Core Viewpoint - The A-share market has seen a strong performance in the power equipment sector, with several stocks reaching their daily limit up. Group 1: Stock Performance - Tongrun Equipment and Igor both hit the daily limit up [1] - Nandu Power surged over 8% [1] - Penghui Energy increased by more than 7% [1] - Shenghong Co., Haibosi Chuang, and Yiwei Lithium Energy all rose over 6% [1] - Jing Shan Light Machine, Sunshine Power, and Oriental Sunrise gained over 5% [1] - Suwen Electric and Junda Co. increased by more than 4% [1]

Group 1: Company Highlights - Shenneng Shenli, a leading company in composite insulators, achieved a net profit growth of 177.52% year-on-year in the first half of the year [2] - TBEA, a leader in the power transmission and transformation industry, holds a market share of approximately 50% in the main transformer market for nuclear power plants [2] - Yiyou Co., a leading relay manufacturer in China, has developed phase-shifting transformers for data center power systems in collaboration with clients [2] - Jinpan Technology has completed a prototype of a 10kV/2.4MW solid-state transformer suitable for HVDC 800V data center power architecture, with a net profit growth of 20.27% year-on-year in the first three quarters [2] - Hainan Free Trade Port will officially start operations on December 18 [2] Group 2: Industry Developments - The focus on renewable energy sources such as hydropower, wind power, and photovoltaics is evident in the business operations of companies like Mindong Electric Power [2] - The construction of a 2MWt liquid fuel molten salt experimental reactor has been completed, indicating advancements in nuclear technology [3] - The price of lithium hexafluorophosphate continues to rise, reflecting trends in the lithium battery market [6] - The demand for energy storage systems is increasing, as evidenced by Hopu's signing of a 5 billion yuan procurement contract for energy storage systems [6] - The focus on smart city and smart transportation products is growing, with companies developing multifunctional smart lamp posts [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Insights - The company's revenue for the first three quarters of 2025 reached 3.808 billion yuan, a year-on-year increase of 17.32%, while the net profit attributable to shareholders decreased by 15.14% to 178 million yuan [1] - The company is expanding its data center product line and has opened a smart transformer manufacturing plant in the U.S., which is expected to benefit from strong local demand [6] - The forecast for net profit attributable to shareholders in 2026 is 446 million yuan, with a current market valuation corresponding to a PE ratio of 24 times [6] Financial Data and Valuation - Total revenue projections for 2023 to 2027 are as follows: 3.630 billion yuan (2023), 4.639 billion yuan (2024), 5.752 billion yuan (2025E), 7.133 billion yuan (2026E), and 8.702 billion yuan (2027E), with year-on-year growth rates of 29%, 28%, 24%, 24%, and 22% respectively [2][18] - The projected net profit for the same years is: 209 million yuan (2023), 293 million yuan (2024), 271 million yuan (2025E), 446 million yuan (2026E), and 597 million yuan (2027E), with growth rates of 9%, 40%, -7%, 64%, and 34% respectively [2][18] - Key financial ratios include a PE ratio of 51.6 for 2023, decreasing to 18.1 by 2027, and a PB ratio of 3.5 in 2023, decreasing to 2.6 by 2027 [2][19] Price Performance - The company's stock has shown strong absolute performance over the past 1 month (20%), 6 months (72%), and 12 months (59%) [4]

Market Overview - The other electronic sector increased by 2.56% compared to the previous trading day, with Yunhan Chip City leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Performers - Yunhan Chip City (301563) closed at 228.28, up 11.81% with a trading volume of 61,400 shares [1] - Jingquanhua (002885) closed at 26.65, up 9.99% with a trading volume of 397,700 shares [1] - Shannon Chip Creation (300475) closed at 143.60, up 8.36% with a trading volume of 399,300 shares [1] - Igor (002922) closed at 27.07, up 5.95% with a trading volume of 337,800 shares [1] - Ruineng Technology (603933) closed at 23.60, up 4.47% with a trading volume of 337,200 shares [1] Underperformers - Shihua Technology (688083) closed at 37.59, down 4.84% with a trading volume of 68,400 shares [2] - Guoli Electronics (688103) closed at 65.46, down 3.54% with a trading volume of 21,000 shares [2] - Chuangyitong (300991) closed at 40.07, down 1.69% with a trading volume of 21,800 shares [2] Capital Flow - The other electronic sector saw a net inflow of 515 million yuan from main funds, while retail investors experienced a net outflow of 341 million yuan [2][3] - Main funds showed significant net inflows in companies like Shannon Chip Creation (300475) with 241 million yuan, and Jingquanhua (002885) with 199 million yuan [3] - Retail investors had notable outflows in companies such as Igor (002922) with 78.56 million yuan and Yunhan Chip City (301563) with 743.31 million yuan [3]

Group 1 - The core viewpoint of the report is that China Galaxy has given a "recommended" rating to Igor (002922.SZ) based on several positive factors [1] - The opening of the U.S. factory is expected to accelerate the globalization of production capacity [1] - The global power grid is experiencing high demand, which opens up volume and profit opportunities for transformers in international markets [1] Group 2 - The report highlights potential risks including significant increases in raw material prices, lower-than-expected market demand, intensified industry competition, and geopolitical risks [1]

Core Viewpoint - Igor is a leading global manufacturer of consumer and industrial power supplies, with a focus on energy-efficient technology and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Igor reported revenue of 3.808 billion yuan, ranking 10th in the industry out of 33, with the industry leader, China Electric Power, generating 50.598 billion yuan [2] - The main business composition includes energy products at 1.836 billion yuan (74.43%), lighting products at 437 million yuan (17.73%), and other products at 194 million yuan (7.84%) [2] - The net profit for the same period was 188 million yuan, also ranking 10th in the industry, with the industry leader, Wolong Nuclear Materials, achieving 883 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Igor's debt-to-asset ratio was 54.72%, up from 53.91% year-on-year, exceeding the industry average of 44.96% [3] - The gross profit margin was 18.49%, down from 22.14% year-on-year, and below the industry average of 21.49% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.29% to 30,600, with an average holding of 12,300 circulating A-shares, a decrease of 3.18% [5] - Notable shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 7.6861 million shares, and several new shareholders entering the top ten list [5] Group 4: Future Outlook - Western Securities noted significant revenue growth in Igor's energy products for H1 2025, with diversification into new businesses, including new energy transformers and industrial control transformers [6] - The company is expected to achieve net profits of 303 million yuan, 460 million yuan, and 580 million yuan for the years 2025 to 2027, reflecting year-on-year growth rates of 3.7%, 51.8%, and 25.9% respectively [6] - Southwest Securities highlighted growth in both revenue and profitability in Q2 2025, with energy and lighting businesses recovering and overseas operations expanding [6]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's profitability is stabilizing, and AIDC is expected to become a new growth curve. Revenue projections for 2025-2027 are estimated at 58.98 billion, 74.50 billion, and 91.64 billion yuan, with corresponding growth rates of 27.2%, 26.3%, and 23.0%. Net profit attributable to the parent company is projected to be 3.06 billion, 4.55 billion, and 5.88 billion yuan, with growth rates of 4.8%, 48.4%, and 29.3% respectively. The PE ratios for 2025-2027 are expected to be 36X, 24X, and 19X based on the closing price on October 30 [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 38.08 billion yuan, a year-on-year increase of 17.32%. The net profit attributable to the parent company was 1.78 billion yuan, a year-on-year decrease of 15.14%. The net profit excluding non-recurring items was 1.66 billion yuan, down 12.71% year-on-year. In Q3 2025, revenue was 13.41 billion yuan, up 12.43% year-on-year but down 3.06% quarter-on-quarter. The net profit for Q3 was 0.74 billion yuan, a year-on-year increase of 117.20% and a quarter-on-quarter increase of 17.54% [1][3]. Investment in Data Center - The company has focused its resources on investing in transformer products for data centers. In the first half of 2025, the production capacity for data center transformers gradually increased, with breakthroughs in product structure and market expansion. The product range has expanded from phase-shifting transformers to epoxy resin cast dry-type transformers and oil-immersed transformers, with sales extending from the domestic market to overseas markets such as Japan [2]. Global Expansion - The opening of a new smart manufacturing plant in Fort Worth, Texas, marks a significant milestone in the company's global strategy. This facility enhances the company's ability to serve North American customers more responsively and flexibly while mitigating potential trade and logistics risks [3].

伊戈尔电气股份有限公司 董事会战略委员会实施细则 伊戈尔电气股份有限公司 第二章 人员组成 第三条 战略委员会成员由三名董事组成，其中应至少包括一名独立董事。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由公司董事担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据上述 第三至第五条规定补足委员人数。 第七条 战略委员会下设投资评审小组，由公司总经理任投资评审小组组长。 董事会战略委员会实施细则 （2025 年 10 月修订） 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规 划，健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质 量，完善公司治理结构，根据相关规定，特制定本实施细则。 第二条 董事会战略委员会是董事会按照股东会决议设立的专门工作机构， 对董事会负责。 第三章 职责权限 第八条 战略委员会的主要职责权限是： （一）对公司中、长期发展战略规划，进行研究并提 ...

伊戈尔电气股份有限公司 董事会薪酬与考核委员会实施细则 伊戈尔电气股份有限公司 董事会薪酬与考核委员会实施细则 （2025 年 10 月修订） 第一章 总则 第一条 为进一步建立健全公司董事（非独立董事）及高级管理人员（以下 简称经理人员）的考核和薪酬管理制度，完善公司治理结构，根据相关规定，特 制定本细则。 第二条 薪酬与考核委员会是董事会按照股东会决议设立的专门工作机构， 对董事会负责。 第六条 薪酬与考核委员会设主任委员（召集人）一名，由独立董事委员担 任，负责主持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 第七条 薪酬与考核委员会任期与董事会任期一致，委员任期届满，连选可 以连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会 根据上述第四至第六条规定补足委员人数。 第八条 薪酬与考核委员会下设工作组，专门负责提供公司有关经营方面的 资料及被考评人员的有关资料，负责筹备薪酬与考核委员会会议并执行薪酬与考 核委员会的有关决议。 1 / 4 第三条 本细则所称董事是指在本公司支取薪酬的董事长、董事；经理人员 是指董事会聘任的总经理、副总经理、董事会秘书及由总经理提请董事会认定 ...

伊戈尔电气股份有限公司 董事会提名委员会实施细则 伊戈尔电气股份有限公司 第二章 人员组成 第三条 提名委员会成员由三名董事组成，独立董事占多数。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，由独立董事委员担任，负 责主持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据上述 第三至第五条规定补足委员人数。 第三章 职责权限 董事会提名委员会实施细则 （2025 年 10 月修订） 第一章 总则 第一条 为规范公司领导人员的产生，优化董事会和高级管理层的组成，完 善公司治理结构，根据《上市公司治理准则》等相关规定，特制定本实施细则。 第二条 董事会提名委员会是董事会按照股东会决议设立的专门工作机构， 对董事会负责。 第八条 提名委员会依据相关法律法规和《公司章程》的规定，结合本公司 实际情况，研究公司的董事和高级管理人员的当选条件、选择程序和任职期限， 形成决议后备 ...