Group 1: Financial Performance - In 2024, the company's operating revenue was 922.73 million, a year-on-year decrease of 37.16% [2] - The net profit attributable to shareholders was -501 million, a decline of 617.17% compared to the previous year [3] - In Q1 2025, the operating revenue reached 233 million, showing a year-on-year growth of 16.75% [3] Group 2: Revenue Composition and Business Segments - The company's revenue is primarily derived from integrated circuits (IC), power supply products, and motor products [3] - Integrated circuits include special power management chips and motor driver chips, used in high-reliability fields such as aerospace and power generation [3] - Power supply products are utilized in various sectors, including aviation, communication, and data centers [3] Group 3: Research and Development - In 2024, R&D expenses amounted to 390.18 million, an increase of 17.41% year-on-year [2] - The focus areas for R&D in the next 3-5 years include integrated circuit micro-modules and AI device power supplies [3] - The company is actively expanding its product categories and application fields, particularly in integrated circuits and data centers [2] Group 4: Market Challenges and Strategies - The company faces challenges from insufficient downstream demand and cyclical fluctuations in the communication industry [2] - Strategies to enhance competitiveness include increasing market expansion efforts and accelerating the conversion of new research products [2] - The company plans to balance debt and equity financing to optimize its capital structure, maintaining a debt ratio below 50% historically [4] Group 5: International Business Development - In 2022 and 2023, overseas business revenue accounted for approximately 20% of total revenue, with 270 million in 2023 [3] - In 2024, overseas revenue declined to 83 million due to industry impacts [3] - The company has a subsidiary in Singapore and aims to actively expand its overseas market presence [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company has shown signs of demand recovery, with a potential return to growth in performance [5] - The company experienced a significant decline in revenue in 2024, but the first quarter of 2025 shows a positive growth trend [5] - Ongoing capacity expansion projects are expected to support future growth as downstream demand gradually recovers [5] Financial Performance Summary - In 2024, the company's revenue was 922 million yuan, a year-on-year decrease of 37.16%, with a net loss of 501 million yuan, a decrease of 617.17% [4][5] - For Q1 2025, revenue was 233 million yuan, a year-on-year increase of 16.75%, with a net loss of 44 million yuan, a decrease of 13.42% [4][5] - The company’s total liabilities increased to 1.845 billion yuan in Q1 2025, a year-on-year increase of 34.38% [4][5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.19 yuan, 0.48 yuan, and 0.75 yuan respectively, with corresponding PE ratios of 73.4, 29.2, and 18.6 [6]

证券代码：300593 证券简称：新雷能 公告编号：2025-034 北京新雷能科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 北京新雷能科技股份有限公司（以下简称"公司"）已于2024 年10月23日召开第六届董事会第八次会议和第六届监事会第八次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 决定使用额度不超过40,000万元人民币的闲置募集资金进行现金管 理,具体内容详见公司2024年10月24日披露于巨潮资讯网站上的相关 公告。 近日，公司使用部分闲置募集资金购买了银行理财产品，现就相 关事宜公告如下： 注：公司、公司实际控制人与上述受托方不存在关联关系。 二、审批程序 购买主体 签约银 行 产品 名称 产品 类型 存款金 额（万 元） 起息 日 到期 日 预期年化 收益率 资金 来源 北京新雷 能科技股 份有限公 司 北京银 行股份 有限公 司 欧元/美元 固定日观察 区间型结构 性存款 保本 浮动 收益 型 5,000 2025 年4月 28日 2025 年7月 2 ...

Summary of Conference Call Records Company Overview - **Company**: 新雷能 (New Ray Energy) - **Industry**: Power supply solutions, focusing on aerospace, communication, data centers, and integrated circuits Key Points and Arguments Financial Performance - **Q1 Revenue**: 2.33 billion CNY, up 16.75% year-on-year, but net profit attributable to shareholders was -43.74 million CNY, down 13.74% due to increased financial expenses and reduced investment income [1][3] - **2024 Revenue**: 9.22 billion CNY, down 37.16% year-on-year; net profit was -0.1 billion CNY, down 617.17% due to revenue decline, significant impairment provisions, and increased R&D expenses of approximately 40 million CNY [2] - **Product Revenue**: Integrated circuit micro-modules revenue was 3.98 million CNY, down 44%; data center server power revenue was over 60 million CNY, nearly doubling year-on-year; motor and electric drive products revenue reached over 30 million CNY [2] Strategic Focus and Development - **2024 Work Focus**: Product development and innovation, market expansion, and capacity construction, with specific projects in aerospace, communication, and data centers [1][4] - **New Product Development**: Enhancements in power density for aerospace power components, development of natural cooling rectifiers in communication, and power conversion modules for data centers [1][4] - **Integrated Circuits**: Completion of seven high-performance power management chips [1][4] Capacity Expansion - **New Projects**: Beijing module power expansion project expected to be operational by year-end; projects in Shenzhen, Xi'an, and Chengdu anticipated to start in Q3 or Q4 [1][4][7] - **Production Capacity**: Overall capacity utilization is steadily improving, with new projects expected to optimize production layout and efficiency [7][8] Market Outlook - **Data Center Power Market**: Significant growth potential, with last year's revenue of approximately 60 million CNY, doubling year-on-year; expected to continue rapid growth driven by new demands such as adaptive computing and AI applications [11] - **Core Competitiveness**: Ability to provide comprehensive power solutions from AC supply to server core units, giving a unique advantage in the domestic market [11] R&D and Innovation - **R&D Investment**: High R&D expenses in 2024, focusing on smart motor drives, integrated circuits, and data centers; new business segments like integrated circuits have started generating revenue [6] - **Future R&D Plans**: Continued focus on enhancing design capabilities and improving product performance metrics [4][6] Inventory and Management - **Inventory Impairment**: Primarily due to industry impacts and previous high growth demand; management plans to strengthen customer demand confirmation to mitigate future impairments [6] Profitability and Margins - **Gross Margin Trends**: Significant improvement in Q1 gross margin; expected to stabilize as order volumes increase and production efficiency improves [9][10] Customer and Order Trends - **Order Growth**: Positive outlook for orders in 2025, with a notable increase compared to 2024; however, the sustainability of this growth remains to be seen [17] Satellite Sector Developments - **Low Earth Orbit Satellites**: Progress made in product design and testing, with expectations for further development based on national planning [18][19] Additional Important Insights - **Market Dynamics**: The company is adapting to market changes with new product developments and customer management strategies to address declining demand certainty [6] - **Long-term Vision**: Focus on maintaining a stable operational level while increasing R&D investment in key areas to drive future growth [2][4]

Financial Performance - In 2024, the company achieved operating revenue of 922 million CNY, a decrease of 37.16% year-on-year [2] - The net profit attributable to the parent company was -501 million CNY, a decline of 617.17% year-on-year [2] - In Q1 2025, operating revenue was 233 million CNY, an increase of 16.75% year-on-year, while the net profit was -43.74 million CNY, a decrease of 13.42% year-on-year [2] Reasons for 2024 Performance - Decline in overall revenue due to insufficient downstream demand in specialized industries, cyclical fluctuations in the communication sector, and underperformance in data center market expansion [2] - Asset impairment losses totaled 281.81 million CNY, including inventory write-downs of 253.71 million CNY [2] - Increased R&D expenses of 390.18 million CNY, up 17.41% year-on-year, reflecting the company's commitment to technological advancement [2] 2024 Work Focus - Strengthening product development and technological innovation in specialized fields such as aerospace, communication, data centers, integrated circuits, low-orbit satellites, and new energy [3][4] - Expanding product categories with existing mature customers and actively pursuing new industry clients [4] - Enhancing production capacity in Beijing, Xi'an, Shenzhen, and Chengdu, while advancing smart manufacturing and automation [4] 2025 Work Focus - Continuing to enhance integrated circuit design capabilities and SiP packaging technology [5] - Developing high-reliability, high-power-density power modules and customized power products for aerospace applications [6] - Increasing investment in R&D for high-reliability power management and emerging integrated circuit applications [6] Investor Communication Insights - Q1 2025 revenue shows improvement, with optimistic order and delivery outlook for Q2 and the full year [8] - R&D investment remains high, focusing on domestic production and new product categories [8] - Inventory impairment losses in 2024 were due to industry-wide impacts and overstocking based on previous demand forecasts [9] - New production capacity from projects in Beijing, Shenzhen, Xi'an, and Chengdu is expected to enhance overall output [9] Profit Margin Outlook - The company's gross margin is expected to stabilize, with potential improvements as demand increases and production efficiency rises [10] - The shift towards higher-margin products in aerospace could positively impact gross margin [10] Data Center Power Solutions - The company is strategically focused on data center power solutions, providing comprehensive power solutions from AC input to server power supply [11] - Current market presence is small, but there is significant potential for growth in this area [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 RMB [7][8]. Core Views - The company experienced a significant recovery in demand in Q1 2025, with expectations for strong growth in revenue and net profit throughout the year, driven by the release of previously accumulated demand and the launch of new products [1][2]. - Despite a decline in revenue in 2024 due to insufficient downstream demand in specialized industries and cyclical fluctuations in the communication sector, the company has made substantial progress in product development and market expansion, indicating a potential turning point in performance [2][3]. - The data center market is expected to provide new growth opportunities, with the company enhancing its production capacity and developing comprehensive power solutions for IDC facilities [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 922 million RMB, a year-over-year decline of 37.16%, and a net loss of 500.78 million RMB, a significant drop of 617.17% compared to the previous year [1][6]. - For Q1 2025, the company achieved revenue of 233 million RMB, an increase of 16.75% year-over-year, although it still reported a net loss of 44 million RMB, down 13.42% year-over-year [1][2]. Revenue and Profit Forecast - The company is projected to achieve net profits of 146.81 million RMB, 240.38 million RMB, and 313.46 million RMB for the years 2025, 2026, and 2027, respectively [4][6]. - The expected revenue for 2025 is 1.65 billion RMB, reflecting a growth of 79.20% compared to 2024 [6]. Valuation Metrics - The report estimates a price-to-earnings (PE) ratio of 69 for 2025, with a target price set at 18.72 RMB based on this valuation [4][8]. - The company's market capitalization is currently 7.35 billion RMB, with a closing price of 13.54 RMB as of April 22, 2025 [8].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the special power supply industry and strategic layout in multiple fields such as data centers and low-orbit satellites [6][8]. Core Viewpoints - The company reported a revenue of 920 million yuan for 2024, a year-over-year decline of 37.2%, and a net profit attributable to shareholders of -500 million yuan, marking a shift from profit in 2023 [3]. - The first quarter of 2025 showed a revenue increase of 16.8% year-over-year, amounting to 230 million yuan, although the net profit remained negative at -44 million yuan [3]. - The company is actively expanding its production capacity and has several projects expected to be operational by the third quarter of 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profitability, with a gross margin decrease of 5.4 percentage points to 40.0% [3][4]. - The fourth quarter of 2024 saw a revenue of 240 million yuan, down 35.8% year-over-year, primarily due to asset impairment losses totaling 280 million yuan for the year [3][4]. - The company’s R&D expenses increased by 17.4% to 390 million yuan in 2024, reflecting a focus on innovation and development [5]. Product and Market Development - The company made progress in the low-orbit satellite sector, developing a controller chip for commercial aerospace applications [4]. - Revenue from power supply and electric drive products was 870 million yuan, down 36.2% year-over-year, while integrated circuits and micro-modules generated 40 million yuan, down 44.0% [4]. Future Outlook - The company is expected to see a recovery in net profit, with projections of 101 million yuan in 2025, 307 million yuan in 2026, and 493 million yuan in 2027 [6][7]. - The anticipated revenue growth rates for the next few years are 62.6% in 2025, 40.2% in 2026, and 43.1% in 2027 [7][12].

证券代码：300593 证券简称：新雷能 公告编号：2025-031 北京新雷能科技股份有限公司 关于为全资子公司提供银行授信担保的公告 一、担保情况概述 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 北京新雷能科技股份有限公司（以下简称"公司"或"本公司"） 2025 年 4 月 18 日召开第六届董事会第十二次会议，审议通过了《关 于为全资子公司提供银行授信担保的议案》，同意公司为全资子公司 深圳市雷能混合集成电路有限公司（以下简称"深圳雷能"）向银行 申请授信额度提供担保，同时授权公司董事长或董事长指定的授权代 理人办理相关业务，代表公司办理相关手续、签署相关法律文件等。 本次公司子公司拟申请授信的金融机构范围及额度具体如下： | 序号 | 被担保方 | 融资银行 | 申请授信额度 | | --- | --- | --- | --- | | 1 | 深圳市雷能混合集成 | 招商银行股份有限公司深圳 | 5,000 万元 | | | 电路有限公司 | 分行 | | | 2 | 深圳市雷能混合集成 | 中国银行股份有限公司深圳 | 5,000 万元 | | ...

证券代码：300593 证券简称：新雷能 公告编号：2025-028 北京新雷能科技股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 本次会计政策变更事项属于根据国家统一的会计制度要求的会计政策变更， 本次会计政策变更不涉及对以前年度的报表追溯调整，不会对公司的财务状况和 经营成果产生重大影响。 北京新雷能科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第六届董事会第十二次会议,审议通过《关于会计政策 变更的议案》，该事项无需提交股东大会审议。现将相关事宜公告如 下： 一、本次会计政策变更的概述 （一）变更原因、日期 2024 年 12 月，财政部发布《企业会计准则解释第 18 号》（财 会[2024]24 号），规定对不属于单项履约义务的保证类质量保证产 生的预计负债，应当按确定的金额计入"主营业务成本"和"其他业 务成本"等科目，该解释规定自印发之日起施行，允许企业自发布年 度提前执行。 根据上述规定，公司自 2024 年 1 月 1 日起执行变更后的会计政 策。 （二）变更前采用的 ...

证券代码：300593 证券简称：新雷能 公告编号：2025-027 北京新雷能科技股份有限公司 | 38 | 一种芯片老化测试装置 | 发明专利 | ZL202311101041.5 | 2024/11/26 | | --- | --- | --- | --- | --- | | 39 | 储能电源 | 实用新型 | ZL202420176817.3 | 2024/12/13 | | 40 | 永力 24V 直流电源后台软件 V1.0 | 软件著作权 | 2024SR2151024 | 2024/12/20 | | 41 | 端子插拔自动测试治具（TFXB） | 外观设计 | ZL202430289889.4 | 2024/12/24 | | 42 | 一种高精度过流短路保护线路 | 发明专利 | ZL202110430920.7 | 2024/12/24 | 二、对公司生产经营的影响 1、上述知识产权均为公司及子公司自主研发，并陆续在相关业 务中应用。 2、上述知识产权的取得有利于进一步完善公司的知识产权保护 体系，发挥自主知识产权优势，形成持续创新机制，不断增强公司的 核心竞争力。 关于取得知识产权的公 ...