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]

证券代码：300870 证券简称：欧陆通 公告编号：2025-047 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 年第二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 43.98 元/股。 2、2025 年第二季度，共有 311,837 张"欧通转债"完成转股（面值金额共 计 3,118.37 万元人民币），合计转为 706,722 股"欧陆通"股票。 3、截至 2025 年第二季度末，"欧通转债"剩余 3,812,372 张，剩余票面总 金额为 38,123.72 万元人民币。 （三）可转换公司债券转股期限 根据相关法律法规规定及公司《向不特定对象发行可转换公司债券募集说明 书》的相关规定，本次发行的可转换公司债券转股期自可转换公司债券发行结束 之日起（2024 年 7 月 11 日）满六个月后的第一个交易日起至可转换公司债券到 期日止，即 ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-046 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 2025 年付息的公告 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。 特别提示： 3、付息日：2025 年 7 月 7 日 4、除息日：2025 年 7 月 7 日 5、本次付息期间及票面利率：计息日期为 2024 年 7 月 5 日至 2025 年 7 月 4 日，票面利率为 0.10% 一、欧通转债基本情况 6、"欧通转债"本次付息的债权登记日为 2025 年 7 月 4 日，在 2025 年 7 月 4 日（含）前买入并持有本期债券的投资者享有本次派发的利息，2025 年 7 月 4 日（含）前卖出本期债券的投资者不享有本次派发的利息。在本次付息债权 登记日前（包括付息债权登记日）申请转换成公司股票的可转换公司债券，公司 不再向其持有人支付本计息年度及以后计息年度利息。 7、下一付息起息日：2025 年 7 月 5 日 8、下一年度票面利率：0.30% 深圳欧陆通电子股份有限公司（以下简称"公司"） ...

Summary of AIDC Industry Update and Q&A Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is experiencing a recovery in overseas computing infrastructure, with companies like Nvidia and Corewave showing positive performance focused on training and inference demand [1][2] - Domestic AIDC is constrained by chip limitations, model breakthroughs, and application deployment, but major data centers like GDS and Century Internet are maintaining stable deployment rates despite the H20 ban [1][2][3] Key Insights - **Overseas Market Recovery**: Nvidia's focus is on training demand, while Corewave caters to large enterprises like Microsoft. Companies such as Broadcom and Marvell have optimistic revenue expectations for ASICs, and Oracle's OCI business reflects growth in inference demand [1][2][5] - **Domestic Market Dynamics**: Despite short-term impacts from trade wars, major Chinese internet companies like Alibaba and ByteDance are investing heavily in AI. Long-term solutions for domestic AI challenges include breakthroughs in chips (e.g., Cambricon, Huawei Cloud Matrix 384) and improvements in model capabilities [1][3][4] - **Investment Recommendations**: Companies with stable deployment rates and core leading customer orders, such as Runze Technology, Aofei Data Port, Century Internet, and GDS, are recommended for investment due to their low valuations and potential for significant improvement [1][4] Performance Trends - **Overseas Demand Trends**: The overseas computing market is showing strong growth, particularly in GPU and ASIC demand. Nvidia has launched new GB series chips, and companies like Marvell and Broadcom have revised their market demand expectations upward [7][8] - **Domestic Market Performance**: The domestic computing market faced some disruptions in Q2 due to geopolitical factors and chip restrictions, but overall guidance remains stable. The AIDC sector is expected to see improved order visibility and capital expenditure growth in the coming quarters [8][9] Future Outlook - **Upcoming Quarters**: The outlook for the domestic computing market in the next two quarters is positive, with expectations of accelerated capital expenditure and construction progress, particularly in the AIDC core hardware supply chain [9] - **AI Data Center Growth**: AI data center-related sectors are showing good business growth elasticity, with significant order increases in server power supplies and UPS systems [10][14] - **HVDC Development**: Both domestic and international markets are seeing increased adoption of HVDC solutions, with major Chinese internet companies pushing for its application [11][12] Global AI Demand - **Inference Demand Growth**: Global inference demand is rapidly increasing, with companies like Google and ByteDance significantly ramping up their requirements [16] - **US vs. China AI Demand**: The US is entering a new model iteration cycle with large clusters, while China's AI demand is primarily focused on inference due to limited resources for training [17] Market Sentiment - **US AI Industry Expectations**: The US AI industry is expected to see significant changes in the next six months, with rapid stock price increases in sectors like NV and ASIC, indicating a potential expansion from overseas to domestic supply chains [18] - **AI Business Models**: The US has a stronger likelihood of successful AI business models due to higher payment willingness, while China's market faces challenges in this regard, potentially affecting profit margins [19] Conclusion - The AIDC industry is poised for growth, driven by both domestic and international demand for AI capabilities. Investment in key players with stable growth prospects is recommended, while monitoring the evolving landscape of AI business models and market dynamics is crucial for future success [20]

债券简称：欧陆通 债券代码：123241 证券简称：欧陆通 证券代码：300870 深圳欧陆通电子股份有限公司 创业板向不特定对象发行可转换公司债券 2024 年定期受托管理事务报告 发行人 深圳欧陆通电子股份有限公司 （深圳市宝安区航城街道） 债券受托管理人 （住所：成都市青羊区东城根上街 95 号） 2025 年 6 月 重要声明 根据《可转换公司债券管理办法》（以下简称"管理办法"）、《深圳欧陆 通电子股份有限公司向不特定对象发行可转债之受托管理协议》、《深圳欧陆通 电子股份股份有限公司创业板向不特定对象发行可转换公司债券募集说明书》等 相关规定和约定，国金证券股份有限公司（以下简称"国金证券"）作为受托管 理人，以公开信息披露文件、发行人出具的相关说明文件以及第三方中介机构出 具的专业意见等为信息来源编制本定期受托管理事务报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国金证券所作的承诺 或声明。未经国金证券书面许可，不得将本报告用作其他任何用途。 1 | 重要声明 | 1 | | --- | --- | | 目录 | 2 ...

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： 证券代码：300870 证券简称：欧陆通 公告编号：2025-045 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 自 2025 年 3 月 28 日至 2025 年 6 月 19 日，"欧通转债"因转股减少 318,384 张，累计转股 721,398 股，公司总股本由 106,392,061 股增加至 107,113,459 股，导致公司控股股东南京王越科王创业投资合伙企业（有限合伙）、深圳市格 诺利信息咨询有限公司及其一致行动人泰州通聚信息技术咨询合伙企业（有限合 伙）在合计持有公司股份数量不变的情况下，合计权益比例从 58.69%被动稀释 至 57.98%，触及 1%的整数倍。 | 1、基本情况 | | | | --- | --- | --- | | 信息披露义务人一 | 深圳市格诺利信息咨询有限公司 | | | 住所 | 深圳市福田区深南大道 6007 号创展中心 1603 室 | | | 信息披 ...

Group 1: Company Overview - The company is Shenzhen Oulutong Electronics Co., Ltd., with stock code 300870 and bond code 123241 [1] - The company specializes in data center power supply products, including various power ranges [2][3] Group 2: Product Offerings - The product line includes server power supplies ranging from 800W to over 5,500W, with advanced solutions like immersion cooling and rack power supplies [3] - The company has developed key products such as 3,200W titanium M-CRPS server power supply and 1,300W-3,600W titanium CRPS server power supply [3] Group 3: Market Position and Clients - The company has established itself as a leading domestic manufacturer of data center power supplies, recognized by major clients like Inspur, Foxconn, and Lenovo [4] - The company maintains close cooperation with top domestic internet companies, enhancing its market strength [4] Group 4: International Expansion - The company is actively expanding its overseas business, with teams established in Taiwan and the USA to target global markets [5] - It aims to onboard various types of overseas clients, including server manufacturers and major cloud providers [5] Group 5: Production Capacity - The company has a global production layout, with domestic bases in Shenzhen, Dongguan, Ganzhou, and Suzhou, and overseas bases in Vietnam and Mexico [6] - It can adjust production capacity based on client needs [6] Group 6: Future Business Plans - Data center power supply is a key long-term strategy, expected to drive significant revenue growth [7][8] - The company plans to deepen cooperation with existing clients and pursue 100% localization of components [8] Group 7: Adapter Business Development - The power adapter segment is a mature and steadily growing core business, with plans to expand into new application areas like smart homes and drones [9] Group 8: Impact of Tariff Policies - The direct revenue from sales to the USA is relatively small, limiting the impact of tariff policies [10] - The company is focused on risk mitigation through diversified client structures and global production layouts [10] Group 9: Revenue Targets - The revenue targets for 2025 and 2026 will align with the company's 2024 equity incentive assessment goals, with specific growth rates set for revenue and net profit [11][12] - The revenue growth rate trigger values for the next three years are 28%, 52%, and 72%, with target values of 35%, 65%, and 90% respectively [12]