Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 48.35 CNY and a current price of 39.49 CNY [2][6]. Core Views - The company is positioned as a global leader in mobile charging solutions, benefiting from the growth in consumer electronics driven by AI technology, as well as expanding into the electric vehicle and digital energy sectors [6][10]. - The company is expected to achieve significant revenue growth, with projected revenues of 64.23 billion CNY in 2024, increasing to 121.46 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 24.1% [2][25]. - The company’s net profit is forecasted to grow from 4.65 billion CNY in 2024 to 9.61 billion CNY in 2027, indicating a strong upward trend in profitability [2][10]. Summary by Sections Company Overview - The company is a leading player in the mobile charging market, with a focus on expanding into the electric vehicle and digital energy sectors. It has established long-term partnerships with major clients in the consumer electronics space [6][14]. - The company has a stable shareholding structure, with the founders holding over 50% of the shares, ensuring effective decision-making and alignment of interests [20][21]. Financial Performance - The company reported a revenue of 64.23 billion CNY in 2024, with a year-on-year growth of 24.1%. The net profit for the same year is projected at 4.65 billion CNY, reflecting a growth of 5.4% [2][25]. - The gross margin for 2024 is expected to be 19.84%, with a stable R&D expense ratio of 5.48% [27][28]. Consumer Electronics - The demand for mobile chargers is expected to rise due to the recovery in smartphone shipments, with a projected global smartphone shipment of 1.24 billion units in 2024, marking a 6.4% year-on-year increase [33][36]. - The penetration of AI in smartphones is anticipated to drive the demand for higher charging power and battery capacity, leading to an increase in charger prices [36][38]. Electric Vehicles - The company aims to become a key player in the electric vehicle control systems market, leveraging its acquisition of a controlling stake in a related company to enhance its product offerings [6][10]. - The electric vehicle market is experiencing significant growth, with the company positioned to benefit from this trend through its advanced technology and partnerships [6][10]. Digital Energy - The company is expanding its digital energy product line, including server power supplies and charging stations, with a focus on meeting the growing demand driven by AI applications [9][10]. - The server power supply segment is expected to see substantial growth, with products designed to support AI workloads [9][10].

证券代码：002993 证券简称：奥海科技 公告编号：2025-026 东莞市奥海科技股份有限公司 关于回购公司股份进展公告 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。 东莞市奥海科技股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召 开第三届董事会第七次会议审议通过了《关于回购公司股份方案暨取得股票回购 专项贷款承诺函的议案》，并于 2025 年 4 月 22 日在《证券时报》《中国证券报》 《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露了《回 购报告书》（公告编号：2025-024）。 公司计划以自有资金或自筹资金回购公司部分人民币普通股（A 股）股份， 回购资金总额不低于人民币 4000 万元（含），不高于人民币 8000 万元（含）； 本次回购股份的价格不超过 59 元/股（含）；回购股份的期限为自董事会审议通 过回购股份方案之日起 12 个月内，公司在回购股份的期限内根据市场情况择机 做出回购决策并予以实施。本次回购的用途为员工持股计划或者股权激励。 根据《深圳证券交易所上市公司自律监管指引第 ...

Summary of Aohai Technology Conference Call Company Overview - **Company**: Aohai Technology - **Industry**: Consumer Electronics, Power Supply Key Financial Performance - **Q1 2025 Revenue**: Increased by 16.89% year-on-year, achieving the best quarterly performance - **Net Profit**: Grew by 78% year-on-year - **Gross Margin**: Reached 20.1% in Q1 2025, up from 19.93% in Q4 2024, attributed to strategic adjustments in the wholesale and retail model in the consumer electronics power supply sector [2][3] Strategic Initiatives - **Production Bases**: Established in India and Indonesia to mitigate tariff risks and enhance competitiveness in overseas markets [2][4] - **Export Strategy**: Implemented a bundling customs declaration strategy for exports to the U.S. to reduce the impact of trade tensions [2][4] Revenue Projections - **Q2 2025 Revenue Forecast**: Expected to increase by approximately 500 million yuan, with contributions from various segments: - Mobile segment: 150-180 million yuan - Identifier segment: 50 million yuan - ToC segment: Approximately 140 million yuan [2][7] - **2025 Full-Year Revenue Expectations**: - Mobile business: 3.9 billion yuan - IoT: 1.15-1.2 billion yuan - Server business: 550 million yuan - ToC: 1.2 billion yuan - Automotive: Over 300 million yuan [2][8] Market Dynamics - **Key Customers**: OPPO is expected to contribute significantly in 2024, with a market share of 24% and sales exceeding 6.6 billion yuan [2][11] - **Mobile Business Margins**: Currently the lowest at 17-18%, while server and PC businesses have margins of 25-30% [12] International Market Strategy - **Overseas Capacity**: 35% of total capacity is located overseas, with India (15%) and Indonesia (10%) being key locations [5][19] - **Profitability**: Overseas gross margins are generally higher than domestic margins, with Indonesian server and PC business margins exceeding 25% [5][19] Risk Management - **Trade War Mitigation**: Aohai has optimized its global layout to enhance competitiveness and reduce risks associated with international tensions [9] - **Customer Base Expansion**: Actively expanding into new customer segments, including those in the new energy vehicle sector [9] Shareholder Returns - **Dividend Policy**: The company has a dividend yield exceeding 4%, reflecting a commitment to shareholder returns and financial health [10][26] Future Outlook - **Gross Margin Improvement**: Expected to reach 22-23% in the medium term, with potential to exceed 25% in the long term as higher-margin businesses expand [14] - **Server Business Growth**: Projected revenue of 550-600 million yuan in 2025, with significant growth anticipated in subsequent years [28] Conclusion - **Long-term Strategy**: Aohai Technology aims to leverage its existing technology and project accumulation to capture growth opportunities in the consumer electronics and automotive sectors, while maintaining a focus on shareholder value creation through dividends and strategic growth initiatives [33]

Group 1: Financial Performance - The company plans to distribute a cash dividend of RMB 9 per 10 shares for the fiscal year 2024, with a total cash dividend of RMB 411 million for the first three quarters of 2024, resulting in a dividend yield of 4.02% based on a market capitalization of RMB 10.236 billion as of April 30, 2025 [2][3] - In Q4 2024, the company reported revenue of RMB 1.877 billion, a year-on-year increase of 16.89% and a quarter-on-quarter increase of 18.44%. The net profit attributable to shareholders was RMB 164 million, up 77.78% year-on-year [3][4] - For Q1 2025, revenue was RMB 1.442 billion, a year-on-year increase of 5.79%, with a net profit of RMB 125 million, reflecting a 1.70% increase year-on-year [3][4] Group 2: Stock Buyback and Incentives - The company has conducted stock buybacks to enhance its long-term incentive mechanism and motivate management and key personnel, signaling confidence in its future development [4][5] - The company has successfully met its previous equity incentive targets for two consecutive years, establishing a good reputation in the industry and attracting high-end talent [5] Group 3: Industry Outlook and Growth Drivers - The company is positioned to benefit from the rapid growth of AI and smart manufacturing, focusing on high-performance servers, AIoT smart terminals, and service robots, which are driving demand for smart hardware [6][7] - Future growth will be driven by the integration of AI technology and industry transformation, leading to increased demand for high-power smart devices and the ongoing transition of electric vehicles towards intelligence [7][8] Group 4: Globalization and Supply Chain Strategy - The company has established a global manufacturing network with six smart manufacturing bases, effectively mitigating the impact of potential tariffs on its operations [8][10] - The company’s revenue from U.S. products accounts for approximately 10%, with U.S. sales contributing only about 3% of total revenue, indicating limited direct impact from U.S. tariffs [8][10] Group 5: Technological Innovations - The company has developed a comprehensive set of power conversion solutions, including rectifiers, inverters, and DC-DC converters, and is focused on enhancing product efficiency through high-frequency technology [8][12] - Key technological advancements include hardware integration, AI-assisted software development, and innovative materials, positioning the company as a leader in the power electronics sector [12][13] Group 6: Future Development Directions - The company aims to enhance its vertical technology capabilities in magnetic technology, thermal management, and semiconductor applications to achieve competitive advantages in technology and cost [15][16] - The company is expanding its product offerings in the robotics power supply sector, ensuring compatibility with mainstream robotic products and providing comprehensive power solutions [16][17]

证券代码：002993 证券简称：奥海科技 公告编号：2025-024 东莞市奥海科技股份有限公司 回购报告书 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。 重要内容提示： 1、东莞市奥海科技股份有限公司（以下简称"公司"）基于对公司未来持续 稳定发展的信心和对公司价值的认可，结合公司经营情况及财务状况等因素，为 进一步完善公司长效激励机制，充分调动公司高级管理人员、核心及骨干人员的 积极性，推进公司的长远发展,公司拟使用自有资金或自筹资金以集中竞价交易 方式回购公司股份（以下简称"本次回购"），用于实施员工持股计划或者股权激 励。本次回购股份的种类为公司发行的人民币普通股（A 股），回购资金总额不 低于人民币 4000 万元（含），不高于人民币 8000 万元（含），回购价格不超过人 民币 59 元/股（含），回购股份的实施期限为自董事会审议通过回购方案之日起 12 个月内。具体回购股份的数量以回购结束时实际回购的股份数量为准。 2、公司于 2025 年 4 月 21 日召开第三届董事会第七次会议审议通过了《关 于回购公司股份方案暨取得股票回购专项贷款承诺 ...

证券代码：002993 证券简称：奥海科技 公告编号：2025-025 东莞市奥海科技股份有限公司 关于与金融机构签订股票回购借款合同的公告 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。 特别提示： 1、本次股票回购专项贷款额度不代表公司对回购金额的承诺，具体回购股 份的数量以回购期满实际回购的股份数量为准。 2、本次交易不构成关联交易，亦不构成重大资产重组，不会对公司当年的 经营业绩产生重大影响。 基于对公司未来发展前景的信心以及公司价值的高度认可，为维护广大投资 者利益、增强投资者信心，积极响应中国人民银行、金融监管总局、中国证监会 发布的《关于设立股票回购增持再贷款有关事宜的通知》，近日东莞市奥海科技 股份有限公司（以下简称"公司"）与中国工商银行股份有限公司东莞塘厦支行 （以下简称"工商银行"）签署了《上市公司股票回购借款合同》，工商银行将 为公司提供 7200 万元的专项贷款资金用于公司股份回购。 一、公司股份回购的基本情况 公司于 2025 年 4 月 21 日召开第三届董事会第七次会议，审议通过了《关于 回购公司股份方案暨取得股票回购专项贷款承 ...

Core Viewpoint - The company reported strong financial performance in 2024, with significant growth in revenue and net profit, driven by advancements in smart IoT devices and strategic expansions into new markets [1][2][3][4][5] Financial Performance - In 2024, the company achieved revenue of 6.423 billion yuan, a year-on-year increase of 24.14%, and a net profit attributable to shareholders of 465 million yuan, up 5.43% [1] - For Q4 2024, revenue reached 1.877 billion yuan, reflecting a 16.89% year-on-year growth, while net profit surged by 77.78% to 164 million yuan [1] - In Q1 2025, revenue was 1.442 billion yuan, a 5.79% increase year-on-year, with net profit rising 1.70% to 125 million yuan [1] Business Segments - The smart IoT device charging business is rapidly growing, with revenue from chargers and adapters reaching 4.932 billion yuan in 2024, a 24.58% increase [2] - The company has developed comprehensive wireless power solutions across four sectors: consumer electronics, smart wearables, personal care, and robotics, with a focus on high-power products [2] - In the electric vehicle sector, revenue was 553 million yuan in 2024, with a focus on core technologies like MCU, BMS, and VCU, and over 1.5 million systems delivered [3] - The energy storage and server power business saw revenue of 938 million yuan in 2024, a 40.50% increase, with a focus on integrated energy solutions [3] Profitability Metrics - The company's gross margin for 2024 was 19.84%, a decrease of 2.41 percentage points year-on-year, while the net profit margin was 7.24%, down 1.28 percentage points [4] - In Q4 2024, the gross margin improved to 19.93%, with a net profit margin of 8.75%, an increase of 2.99 percentage points [4] - For Q1 2025, the gross margin was 20.10%, and the net profit margin was 8.65%, showing slight year-on-year declines [4] Future Growth Prospects - The company is expected to benefit from the AI wave in consumer electronics and continued expansion in the electric vehicle market, with projected revenues of 8.088 billion yuan in 2025, growing by 26% [5] - Forecasted net profits for 2025 are 610 million yuan, representing a 31% increase year-on-year, with further growth anticipated through 2027 [5]

证券代码：002993 证券简称：奥海科技 公告编号：2025-023 东莞市奥海科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东情况的公告 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。 东莞市奥海科技股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召 开第三届董事会第七次会议审议通过了《关于回购公司股份方案暨取得股票回购 专项贷款承诺函的议案》，具体内容详见分别刊登于 2025 年 4 月 22 日《中国证 券报》《上海证券报》《证券日报》《证券时报》和巨潮资讯网的《关于回购公 司股份方案暨取得股票回购专项贷款承诺函的公告》（公告编号：2025-021）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将董事会公告回购股份决议前一个交易日（即 2025 年 4 月 21 日）登记在册的前十名股东和前十名无限售条件股东的名称、持 股数量及持股比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 6.423 billion yuan in 2024, representing a year-on-year increase of 24.14%. The net profit attributable to the parent company was 465 million yuan, up 5.43% year-on-year [4] - In Q1 2025, the company achieved a revenue of 1.442 billion yuan, a year-on-year increase of 5.79%, but a quarter-on-quarter decrease of 23.19%. The net profit attributable to the parent company was 125 million yuan, up 1.70% year-on-year, but down 24.09% quarter-on-quarter [4] - The company is expanding into new sectors such as automotive, servers, photovoltaic energy storage, and robotics, which are expected to drive future growth [4] Financial Performance Summary - In 2024, the company achieved a revenue of 64.23 billion yuan, with a gross margin of 19.84% and a net margin of 7.32% [4] - The projected net profits for 2025, 2026, and 2027 are 626 million yuan, 812 million yuan, and 1.021 billion yuan respectively, with corresponding P/E ratios of 15.1, 11.6, and 9.3 [4][7] - The company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 31.8% from 2024 to 2025 [7] Business Expansion and New Opportunities - The company is a leader in the consumer electronics charging sector, holding nearly 18% of the global smartphone charger market share. The revenue from the charging business in 2024 was 49.32 billion yuan, a year-on-year increase of 24.57% [5] - In the automotive sector, the company has established a comprehensive solution for electronic control and power systems, serving over 30 major manufacturers and adapting to more than 100 vehicle models [6] - The company is also developing a full-stack energy solution in the photovoltaic energy storage sector and has introduced high-efficiency power supplies for server applications [6]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 44.3 CNY for the next six months [3][6]. Core Views - The company is expected to benefit from the upgrade in consumer electronics, automotive intelligence, and AI trends, with projected revenues of 80.29 billion CNY, 100.36 billion CNY, and 112.41 billion CNY for 2025 to 2027, respectively. Corresponding net profits are forecasted to be 6.11 billion CNY, 7.77 billion CNY, and 8.92 billion CNY [3][4]. Revenue and Profit Growth - In 2024, the company achieved a revenue of 64.23 billion CNY, a year-on-year increase of 24.14%, and a net profit of 4.65 billion CNY, up 5.43% year-on-year. For Q1 2025, revenue was 14.42 billion CNY, reflecting a 5.79% year-on-year growth, with a net profit of 1.25 billion CNY, an increase of 1.7% [1][3]. Product Line and Market Strategy - The company is focusing on technology iteration and capacity optimization across multiple product lines. In 2024, the revenue breakdown included chargers (76.8%), electric control systems for new energy vehicles (8.6%), and portable energy storage (14.6%), with respective year-on-year growth rates of 24.6%, 1.08%, and 40.5% [2][3]. Financial Projections - The financial projections indicate a steady growth trajectory, with expected revenue growth rates of 25% for 2025 and 2026, and a net profit growth rate of 31.5% for 2025 [4][9]. Market Position and Competitive Advantage - The company is leveraging its technological expertise in charging and storage to enhance its market share in traditional products while actively exploring new markets such as wireless chargers and power systems for new energy vehicles [2][3].