公司报告 | 公司深度研究 特锐德（300001） 证券研究报告 如何展望特来电运营的盈利弹性？ 行业端：我们预测充电服务费涨价或在 2025 年落地 1）24 年已发生数据：国内新能源车保有量同比+54%，公共桩充电电量同 +53%，对应单车年充电量 1775KWh，同比持平（混动占比提升（混动/增 程 22-24 年占比分别为 20%/24%/30%）/私家车占比提升均未影响公共充 电的年均充电量水平）。 2）25 年后充电桩的使用率和服务费有望小幅提升：主要是基于 24 年新 建的公共桩 85.3 万台，同比-8.2%，新桩建设规模低于车的增量，对应 25 年的公桩使用率有望提升，拉动服务费涨价。 公司端壁垒：客户端把握国央企优质客户&产品端充电调控、预测 1）客户资源端：公司是地方国央企优选的充电运营服务品牌商（基于特 来电的桩品质好，更安全可靠，售后检测服务更完善），公司建立 270+合 资公司（远超竞对），我们认为或有望优先与地方公共车队合作。且地方 政府平台手中握有优质场地资源，助力特来电占据国内大部分充电运营市 场份额； 2）产品端：公司发布了国内首个推出面向充电数据分析的大模型，大模 型可结 ...

公司报告 | 公司深度研究 2）产品端：公司发布了国内首个推出面向充电数据分析的大模型，大模 型可结合使用率数据调控、预测、调度，提升运营侧的盈利水平； 预计 25 年运营端盈利改善，26-27 年利润加速释放 2）25 年后充电桩的使用率和服务费有望小幅提升：主要是基于 24 年新 建的公共桩 85.3 万台，同比-8.2%，新桩建设规模低于车的增量，对应 25 年的公桩使用率有望提升，拉动服务费涨价。 公司端壁垒：客户端把握国央企优质客户&产品端充电调控、预测 特锐德（300001） 证券研究报告 如何展望特来电运营的盈利弹性？ 行业端：我们预测充电服务费涨价或在 2025 年落地 1）24 年已发生数据：国内新能源车保有量同比+54%，公共桩充电电量同 +53%，对应单车年充电量 1775KWh，同比持平（混动占比提升（混动/增 程 22-24 年占比分别为 20%/24%/30%）/私家车占比提升均未影响公共充 电的年均充电量水平）。 1）客户资源端：公司是地方国央企优选的充电运营服务品牌商（基于特 来电的桩品质好，更安全可靠，售后检测服务更完善），公司建立 270+合 资公司（远超竞对），我们认为或 ...

青岛特锐德电气股份有限公司 关于控股股东工商登记信息变更的公告 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。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）于近日接 到控股股东青岛德锐投资有限公司（以下简称"德锐投资"）的通知，获悉其注 册资本、股权结构及个别股东名称等事项发生变更，并已完成工商变更登记手续。 现将有关情况公告如下： 二、控股股东本次工商登记变更对公司的影响 变更事项 变更前 变更后 注册资本 6080 万元 5440 万元 股权结构 股东 认缴 出资额 持股比例 股东 认缴 出资额 持股比例 于德翔 3768 万元 61.97% 于德翔 3768 万元 69.27% 屈东明 530 万元 8.72% 屈东明 0 0.00% 陈忠强 493 万元 8.11% 陈忠强 493 万元 9.06% 康晓兵 373 万元 6.14% 康晓兵 373 万元 6.86% 常美华 326 万元 5.36% 常美华 326 万元 5.99% 刘立中 57 万元 0.94% 刘立中 0 0.00% 王聚辰 53 万元 0.87% 王聚辰 0 0.0 ...

证券代码：300001 证券简称：特锐德 公告编号：2025-019 青岛特锐德电气股份有限公司 关于设立全资子公司暨取得营业执照的公告 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。 一、设立全资子公司的情况概述 基于海外战略发展的需要，为进一步拓展海外市场，快速响应海外客户需求， 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）与全资子公司 青岛特锐德高压设备有限公司（以下简称"特锐德高压"）在青岛前湾保税港区 设立全资子公司青岛特锐德国际电力设备有限公司（以下简称"特锐德国际"）。 特锐德国际注册资本为人民币10000万元，其中公司出资人民币7000万元，持股 比例为70%；特锐德高压出资人民币3000万元，持股比例为30%。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第2号——创业板上市公司规范运作》及《公司章程》等有关规定， 本次设立全资子公司无需提交董事会、股东大会审议。本次设立全资子公司不构 成关联交易，亦不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、设立全资子公司的基本情况 公司近 ...

证券代码：300001 证券简称：特锐德 公告编号：2025-018 青岛特锐德电气股份有限公司 关于控股股东部分股份解除质押及质押展期的公告 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。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）于近日接到控股 股东青岛德锐投资有限公司（以下简称"德锐投资"）将其持有的公司部分股份办理了 解除质押及质押展期业务的通知，现将有关情况说明如下： 一、股东股份解除质押及质押展期的基本情况 1、本次股份解除质押基本情况 | 股东 | 是否为控 股股东或 | 本次质押 | 占其所 | 占公司 | 是否 | 是否 | | | | | 展期后 | | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | 数量 | 持股份 | 总股本 | 为限 | 为补 | 质押起 | | 原质押 | | 质押到 | | 质权人 | | | 名称 | | | | | | 充质 ...

证券代码：300001 证券简称：特锐德 公告编号：2025-017 青岛特锐德电气股份有限公司 关于预中标新能源项目的提示性公告 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。 近日，中广核电子商务平台（https://ecp.cgnpc.com.cn/Default.html）发布了《中 广核新能源2025年度箱变设备框架采购（第三标段）中标候选人公示》，青岛特锐德 电气股份有限公司（以下简称"公司"或"特锐德"）为该标段的第一中标候选人， 预中标金额约19,351.94万元。现将有关预中标情况提示如下： 一、预中标项目概况 项目名称：中广核新能源2025年度箱变设备框架采购（第三标段） 招标编号：CGN-202501140008 招标人：中广核风电有限公司 招标代理机构：中广核工程有限公司 投标报价：193,519,359.10元 公示日期：2025年2月26日--2025年3月3日 二、本次中标项目对公司业绩的影响 公司作为中国领先的户外箱式电力产品系统集成商，一直致力于利用系统集成 优势为新能源、电力、铁路等客户提供全生命周期的最优系统解决方案，得到 ...

Core Viewpoint - Recently, a new company named Gaomi Chengfa Telai Electric New Energy Co., Ltd. was established, focusing on emerging energy technologies and electric vehicle charging infrastructure [1] Company Summary - The legal representative of the newly established company is Xu Mingying [1] - The registered capital of the company is 1 million yuan [1] - The business scope includes research and development of emerging energy technologies, operation of electric vehicle charging infrastructure, centralized fast charging stations, sales of motor vehicle charging services, sales of charging piles, and sales of electric vehicle accessories [1] - The company is jointly held by Gaomi City Chengfa Energy Co., Ltd. and Telai Electric New Energy Co., Ltd., a subsidiary of Teruid [1]

Summary of the Conference Call for 特锐德 Company Overview - **Company**: 特锐德 (Teradyne) - **Industry**: Charging Station and Power Equipment Key Points and Arguments Industry and Market Dynamics - The demand growth for the charging station industry in 2024 is expected to be lower than anticipated due to insufficient investment from local government special bonds, leading to slower progress. However, with the resumption of special bond approvals and increased investment in 2025, significant growth in charging station demand is anticipated [3][4] - The charging station industry in China has gone through five stages and is currently in an accelerated development phase, although demand growth is expected to slow in 2024. The penetration rate of new energy vehicles is higher than expected, and the vehicle-to-charging station ratio is declining, which will drive demand release [3][14] Financial Performance - In 2023, 特锐德 reported total revenue of 14.6 billion yuan, with 8.6 billion yuan from the power equipment segment and 6 billion yuan from 特来电 (Teradyne Electric). The net profit was 170 million yuan, with a net profit attributable to shareholders of 120 million yuan [7][12] - For 2024, a steady growth rate of 15% is expected, leading to approximately 10 billion yuan in revenue and a net profit of around 950 million yuan, with a net profit contribution of about 600 million yuan after impairment impacts [7][8] - The company is projected to maintain a 15% growth rate in 2025, resulting in 11.5 billion yuan in revenue and a net profit of over 1.2 billion yuan [7][8] Business Segments and Growth Drivers - 特锐德's box transformer business focuses on new energy and railways, generating nearly 9 billion yuan in revenue in 2023, with 60% from the new energy sector. The company is also expanding into AI and data center sectors, with overseas orders becoming a significant growth driver [5][6] - 特来电 achieved its first profitable year in 2023, with an expected profit of around 300 million yuan in 2024. The disposal of old equipment and improved quality of new equipment are expected to reduce impairment pressure, leading to significant profit elasticity in the coming years [6][12] Valuation and Investment Outlook - The current market capitalization of 特锐德 is approximately 25 billion yuan, corresponding to a valuation of about 25 times earnings. The valuation is expected to rise to around 30 times in 2024 due to significant profit elasticity [8][9] - Future growth is expected to be strong, with a projected increase of 30% to 50% in the next year if the company secures large orders from major data center clients [9][25] - The estimated net profits for 2024-2026 are projected to be 902 million, 1.237 billion, and 1.618 billion yuan, respectively, indicating substantial growth potential [25] Technological and Operational Developments - 特来电 has a diverse product matrix, including high-power DC chargers and smart charging solutions, which enhance operational efficiency and reduce costs [18][19] - The V2G (Vehicle to Grid) technology is expected to contribute significantly to profits as it allows for various revenue models through grid interaction [22] Future Focus Areas - The company aims to develop an integrated model that includes charging networks, microgrids, and energy storage systems, enhancing its value proposition in the market [13][24] Additional Important Insights - The operational landscape is expected to evolve, with the public charging market projected to reach 12.8 billion yuan by 2025, with a growth rate of around 30% [17] - The company is well-positioned to capitalize on the increasing demand for AI-related infrastructure, which is expected to drive transformer demand significantly [23]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 23.66 CNY and a fair value of 29.29 CNY [4]. Core Views - The company is a leader in the charging pile industry, with AI infrastructure driving high growth in box transformers. The company has established a solid foundation in "smart manufacturing + system integration" and is experiencing a significant turning point with its subsidiary, which has achieved profitability for the first time in 2023 [8]. - The company expects substantial growth in net profit, forecasting a 70%-90% increase in 2024, driven by the rising penetration of new energy vehicles and improved charging pile utilization rates [8]. Summary by Sections 1. Business Overview - The company has a dual business model focusing on smart box power equipment and electric vehicle charging networks. The revenue from smart manufacturing and system integration accounted for 58.02% of total revenue in 2024H1, while the electric vehicle charging network contributed 41.98% [19][20]. - The company has a strong market position in both segments, with its subsidiary being the largest charging network operator in China, holding a market share of 19.8% with 709,000 public charging piles as of 2024 [20]. 2. Financial Performance - The company reported a revenue of 14.602 billion CNY in 2023, a 25.6% increase from the previous year, with a net profit of 491 million CNY, reflecting an 80.4% year-on-year growth [3][34]. - For 2024, the company anticipates a net profit between 835 million and 933 million CNY, representing a growth of 70%-90% [34]. 3. Market Position and Growth Drivers - The company is well-positioned to benefit from the increasing demand for charging infrastructure due to the rising penetration of new energy vehicles and supportive government policies. The charging equipment market is expected to grow significantly, with projections of 213 billion CNY in 2025 [8]. - The company is actively expanding its overseas market presence and collaborating with major telecom operators and cloud service providers, enhancing its competitive edge [8]. 4. Profitability and Valuation - The report forecasts the company's net profit to reach 1.618 billion CNY by 2026, with corresponding EPS of 1.53 CNY per share. The company is valued at a P/E ratio of 25x for 2025, leading to a fair value estimate of 29.29 CNY per share [3][8].