证券代码：300491 证券简称：通合科技 公告编号：2025-037 石家庄通合电子科技股份有限公司 关于公司及子公司获得发明专利证书、实用新型专利证书及 外观设计专利证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 注：专利权自授权公告之日起生效。专利权有效性及专利权人变更等法律信息以专利登记簿记载为准。 1、一种直插式开关组合 本发明为自主研发，主要用于解决现场直流馈出分路器件损坏无法更换的问 题。本发明创新式新增供电旁路设计，供电旁路采用DC-DC降压斩波电路，其 输出电压比输入电压低。DC-DC降压斩波电路有两种工作模式：连续导通模式 序 号 发明专利名称 证书号 专利号 专利 申请日 授权 公告日 专利 权人 1 一种直插式开关组合 第 8121546 号 ZL 2021 1 0838761.4 2021.7.23 2025.8.1 通合 科技 2 三相单级隔离整流器 及其功率因数校正方 法 第 7922450 号 ZL 2025 1 0012259.6 2025.1.6 2025.5.6 3 数据的掉电续存方 法、装置及电子设备 第 7 ...

Market Performance - The other power equipment sector increased by 3.32% on August 25, with Tonghe Technology leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Top Gainers - Tonghe Technology (300491) closed at 29.41, up 14.39% with a trading volume of 361,500 shares and a transaction value of 1.023 billion [1] - Youyou Green Energy (301590) closed at 187.85, up 12.02% with a trading volume of 25,900 shares and a transaction value of 475 million [1] - Maigemit (002851) closed at 75.21, up 9.08% with a trading volume of 558,700 shares and a transaction value of 4.079 billion [1] Other Notable Performers - Shanghai Electric (601727) closed at 9.23, up 6.83% with a trading volume of 7.7265 million shares and a transaction value of 6.922 billion [1] - Zhongheng Electric (002364) closed at 23.45, up 5.11% with a trading volume of 741,700 shares and a transaction value of 1.733 billion [1] Market Capital Flow - The other power equipment sector saw a net inflow of 452 million from main funds, while retail funds experienced a net outflow of 41.91 million [2] - The main funds' net inflow and retail funds' net outflow indicate a mixed sentiment among investors [2] Individual Stock Fund Flow - Shanghai Electric (601727) had a main fund net inflow of 402 million, but retail funds saw a net outflow of 25.1 million [3] - Maigemit (002851) experienced a main fund net inflow of 83.34 million, while retail funds had a net outflow of 1.07 billion [3] - Tonghe Technology (300491) had a main fund net inflow of 56 million, with retail funds seeing a net inflow of 10.29 million [3]

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].

石家庄通合电子科技股份有限公司 证券代码：300491 证券简称：通合科技 公告编号：2025-036 关于为子公司提供担保额度的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 2025年2月28日，石家庄通合电子科技股份有限公司（以下简称"公司"或 "通合科技"）召开了第五届董事会第八次会议、第五届监事会第八次会议，审 议通过了《关于为子公司提供担保额度的议案》，同意公司在子公司申请综合授 信、借贷业务或开展其他日常经营业务时为其提供担保，预计担保额度合计不超 过46,000万元，其中为资产负债率低于70%的子公司西安霍威电源有限公司（以 下简称"霍威电源"）提供担保额度为不超过18,000万元，为资产负债率70%以 上（含70%）的子公司河北通合新能源科技有限公司（以下简称"通合新能源"）、 陕西通合电子科技有限公司（以下简称"陕西通合"）提供担保额度为合计不超 过28,000万元。担保方式包括但不限于保证、抵押、质押、反担保等方式，担保 额度有效期自股东大会审议通过之日起一年内，担保额度在授权期限内可循环使 用。担保额度有效期 ...

Market Performance - The other power equipment sector increased by 1.27% on August 22, with Tonghe Technology leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Tonghe Technology (300491) closed at 25.71, rising by 12.32% with a trading volume of 380,100 shares and a transaction value of 9.45 billion [1] - Other notable performers include: - Oulu Tong (300870) at 268.75, up 6.23%, with a transaction value of 20.94 billion [1] - Kehua Data (002335) at 52.00, up 3.38%, with a transaction value of 22.75 billion [1] - New Power (300593) at 19.84, up 3.23%, with a transaction value of 5.07 billion [1] Capital Flow Analysis - The other power equipment sector saw a net inflow of 233 million from institutional investors, while retail investors contributed a net inflow of 47.09 million [2] - Notable capital flows include: - Oulu Tong (300870) had a net inflow of 237 million from institutional investors but a net outflow of 57.86 million from retail investors [3] - Kehua Data (002335) experienced a net inflow of 137 million from institutional investors and a net outflow of 59.54 million from retail investors [3]

Investment Rating - The report maintains a positive outlook on the electric heavy truck industry, indicating significant growth potential driven by policy support and economic advantages [2][4]. Core Insights - The domestic electric heavy truck market is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [3][15]. - The report highlights the increasing penetration of electric heavy trucks in both domestic and European markets, with projections indicating that by 2028, China's electric heavy truck sales could reach 500,000 units, driving a demand for 250 GWh of batteries [3][4]. - The electric heavy truck industry chain is becoming more integrated, with a concentrated market structure that enhances profit elasticity across various segments [5][8]. Summary by Sections Domestic Electric Heavy Truck Market - The penetration rate of electric heavy trucks has rapidly increased due to government policies and economic advantages, with significant sales growth observed in recent years [14][15]. - The report notes that the electric heavy truck market is primarily focused on regional logistics applications, with specific use cases in construction, mining, and municipal services [18][20]. European Electric Heavy Truck Market - The European market for electric light and medium trucks is advancing quickly, with electric heavy trucks identified as a blue ocean opportunity [3][4]. - By 2026, European electric heavy truck sales are expected to reach 17,000 units, with a penetration rate projected to rise to 5% [3][4]. Industry Chain and Profitability - The electric heavy truck industry chain is increasingly collaborative, with a focus on specialized products across various segments, including vehicle, battery, and motor development [5][8]. - The report emphasizes the importance of focusing on key segments within the electric heavy truck industry chain, including manufacturers, battery suppliers, and component producers [4][5]. Investment Recommendations - The report suggests monitoring key players in the electric heavy truck sector, including Foton Motor, China National Heavy Duty Truck Group, and FAW Jiefang for vehicle production [4][5]. - Battery manufacturers such as CATL and Guoxuan High-Tech are highlighted as potential investment opportunities due to the expected surge in demand for electric heavy truck batteries [4][5].

证券之星消息，8月15日其他电源设备板块较上一交易日上涨5.11%，欧陆通领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 300870 | 欧陆通 | 248.50 | 19.34% | 12.02万 | | 28.01亿 | | 300593 | 新富能 | 19.88 | 13.34% | 48.75万 | | 9.28亿 | | 002364 | 中恒电气 | 20.64 | 10.02% | 59.29万 | | 11.77亿 | | 002518 | 科士达 | 28.82 | 10.00% | - 36.94万 | | 10.28亿 | | 002951 | 金时科技 | 18.40 | 9.98% | 18.85万 | | 3.35 乙 | | 601727 | 上海电气 | 8.78 | 6.17% | 844.38万 | | ...

（文章来源：证券日报） 证券日报网讯 8月12日晚间，通合科技发布公告称，公司第五届监事会第十次会议审议通过了《关于调 整2022年限制性股票激励计划及2023年限制性股票激励计划授予价格的议案》等多项议案。 ...

证券日报网讯 8月12日晚间，通合科技发布公告称，公司第五届董事会第十次会议审议通过了《关于调 整2022年限制性股票激励计划及2023年限制性股票激励计划授予价格的议案》等多项议案。 （文章来源：证券日报） ...

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].