联讯仪器：连续2年亏损却分红3606万、有2.54亿元现金、8000万理财，募1.5亿补流，陷专利诉讼、应收款与坏账计提暴增 一边是连续亏损仍坚持给股东分红，一边是应收账款和存货规模如滚雪球般膨胀，这家成立仅八年的测试仪器公司，正带着一身争议向资本市场发起冲 刺。 苏州联讯仪器股份有限公司的科创板IPO申请，在2025年8月15日获受理后，迅速吸引了市场的目光。这家公司计划募集19.54亿元资金，这一数额相当于 其当前总资产的1.35倍，更是净资产的2.75倍。 在光通信与半导体测试设备领域，联讯仪器确实展现出了令人瞩目的成长性。它的营收从2022年的2.14亿元跃升至2024年的7.89亿元，并在2024年成功扭 亏为盈，实现净利润1.4亿元。 但在这份光鲜的业绩增长背后，客户集中度高企、应收账款与存货规模激增、经营性现金流转负等问题也如影随形。 尽管身处黄金赛道，联讯仪器的财务表现却呈现出一种外热内冷的复杂图景，几个关键指标亮起了警示灯。 公司对少数大客户的依赖程度相当高。2022年至2025年一季度，其向前五大客户实现的销售收入占比，最低为42.64%，最高达到了62.64%。 这意味着，公司超过六成的 ...

Investment Rating - The report maintains a "Synchronize Trend" investment rating for the gas turbine industry [1]. Core Insights - The global gas turbine market is expected to exceed $30 billion, driven by the growth of data center construction and increasing power demands [2]. - The gas turbine is a type of rotary heat engine widely used in power generation, oil and gas, and marine propulsion [10]. - The market is dominated by international leaders such as GE, Siemens, and Mitsubishi, which hold over 80% of the market share, while domestic companies are gradually improving their production capabilities [2][65]. Summary by Sections 1. Gas Turbine Overview - Gas turbines convert fuel energy into mechanical power through a continuous flow of gas, with core components including compressors, combustion chambers, and turbines [10][35]. - Gas turbines are categorized by power output into heavy, medium, light, and micro turbines, with heavy turbines typically exceeding 50MW [13][16]. 2. Market Growth and Trends - The global gas turbine market size is projected to grow from $23.96 billion in 2024 to $34.75 billion by 2032, with the Asia-Pacific region accounting for 56% of the market [2][52]. - The demand for power from data centers is expected to significantly increase, with AI data center IT energy consumption projected to reach 55.1 TWh in 2024, double that of 2023 [2][63]. 3. Domestic Industry Development - Domestic companies like Harbin Electric, Dongfang Electric, and Shanghai Electric are making strides in heavy gas turbine production, although they still rely on imports for advanced technologies [2][69]. - The domestic market for light gas turbines is largely self-sufficient, with a market size of approximately 56.57 billion yuan in 2022 [58]. 4. Competitive Landscape - Major international players dominate the market, with GE holding a 34% market share, Mitsubishi 27%, and Siemens 24% [65][68]. - Domestic companies are focusing on improving their technology and production capabilities to compete with these international giants [69][73]. 5. Technological Advancements - The report highlights the importance of advanced materials and manufacturing techniques in the production of turbine components, particularly for high-temperature applications [40][44]. - Innovations in turbine design and efficiency, such as combined-cycle systems, are expected to enhance performance and reduce emissions [21][29].

Summary of Conference Call on Chinese Machinery Manufacturing Industry Industry Overview - The Chinese machinery manufacturing industry is expected to maintain growth potential through 2026, driven by external demand, particularly from the North American market, which is experiencing consumption upgrades and increased demand for new energy products [1][4] - The Belt and Road Initiative continues to create demand for engineering machinery and related products in countries along the route [1][4] Key Opportunities - The construction of data centers in the U.S. is boosting demand for gas turbines and liquid cooling equipment, benefiting Chinese suppliers such as Hengli Hydraulic, Yingliu, Haomai, and others [1][5][6] - The recovery in U.S. downstream manufacturing and infrastructure investment is leading to increased consumption of construction machinery, creating opportunities for Chinese exporters [1][7] - The three major U.S. legislative acts are expected to drive a $1.2 trillion investment plan over the next decade, further enhancing trade between China and the U.S. [1][8] Investment Recommendations - Investment opportunities in the machinery sector are concentrated in front-end construction equipment, gas turbines, liquid cooling, and data center-related fields. Recommended companies include Hangcha, Dingli, Jerry Holdings, Haomai Technology, Binong Environment, and Hongsheng Shares [1][10] - Companies with strong technical capabilities and competitive advantages, such as Yingliu and Haomai in the gas turbine sector, are likely to benefit significantly from the North American data center construction [1][9] Market Dynamics - The current macroeconomic environment in the U.S. shows signs of recovery, with increased growth rates in manufacturing and infrastructure investments since July 2025 [1][7] - The U.S. consumer inventory levels are reasonable, and the K-shaped economic phenomenon indicates that demand remains weak, suggesting a stable growth trajectory for related companies [1][19] Challenges and Considerations - Outbound enterprises should focus on global production layouts and local operational capabilities, as establishing local production and sales is a robust strategy in the current international political climate [1][11] - Tariffs should not be viewed as a reason to sell; instead, they present buying opportunities, as the actual impact of tariffs is often less than anticipated [1][21][22] - The depreciation of the RMB against the USD is not expected in 2025, but a long-term appreciation trend is anticipated, which may pose risks for outbound enterprises [1][24] Future Outlook - The outlook for the Chinese machinery manufacturing industry in the global market remains strong, with external demand being a key growth driver [1][4] - The most promising outbound chains for the next year include those related to North American manufacturing, U.S. real estate, and the Belt and Road Initiative [2][26]

Core Viewpoint - The announcement details the progress of the Wuhu Longteng Smart Internet Industry Park Phase I electromechanical engineering project, highlighting changes in the contract and potential impacts on revenue and accounts receivable [2][16]. Group 1: Contract Changes - The newly signed settlement agreement alters the scope of the previously disclosed general contract, which may affect project revenue [2][17]. - The total contract price for the project is approximately RMB 1.98 billion (approximately 1980 million) [3]. - The project consists of three phases, with the contractor required to complete each phase within four months of receiving orders from the client [3]. Group 2: Financial Details - The total settlement amount for the first and second phases is RMB 1,646,484,000 (approximately 1646 million), with RMB 1,434,300,224.52 (approximately 1434 million) already paid by the client, leaving an outstanding amount of RMB 212,183,775.48 (approximately 212 million) [14]. - The third phase will not be constructed by the contractor due to changes in client requirements, and the contractor will coordinate with suppliers to adjust procurement contracts accordingly [15]. Group 3: Project Impact - The project progress and subsequent agreements will allow the subsidiary to complete the necessary work and achieve corresponding revenue, subject to actual audit results [16].

Summary of Eaton Conference Call - December 02, 2025 Company Overview - **Company**: Eaton (NYSE:ETN) - **Industry**: Multi-Industry, focusing on electrical components, data centers, and aerospace Key Points and Arguments Strategic Direction - **Leadership Change**: Paulo Ruiz took over as CEO in mid-2025, indicating a shift towards growth verticals, highlighted by the acquisition of Boyd Thermal [6][8] - **Three Strategic Pillars**: 1. **Lead for Growth**: Emphasizes customer-centricity and agility in decision-making [7] 2. **Execute for Growth**: Focus on operational excellence and strong management to seize market opportunities [7] 3. **Invest for Growth**: Commitment to invest in high-margin, high-growth sectors, particularly data centers and utilities [8][9] Market Performance - **Order Growth**: Significant increase in orders from Electric Americas, rising from approximately $3.4 billion to over $4 billion in a quarter [16] - **Data Center Market**: Projected growth in U.S. data center capacity from 20 gigawatts to nearly 40 gigawatts by the end of 2023, with a backlog of 165 gigawatts in announced projects [20][22] - **Year-over-Year Orders**: Data center orders increased by 70% year-over-year in Q3 [22] Backlog and Revenue Growth - **Backlog Analysis**: Current backlog is 34%-35% of revenue, more than double historical levels, driven by strong end-market demand rather than lead time issues [26][28] - **Growth Expectations**: Anticipated market growth of around 7% in 2026, with Eaton planning to outperform this [98] Acquisitions and Market Position - **Acquisition of Boyd Thermal**: Expected to enhance Eaton's capabilities in liquid cooling and data center solutions, with Boyd projected to grow 70% next year [53][55] - **Differentiation**: Eaton's comprehensive portfolio from utility feeders to chips sets it apart from competitors, with a strong focus on integrated solutions [40][42] Financial Outlook - **Valuation Discussion**: Expected EBITDA multiple to decrease to single digits due to high growth rates (40% CAGR from 2026 to 2029) [68][70] - **Incremental Margins**: Anticipated recovery of incremental margins as operational inefficiencies are addressed by the end of 2026 [82][134] Challenges and Considerations - **Market Dynamics**: The transition to AI and high-voltage data centers presents both opportunities and challenges, requiring continuous innovation [29][67] - **Pension and Corporate Costs**: Potential negative impacts on financials due to pension adjustments and acquisition-related costs [100][102] Conclusion - **Future Growth**: Eaton is positioned for strong growth in the data center market and beyond, with a clear strategy focused on operational excellence, strategic acquisitions, and market leadership [132][134]

答：光隔离器是防止光信号反向干扰、保障高速光模块稳定运行 的关键器件。公司已完成该产品线的搭建与布局，并实现了批量 出货。目前，公司产能能够有效匹配客户订单需求。在人工智能 与数据中心建设驱动高速光模块需求旺盛的行业背景下，光隔离 器作为必备组件，市场需求也同步增长。 | □ | 特定对象调研 分析师会议 □ | | --- | --- | | □ 投资者关系活动 | 媒体采访 业绩说明会 □ | | □ 类别 | 新闻发布会 路演活动 ☑ | | □ | 现场参观 | | □ | 其他 | | 参与单位名称 | 南方基金、天风证券 | | （排名不分先 | | | 后） | | | 时间 2025 | 年 月 日 （周二） 12 2 9:30-11:30 | | 地点 | 广东省东莞市微科光电科技有限公司会议室 | | 上市公司接待人 | 公司董事兼总经理谢云、董秘兼财务总监李广华、证券事务代表 | | 员姓名 胡玉兰 | | | | 一、公司情况介绍 | | | 东田微专业从事各类精密光学元件的研发、生产和销售，在光学 | | | 设计、光学成膜、光学成型以及精密加工方面具备突出的竞争优 | | | 势和 ...

What sector combines defense, aerospace, electricity grids, transportation, and heavy machinery, all with clear growth drivers and not dominated by AI or data center build-out? The broader industrial sector, as part of the S&P 500 index (Experience is difficult to learn. After 30 plus years of critically analyzing the nuts and bolts of businesses as diverse as airlines, oil, retail, mining to fintech and ecommerce plus the macro, monetary and political drivers. I continue to immensely enjoy learning and app ...

摘要 配网变压器市场需求增长迅速，主要受数据中心建设驱动，但技术门槛 较低，导致众多厂家涌入，市场竞争加剧。西门子等巨头大幅扩产，旨 在缓解供给压力，但同时也预示着未来市场竞争将更加激烈。 数据中心对配网变压器有特殊需求，如高可靠性、快速交付和定制化配 置（如 ABB 或爱玛的开关，APP 的套管），以确保极低的停电时间。一 个 1 吉瓦的数据中心，其配电设备总价值可达 3,300 万美元，其中箱式 变压器占比超过一半。 中国企业出海面临墨西哥的竞争，后者在用工成本、交货期和关税方面 具有优势。中国企业需考虑在墨西哥建立产能，以应对北美市场需求， 并规避高关税和运输成本。 配网变压器和箱式变压器的主要客户是 EPC 公司，他们对交付周期和产 品质量有严格要求。中国企业通过优化供应链管理，与关键零部件供应 商建立合作关系，可有效缩短交付周期，提升竞争力。 伊顿等公司通过外包生产箱变和配电设备，缓解产能瓶颈。西门子和 ABB 等国际巨头也开始与中国企业合作，进行代工，以应对庞大的市场 需求。华峰和世源等中国企业已承担主变压器的代工任务。 Q&A 北美市场在扩展配网变压器方面的主要瓶颈是什么？自动化程度高是否意味着 ...

Group 1 - The global data center market is projected to grow from $242.72 billion in 2024 to $584.86 billion by 2032, with a compound annual growth rate (CAGR) of 11.62% [1] - Approximately half of the power demand for data centers will be met by renewable energy sources, driving the demand for transformers and switches [1] - The current backlog of transformer orders is significant, with delivery cycles expected to remain high until 2025, indicating a supply chain bottleneck [2] Group 2 - The global trade of power transformers has increased by 80% from 2018 to 2023, with China accounting for 25% of the total trade, highlighting its dominance in the market [3] - The U.S. and European markets have seen their transformer trade volumes double since 2018, indicating a reliance on imports from countries like Mexico, Europe, and South Korea [3] - In the context of a global transformer shortage, Chinese transformer manufacturers are positioned to benefit significantly [3]

证券日报网讯 雄韬股份（002733）11月25日在互动平台回答投资者提问时表示，目前公司的生产经营 正常进行。一方面，公司全力开拓市场，紧紧抓住数据中心建设的大风口；另一方面，公司抓紧统筹研 发、生产、解决方案、智慧化服务，保质保量如期完成订单交付和运营。 ...