AceCamp AI 2025-08-30 摘要 欧陆通受益于 AI 和数据中心发展，收入结构向数据中心电源转型， 2024 年数据中心业务收入达 14.6 亿元，占总体收入 20%以上，高功 率数据中心电源占比过半，业绩增长迅猛。 公司股权集中，推出股权激励计划绑定核心骨干，激励目标显示未来两 年收入增速预计分别在 60%和 90%以上，利润目标分别为 3 亿元和 4.6 亿元（剔除股权激励费用）。 公司研发投入每年约 2 亿多元，拥有多项专利，保障长期增长。执行技 术指标到市场回报双轴管理，提升研发水平并配合客户需求。 2024 年公司费用率显著下降，销售费用率和管理费用率分别下降至 2.23%和 4.11%，规模效应显现，利润释放速度有望快于收入增长。 2024 年 7 月发布可转债项目募集 6.3 亿元，用于数据中心电源项目和 新总部及研发实验室升级，增强产能与技术实力，预计 2027 年 1 月建 成。 AI 大模型发展推动 AIDC 需求增长，AIDC 在芯片类型和算力类型上与 传统 IDC 存在显著差异，对电源供电系统提出更高要求，驱动电源设计 快速迭代。 全球 AI 服务器电源市场规模预计从 ...

中证报中证网讯(王珞)8月28日晚，欧陆通（300870）发布2025年半年度报告，上半年公司实现营业收 入21.20亿元，同比增长32.59%；归母净利润1.34亿元，同比增长54.86%；经营现金流量净额2.38亿元， 同比增长266.58%。 报告期内，欧陆通推动电源适配器业务稳增，深耕数据中心电源战略业务，延伸其他电源业务新领域布 局，积极优化客户及产品结构，提升高价值量及高毛利率产品的出货占比，市场份额稳步提升，实现营 收净利双增。电源适配器业务方面，公司实现营业收入8.26亿元，同比增长6.61%；数据中心电源业务 方面，实现营业收入9.62亿元，同比增长94.30%，占营收比重45.37%，成为驱动营收增长的主要因素。 其他电源业务方面，公司实现营业收入3.23亿元，同比增长0.41%。 报告中提到，欧陆通通过前瞻战略布局，紧抓AI服务器市场新蓝海，推动数据中心电源业务实现规模 化持续突破。目前，公司已成为国内少数具备数据中心电源生产能力的制造企业之一，现已全面覆盖网 安、通信及其他数据中心电源、通用型服务器电源、高功率服务器电源等产品，涵盖800W以下、800- 2000W、2000W以上等全 ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-057 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 年半年度利润分配预案的公告 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、误导性陈述或者重大遗漏。 深圳欧陆通电子股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召 开第三届董事会 2025 年第五次会议及第三届监事会 2025 年第三次会议，分别审 议通过了《关于 2025 年半年度利润分配预案的议案》。本事项尚需提交公司股 东大会审议通过。现将具体情况公告如下： 一、2025 年半年度利润分配预案的具体内容 根据公司 2025 年半年度未经审计财务报告，截至 2025 年 6 月 30 日，公司 合 并 报 表 可 供 分 配 利 润 949,361,172.21 元 ， 母 公 司 可 供 分 配 利 润 低的原则来确定具体的利润分配比例，截至 2025 年 6 月 30 日，公司可供分配利 润为 724,134,350.09 元。 遵循回报股东、与股东分享公司经营成果的原则，在保证公司健康持续发展 的情 ...

Core Viewpoint - The company has demonstrated robust revenue growth and improved profitability in the first half of 2025, despite facing challenges in the global economy [2][3]. Financial Performance - The company achieved a revenue of 2.12 billion yuan, representing a year-on-year increase of 32.59% [2]. - In Q2 alone, revenue reached 1.23 billion yuan, marking a year-on-year growth of 36.39% and a quarter-on-quarter increase of 38.71%, setting a new record for quarterly revenue [2]. - The gross margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year, attributed to declining sales prices of certain products [2]. - The net profit attributable to shareholders was 134 million yuan, up 54.86% year-on-year, with a net profit margin of 6.31%, an increase of 0.91 percentage points [2]. Business Segment Performance - The power adapter segment generated revenue of 826 million yuan, a year-on-year increase of 6.61%, despite a slowdown in consumer electronics demand due to global economic conditions [2][3]. - The data center power business was the main driver of revenue growth, with revenue of 962 million yuan, a year-on-year increase of 94.30%. High-power server power revenue reached 662 million yuan, a significant increase of 216.47% year-on-year [3]. - Other power business revenue was 323 million yuan, showing a modest year-on-year growth of 0.41%, with a gross margin of 18.58%, down 1.20 percentage points [3]. Strategic Initiatives - The company is actively expanding its overseas market presence through international exhibitions and partnerships with overseas distributors [4]. - The product portfolio for data center power is diverse, covering a full range of power products, with a focus on high-power services and tracking industry upgrades and AI opportunities [4]. - R&D expenses amounted to 132 million yuan, a year-on-year increase of 28.26%, with an R&D expense ratio of 6.21%, a slight decrease of 0.21 percentage points [4].

证券代码：300870 证券简称：欧陆通 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 投资者关系活动记录表 编号：（2025-08） | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动 | 路演活动 | | 类别 | □新闻发布会 | | | □现场参观 | | | （电话会议、线上会议） 其他 | | | 中银基金、信达澳亚基金、东方证券、东海证券、东兴基金、 | | | 招商证券、中泰证券、中国银河证券、上海聚鸣投资、太平 | | | 养老保险、华鑫证券、东亚前海证券、国联民生证券、长江 | | | 证券、渤海证券、平安证券、浙商基金、上海证券、德邦证 | | | 券、东海基金、国信证券、国元证券、招商银行、民生加银 | | | 基金、深圳纽富斯投资、凯基证券、银华基金、金鹰基金、 | | | 光大保德信基金、华安证券、嘉实基金、华安基金、昆仑健 | | | 康保险、国投证券、方正证券、广发基金、西部利得基金、 | | 参与单位名称 | 申万菱信基金、中信证券、诺安基金、诺德基金、中金财富 | | ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]

本报讯 （记者李昱丞）8月28日晚间，深圳欧陆通电子股份有限公司（以下简称"欧陆通"）发布2025年 半年度报告。2025年上半年公司共实现营业收入21.20亿元，同比增长32.59%，实现归母净利润1.34亿 元，同比增长54.86%；经营活动产生的现金流量净额为2.38亿元，同比增长266.58%。 其中，第二季度公司实现营收12.32亿元，同比增长36.39%，环比增长38.71%，再创单季度营收新高。 股东回报方面，公司同步公布了2025年半年度利润分配预案，拟向全体股东每10股派发现金红利4.34元 （含税），共计分配现金4679.65万元。 上半年，欧陆通电源适配器业务稳健增长，深耕数据中心电源战略业务，延伸其他电源业务新领域布 局，积极优化客户及产品结构，提升高价值量及高毛利率产品的出货占比，市场份额稳步提升，实现了 营收净利双增的高质量增长。 电源适配器业务方面，公司上半年实现营业收入8.26亿元，同比增长6.61%，作为公司最成熟稳定的基 本盘业务，盈利规模稳中有升。在全球消费电子市场需求面临增长放缓挑战背景下，公司积极拓展新市 场和新客户，带动业务实现正增长。凭借多年积累，公司在电源适配器 ...

中国经济网北京8月29日讯欧陆通（300870）(300870.SZ)昨日晚间发布关于控股股东及实际控制人的一 致行动人减持股份预披露公告。公司控股股东及实际控制人的一致行动人泰州通聚信息技术咨询合伙企 业(有限合伙)(以下简称"泰州通聚")计划自公告披露之日起十五个交易日后的三个月内以大宗交易方式 减持公司股份合计不超过1,900,000股(占公司总股本比例不超过1.74%)。 2025年半年度报告显示，公司实际控制人为王合球、王玉琳、王越天、尚韵思和王越飞，并作为一致行 动人。其中王合球和王玉琳通过深圳市格诺利信息咨询有限公司控制公司27.29%的股份，王合球、王 玉琳、王越天、尚韵思和王越飞通过南京王越科王创业投资合伙企业(有限合伙)控制公司27.29%的股 份，另王合球为泰州通聚信息技术咨询合伙企业(有限合伙)执行事务合伙人和实际控制人。 2024年12月24日，欧陆通披露的关于控股股东股权结构拟发生变更的提示性公告显示，公司于近日收到 实际控制人尚韵思的通知，尚韵思与实际控制人王越天协议离婚，并对双方持有的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")财产份额进行了分割。 ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 2.12 billion yuan, a year-on-year growth of 32.59%, and a net profit of 134 million yuan, up 54.86% [1] - The company plans to distribute cash dividends of 4.34 yuan per 10 shares, totaling 46.8 million yuan [1] Business Performance - The power adapter business, the company's most stable segment, generated 826 million yuan in revenue, a 6.61% increase year-on-year, despite challenges in the global consumer electronics market [2] - The data center power business saw robust growth, with revenue of 962 million yuan, a 94.30% increase year-on-year, accounting for 45.37% of total revenue [3] - High-power server power revenue surged to 662 million yuan, a remarkable increase of 216.47%, making it a key driver of the company's performance [3] - Other power business revenue remained stable at 323 million yuan, with a slight increase of 0.41% year-on-year [3] Strategic Focus - The company is focusing on the growing demand for AI computing power, with predictions indicating that AI-related electricity consumption could reach ten times the 2023 levels by 2026 [4] - The company has established itself as a leader in the server power sector, leveraging over ten years of technical expertise to capitalize on the AI server market [4][5] - The company offers a comprehensive range of high-power server power products, including various wattage solutions, positioning itself to meet the increasing power demands of AI servers [5] Research and Development - The company increased its R&D investment to 132 million yuan, a 28.26% rise, with a R&D expense ratio of 6.21%, enhancing its long-term growth potential [7] - The company holds numerous patents, including 28 invention patents and 162 utility model patents, establishing a strong technical barrier [7] Global Expansion - The company is accelerating its global business strategy, with production bases in Vietnam and Mexico to support international delivery [7] - The company aims to expand its data center power capacity and explore new application areas to capture more market share domestically and internationally [7]

Group 1 - The controlling shareholder of Oulutong (SZ 300870) plans to reduce its stake by up to 1.74%, amounting to a maximum of 1.9 million shares through block trading within three months after the announcement [1] - For the fiscal year 2024, Oulutong's revenue composition is heavily weighted towards the manufacturing of computers, communications, and other electronic devices, accounting for 99.54% of total revenue, while other businesses contribute only 0.46% [1]