Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 38.81 CNY based on a 2025 PE of 45X [4][6]. Core Insights - The company is positioned as a leader in the generator set industry, capitalizing on opportunities arising from the growth of data centers and the overall demand for power equipment [2][3]. - The company has established a business structure centered around power equipment, with energy conservation and renewable energy as supplementary wings, indicating a diversified approach to market opportunities [1][11]. Summary by Sections Business Structure and Growth - The company focuses on power equipment as its core business while expanding into energy conservation and renewable energy sectors, achieving significant growth in revenue and profitability [1][13][15]. - The revenue from environmentally friendly low-noise diesel generator sets is projected to increase significantly, reflecting the company's strong market position and product demand [53][54]. Market Opportunities - The global power equipment market is expected to grow from approximately 500 billion USD in 2022 to over 700 billion USD by 2025, driven by increasing energy demands and technological advancements [10][32]. - In China, the power equipment market is projected to exceed 200 billion USD by 2025, supported by favorable policies and accelerated grid investments [35][38]. Data Center Growth - The rapid development of data centers is driving demand for high-power diesel generators, with the Chinese data center market expected to grow from 878 billion CNY in 2019 to 3048 billion CNY in 2024, reflecting a CAGR of 28.3% [42][44]. - Major tech companies are significantly investing in AI data centers, further increasing the demand for reliable backup power solutions [43][44]. Competitive Advantages - The company leverages its supply chain and brand advantages, including a strategic partnership with MTU, to enhance its market position and pricing power in the high-end diesel generator market [48][49]. - With over 20 years of manufacturing experience, the company has built a strong reputation and customer base, particularly in high-demand sectors such as telecommunications and data centers [50][51]. Financial Projections - The company forecasts total revenues of 21.25 billion CNY, 27.73 billion CNY, and 35.73 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.76 billion CNY, 3.76 billion CNY, and 4.75 billion CNY, indicating substantial growth [4][54].

国浩律师（上海）事务所 关于 国浩律师（上海）事务所 股东大会法律意见书 上海科泰电源股份有限公司 2024 年年度股东大会的 法律意见书 上海市山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 电话: （8621） 5234-1668 传真: （8621） 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 关于上海科泰电源股份有限公司 2024 年年度股东大会的法律意见书 致：上海科泰电源股份有限公司 上海科泰电源股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）现场会议于 2025 年 5 月 19 日（星期一）下午 14:30 在上海市青浦区天辰路 1633 号公司六楼大会议室召开。国浩律师（上海）事务 所（以下简称"本所"）接受公司的委托，指派林琳律师、李晗律师（以下简称 "本所律师"）出席会议并见证。现依据《中华人民共和国公司法》《中华人民共 和国证券法》和《上海科泰电源股份有限公司章程》（以下简称"《公司章程》"） 出具本法律意见书。 本所律师按照有关法律、法规及规范性文件的规定对本次股东大会 ...

2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 证券代码：300153 证券简称：科泰电源 公告编号：2025-027 上海科泰电源股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 1、会议召开时间 （1）现场会议：2025 年 5 月 19 日（星期一）下午 14:30 （2）网络投票：通过深交所交易系统进行投票的时间为 2025 年 5 月 19 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深 交所互联网投票系统投票的时间为 2025 年 5 月 19 日 9:15-15:00。 2、会议召开地点：公司六楼大会议室 3、会议召开方式：现场表决与网络投票相结合的方式 4、会议召集人：上海科泰电源股份有限公司董事会 5、会议主持人：董事长谢松峰先生 6、本次股东大会的召集、召开符合《公司法》、《公司章程》、《股 东大会议事规则》等有关规定。 二、会议出席情况 1、出席本次股东大会的股东及股东代表 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

证券代码：300153 证券简称：科泰电源 上海科泰电源股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 参与科泰电源 2024 年度网上业绩说明会的投资者 | | 人员姓名 | | | 时间 | 2025 年 4 月 30 日（星期三）15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人 | 董事长：谢松峰；董事、总裁：周路来；副总裁、财务总监： | | 员姓名 | 杨庆林；独立董事：赖卫东；董事会秘书：徐坤。 | | | 公司于 2025 年 4 月 30 日（星期三）15:00-17:00 在全景 | | | 网投资者关系互动平台采用远程网络方式举行 2024 年度网上 | | | 业绩说明会，与投资者进行文字沟通和交流。主要内容如下： | | | 问题 ...

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 证券代码：300153 证券简称：科泰电源 公告编号：2025-025 上海科泰电源股份有限公司 关于2024年年度股东大会增加临时提案暨 股东大会补充通知的公告 上海科泰电源股份有限公司（以下简称"公司"）第六届董事会 第九次会议审议通过了《关于召开 2024 年年度股东大会的议案》，决 定于 2025 年 5 月 19 日召开公司 2024 年年度股东大会，具体内容详 见公司于 2025 年 4 月 21 日披露的《关于召开 2024 年年度股东大会 的通知公告》（公告编号：2025-019）。 2025 年 4 月 25 日，公司召开第六届董事会第十次会议，审议通 过了《关于修订<关联交易决策制度>的议案》和《关于增加经营范围 及修订<公司章程>的议案》，上述议案尚需提交股东大会审议，具体 内容详见公司在中国证监会指定信息披露网站巨潮资讯网上披露的 相关公告文件。 同日，公司董事会收到股东科泰控股有限公司书面提交的《关于 提请上海科泰电源股份有限公司 2024 年年度股东大会增加临时提案 的函》，提议将《 ...

上海科泰电源股份有限公司 第六届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 上海科泰电源股份有限公司（以下称"公司"）于 2025 年 4 月 25 日在公司六楼大会议室以现场会议方式召开了第六届监事会第十 次会议，会议通知于 2025 年 4 月 24 日以电子邮件形式送达了全体监 事，并提请对本次会议提前通知时限进行豁免，会议应参加监事 3 人， 实际参加监事 3 人。本次监事会的召集和召开符合《中华人民共和国 公司法》和《公司章程》的规定。会议由公司监事会主席杨少慰先生 主持，经全体监事表决，形成决议如下： 一、审议通过《关于 2025 年第一季度报告的议案》 根据中国证监会、深圳证券交易所关于季度报告信息披露的要 求，公司编制完成了《2025 年第一季度报告》。 此项议案 3 票同意，0 票反对，0 票弃权获得通过。 经审核，监事会认为董事会编制和审核《2025 年第一季度报告》 的程序符合法律、行政法规和中国证券监督管理委员会的规定，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 ...