公司主要财务指标 证券时报·数据宝统计，根据深交所发行上市审核进度，9月28日，南网数字首发申请审核状态变更 为"提交注册"，公司首发获深交所上市委审议通过日期为2025年9月26日。 公司主营业务为为电力能源等行业客户提供数字化建设综合解决方案。公司本次拟募集资金25.54亿 元，募集资金拟投资于深圳先进数字能源技术研发基地及技术交付中心建设项目、新一代国产化企业数 智化管理系统建设项目、新一代智能物联感知与协同控制系统建设项目、时空智能数字孪生平台建设项 目、先进电力人工智能平台与智慧生产营销应用建设项目、能源行业数据要素流通交易与服务平台建设 项目。本次发行保荐机构为招商证券股份有限公司。 财务数据显示，2022年—2024年公司实现营业收入分别为56.86亿元、42.34亿元、60.90亿元，实现净利 润分别为6.53亿元、3.77亿元、5.70亿元。增幅方面，2024年公司营业收入增长43.81%，净利润同比增 长51.10%。（数据宝） | 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 营业收入（万元） | 608972 ...

投资者关系活动记录表 编号：2025-003 | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 形式 | 线下交流 | | 参与单位名称及人员姓名 | 西部证券 刘荣辉 | | | 华福证券 钱劲宇 | | 时间 2025 | 年 9 月 26 日 下午 14：00-15:00 | | 地点 | 信通电子会议室 | | 上市公司接待人员姓名 | 董事会秘书 孙红玲 | | | 研发总监 孔志强 | | 交流内容及具体问答 | 1、公司输电线路智能巡检系统哪些环节是自研自产？哪些是外购？公 | | | 司不同电压等级产品毛利率变化情况？ | | 记录 | | | | 答：尊敬的投资者，您好，公司输电线路智能巡检系统均由公司自主设 | | | 计、研发并生产，再面向客户销售，所有产品技术均具有核心自主知识 | | | 产权。在产品生产过程中，公司会根据产品 BOM 向供应商采购原材料， | | | 之后在车间完成产品生产等。输 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 3.525 billion yuan for the first half of 2025, a year-on-year decrease of 4.55%, with a net profit attributable to shareholders of 266 million yuan, down 11.01% year-on-year [1]. - The company has a strong revenue contribution from its subsidiaries, with nearly 70% of revenue coming from high-profitability subsidiaries, leading to an overall improvement in gross margin [2]. - The company has secured over 90% of the market share in communication equipment procurement for the State Grid, indicating a resolution of competitive issues within the industry [3]. - The company has increased its R&D investment to approximately 482 million yuan in the first half of 2025, enhancing its technological innovation capabilities [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.413 billion yuan, a decrease of 9.77% year-on-year, with a net profit of 240 million yuan, down 16.42% year-on-year [1]. - The overall gross margin improved to 22.13% in the first half of 2025, up from 20.02% in the first half of 2024 [2]. Market Position - The company and its subsidiary, Yili Technology, won contracts totaling 803 million yuan in the State Grid's procurement processes, achieving a combined market share of 93.25% [3]. - The company is positioned as a key subsidiary of the State Grid, benefiting from the rapid deployment of digital power solutions [4]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to 844 million yuan, 1.025 billion yuan, and 1.253 billion yuan respectively, with corresponding EPS of 0.70 yuan, 0.85 yuan, and 1.04 yuan [4][8]. - The company is expected to maintain a PE ratio of 26, 21, and 18 for the years 2025, 2026, and 2027 respectively [4][10].

Core Viewpoint - Zhongtian Service Co., Ltd. has signed a strategic cooperation agreement with Hangzhou Tuoshen Technology Co., Ltd. to enhance resource sharing and mutual development in the application of digital and intelligent technologies in the property management industry [2] Group 1: Strategic Cooperation and Acquisition - Zhongtian Service plans to acquire all shares held by Shanghai Tianji Investment Co., Ltd. in Hangzhou Tuoshen, with a transaction price of 52.03 million yuan for a stake corresponding to 3.5786 million yuan [2] - The cooperation aims to leverage Hangzhou Tuoshen's technological advantages to improve energy management efficiency, intelligence, and safety in property management projects [2] Group 2: Industry Trends and Technological Integration - The property management industry is shifting focus from quantity to quality, emphasizing smart and digital transformation as residential properties enter a stock development phase [3] - The integration of digital power management in residential communities can enhance service efficiency through smart distribution management, energy consumption monitoring, and safety diagnostics [3][4] - Zhongtian Service's proactive embrace of technology marks a critical step in its transformation from a property manager to a service operator, creating a sustainable "digital moat" [4] Group 3: Recommendations for the Industry - Other companies in the property management sector should define their technology strategies and focus on addressing specific pain points in vertical scenarios, rather than pursuing blind self-research [4][5] - The industry should adopt an open cooperation approach to integrate ecological resources and innovate under a light asset model for high-quality development [5]

Strategic Cooperation Agreement Overview - The company has signed a strategic cooperation agreement with Hangzhou Tuoshen Technology Co., Ltd. to leverage each other's strengths and resources for the application of digital and intelligent technologies in the property management industry [1][2] - The agreement serves as a framework document, and specific cooperation details will be negotiated separately [1] Partner Introduction - Hangzhou Tuoshen Technology Co., Ltd. was established on June 8, 2015, with a registered capital of 57.302576 million RMB [2] - The company specializes in various technical services, including technology development, consulting, and sales of electrical and electronic products [2] Main Content of the Agreement - The cooperation period can be adjusted, and both parties may renew the agreement based on the evaluation of cooperation outcomes [3] - The cooperation includes energy management upgrades, digital management of electrical equipment, and enhancing safety in electricity usage for property management projects [4] - Both parties plan to establish a cooperation team to customize solutions for intelligent property management and jointly develop energy management solutions for the property industry [4] Rights and Obligations - Both parties are required to maintain confidentiality regarding the agreement [4] - In case of breach, the responsible party will be liable for direct and indirect losses incurred [4] Impact on the Company - The signing of the agreement aligns with the company's strategic development and is expected to enhance market expansion capabilities and improve electricity safety and efficiency in managed projects [4] - The agreement is not expected to affect the company's independence, and the impact on future operating performance will depend on the implementation of the agreement [5]

Group 1 - The company, Zhongtian Service Co., Ltd., is engaged in a related party transaction involving the acquisition of 6.67% equity in Hangzhou Tuoshen Technology Co., Ltd. for a price of RMB 52.0322 million [1][5][6] - The transaction was approved by the board of directors and independent directors, with related party shareholders abstaining from voting [1][7][8] - Hangzhou Tuoshen Technology Co., Ltd. focuses on digital power and safety solutions, showcasing a promising development outlook [6][7] Group 2 - The total assets of Hangzhou Tuoshen as of December 31, 2024, are RMB 55,806.93 million, with total liabilities of RMB 20,494.25 million and net assets of RMB 35,312.67 million [3][4] - The company reported an operating income of RMB 35,752.95 million and a net profit of RMB 3,561.65 million for the same period [3][4] - The acquisition aims to enhance the company's market expansion capabilities and improve its overall competitiveness in the property industry [6][7][8]

Core Viewpoint - The company, established in 2001, has evolved from high-frequency switch power supply to becoming a leader in HVDC for data centers, with significant milestones including acquiring Eaton's indoor communication power business in 2009 and entering the power informationization sector through the acquisition of Zhongheng Borui in 2012. The company has formed two main segments: power electronics manufacturing and power digitalization, with a projected net profit of 110 million yuan in 2024, representing a year-on-year increase of 178.5% [1] Group 1 - The rapid iteration of AIGC is accelerating capital expenditure among major global internet companies, with high-power AI chips driving the upgrade of data center power supply systems. HVDC is expected to become the preferred solution due to its efficiency, reliability, space optimization, and rapid deployment capabilities [2] - The company has established a strong position in the domestic market, with its HVDC power products widely applied in large cloud computing data centers represented by BAT and third-party colo data centers, leading in market share and conversion efficiency [2] - The company is actively expanding into overseas markets to capture growth opportunities in AIDC, with expectations of further strengthening its leading position as HVDC technology upgrades to 800V and penetration rates increase [2] Group 2 - As a leading player in the domestic HVDC sector, the company is well-positioned to benefit from new opportunities in AIDC construction, with projected net profits of 206 million, 337 million, and 490 million yuan for 2025-2027, corresponding to EPS of 0.37, 0.60, and 0.87 yuan per share [3] - The company is compared with peers such as Tonghe Technology, Oulutong, and Magmiter, with a target price of 16.47 yuan per share based on a 45x PE ratio for 2025, initiating coverage with a "buy" rating [3]