Financial Performance - The company's operating revenue for 2024 reached ¥3,797,533,142.40, representing a 32.32% increase compared to ¥2,869,998,960.72 in 2023[20]. - Net profit attributable to shareholders for 2024 was ¥267,988,609.87, a 36.92% increase from ¥195,731,160.07 in 2023[20]. - The net profit after deducting non-recurring gains and losses was ¥256,293,199.49, showing a significant increase of 272.97% from ¥68,717,093.34 in 2023[20]. - The total assets at the end of 2024 amounted to ¥5,322,208,927.88, which is a 41.94% increase from ¥3,749,607,108.44 at the end of 2023[20]. - The basic earnings per share for 2024 was ¥2.69, up 39.38% from ¥1.93 in 2023[20]. - The company's gross margin for the reporting period was 21.36%, an increase of 1.64 percentage points year-on-year[58]. - Operating expenses decreased by 4.14% to CNY 443 million, with an expense ratio of 11.66%, down 4.44 percentage points year-on-year[59]. - EBITDA for the reporting period was CNY 478 million, reflecting a year-on-year growth of 31.68%[60]. - The net profit attributable to shareholders was CNY 268 million, up 36.92% year-on-year, with a net profit margin of 7.06%[60]. Dividend Distribution - The company plans to distribute a cash dividend of 5.93 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[3]. - The cash dividend for 2024 is proposed at 5.93 yuan per 10 shares, totaling 62,117,615.19 yuan, which is 23.18% of the net profit[197]. - The proposed cash dividend for the 2023 fiscal year is 3.40 yuan per 10 shares, totaling 33,845,198.00 yuan[191]. - For the 2024 semi-annual profit distribution, the proposed cash dividend is 3.07 yuan per 10 shares, totaling 30,560,222.90 yuan[192]. Business Operations and Strategy - The company has subsidiaries in various regions, including Hong Kong, Vietnam, and the United States, indicating a broad operational footprint[13]. - The company focuses on the power supply sector, primarily engaged in the R&D, production, and sales of switch power supply products, with applications in various fields including office electronics and data centers[44]. - The company has established partnerships with major clients such as LG, HP, and Google, enhancing its brand influence and market position in the power supply industry[42]. - The company is committed to continuous improvement in R&D and quality management to maintain its competitive edge in the power supply manufacturing industry[50]. - The company plans to continue exploring new product development and market expansion, particularly in the electric vehicle charging sector[66]. Research and Development - The company has a strong R&D team with 22 invention patents, 152 utility model patents, and 26 design patents, enhancing its technical innovation capabilities[52]. - The company has established a comprehensive R&D system and standards, resulting in a layered R&D model that balances efficiency and precision, enhancing customer satisfaction and competitiveness[49]. - R&D expenditure for 2024 is projected at approximately ¥212.59 million, representing 5.60% of operating revenue, down from 8.02% in 2023[82]. - The company is currently developing a high-efficiency 3400W server power supply with a peak efficiency of 96%, targeting data center clients[81]. - The company has completed the development of a new AC/DC, AC-AC smart communication power supply with a power range of 1250W to 4000W, aimed at expanding into other power source markets[80]. Market Trends and Projections - The company is positioned in the power supply industry, which is expected to grow from ¥183.2 billion in 2020 to ¥253.2 billion by 2025, with a compound annual growth rate of 5.5%[30]. - The demand for switch power supplies is projected to continue growing, particularly in industrial automation, communication equipment, and consumer electronics[31]. - The global server market revenue reached a record $77.3 billion in Q4 2024, a 91% year-over-year increase, with the total market size for the year surpassing $235.7 billion, nearly doubling since 2020[35]. - The global electric tool shipment is forecasted to grow by 24.8% in 2024, reaching 570 million units, contributing to a market size of $56.64 billion[39]. - The global AI server market is expected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, with generative AI servers increasing their market share from 29.6% in 2025 to 37.7% by 2028[37]. Governance and Management - The company has established a governance structure that includes a general meeting, board of directors, supervisory board, and management team[144]. - The board of directors consists of 9 members, including 3 independent directors, and held 7 meetings during the reporting period[147]. - The supervisory board comprises 3 members, including 1 employee representative, and held 6 meetings to oversee compliance and performance[149]. - The company emphasizes information disclosure and investor relations, ensuring timely and accurate communication with shareholders[150]. - The company maintains independence from its controlling shareholder in terms of operations, personnel, assets, and finances[152]. Financial Management and Investments - The company reported a loss from investments of ¥24,376,062.29, which constituted -8.12% of total profit, indicating non-sustainable income sources[89]. - The total amount of funds raised from the initial public offering in 2020 was RMB 931,293,000, with a net amount of RMB 849,089,824 after deducting issuance costs[108]. - The company issued 6,445,265 convertible bonds in 2024, raising a total of RMB 644,526,500, with a net amount of RMB 632,419,865.56 after expenses[109]. - The company has committed to specific projects using the raised funds, with ongoing assessments of their feasibility and progress[110]. - The company plans to enhance its foreign exchange risk management strategies to mitigate market volatility impacts[102]. Employee and Training Programs - The employee training program focuses on developing management and technical personnel, with a structured approach to talent cultivation[189]. - The company has established a fair assessment mechanism to improve organizational efficiency through performance evaluations[187]. - The total number of employees at the end of the reporting period is 4,832, with 1,410 in the parent company and 3,422 in major subsidiaries[186]. - The company has increased its R&D personnel to 686, a 19.30% increase from 575 in the previous year[82]. Future Outlook - The company has set a future outlook with a revenue guidance of $6 billion for the next fiscal year, indicating a growth of 20%[136]. - New product launches are expected to contribute an additional $300 million in revenue over the next two quarters[137]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by next year[137]. - Market expansion plans include entering three new international markets by the end of the year, projected to increase market share by 10%[137]. - The company is exploring potential mergers and acquisitions to bolster its market position and expand its product offerings[111].

欧陆通（300870）公告，2024年营业收入37.98亿元，同比增长32.32%。归属于上市公司股东的净利润 2.68亿元，同比增长36.92%。公司拟向全体股东每10股派发现金红利5.93元(含税)，送红股0股(含税)， 以资本公积金向全体股东每10股转增0股。 ...

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]

深圳欧陆通电子股份有限公司 关于债券持有人可转债持有比例变动达 10%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。 一、可转换公司债券基本情况及配售情况 证券代码：300870 证券简称：欧陆通 公告编号：2025-015 债券代码：123241 债券简称：欧通转债 经中国证券监督管理委员会出具的《关于同意深圳欧陆通电子股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕219 号）同 意注册，深圳欧陆通电子股份有限公司（简称"公司"）向不特定对象发行可转 换公司债券（简称"可转债"）6,445,265 张，每张面值为人民币 100 元，募集 资金总额为人民币 644,526,500.00 元。 | 称 | （张） | 比例 | | （张） | 比例 | （张） | 比例 | | --- | --- | --- | --- | --- | --- | --- | --- | | 格诺 | 1,851,000 | | 28.72% | -750,000 | 11.64% | 1,101,000 | 17.08% | | 利 | ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-014 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 2025 年第一季度可转债转股结果暨股份变动公告 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。 特别提示： 1、"欧通转债"（债券代码：123241）转股期为 2025 年 1 月 13 日至 2030 年 7 月 4 日，最新转股价格为 44.56 元/股。 2、2025 年第一季度，共有 2,321,056 张"欧通转债"完成转股（面值金额 共计 23,210.56 万元人民币），合计转为 5,206,759 股"欧陆通"股票。 3、截至 2025 年第一季度末，"欧通转债"剩余 4,124,209 张，剩余票面总 金额为 41,242.09 万元人民币。 632,419,865.56 元。截至 2024 年 7 月 11 日，公司上述发行募集的资金已全部 到位，经天职国际会计师事务所（特殊普通合伙）以"天职业字[2024]45591 号" 验资报告验证确认。 （二）可转换公司债券上市情况 经深圳证券交易所（ ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-013 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 特别提示： 1、本次权益变动主要系公司可转换公司债券转股使公司总股本增加，致使 控股股东及其一致行动人合计权益比例由 59.99%被动稀释至 58.69%，触及 1%的 整数倍，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及一致行动人发 生变化，不会影响公司的治理结构和持续经营。 近日，因深圳欧陆通电子股份有限公司（以下简称"公司"）总股本增加， 导致公司控股股东及其一致行动人在持股数量不变的情况下，合计权益比例被动 稀释，现将本次权益变动情况公告如下： 一、本次权益变动的基本情况 关于控股股东及其一致行动人因可转债转股 权益比例被动稀释的提示性公告 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。 经中国证券监督管理委员会出具的《关于同意深圳欧陆通电子股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕219 号）同 意注册，公司于 2024 年 7 月 5 日 ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-012 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 关于控股股东及其一致行动人因可转债转股 权益比例被动稀释的提示性公告 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。 特别提示： 1、本次权益变动主要系公司可转换公司债券转股使公司总股本增加，致使 控股股东及其一致行动人合计权益比例由 60.93%被动稀释至 59.99%，触及 5%的 整数倍，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及一致行动人发 生变化，不会影响公司的治理结构和持续经营。 近日，因深圳欧陆通电子股份有限公司（以下简称"公司"）总股本增加， 导致公司控股股东及其一致行动人在持股数量不变的情况下，合计权益比例被动 稀释，现将本次权益变动情况公告如下： 一、本次权益变动的基本情况 经中国证券监督管理委员会出具的《关于同意深圳欧陆通电子股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕219 号）同 意注册，公司于 2024 年 7 月 5 日 ...

公司控股股东南京王越科王创业投资合伙企业（有限合伙）（以下简称"王 越科王"）通过原股东优先配售，认购"欧通转债"1,851,702 张，占可转债发 行总量的 28.73%。具体内容详见公司于 2024 年 7 月 22 日在巨潮资讯网 （www.cninfo.com.cn）披露的《深圳欧陆通电子股份有限公司向不特定对象发 行可转换公司债券上市公告书》。 二、可转债持有比例变动情况 公司于近日收到控股股东王越科王通知，获悉其于 2025 年 2 月 21 日至 2025 年 3 月 13 日期间，通过大宗交易的方式累计转让其所持有的"欧通转债"共计 933,702 张，占可转债发行总量的 14.49%，具体变动情况如下： | 持有 | 本次变动前 | | 本次变动情况 | | 本次变动后 | | | --- | --- | --- | --- | --- | --- | --- | | 人名 | 持有数量 | 占发行总量 | 转让数量 | 占发行总量 | 持有数量 | 占发行总量 | 证券代码：300870 证券简称：欧陆通 公告编号：2025-011 债券代码：123241 债券简称：欧通转债 深圳欧陆通电 ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-010 债券代码：123241 证券简称：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： 序 号 公司 名称 机构 产品名称 产品 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].