Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 888 million yuan, a year-on-year growth of 27.65%, and a net profit of 50 million yuan, up 59.06% [1] - The company aims to achieve 100% localization of power components, which is expected to provide new growth opportunities [1][2] - The company has established itself as a major domestic data center power supply manufacturer, with a strong product lineup and global capacity expansion [2] Financial Performance - For Q1 2025, the company achieved a gross margin of 19.11%, a decrease of 0.77 percentage points year-on-year, while the net profit margin increased by 1.13 percentage points to 5.57% [1] - The company’s operating expenses ratio was 13.69%, an increase of 1.24 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D being 2.62%, 4.28%, -0.01%, and 6.81% respectively [1] Product and Market Position - The company has launched several core products, including high-power server power supplies, which have received high recognition from leading server manufacturers and end customers [2] - The company has established production bases in both domestic and international locations, including Shenzhen, Dongguan, and Vietnam, to meet diverse market demands [2] Future Outlook - The company forecasts net profits of 331 million yuan, 458 million yuan, and 549 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33, 24, and 20 times [3] - The growth of the AI industry is expected to enhance the market conditions for power products, supporting the company's data center power business expansion [3]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

Group 1 - The company reported Q1 2025 revenue of 889 million yuan, a year-on-year increase of 27.65% [1] - The net profit attributable to shareholders reached 50 million yuan, up 59.06% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 46 million yuan, reflecting a 53.96% year-on-year growth [1] - The net cash flow from operating activities was 220 million yuan, showing a significant increase of 2,629.51% year-on-year [1] Group 2 - Total expenses for Q1 2025 amounted to 122 million yuan, an increase of 35 million yuan year-on-year, with an expense ratio of 13.69%, up 1.24 percentage points [2] - Research and development expenses were 60.47 million yuan, a year-on-year increase of 32.97%, with a research and development expense ratio of 6.81%, up 0.27 percentage points [2] - The company maintained strong cash flow, with cash received from sales of goods and services reaching 961 million yuan, a 62.76% increase year-on-year, and a cash collection ratio of 108.20% of revenue, up 23.34 percentage points [2] Group 3 - The company is positioned as a leader in the domestic power supply market, benefiting from the growth in high-power server power supply and the recovery of the consumer electronics market [3] - Projected revenues for 2025-2027 are 4.644 billion yuan, 5.454 billion yuan, and 6.313 billion yuan, with net profits of 324 million yuan, 450 million yuan, and 520 million yuan respectively [3] - Corresponding price-to-earnings ratios are expected to be 33.72, 24.25, and 20.98 times for the years 2025, 2026, and 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a record high revenue of 3.798 billion yuan in 2024, representing a year-on-year growth of 32.32%, and a net profit of 268 million yuan, up 36.92% [1][4]. - In Q1 2025, the company reported revenue of 888 million yuan, a year-on-year increase of 27.65%, with a net profit of 50 million yuan, growing by 59.06% [1]. - The data center power business saw significant growth, with revenue reaching 1.459 billion yuan in 2024, up 79.95%, driven by high-power server power products [3][4]. Summary by Sections Financial Performance - The company reported a historical high in revenue for 2024, with Q4 revenue reaching 1.134 billion yuan, a year-on-year increase of 40.97% [2]. - The overall gross margin for 2024 was 21.36%, an increase of 1.64 percentage points from the previous year [2]. Business Segments - The high-power server power business contributed significantly to revenue, with 780 million yuan in revenue, a staggering growth of 536.88% year-on-year, accounting for 53.48% of the data center power business [3]. - The company has established strong relationships with major domestic server manufacturers and is benefiting from the trend of domestic AI server power [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised upwards to 340 million yuan and 457 million yuan, respectively, reflecting a growth of 16% and 17% [4]. - The report projects a net profit of 578 million yuan for 2027 [4]. Key Financial Metrics - The company’s revenue is expected to grow from 2.870 billion yuan in 2023 to 4.609 billion yuan in 2025, with a compound annual growth rate of 21.38% [5]. - The projected earnings per share (EPS) for 2025 is 3.19 yuan, with a price-to-earnings (P/E) ratio of 32 [5][14].

以下为研究报告摘要： 国内外AI算力产业链持续兑现，一季度业绩全面亮眼 国内：（1）AI芯片：海光信息2025Q1合同负债金额达32.37亿元，同比增长 113510.65%；（2）AI服务器&电源：华勤技术2025Q1实现营收349.98亿元，同比增长 115.65%；欧陆通2025Q1实现归母净利润0.50亿元，同比增长59.06%；（3）AI光模块：华 工科技2025Q1实现归母净利润4.1亿元，同比增长40.88%；新易盛2025Q1实现归母净利润 15.73亿元，同比增长384.54%；中际旭创2025Q1实现归母净利润15.83亿元，同比增长 56.83%；（4）AI光器件：致尚科技2025Q1实现归母净利润0.24亿元，同比增长64.57%；仕 佳光子2025Q1实现归母净利润0.93亿元，同比增长1003.78%。 海外：谷歌云2025Q1实现营收123亿美元，同比增长28%，实现谷歌云营业利润率提升 到17.7%，同比提升8.4个百分点，预计2025年资本开支仍约为750亿美元。维谛技术2025Q1 订单同比增长13%，环比增长21%，下游数据中心需求仍然强劲，公司上调2025年净销售中 位 ...

Core Insights - The company achieved a record revenue of 3.798 billion yuan in 2024, representing a year-on-year growth of 32.32% [1] - The net profit attributable to shareholders reached 268 million yuan, up 36.92% year-on-year, while the net profit after deducting non-recurring gains and losses surged by 272.97% to 256 million yuan [1] - The company plans to distribute a cash dividend of 5.93 yuan per 10 shares, totaling 62.12 million yuan, with an additional 30.56 million yuan already distributed in the first half of 2024 [1] Revenue Breakdown - The power adapter business generated 1.673 billion yuan in revenue, a growth of 4.96% year-on-year, showcasing the business's stability despite weak downstream demand [2] - The data center power business saw significant growth, with revenue reaching 1.459 billion yuan, a substantial increase of 79.95%, and a gross margin of 25.04%, up 5.49 percentage points [2] - High-power data center power revenue skyrocketed by 536.88% to 780 million yuan, accounting for 53.48% of the data center power business revenue [2] - Other power business revenue was 649 million yuan, increasing by 48.71% year-on-year, with a gross margin of 20.30%, up 2.30 percentage points [2] Future Outlook - In Q1 2025, the company maintained a strong growth trajectory, achieving revenue of 888 million yuan, a year-on-year increase of 27.65%, and a net profit of 49.57 million yuan, up 59.06% [3] - The company continues to focus on optimizing its product structure and expanding into new markets, particularly in the consumer electronics sector driven by AI innovations [2]

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 profit 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%, with a net profit margin of 7.06% [4] - In Q1 2025, the company reported a revenue of CNY 888 million, a year-on-year increase of 27.65%, and a net profit of CNY 49.57 million, up 59.06% [4] Business Segments - The power adapter business generated CNY 1.673 billion in revenue in 2024, a growth of 4.96% [6] - The data center power business saw a revenue of CNY 1.459 billion, a significant increase of 79.95%, contributing to 53.48% of the data center power revenue [6] - Other power business revenue reached CNY 649 million, a year-on-year increase of 48.71% [7] Market Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target various overseas clients [8] - The company has set up production bases in Vietnam and Mexico to support global market expansion [11] Product Development - The data center power products include various power ranges and solutions, with a focus on high-power server power supplies [10] - The company plans to enhance its product offerings in the power adapter segment by exploring new application scenarios [13] Future Goals - The company aims for a revenue growth rate of 28%, 52%, and 72% for 2025, 2026, and 2027 respectively, with target values of 35%, 65%, and 90% [17] - The net profit growth rate targets are set at 48%, 104%, and 200% for the same years, with corresponding target values of 60%, 130%, and 250% [17] R&D Investment - In 2024, the company's R&D expenses were CNY 213 million, a decrease of 7.64%, with an R&D expense ratio of 5.60% [15] Impact of Tariff Policies - The direct revenue from sales to the USA is relatively small, thus the impact of tariff policies is limited [14]

近日，欧陆通（300870）(300870.SZ)发布了2024年报及2025年一季报，2024年公司实现营收37.98亿 元，同比增长32.32%，营业收入规模突破历史新高，归母净利润2.68亿元，同比增长36.92%，扣非后归 母净利润2.56亿元，同比增长272.97%。股东回报方面，公司拟向全体股东每10股派发现金红利5.93元 (含税)，共计分配现金6211.76万元，2024年半年度公司已派发现金红利3056.02万元，全年合计拟分配 现金红利9267.78万元。 2024年，人工智能技术发展迅速，数据中心算力需求呈现爆发增长，其中AIGC技术的开发和应用为代 表的智能算力需求异军突起，使得高性能计算服务器需求迅猛增长，同时对服务器电源在内的电源基础 设施提出更高的要求，推动电源产品进一步向高功率、高效率、高密度的方向迭代。 欧陆通深耕数据中心电源业务已有超过10年时间，凭借前瞻性的布局和优秀的研发实力，已拥有多项自 主研发专利技术和专有技术。公司现已成为主要的境内数据中心电源生产制造企业之一，其中高功率服 务器电源产品已比肩国际高端水平，是市场上少数能够实现高功率服务器电源规模销售的电源供应商。 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥888,256,987.39, representing a 27.65% increase compared to ¥695,862,387.52 in the same period last year[5] - Net profit attributable to shareholders was ¥49,570,718.71, up 59.06% from ¥31,164,265.74 year-on-year[5] - The net cash flow from operating activities surged to ¥219,597,030.86, a remarkable increase of 2629.51% compared to ¥8,045,282.39 in the previous year[5] - Basic earnings per share increased by 51.61% to ¥0.47 from ¥0.31 in the same period last year[5] - Total operating revenue increased to ¥888,256,987.39, up from ¥695,862,387.52, representing a growth of approximately 27.7% year-over-year[22] - Net profit for the period reached ¥49,506,790.96, a significant increase from ¥30,938,967.61, marking a growth of approximately 60.1% year-over-year[23] - The total comprehensive income for the period was CNY 48,043,914.00, compared to CNY 26,651,476.85 in the previous period, representing an increase of approximately 80.5%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,362,188,536.89, a slight increase of 0.75% from ¥5,322,208,927.88 at the end of the previous year[5] - Total liabilities decreased to ¥2,932,330,339.08 from ¥3,152,026,948.16, reflecting a reduction of about 7%[20] - Owner's equity increased to ¥2,429,858,197.81 from ¥2,170,181,979.72, representing a growth of approximately 11.9%[20] - The company reported a significant decrease in short-term borrowings, which fell to ¥160,456,356.66 from ¥236,768,406.69, a reduction of about 32.2%[20] Cash Flow - The company reported cash and cash equivalents of approximately ¥1.32 billion at the end of the period, an increase from ¥1.03 billion at the beginning[18] - Cash inflow from operating activities totaled CNY 1,090,698,664.06, up from CNY 703,288,950.47, indicating a growth of 55%[26] - Cash outflow for operating activities was CNY 871,101,633.20, compared to CNY 695,243,668.08, marking an increase of 25.3%[27] - Net cash flow from investing activities was CNY 97,304,317.17, a recovery from a negative CNY 83,732,929.81 in the previous period[27] - The ending balance of cash and cash equivalents was CNY 1,147,004,813.61, up from CNY 397,015,552.12, showing a substantial increase of 189.4%[27] Research and Development - The company's R&D expenses rose by 32.97% to ¥60,466,105.52, reflecting increased investment in new technologies[10] - Research and development expenses amounted to ¥60,466,105.52, up from ¥45,474,939.35, indicating a year-over-year increase of around 33%[23] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,503[13] - The largest shareholder, Nanjing Wangyue Kewang Venture Capital Partnership, holds 27.47% of shares, totaling 29,234,023 shares[13] - Shenzhen Genoli Information Consulting Co., Ltd. also holds 27.47% of shares, with 29,234,023 shares, of which 15,760,000 shares are pledged[13] - The company’s major shareholders include various investment funds, with the top ten shareholders holding significant stakes[14] Equity Structure - The company is undergoing a change in the equity structure of its controlling shareholder, which has been completed and registered[16] - The company has issued convertible bonds, with 2,321,056 bonds converted into 5,206,759 shares in Q1 2025[16] - As of the end of Q1 2025, there are 4,124,209 convertible bonds remaining, with a total face value of approximately ¥412.42 million[16] Inventory and Financial Assets - The company reported a significant increase in inventory, which rose by 38.14% to ¥641,869,834.14, attributed to higher sales volume[10] - The company’s financial assets decreased by 51.32% to ¥170,566,273.97, primarily due to changes in investment strategies[10] - Accounts receivable decreased to approximately ¥1.19 billion from ¥1.39 billion[18] Government Support - The company received government subsidies amounting to ¥2,734,671.07, contributing positively to its financial performance[7] Return on Equity - The company’s weighted average return on equity improved to 2.20%, up from 1.66% in the previous year[5]