Market Overview - The other power equipment sector declined by 1.27% on September 9, with Tonghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Stock Performance - Key stocks in the other power equipment sector showed varied performance, with Kewah Data rising by 3.52% to a closing price of 55.60, while Tonghe Technology fell by 5.35% to 38.01 [1][2] - The trading volume and turnover for Kewah Data reached 447,600 shares and 2.484 billion yuan, respectively [1] Capital Flow - The other power equipment sector experienced a net outflow of 289 million yuan from main funds, while retail investors saw a net inflow of 72.87 million yuan [2] - Notable net inflows from retail investors were observed in Kewah Data and Shenghong Shares, while significant outflows were noted in Tonghe Technology and Xizi Clean Energy [3]

Market Performance - The other power equipment sector increased by 4.22% on September 5, with Haidao Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Highlights - Haidao Sichuang (688411) closed at 180.20, with a rise of 14.92% and a trading volume of 71,200 shares, amounting to 1.218 billion yuan [1] - Xizi Clean Energy (002534) saw a 10.01% increase, closing at 14.07 with a trading volume of 287,500 shares [1] - Zhongheng Electric (002364) and Kehua Data (002335) both rose by 10.00%, closing at 25.19 and 55.00 respectively [1] Capital Flow - The other power equipment sector experienced a net inflow of 1.119 billion yuan from main funds, while retail investors saw a net outflow of 888.7 million yuan [2] - The main funds showed significant net inflows in stocks like Kehua Data (1.92 million yuan) and Zhongheng Electric (1.72 million yuan) [3] Individual Stock Performance - Kehua Data (002335) had a main fund net inflow of 1.92 million yuan, but retail investors had a net outflow of 94.98 million yuan [3] - Zhongheng Electric (002364) also saw a main fund net inflow of 1.72 million yuan, with retail investors experiencing a net outflow of 74.10 million yuan [3] - Haidao Sichuang (688411) had a main fund net inflow of 7.09 million yuan, while retail investors faced a net outflow of 35.87 million yuan [3]

Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant revenue and profit growth, driven by the recovery in charging module profitability and the acceleration of global charging station construction, as well as stable growth in data center and power grid investments [1][2][4]. Financial Performance - In Q2 2025, the company achieved revenue of 379 million yuan, representing a year-on-year increase of 34.8% and a quarter-on-quarter increase of 82.7% [1][2]. - The net profit attributable to the parent company was 22 million yuan, showing a year-on-year increase of 75.9% and a quarter-on-quarter increase of 437.2% [2]. - The non-recurring net profit was 21 million yuan, with a year-on-year increase of 79.1% and a quarter-on-quarter turnaround to profitability [1][2]. - The gross margin and net margin for Q2 2025 were 27.10% and 5.81%, respectively, with quarter-on-quarter increases of 1.11 percentage points and 8.95 percentage points [2]. Business Segments - The new energy power conversion business generated revenue of 385 million yuan in H1 2025, a year-on-year increase of 18.6%, with a gross margin of 19.5%, down 4.6 percentage points year-on-year [2]. - The smart grid business revenue in H1 2025 was 118 million yuan, a year-on-year increase of 36.0%, with a gross margin of 41.2%, up 3.9 percentage points year-on-year [3]. - The company is focusing on enhancing its product offerings in charging modules and smart grid solutions, leveraging technological advancements to improve efficiency and competitiveness [2][3]. Future Outlook - The company maintains an "overweight" rating, with revised profit forecasts for 2025-2027, expecting net profits of 91 million, 190 million, and 255 million yuan, respectively, reflecting significant upward adjustments [4]. - The target price for the company is set at 38.15 yuan, based on a reasonable PE ratio of 35 times for 2026, indicating confidence in sustained growth in charging station and data center-related businesses [4].

Investment Rating - The investment rating for the company is maintained at "Buy" [1][10]. Core Views - The report highlights a positive outlook on the company's data center business, driven by the acceleration of global charging station construction and stable growth in grid investment [6][10]. - The company reported a significant increase in revenue and net profit in Q2 2025, with revenue reaching 379 million RMB, a year-on-year increase of 34.8% and a quarter-on-quarter increase of 82.7% [6][7]. - The report anticipates continued robust growth across multiple business segments, particularly in the smart grid and charging module sectors, due to successful customer expansion and product competitiveness [9][10]. Financial Summary - The target price is set at 38.15 RMB, with the closing price as of September 4 being 33.96 RMB [2]. - The company's market capitalization is approximately 5,934 million RMB, with an average daily trading volume of 244.16 million RMB over the past six months [2]. - Revenue projections for the upcoming years are as follows: - 2024: 1,209 million RMB (growth of 19.89%) - 2025E: 1,721 million RMB (growth of 42.32%) - 2026E: 2,429 million RMB (growth of 41.16%) - 2027E: 3,323 million RMB (growth of 36.81%) [5][12]. - The expected net profit for 2025 is 91.38 million RMB, with a significant increase projected for subsequent years [5][12]. Business Segments - The company's new energy power conversion business generated 385 million RMB in revenue in H1 2025, reflecting an 18.6% year-on-year increase [8]. - The smart grid business saw revenue of 118 million RMB in H1 2025, a 36.0% year-on-year increase, benefiting from the growth in data center development [9]. - The report emphasizes the competitive edge of the company's charging modules, which have been continuously iterated to enhance efficiency and reduce operational costs [8].

Market Overview - The other power equipment sector experienced a decline of 2.48% on September 4, with Tonghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Key stocks in the other power equipment sector showed varied performance, with Hailan Technology rising by 5.89% to a closing price of 156.80, while Tonghe Technology fell by 6.96% to 33.96 [2] - Other notable declines included Zhongheng Electric (-6.64%), Magpow (-6.37%), and Kehua Data (-5.55%) [2] Trading Volume and Capital Flow - The total trading volume for the other power equipment sector was significant, with Tonghe Technology recording a transaction amount of 6.97 billion [2] - The sector saw a net outflow of 1.48 billion from institutional investors, while retail investors contributed a net inflow of 1.3 billion [2][3] Individual Stock Capital Flow - Specific stocks like Rongfa Nuclear Power and Keda experienced negative net inflows from institutional investors, while Keda saw a positive net inflow from retail investors [3] - The capital flow data indicates a mixed sentiment among different investor types, with retail investors showing more interest in certain stocks despite overall sector declines [3]

Group 1 - The core point of the news is that Tonghe Technology's stock price dropped by 5.48% to 34.50 CNY per share, with a trading volume of 380 million CNY and a turnover rate of 6.80%, resulting in a total market capitalization of 6.028 billion CNY [1] - Tonghe Technology, established on December 21, 1998, and listed on December 31, 2015, is located in Shijiazhuang, Hebei Province. The company specializes in the research, production, and sales of high-frequency switch power supplies and related electronic products, including military products [1] - The revenue composition of Tonghe Technology includes 65.68% from new energy power conversion products, 20.15% from smart grid power supply products, 11.90% from customized power supplies and testing services, and 2.27% from other supplementary products [1] Group 2 - Huazhang Fund's Huazhang Intelligent Equipment Theme Stock A (001072) has entered the top ten circulating shareholders of Tonghe Technology, holding 1.4976 million shares, which accounts for 0.97% of the circulating shares. The estimated floating loss today is approximately 2.9952 million CNY [2] - The fund has achieved a return of 30.95% this year, ranking 1075 out of 4222 in its category, and a return of 70.85% over the past year, ranking 911 out of 3789 [2] - The fund manager of Huazhang Intelligent Equipment Theme Stock A is Liu Changchang, who has been in the position for 5 years and 242 days, with a total fund asset size of 6.642 billion CNY and a best fund return of 226.61% during his tenure [3] Group 3 - Huazhang Intelligent Equipment Theme Stock A holds 1.4976 million shares of Tonghe Technology, representing 3.06% of the fund's net value, making it the ninth largest holding. The estimated floating loss today is approximately 2.9952 million CNY [4]

Group 1 - Company Tonghe Technology (300491.SZ) plans to issue convertible bonds to raise a total of no more than RMB 521.93 million, with the specific amount to be determined by the board of directors authorized by the shareholders' meeting [1] - The convertible bonds will have a face value of RMB 100.00 each and a term of 6 years from the date of issuance, with interest paid annually [1] - The initial conversion price will not be lower than the average trading price of the company's A-shares over the 20 trading days prior to the announcement, and it will be determined by the board of directors based on market conditions [2] Group 2 - In 2024, the company achieved operating revenue of RMB 1.21 billion, a year-on-year increase of 19.89%, while the net profit attributable to shareholders decreased by 76.66% to RMB 23.94 million [6] - The company reported a net cash flow from operating activities of RMB 58.39 million, a significant increase of 297.10% compared to the previous year [6] - As of the end of 2024, the total assets of the company were RMB 2.13 billion, reflecting a year-on-year increase of 7.56% [6]

Core Viewpoint - Tonghe Technology (300491.SZ) plans to issue convertible bonds to raise a maximum of RMB 521.93 million, with the specific amount to be determined by the board of directors authorized by the shareholders' meeting [1] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a face value of RMB 100 each, with a term of 6 years from the issuance date [1] - The coupon rate will be determined by the board based on national policies, market conditions, and the company's situation, with annual interest payments [1] - The initial conversion price will not be lower than the average trading price of the company's A-shares over the 20 trading days prior to the announcement [2] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of RMB 586 million, a year-on-year increase of 27.53%, while net profit attributable to shareholders decreased by 23.39% to RMB 15.47 million [4][5] - For the year 2024, the company reported revenue of RMB 1.21 billion, a 19.89% increase, but net profit attributable to shareholders fell by 76.66% to RMB 23.94 million [6] - The company experienced a significant decline in net profit margins, with the weighted average return on net assets dropping from 9.69% in 2023 to 2.12% in 2024 [6]

Group 1 - The company Tonghe Technology (300491.SZ) announced a plan to issue convertible bonds to unspecified investors [1] - The total amount to be raised from this bond issuance is not expected to exceed 522 million yuan (including 522 million yuan) [1] - After deducting issuance costs, the net proceeds are intended for investment in research and production projects related to power supply and distribution systems for data centers, as well as to supplement working capital [1]

Core Viewpoint - The report provides an audit opinion on the use of previously raised funds by Shijiazhuang Tonghe Electronic Technology Co., Ltd., confirming that the funds have been used in accordance with regulations and accurately reflect the company's financial situation as of June 30, 2025 [1][3]. Fundraising Situation - The company raised funds through a non-public issuance of 16,099,103 shares at a price of 14.95 RMB per share to acquire 100% equity of Xi'an Howey Power Co., Ltd. [2] - In 2021, the company issued 14,140,271 shares to specific investors, raising a net amount of approximately 244.23 million RMB [2]. Actual Use of Funds - The report includes a detailed table comparing the planned versus actual use of the raised funds, indicating that the funds were utilized as intended [3]. - The company provided interest-free loans totaling 24.42 million RMB to its wholly-owned subsidiaries to support project implementation [7][8]. Financial Performance of Acquired Company - As of June 30, 2025, the total assets of Howey Power were approximately 403.50 million RMB, with total liabilities of about 223.94 million RMB [4]. - The revenue for Howey Power showed a decline from 145.40 million RMB in 2022 to 70.54 million RMB in the first half of 2025 [4]. Performance Commitment - The performance commitments for Howey Power included net profit targets of 17 million RMB, 25 million RMB, and 33 million RMB for the years 2018, 2019, and 2020, respectively [6]. - The actual net profits achieved were 18.45 million RMB, 24.84 million RMB, and 24.97 million RMB, indicating that the commitments were not fully met, triggering compensation obligations [6]. Changes in Fund Usage - The company did not change the actual investment projects for the funds raised in 2021, and it has completed the replacement of prior investments with raised funds amounting to 17.22 million RMB [7][9]. - The company has also agreed to use surplus funds of approximately 20.99 million RMB to permanently supplement working capital [8][9].