareholder Wang Ping has pledged 3.01 million shares, representing 8.31% of her holdings and 0.55% of the company's total share capital, to meet personal funding needs [1] Summary by Relevant Sections Shareholder Actions - Wang Ping, a shareholder with over 5% stake, has pledged 3.01 million shares as of January 16 [1] - This pledge accounts for 8.31% of her total holdings and 0.55% of the company's total share capital [1] Pledge Details - The pledge is secured by China Merchants Securities and is intended for personal funding requirements [1] - As of the announcement date, Wang Ping and her concerted parties have a total of 3.01 million shares pledged, which is 2.25% of her total holdings and 0.55% of the company's total share capital [1] Financial Health and Impact - Wang Ping has a good credit standing, and the pledged shares do not pose a risk of forced liquidation or transfer [1] - The pledge is not expected to affect the company's control or have a substantial impact on its operations [1]

1、本次股份质押基本情况 | | 是否为控 | | | | 是否为 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押 | 占其所 | 占公司 | 限售股 | 为补 | 质押 | 质押 | | 质押 | | 名称 | 第一大股 | 数量（股） | 持股份 | 总股本 | （如是， | 充质 | 起始 | 到期 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 注明限 | 押 | 日 | 日 | | | | | 致行动人 | | | | 售类型） | | | | | | | | | | | | | | 2026/ | 以解 除质 | 招商证券 | 个人 | | 王萍 | 是 | 3,010,000 | 8.31% | 0.55% | 否 | 否 | | | 股份有限 | 资金 | | | | | | | | | 01/16 | 押日 为准 | 公司 | 需求 | 证券代码：002851 证券简称：麦格米特 公告编号：2026-005 关于公 ...

Market Performance - The other power equipment sector increased by 2.8% compared to the previous trading day, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Haibo Sichuang (688411) closed at 278.50, up 11.07% with a trading volume of 77,000 shares and a transaction value of 2.038 billion [1] - Maigemeite (002851) closed at 106.50, up 8.50% with a trading volume of 338,200 shares and a transaction value of 3.537 billion [1] - Yingjie Electric (300820) closed at 59.00, up 8.46% with a trading volume of 125,300 shares and a transaction value of 722 million [1] - Other notable stocks include Dongfang Electric (600875) up 5.91% and Xifeng Energy (300593) up 5.25% [1] Capital Flow Analysis - The other power equipment sector saw a net inflow of 385 million from institutional investors, while retail investors experienced a net outflow of 13.51 million [2] - The main stocks with significant capital inflow include Maigemeite with 254 million and Haibo Sichuang with 168 million [3] - Retail investors showed a net outflow in several stocks, including Maigemeite and Haibo Sichuang, indicating a shift in investor sentiment [3]

Group 1 - The A-share power equipment sector remained active in the afternoon on January 19, with Magpower hitting the daily limit up [2] - Newray Energy, Oulu Tong, Shenghong Shares, and Haibo Sichuang also experienced gains [2]

1月16日，麦格米特涨0.14%，成交额19.79亿元。两融数据显示，当日麦格米特获融资买入额2.98亿 元，融资偿还1.86亿元，融资净买入1.12亿元。截至1月16日，麦格米特融资融券余额合计36.07亿元。 融资方面，麦格米特当日融资买入2.98亿元。当前融资余额35.91亿元，占流通市值的6.69%，融资余额 超过近一年70%分位水平，处于较高位。 截至12月31日，麦格米特股东户数6.60万，较上期减少5.71%；人均流通股6937股，较上期增加6.06%。 2025年1月-9月，麦格米特实现营业收入67.91亿元，同比增长15.05%；归母净利润2.13亿元，同比减少 48.29%。 分红方面，麦格米特A股上市后累计派现4.68亿元。近三年，累计派现1.61亿元。 机构持仓方面，截止2025年9月30日，麦格米特十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股728.03万股，相比上期减少711.20万股。南方中证500ETF（510500）位居第六大流通股 东，持股638.52万股，相比上期减少8.95万股。 责任编辑：小浪快报 融券方面，麦格米特1月16日融券偿还1.89万股，融 ...

Core Insights - The fundamental driver of AI power supply solutions is the continuous improvement in single-chip and single-cabinet power levels, with companies like NVIDIA leading the charge in upgrading their AI chips [1] - The power of AI data centers in North America is projected to reach 71GW by 2028, driven by advancements in multi-chip designs such as NVL72 from NVIDIA and Superpod from Google [1] Group 1: Power Supply Evolution - The main directions for AIDC power supply iteration are high power, high voltage, and direct current, with NVIDIA's white paper outlining a clear path from AC to 800V DC solutions [2] - The OCP organization has established ±400V power supply standards, aiming for MW-level cabinet power through direct current supply [2] Group 2: Technological Changes and Growth - The evolution of power supply solutions has led to the development of integrated devices like HVDC Sidecar and SST hosts, which can perform multiple functions such as voltage reduction and power quality improvement [3] - Key challenges in R&D include power conversion modules and high-frequency isolation transformers, with third-generation wide bandgap semiconductors like SiC and GaN being crucial for achieving high voltage and efficiency [3] Group 3: Investment Opportunities - Four key areas for investment consideration include AIDC power hosts (PSU, HVDC, SST), with companies like Sungrow Power (300274.SZ) and Megmeet (002851.SZ) being notable mentions [4] - Energy storage solutions at the station level are highlighted, with companies such as Sungrow Power and Fluence Energy (FLNC.US) being potential investment targets [4] - Core incremental components like solid-state circuit breakers and electronic fuses are also identified, with companies like Liyang Technology (002706.SZ) and Vicor Corporation (VICR.US) being recommended [4] - Third-generation semiconductors like GaN and SiC are emphasized as critical components for future developments [4]

麦格米特 20260114 摘要 迈格米特预计 2026 年上半年开始兑现订单，下半年业务端或有体现。 产业链调研显示，其 2026 年订单体量预计较 2025 年大幅增长，市场 份额或达 10%~20%，远超外资报告预期。 公司在服务器电源领域取得显著进展，新一代 PSU（GB200、GB300）已开发完成，计划下半年量产。同时，参与 RUBIN 第一代机柜供电方案，采用 18.3 千瓦单个 PSU，同样计划下半 年量产。 进入 HVDC 时代，服务器电源将经历多次升级，公司正积极开发第三代 800 伏降至 54 伏再降至 12 伏技术，显示出中国大陆公司在该领域投入 巨大且进展迅速。 当前主业净利润失真源于对 AI 相关项目的大量投资，但这些项目尚未大 规模放量。随着业务放量，预计净利润率将恢复至 6%~9%的水平，若 2026 年主业收入达 110 亿元，则主业可贡献 7~8 亿元利润。 2026 年，麦格米特预计贡献约 60 亿元收入，占据约 10%的市场份额。 当前股价已隐含该预期。海外 CSP 和业主正寻求二供和三供，麦格米特 接到订单概率较大，上半年关注市场份额，下半年关注科技产品放量。 Q&A ...

Core Insights - The AI industry is experiencing historic development opportunities, with the energy storage sector transforming from a marginal support role to a core engine for stable power supply in the AI era [1] - By 2026, the energy storage industry is expected to enter a historic opportunity period characterized by large-scale and high profitability, driven by policy marketization, technological breakthroughs, and global demand [1] Policy Restructuring - The profound changes in China's energy storage industry by 2025 stem from a systematic upgrade of the policy framework, shifting from "administrative intervention" to "market empowerment" [4] - The introduction of the "Document No. 136" in February 2025 marks the transition of China's energy storage from a "policy task" to a "market profit" model, providing a valuable reference for global energy storage development [5] - Following the policy implementation, domestic energy storage bidding volumes surged to 19.2 GWh from March to May 2025, a year-on-year increase of 210% [4] Market Growth and Demand - The energy storage market is expected to experience explosive demand growth in 2026, driven by multiple scenarios including renewable energy, grid upgrades, and AI data centers, with a market space projected to exceed trillions [6] - In the first nine months of 2025, domestic installed capacity of wind and solar energy reached 102 GW, a year-on-year increase of 45% [6] - The global energy storage installed capacity is predicted to reach 1,200 GW by 2030, a 380% increase from approximately 250 GW in 2025 [7] Diverse Growth Dynamics - The domestic market is characterized by a diversified growth pattern, with energy storage for renewable energy accounting for 31.7% of total new installations in the first nine months of 2025 [9] - User-side energy storage is rapidly growing, with a year-on-year increase of 230% in new installations, driven by cost reduction and peak-valley price differences [9] - The overseas market is becoming a significant growth curve for domestic companies, with new installations reaching 45 GW in the first nine months of 2025, a 112% year-on-year increase [9] Capital Market Performance - The energy storage sector has shown strong performance in the capital market, with the National Renewable Battery Index rising by 55.15% in 2025, significantly outperforming many industries [10] - The energy storage battery ETF (159566) achieved a strong increase of 57.96% in 2025, reflecting the robust growth potential of core companies in the sector [10] Industry Chain Value Release - The value center of the energy storage industry chain is increasingly shifting towards technology-intensive segments, with leading companies benefiting from cost control and profitability [13] - In the system integration sector, the domestic market's CR5 has reached 65%, with leading companies holding a combined market share of 52% [14] - Major companies like Sungrow and CATL have reported significant revenue growth in their energy storage businesses, with CATL's revenue exceeding 20 billion yuan in 2025, a year-on-year increase of 110% [15] Investment Opportunities - The energy storage battery ETF (159566) is an effective tool for investors to share in industry dividends and participate in the green transition, focusing on core segments of the energy storage industry [17] - The ETF's top holdings include leading companies such as CATL and Sungrow, which dominate the market and are well-positioned to capture industry growth [18] - The ETF has shown a 12% annualized return over the past decade, outperforming the China Securities New Energy Index [19]

Summary of Megmeet (002851.SZ) Conference Call Company Overview - **Company**: Megmeet Electric Co., Ltd. - **Founded**: 2003 - **Listed**: 2017 - **Market Share**: 3% in global embedded power supply market as of 2024 - **Key Competitors**: Delta Electronics, Lite-On - **Recent Performance**: Share price increased by 260% since October 2024 due to recognition as an NVIDIA MGX ecosystem partner [21][30] Key Industry Insights - **Transition**: Megmeet is shifting from automation and control to becoming a global player in AI server power supply [1] - **Market Potential**: Expected to capture 5% of the global AI server power supply market by 2030, with 8% in custom ASIC supply chains and 3% within the NVIDIA ecosystem [22][39] - **Growth Forecast**: Anticipated total sales CAGR of 28% from 2025 to 2030, primarily driven by server power supply breakthroughs [10][29] Core Investment Debates 1. Market Share Potential - **Forecast**: 5% global market share by 2030, with a focus on custom ASICs [22][39] - **NVIDIA Ecosystem**: Positioned as a secondary supplier to mitigate risks associated with single suppliers [22][39] - **800V DC Architecture**: Transition starting in 2027 may favor established players due to reliability and trust [22][39] 2. Valuation Check - **Current Valuation**: Trading at 79x 12-month forward P/E, higher than the average of 72x since October 2024 [2][23] - **Earnings Forecast**: Projected earnings CAGR of 58% from 2025 to 2030, but 6-19% below consensus for 2025-2027 due to manufacturing challenges [2][26] 3. R&D and Product Cycle - **Product Gaps**: Significant gap in high-efficiency product portfolio compared to tier-1 peers [3][24] - **Competition**: Increasing entrants in the market may intensify competition for next-gen products [3][24] - **Monitoring**: Close observation of product iterations and customer validation is essential [3][24] Financials & Valuation - **Target Price**: Set at Rmb 86.8, implying a 14% downside from current levels [4][26] - **Long-Term Growth**: Expected 27% LT earnings CAGR from 2028 to 2030 [4][26] - **Risk-Reward Profile**: Balanced, with upside potential contingent on faster order wins and production [4][26] Additional Insights - **R&D Focus**: Higher percentage of sales allocated to R&D compared to global peers, though absolute expenditure remains small [30][36] - **Capital Expansion**: Plans to raise Rmb 2.7 billion for production upgrades, particularly in Thailand [48][49] - **Management Team**: Experienced leadership with backgrounds in major companies like Huawei and Emerson [30][35] Conclusion - **Investment Outlook**: While Megmeet shows potential for growth in the AI server power supply market, challenges in execution and competition must be closely monitored. The current valuation reflects optimistic market share expectations that may not align with projected growth rates.