证券研究报告·公司点评报告·其他电源设备Ⅱ 优优绿能（301590） HVDC 子公司落地，第二增长曲线正式起航 2026 年 01 月 22 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,376 | 1,497 | 1,114 | 1,487 | 2,313 | | 同比（%） | 39.24 | 8.86 | (25.59) | 33.44 | 55.54 | | 归母净利润（百万元） | 268.38 | 256.03 | 151.65 | 261.00 | 466.71 | | 同比（%） | 36.84 | (4.60) | (40.77) | 72.11 | 78.82 | | EPS-最新摊薄（元/股） | 6.38 | 6.09 | 3.61 | 6.21 | 11.10 | | P/E（现价&最新摊薄） | 36.16 | 37.91 | 64.00 | 37.18 | 20.79 | ...

证券研究报告·公司点评报告·其他电源设备Ⅱ 优优绿能（301590） HVDC 子公司落地，第二增长曲线正式起航 2026 年 01 月 22 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,376 | 1,497 | 1,114 | 1,487 | 2,313 | | 同比（%） | 39.24 | 8.86 | (25.59) | 33.44 | 55.54 | | 归母净利润（百万元） | 268.38 | 256.03 | 151.65 | 261.00 | 466.71 | | 同比（%） | 36.84 | (4.60) | (40.77) | 72.11 | 78.82 | | EPS-最新摊薄（元/股） | 6.38 | 6.09 | 3.61 | 6.21 | 11.10 | | P/E（现价&最新摊薄） | 36.16 | 37.91 | 64.00 | 37.18 | 20.79 | ...

Group 1 - The data center power supply sector experienced a significant rally, with various companies showing strong performance [1] - Zhongheng Electric (002364) reached the daily limit increase, indicating robust investor interest [1] - Other notable performers included Dongyangguang (600673), Weichai Heavy Machine (000880), KOTAI Power (300153), Keda (002518), and Yimikang (300249), all of which saw substantial gains [1]

Group 1 - The data center power concept showed initial strength on December 24, with companies like New Ray Power hitting the daily limit up [1] - Megmeet Technology also approached the daily limit up, indicating strong market interest [1] - Other companies such as Zhongheng Electric, KOTAI Power, Tonghe Technology, and Kehua Data experienced upward movement in their stock prices [1]

Core Viewpoint - Oriental Electric (600875) has seen a stock increase of over 3%, currently at 24.76 HKD, with a trading volume of 80.49 million HKD, indicating positive market sentiment towards the company [1] Group 1: Company Developments - Oriental Electric has successfully achieved an overseas breakthrough with its self-developed F-class heavy-duty gas turbine G50, securing a core equipment order for a 50 MW combined cycle power generation project in Kazakhstan [1] - The company is in discussions with U.S. data center clients regarding potential sales of gas turbine generator sets, reflecting strong demand in the U.S. market [1] Group 2: Industry Trends - The rapid growth of AIDC (Artificial Intelligence Data Center) demand in the U.S. is driving the need for self-built power sources, with gas turbines being favored for their short construction cycles and stable power supply [1] - Major overseas tech giants like Google and Amazon are incorporating gas turbines as core backup or even primary power sources in their new data centers, indicating a strategic window for Chinese gas turbine manufacturers in the overseas market [1]

Group 1 - The core viewpoint highlights a potential "electricity revolution" driven by the explosion of AI computing power, with data center power concepts gaining strength and companies like Oulutong rising over 10% [1] - The short-term market dynamics suggest that this sector may be a fleeting opportunity for speculative investments [1] Group 2 - The Fujian sector remains active, with Anji Food achieving six consecutive trading limits, and several other stocks like Longzhou Co. and Shuhua Sports also experiencing multiple trading limits [2] - The overall trend indicates a strong performance in the Fujian region, with various companies showing significant upward movement [2] Group 3 - The non-ferrous copper sector continues to decline, with companies such as China Metallurgical Group, Hainan Mining, and Luoyang Molybdenum leading the downturn [3] - The underlying reasons for this decline raise questions about the viability of high-copper-content assets in the current market [3]

Core Insights - The company, Zhongheng Electric, is providing HVDC power distribution systems and prefabricated Panama power modules for data centers, indicating a focus on innovative energy solutions [2] Financial Performance - The company's revenue from data center power business is projected to increase by 111.05% year-on-year in 2024 [2] - For the first half of 2025, the revenue from the same business is expected to grow by 60.60% year-on-year [2]

Core Viewpoint - The company, Xinle Energy, is collaborating with ADI in the data center sector to enhance its competitive edge in the high-end power supply market through technology synergy [1] Group 1: Collaboration and Product Development - Xinle Energy is working with ADI to utilize ADI chips and engage in joint development [1] - The collaboration has led to the small-scale production of secondary power supply products, with expectations for multiple additional products to enter small-scale production next year [1] - The company is also in discussions to advance the development of tertiary power supply products [1]

Core Viewpoint - Igor Electric Co., Ltd. held a targeted on-site research event with over 40 institutional representatives, discussing key topics such as overseas factory capacity layout, new energy customer expansion, data center power business trends, and future strategic planning [1] Group 1: Research Event Overview - The investor relations activity was categorized as a targeted research event, conducted on-site in Jijiang District, Ji'an City, Jiangxi Province [2] - Participating institutions included a diverse range of entities such as securities firms, funds, private equity, and proprietary trading, with notable representatives from firms like Ping An Fund, Huaxia Fund, and CICC [3] Group 2: Key Research Insights - **Overseas Factory Capacity**: The company has established production facilities in Thailand and Mexico, with Thailand's factory fully operational at a monthly capacity of 700 new energy transformers. The Mexican factory is in the testing phase and is expected to reach a monthly capacity of 500 transformers by mid-2026. The U.S. factory focuses on distribution transformers with an annual capacity of 21,000 units [4] - **Overseas Customer Expansion**: The company has formed partnerships with leading EPC clients in North America and is gradually establishing collaborations with energy storage customers in Europe and the U.S. This expansion is driven by the gradual release of overseas capacity and increasing global demand for transformers, particularly in new energy applications [5] - **Data Center Power Solutions**: The company noted that current global data center power solutions primarily use UPS, with some adopting HVDC solutions. The release of NVIDIA's 800V architecture is expected to enhance the penetration of HVDC solutions. The company has focused on developing phase-shifting transformers and dry-type transformers for data centers, with production capacity expected to be released by mid-2025, expanding sales to markets in Japan, the U.S., and Malaysia [6] Group 3: Strategic Goals and H-Share Issuance - The management highlighted the strategic significance of issuing H-shares to enhance brand recognition and support overseas business expansion. The raised funds will be allocated for R&D, production facility construction, global manufacturing system layout, and operational capital [7] - The current operational goals focus on building and releasing domestic and overseas capacity, enriching the product matrix, and enhancing core competitiveness, with specific performance targets referenced in the 2024 stock option and restricted stock incentive plan [7]

Financial Performance - The company's net profit for the first three quarters has declined, primarily due to a decrease in gross margin and an increase in expense ratio [3] - Gross margin has been affected by intensified price competition in the consumer appliance sector, with a notable impact on the third quarter [4] - Excluding the variable frequency appliance division, other divisions saw a revenue increase of approximately 29% year-on-year [4][9] R&D and Strategic Focus - The company is heavily investing in R&D, particularly in AI, new energy, and smart home sectors, with a focus on long-term growth [5][10] - A significant increase in R&D and management expenses is attributed to the establishment of overseas bases and ongoing projects [3][4] - The company aims to integrate its energy storage and AI power supply teams to provide comprehensive power solutions for AI data centers [8][10] Market Opportunities and Growth Potential - The company identifies strong growth opportunities in data center power, new energy vehicles, energy storage, and smart appliances [4][10] - The AI industry is viewed as a critical growth area for the next decade, with substantial resources allocated for development [5][11] - The company has established partnerships with major energy storage firms and system solution providers, indicating positive progress in this sector [8] Challenges and Competitive Landscape - The company faces challenges in balancing high R&D costs with market demand and growth speed, particularly in the variable frequency appliance sector due to external factors like weather [9] - The AI server power market is complex, requiring significant effort to navigate customer needs and certification processes [7] - Despite competition from established players, the company is confident in its ability to grow within the AI sector by leveraging its technological advantages and customer relationships [11]