Core Viewpoint - Shenzhen Oulutong Electronics Co., Ltd. maintains a stable credit rating of AA- due to its leading position in the switch power supply industry and strong growth in its data center power business, despite facing risks related to customer order fluctuations and raw material price volatility [1][3]. Company Overview - Oulutong is a leading manufacturer of switch power supplies in China, focusing on power adapters, data center power supplies, and other power products, with a stable collaboration with high-quality customers [1][4]. - The company reported a significant revenue growth of 79.95% in its data center power business for 2024, driven by high demand in the server industry [1][9]. Financial Performance - Total assets increased from 37.50 billion in 2023 to 53.62 billion in 2025, while net profit rose from 1.94 billion in 2023 to 2.68 billion in 2024 [1]. - The EBITDA margin improved significantly to 12.73% in 2024, reflecting better operational efficiency and product mix optimization [1][9]. Market Environment - The switch power supply industry has a large market size with diverse applications, including consumer electronics, network communication, and data centers, and is expected to grow at a compound annual growth rate of 4.7% from 2025 to 2031 [5][6]. - The global switch power supply market reached 30.81 billion USD in 2024, with a projected increase to 42.21 billion USD by 2031 [6]. Competitive Landscape - The industry remains competitive, with Taiwanese manufacturers holding significant market share, while domestic companies like Oulutong show substantial growth potential [8][9]. - Oulutong's sales to its top five customers accounted for 37.62% of total revenue, indicating a stable customer base but also potential risks from dependency on key clients [12][14]. Operational Strategy - The company has expanded its production capacity with new facilities in Mexico and Vietnam, enhancing its global supply chain and product delivery stability [14][15]. - Oulutong's R&D investment was 2.13 billion in 2024, representing 5.60% of its revenue, aimed at improving product competitiveness and innovation [9][10]. Risks and Challenges - The company faces risks from fluctuations in core customer orders, raw material price volatility, and exchange rate changes, particularly as it exports a significant portion of its products [1][10][14]. - The high proportion of raw materials in production costs poses challenges for cost control, especially with rising prices for semiconductors and other key components [15].

深圳欧陆通电子股份有限公司相 关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【929】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

Core Insights - The total margin financing balance of the ChiNext market reached 371.67 billion yuan, marking a continuous increase for nine trading days, with a cumulative increase of 12.46 billion yuan during this period [1][2] Financing Balance Changes - As of July 17, 2025, the total margin financing balance was 372.82 billion yuan, an increase of 2.48 billion yuan from the previous trading day [2] - The financing balance specifically was 371.67 billion yuan, which increased by 2.45 billion yuan from the previous day [2] - During the nine-day increase, 553 stocks saw an increase in financing balance, with 99 stocks experiencing an increase of over 20% [2] Top Gainers and Losers - The stock with the highest increase in financing balance was Feiliwa, with a latest balance of 41.78 million yuan, reflecting a 351.84% increase [3] - Other notable gainers included Fosa Technology and Mingyang Electric, with increases of 182.02% and 134.65%, respectively [3] - Conversely, the stock with the largest decrease was Oulutong, with a financing balance of 38.11 million yuan, showing a decline of 32.55% [3] Sector Performance - Stocks with financing balance increases of over 20% were primarily concentrated in the machinery, computer, and pharmaceutical industries, with 13, 13, and 12 stocks respectively [4] - The average increase for stocks with over 20% financing balance growth was 11.55%, outperforming the ChiNext index [5] Notable Financing Changes - The stock with the largest total increase in financing balance was Xinyi Sheng, with a latest balance of 5.48 billion yuan, increasing by 1.24 billion yuan [6] - Other significant increases were seen in Zhongji Xuchuang, with an increase of 902 million yuan, and Guiding Needle, with an increase of 682 million yuan [6] - Stocks with the largest decreases included Sifang Jinchuan, Zhongying Electronics, and Shenzhou Taiyue, with decreases of 331 million yuan, 266 million yuan, and 211 million yuan, respectively [6]

A股液冷服务器板块走强，博汇股份涨超15%，欧陆通、利欧股份、科华数据、华勤技术等跟涨。 ...

Group 1 - The liquid cooling server sector is experiencing significant growth, with BoHui Co., Ltd. (300839) rising over 15% [1] - Other companies in the sector, such as Oulu Tong (300870), Liou Co., Ltd. (002131), Kehua Data (002335), and Huaqin Technology (603296), are also seeing increases in their stock prices [1]

Market Overview - As of 10:29 AM today, the Shanghai Composite Index stands at 3526.79 points, above the six-month moving average, with a change of 0.47% [1] - The total trading volume of A-shares today is 737.265 billion yuan [1] Stocks Performance - A total of 94 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - 欧陆通 (Eurasiatic) with a deviation rate of 5.86%, closing at 128.20 yuan after a 6.85% increase [1] - 思源电气 (Siyuan Electric) with a deviation rate of 5.07%, closing at 76.99 yuan after a 10.00% increase [1] - 中国中车 (CRRC) with a deviation rate of 4.75%, closing at 7.60 yuan after a 5.41% increase [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - 中纺标 (Zhongfang Biao) with a deviation rate of 3.78%, closing at 48.83 yuan after a 7.04% increase [1] - 天华新能源 (Tianhua New Energy) with a deviation rate of 3.69%, closing at 20.63 yuan after a 7.84% increase [1] - Stocks with smaller deviation rates that have just crossed the six-month line include 多利科技 (Doli Technology), 蓝宇股份 (Lanyu Co.), and 世嘉科技 (Shijia Technology) [1]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

证券代码：300870 证券简称：欧陆通 公告编号：2025-048 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 关于使用闲置募集资金及自有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。 深圳欧陆通电子股份有限公司（以下简称"公司"）于2024年8月27日召开 的第三届董事会2024年第五次会议和第三届监事会2024年第四次会议，审议通过 了《关于使用闲置募集资金和自有资金进行现金管理的议案》，同意公司（含子 公司，下同）使用不超过人民币4亿元（含本数）的部分闲置募集资金（含超募 资金）和不超过人民币3亿元（含本数）的自有资金进行现金管理，有效期自第 三届董事会2024年第五次会议审议通过之日起12个月内，在前述额度和期限范围 内，资金可循环滚动使用。具体内容详见公司在巨潮资讯网上披露的《关于使用 闲置募集资金和自有资金进行现金管理的公告》（公告编号：2024-037）。 根据上述授权，公司已使用部分暂时闲置募集资金及自有资金进行现金管理， 现将有关情况公告如下： 公司与兴业银行股份有限公司、宁波银行股份 ...

Core Viewpoint - The company has demonstrated strong growth in revenue and net profit for 2024 and Q1 2025, driven by its focus on the power supply industry and strategic product optimization. Financial Performance - In 2024, the company achieved revenue of 3.798 billion yuan, a year-on-year increase of 32.32%, marking a historical high in revenue [2] - The net profit attributable to shareholders for 2024 was 268 million yuan, up 36.92% year-on-year, with a net profit margin of 7.06% [3] - For Q1 2025, the company reported revenue of 888 million yuan, a 27.65% increase year-on-year, and a net profit of 49.57 million yuan, up 59.06% year-on-year [3][14] Business Segments - The power adapter business generated revenue of 1.673 billion yuan in 2024, a growth of 4.96%, despite a weak global consumer electronics market [4] - The data center power business saw significant growth, with revenue reaching 1.459 billion yuan, a 79.95% increase, driven by high-power server power supply sales, which surged by 536.88% to 780 million yuan [4][5] - Other power business revenue increased by 48.71% to 649 million yuan, supported by the recovery in the electric tool charger market [5] Product Development - The company offers a range of data center power products, including high-power server power supplies, with advanced technology and product offerings [6] - The company has established itself as a key domestic manufacturer in the data center power sector, gaining recognition from major server manufacturers and end customers [8] Market Expansion - The company is actively expanding its overseas business, with teams established in Taiwan and the United States to target various global clients [9] - The company has a global production capacity layout, including facilities in Shenzhen, Dongguan, Ganzhou, Suzhou, Vietnam, and Mexico [10] Future Plans - The data center power business is a strategic focus for the company, with plans to enhance market presence and expand business scale while pursuing domestic and international growth opportunities [11] - The power adapter business will continue to diversify product offerings and deepen relationships with existing clients [12] Regulatory Impact - The company has limited direct exposure to U.S. tariffs, maintaining a diversified customer base and global production capabilities to mitigate risks [13] Revenue Targets - The company has set ambitious revenue growth targets for 2025 and 2026, with specific growth rates outlined for both revenue and net profit [14] Analyst Ratings - Recent ratings from six institutions indicate a positive outlook, with three buy ratings and three hold ratings, and an average target price of 126.53 yuan [15]

Financial Performance - In 2024, the company achieved a revenue of CNY 3.798 billion, a year-on-year increase of 32.32%, marking a historical high in revenue [3] - The gross margin for 2024 was 21.36%, an increase of 1.64 percentage points year-on-year [3] - The net profit attributable to shareholders for 2024 was CNY 268 million, a year-on-year growth of 36.92% [3] - In Q1 2025, the company reported a revenue of CNY 888 million, a year-on-year increase of 27.65% [4] Business Segments - The power adapter business generated CNY 1.673 billion in revenue for 2024, a growth of 4.96% year-on-year [5] - The data center power business saw a revenue of CNY 1.459 billion, a significant increase of 79.95% year-on-year, contributing to the overall revenue growth [6] - The other power business segment achieved a revenue of CNY 649 million, a year-on-year increase of 48.71% [6] Product and Market Development - The data center power products include various power ranges, with high-power server power products showing a revenue increase of 536.88% year-on-year [7][6] - The company has established itself as a key domestic manufacturer of data center power products, gaining recognition from major clients such as Inspur and Foxconn [8] - The company is actively expanding its overseas business, with teams set up in Taiwan and the USA to target global markets [9] Future Plans - The company aims to continue expanding its data center power business, focusing on AI industry opportunities and deepening cooperation with existing clients [11][12] - Plans for the power adapter business include expanding product categories and exploring new application scenarios [13] - Revenue growth targets for 2025 and 2026 are set at 28% and 35% respectively, with net profit growth targets of 48% and 60% [15][16]