证券代码：300870 证券简称：欧陆通 公告编号：2025-063 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 2025年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 （1）现场会议召开时间：2025 年 9 月 16 日（星期二）15:00。 （2）网络投票时间：2025 年 9 月 16 日。 其中：通过深圳证券交易所（以下简称"深交所"）交易系统投票的时间为 2025 年 9 月 16 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深交所互联网投 票 系 统 （ http://wltp.cninfo.com.cn ） 投 票 的 时 间 为 2025 年 9 月 16 日 9:15-15:00。 2、会议召开地点：深圳市宝安区航城大道175号南航明珠花园1栋19号欧陆 通。 3、会议的召开方式：本次股东大会采用现场表决和网络投票相结合的方式 召开。 4、会议召集人：深 ...

Group 1 - The stock of Oulutong fell by 5.02% on September 16, closing at 216.76 CNY per share, with a trading volume of 761 million CNY and a turnover rate of 3.13%, resulting in a total market capitalization of 23.731 billion CNY [1] - Oulutong, established on May 29, 1996, and listed on August 24, 2020, is primarily engaged in the research, production, and sales of switch power supply products, with 99.57% of its main business revenue coming from the manufacturing of computers, communications, and other electronic devices [1] Group 2 - According to data from the top ten heavy stocks of funds, a fund under China Life Asset Management holds a significant position in Oulutong, with the fund "Guoshou Anbao Jingchen 6-Month Holding Period Mixed A" (011773) holding 2,000 shares, accounting for 1.01% of the fund's net value, ranking as the tenth largest heavy stock [2] - The fund "Guoshou Anbao Jingchen 6-Month Holding Period Mixed A" was established on June 24, 2021, with a latest scale of 11.4182 million CNY, achieving a year-to-date return of 14.29% and a one-year return of 19.08% [2]

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7][18]. Core Insights - The demand for overseas computing power has exceeded expectations, leading to a significant acceleration in the domestic ecosystem [5][6]. - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a clear breakout point [15][16]. - Major cloud service providers are expected to invest heavily in liquid cooling technology due to the advanced process of the new generation of chips [5][15]. - The domestic AI industry chain is becoming increasingly competitive, with significant fundraising efforts by leading companies to enhance their capabilities [6][16]. Summary by Sections Investment Viewpoints - The report highlights strong AI beta resonance across various companies, from established overseas firms to domestic players [17]. - The power generation sector is identified as a logical area for growth, with specific recommendations for companies such as KOTAI Power and AIDC leasing firm Hongjing Technology [7][17]. Industry Dynamics - The report notes that the global capital expenditure for data center infrastructure is projected to reach $3-4 trillion over the next five years [15]. - Oracle's latest financial report anticipates a 77% surge in cloud infrastructure revenue, indicating robust market demand [5][15]. - The report also discusses the recent approval of large-scale fundraising by domestic AI companies, which is expected to enhance their competitive edge [6][16]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies in the power equipment sector, including: - KOTAI Power (Buy) - Yingweike (Buy) - Macromit (Buy) - Shunling Environment (Buy) - Hewei Electric (Buy) [10][20][19].

Group 1 - The core viewpoint of the news is that 欧陆通 has experienced a significant stock price increase of 5.06%, reaching 235.86 CNY per share, with a trading volume of 1.062 billion CNY and a turnover rate of 4.35%, resulting in a total market capitalization of 25.822 billion CNY [1] - 欧陆通, established on May 29, 1996, and listed on August 24, 2020, specializes in the research, production, and sales of switch power supply products, with 99.57% of its main business revenue coming from the computer, communication, and other electronic equipment manufacturing industry [1] Group 2 - From the perspective of the top ten circulating shareholders, 睿远基金 holds a position in 欧陆通, with its fund, 睿远成长价值混合A (007119), reducing its holdings by 185,200 shares in the second quarter, now holding 657,400 shares, which accounts for 0.61% of the circulating shares [2] - 睿远成长价值混合A (007119) has achieved a year-to-date return of 58.27%, ranking 519 out of 8246 in its category, and a one-year return of 86.03%, ranking 833 out of 8054 [2] Group 3 - The fund managers of 睿远成长价值混合A (007119) are 傅鹏博 and 朱璘, with 傅鹏博 having a tenure of 16 years and 246 days, achieving a best fund return of 429.69% during his tenure [3] - 朱璘 has a tenure of 6 years and 176 days, with a best fund return of 89.16% during his tenure [3]

Core Viewpoint - The company, 欧陆通, has announced the launch of several advanced server power products and solutions, indicating its leading position in research and development technology in this sector [1]. Product Offerings - The company has introduced a range of core products including: - 3,200W Titanium M-CRPS server power supply - 1,300W-3,600W Titanium CRPS server power supply - 3,300W-5,500W Titanium and Super Titanium GPU server power supplies - Immersion liquid cooling server power supplies - Rack-mounted power solutions (PowerShelf) [1].

Financial Performance - The company achieved a revenue of 2.12 billion CNY in the first half of 2025, representing a year-on-year growth of 32.59% [3] - In Q2 2025, revenue reached 1.23 billion CNY, showing a year-on-year increase of 36.39% and a quarter-on-quarter increase of 38.71% [3] - The gross profit margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year [3] - The net profit attributable to shareholders was 134 million CNY, up 54.86% year-on-year, with a net profit margin of 6.31% [3] Business Segments Performance - Power adapter business generated 826 million CNY in revenue, a year-on-year increase of 6.61% [4] - Data center power business revenue was 962 million CNY, with a significant year-on-year growth of 94.30% [5] - High-power server power revenue reached 662 million CNY, a remarkable increase of 216.47% year-on-year [5] - Other power business revenue was 323 million CNY, showing a modest year-on-year growth of 0.41% [5] Future Plans - The company aims for a revenue growth rate of 28%, 52%, and 72% for 2024-2026, with target values of 35%, 65%, and 90% respectively [12] - The net profit growth rate targets are set at 48%, 104%, and 200% for the same period, with target values of 60%, 130%, and 250% [12] - The company plans to continue expanding its overseas business, establishing teams in Taiwan and the USA [6] Market Conditions - The global economic environment remains challenging, with geopolitical conflicts and trade protectionism affecting growth [3] - The consumer electronics market is experiencing a slowdown, impacting the power adapter segment [4] Shareholder Actions - A share reduction plan is set to take place from September 22, 2025, to December 21, 2025, involving a maximum of 1.9 million shares [13]

证券代码：300870 证券简称：欧陆通 公告编号：2025-062 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 关于欧通转债可能满足赎回条件的提示性公告 自 2025 年 9 月 1 日至 2025 年 9 月 12 日，深圳欧陆通电子股份有限公司（以 下简称"公司"）股票已有 10 个交易日的收盘价不低于"欧通转债"当期转股 价格（43.98 元/股）的 130%（含 130%，即 57.17 元/股）。若在未来触发"欧 通转债"的有条件赎回条款（即"在转股期内，如果公司股票在任何连续三十个 交易日中至少十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%）"）， 届时根据《公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）中有条件赎回条款的相关约定，公司有权决定按照债券面值加当 期应计利息的价格赎回全部或部分未转股的可转换公司债券（以下简称"可转 债"）。 敬请广大投资者详细了解可转债相关规定，并关注公司后续公告，注意投资 风险。 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会出具的《关于同意深圳欧 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan" by the National Development and Reform Commission and the National Energy Administration, aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [5][36] - The electric equipment sector has shown strong performance, with a 28.39% increase year-to-date, outperforming the CSI 300 index by 12.81 percentage points [12][18] - The report suggests focusing on leading inverter companies that benefit from the development of new energy storage technologies [40] Market Review - As of September 11, 2025, the electric equipment industry has risen by 11.64% over the past two weeks, ranking first among 31 industries [12] - The wind power equipment sector increased by 0.35%, while the photovoltaic equipment sector rose by 13.34% [18] - The battery sector saw a significant increase of 19.50% in the same period [18] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 31.61 times, with sub-sectors like the motor sector at 61.67 times and photovoltaic equipment at 25.19 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a strong market position for electric equipment [25] Industry News - The report discusses the "Electric Equipment Industry Steady Growth Work Plan (2025-2026)" aimed at improving equipment supply quality and promoting high-quality development of new energy equipment [36] - It also mentions the ongoing efforts to enhance the acceptance and regulation capabilities of the grid for clean energy [36] Company Announcements - The report includes various company announcements, such as the completion of registration procedures by Xidian New Energy in Thailand and significant contract wins by Youxunda [38] Weekly Perspective - The report emphasizes the importance of the new energy storage plan and its implications for the electric equipment sector, suggesting that companies with advanced technology and scale in inverter production should be closely monitored [39][40]

Group 1 - The core viewpoint of the news is that 欧陆通's stock price increased by 5.11% to 213.90 CNY per share, with a trading volume of 1.012 billion CNY and a turnover rate of 4.41%, resulting in a total market capitalization of 23.418 billion CNY [1] - 欧陆通, established on May 29, 1996, and listed on August 24, 2020, is primarily engaged in the research, production, and sales of switch power supply products, with 99.57% of its main business revenue coming from the manufacturing of computers, communications, and other electronic devices [1] Group 2 - Among the top ten circulating shareholders of 欧陆通, the fund managed by 睿远基金 holds a significant position, having reduced its holdings by 185,200 shares in the second quarter, now holding 657,400 shares, which accounts for 0.61% of the circulating shares [2] - The 睿远成长价值混合A fund (007119) has achieved a year-to-date return of 47.16%, ranking 639 out of 8177 in its category, and a one-year return of 73.18%, ranking 1035 out of 7982 [2] Group 3 - The fund managers of 睿远成长价值混合A are 傅鹏博 and 朱璘, with 傅鹏博 having a tenure of 16 years and 241 days, achieving a best fund return of 429.69% during his tenure [3] - 朱璘 has a tenure of 6 years and 171 days, with a best fund return of 79.23% during his time managing the fund [3]

Core Viewpoint - The stock of Oulutong has shown significant growth in 2023, with a year-to-date increase of 140.01%, indicating strong market performance and investor interest [1][2]. Company Overview - Oulutong Electronics Co., Ltd. is based in Shenzhen, Guangdong, and specializes in the research, production, and sales of power supply products. The company was established on May 29, 1996, and went public on August 24, 2020 [1]. - The main revenue sources for Oulutong are power adapters (44.04%), data center power supplies (38.42%), and other power supplies (17.08%) [1]. Financial Performance - For the first quarter of 2025, Oulutong reported a revenue of 888 million yuan, representing a year-on-year growth of 27.65%. The net profit attributable to shareholders was 49.57 million yuan, up 59.06% compared to the previous year [2]. - Since its A-share listing, Oulutong has distributed a total of 182 million yuan in dividends, with 136 million yuan distributed over the past three years [3]. Shareholder Information - As of March 31, 2025, Oulutong had 16,500 shareholders, an increase of 50.96% from the previous period. The average number of circulating shares per shareholder decreased by 30.35% to 6,447 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which holds 1.4428 million shares, and several new entrants among the top ten shareholders [3].