电力设备 2026 年 02 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -34% -17% 0% 17% 34% 50% 67% 2025-02 2025-06 2025-10 2026-02 电力设备 沪深300 相关研究报告 《欧洲电动车销量月报（2025 年 12 月）：2025 年欧洲 9 国 BEV 同比+31%， 2026 年多国补贴将延续或重启—行业 点评报告》-2026.1.22 《欧洲电动车销量月报（2025 年 11 月）：法国、意大利补贴落地后 BEV 高 速 增 长 — 行 业 点 评 报 告 》 -2025.12.25 《光伏拐点已现，储能大势所趋—行 业投资策略》-2025.12.8 欧洲电动车销量月报（2026 年 1 月）：1 月欧洲 9 国 新能源车同比+23%，法、意、西等增长明显 ——行业点评报告 | 殷晟路（分析师） | 王嘉懿（分析师） | | --- | --- | | yinshenglu@kysec.cn | wangjiayi@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790525060004 ...

Summary of Conference Call Notes Industry and Company Overview - The conference call focused on the AIDC (Artificial Intelligence Data Center) hardware investment opportunities, with discussions on related sectors such as liquid cooling and power supply systems [1][2] - The call included insights from analysts Xu Qiang and Sun Xuanhao from Guotai Junan Securities, emphasizing the growth potential in AI-related hardware and services [1][12] Key Points and Arguments AIDC Market Dynamics - There is a growing concern regarding the sustainability of investments in IPC (Intelligent Process Control) and the potential bubble in North American computing power [1][2] - The demand for tokens in AI models is increasing, with prices per million tokens rising, indicating a robust market for AI services [2][12] - North America, the Middle East, and Southeast Asia are experiencing high order volumes, suggesting a strong demand for AIDC solutions [2][4] Liquid Cooling Investment Opportunities - The estimated demand for liquid cooling systems is projected to increase significantly, with a forecast of 500,000 to 700,000 units needed by 2026, marking a tenfold increase from previous years [4][6] - Major suppliers in Taiwan are facing capacity shortages, leading to increased procurement from Chinese suppliers [4][7] - The transition to next-generation cooling technologies, such as microchannel solutions, is expected to enhance the value and demand for liquid cooling systems [5][6] Power Supply Systems - The power supply market is anticipated to see significant growth, driven by the increasing demand for AI hardware and the need for efficient power solutions [12][17] - The global IT installation market is projected to grow, with North America expected to account for 50-60% of installations [16] - Companies like Megmeet and Sungrow are highlighted as key players in the power supply sector, with expected performance improvements in the upcoming quarters [19][21] Investment Recommendations - Analysts recommend focusing on Tier 1 suppliers like Infinera and emerging Tier 2 suppliers for liquid cooling and power supply solutions, as they are likely to benefit from increased demand and supply chain shifts [9][10] - Specific companies such as Megmeet and Sungrow are identified as having strong potential for growth due to their technological advancements and market positioning [19][21] - The call emphasized the importance of identifying companies with high earnings visibility and the ability to meet market demands effectively [19][24] Other Important Insights - The call noted the competitive landscape in the power supply market, with increasing pressure from both domestic and international players [20][21] - The potential for overseas expansion and collaboration with major tech companies is seen as a significant opportunity for domestic suppliers [22][23] - The analysts expressed optimism about the overall growth trajectory of the AIDC sector, driven by technological advancements and increasing demand for AI capabilities [12][16] This summary encapsulates the key discussions and insights from the conference call, highlighting the investment opportunities and market dynamics within the AIDC industry.

深度【天风电新】AI&电力（4）-节流：电源、液冷、PCB上游的投资机会 AIDC产业链迎来量价齐升的通胀红利，电源技术迭代、HVDC架构升级、液冷成为刚需、CCL上游高端材料国产 化突破，国产厂商迎来成长期突围与出海机遇。 AI服务器电源 AI服务器功率密度提升驱动电源技术迭代，带动产品需求量与价值量同步提升，业绩即将进入加速释放阶段。 深度【天风电新】AI&电力（4）-节流：电源、液冷、PCB上游的投资机会 AIDC产业链迎来量价齐升的通胀红利，电源技术迭代、HVDC架构升级、液冷成为刚需、CCL上游高端材料国产 化突破，国产厂商迎来成长期突围与出海机遇。 重点推荐【优优绿能】、【通合科技】。 【科士达】：预计26年主业净利润10亿元，26H2 HVDC代工有望放量，增厚利润2-4亿元。 【江海股份】：27年需求预计为26年6倍，6年AIDC电容收入约10亿，26年AIDC贡献3亿净利润。 【铂科新材】：存储涨价带来稀缺通胀机会，DDR芯片电感市场空间约50亿元，预计26、27年归母净利6、8.4亿 元，对应PE 37、27X。 AI服务器电源 AI服务器功率密度提升驱动电源技术迭代，带动产品需求量与价值 ...

Company Overview: VRT (维谛) Key Points Industry and Company Performance - VRT reported a remarkable Q4 performance driven by a surge in AI infrastructure demand, with organic order growth reaching 252% [1] - The current backlog has increased to $15 billion, reflecting a significant demand for the company's products [1] - Q4 revenue reached $2.88 billion, representing a year-over-year growth of 23% [1] - The projected organic sales growth rate for the full year 2025 is estimated at 26% [1] - The organic order growth of 252% also indicates a sequential increase of 117% compared to Q3 [1] - The backlog at the end of the period reached $15 billion, showing a substantial year-over-year increase of 109% [1] Regional Performance - The Americas region is the primary revenue driver, with Q4 revenue growth of 50.2% year-over-year and organic growth of 46.2% [1] - In contrast, the Asia-Pacific and EMEA regions experienced declines in Q4 revenue, with decreases of 9.6% and 8.2% respectively; however, the Asia-Pacific region is expected to maintain a growth rate of 17.5% for the full year 2025 [1] Additional Insights - The focus on AIDC (Automatic Identification and Data Capture) power solutions is highlighted as a key area for VRT's future growth [1]

Summary of Conference Call Records Company and Industry Overview 1. DiKe Co., Ltd. (帝科股份) - **Industry Position**: DiKe Co., Ltd. is recognized for its strong R&D capabilities, particularly in high-temperature paste materials for TOPCon technology, maintaining a leading position in the market [1] - **Market Share**: The company has improved its market share in low-temperature paste from third to first place, being the first to introduce the silver-coated solution [1] - **High Copper Paste**: The adoption of high copper paste is expected to increase, with significant advantages in high-temperature processes. The company and its partner, SOT, have a leading share in domestic battery cell production using high copper paste solutions [1] - **Profit Projections**: Estimated penetration rates for high copper paste are projected to be 8% in 2026 and 50% in 2027. The company anticipates a profit of 1 billion yuan in 2025, with a potential profit of 1 to 1.5 billion yuan from the paste segment in 2027 [1] - **Overseas Expansion**: The company has established partnerships in South Korea and Taiwan, achieving nearly 100% market share in North America for high/low-temperature paste. Future prospects in North America and space photovoltaic business are seen as certain and scarce [1] 2. Yongzhen Co., Ltd. (永臻股份) - **Market Leadership**: Yongzhen is a leading company in the frame sector, with significant overseas production capacity, including 180,000 tons in Vietnam and 40,000 tons in the U.S. [2] - **Profitability**: The Vietnam facility primarily supplies clients in India and the U.S., with unit profits exceeding 3,000 yuan per ton. The company is considering small capacity acquisitions and technological upgrades in Vietnam [2] - **U.S. Operations**: The company holds a 24.9% stake in AF SOLARTECH, a U.S. frame enterprise, which is expected to contribute approximately 300 million yuan annually due to high processing fees resulting from tariffs on aluminum products [2] - **Profit Outlook**: Current overseas capacity is projected to support stable profits of 500-600 million yuan. The company is expected to significantly reduce losses domestically, with potential total profits of 1 to 1.5 billion yuan in North America [2] 3. Juhe Materials (聚和材料) - **Market Trends**: Juhe Materials is expected to benefit significantly from the widespread adoption of high copper paste. The company’s semiconductor material assets are considered scarce and crucial for addressing domestic supply chain issues [2] 4. Yamaton (亚玛顿) - **Supplier Role**: Yamaton is currently a primary supplier for T clients, with a new base in the Middle East expected to yield significant returns in the future [2] Industry Insights 1. Overseas Energy Storage - **Market Demand**: The demand for energy storage solutions is long-term and urgent, with a focus on companies like Airo Energy, Sunshine Power, and others [3] 2. Electrical Equipment - **Market Focus**: The electrical systems in Europe and the U.S. are in a supercycle, with recommendations to focus on overseas markets, highlighting companies such as Siyuan Electric and others [3] 3. AI Power - **Investment Timing**: 2026 is anticipated to be a year of realization for AI power investments, with recommendations for companies like GemiTech and others [3]

2月12日，优优绿能涨5.04%，成交额1.54亿元。两融数据显示，当日优优绿能获融资买入额1732.35万 元，融资偿还1360.96万元，融资净买入371.39万元。截至2月12日，优优绿能融资融券余额合计1.05亿 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%。 融资方面，优优绿能当日融资买入1732.35万元。当前融资余额1.05亿元，占流通市值的5.93%。 融券方面，优优绿能2月12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。 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合发起式A（021985）位居第五大流通股 东，持股11.52 ...

2月6日，优优绿能跌1.16%，成交额5074.64万元。两融数据显示，当日优优绿能获融资买入额238.25万 元，融资偿还467.17万元，融资净买入-228.92万元。截至2月6日，优优绿能融资融券余额合计1.04亿 元。 截至9月30日，优优绿能股东户数1.14万，较上期减少16.19%；人均流通股718股，较上期增加19.31%。 2025年1月-9月，优优绿能实现营业收入10.08亿元，同比减少5.09%；归母净利润1.24亿元，同比减少 36.18%。 融资方面，优优绿能当日融资买入238.25万元。当前融资余额1.04亿元，占流通市值的6.26%。 融券方面，优优绿能2月6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% ...

证券代码：301590 证券简称：优优绿能 公告编号：2026-009 深圳市优优绿能股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、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、本次股东会未出现否决议案的情形。 2、本次股东会不涉及以往股东会已通过的决议。 一、会议召开和出席情况 (一) 会议召集人：董事会 (二) 会议时间： 1、现场会议召开时间：2026年2月6日（星期五）下午14：45 2、网络投票时间：2026年2月6日 其中，通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票 的具体时间为：2026年2月6日9:15-9:25,9:30-11:30和13:00-15:00；通过深交 所互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为：2026年2 月6日上午9：15至下午15：00期间的任意时间。 (三) 会议主持人：公司过半数董事推举付财担任主持人 (四) 现场会议召开地点：深圳市光明区玉塘街道田寮社区同观路远望谷 射频识别产业园2栋7楼公司会议室 (五) 会议召开方式：本次股东会采 ...

广东信达律师事务所 股东会法律意见书 为出具本《股东会法律意见书》，信达律师现场参与贵公司本次股东会、审阅 广东信达律师事务所 股东会法律意见书 相关文件和资料并得到贵公司的如下保证：向信达律师提供的与本《股东会法律意 见书》相关的文件资料均是真实、准确、完整、有效的，不包含任何误导性的信息， 且无任何隐瞒、疏漏之处。 中国 深圳市福田区益田路6001号太平金融大厦11、12楼 邮政编码：518038 11&12/F, Taiping Finance Tower, Yitian Road 6001, Futian District, Shenzhen, P.R.China 电话(Tel)：(0755)88265288 传真(Fax) ：(0755) 88265537 广东信达律师事务所 关于深圳市优优绿能股份有限公司 2026 年第一次临时股东会 法 律 意 见 书 信达会字（2026）第025号 致：深圳市优优绿能股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股东会 规则》）、《上市公司治理准则》（以下简 ...

Market Overview - The other power equipment sector experienced a decline of 0.43% on February 4, with Kehua Data leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Xizi Clean Energy (002534) saw a closing price of 18.70, with an increase of 4.59% and a trading volume of 277,800 shares, amounting to a transaction value of 514 million [1] - China Power (600482) closed at 27.77, up 1.28%, with a trading volume of 344,100 shares and a transaction value of 953 million [1] - Dongfang Electric (600875) closed at 25.99, up 1.09%, with a trading volume of 430,500 shares and a transaction value of 1.119 billion [1] - Kehua Data (002335) experienced a significant drop of 4.79%, closing at 58.86, with a trading volume of 295,600 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 877 million from institutional investors, while retail investors had a net inflow of 589 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Dongfang Electric (600875) had a net inflow of 21.27 million from institutional investors, but a net outflow of 17.43 million from retail investors [3] - Keda Technology (300820) experienced a net inflow of 38.32 million from institutional investors, while retail investors saw a net outflow of 51.47 million [3] - The capital flow data suggests varying levels of confidence among different investor types within the sector [3]