Group 1 - The company Igor (002922) is gradually putting its factory in the United States into operation [1] - The sales region for data center transformers has expanded from the domestic market to overseas markets, including Japan [1]

Group 1 - The company Igor (002922) announced on September 5 that it has acquired a new company, Jinan Yiyuan, which specializes in the research and production of natural ester insulating oil [1] - The natural ester insulating oil can be applied in the company's oil-immersed transformers, primarily serving the functions of insulation and heat dissipation [1]

Core Viewpoint - The company is focusing on the data center transformer market, with plans to gradually release production capacity by the first half of 2025 and has made significant progress in product structure and market expansion [1] Group 1: Product Development - The company has expanded its product range from phase-shifting transformers to include epoxy resin cast dry-type transformers and oil-immersed transformers [1] - The sales regions have been extended from the domestic market to overseas markets, including Japan [1] Group 2: Future Strategy - The company plans to continue increasing investments in the data center power equipment sector [1] - The company aims to leverage its advantages in intelligent manufacturing to create more reliable and energy-efficient data center products and solutions [1] - The goal is to better meet the needs of domestic and international data center customers [1]

证券日报网讯伊戈尔9月5日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东总户数 为30596户。 （文章来源：证券日报） ...

Core Viewpoint - The company is focusing on the development of solid-state transformers, which are currently in the research and development phase [1] Group 1: Product Development - The company has been emphasizing the development of various transformer products, including phase-shifting transformers, dry-type transformers, oil-immersed transformers, and distribution transformers [1] - The company plans to allocate more resources to actively explore key product categories in the market [1]

Company Overview - Igor Electric Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, and was established on October 15, 1999. The company was listed on December 29, 2017. Its main business involves the research, production, and sales of power supply and power component products for both consumer and industrial sectors [1]. Financial Performance - For the first half of 2025, Igor achieved operating revenue of 2.467 billion yuan, representing a year-on-year growth of 20.16%. However, the net profit attributable to the parent company was 105 million yuan, a decrease of 40.69% compared to the previous year [2]. - Since its A-share listing, Igor has distributed a total of 475 million yuan in dividends, with 308 million yuan distributed over the past three years [3]. Stock Performance - As of September 5, Igor's stock price increased by 2.04% to 20.51 yuan per share, with a trading volume of 227 million yuan and a turnover rate of 2.98%. The total market capitalization reached 8.678 billion yuan [1]. - Year-to-date, Igor's stock price has risen by 17.05%, but it has seen a decline of 11.90% over the last five trading days. In the last 20 days, the stock price increased by 17.87%, and over the last 60 days, it rose by 32.24% [1]. Shareholder Information - As of August 20, the number of Igor's shareholders was 39,100, a decrease of 13.61% from the previous period. The average number of circulating shares per person increased by 15.76% to 9,585 shares [2]. - As of June 30, 2025, the second-largest circulating shareholder was Qianhai Kaiyuan New Economy Mixed A, holding 3.635 million shares, an increase of 513,100 shares from the previous period. Guotai Junan Value Advantage Flexible Allocation Mixed A has exited the top ten circulating shareholders list [3]. Business Segments - Igor's main business revenue composition includes energy products at 74.43%, lighting products at 17.73%, and other products at 7.84% [1]. - The company is categorized under the electronic industry, specifically in the sub-sectors of other electronics, and is associated with concepts such as fast charging, Huawei, IDC (data centers), charging piles, and automotive components [1].

Company Overview - Igor Electric Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, and was established on October 15, 1999. The company was listed on December 29, 2017. Its main business involves the research, production, and sales of power supply and power component products for both consumer and industrial sectors [1]. Financial Performance - For the first half of 2025, Igor achieved operating revenue of 2.467 billion yuan, representing a year-on-year growth of 20.16%. However, the net profit attributable to the parent company was 105 million yuan, a decrease of 40.69% compared to the previous year [2]. - Since its A-share listing, Igor has distributed a total of 475 million yuan in dividends, with 308 million yuan distributed over the past three years [3]. Stock Performance - As of September 4, Igor's stock price was 20.80 yuan per share, with a market capitalization of 8.801 billion yuan. The stock has increased by 18.71% year-to-date but has seen a decline of 8.73% over the last five trading days [1]. - The stock's trading volume on September 4 was 218 million yuan, with a turnover rate of 2.74% [1]. Shareholder Information - As of August 20, the number of Igor's shareholders was 39,100, a decrease of 13.61% from the previous period. The average number of circulating shares per person increased by 15.76% to 9,585 shares [2]. - As of June 30, 2025, the second-largest circulating shareholder was Qianhai Kaiyuan New Economy Mixed A, holding 3.635 million shares, an increase of 513,100 shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" [5][12] Core Insights - The company reported a revenue of 2.467 billion yuan for H1 2025, representing a year-on-year increase of 20.16%, while the net profit attributable to shareholders was 105 million yuan, down 40.59% year-on-year [3][9] - In Q2 2025, the company achieved a revenue of 1.383 billion yuan, up 8.14% year-on-year and 27.64% quarter-on-quarter, with a net profit of 63 million yuan, down 46.83% year-on-year but up 48.85% quarter-on-quarter [3][9] - The company is expected to benefit from the high demand in overseas new energy and data center construction [3][12] Summary by Sections Financial Performance - For H1 2025, the company experienced a revenue of 2.467 billion yuan, a 20.16% increase year-on-year, but a net profit decline of 40.59% to 105 million yuan [3][9] - Q2 2025 saw a revenue of 1.383 billion yuan, an 8.14% increase year-on-year and a 27.64% increase quarter-on-quarter, with a net profit of 63 million yuan, reflecting a 46.83% decrease year-on-year but a 48.85% increase quarter-on-quarter [3][9] Business Expansion - The company is actively expanding its AIDC-related products, with breakthroughs in product structure and market expansion, including sales to Japan and the United States [10] - The company’s global capacity construction is progressing, with the Dallas, USA production base at 94% completion, Mexico at 63%, and Thailand at 18% [11] Future Projections - The company is projected to achieve revenues of 5.711 billion yuan, 6.707 billion yuan, and 7.507 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23.11%, 17.45%, and 11.93% [12][13] - The net profit attributable to shareholders is expected to be 352 million yuan, 450 million yuan, and 562 million yuan for the same years, with growth rates of 20.31%, 27.82%, and 25.00% respectively [12][13]

Market Overview - On September 2, the other electronic sector declined by 4.75%, with Yigor leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Yigor (002922) saw a significant drop of 10.00%, closing at 21.77 with a trading volume of 402,400 shares and a transaction value of 907 million [2] - Other notable declines included Zhongrong Electric (301031) down 7.60% to 103.23, and Haoshanghao (001298) down 7.47% to 33.55 [2] - The overall trading volume and transaction values for various stocks in the electronic sector indicate a bearish trend [2] Capital Flow - The other electronic sector experienced a net outflow of 1.78 billion in main funds, while retail investors saw a net inflow of 1.767 billion [2][3] - The capital flow data shows that while main funds exited, retail investors were more active in buying [3] Individual Stock Capital Flow - Zhongrong Electric had a main fund net inflow of 1.88 billion, but retail investors showed a significant outflow of 2.03 billion [3] - Yigor had a main fund net outflow of 2.13 billion, while retail investors contributed a small net inflow of 173.36 million [3] - Other stocks like Clean Technology (002859) and Guoli Co. (688103) also showed mixed capital flows, indicating varied investor sentiment [3]

Core Insights - The company reported a revenue of 2.467 billion yuan for H1 2025, a year-on-year increase of 20.16%, while the net profit attributable to shareholders was 105 million yuan, a decline of 40.59% [1] - In Q2 2025, the company achieved a revenue of 1.383 billion yuan, an increase of 8.14% year-on-year and a 27.64% increase quarter-on-quarter, but the net profit attributable to shareholders decreased by 46.83% year-on-year [1][2] Financial Performance - The gross margin for Q2 2025 was 19%, down 5.78 percentage points year-on-year but up 3.28 percentage points quarter-on-quarter [2] - The net profit margin was 4.80%, a decrease of 4.63 percentage points year-on-year, but an increase of 0.79 percentage points quarter-on-quarter [2] Business Segments - Energy products generated a revenue of 1.836 billion yuan in H1 2025, a year-on-year increase of 23.67%, driven by growth in global photovoltaic and energy storage installations [3] - Lighting products saw a revenue of 437 million yuan, a decline of 3.40% year-on-year due to business restructuring [3] - Other businesses, primarily incubation-related, achieved a revenue of 194 million yuan, a significant increase of 67.43% year-on-year [3] Growth Opportunities - The company is expanding its data center transformer production, with new product categories and market reach extending to Japan and the United States [4] - The company is also developing energy-efficient transformers and inductors for data centers, enhancing its product portfolio and market competitiveness [4] Investment Outlook - The company is expected to stabilize its profitability, with projected revenues of 5.898 billion yuan, 7.450 billion yuan, and 9.164 billion yuan for 2025-2027, corresponding to growth rates of 27.2%, 26.3%, and 23.0% [4] - Net profits are projected to be 307 million yuan, 457 million yuan, and 590 million yuan for the same period, with growth rates of 4.8%, 49.0%, and 29.1% [4]