东吴证券研报指出，优优绿能HVDC子公司落地，第二增长曲线正式起航。股权层面，我们预计公司有 望通过股权转让的方式，对内绑定、激励核心团队成员，对外吸引技术、市场、渠道等资源，加速推进 公司HVDC业务成长，未来认为该子公司独立运行后，随着其估值的抬升，有望带动母公司PE+EPS双 升。预计26Q1推出产品，Q2送样海外终端客户，催化有望逐步落地；渠道端，公司与ABB等海外头部 TIER1客户均保持了良好的合作关系，预计公司通过HVDC子公司股权吸引、扩充产业资源和渠道资 源，更好地发力HVDC市场。维持公司25-27年归母净利润预测分别为1.5/2.6/4.7亿元，同 比-41%/+72%/+79%，现价对应PE分别为64x、37x、21x，维持"买入"评级。 ...

公司拟设立控股子公司，加速AIDC 业务布局 2026 年1 月21 日，公司发布公告，拟以现金7,000 万元与持股投资平台Ⅰ、持股投资平台Ⅱ共同投资设 立控股子公司深圳市艾格数字能源科技有限公司。本次交易完成后，公司持有艾格数字能源70%股权。 艾格数字能源纳入公司合并报表范围。本次公司拟与关联方共同对外投资设立子公司是基于公司战略发 展规划，紧抓AIDC 供电架构直流化的行业机遇，加速数据中心直流供电业务布局，进一步优化资产、 提升公司综合竞争实力的需要。对外投资资金来源为自有资金。 HVDC 与充电模块在拓扑结构、模块化并联设计上高度相似充电模块与HVDC 核心都是要实现AC-DC 及DC-DC 两级变换，且均属于高压大功率开关电源的范畴。二者都需要从工频/三相市电取电，通过前 级PFC 电路实现功率因数校正，转换为稳定的高压直流电，再通过后级DC-DC 转换成负载所需要的直 流电压。区别在于充电模块的终端负载是动力电池，常设计成300V-1000V 宽电压范围输出；HVDC 的 终端负载是服务器等直流用电设备，以恒压输出为主。且二者均需通过高频化设计来解决高压大功率开 关电源在有限物理空间内的功率密 ...

Summary of Conference Call Records Industry Overview - The conference call focuses on the AI hardware and power supply sectors, particularly highlighting the developments in HVDC (High Voltage Direct Current) technology and its implications for various companies involved in this space [1][2][3]. Key Points and Arguments AI Hardware Market - North American CSP cloud providers are expected to report earnings in mid-February, with overseas cloud business anticipated to exceed expectations, potentially acting as a catalyst for the AI hardware sector [1][2]. - The GTC conference in March will feature product showcases from companies like NVIDIA and Google, indicating a significant opportunity for investment in AI hardware over the next month [2]. Company Performances - **Maigemit**: - Expected to achieve an order volume of 16,000 AI power cabinets for the year, capturing 16% of the NV system market share, with potential growth to 20% [1][4]. - The total market size for AI power and HVDC is approximately 100 billion, with Maigemit's 20% market share translating to an additional revenue of 20 billion and profit of 4 billion, corresponding to a market valuation of 80 billion [1][4]. - **Youyou Green Energy**: - Noted as the most dynamic player in the HVDC sector, primarily engaged in charging pile modules and collaborating closely with Schneider and ABB [1][6]. - Expected to achieve a profit of 300-350 million in its main business by 2026, with HVDC business contributing an additional 400-500 million in profit [7]. HVDC Technology Developments - Significant changes in HVDC technology are anticipated by 2026, with major clients like ByteDance planning to adopt 40% of their cabinets using ±400V HVDC systems, and Google aiming for 30% with 800V HVDC systems [5]. - The penetration rate of HVDC technology is projected to rise from 0% to 30% by 2026, marking a critical year for the adoption of these systems [5]. Domestic Companies in Global HVDC Supply Chain - Domestic companies such as Yingfeiyuan, Tonghe, and Youyou Green Energy are positioned favorably in the global HVDC supply chain, providing OEM services to international firms due to lower production costs and supply chain advantages [3][8]. - Recommended companies in the HVDC sector include Youyou Green Energy and Tonghe, which are expected to benefit from increased demand for their products [9]. SST (Solid State Transformer) Market - SST is a growing area of interest, particularly for data centers, with companies like Google and Meta setting ambitious targets for net-zero emissions and PUE below 1.2 by 2024, driving demand for SST products [10]. - However, technical challenges have slowed SST product development, with expectations for small-scale deliveries starting in 2027 [10][11]. - Leading companies in the SST field include Yangguang Sifang, with key component suppliers like Telik and Jinqiuhua also being noteworthy [12]. Additional Insights - The AI hardware market is projected to have significant growth potential, with Maigemit being a top recommendation due to its potential market valuation reaching 100 billion [13]. - The overall landscape indicates a robust opportunity for investment in companies that are well-positioned within the AI hardware and power supply sectors, particularly those involved in HVDC and SST technologies [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company plans to establish a holding subsidiary, Shenzhen Aige Digital Energy Technology Co., Ltd., with an investment of 70 million yuan, aiming to accelerate its AIDC business layout. Post-transaction, the company will hold a 70% stake in the subsidiary, which will be included in the consolidated financial statements. This strategic move is aligned with the company's development plan to capitalize on the industry's shift towards direct current (DC) power supply in data centers, thereby enhancing its asset optimization and overall competitive strength [4][5]. - The company's main business of charging modules shares a technological foundation with HVDC (High Voltage Direct Current) systems, allowing it to leverage existing overseas customer channels to penetrate the HVDC market. The profit forecasts remain unchanged, with expected net profits for 2025-2027 at 164 million, 252 million, and 405 million yuan, respectively. The corresponding EPS (Earnings Per Share) is projected to be 3.90, 5.99, and 9.62 yuan per share, with current price-to-earnings ratios of 59.2, 38.5, and 24.0 times [4][5]. Financial Summary and Valuation Metrics - The company's financial performance is summarized as follows: - Revenue for 2023 is projected at 1,376 million yuan, with a year-over-year growth of 39.2%. However, a decline of 8.3% is expected in 2025, followed by a recovery with growth rates of 24.9% in 2026 and 31.1% in 2027 [7]. - The net profit for 2023 is estimated at 268 million yuan, with a year-over-year increase of 36.8%. A significant drop of 36.0% is anticipated in 2025, but profits are expected to rebound to 252 million yuan in 2026 and 405 million yuan in 2027, reflecting growth rates of 53.8% and 60.6%, respectively [7]. - The gross margin is expected to be 33.1% in 2023, declining to 28.8% in 2025, before recovering to 30.2% in 2026 and 32.1% in 2027 [7]. - The return on equity (ROE) is projected to decrease from 35.1% in 2023 to 14.2% in 2025, then recover to 18.1% in 2026 and 22.7% in 2027 [7].

融券方面，优优绿能1月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，深圳市优优绿能股份有限公司位于广东省深圳市光明区玉塘街道田寮社区同观路华力特工业 园第1栋301，成立日期2015年8月20日，上市日期2025年6月5日，公司主营业务涉及公司是专业从事新 能源汽车直流充电设备核心部件研发、生产和销售的国家高新技术企业。主营业务收入构成为：充电模 块96.15%，其他3.85%。 1月21日，优优绿能涨15.38%，成交额5.07亿元。两融数据显示，当日优优绿能获融资买入额4298.82万 元，融资偿还4737.92万元，融资净买入-439.10万元。截至1月21日，优优绿能融资融券余额合计1.10亿 元。 融资方面，优优绿能当日融资买入4298.82万元。当前融资余额1.10亿元，占流通市值的5.54%。 分红方面，优优绿能A股上市后累计派现5040.00万元。 机构持仓方面，截止2025年9月30日，优优绿能十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股32.70万股，为新进股东。财通资管先进制造混 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The establishment of the HVDC subsidiary marks the beginning of a second growth curve for the company, with expectations of significant revenue and profit growth in the coming years [7] - The company is expected to leverage its strong R&D capabilities in power electronics to enter the HVDC power supply market, targeting high-power direct current charging modules and related products [7] - The management team, led by a new general manager with extensive experience in technology and clean energy, is anticipated to drive the subsidiary's growth and attract external resources [7] Financial Projections - Total revenue is projected to reach 1,376 million in 2023, with a growth forecast of 39.24% year-on-year, followed by a decline in 2025 to 1,114 million, and a recovery to 1,487 million in 2026, and 2,313 million in 2027 [1][8] - Net profit attributable to the parent company is expected to be 268.38 million in 2023, with a projected decline in 2025 to 151.65 million, followed by a significant recovery to 261 million in 2026 and 466.71 million in 2027 [1][8] - The earnings per share (EPS) is forecasted to be 6.38 in 2023, declining to 3.61 in 2025, and then recovering to 6.21 in 2026 and 11.10 in 2027 [1][8] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 36.16 in 2023, increasing to 64.00 in 2025, and then decreasing to 37.18 in 2026 and 20.79 in 2027 [1][8] - The company’s market capitalization is approximately 9,705.02 million, with a circulating A-share market value of 1,985.33 million [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The establishment of the HVDC subsidiary marks the beginning of a second growth curve for the company, with expectations of significant revenue and profit growth in the coming years [7] - The company is expected to leverage its strong R&D capabilities in power electronics to enter the HVDC power supply market, focusing on high-power direct current charging modules and related products [7] - The management team, led by a new general manager with extensive experience in technology and clean energy, is anticipated to drive the subsidiary's growth and attract external resources [7] Financial Projections - Total revenue is projected to reach 1,487 million yuan in 2026, with a year-on-year growth of 33.44% [1] - The net profit attributable to the parent company is expected to be 261 million yuan in 2026, reflecting a significant increase of 72.11% compared to the previous year [1] - The earnings per share (EPS) is forecasted to be 6.21 yuan in 2026, with a P/E ratio of 37.18 [1] Market Data - The company's closing price is 230.78 yuan, with a market capitalization of 9,705.02 million yuan [5] - The price-to-book ratio stands at 4.99, indicating the market's valuation relative to the company's net assets [5] Financial Health - The company has a debt-to-asset ratio of 26.32%, suggesting a relatively low level of financial leverage [6] - The total assets are projected to grow to 3,610 million yuan by 2027, indicating a strong upward trend in the company's financial position [8]

其中，持股投资平台Ⅰ以有限合伙企业形式设立，公司全资子公司深圳市优优绿能软件技术有限责任公 司（拟更名为深圳市优优绿能投资有限公司，以下简称"优优绿能投资"，以核准登记备案为准）以货币 出资20.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经理柏建国先生以货币出资 1,980.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合伙人柏建国先生持有持 股投资平台Ⅰ之财产份额可对外转让给公司经营团队、行业专家等。持股投资平台Ⅱ以有限合伙企业形 式设立，优优绿能投资以货币出资10.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经 理柏建国先生以货币出资990.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合 伙人柏建国先生持有持股投资平台Ⅱ之财产份额可对外转让给公司经营团队、行业专家等。 格隆汇1月21日丨优优绿能(301590.SZ)公布，为紧抓AIDC供电架构直流化的行业机遇，加速数据中心 直流供电业务布局，公司拟与持股投资平台Ⅰ及持股投资平台Ⅱ（合计简称"持股投资平台"）共同出资 成立控股子公司艾格数字能源，子公司的注册资本为人民币10,000.0 ...

其中，持股投资平台Ⅰ以有限合伙企业形式设立，公司全资子公司深圳市优优绿能软件技术有限责任公 司（拟更名为深圳市优优绿能投资有限公司，以下简称"优优绿能投资"，以核准登记备案为准）以货币 出资20.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经理柏建国先生以货币出资 1,980.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合伙人柏建国先生持有持 股投资平台Ⅰ之财产份额可对外转让给公司经营团队、行业专家等。持股投资平台Ⅱ以有限合伙企业形 式设立，优优绿能投资以货币出资10.00万元，并担任普通合伙人（GP），公司实控人、董事长、总经 理柏建国先生以货币出资990.00万元，担任有限合伙人（LP）；后期根据子公司经营发展需要，有限合 伙人柏建国先生持有持股投资平台Ⅱ之财产份额可对外转让给公司经营团队、行业专家等。 格隆汇1月21日丨优优绿能(301590.SZ)公布，为紧抓AIDC供电架构直流化的行业机遇，加速数据中心 直流供电业务布局，公司拟与持股投资平台Ⅰ及持股投资平台Ⅱ（合计简称"持股投资平台"）共同出资 成立控股子公司艾格数字能源，子公司的注册资本为人民币10,000.0 ...

国联民生证券承销保荐有限公司 关于深圳市优优绿能股份有限公司 拟设立持股投资平台并共同投资控股子公司暨关联交易的核 查意见 国联民生证券承销保荐有限公司（以下简称"保荐机构"）作为深圳市优优绿 能股份有限公司（以下简称"优优绿能""公司"）首次公开发行股票并在创业板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则》以及《深圳证券交易所上市公司自律监管指引第2号——创业板上 市公司规范运作》等有关法律法规和规范性文件的要求，对拟设立持股投资平台并 共同投资控股子公司暨关联交易事项进行了审慎核查，并发表如下意见： 一、关联交易概述 （一）关联交易基本情况 为紧抓 AIDC 供电架构直流化的行业机遇，加速数据中心直流供电业务布局，公 司拟与持股投资平台Ⅰ及持股投资平台Ⅱ（以下合计简称"持股投资平台"）共同 出资成立控股子公司艾格数字能源，子公司的注册资本为人民币 10,000.00 万元， 其中公司以货币出资 7,000.00 万元，占子公司注册资本的 70.00%，持股投资平台 Ⅰ以货币出资 2,000.00 万元，占子公司注册资本的 20.00%，持股投资平台Ⅱ以货 币 ...