登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688676 证券简称：金盘科技 公告编号：2025-090 海南金盘智能科技股份有限公司 关于自愿披露签订日常经营重要合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示: ● 合同规模：海南金盘智能科技股份有限公司及其控股子公司（以下简称"公司"）与海外客户F签订用 于数据中心项目合同，提供电力产品，合同金额为98,992,200.00美元，依据2025年12月30日中国人民银 行外汇中心公布的汇率1美元对人民币7.0348元计算，折合人民币约6.96亿元。 ● 对上市公司业绩的影响：本合同为日常经营销售合同，对公司2025年度经营业绩无重大影响，若本合 同顺利履行，预计将对公司未来经营业绩产生积极影响。 ● 风险提示：在合同履行过程中如果遇到政策及市场环境、客户需求变化以及其他不可预测或不可抗力 因素的影响，可能会影响合同最终执行情况。敬请广大投资者注意投资风险。 一、合同基本情况及审议程序情况 近日公司与海外客户F签订用于数据中心项目合 ...

金盘科技(688676.SH)公告，公司及其控股子公司与海外客户F签订用于数据中心项目合同，提供电力产 品，合同金额为9899.22万美元，依据2025年12月30日中国人民银行外汇中心公布的汇率1美元对人民币 7.0348元计算，折合人民币约6.96亿元。 当前，全球数字经济与智能算力需求持续爆发，AIDC(人工智能数据中心)作为新一代算力基础设施的 核心形态，正推动全产业链向高效、绿色与智能化方向演进。公司紧跟全球能源与数字化变革趋势，依 托在数据中心领域十余年的深耕积累，已构建覆盖变压器系列、AIDC模块化电源装备、储能系列等在 内的AIDC电力设备系列产品，并持续完善在AIDC产业链中的产品布局与服务能力及智能制造优势。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11]. Core Insights - The company focuses on the overseas transformer market, benefiting from significant advantages in product technology, overseas production capacity, and downstream customer relationships. Given the current tight supply of transformers abroad and the anticipated widening supply gap due to AI development, the company is expected to benefit from this trend, with an increasing proportion of overseas customers driving operational growth. A turning point in operations has already been observed [2][9]. Summary by Sections Overall Business Focus - The company has accelerated its business expansion since its IPO in 2017, focusing on digital transformation and expanding production bases both domestically and internationally. The core business has shifted towards energy products, particularly transformers, which are expected to see a significant increase in revenue share from 56% in 2021 to 73% in 2024 [5][25][20]. Main Business: North America Focus - The company has strategically positioned itself in the North American market, where the construction speed of power supply and grid infrastructure does not match the rapid development of AI data centers, leading to potential electricity shortages. The company has established a competitive edge in overseas production capacity and customer relationships, with plans for production bases in Malaysia, Thailand, the USA, and Mexico [6][74][82]. New Business Ventures - The company is actively developing new areas in AIDC high-voltage direct current power products, particularly in Panama, where it has established a leading position in phase-shifting transformer technology. This segment is expected to contribute additional growth if successful [8][91][107]. Investment Recommendations - The report anticipates that the company's net profit attributable to shareholders will reach 500 million yuan by 2026, corresponding to a PE ratio of approximately 28 times. The ongoing tight supply of transformers and the expected increase in overseas customer share are expected to enhance profit growth elasticity [9][12].

公 司 研 究 / 公 司 深 度 上 市 公 司 | 市场数据： | 2025 年 12 月 26 日 | | --- | --- | | 收盘价（元） | 87.97 | | 一年内最高/最低（元） | 95.79/40.15 | | 市净率 | 7.7 | | 股息率%（分红/股价） | 0.06 | | 流通 A 股市值（百万元） | 40,279 | | 上证指数/深证成指 | 3,963.68/13,603.89 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 11.39 | | 资产负债率% | 51.30 | | 总股本/流通 A 股（百万） | 550/458 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 12/26 01/26 02/26 03/26 04/26 05/26 06/26 07/26 08/26 09/26 10/26 11/26 12/26 麦格米特 沪深300指数 (收益率) 相关研究 ...

深圳市盛弘电气股份有限公司 投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（电话调研） | | | 红思客资产、久战久胜私募、浙江思悦投资、弘润资本（香 | | 参与单位名 称及人员姓 | 港）、熙宁投资、深圳北斗星投资、内蒙古博汇资产、深圳德 | | 名 | 远投资、金石资本、长江证券经纪（香港）有限公司、聚势 | | | 投资、华基投资等 | | 时间 | 2025 年 12 月 29 日 9:30-11:00 | | 地点 | 公司会议室 | | 上市公司接 | 董事会秘书胡天舜先生 | | 待人员姓名 | 投关总监张原先生 | | | 1、公司AIDC业务部成立半年有什么进展？ | | | 答：随着近几年AI及相关基建和配套领域的不断发展， | | 投资者关系 | 数据中心、智算中心的大规模建设，公司电能质量产品用于 | | 活动主要内 | 数据中心、智算中心的占比也显著提升。 | | 容介绍 | 公司组织了专门的团队在已有电能质量如 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The AIDC power/storage, lithium battery, and hydrogen-ammonia sectors are highlighted as key investment areas, with a focus on the North American AI chain and the ongoing demand for energy storage solutions [3]. - The lithium battery sector is experiencing a recovery due to supply chain adjustments and production cuts among phosphate lithium companies, which are expected to enhance pricing power [4]. - The hydrogen-ammonia sector is viewed positively due to supportive policies and market expectations, with significant investment potential anticipated [4]. Summary by Sections AIDC Power/Storage - North American AI chain is driving interest in AIDC power and storage, with liquid cooling technology opening new order opportunities [3]. - The outlook for overseas energy storage remains strong, particularly in the U.S., where electricity shortages continue to drive demand [6]. Lithium Batteries - Recent environmental assessments for lithium mines and production cuts among phosphate lithium companies are expected to stabilize prices and enhance negotiation power [4]. - The investment hierarchy for lithium materials is ranked as follows: lithium carbonate > hexafluorophosphate > aluminum foil > separator > copper foil > anode [4][19]. Hydrogen-Ammonia and Wind Power - The hydrogen-ammonia sector is expected to gain traction as a key application for renewable energy consumption, supported by favorable policies [4]. - Wind power installations are projected to grow significantly, with onshore wind capacity expected to increase by 9.68% year-on-year in 2024 [7]. Energy Storage - The domestic energy storage market is experiencing sustained growth, with significant installations reported in Inner Mongolia [6]. - Key projects include a 20GWh energy cell procurement by Ningde Times and various large-scale storage projects in Shanxi and Hebei [6]. Wind Power - The report notes a substantial increase in wind power installations, with a total of 82.50GW added in 2025, marking a year-on-year growth of 59.42% [7]. Pricing Trends - The report indicates that the prices of key materials such as lithium carbonate and phosphoric iron lithium are experiencing fluctuations, with market dynamics affecting supply and demand [20][30].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights a positive outlook on the recovery of lithium battery material prices and anticipates accelerated development in the sodium battery industry [3] - The electric power equipment sector has shown strong performance, with a 42.8% increase over the past 12 months, outperforming the CSI 300 index [4] - The report emphasizes the ongoing high demand for energy storage, with significant project signings and a robust pipeline for future installations [7] Summary by Sections Wind Power - Domestic land wind turbine bidding reached 9.64GW as of December 20, 2025, with major companies initiating large-scale procurement [5] - The report expects continued growth in installed capacity for 2026, driven by high demand and favorable bidding conditions [5] Photovoltaics - The photovoltaic industry chain has seen widespread price increases, with N-type polysilicon prices rising by 1.2% and N-type TOPCon battery prices increasing by 13.3% [6] - The report suggests that supply-side reforms are enhancing industry sentiment, with a positive outlook for profitability in 2026 [6] Energy Storage - China Power Construction Corporation signed contracts for energy storage projects totaling 50 billion yuan, with a significant number of projects in the pipeline [7] - The report anticipates strong growth in overseas energy storage demand, particularly in Europe and emerging markets [7] Lithium Batteries - Several leading lithium iron phosphate manufacturers are undergoing simultaneous production halts for maintenance, coinciding with a price increase trend in the industry [7] - The report indicates that improved supply-demand dynamics may lead to a recovery in prices and profitability for lithium iron phosphate manufacturers [7] Sodium Batteries - The sodium battery industry is entering a phase of deep development, with advancements in technology and market penetration [7] - The report highlights the growing demand for sodium batteries in various applications, including energy storage and commercial vehicles [7] AIDC (Artificial Intelligence Data Center) - ByteDance plans to invest $23 billion in artificial intelligence, which is expected to drive demand for AIDC infrastructure [8] - The report notes that the shift towards energy-intensive operations by tech giants is likely to increase the demand for power equipment [8] Electric Grid - Alphabet's acquisition of an energy developer marks a trend of tech companies investing in power infrastructure [8] - The report suggests that the growing demand for data centers will continue to drive the need for electric power equipment [8]

发现一个衡量公司发展的新标尺，竞争对手体量。 曾经的光伏小巨人阳光就是个绝佳的例子。2019年，它的对手还是上能电气、固德威这些国内同行，靠 着光伏逆变器冲到了全球第二。 几年后的2025年，它的对手名单已经变成了比亚迪、特斯拉这样的全球巨头。它自己也从一家逆变器公 司，蜕变为市值超3400亿的全球储能之王。 | 排名 | 2019年逆变器市场格局 | 2025.12.23市值 | 2025年上半年储能格局 | 2025.12.23市值 | | --- | --- | --- | --- | --- | | 1 | 华为 (22%) | . | 特斯拉 | . | | 2 | 阳光电源 (13%) | 3483亿 | 阳光电源 | 3483 Z | | 3 | SMA (8%) | .. | 比亚迪 | 8644 Z | | 4 | Power Electronics(6%) | . | 中车株洲研究所 | . | | 5 | Fimer (5%) | . | 华为 | . | | 6 | 上能电气 (5%) | 184亿 | 海博思创 | 468.1亿 | | 7 | Solar Edge (4%) | . ...

Group 1: Company Overview and Operations - The company specializes in flexible printed circuit boards (FPC) and has achieved large-scale production capabilities, particularly in the electric vehicle sector [3] - The company has established partnerships with major automotive clients, including XPeng Motors, Dongfeng Nissan, and Geely, among others [3] - The company is positioned as a leading supplier in the CCS (Cell Connection System) market, with cumulative shipments exceeding 100 million units [3] Group 2: Market and Clientele - Key clients in the energy storage sector include CATL, Sungrow, and other industry leaders [5] - The company has begun mass production for a leading North American electric vehicle manufacturer [6] - The company has secured significant orders from Bloom Energy for AIDC components, indicating strong demand [7] Group 3: Future Plans and Development - The company plans to expand production capacity across multiple locations, aiming to meet increasing client demands [10] - A new production base in Ningde is expected to increase capacity by approximately 2 billion yuan [24] - The company is exploring new applications for FPC in areas such as low-altitude economy and robotics [16] Group 4: Financial Performance and Projections - The average value per electric vehicle for the company is approximately 3,000 yuan for a 100 kWh electric vehicle [26] - The company anticipates an increase in the proportion of revenue from energy storage products, which will be a key focus area in the coming year [20] - The company is committed to achieving ambitious targets set forth in its recent equity incentive plan [30]

燃气轮机专题报告：行业高景气&供需错配，看好国产集成 &零部件供应商优先受益 20251225 摘要 燃气轮机需求进入新一轮上行周期，主要驱动力为天然气价格下降和 AIDC 缺电，2023 年装机容量约为 42GW，预计 2024 年和 2025 年分 别达到 56GW 和 80GW 以上，数据中心需求占比达 20%，中东地区的 需求将在 2026 年开始显著增长。 全球重型燃气轮机市场由西门子、GE、三菱和安萨尔多主导，其中西门 子和 GE 在 2025 年前三季度订单增速分别为 39%和 40%，GE 2024 年订单翻倍以上，两家公司订单可见度已覆盖未来 4 年，表明行业景气 度极高。 燃气轮机构件供应链面临扩产难题，当前全球新签订单超过 80GW，但 总产能仅 50 多 GW，重型燃气轮机扩产难度大，关键部件设计复杂， 导致订单交付周期已排至 2029 年，中期内行业成长空间巨大。 杰瑞股份在燃气轮机市场中通过与主机厂商合作，提供快速扩产解决方 案和成本效益，降低成套设备生产成本超过 20%，并导入中国供应链， 提升整体效率，同时提供高效调试和安装服务。 燃气轮机构件供应链面临扩产难题。目前全球新签订 ...