Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's revenue for H1 2025 reached 2.467 billion yuan, a year-on-year increase of 20.16%, while the net profit attributable to shareholders decreased by 40.59% to 105 million yuan [1]. - The second quarter of 2025 showed a revenue of 1.383 billion yuan, an increase of 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 [1]. - The gross margin for Q2 2025 was 19%, down 5.78 percentage points year-on-year but improved by 3.28 percentage points quarter-on-quarter [1]. Business Segmentation Summary - **Energy Products**: Revenue reached 1.836 billion yuan, a year-on-year growth of 23.67%, driven by the increase in global photovoltaic and energy storage installations [2]. - **Lighting Products**: Revenue was 437 million yuan, a decline of 3.40% year-on-year due to business restructuring [2]. - **Other Businesses**: Revenue increased to 194 million yuan, a growth of 67.43%, mainly from the increase in orders for incubation-related businesses [2]. Growth Potential - The data center segment is expected to become a new growth curve for the company, with breakthroughs in product structure and market expansion, including sales to Japan and the United States [3]. - The company is focusing on developing energy-efficient transformers and smaller, more efficient inductors for data centers to enhance its product competitiveness [3]. Financial Forecast - Revenue projections for 2025-2027 are 5.898 billion, 7.450 billion, and 9.164 billion yuan, with corresponding growth rates of 27.2%, 26.3%, and 23.0% [3]. - Net profit attributable to shareholders is expected to be 307 million, 457 million, and 590 million yuan for the same period, with growth rates of 4.8%, 49.0%, and 29.1% respectively [3]. - The projected PE ratios for 2025-2027 are 32X, 22X, and 17X based on the closing price on August 29 [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is gradually emerging from the impact of price reductions and is awaiting the ramp-up of AIDC products [2] - The energy products segment achieved revenue of 1.836 billion yuan in H1 2025, representing a year-on-year increase of 23.67%, although the gross margin declined by 7.4 percentage points [2] - The lighting business experienced a revenue contribution of 437 million yuan, down 3.4% year-on-year, while incubation projects showed significant growth with a revenue increase of 67.43% [3] - The company is expanding its market presence in data center transformers and has secured a major contract in Japan, indicating a shift towards international markets [2] Financial Summary - Revenue projections for 2025-2027 are 5.639 billion yuan, 6.750 billion yuan, and 7.796 billion yuan, respectively, with corresponding net profits of 253 million yuan, 366 million yuan, and 490 million yuan [3] - The company expects a decline in net profit in 2025 by 13.4%, followed by growth of 44.6% in 2026 and 33.9% in 2027 [3] - The latest diluted EPS is projected to be 0.60 yuan in 2025, 0.87 yuan in 2026, and 1.16 yuan in 2027 [3] - The current P/E ratios are 37.6x for 2025, 26.0x for 2026, and 19.4x for 2027 [3]

Group 1 - The core viewpoint of the article is that Igor (002922.SZ) has reported a decrease in institutional investor holdings in its A-shares, with a total of 5 institutional investors holding 102 million shares, representing 25.86% of the total share capital, which is a decline of 0.57 percentage points compared to the previous quarter [1][1][1] Group 2 - Among public funds, there was an increase in holdings from one fund, Qianhai Kaiyuan New Economy Mixed A, which accounted for an increase of 0.13% [1][1][1] - One new public fund disclosed this period is Galaxy Core Advantage Mixed A, while two public funds, Guotai Juxin Value Advantage Flexible Allocation Mixed A and Nuoan Theme Selection Mixed, were not disclosed in this period compared to the previous quarter [1][1][1]

Group 1 - The announcement pertains to the issuance of shares by Igor Electric Co., Ltd. to specific targets [1] - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - The relevant documents have been disclosed on the Giant Tide Information Network for investors to review [1]

Group 1 - The company reported a revenue of 2.467 billion yuan for the first half of 2025, representing a year-on-year growth of 20.16% [1] - The net profit attributable to shareholders of the listed company was 105 million yuan, a year-on-year decrease of 40.59% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 95.7193 million yuan, down 41.36% year-on-year [1] - The basic earnings per share were 0.27 yuan [1]

| | | 占用方与上市 | 上市公司核 | 2025 年初 | 2025 年半 年度占用 | 年半 2025 | 2025 年半年 | 2025 年上半 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | 资金占用方名称 | 公司的关联关 | 算的会计科 | 占用资金 | 累计发生 | 年度占用 | 度偿还累计 | 年期末占用 | 占用形成 | 占用性 | | 用 | | | | | | 资金的利 | | | 原因 | 质 | | | | 系 | 目 | 余额 | 金额(不含 利息) | 息(如有) | 发生金额 | 资金余额 | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 | 不存在 | | | | | | | | | | | 企业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | | - | | 前控股股东、实 | | | | | | | | | | | | 际控制人 ...

证券代码：002922 证券简称：伊戈尔 公告编号：2025-072 伊戈尔电气股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 伊戈尔电气股份有限公司（以下简称"公司"）根据中国证券监督管理委员会 发布的《上市公司募集资金监管规则》和深圳证券交易所发布的《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，公司董事 会将 2025 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到位时间 根据中国证券监督管理委员会出具的《关于核准伊戈尔电气股份有限公司非公 开发行股票的批复》（证监许可[2022]2414 号文），公司向特定对象发行人民币普 通股（A 股）89,671,636 股，每股发行价格 13.19 元，募集资金总额为人民币 1,182,768,878.84 元，扣除发行费用人民币 19,992,740.95 元（不含税），募集资金净 额为人民币 1,162,776,137.89 元。该募集资金已于 2023 年 ...

伊戈尔电气股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开第 六届董事会第十九次会议和第六届监事会第十六次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司及子公司在确保募集资 金投资项目正常实施的前提下，使用不超过 3.5 亿元的闲置募集资金补充流动资 金，使用期限自董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 8 月 29 日在《证券时报》《中国证券报》和巨潮资讯网披露的《关于使用部 分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-088）。 证券代码：002922 证券简称：伊戈尔 公告编号：2025-068 伊戈尔电气股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 在授权金额和期限内，公司实际使用 2 亿元闲置募集资金暂时补充流动资 金，公司对该部分资金进行了合理的安排与使用，没有影响募集资金使用计划的 正常进行，没有变相改变募集资金用途，资金使用合规。 截至 2025 年 8 月 26 日，公司已将上述 ...

证券代码：002922 证券简称：伊戈尔 公告编号：2025-073 伊戈尔电气股份有限公司 关于部分募集资金投资项目延期的公告 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于核准伊戈尔电气股份有限公司非 公开发行股票的批复》（证监许可[2022]2414 号文），公司向特定对象发行人民 币普通股（A 股）89,671,636 股，每股发行价格 13.19 元，募集资金总额为人民 币 1,182,768,878.84 元，扣除发行费用人民币 19,992,740.95 元（不含税），募集 资金净额为人民币 1,162,776,137.89 元。该募集资金已于 2023 年 8 月 4 日全部到 账，经容诚会计师事务所（特殊普通合伙）验资并出具了《伊戈尔电气股份有限 公司验资报告》（容诚验字[2023]518Z0116 号）。 二、募集资金使用进度及项目情况 截至 2025 年 6 月 30 日，公司累计使用募集资金 104,602.39 万元，加上累计 利息收入与理财收益 1,246.69 万元，尚未使用的募集资金余额为 12,921.91 万元。 募集资金投资计划及使用情况如下： 单位：万元 ...

第六届监事会第二十三次会议决议公告 证券代码：002922 证券简称：伊戈尔 公告编号：2025-070 伊戈尔电气股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 伊戈尔电气股份有限公司（以下简称"公司"）第六届监事会第二十三次会 议通知于2025年8月16日以电子邮件的方式向全体监事发出，会议于2025年8月27 日在公司会议室以现场与通讯相结合方式召开。本次会议由监事会主席黎伟雄先 生主持，应出席监事3名，实际出席监事3人。本次会议的召开符合《公司法》和 《公司章程》等的规定。 二、监事会会议审议情况 （一）审议通过《2025 年半年度报告及摘要》 公司《2025 年半年度报告及摘要》的编制和审核程序符合法律、行政法规、 中国证监会和深圳证券交易所的规定，所披露的信息真实、准确、完整的反映了 公司 2025 年半年度经营的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 《2025 年半年度报告》详见巨潮资讯网，《2025 年半年度报告摘要》详见《证 券时报》《中国证券报》和巨潮资讯网。 表决结果：同意 3 票 ...