欧陆通（300870）：AIDC时代潮起，国产开关电源龙头扬帆新航道

Investment Rating - The report gives a "Buy" rating for the company, marking it as a first-time coverage [12]. Core Views - The demand for AI computing power is continuously increasing, driven by the AIDC infrastructure wave, which is leading to an explosive demand for related products in the industry chain. As a leading domestic switch power supply company, the company has a rich product matrix and advanced technical capabilities, focusing on high-power data center power supplies and rapidly expanding into overseas markets. The overall business situation is improving, and performance is expected to see rapid release [4][9][10]. Summary by Sections Company Overview - The company has been deeply rooted in the switch power supply field for thirty years, evolving from lamp power supplies to becoming a leader in the domestic market. Its business is divided into three main segments: power adapters, data center power supplies, and other power supplies, covering various downstream fields such as consumer electronics and electric tools. The company is expected to benefit from the recovery of demand in 2024, particularly in the data center power supply and power adapter segments [8][10][21]. AIDC Era and Data Center Power Demand - The AIDC infrastructure wave is driving explosive demand for data center power supplies, which are experiencing both quantitative and qualitative growth. The company has established partnerships with major industry clients and is well-positioned to benefit from this trend [9][10][60]. Recovery of Power Adapter Business - The power adapter business is seeing a recovery, particularly in the PC and display markets, as demand rebounds. The company is also expanding into the electric tool market, which presents significant growth opportunities [10][39]. Financial Performance and Projections - The company achieved a revenue of 3.798 billion yuan in 2024, with a year-on-year growth of 32.32%. The net profit attributable to shareholders reached 268 million yuan, up 36.92% year-on-year. Projections for 2025-2027 indicate continued growth, with net profits expected to reach 335 million yuan, 465 million yuan, and 558 million yuan, respectively [10][34][37]. Product Matrix and Market Position - The company has a diverse product matrix that includes power adapters, data center power supplies, and other power supplies, catering to various markets. The data center power supply segment is expected to become the largest revenue contributor, driven by high-power product demand [24][37]. R&D and Innovation - The company has consistently invested in R&D, with a focus on enhancing its technological capabilities. It has established multiple R&D centers and holds numerous patents, which support its long-term growth strategy [43][48].