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 ...

Group 1 - The Shanghai government has introduced a subsidy policy for charging facilities, offering a 30% investment subsidy for charging companies on equipment built in demonstration communities after April 1, 2025 [1] - According to the Charging Alliance, 3.368 million new private charging piles are expected to be added in 2024, representing a year-on-year increase of 37% [1] - Guosen Securities predicts that the market for charging pile equipment in China will reach 21.27 billion, 27.76 billion, and 32.79 billion yuan from 2025 to 2027, with year-on-year growth rates of 32.9%, 30.5%, and 18.1% respectively [1] Group 2 - The charging operation service fee market is projected to grow to 31.97 billion, 43.06 billion, and 55.07 billion yuan from 2025 to 2027, with year-on-year increases of 43.4%, 34.7%, and 27.9% respectively [1] - CATL's CEO has stated that by 2030, battery swapping, home charging, and public charging will each account for one-third of the market, with two standardized battery swap blocks being introduced [1] - According to Citic Securities, the battery swapping model can significantly reduce consumer vehicle purchase costs and charging times, addressing the issue of insufficient battery capacity during long-distance travel [2] Group 3 - Teruid is recognized as a leader in the charging pile and operation sector, with advanced vehicle-to-grid (V2G) technology [2] - Tonghe Technology is noted for its leading position in charging modules and extensive overseas market layout [2] - Bozhong Precision's products cover both passenger and commercial vehicle charging and swapping stations [2]

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 ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

分析师：李怀军 证书编号：S1080510120001 电话：010-63197789 证券研究报告 点评报告 2025 年 3 月 11 日 晨会纪要 第一创业证券研究所 邮箱：lihuaijun@fcsc.com 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 胜宏科技发布 2025 年第一季度业绩预告，归属于上市公司股东的净利润 7.8 亿 元–9.8 亿元，比上年同期增长 70%–90%，扣除非经常性损益后的净利润 6.9 万 元–7.9 亿元，比上年同期增长 72%–97%。按公司 2024 年业绩预告，公司 2024 年全年归属于上市公司股东的净利润为 11.6 亿元，同比增长 72.9%，扣除非经常 性损益后的净利润 11.4 亿元，同比增长 71.5%。今年一季度的业绩相当于 2024 年全年的约 80%。业绩增长的主要推动因素是参与国际头部大客户新产品预研， 突破超高多层板、高阶 HDI 相结合的新技术，实现了 PTFE 等新材料的应用。快 速落地 AI 算力 ...

Contract Awards - Gree Electric plans to increase its shareholding through Beijing Haihe Interconnection with an investment of between 1.05 billion to 2.1 billion yuan [1] - Topstrong plans to repurchase shares worth between 20 million to 35 million yuan [1] - Dongfang Zirconium's samples have received preliminary recognition from some solid-state battery material manufacturers for research and trial use [1] - Hongqi Chain is developing and innovating a robot unmanned vending system [1] - Jinyinhai recently entered into deep cooperation with Microvast in the solid-state battery field, with no significant impact on the company's performance in the short term [1] - Honghe Technology proposes a special cash dividend of 12.81 yuan per share [1] Shareholding Changes - Yueling Co.'s actual controller is set to change, and the stock will resume trading tomorrow [1] - Jiaozuo Wanfang's control is also set to change [1] - Yongji Co. plans to transfer part of its equity in Xiniu Wang Company [1] Operating Data - Aerospace Intelligent Manufacturing reported a net profit of 791 million yuan for 2024, an increase of 86.77% year-on-year [1] - Zhangyuan Tungsten reported a net profit of 177 million yuan for 2024, an increase of 23.25% year-on-year [1] - Guangdong Expressway A's net profit for 2024 decreased by 4.39% year-on-year, proposing a cash dividend of 5.23 yuan per share [1] - ST Hanma's heavy-duty truck sales in February reached 810 units, a year-on-year increase of 59.76% [1] - Jiangling Motors sold 21,600 vehicles in February, a year-on-year increase of 8.15% [1] - Dong'an Power's engine sales in February were 28,200 units, a year-on-year decrease of 5.16% [1] - Guangzhou Port's cargo throughput in February is expected to be 40.78 million tons, a year-on-year increase of 13.7% [1] - Far East Co.'s subsidiary won contracts worth over 19.09 billion yuan in February [1] - China Shipbuilding's subsidiary Jiangnan Shipyard signed a batch of dual-fuel container ship construction contracts worth approximately 18 billion to 19 billion yuan [1] - Tsinghua Unigroup signed a supply agreement for lithium battery cathode materials with SK On [1] - Fulongma is expected to win five sanitation service projects in February, with a total contract amount of 339 million yuan [1] - Terui De is expected to win a 194 million yuan new energy project [1] - Samsung Medical's wholly-owned subsidiary won a procurement project from Longyuan Power worth 115 million yuan [1] - Zhongcheng Co. is engaged in procurement business related to inverters and other equipment with related parties [1] Major Investments - Guodian Power is investing in the construction of the Dadu River Eagle Rock Level 1 Hydropower Station project [2] - Batian Co.'s subsidiary plans to invest in the expansion and upgrading of three related projects at the Xiaogaozhai Phosphate Mine [2] Other - Wancheng Group's chairman Wang Jiankun has been detained and is under investigation [2] - Yingjixin plans to acquire control of Huimang Micro, with trading suspended from tomorrow [2] - Hangyang Co. plans to issue convertible bonds not exceeding 1.63 billion yuan [2] - Solar Energy's subsidiary plans to purchase real estate for 367 million yuan [2] - GoerTek's subsidiary's H-share filing materials have been accepted by the China Securities Regulatory Commission [2] - Amway's "water-based solvent-free polyurethane composite material key technology" has been selected as one of the first batch of advanced applicable technologies by the Ministry of Industry and Information Technology [2] - Defang Nano's controlling subsidiary is increasing capital and introducing strategic investors [2] - Yuzhong Three Gorges A has terminated the sale of 10% equity in a small loan company [2] - Tianyu Co. received a warning letter from the FDA in the United States [2] - Haixing Power signed a strategic cooperation agreement with Kerun Zhikong to promote transformer products in overseas markets [2] - Bangjie Co.'s subsidiary Yangzhou Bangjie is temporarily suspending production for no more than three months [2] - Zhi Te New Materials signed a strategic cooperation agreement with Quantum Innovation Center and Microscopic Era [2] - Zhongjin Lingnan plans to raise no more than 1.5 billion yuan through a private placement to its controlling shareholder [2]

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]