Core Viewpoint - The company is actively engaging with institutional investors to showcase its business strategies and future plans, particularly in the fields of smart manufacturing, electric vehicle charging networks, and virtual power plants [1][2][3]. Company Overview - The company focuses on "smart manufacturing + integrated services" and electric vehicle charging network operations, with a recent revenue of 2.102 billion yuan, a year-on-year increase of 3.46%, and a net profit of 64.78 million yuan, up 5.17% year-on-year [8]. Business Strategy - The company is expanding its international presence, targeting key regions such as the Middle East and Africa, Central Asia and Europe, Southeast Asia, and the Pacific, with a production base established in Qingdao to enhance responsiveness to overseas customer needs [2][3]. - The company aims to leverage its technological innovations and partnerships with leading global energy firms to enhance its core competitiveness and capitalize on global energy transition opportunities [3][6]. Product and Service Offerings - The company is focusing on modular substations as a core product, which significantly reduces delivery time compared to traditional substations, addressing the long construction cycles in global energy transformation [3]. - The company has established partnerships with over 70 major automotive manufacturers to enhance user charging experiences and brand value through collaborative charging station initiatives [4]. Virtual Power Plant Operations - The company has developed a virtual power plant platform that aggregates resources like electric vehicle charging networks and distributed energy sources, enabling participation in electricity market transactions [4][5]. - As of the end of 2024, the company has established online information exchanges with 38 power control centers, with over 3,400 adjustable power stations ready for integration into the virtual power plant framework [5]. Market Trends and Future Outlook - The company anticipates growth in the commercial vehicle sector, particularly in third- and fourth-tier cities, as electric vehicle adoption increases [7]. - The company is implementing a "city operator model" for residential charging stations to address challenges in charging infrastructure management and safety [7].

Group 1: International Market Expansion - The company focuses on key overseas regions including Middle East and Africa, Central Asia and Europe, Southeast Asia, and the Pacific, with specific plans for market penetration [3] - A production base for overseas power equipment has been established in Qingdao, enhancing responsiveness to international customer needs [3] - The company aims to leverage high-quality products and services to achieve high-quality development in overseas markets [3] Group 2: Digital Ecosystem and Services - As the largest electric vehicle charging network operator in China, the company generates significant industrial data daily, providing diverse value-added services to partners [4] - Collaborations with over 70 mainstream automakers enhance user charging experience and brand value through co-branded charging stations [4] - The company has partnered with five leading insurance companies to offer battery health protection services [4] Group 3: Virtual Power Plant Operations - The company has built a virtual power plant platform that aggregates resources for market participation and power system operation [5] - As of the end of 2024, over 3,400 adjustable power stations are connected to the platform, with participation in peak-shaving services exceeding 300,000 kWh, generating nearly 10 million yuan in benefits [5] - The company has established online information exchange with 38 power control centers, showcasing significant technological leadership [5] Group 4: Revenue and Profitability Strategies - The company focuses on serving high-quality leading enterprises to ensure stable gross margins and good payment cycles [6] - Continuous cost optimization aims to create a "high quality, low cost, high efficiency" operational system [6] - The company has achieved technical breakthroughs in voltage levels from 110kV to 330kV, establishing a competitive edge in high-voltage markets [6] Group 5: Charging Industry Trends - The charging industry is expected to see significant growth in commercial vehicles, particularly in cities with high commercial vehicle ratios [7] - The company is actively collaborating with commercial vehicle manufacturers to seize market opportunities arising from electrification [7] - A "city operator model" is being piloted to address charging needs in residential areas, indicating a trend towards centralized management of charging facilities [7]

Group 1: Financial Performance - In Q1 2025, the company's revenue reached 2.102 billion yuan, showing a year-on-year increase of 3.46% but a quarter-on-quarter decrease of 56.96% [1] - The net profit attributable to the parent company for Q1 2025 was 65 million yuan, with a year-on-year increase of 5.17% but a quarter-on-quarter decrease of 86.22% [1] - The company's gross margin and net margin for Q1 2025 were 37.51% and 10.35%, respectively, reflecting a quarter-on-quarter decline due to high-margin sales in Q4 2024 [1] Group 2: Charging Business - The charging business remains a leader in the industry, with a market share of 19.12% as of March 2025, operating 745,700 public charging piles [2] - In Q1 2025, the company added 37,100 new charging piles, maintaining its position as the top player in the market [2] - The company has established over 290 wholly-owned or joint ventures and partnered with more than 70 automotive companies, building over 1,900 brand-specific charging stations [2] Group 3: Power Equipment Sector - The company holds a strong position in the power equipment sector, leading in market share for high-voltage prefabricated modular substations and new energy box transformers [3] - In April 2025, the company announced a pre-bid for a framework procurement of box transformers valued at 560 million yuan, which is expected to support future revenue [3] - The company is accelerating its overseas expansion, signing a 700 million yuan order for a high-voltage substation in Saudi Arabia in January 2025 [3] Group 4: Investment Outlook - The company maintains its profit forecast, expecting net profits of 1.211 billion, 1.594 billion, and 2.286 billion yuan for 2025-2027 [4] - The target price is set at 40.25 yuan, based on a target PE of 35 times for 2025, reflecting the company's strong market position and improving profitability [4] - The company is expected to benefit from the gradual asset-light transformation of its charging business and significant ecological barriers [4]

Core Viewpoint - The company reported its Q1 2025 performance, showing a slight year-on-year growth in revenue and net profit, but significant quarter-on-quarter declines, aligning with market expectations [1]. Financial Performance - Q1 2025 revenue was 2.102 billion yuan, with a year-on-year increase of 3.5% - Net profit attributable to shareholders was 65 million yuan, up 5.2% year-on-year - Non-recurring net profit was 45 million yuan, down 3.9% year-on-year - Quarter-on-quarter comparisons showed a decline of 57.0% in revenue, 86.2% in net profit, and 88.0% in non-recurring net profit [1]. Development Trends - The box transformer business is expected to maintain steady growth, with a projected 700 million yuan order from Saudi Arabia likely to be fulfilled in Q2 2025 - The company anticipates accelerated growth in the box transformer business due to stable domestic market growth and higher gross margins from overseas orders - Charging business saw over 40% growth in charging volume in Q1 2025, with operational scale expanding and a continued trend of reduced losses expected - The sales and construction of charging piles were relatively flat in Q1 due to seasonal factors, but growth is anticipated in Q2 as the industry enters a construction peak [2]. Profitability and Cost Structure - Gross margin decreased by 1 percentage point year-on-year, attributed to a higher proportion of lower-margin box transformer business - Operating expense ratio increased by 0.5 percentage points year-on-year, with management expenses rising by 0.8 percentage points due to seasonal fluctuations in expense allocation [2]. Profit Forecast and Valuation - The company maintains net profit forecasts of 1.214 billion yuan for 2025 and 1.559 billion yuan for 2026 - Using the SOTP valuation method, the estimated value for the new energy charging business is 17.581 billion yuan, while the traditional power equipment business is valued at 14.248 billion yuan (15x 2025E P/E) - The target price is set at 30.15 yuan, indicating a potential upside of 23.1% [3].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0600 | 0.0600 | 0 | 0.0200 | | 每股净资产（元） | 7.17 | 6.23 | 15.09 | 6.07 | | 每股公积金(元) | 3.37 | 3.34 | 0.9 | 3.17 | | 每股未分配利润(元) | 2.90 | 2.15 | 34.88 | 1.72 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 21.02 | 20.32 | 3.44 | 19.77 | | 净利润(亿元) | 0.65 | 0.62 | 4.84 | 0.2 | | 净资产收益率(%) | 0.86 | 0.93 | -7.53 | 0.32 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 43169.13万股，累计占流通股比： 41.98%，较上期变化： ...

证券代码：300001 证券简称：特锐德 公告编号：2025-044 一、预中标项目概况 项目名称：国华投资2025年至2026年新能源项目箱式变压器设备框架采购公开 招标 招标编号及包号：CEZB250202323001、002、003 标段（包）编号：CEZB250202323001 招标人：国华能源投资有限公司 招标代理机构：国家能源集团国际工程咨询有限公司 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，国能e招平台（http://www.chnenergybidding.com.cn/bidweb/）发布了《国 华投资2025年至2026年新能源项目箱式变压器设备框架采购公开招标中标候选人公 示》，青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）为该项目标 段1的第一中标候选人。现将有关预中标情况提示如下： 公示时间：2025年4月24日--2025年4月26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 ...

证券代码：300001 证券简称：特锐德 公告编号：2025-043 青岛特锐德电气股份有限公司 关于二级全资子公司变更为一级全资子公司的公告 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、变更事项概述 基于海外战略发展的需要，为进一步布局中东非区域市场、满足实际业务需求， 青岛特锐德电气股份有限公司（以下简称"特锐德"或"公司"）于2025年4月25日 召开第五届董事会第二十五次会议，审议通过了《关于二级全资子公司变更为一级全 资子公司的议案》，同意一级全资子公司特锐德国际工程有限公司将其持有的 TGOOD ELECTRICAL SOLUTION FZCO（以下简称"特锐德迪拜"）100%的股权 无偿划转给公司。本次股权划转完成后，公司将直接持有特锐德迪拜100%股权，特 锐德迪拜将由公司二级全资子公司变更为一级全资子公司。 本次股权划转不构成关联交易，亦不构成重大资产重组。本次变更事项在公司董 事会审批权限范围内，无需提交公司股东大会审议。 二、股权划出方的基本情况 公司名称：特锐德国际工程有限公司 地址：ROOM 413, 4/F, LUCKY C ...

第五届监事会第二十一次会议决议公告 本公司及监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"）第五届监事 会第二十一次会议于 2025 年 4 月 25 日在青岛市崂山区松岭路 336 号特锐德办公大 楼会议室以现场表决的方式召开，会议应到监事 3 人，实到监事 3 人，符合公司章 程规定的法定人数。本次会议通知于 2025 年 4 月 21 日以现场及通讯方式发出，会 议的通知和召开符合《公司法》与《公司章程》的规定。本次会议由公司监事会主 席邵巧明先生主持。经与会监事认真审议，通过了以下议案： 一、审议通过《2025 年第一季度报告》 表决结果：同意3票、反对0票、弃权0票，本议案获表决通过。 经审核，监事会认为董事会编制和审核公司《2025年第一季度报告》的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见与本公告同日刊登在中国证监会指定的创业板信息披露网站上 的《2025年第一季度报告》。 证券代码： ...

证券代码：300001 证券简称：特锐德 公告编号：2025-041 青岛特锐德电气股份有限公司 第五届董事会第二十五次会议决议公告 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。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）第五届董事 会第二十五次会议于2025年4月25日在青岛市崂山区松岭路336号特锐德办公大楼会 议室以通讯和现场表决相结合的方式召开，会议应到董事9人，实到董事9人，符合 公司章程规定的法定人数。本次会议通知于2025年4月21日以现场及通讯方式发出， 会议的通知和召开符合《公司法》与《公司章程》的规定。本次会议由公司董事长 于德翔先生主持，与会董事经过认真审议，形成如下决议： 一、审议通过《2025年第一季度报告》 表决结果：9票赞成，0票反对，0票弃权，本议案获表决通过。 具体内容详见与本公告同日刊登在中国证监会指定的创业板信息披露网站上的 《2025年第一季度报告》。 本议案中的财务报告部分已经董事会审计委员会审议通过。 二、审议通过《关于二级全资子公司变更为一级全资子公司的议案》 表决结果：9票赞成，0票反对，0票弃 ...

Financial Performance - The company's revenue for Q1 2025 was ¥2,102,222,678.83, a decrease of 3.46% compared to ¥2,568,939,926.58 in the same period last year[4] - Net profit attributable to shareholders was ¥64,777,315.42, reflecting a 5.17% increase from ¥61,595,699.07 year-on-year[4] - The net profit after deducting non-recurring gains and losses decreased by 3.90% to ¥45,485,404.84 from ¥47,332,563.12 in the previous year[4] - Total operating revenue for the current period reached ¥2,102,222,678.83, an increase from ¥2,031,837,881.92 in the previous period, reflecting a growth of approximately 3.5%[19] - Total operating costs increased to ¥2,143,033,825.05 from ¥2,042,485,817.82, representing a rise of about 4.9%[19] - The gross profit margin decreased, with operating costs constituting approximately 101.9% of operating revenue in the current period compared to 100.5% in the previous period[19] - The company's net profit for the current period is 46,392,981.36, an increase from 38,170,067.75 in the previous period, representing a growth of approximately 21.5%[20] - The total profit before tax is 26,640,166.82, compared to 32,886,070.81 in the previous period, representing a decrease of about 19%[20] - The company's operating profit is reported at 24,846,496.44, down from 36,104,428.40 in the previous period, reflecting a decline of approximately 31.5%[20] - The basic and diluted earnings per share remain at 0.06, unchanged from the previous period[21] Cash Flow and Assets - Cash flow from operating activities showed a negative net amount of ¥668,160,568.88, a decline of 21.11% compared to ¥-551,683,016.16 last year[4] - Cash and cash equivalents decreased to ¥1,996,418,443.30 from ¥2,742,215,485.49, a decline of approximately 27.2%[16] - The net cash flow from operating activities is -668,160,568.88, worsening from -551,683,016.16 in the previous period[22] - The company incurred a net cash outflow from investing activities of -116,863,757.63, an improvement from -182,541,514.51 in the previous period[24] - The net cash flow from financing activities is 167,003,821.49, compared to 53,926,050.69 in the previous period, indicating a significant increase[24] - Total assets at the end of the reporting period were ¥24,581,133,968.26, down 1.73% from ¥25,013,398,123.96 at the end of the previous year[5] - Total liabilities decreased to ¥16,037,788,857.08 from ¥16,551,351,035.43, a reduction of approximately 3.1%[18] - The company's retained earnings increased to ¥3,061,394,610.03 from ¥2,996,617,294.61, reflecting a growth of about 2.2%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,838, with no preferred shareholders having restored voting rights[10] - The largest shareholder, Qingdao Derui Investment Co., Ltd., holds 31.57% of shares, totaling 333,290,422 shares, with 143,840,000 shares pledged[10] - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder being Hong Kong Central Clearing Limited at 2.10%[10] - The total number of shares held by the top ten unrestricted shareholders includes 333,290,422 shares from Qingdao Derui Investment Co., Ltd.[10] - The company has a share buyback account holding 8,205,340 shares, accounting for 0.78% of total shares[11] Operational Highlights - The company achieved a contract amount exceeding 3.8 billion RMB in Q1 2025, representing a year-on-year growth of over 30%[14] - The total charging volume surpassed 4 billion kWh in Q1 2025, showing a year-on-year increase of over 40%[14] - The company successfully won a 700 million RMB project for the Saudi National Grid, highlighting its competitive strength in international markets[14] - A wholly-owned subsidiary, Qingdao Teruid International Power Equipment Co., Ltd., was established in March 2025 to enhance overseas business capabilities[14] - The company is focused on a global development strategy, emphasizing "smart manufacturing + integrated services" and electric vehicle charging networks[14] Investment and Income - Investment income rose by 39.12% year-on-year, attributed to higher investment returns recognized under the equity method[8] - Non-operating income increased by 36.87% compared to the previous year, mainly due to an increase in compensation and penalties received[9] - Research and development expenses rose to ¥90,529,540.44 from ¥86,860,447.14, an increase of approximately 3.8%[19] Receivables and Inventory - Accounts receivable financing decreased by 61.52% compared to the beginning of the year, primarily due to a reduction in receivables measured at fair value[8] - Accounts receivable decreased to ¥8,946,462,509.76 from ¥9,338,675,902.14, a reduction of about 4.2%[16] - Inventory increased by 60.42% compared to the beginning of the year, driven by an increase in sales orders[8] - Inventory increased significantly to ¥1,934,070,591.38 from ¥1,205,616,602.16, marking an increase of approximately 60.5%[16]