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].

证券代码：300001 证券简称：特锐德 公告编号：2025-015 青岛特锐德电气股份有限公司 关于预中标南网项目的提示性公告 公示日期：2025年01月21日--2025年01月24日 二、本次中标项目对公司业绩的影响 本次中标进一步印证了南方电网对公司技术水平和产品质量的认可，有利于提 升公司的品牌及行业影响力。本次项目的履行将对公司未来经营工作及经营业绩产 生积极的影响，但不影响公司经营的独立性。 三、预中标项目风险提示 截止目前，公司尚未收到招标人或相关代理机构发给公司的中标通知书，项目金 额需根据后续实际执行情况确定，对公司业绩的影响存在不确定性。敬请广大投资者 谨慎决策，注意防范投资风险。 特此公告。 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，中国南方电网供应链统一服务平台（http://www.bidding.csg.cn/）发布了《南 方电网公司2024年配网设备第二批框架招标项目中标候选人公示》，青岛特锐德电气 股份有限公司（以下简称"公司"或"特锐德"）为其部分项目中标候选人，预中标 总金额约12,236.44万元。现将有关预 ...

北京大成（青岛）律师事务所 关于 青岛特锐德电气股份有限公司 2025年第一次临时股东大会的 法律意见书 大成 is Dentons Preferred Law Firm in China. 山东省青岛市崂山区深圳路169号中创大厦3层（266061） Tel:0532-89070866 Fax:0532-89070877 www.dentons.com 1 北京大成（青岛）律师事务所 关于青岛特锐德电气股份有限公司 2025年第一次临时股东大会的 法律意见书 致：青岛特锐德电气股份有限公司 北京大成（青岛）律师事务所（以下简称"本所"）接受青岛特锐德电气 股份有限公司（以下简称"贵公司""公司"）的委托，指派律师出席贵公司 于2025年1月23日召开的2025年第一次临时股东大会（以下简称"本次会议"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办 法》（以下简称"《从业办法》"）等法律法规、规范性文件以及《青岛特锐 德电气股份有限公司章程》（以下 ...

证券代码：300001 证券简称：特锐德 公告编号：2025-014 青岛特锐德电气股份有限公司 2025 年第一次临时股东大会决议公告 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. 本次股东大会未出现否决议案的情形； 2. 本次股东大会未涉及变更以往股东大会决议； 3. 本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 1、召集人：公司董事会 2、召开方式：现场投票与网络投票相结合的方式 3、召开时间： （1）现场会议召开时间为：2025年1月23日（周四）14:30 （2）网络投票时间为：2025年1月23日 通过深圳证券交易所系统进行网络投票具体时间为：2025年1月23日9:15-9:25， 9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统投票的时间为：2025年1 月23日9:15-15:00。 5、现场会议召开地点：青岛市崂山区松岭路 336 号公司会议室 6、现场会议主持人：公司董事长于德翔先生由于工作及行程原因无法出席并主 持会议；经公司半数以上董事共同推举，由董事兼执 ...

Core Viewpoint - The company, Teruid (300001), has been announced as a candidate for winning bids in two significant projects, indicating potential growth opportunities in the renewable energy and railway construction sectors [1] Group 1: Company Announcements - Teruid has been listed as a candidate for winning bids in the procurement of transformers for the China Huaneng Group's e-commerce platform, with a total pre-bid amount of approximately 275 million yuan [1] - The company is also a candidate for the 10th batch of materials managed by the China National Railway Group, further diversifying its project involvement [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant profit growth in 2024, with a projected net profit of 835-933 million yuan, representing a year-on-year increase of 70%-90% [1] - The company's electric vehicle charging network business is performing well, with over 700,000 public charging terminals in operation and a total charging volume exceeding 13 billion kWh, a year-on-year increase of over 40% [2] - The company's smart manufacturing and integrated services business is also experiencing high-quality growth, with cumulative bidding and contract amounts for power equipment products exceeding 13 billion yuan, a year-on-year increase of over 30% [3] Summary by Sections Financial Performance - The company forecasts a net profit of 885 million yuan for 2024, with a year-on-year growth rate of 80.1% [4] - Revenue is expected to reach 16.76 billion yuan in 2024, reflecting a 14.8% increase from the previous year [4] - The earnings per share (EPS) for 2024 is projected to be 0.84 yuan, with a dynamic price-to-earnings (PE) ratio of 27.8 [4] Business Segments - The electric vehicle charging network segment is expanding, with a partnership established with ENEOS to enhance charging network construction [2] - The smart manufacturing and integrated services segment is focusing on product innovation and efficiency improvements, leading to a steady increase in profitability [3] Market Outlook - The company has adjusted its profit forecasts upward, expecting net profits of 885 million yuan in 2024, 1.22 billion yuan in 2025, and 1.53 billion yuan in 2026, with respective year-on-year growth rates of 80%, 38%, and 26% [3][4]

Core View - The company signed a contract with Saudi National Grid for the supply and installation of 132kV mobile substations, with a total contract value of SAR 353 million (approximately RMB 700 million) [1] - The company is actively expanding its overseas business, with significant growth in international orders and successful product deployment in over 50 countries [2] - The company expects a significant increase in net profit for 2024, with a projected growth of 70% to 90% year-on-year [2] - The company's two major business segments, "Intelligent Manufacturing + Integrated Services" and EV charging networks, have shown strong profitability and growth [3] - The industry is optimistic about the growth potential of the power equipment sector, driven by increasing electricity demand and investments in power infrastructure [4] Business Expansion - The company signed a contract with Saudi National Grid for the supply and installation of 132kV mobile substations, with a total contract value of SAR 353 million (approximately RMB 700 million) [1] - The company has successfully deployed its power equipment products in over 50 countries, including Russia, the Middle East, South Africa, Australia, Central Asia, and Southeast Asia [2] - The company has laid out more than 700 new energy microgrid charging stations in over 140 cities across the country [2] Financial Performance - The company expects net profit for 2024 to be between RMB 835 million and RMB 933 million, representing a year-on-year growth of 70% to 90% [2] - The company's non-GAAP net profit is expected to be between RMB 695 million and RMB 793 million, representing a year-on-year growth of 72% to 97% [2] Business Segments - The "Intelligent Manufacturing + Integrated Services" segment has achieved cumulative bidding and contract amounts exceeding RMB 13 billion in 2024 [3] - The EV charging network segment has over 700,000 public charging terminals in operation by the end of 2024, including more than 420,000 DC charging terminals [3] - The company's total charging volume exceeded 39 billion kWh by the end of 2024, with a year-on-year growth of over 40% in 2024 [3] Industry Outlook - The industry is optimistic about the growth potential of the power equipment sector, driven by increasing electricity demand and investments in power infrastructure [4] - National production of power and other batteries increased by 41.0% year-on-year in 2024 [4] - The number of public charging piles nationwide increased by 31.8% year-on-year as of November 2024 [4]