Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [6][18]. Core Viewpoints - The domestic computing power sector is experiencing a significant opportunity for growth driven by multiple factors, including the integration of domestic chips and liquid cooling technology, which is reshaping the computing infrastructure [14][15]. - The report highlights the increasing demand for high-power AIDC cabinets, with power ratings reaching 20-100kW, indicating a shift from optional to essential cooling solutions [14]. - Policy support is crucial, with state-owned data centers required to procure over 50% of their chips from domestic sources, further stimulating the domestic computing power ecosystem [15]. - The report emphasizes the potential for domestic manufacturers to expand overseas, particularly in the diesel generator market, as global demand for AI computing infrastructure rises [16]. Summary by Sections Investment Viewpoints - The report identifies the diesel generator sector as having the most straightforward growth logic, recommending companies such as Weichai Heavy Machinery and KOTAI Power [6][17]. - It also suggests monitoring the gradually increasing penetration of HVDC segments, recommending companies like Kehua Data and Hewei Electric [6][17]. - Lastly, it highlights opportunities in server power supplies and liquid cooling segments, recommending companies like Invec and Shunling Environment [6][17]. Industry Dynamics - The report notes that the electric power equipment sector has seen a 1.94% increase in market performance recently, ranking 16th among various sectors [20]. - It discusses the successful launch of the Ningxia-Hunan ±800 kV UHVDC project, which is expected to enhance the transmission capacity of renewable energy [22]. - The report also mentions the ongoing global demand for AI computing infrastructure, which is expected to provide long-term growth momentum for domestic IDC and computing rental companies [16]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several key companies, including: - KOTAI Power (300153.SZ): EPS forecast of 0.85 in 2025E, with a "Buy" rating [19]. - Weichai Heavy Machinery (000880.SZ): EPS forecast of 0.98 in 2025E, currently unrated [19]. - Kehua Data (002335.SZ): EPS forecast of 1.30 in 2025E, currently unrated [19]. - Invec (002837.SZ): EPS forecast of 0.66 in 2025E, currently unrated [19]. - Shunling Environment (301018.SZ): EPS forecast of 1.05 in 2025E, with a "Buy" rating [19]. - Hewei Electric (603063.SH): EPS forecast of 1.40 in 2025E, with a "Buy" rating [19].

Company Overview - KOTAI Power, established on June 19, 2002, and listed on December 29, 2010, specializes in the development, design, production, and sales of intelligent environmental power supply equipment, providing technical consulting, training, installation, and maintenance services [1][2] - The company's main revenue sources include 92.00% from low-noise diesel generator sets, 4.50% from engineering labor and spare parts, 1.74% from equipment and factory leasing, 1.69% from new energy sales, and 0.07% from other sources [1] Stock Performance - As of August 25, KOTAI Power's stock price increased by 204.67% year-to-date, with a 12.61% rise over the last five trading days, 47.09% over the last 20 days, and 82.48% over the last 60 days [1] - The stock reached a price of 48.23 CNY per share, with a trading volume of 4.82 billion CNY and a turnover rate of 3.19%, resulting in a total market capitalization of 154.34 billion CNY [1] Financial Performance - For the first quarter of 2025, KOTAI Power reported a revenue of 363 million CNY, representing a year-on-year growth of 36.82%, and a net profit attributable to shareholders of 13.86 million CNY, up 55.94% year-on-year [2] Shareholder Information - As of March 31, 2025, KOTAI Power had 56,500 shareholders, an increase of 33.17% from the previous period, with an average of 5,629 circulating shares per shareholder, a decrease of 24.91% [2] - Notable new institutional shareholders include D. Morgan Digital Economy Mixed A and Yongying Digital Economy Smart Selection Mixed A, while some previous major shareholders have exited the top ten list [3]

Company Overview - KOTAI Power, established on June 19, 2002, and listed on December 29, 2010, is located in Qingpu District, Shanghai. The company specializes in the development, design, production, and sales of intelligent environmental power supply equipment, providing technical consulting, training, installation, and maintenance services [1][2]. Financial Performance - As of March 31, 2025, KOTAI Power reported a revenue of 363 million yuan, representing a year-on-year growth of 36.82%. The net profit attributable to shareholders was 13.86 million yuan, showing a year-on-year increase of 55.94% [2]. - The company has seen a significant stock price increase of 199.12% year-to-date, with a 32.67% rise over the last five trading days, a 46.87% increase over the last 20 days, and a 71.06% increase over the last 60 days [1]. Shareholder Information - As of March 31, 2025, KOTAI Power had 56,500 shareholders, an increase of 33.17% from the previous period. The average number of circulating shares per shareholder was 5,629, a decrease of 24.91% [2]. - The company has cumulatively distributed 226 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - KOTAI Power's stock experienced a trading volume of 438 million yuan with a turnover rate of 2.97% on August 22, 2023. The stock price was reported at 47.35 yuan per share [1]. - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 19 [1]. Industry Classification - KOTAI Power belongs to the "Electric Power Equipment - Other Power Supply Equipment II - Other Power Supply Equipment III" sector. It is associated with concepts such as digital energy, generator concepts, IDC (data center), IDC power supply, and power IoT [2].

Market Performance - The three major indices have returned above the midline, with the Shanghai Composite Index rising by 0.35%, the Shenzhen Component Index increasing by 0.45%, and the ChiNext Index up by 0.21% [1] - The total trading volume in the two markets reached 1.57 trillion [1] Sector Performance - Digital currency concept stocks saw a collective surge, with cross-border payment stocks rising by 3.31%, and over 10 stocks, including Sanwei Xinan, Zhongyou Capital, and Yuyin Co., hitting the daily limit [3] - Oil and gas stocks showed strong fluctuations, with Zhunyou Co. hitting the daily limit [3] - Storage chip concept stocks were active, with Zhaoyi Innovation hitting the daily limit [3] - Generator concept stocks experienced a decline, down by 2.36%, with Weichai Power dropping by 7.8% and KOTAI Power down by 7.119% [3] - AI hardware stocks, including liquid-cooled servers, collectively fell, with Feilong Co. hitting the daily limit [3] - Sectors such as geothermal energy, PCB, PEEK materials, and rare earth permanent magnets saw significant declines [3] Economic Indicators - The price of West Texas Intermediate crude oil for September delivery increased by $0.86 [3] - In July, Jiangsu Province achieved a total retail sales of social consumer goods amounting to 349.22 billion, reflecting a year-on-year growth of 0.6% [3] - Citigroup raised its target price for lithium carbonate in China from $7,000 per ton to $11,000 per ton for the next 0-3 months [3] - The State Council's ninth plenary session emphasized the need to continuously stimulate consumption potential and systematically remove restrictive measures in the consumption sector [3]

New Stock Offerings - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - Changcheng Military Industry (601606) announced a significant event on August 14, 2025[1] Market Alerts - Dongxin Co., Ltd. (688110) reported severe abnormal fluctuations on August 16, 2025[1] - ST Suwu (600200) has an announcement dated August 21, 2025, regarding market conditions[1] - Yunnan Zhiye (002428) and other companies have recent announcements on August 21, 2025, indicating market activity[1] Financial Performance - ST Jiangsu (600021) reported significant fluctuations on August 20, 2025, with a notable announcement[1] - ST Huanrong (600421) has an announcement dated August 20, 2025, reflecting market conditions[1] - ST Jinhong (000669) reported on August 20, 2025, indicating financial performance concerns[1]

证券之星消息，8月21日其他电源设备板块较上一交易日下跌0.83%，科泰电源领跌。当日上证指数报收 于3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。其他电源设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002951 | 金时科技 | 19.00 | 10.02% | 10.79万 | 2.02亿 | | 002518 | 科士达 | 35.00 | 8.36% | 72.32万 | 24.62亿 | | 300870 | 欧陆通 | 253.00 | 2.00% | 7.10万 | 17.69亿 | | 600875 | 东方电气 | 20.30 | 0.74% | 50.55万 | 10.28亿 | | 832110 | 富特科技 | 41.45 | 0.41% | 1.00万 | 4181.10万 | | 002630 | ST华西 | 2.63 | 0.00% | 75.70万 | 2.00亿 | | 600482 | 中国动力 ...

沪指8月20日上涨1.04%，申万所属行业中，今日上涨的有30个，涨幅居前的行业为美容护理、石油石 化，涨幅分别为2.42%、2.36%。电力设备行业今日上涨0.46%。跌幅居前的行业为医药生物，跌幅分别 为0.07%。 资金面上看，两市主力资金全天净流出302.29亿元，今日有10个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.32%，全天净流入资金55.22亿元，其次是食品饮料行业，日涨幅 为1.39%，净流入资金为24.94亿元。 主力资金净流出的行业有21个，计算机行业主力资金净流出规模居首，全天净流出资金96.75亿元，其 次是医药生物行业，净流出资金为80.96亿元，净流出资金较多的还有电力设备、机械设备、家用电器 等行业。 电力设备行业今日上涨0.46%，全天主力资金净流出43.63亿元，该行业所属的个股共361只，今日上涨 的有241只，涨停的有6只；下跌的有108只，跌停的有1只。以资金流向数据进行统计，该行业资金净流 入的个股有145只，其中，净流入资金超亿元的有6只，净流入资金居首的是联泓新科，今日净流入资金 2.02亿元，紧随其后的是科泰电源（维权）、凯中精密 ...

证券日报网讯 8月19日晚间，科泰电源发布公告称，公司股票交易价格连续3个交易日（2025年8月15 日、2025年8月18日和2025年8月19日）收盘价格涨幅偏离值累计达到30%，属于股票交易异常波动。经 核实，公司前期披露的信息不存在需要更正、补充之处；公司经查询，未发现近期公共传媒报道了可能 或已经对公司股票交易价格产生较大影响的未公开重大信息；公司近期经营情况及内外部经营环境未发 生重大变化。 （编辑 李家琪） ...

证券日报网讯 8月19日晚间，科泰电源发布公告称，公司与上海熊松实业集团有限公司签署《物业租赁 合同》，将位于上海市青浦区天一路568号二期物业出租给熊松实业，租赁期自2019年5月15日至2031年 5月14日。近日，熊松实业提出因无法克服的多种因素和困难而租赁合同难以继续履行，就提前解除租 赁合同相关事宜，经过双方充分沟通、友好协商后达成一致，于2025年8月19日签署《提前解除协 议》。 （编辑 李家琪） ...

近期公司经营情况及内外部经营环境正常，业务内容和经营情况未发生重大变化。发电机组产品在数据 中心仅作为备用电源，在市电检修或突发故障中断时临时替代市电给用电负载供电，并非数据中心与算 力直接相关的核心设备。相关下游市场的规模、发展落地速度本身存在不确定性，其对公司业务的影响 亦存在较大不确定性。 （原标题：科泰电源(300153.SZ)：发电机组产品并非数据中心与算力直接相关的核心设备） 智通财经APP讯，科泰电源(300153.SZ)发布公告，公司股票交易价格连续3个交易日(2025年8月15日、 2025年8月18日和2025年8月19日)收盘价格涨幅偏离值累计达到30%，根据《深圳证券交易所交易规 则》等相关规定，属于股票交易异常波动的情况。 ...