证券代码：300870 证券简称：欧陆通 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 投资者关系活动记录表 编号：（2026-003） | | □分析师会议 特定对象调研 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动 | □新闻发布会 路演活动 | | 类别 | | | | □现场参观 | | | 其他 （券商策略会、线上会议） | | | Jefferies、Neuberger Berman、Polar Capital、Polyglot、 | | | Sumitomo Mitsui DS Asset Management、Value Partners、 | | | WFM Asia、CHANGE Global investment、Hel Ved Capital | | | Management、Optimas Capital、TD asset management、Central | | | Asset Investments、Nomura Asset Management、Schroders | | | Investment ...

证券研究报告：电力设备 | 公司点评报告 股票投资评级 欧陆通(300870) 买入 |维持 公司基本情况 | 最新收盘价（元） | 236.50 | | --- | --- | | 总股本/流通股本（亿股）1.09 | / 1.09 | | 总市值/流通市值（亿元）258 | / 258 | | 52 周内最高/最低价 | 301.00 / 90.75 | | 资产负债率(%) | 59.2% | | 市盈率 | 87.92 | | 第一大股东 | 深圳市格诺利信息咨询 | | 有限公司 | | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com AI 赋能，智创未来 l 投资要点 聚焦 AI 高功率场景，技术与客户优势突出。随着 AI 算力集群持 续扩容，高功率、高效率的服务器电源成为数据中心选型核心。公司 产品布局覆盖 800W 至 5.5kW 全功率段，全面覆盖通用服务器、AI 服 务器、存储及网络设备场景，并同步布局浸没式 ...

证券研究报告：电力设备 | 公司点评报告 | 最新收盘价（元） | 236.50 | | --- | --- | | 总股本/流通股本（亿股）1.09 | / 1.09 | | 总市值/流通市值（亿元）258 | / 258 | | 52 周内最高/最低价 | 301.00 / 90.75 | | 资产负债率(%) | 59.2% | | 市盈率 | 87.92 | | 第一大股东 | 深圳市格诺利信息咨询 | | 有限公司 | | 研究所 股票投资评级 欧陆通(300870) 买入 |维持 公司基本情况 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com AI 赋能，智创未来 l 投资要点 聚焦 AI 高功率场景，技术与客户优势突出。随着 AI 算力集群持 续扩容，高功率、高效率的服务器电源成为数据中心选型核心。公司 产品布局覆盖 800W 至 5.5kW 全功率段，全面覆盖通用服务器、AI 服 务器、存储及网络设备场景，并同步布局浸没式 ...

回购股份注销调整，公司运作稳健 欧陆通(300870) 投资评级:增持(维持) | 基本数据 | 2026-03-17 | | --- | --- | | 收盘价(元) | 247.51 | | 流通股本(亿股) | 1.09 | | 每股净资产(元) | 24.05 | | 总股本(亿股) | 1.09 | 最近 12 月市场表现 -42% -15% 12% 39% 66% 93% 欧陆通 沪深300 分析师 李康桥 SAC 证书编号：S0160526020002 likq@ctsec.com 核心观点 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《国产电源脊梁，高功率服务器电源持续 高增》 2025-08-31 2. 《一季度收入维持高增，经营性现金流亮 眼》 2025-04-25 3. 《高功率电源如期高增，降本增效盈利提 升》 2025-04-22 证券研究报告 其他电源设备Ⅱ / 公司跟踪研究报告 / 2026.03.18 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has announced a minor adjustment in the conversion price of its convertible bonds due to the cancellation of repurchased shares, which has no substantial impact on the bonds or the underlying stock [7] - The company launched a new 3200W titanium power supply module designed for high-density server cabinets, achieving an average efficiency of approximately 93.34% and receiving 80PLUS titanium certification [7] - The company is expected to benefit from the growing demand for high-power server power supplies, aiming to provide reliable, intelligent, and efficient power electronic products across various industries [7] - The company has a vision to become a leading brand in the industry, focusing on AI computing, data centers, and new energy sectors, leveraging its advanced technology and global production capacity [7] - Revenue projections for 2025-2027 are estimated at 45.80 billion, 54.98 billion, and 66.23 billion RMB, with net profits of 3.31 billion, 4.33 billion, and 5.63 billion RMB respectively, corresponding to PE ratios of 79.0, 60.3, and 46.4 [7] Financial Summary - The company's revenue for 2023 is projected at 2,870 million RMB, with a growth rate of 6.2%, and is expected to reach 6,623 million RMB by 2027, with a growth rate of 20.5% [6][8] - The net profit for 2023 is estimated at 196 million RMB, with a significant growth rate of 116.5%, projected to increase to 563 million RMB by 2027, with a growth rate of 29.9% [6][8] - The earnings per share (EPS) is expected to grow from 1.93 RMB in 2023 to 5.33 RMB in 2027 [6][8] - The return on equity (ROE) is projected to improve from 10.5% in 2023 to 17.3% in 2027 [6][8]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 3.387 billion, a year-on-year increase of 27.16% [3] - The gross profit margin for the first three quarters was 20.47%, a decrease of 0.80 percentage points year-on-year [3] - The net profit attributable to shareholders for the first three quarters was CNY 222 million, up 41.53% year-on-year [3] - The operating profit margin for the first three quarters was 7.58%, an increase of 1.46 percentage points year-on-year [3] Expense Overview - Total expenses for the first three quarters amounted to CNY 409 million, a year-on-year increase of 22.98% [4] - The expense ratio was 12.06%, a decrease of 0.41 percentage points year-on-year [4] - Research and development expenses reached CNY 211 million, a year-on-year increase of 38.31% [5] Product Development - The company offers a range of data center power products, including various power supply solutions for servers [6][7] - The company is focusing on high-power server power supply products, which are at the forefront of the domestic market [10] Strategic Measures - The company is closely monitoring raw material price fluctuations and optimizing supply chain management to mitigate cost pressures [8] - Future plans for the power adapter business include expanding product categories and enhancing operational efficiency [9] Market Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target global markets [12] - The company has established partnerships with major domestic server manufacturers and is focusing on high-performance power supply solutions [10] Future Goals - The company aims to achieve significant revenue growth targets for 2026, with specific growth rates set for revenue and net profit [15]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [5] Core Views - The company is positioned to leverage the growth in AI power supply, aiming to enter the ASIC supply chain, supported by decades of technological accumulation and production experience [2][12] - The company is actively expanding its global market presence, with a focus on data center power supply as a long-term strategic priority [12] - The expected earnings per share (EPS) for 2025-2027 are projected to be 2.71, 3.82, and 5.40 yuan respectively, with a target price set at 305.43 yuan based on a 2026 price-to-earnings (PE) ratio of 80 times [12][15] Financial Summary - Total revenue is projected to grow from 29 billion yuan in 2023 to 81 billion yuan in 2027, with year-on-year growth rates of 6.2%, 32.3%, 32.5%, 29.7%, and 24.9% respectively [4] - Net profit attributable to the parent company is expected to increase from 2 billion yuan in 2023 to 6 billion yuan in 2027, reflecting significant growth rates of 116.5%, 36.9%, 10.1%, 41.1%, and 41.4% [4] - The company’s return on equity (ROE) is forecasted to rise from 10.5% in 2023 to 18.4% in 2027 [4] Business Growth and Market Position - The company is recognized as a leading domestic server power supply manufacturer, with a comprehensive product range from 800W to 5.5kW [12] - The server power supply segment is anticipated to experience rapid growth, benefiting from the high demand for AI servers, with projected growth rates of 73%, 49%, and 35% for 2025-2027 [14][15] - The company has established teams in Taiwan and the United States to enhance its global channel development [12] Investment Projects and Capacity Expansion - The company’s convertible bond project is expected to achieve an annual output value of approximately 970 million yuan by 2026, primarily for general and high-power server power supply production [12] - The company is focused on expanding its customer base and production capacity while accelerating its global capacity layout, forming a closed loop of research, production, and investment [12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, multi-IM access, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is set to transform AI from a conversational role to an execution role, enabling more intelligent personal AI assistants and digital employees. Major companies like Xiaomi and Huawei are adapting OpenClaw for various devices, indicating a shift in the capabilities of edge AI [5] Summary by Sections OpenClaw Development - OpenClaw was initially released on November 24, 2025, and saw a surge in adoption in February 2026, with major domestic companies launching products based on its code. Notable implementations include Tencent's WorkBuddy and Zhizhu's AutoClaw, which offer seamless integration with existing communication tools [4] Token Consumption and Demand - The introduction of Agent AI has led to a shift in token consumption patterns, with tasks now consuming tens of thousands to millions of tokens per execution. Predictions indicate that by 2030, the global active AI agents will reach 2.216 billion, with annual token consumption skyrocketing from 0.0005 Peta Tokens in 2025 to 15.2 million Peta Tokens [5] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by June 2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is penetrating various devices, including PCs, smartphones, and wearables, transforming the role of AI from a conversational agent to an executor. This shift is expected to create new application scenarios and product categories in the end-side AI market [6] Summary by Sections OpenClaw Development - OpenClaw has seen rapid adoption among major domestic companies, with multiple products and solutions being released based on its code. Notable companies include Tencent, Huawei, Alibaba, and Xiaomi, which are integrating OpenClaw into their cloud services and applications [4] Token Consumption and Inference Demand - The workflow of "plan-execute-feedback-replan" in Agent AI has led to a shift from linear to exponential growth in token consumption. A single task can consume tens of thousands to millions of tokens, indicating a significant increase in demand for inference capabilities [5] End-Side AI Transformation - The modular architecture of OpenClaw allows for comprehensive session management and memory systems, enabling it to autonomously manage various software applications. This evolution is expected to redefine the capabilities of end-side AI and lead to the development of more intelligent personal AI assistants [6] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [7]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [5] Core Views - The company is positioned to benefit from the growing demand for power supplies driven by AI technologies, with expectations of entering the ASIC supply chain [2][12] - The company has a strong global market presence, leveraging decades of technical expertise and production experience, and aims to expand its international footprint [12] - The data center power supply business is a key focus for long-term growth, with significant investments in R&D and market expansion [12] Financial Summary - Total revenue is projected to grow from 29 billion in 2023 to 81 billion in 2027, with a compound annual growth rate (CAGR) of approximately 24.9% [4] - Net profit attributable to shareholders is expected to increase from 2 billion in 2023 to 6 billion in 2027, reflecting a CAGR of 41.4% [4] - Earnings per share (EPS) are forecasted to rise from 1.80 yuan in 2023 to 5.40 yuan in 2027 [4] Market Data - The target price for the company's stock is set at 305.43 yuan, based on a price-to-earnings (PE) ratio of 80 times the estimated earnings for 2026 [12][15] - The current stock price is 263.64 yuan, with a 52-week price range of 90.75 to 301.00 yuan [5][6] Growth Projections - The company anticipates a significant increase in ASIC chip deliveries, projecting a demand for approximately 20GW of power supplies by 2026, alongside a surge in demand from NVIDIA [12] - The server power supply segment is expected to grow at rates of 73%, 49%, and 35% from 2025 to 2027, driven by the high demand for AI servers [14][15] Valuation and Comparables - The report compares the company to peers such as Megmeet and Zhongheng Electric, with an average valuation of 63 times PE for 2026, justifying the company's higher valuation due to its leadership position in the domestic server power supply market [15][16]