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]

Summary of Key Points from Conference Call Records Industry Insights Smart Grid and Energy Storage - The Ministry of Commerce announced that consumers purchasing new cars during the 9-day Spring Festival holiday can apply for vehicle trade-in subsidies as per policy requirements [1] - The National Energy Administration is actively promoting the development of new energy storage and emerging industries, with a forward-looking layout for hydrogen energy and nuclear fusion energy [2][3] Electric Power Market - The implementation opinion on improving the national unified electricity market system proposes that by 2030, a basic national unified electricity market system will be established, with market-based trading accounting for approximately 70% of total electricity consumption [4] - According to customs data, China's transformer export value is expected to reach a record 64.6 billion yuan by 2025, a nearly 36% increase from the previous year, with the average export price per transformer rising to 205,000 yuan, an increase of about one-third [4] Liquid Cooling Technology - The leading liquid cooling server company, Vertiv, reported better-than-expected results in its Q4 FY2025 earnings, driving its stock price up by 24%, reaching a new historical high [4] Data Center and Energy Consumption - A surge in data center construction in the U.S. has led to an electricity shortage, with over 29 GW of natural gas power generation capacity under construction, more than doubling in one year [5] Fiber Glass and Electronic Materials - International composite and fiberglass leaders have raised prices for electronic cloth multiple times, with ordinary electronic cloth experiencing four price increases from October 2025 to February 2026 [6][8] Semiconductor Materials - The prices of key materials for the global semiconductor industry, such as sputtering targets, are expected to increase by 20%-30% in Q1 2026 [10] Space Photovoltaics - A supply-demand matching meeting for space photovoltaics was held, with companies discussing technology development, material applications, and manufacturing processes [11][12] Company-Specific Developments - Yike Technology announced a price increase for all cloud products and services starting March 1, 2026, due to rising costs in core hardware procurement and infrastructure [4] - Lumentum has secured several hundred million dollars in CPO-related orders, with expected revenue of approximately $50 million from CPO in Q4 2026, anticipating a significant surge in the first half of 2027 [5] Market Trends - The Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.86%, and the ChiNext Index climbed by 1.32%, with a total trading volume exceeding 2.1 trillion yuan, an increase of over 100 billion from the previous day [4] - The price of praseodymium-neodymium oxide has continued to rise, reaching 800,000 yuan per ton, with a week-on-week increase of 9.9% and a month-on-month increase of 28.8% [15] Geopolitical and Economic Factors - The ongoing geopolitical tensions have led to heightened shipping rates, with the Middle East-China VLCC freight rates remaining above $120,000 [13]

经济观察网迈凌(MXL.OQ)在近7天(2026年2月5日至2月11日)股价表现活跃，区间涨幅达9.46%。其中， 2月6日单日大涨9.41%，收盘价报18.72美元，成交额放大至2805.75万美元，换手率1.75%，显示资金关 注度提升。2月10日收盘价微跌至18.86美元，但区间最高价触及19.34美元(2月10日)，创近期高点。同 期，美股半导体板块下跌0.78%，迈凌表现相对强势。 近期公开信息中未发现与迈凌直接相关的重大公司公告或行业事件。但2月6日的放量上涨可能与市场对 半导体细分领域(如AI芯片、汽车电子)的预期改善相关，例如英飞凌等同行在AI电源领域的布局提振板 块情绪。 财务状况 需关注公司净利润连续为负、资产负债率43.26%较高等财务风险。此外，半导体行业周期波动及全球 供应链不确定性可能影响股价稳定性。 以上内容基于公开资料整理，不构成投资建议。 财报分析 迈凌于2026年1月29日发布2025财年第四季度及全年财报(截至2025年12月31日)。第四季度营业收入1.36 亿美元，同比增长48.03%，毛利率50.93%，但净利润亏损1490万美元，净利率-10.92%。全年营收4. ...

每日经济新闻 每经AI快讯，1月28日，麦格米特(002851.SZ)公告称，预计2025年归属于上市公司股东的净利润为1.20 亿元~1.50亿元，比上年同期下降65.61%~72.48%。业绩变动主要系公司持续加大AI电源等新兴领域研 发投入及海外、杭州基地建设导致管理费用增加，叠加部分行业成本压力致毛利率下滑，以及汇率波动 引发较大汇兑损失。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company is expected to stabilize its main business, with positive progress in its AI power supply segment, following its early adoption of the Nvidia supply chain in 2024, leading to a competitive advantage in new product development [1]. - The financial performance for 2025-2026 is projected to improve significantly, particularly with the anticipated growth in AI power supply business, which is expected to contribute to a non-linear increase in profitability [7][15]. Financial Data and Valuation - Total revenue is projected to grow from 6,754 million RMB in 2023 to 20,421 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 33% [2][28]. - The net profit attributable to shareholders is expected to increase from 629 million RMB in 2023 to 2,501 million RMB in 2027, reflecting a significant growth trajectory [2][28]. - The company's PE ratio is forecasted to decrease from 105.4 in 2023 to 26.5 in 2027, indicating an improving valuation as earnings grow [2][28]. Business Segments - **Smart Home Appliances**: Revenue is expected to reach 40.37 billion RMB in 2025, with a gross margin of 23% [17]. - **Industrial Power Supply**: Projected revenue for 2025 is 24.94 billion RMB, with a gross margin of 22% [14][17]. - **AI Power Supply**: Anticipated revenue growth from 2 billion RMB in 2025 to 70 billion RMB by 2027, with a gross margin of 40% [15][17]. - **Other Businesses**: Expected to show stable growth, contributing positively to overall revenue [16]. Performance Metrics - The company’s gross margin is projected to improve from 24.9% in 2023 to 29.7% in 2027, indicating enhanced profitability [28]. - The return on equity (ROE) is expected to rise from 15.5% in 2023 to 28.8% in 2027, reflecting improved efficiency in generating profits from equity [28]. Market Position - The company is positioned to capture a significant share of the PSU market, with estimated revenues of nearly 4 billion RMB in 2026, which is about half of the market share of its main competitor [7][15].

Overall Viewpoint - This week, there were multiple supply-side events in the new energy sector: (1) Four ministries held a symposium on power and energy storage battery industries to regulate industry competition; (2) The "anti-involution" trend in the photovoltaic sector was influenced by market information, leading to a continuous decline in polysilicon futures; (3) Export tax rebates for photovoltaic products will be canceled starting April 1, 2026, while battery product export tax rates will gradually decrease to a cancellation by 2027. The new energy industry's "anti-involution" is inherently complex and challenging, with the state aiming to maintain international competitiveness. Balancing market and policy adjustments will evolve accordingly. Therefore, the direction of the photovoltaic industry's "anti-involution" will not change, focusing more on execution coordination and method restructuring; the battery industry is more about preventive reminders against energy storage battery oversupply; the adjustment of export tax rebate policies is expected to optimize the supply side, potentially leading to a short-term export rush [4]. Investment Perspective - (1) Market enthusiasm is currently focused on commercial aerospace and space computing, with wind power stocks such as Goldwind Technology, Taisheng Wind Energy, and Mingyang Smart Energy, as well as photovoltaic stocks like Junda Co., Oriental Sunrise, and Maiwei Co., having accumulated significant price increases, detaching from their core business fundamentals, making it inadvisable to chase high prices at this time [4]. - (2) AI power: There is optimism regarding domestic computing power demand rebounding after the NVIDIA H200 release; the HVDC solution is expected to ramp up, and SST technology and collaboration progress are likely to materialize; this can also align with AI applications to form sector rotation; the capital expenditure situation for North American data centers in 2027 needs to be assessed during the US stock annual report period for risk evaluation [4]. - (3) During the "14th Five-Year Plan" period, based on the dual benefits of China's future industries and the EU carbon tariff in 2026, there is optimism for the coordinated, large-scale, and advanced construction of hydrogen, ammonia, and methanol [5]. - (4) For energy storage/lithium battery upstream: The overall game on the lithium battery demand side is focused on domestic energy storage bidding in 2026; data on energy storage and vehicle terminals still need to be tracked, making it difficult to confirm or refute; the investment ranking for lithium battery materials is: lithium carbonate > lithium hexafluorophosphate > aluminum foil > separator > copper foil > anode; lithium carbonate prices still have upward momentum in the short term [5].

证 券 研 究 报 告 AI电源两大重要方向：ACDC模块及电源管理芯片！ ——AIDC电源系列研究之2 证券分析师： 杨海晏 A0230518070003 杨紫璇 A0230524070005 联系人：杨紫璇 A0230524070005 2025.12.31 投资要点 证券研究报告 www.swsresearch.com 2 ◼ 2025年全球/中国服务器电源市场有望达316/91亿元。服务器电源产品的价值量随着功率的提升而提升。 ◼ 方向1——ACDC电源模块：大陆电源厂商加速崛起。在服务器电源领域，市场份额主要由台达、光宝等 企业占据。全球服务器电源生产企业集中在中国台湾省，前十企业中国台湾占据五家，市场占比60%左 右；中国大陆电源厂商麦格米特挤进前十，占比6%。 ◼ 方向2——DCDC电源管理芯片：多相电源是多相控制器与DrMOS的组合，可为高性能计算提供供电方 案。通过多相控制器和智能功率级模块的组合使用，将多个降压电路的输出并联使用，从而输出数百安 培到数千安培的电流，适用于超大功率供电的需求。以英伟达GPU为例，预计V100到B300单卡DrMOS 价值量增长约4倍！我们预计未来3年国内AI ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 2025 was below market expectations, with revenue of 6.79 billion yuan, a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 210 million yuan, a year-on-year decrease of 48.29% [7] - The company is significantly investing in AI power business, participating in the design and construction of data center hardware systems based on NVIDIA's Blackwell architecture, and has launched several new products [7] - The company is facing challenges in its home appliance business due to weak downstream demand and increased competition, while the new energy vehicle business continues to grow [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 6.754 billion yuan, with a year-on-year growth of 23.30% [1] - Net profit attributable to shareholders for 2023 is expected to be 629.32 million yuan, reflecting a year-on-year increase of 33.13% [1] - The gross margin for Q1-Q3 2025 was 21.8%, a decrease of 3.83 percentage points year-on-year [7] Business Segments - Home Appliance Business: The company is adjusting its pricing strategy due to decreased overseas demand, particularly influenced by weather conditions in India and Southeast Asia [7] - New Energy Vehicle Business: The company is successfully advancing customer demand and project milestones, with products expanding from PEU to vehicle-mounted compressors and other systems [7] Strategic Initiatives - The company is focusing on AI power solutions, with a significant increase in R&D personnel and investment in new technologies [7] - The company aims to leverage its technological and business advantages to benefit from the expected surge in AI infrastructure demand [7] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised downwards to 313.6 million yuan, 833.77 million yuan, and 1.533 billion yuan respectively, with corresponding P/E ratios of 133x, 50x, and 27x [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has achieved a revenue of 2.38 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 25.34%. The net profit attributable to shareholders is 191 million yuan, down 29.66% year-on-year [1] - In Q3 2025, the company reported a revenue of 910 million yuan, a year-on-year increase of 40.26% and a quarter-on-quarter increase of 15.97%. The net profit attributable to shareholders for the quarter was 69 million yuan, up 2.82% year-on-year and 15.78% quarter-on-quarter [1] - The company has launched multiple new products in Q3 2025, targeting various downstream sectors including industrial, automotive, and consumer applications, which is expected to enhance its growth potential [2] Financial Performance - The company forecasts revenues of 3.34 billion yuan, 4.30 billion yuan, and 5.49 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 28.9%, and 27.7% [4] - The projected net profit attributable to shareholders for the same years is 325 million yuan, 447 million yuan, and 650 million yuan, with year-on-year growth rates of 5.8%, 37.6%, and 45.5% [4] - The current price-to-earnings (P/E) ratios are projected to be 59.4, 43.1, and 29.6 for 2025, 2026, and 2027 respectively [4] Product Development and Expansion - The company plans to issue convertible bonds to raise up to 1.933 billion yuan, which will be used for the development and industrialization of power management chips and automotive chips [3][4] - The new product lineup includes a four-phase dual-channel synchronous buck converter and an industrial-grade high-power LLC SR controller, aimed at AI servers and industrial power applications [2] - The automotive PMIC product, SC6259XQ, is designed for 12V and 24V systems, integrating multiple power outputs and safety features, enhancing the company's automotive chip portfolio [2]

Summary of SST System Industry Conference Call Industry Overview - The conference focused on the SST (Solid State Transformer) system industry, discussing its cost structure, market trends, and competitive landscape in both domestic and overseas markets [1][2][3]. Key Points and Arguments Cost Structure of SST Systems - The cost composition of SST systems includes rectifier modules (40%-50%), high-frequency transformers (approximately 25%), control and distribution (15%), energy storage (11%), and structural cooling (8%) [1][2]. - Current single watt cost of SST systems is around 5 RMB, with total system costs reaching 8-10 million RMB. By 2028, costs are expected to drop to below 1 RMB per watt, with total system costs around 2 million RMB, but large-scale application is anticipated only by 2030 [1][4]. Price Trends and Market Dynamics - There is a significant price disparity between domestic and overseas SST systems, particularly in North America, where prices are expected to remain around 4-5 RMB per watt until 2027-2028, with limited reduction [5]. - Domestic market competition is intense, with expectations that prices could fall below 1 RMB per watt by 2030 [5]. Technical Standards and Design Differences - North America tends to adopt higher input voltage SST systems (35 kV or 20 kV), which enhances renewable energy integration efficiency but also increases costs. Differences in design standards between North America and China contribute to cost variations [6][8]. - Domestic companies can enter the SST supply chain by exporting components like high-frequency transformers and rectifier modules, capturing growth opportunities despite slower rack power increases compared to North America [9]. Market Opportunities and Challenges - Companies like Jinpan and Sungrow, which have comprehensive system integration capabilities, are better positioned to enter the SST supply chain [3][16]. - The domestic market's ability to reduce SST product prices significantly is attributed to lower value differences compared to overseas products, reflecting market maturity and demand [23]. Future Prospects - The SMT (Solid State Transformer) AC-DC hybrid system market is expected to grow faster than the data center market due to lower energy continuity and stability requirements, making it more cost-sensitive [24]. - The demand for silicon carbide (SiC) in charging stations and data centers is increasing, but the complex production process may lead to supply constraints and price increases [26]. Additional Important Insights - The integration capabilities of domestic companies lag behind those of leading overseas firms like Delta, Schneider, and Eaton, which have dedicated departments for each segment of the SST system [22]. - The competitive landscape in the HVDC (High Voltage Direct Current) sector shows that traditional power distribution companies in China have advantages, but emerging electronic companies are rapidly advancing [18]. This summary encapsulates the critical insights from the SST system industry conference call, highlighting the cost structures, market dynamics, technical standards, and future prospects within the industry.