Core Viewpoint - The company, Aohai Technology, reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, driven by advancements in AI technology and strategic partnerships in various sectors [1][2][3]. Financial Performance - For the first three quarters of 2025, Aohai Technology achieved revenue of 5.188 billion yuan, representing a year-on-year increase of 14.14% [1] - The net profit attributable to shareholders reached 359 million yuan, up 19.32% year-on-year [1] - In Q3 2025 alone, the company reported revenue of 1.998 billion yuan, a year-on-year increase of 26.03% and a quarter-on-quarter increase of 14.25% [1] Market Position and Strategy - Aohai Technology maintains the largest global market share in mobile chargers, benefiting from deep partnerships with leading clients and increasing penetration rates in the consumer electronics charging sector [2] - The company is expanding its presence in various fields, including notebook adapters, network communication device adapters, and automotive charging solutions, which are expected to contribute to future growth [2] Automotive Sector Development - The company has entered the automotive electronic control sector, which is crucial for electric vehicles, and is experiencing significant growth due to the rising demand for new energy vehicles [2] - Aohai Technology's automotive business saw over 100% year-on-year growth in the first half of 2025, with expectations for continued high growth in the second half [2] AI and Server Power Supply Demand - The ongoing development of AI is driving demand for server power supplies, with Aohai Technology well-positioned due to its extensive product range and technological capabilities [3] - The company has established a strong customer base in the server power supply market, including major manufacturers and internet giants, and is actively expanding into overseas markets [3] Investment Outlook - Aohai Technology is recognized as a leader in the global consumer electronics charging sector, with a strong position in the mobile charger market and strategic investments in new energy vehicle electronics and digital energy sectors [3] - The projected net profits for 2025-2027 are estimated at 593 million yuan, 797 million yuan, and 946 million yuan respectively, with a target stock price of 75.14 yuan based on a 26x PE ratio for 2026 [3]

Investment Rating - The report maintains a "Strong Buy" rating for Aohai Technology (002993) [1][7]. Core Views - Aohai Technology has demonstrated steady revenue growth, with a year-on-year increase of 14.14% in revenue for the first three quarters of 2025, reaching 5.188 billion yuan. The net profit attributable to shareholders increased by 19.32% to 359 million yuan [1]. - The company is expanding its growth potential through its automotive and server power supply segments, which are expected to contribute significantly to future revenues [7]. Financial Performance Summary - For the first three quarters of 2025, Aohai Technology achieved total revenue of 5.188 billion yuan, with a net profit of 359 million yuan and a non-recurring net profit of 293 million yuan, reflecting year-on-year growth rates of 14.14%, 19.32%, and 24.62% respectively [1]. - In Q3 2025 alone, the company reported revenue of 1.998 billion yuan, a year-on-year increase of 26.03%, and a net profit of 122 million yuan, marking an impressive year-on-year growth of 81.92% [1]. Financial Projections - Revenue projections for Aohai Technology are as follows: 2024A at 6.423 billion yuan, 2025E at 7.896 billion yuan, 2026E at 9.772 billion yuan, and 2027E at 11.469 billion yuan, with respective growth rates of 24.1%, 22.9%, 23.8%, and 17.4% [3][8]. - The net profit attributable to shareholders is projected to grow from 465 million yuan in 2024A to 946 million yuan in 2027E, with growth rates of 5.4%, 27.6%, 34.4%, and 18.7% [3][8]. Market Position and Competitive Landscape - Aohai Technology holds the leading global market share in mobile chargers and is actively expanding into the automotive power control and digital energy sectors, which are expected to drive future growth [7]. - The company has established strong partnerships with major clients in the consumer electronics sector and is also making strides in the server power supply market, which is experiencing increased demand due to the growth of AI technologies [7].

Group 1 - The core viewpoint of the report is that Aohai Technology (002993.SZ) is rated as "Buy" due to its robust growth in Q3 and accelerated layout in AI server power supply business [1] - The company is recognized as a leader in the consumer electronics charging storage sector, continuously developing new products and expanding into new fields and customer bases in the AI era [1] - Aohai Technology is actively expanding its product and technology layout for AI server power supplies and is aggressively exploring both domestic and international customer markets [1]

电子/消费电子 奥海科技（002993.SZ） 三季度业绩稳健增长，AI 服务器电源加速布局 《2024Q3 营收稳定增长，短期扰动不 改优异前景—公司信息更新报告》 -2024.10.30 陈蓉芳（分析师） 张威震（分析师） chenrongfang@kysec.cn | 日期 | 2025/10/29 | | --- | --- | | 当前股价(元) | 48.23 | | 一年最高最低(元) | 54.81/27.52 | | 总市值(亿元) | 133.13 | | 流通市值(亿元) | 115.00 | | 总股本(亿股) | 2.76 | | 流通股本(亿股) | 2.38 | | 近 3 个月换手率(%) | 189.78 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-10 2025-02 2025-06 奥海科技 沪深300 相关研究报告 《2025Q1 净利率同环比提升，汽车/ 服务器新业务可期—公司信息更新报 告》-2025.4.24 2025 年 10 月 30 日 投资评级：买入（维持） zhangweizhen@kysec.cn 证书编 ...

格隆汇10月29日｜民生证券研报指出，奥海科技2025年前三季度实现归母净利润3.59亿元， YOY+19.32%。25Q3单季度实现归母净利润1.22亿元，YOY+81.92%，QOQ+9.75%。业绩同环比增长， 延续稳定分红政策，新型业务占比持续提升。预计随着公司在混动双电控产品市场占有率持续提升，叠 加公司在服务器电源及机器人充电业务方面的布局，新兴业务占比有望进一步提升，并带动公司利润率 水平持续改善。公司成立杭州分公司，与德州仪器及瑞萨电子强强联合，AI服务器电源加速落地。公 司为3C充储领军厂商，并持续拓展新能源电控系统及服务器电源等新兴业务，为盈利能力打开提升空 间。维持"推荐"评级。 ...

奥海科技（002993.SZ）2025 年三季报点评 业绩稳健增长，数据中心电源加速落地 2025 年 10 月 29 日 ➢ 事件：10 月 27 日，奥海科技发布 2025 年三季报，2025 年前三季度，公司实现营收 51.88 亿元，YOY+14.14%；实现归母净利润 3.59 亿元，YOY+19.32%。25Q3 单季度实现营 收 19.98 亿元，YOY+26.03%，QOQ+14.25%；实现归母净利润 1.22 亿元，YOY+81.92%， QOQ+9.75%；毛利率为 20.56%，YOY+2.48pcts；净利率为 6.98%，YOY+2.50pcts。此外， 公司拟每 10 股派发现金红利 6 元，预计总派发金额为 1.63 亿元。 ➢ 业绩同环比增长，延续稳定分红政策，新型业务占比持续提升。2025 年前三季度，公司 业绩稳健增长，实现营收 51.88 亿元，YOY+14.14%；归母净利润 3.59 亿元，YOY+19.32%； 25Q3，公司利润同比高速增长，环比亦有改善，其中，实现营收 19.98 亿元，YOY+26.03%， QOQ+14.25%；实现归母净利润 1.22 亿 ...

转自：中国证券报·中证网 中证报中证网讯（记者 武卫红）10月27日晚，奥海科技交出2025年第三季度成绩单。报告期内，公司 实现营业收入19.98亿元，同比增长26.03%；实现归母净利润1.22亿元，同比大幅增长81.92%。此外， 实现扣非净利润达1亿元，同比增长132.72%，表明业绩增长主要源于主营业务改善。公司宣布，为与 投资者共享发展成果，拟每10股派发现金股利6元（含税）。 净利润同比增长超8成 公告数据显示，奥海科技2025年第三季度营业收入逼近20亿元关口，同比增长4.13亿元，呈现出加速增 长态势；归母净利润同比增幅高达81.92%，远超营收增速，反映出公司产品结构优化和盈利能力的实 质性提升。此外，扣非净利润同比增长132.72%，进一步印证了公司主营业务的健康状况。 深耕高功率密度电源领域 随着AI算力需求的爆发式增长，AI服务器功率需求大幅提升，推动高功率密度电源市场进入快速发展 阶段。 据介绍，服务器电源正朝着高集成度、超高功率、超低损耗方向演进。奥海科技在AI服务器电源领域 的布局已完成了"从业务探索到快速发展、从技术跟随到技术引领、从本土市场到国际市场"的战略升 级。未来公司 ...

Group 1 - China Satellite reported a net profit of 14.81 million yuan for the first three quarters, marking a turnaround from losses, with a revenue of 3.102 billion yuan, up 85.28% year-on-year [1] - SAIYANG Technology signed a contract worth 533 million yuan for Airbus A320 series aircraft transport tooling, effective until 2038 [1] - Zhongwei Semiconductor achieved a net profit of 152 million yuan, a 36.78% increase year-on-year, with a revenue of 773 million yuan, up 19.03% [2] Group 2 - Jiao Cheng Ultrasonic reported a net profit of 94.03 million yuan, a significant increase of 359.81% year-on-year, with a revenue of 521 million yuan, up 27.53% [3] - Keda Li's net profit grew by 16.55% year-on-year to 1.185 billion yuan, with a revenue of 10.603 billion yuan, up 23.41% [3] - Ningbo Huaxiang's net profit fell by 87.68% to 88.73 million yuan, despite a revenue increase of 5.88% to 19.224 billion yuan [4] Group 3 - Mingzhi Electric reported a net profit of 49.84 million yuan, a 5.43% increase year-on-year, with a revenue of 2.043 billion yuan, up 11.66% [6] - Xianda Co. achieved a net profit of 196 million yuan, a staggering increase of 3064.56% year-on-year, with a revenue of 2.008 billion yuan, up 6.11% [7] - Longxin General's net profit rose by 75.45% to 1.577 billion yuan, with a revenue of 14.557 billion yuan, up 19.14% [8] Group 4 - Hainan Highway reported a net loss of 10.63 million yuan, despite a revenue increase of 133.41% to 314 million yuan [9] - Zhongci Electronics achieved a net profit of 443 million yuan, a 20.07% increase year-on-year, with a revenue of 2.143 billion yuan, up 13.62% [11] - Hangyang Co. reported a net profit of 757 million yuan, a 12.14% increase year-on-year, with a revenue of 11.428 billion yuan, up 10.39% [12] Group 5 - Yuanli Technology's net profit decreased by 2.89% to 152 million yuan, with a revenue of 1.654 billion yuan, down 3.69% [13] - Guihang Co. reported a net profit of 118 million yuan, a slight increase of 0.77%, with a revenue of 1.870 billion yuan, up 8.65% [14] - Haixing Co. achieved a net profit of 147 million yuan, a 41.41% increase year-on-year, with a revenue of 1.711 billion yuan, up 21.45% [16] Group 6 - Weiteng Electric reported a net profit decline of 87.47% to 13.66 million yuan, with a revenue of 2.597 billion yuan, down 5.40% [18] - Tiancai Control achieved a net profit of 50.33 million yuan, a 91.73% increase year-on-year, with a revenue of 1.855 billion yuan, up 27.3% [20] - Hangzhi Qianjin reported a net profit of 207 million yuan, a 9.59% increase year-on-year, with a revenue of 1.730 billion yuan, up 5.39% [21] Group 7 - Suli Co. reported a net profit of 139 million yuan, a remarkable increase of 1522.38%, with a revenue of 2.064 billion yuan, up 25.39% [23] - Sanqi Interactive achieved a net profit of 2.345 billion yuan, a 23.57% increase year-on-year, with a revenue of 12.461 billion yuan, down 6.59% [24] - Yongjie New Materials reported a net profit of 309 million yuan, a 30.99% increase year-on-year, with a revenue of 7.020 billion yuan, up 20.01% [26] Group 8 - Kang Enbei achieved a net profit of 584 million yuan, a 12.65% increase year-on-year, with a revenue of 4.976 billion yuan, up 1.27% [28] - Zhongyuan Highway reported a net profit of 961 million yuan, a 16.78% increase year-on-year, with a revenue of 4.888 billion yuan, up 3.89% [30] - Hunan Gold achieved a net profit of 1.029 billion yuan, a 54.28% increase year-on-year, with a revenue of 41.194 billion yuan, up 96.26% [32] Group 9 - Huadong Pharmaceutical reported a net profit of 2.748 billion yuan, a 7.24% increase year-on-year, with a revenue of 32.664 billion yuan, up 3.77% [33] - Dongyangguang achieved a net profit of 906 million yuan, a significant increase of 189.80%, with a revenue of 10.970 billion yuan, up 23.56% [35] - Xinrui Technology reported a net loss of 62.62 million yuan, despite a revenue increase of 28.02% to 1.672 billion yuan [37] Group 10 - Jiabiyou achieved a net profit of 129 million yuan, a 54.18% increase year-on-year, with a revenue of 428 million yuan, up 10.56% [38] - Ruifeng New Materials reported a net profit of 574 million yuan, a 14.85% increase year-on-year, with a revenue of 2.551 billion yuan, up 10.87% [39] - Zhongfu Industrial achieved a net profit of 1.187 billion yuan, a 63.25% increase year-on-year, with a revenue of 16.633 billion yuan, down 0.60% [40] Group 11 - Aohai Technology reported a net profit of 359 million yuan, a 19.32% increase year-on-year, with a revenue of 5.188 billion yuan, up 14.14% [41] - Kangzhong Medical announced a share transfer plan involving 5.33% of its shares due to shareholder funding needs [43] - Hualing Steel plans to invest 512 million yuan in a new continuous casting project [44]

Core Viewpoint - The Guangdong Free Trade Zone sector experienced a short-term surge, with several companies reaching their daily price limit, indicating strong market interest and potential investment opportunities [1] Company Summaries - Yue Media reached its daily price limit, reflecting significant investor confidence and interest in the company [1] - Lingnan Holdings, Yaowang Technology, Annai, Guangbai Shares, and Aohai Technology also saw price increases, suggesting a broader positive sentiment in the Guangdong Free Trade Zone sector [1]

2025年10月28日，奥海科技(002993.SZ)发布2025年三季报。 公司营业总收入为51.88亿元。归母净利润为3.59亿元。经营活动现金净流入为6.27亿元。 公司摊薄每股收益为1.30元。 公司最新总资产周转率为0.57次。最新存货周转率为4.93次。 公司股东户数为2.43万户，前十大股东持股数量为1.93亿股，占总股本比例为69.90%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 深圳市奥海科技有限公司 | 39.6 | | 2 | 刘蕾 | 11.30 | | 3 | 刘旭 | 5.50 | | 4 | 吉安市奥悦企业投资(有限合伙) | 4.49 | | 5 | 香港中央结算有限公司 | 3.48 | | 6 | 汇添富基金管理股份有限公司-社保基金17022组合 | 1.37 | | 7 | 王翠慧 | 1.35 | | 8 | 中国银行股份有限公司-易方达供给改革灵活配置混合型证券投资基金 | 1.10 | | 9 | 吉安市奥鑫企业投资(有限合伙) | 0.90 | | 10 | 国寿安保基金-中国人寿保险股价 ...