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]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][16] Core Views - The company is expected to achieve a net profit attributable to shareholders of 917 million yuan in 2024, representing a year-on-year increase of 87%. The revenue is projected to be 15.374 billion yuan, up 21% year-on-year, with a gross margin of 25.92% and a net margin of 6.11% [1][8][12] - The electric vehicle charging network business is experiencing rapid growth, with revenue of 4.890 billion yuan in 2024, an increase of 18% year-on-year, and a net profit of 208 million yuan, up 72% year-on-year. The company has established over 290 joint ventures and partnerships with more than 70 automotive manufacturers [2][13][14] - The power equipment business is also showing robust growth, with revenue of 10.485 billion yuan in 2024, a 22% increase year-on-year, and a net profit of 709 million yuan, up 91% year-on-year. The company has secured significant contracts in both domestic and international markets, particularly in the renewable energy sector [3][15][16] Summary by Sections Financial Performance - In 2024, the company is projected to achieve total revenue of 15.374 billion yuan, with a year-on-year growth of 21%. The net profit attributable to shareholders is expected to be 917 million yuan, reflecting an 87% increase. The company’s gross margin is forecasted at 25.92%, with a net margin of 6.11% [1][8][12] - For Q4 2024, the company anticipates revenue of 6.477 billion yuan, a quarter-on-quarter increase of 83%, and a net profit of 470 million yuan, up 86% quarter-on-quarter [1][8] Electric Vehicle Charging Network - The electric vehicle charging network business is projected to generate revenue of 4.890 billion yuan in 2024, an 18% increase year-on-year, with a net profit of 208 million yuan, up 72% year-on-year. The company’s charging volume is expected to exceed 13 billion kWh, a 40% increase year-on-year, and it will operate 709,000 public charging piles by the end of 2024 [2][13][14] Power Equipment Business - The power equipment segment is expected to achieve revenue of 10.485 billion yuan in 2024, a 22% increase year-on-year, with a net profit of 709 million yuan, reflecting a 91% increase year-on-year. The company has made significant inroads in the renewable energy sector, with a contract value growth of over 70% in 2024 [3][15][16] - The company is also expanding its international presence, with overseas contracts reaching 800 million yuan in 2024, a 132% increase year-on-year [3][15]

特锐德（300001.SZ） 优于大市 充电网业务快速增长，电力设备盈利能力显著提升 证券研究报告 | 2025年04月24日 公司 2024 年实现归母净利润 9.17 亿元，同比+87%。最新会计准则口径下， 2024 年公司实现营收 153.74 亿元，同比+21%；实现归母净利润 9.17 亿元， 同比+87%；实现扣非归母净利润 7.64 亿元，同比+89%。公司 2024 年毛利率 为 25.92%，同比-0.32pct；净利率为 6.11%，同比+2.50pct。2024Q4 公司实 现营收 64.77 亿元，环比+83%；实现归母净利润 4.70 亿元，环比+86%；实 现扣非归母净利润 3.79 亿元，环比+68%。 公司电动汽车充电网业务实现快速增长。公司 2024 年电动汽车充电网业务 实现营收 48.90 亿元，同比+18%；实现归母净利润 2.08 亿元，同比+72%。 2024 年公司充电量突破 130 亿度，同比+40%。截至 2024 年末公司运营公共 充电桩数量达到 70.9 万个，稳居行业首位。公司持续加大充电网生态合作， 扩大产业协同。截至 2024 年底，公司在全国范围 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company reported a revenue of 15.374 billion RMB for 2024, representing a year-on-year increase of 21.15%, with a net profit attributable to shareholders of 917 million RMB, up 86.62% year-on-year [1][5]. - The charging business is expected to enhance profitability, and the company is expanding its presence in the overseas market while maintaining a strong position in the power equipment sector [1][5]. - The company has a leading market share in the charging pile business, with a revenue of 4.89 billion RMB in 2024, a year-on-year increase of 18%, and a net profit of 208 million RMB, up 72% year-on-year [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.88 billion RMB, with a year-on-year increase of 49% and a quarter-on-quarter increase of 17%. The net profit for the same period was 470 million RMB, reflecting a year-on-year increase of 75% and a quarter-on-quarter increase of 86% [2][5]. - The gross margin for Q4 2024 reached 37.51%, up 16.8 percentage points quarter-on-quarter, primarily due to high-margin sales of charging pile equipment during the peak season [2][5]. Charging Business - The company’s charging pile business is projected to grow significantly, with an expected revenue of 11.42 billion RMB in 2025, reflecting a growth rate of 53% [12][5]. - The company has established over 290 joint ventures and partnerships with more than 70 automotive manufacturers, building over 1900 brand-specific charging stations [3][5]. Power Equipment Sector - The company’s revenue from "smart manufacturing + integrated services" reached 10.49 billion RMB in 2024, a year-on-year increase of 22%, with a net profit of 710 million RMB, up 91% year-on-year [4][5]. - The company has secured a leading market share in high-voltage prefabricated modular substations and new energy box transformers, with overseas contracts amounting to 800 million RMB, a year-on-year increase of 132% [4][5]. Valuation and Forecast - The report projects net profits of 1.211 billion RMB and 1.594 billion RMB for 2025 and 2026, respectively, reflecting an upward revision of 31% and 32% from previous estimates [5][12]. - The target price for the company is set at 40.60 RMB, based on a projected price-to-earnings ratio of 35 times for 2025 [5][11].