格隆汇12月15日｜东吴证券研报指出，伊戈尔为国内新能源变压器龙头，积极开拓全球市场，布局 AIDC打造第二增长曲线。展望2026年，认为公司有望重返快速增长轨道。公司海外直销渠道已打通， 数据中心业务进一步催化增长，总体成长空间较大。考虑到公司出海能力强，海外直销比例有望快速提 升，数据中心产品逐步放量，给予2026年40倍PE，目标价45.8元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the new energy transformer sector and is accelerating its overseas expansion while developing AIDC to create a second growth curve [1] - The company has achieved significant revenue and net profit growth, with a projected CAGR of 35% and 54% from 2020 to 2024, respectively [1] - The company is expected to return to a rapid growth trajectory by 2026, driven by overseas sales and data center business expansion [1] Summary by Sections 1. Focus on Energy and Information Industry, Actively Expanding Global Market - The company has successfully expanded its overseas customer base and is positioning itself in the data center product market [12] - The strategic focus is on energy and information sectors, with new energy products contributing significantly to revenue [15] - The company has a relatively dispersed shareholding structure, with a strong management team [18] 2. New Energy and Distribution Market Opportunities - The overseas market for new energy and distribution transformers is vast, with significant growth potential [37] - The company has made important breakthroughs in overseas markets, particularly in the U.S. distribution market [58] - The company is well-positioned to benefit from the high demand for transformers driven by AIDC and grid upgrades [51] 3. Diversified AIDC Product Layout, Creating a Second Growth Engine - The global AIDC installed capacity is rapidly increasing, driving high demand for medium-voltage transformers [3] - The company has diversified its product offerings in the AIDC sector, achieving significant progress in both domestic and international markets [3] 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 2.8 billion, 4.9 billion, and 7.4 billion yuan from 2025 to 2027, with corresponding P/E ratios of 49, 29, and 19 times [1] - The target price for 2026 is set at 45.8 yuan, based on a 40 times P/E ratio [1]

南财投研通数据显示，12月9日，券商给予上市公司目标价共6次，按最新收盘价计算，目标价涨幅排名 居前的公司有金山办公、九洲药业、中鼎股份，目标价涨幅分别为42.77%、33.88%、33.27%，分别属 于软件开发、医疗服务、汽车零部件行业。 | | | 12月09日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 班薪代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 (元) | 目标涨幅 (%) | | 688111 | 金山办公 | 华创证券 | 强推 | 432.90 | 42.77 | | 603456 | 九州药业 | 天风证券 | 买人 | 24.50 | 33.88 | | 000887 | 中鼎股份 | 中信证券 | 买人 | 29.00 | 33.27 | | 000035 | 中国天楹 | 国泰海通证券 | 增持 | 7.39 | 29.42 | | 002615 | 哈尔斯 | 国盛证券 | 买人 | 10.01 | 28.83 | | 002353 | 杰瑞股份 | 中信证券 | 买人 | 83.80 | 18.1 ...

格隆汇12月9日｜浙商证券研报指出 ，"全球造，销全球"，伊戈尔变压器+AIDC产品加速出海。2020- 2024年，公司营业总收入分别从14.06亿元增长至46.39亿元，四年CAGR达到35%；归母净利润从0.51亿 元增长至2.93亿元，四年CAGR达到54%。需求端，受光伏储能并网需求激增、数据中心用电大幅增长 等驱动，大型开发商、电网公司、数据中心运营商加大变压器的采购，用以满足替代和新增的需求。供 给端，制造商难以应对劳动力和材料短缺的问题导致现有产能难以满足激增的需求。综合竞争力持续提 升的国内优质变压器厂商有望迎来历史性出海机遇。公司境外业务呈现高速发展态势，北美及欧洲占比 达到70%。此外，公司前瞻布局数据中心领域，有望打开成长空间。公司聚焦能源、信息行业，产品布 局丰富，海外渠道优势显著，储能变压器、配电变压器、数据中心产品有望驱动公司业绩加速增长。首 次覆盖，给予"买入"评级。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company focuses on the energy and information sectors, specializing in the research, production, and sales of transformers and power supply products. Since its establishment in 1999, the company has seen significant revenue growth, with a CAGR of 35% from 2020 to 2024, and net profit growth at a CAGR of 54% during the same period [1][18] - The transformer market is experiencing upward momentum, presenting historic overseas expansion opportunities for domestic manufacturers due to increasing demand driven by renewable energy integration and data center power needs [2][31] - The company has established a strong overseas presence, with 70% of its business in North America and Europe, and is expanding its global manufacturing and sales network to enhance supply chain efficiency [3][78] - The company has a rich product matrix based on power electronics technology, including energy products, lighting products, and other incubated products, which positions it well to seize market opportunities [4][23] - The company is strategically investing in the data center sector, with significant growth potential as it expands its transformer product offerings and market reach [5][49] Summary by Sections Company Overview - The company has been deeply rooted in the power supply industry since its inception, evolving its product offerings to align with global technological trends and market demands [17] Market Dynamics - The global energy transition is accelerating, with renewable energy installations expected to reach 4600 GW from 2025 to 2030, significantly increasing the demand for transformers [33][38] - The aging power grid in developed countries is creating a pressing need for equipment replacement, further driving transformer demand [58][61] Financial Projections - The company is projected to achieve revenues of 56.37 billion, 72.89 billion, and 91.96 billion from 2025 to 2027, with respective year-on-year growth rates of 22%, 29%, and 26% [6][11] - Net profit forecasts for the same period are 2.76 billion, 5.03 billion, and 6.83 billion, with a CAGR of 33% [6][11] Competitive Advantages - The company benefits from lower production costs and a more efficient supply chain compared to overseas competitors, positioning it favorably for international expansion [72][66] - The establishment of overseas manufacturing bases enhances responsiveness to local market demands and mitigates potential trade and logistics risks [73][74]

Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].

内容概况：高频变压器是一种工作在远高于工频频率下的电能转换装置。与常见的工频变压器不同，它 的核心设计和工作原理围绕着"高频"这一特性展开，使其在现代电力电子技术中扮演着不可或缺的角 色。从日常使用的手机充电器、电脑电源，到工业领域的变频器及新能源发电系统，高频变压器都是实 现高效、小型化电能转换的核心组件。近年来，在新能源、5G通信、智能电网与消费电子等多领域需 求共同推动下，行业呈现强劲增长态势。数据显示，中国高频变压器行业市场规模从2020年的500亿元 增长至2024年的680.27亿元，年复合增长率为8%。作为电力电子技术的"心脏"，高频变压器正由单一功 能器件向集成化、智能化平台演进。在"双碳"目标与能源转型背景下，其在新能源并网、电动汽车、数 据中心能效提升等关键领域的作用日益凸显。随着材料科学与数字技术的持续突破，高频变压器将逐步 突破MHz级技术壁垒，推动高效电能转换进入新发展阶段，预计2025年中国高频变压器行业市场规模 将达到800亿元。 相关上市企业：茂硕电源（002660）、京泉华（002885）、伊戈尔（002922）、可立克（002782）、金 杯电工（002533）、宏远股份（ ...

Group 1 - China Pacific Insurance has received approval from the financial regulatory authority for Wang Yuhua to serve as a director [1] - Shanghai Bank announced that the regulatory authority has approved Chen Lei's qualification as vice president [2] - Shanghai HuGong has decided to terminate the "Aerospace Equipment Manufacturing Base" fundraising project due to significant changes in project feasibility [3] Group 2 - Dongwang Times plans to reduce its stake by up to 1.20% through share sales [4] - Zhinancun intends to increase its capital by 100 million yuan in its wholly-owned subsidiary, Maigao Securities [5] - Jinxinnong reported a sales revenue of 115 million yuan from pig sales in November [6] Group 3 - Tiantan Biological has completed the Phase III clinical trial of its human prothrombin complex, showing good efficacy and safety for hemophilia B patients [7] - Beijete's subsidiary has signed a framework agreement for equity acquisition to gain control of Yunnan Wenye Nonferrous Metals [8] - Zhongsheng Pharmaceutical's RAY1225 injection has received approval for a new clinical trial indication for treating metabolic-associated fatty liver disease [9] Group 4 - Enhua Pharmaceutical's hydrochloride sulpiride tablets have passed the consistency evaluation for generic drugs [10] - Shenkong Co. plans to invest 60 million yuan in a semiconductor industry fund [11] - Lianhuan Pharmaceutical's subsidiary has received approval for its drug to pass the consistency evaluation for generic drugs [12] Group 5 - Dazhong Transportation has received approval to issue debt financing tools totaling 4.5 billion yuan [13] - Jintian Titanium Industry plans to invest 50 million yuan in an industry merger and acquisition fund [14] - Changchun Gas has committed over 1.7 billion yuan to gas facility upgrades [15] Group 6 - Laimei Pharmaceutical's innovative anti-cancer drug "Nano Carbon Iron" has received approval for clinical trials [16] - Longquan Co. has signed supply contracts worth approximately 50.76 million yuan for nuclear power components [17] - Igor plans to distribute a cash dividend of 1 yuan per 10 shares [18] Group 7 - Xingfa Group's subsidiary has signed a processing agreement for 80,000 tons of lithium iron phosphate [20] - Yunjigroup's director Wang Wanfeng has resigned for personal reasons [21] - Saiseng Pharmaceutical's application for the listing of a new drug has been accepted by the regulatory authority [22] Group 8 - Xinhua Medical has obtained registration certificates for two new medical devices [23] - Chaoying Electronics plans to invest 100 million USD in its Thai subsidiary for an AI circuit board expansion project [24] - Suzhou Planning's application to acquire 100% of Dongjin Aviation has been accepted by the Shenzhen Stock Exchange [25]

（记者 曾健辉） 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 每经AI快讯，伊戈尔12月4日晚间发布公告称，公司第七届第三次董事会会议于2025年12月4日在公司 会议室以通讯方式召开。会议审议了《关于2025年前三季度利润分配预案的议案》等文件。 ...

格隆汇12月4日丨伊戈尔(002922.SZ)公布，结合上市公司2025年前三季度利润实现情况，董事会拟定上 市公司2025年前三季度利润分配预案，具体如下：以公司总股本423,352,124股扣除公司回购专用证券账 户持有的3,079,900股和拟回购注销股权激励计划部分限制性股票146,000股后的股本420,126,224股为基 数，向全体股东每10股派发现金股利人民币1.00元（含税），合计派发现金股利人民币42,012,622.40 元，不送红股，不进行资本公积转增股本。 ...