锚定智算市场、产业生态破局，良信股份稳健增长

Core Viewpoint - Despite the overall pressure in the low-voltage electrical industry, the company has demonstrated resilience with a revenue of 3.507 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 12.23% [1][3]. Group 1: Financial Performance - The company's revenue increased from 3.124 billion yuan in the same period last year, showcasing a steady growth trend [3]. - The net profit attributable to shareholders was 304 million yuan, a slight decrease of 2.08% year-on-year, while maintaining a high gross profit margin of 30.44% [3][5]. Group 2: Strategic Focus - The company has strategically targeted high-potential sectors such as new energy and intelligent computing, aligning with national strategic priorities to offset demand weakness in traditional areas [5]. - The dual focus on "dual carbon" initiatives and computing power upgrades is seen as key to redefining growth logic in the low-voltage electrical industry [5]. Group 3: Market Opportunities - The "dual carbon" sector is projected to release a market space worth hundreds of billions, with the company leveraging its technical expertise in new energy distribution [5]. - The intelligent computing sector is expected to see significant growth, with global data center capacity projected to increase from 82 GW in 2025 to 219 GW, indicating a compound annual growth rate of over 30% [5]. Group 4: Ecosystem Collaboration - The company emphasizes ecosystem cooperation to address the complexities of intelligent distribution systems, advocating for collaboration among component manufacturers, software firms, and design institutes [6][8]. - By fostering partnerships in product development, solutions, and business models, the company aims to enhance service delivery to end customers [7]. Group 5: Competitive Positioning - The company’s strategic layout aligns with the global trend towards AI, with significant opportunities anticipated in the next 5-10 years for the low-voltage electrical industry [11]. - The company is positioned to capitalize on domestic market demands while adhering to international standards, laying the groundwork for global expansion [11].