股价走势图 2025 年 11 月 03 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 16.99 | | 一年最高最低(元) | 21.25/13.16 | | 总市值(亿元) | 66.08 | | 流通市值(亿元) | 44.68 | | 总股本(亿股) | 3.89 | | 流通股本(亿股) | 2.63 | | 近 3 个月换手率(%) | 411.26 | 机械设备/轨交设备Ⅱ 永贵电器（300351.SZ） 三季度业绩短期承压，新领域业务未来可期 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-10 2025-02 2025-06 2025-10 永贵电器 沪深300 相关研究报告 《2025Q1 利润短期承压，新能源业务 空 间 广 阔 — 公 司 信 息 更 新 报 告 》 -2025.4.29 陈蓉芳（分析师） 张威震（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 zhangweizhen@kysec.cn 证书编号：S07905250200 ...

Core Viewpoint - The company Yonggui Electric (300351) has diversified its connector products across various sectors, including rail transit, wind power, new energy vehicles, and special equipment, and is expanding into data centers, low-altitude flight, and robotics applications [1] Group 1 - The company's connector products are widely used in rail transit, wind power, new energy vehicles, and special equipment [1] - The company has also laid out applications in data centers, low-altitude flight, and robotics [1] - The company's products are applied in power equipment for data centers [1]

Core Viewpoint - The company reported a revenue increase of 15.68% year-on-year for the first three quarters of 2025, but net profit decreased by 29.25% primarily due to financial expenses related to convertible bonds, indicating stable operational performance despite the profit drop [1] Financial Performance - Revenue for the first three quarters reached 1.586 billion yuan, a 15.68% increase year-on-year [1] - Net profit attributable to shareholders was 71.21 million yuan, a decrease of 29.25% compared to the previous year [1] - Financial expenses amounted to 6.06 million yuan, an increase of 22.99 million yuan year-on-year, mainly due to interest accrual on convertible bonds [1] - The gross profit margin stood at 25.28%, reflecting stable profitability [1] Market Dynamics - The new energy vehicle market continues to grow, with total vehicle sales reaching 21.246 million units from January to September 2025, a 13.7% increase year-on-year, and new energy vehicle sales at 11.228 million units, up 34.9% [2] - The demand for charging infrastructure is increasing, with a current vehicle-to-charging pile ratio of 2.57:1, indicating significant market potential [2] Policy Environment - Recent policies aim to accelerate the construction of charging facilities and support the growth of the new energy vehicle market, including a plan to add 1.6 million DC charging guns by the end of 2027 [3] - The policies are designed to expand the market, increase demand, and alleviate competitive pressure, potentially restoring the company's gross margin to the 30% range [3] Technological Advancements - The company is positioned at the forefront of the industry with its liquid-cooled ultra-fast charging technology, capable of meeting high power requirements of 1000V and 1200A [4] - Collaborations with major automotive manufacturers like Huawei and BYD enhance the company's competitive edge and market presence [4] Future Growth Prospects - The rapid development of the charging gun and pile business, along with the company's advancements in high-end connectors, is expected to drive significant order growth [5] - The company is actively expanding its product offerings in emerging industries, including liquid cooling solutions for computing servers and products for humanoid robots and flying cars [5] - The focus on high-end connector applications in future industries positions the company for sustained growth and market leadership [5]

| 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2025-075 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 浙江永贵电器股份有限公司 关于 2022 年限制性股票激励计划第二类限制性股票首次授 予第三个归属期及预留授予第二个归属期归属结果暨股份 上市的公告 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。 特别提示： 1、本次归属股票数量为 1,079,060 股，占公司截至 2025 年 10 月 20 日总股 本 387,877,905 股的 0.28%； 2、本次归属限制性股票人数为：198 人； 3、本次归属股份的上市流通日为：2025 年 10 月 31 日（星期五）； 4、本次归属限制性股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股票。 浙江永贵电器股份有限公司（以下简称"公司""永贵电器"）于 2025 年 8 月 28 日召开第五届董事会第十九次会议、第五届监事会第十七次会议，审议 通过了《关于 2022 年限制性股票激励计划第二类限制性股票首次授予第 ...

Financial Performance - Q3 2025 revenue reached ¥559,196,431.77, an increase of 7.55% year-over-year, while year-to-date revenue totaled ¥1,585,796,210.84, up 15.68%[6] - Net profit attributable to shareholders decreased by 40.71% to ¥16,443,654.55 in Q3 2025, with a year-to-date net profit of ¥71,206,698.40, down 29.25%[6] - Basic earnings per share for Q3 2025 was ¥0.0424, a decline of 41.03% compared to the same period last year, while year-to-date earnings per share was ¥0.1836, down 29.63%[6] - Total operating revenue for the current period reached ¥1,585,796,210.84, an increase of 15.6% compared to ¥1,370,845,482.39 in the previous period[24] - Net profit for the current period was ¥81,667,919.39, a decrease of 19.8% from ¥101,828,154.77 in the previous period[25] - Total comprehensive income attributable to the parent company decreased to ¥71,583,638.50 from ¥100,781,931.01, representing a decline of approximately 29%[26] - Basic earnings per share decreased to ¥0.1836 from ¥0.2609, a drop of about 30%[26] Assets and Liabilities - Total assets increased by 34.19% to ¥4,790,929,730.32 compared to the end of the previous year[6] - The company's total assets increased to ¥4,790,929,730.32, compared to ¥3,570,171,787.94 in the previous year, reflecting a growth of 34%[22] - Total liabilities rose to ¥2,209,633,459.74, up from ¥1,070,062,619.78, indicating a significant increase of 106%[22] - The equity attributable to shareholders of the parent company was ¥2,518,421,623.05, compared to ¥2,444,558,809.37, showing a growth of 3%[22] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥55,258,215.71, reflecting a 26.19% increase[6] - Net cash flow from operating activities increased to ¥55,258,215.71 from ¥43,789,597.45, an increase of approximately 26%[27] - Cash inflow from operating activities totaled ¥1,093,082,565.24, up from ¥895,058,179.75, reflecting a growth of around 22%[27] - Net cash flow from investing activities was negative at -¥801,477,722.30, worsening from -¥259,923,564.64[27] - Cash inflow from financing activities significantly increased to ¥1,127,736,415.10 from ¥17,388,539.97, marking a substantial rise[27] - The ending balance of cash and cash equivalents rose to ¥831,360,577.22 from ¥307,772,632.21, indicating a significant increase[27] - The company received ¥977,726,415.10 from other financing activities, a notable increase compared to the previous period[27] Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,774[13] - The largest shareholder, Fan Yonggui, holds 13.86% of shares, totaling 53,767,200 shares[13] - The total number of restricted shares at the end of the period is 125,991,705, with 42,920 shares released during the reporting period[15] - The company has no changes in the number of shareholders participating in margin financing and securities lending[13] Investments and Expenses - Research and development expenses for the current period were ¥123,424,472.00, an increase from ¥115,837,222.06 in the previous period, reflecting a focus on innovation[24] - The company recorded a net cash flow from financing activities of ¥1,070,985,648.44, a substantial increase of 3,613.53% due to the issuance of convertible bonds[11] - The company experienced a 135.78% increase in financial expenses, totaling ¥6,056,863.54, primarily due to interest accrued on convertible bonds[11] - The company reported a financial expense of ¥6,056,863.54, a significant change from a financial income of ¥-16,928,809.14 in the previous period[25] Inventory and Investments - The company's inventory increased to ¥658,766,323.36 from ¥552,440,343.55, marking a rise of approximately 19%[20] - The company's long-term equity investments rose to ¥129,645,288.49 from ¥119,465,305.93, reflecting an increase of approximately 8.5%[20] Accounting and Audit - The company did not undergo an audit for the third quarter financial report[28] - The company plans to implement new accounting standards starting in 2025[28]

10月25日，永贵电器（300351）与上海巡天千河空间技术有限公司(下称"巡天千河")在上海联合举办产 品发布会，发布了微圆形和微矩形等8个产品系列的卫星互联网产品。 会上，多家卫星研制、生产企业授牌永贵电器全资子公司永贵科技为其连接器线缆组件的生产基地，并 签订战略合作协议。 资料显示，永贵电器始创于1973年，从轨道交通业务出发，深耕数十年精密连接技术，专注于各类连接 器及其组件和精密智能产品的研发、制造与销售，如今已布局新能源、深海、核电、通信等多个领域。 目前，永贵电器已建成浙江、四川等多地研发中心，拥有500余项国家专利。2010年启动产能扩建项 目，已形成年产10万余套轨道交通连接器及700余套高速动车连接器的生产能力，业务拓展至车载能源 与信息、特种装备等领域，形成了三大产业板块。 今年3月，永贵电器宣布发行可转债募资不超9.8亿元，拟投建用于连接器智能化及超充产业升级项目， 以及华东基地等项目，本次募投项目新增产能主要投向新能源汽车连接器、线束及充电枪等产品。 其中，连接器智能化及超充产业升级项目拟利用永贵电器现有的生产厂房，通过引进先进的生产线，实 现产能的升级，生产的产品主要为大功率液冷 ...

Core Insights - The liquid cooling connector is a critical component in liquid cooling systems, enabling safe and efficient heat management in high-power density scenarios, effectively overcoming the limitations of traditional air cooling [1][2][3] - The Chinese liquid cooling connector market is projected to grow from 1.8 billion yuan in 2021 to 5.011 billion yuan in 2024, with a compound annual growth rate (CAGR) of 40.6%, and is expected to reach 6.5 billion yuan by 2025 [1][10][11] - The industry is driven by increasing demand from data centers, energy storage systems, and electric vehicles, with AI computing and high-power servers being the core growth drivers [1][8][10] Industry Overview - Liquid cooling connectors ensure the efficient and safe transmission of cooling media, such as deionized water and glycol solutions, between devices [2] - The connectors must possess high thermal efficiency, gas tightness (leakage ≤ 0.02ml), pressure resistance (3-5 MPa), shock resistance (20G), and corrosion resistance [3] Market Dynamics - The Chinese liquid cooling connector market is expected to see a significant increase in demand due to policies supporting high-quality development in computing infrastructure and energy efficiency [1][7] - The market structure is dominated by data centers, which are projected to account for approximately 60% of the market share by 2024, followed by energy storage systems at around 20% [8][10] Competitive Landscape - The market is highly concentrated, with the top five companies holding over 70% of the market share. Leading companies include Staubli and Parker in the high-end market, while domestic players like AVIC Optoelectronics and Zhengbei Connection are prominent in the mid-tier market [11][12] - Domestic companies are accelerating the localization process, leveraging cost advantages and technological breakthroughs to enhance market competitiveness [12] Development Trends - The industry is evolving towards smart integration, standard collaboration, and scenario customization, with products transitioning from basic connectors to intelligent nodes that monitor system status in real-time [13][14] - Standardization and compatibility are becoming core development directions to address long-standing issues of interface incompatibility [15] - The diverse needs of downstream applications are driving the customization of materials and processes, with a focus on innovative solutions tailored to specific operational environments [16]

Core Insights - The rail transit equipment sector experienced a slight increase of 0.05% on October 24, with Jiuzhou Yitui leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance Summary - Jiuzhou Yitui (688485) closed at 16.96, up 8.72% with a trading volume of 78,500 shares and a transaction value of 128 million yuan [1] - Xianghe Industrial (603500) closed at 12.45, up 4.18% with a trading volume of 151,700 shares and a transaction value of 187 million yuan [1] - Gongda Gaoke (688367) closed at 21.93, up 3.59% with a trading volume of 20,100 shares and a transaction value of 43.49 million yuan [1] - Bidetech (605298) closed at 40.14, up 3.19% with a trading volume of 32,300 shares and a transaction value of 128 million yuan [1] - Yonggui Electric (300351) closed at 17.65, up 3.16% with a trading volume of 161,700 shares and a transaction value of 282 million yuan [1] - Other notable performers include Jiaokong Technology (688015) and Times New Materials (600458), with increases of 2.05% and 1.85% respectively [1] Capital Flow Analysis - The rail transit equipment sector saw a net inflow of 48.06 million yuan from institutional investors, while retail investors experienced a net outflow of 57.13 million yuan [2] - Major stocks with significant net inflows include Yonggui Electric (300351) with 31.83 million yuan and Xianghe Industrial (603500) with 19.05 million yuan [3] - Conversely, stocks like China Iron & Steel (000927) and China Railway Industry (600528) faced net outflows of 2.13% and 1.27% respectively [2][3]

Core Insights - Yonggui Electric experienced a trading volume of 220 million yuan on October 20, with a financing net buy of -1.70 million yuan, indicating a decrease in investor confidence [1] - The company reported a revenue of 1.027 billion yuan for the first half of 2025, reflecting a year-on-year growth of 20.65%, while the net profit attributable to shareholders decreased by 24.90% to 54.76 million yuan [2] Financing and Margin Trading - On October 20, Yonggui Electric had a financing balance of 461 million yuan, accounting for 6.88% of its market capitalization, which is above the 90th percentile of the past year [1] - The company had a margin trading balance of 1,730 yuan with a low short-selling volume of 100 shares, indicating a low level of bearish sentiment [1] Shareholder and Dividend Information - As of June 30, 2025, Yonggui Electric had 32,500 shareholders, a decrease of 5.36% from the previous period, while the average number of circulating shares per shareholder increased by 5.67% to 8,065 shares [2] - The company has distributed a total of 250 million yuan in dividends since its A-share listing, with 61.95 million yuan distributed over the past three years [2]

Core Insights - The National Development and Reform Commission and five other departments have issued an action plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities nationwide and provide over 300 million kilowatts of public charging capacity to meet the demand of over 80 million electric vehicles [1][3]. Charging Infrastructure Goals - By the end of 2027, the plan sets specific targets for urban, highway, and rural charging networks, including the addition of 1.6 million DC charging guns in cities, 40,000 high-power charging guns on highways, and at least 14,000 DC charging guns in rural areas [3]. - The initiative also promotes a "unified construction and service" model for residential areas, aiming to establish 1,000 pilot communities to enhance private charging pile access and safety management [3]. Current Market Performance - As of August 2025, China has added 4.53 million charging piles, with a total of 17.348 million charging facilities, reflecting a year-on-year growth of 53.5% [5]. - Public charging facilities have reached 4.316 million, showing a 37.8% increase, while private charging facilities have grown by 59.6% to 13.032 million [5]. Key Companies in the Industry - **Teruid**: Leading in both charging operation and equipment manufacturing, with over 790,000 public charging terminals and a market share of 24%. Projected net profit for 2024 is 917 million yuan, expected to reach 1.577 billion yuan by 2026 [6]. - **State Grid Corporation's NARI Technology**: A subsidiary of the State Grid, it has built over 2,000 standardized charging stations and is a key player in setting international charging standards. Projected net profit for 2024 is 7.6 billion yuan, increasing to 9.4 billion yuan by 2026 [7][8]. - **Green Energy Huichong**: A leader in high-power DC charging machines, holding a 22% market share in the electric heavy truck fast charging market [9]. - **Yonggui Electric**: The first in China to achieve mass production of liquid-cooled charging guns, leading in technology and entering the supply chain of major automotive manufacturers [11][12]. - **Shenghong Co., Ltd.**: Engaged in the production of liquid-cooled supercharging piles and expanding its integrated light-storage charging systems into overseas markets [14].