投资要点 第三方车载高压电源系统头部企业，迎来业绩高速增长通道。公司成立于2011 年，是国内第三方车载 高压电源系统头部企业，25 年上半年在国内OBC 行业市占率达8%，位居行业第四。22-24 年公司营收 分别为16.50/18.35/19.34 亿元，同比+71%/+11%/+5%，随客户拓展而稳定增长。 25 年受益于小米、蔚来等主要客户的销量增长及海外项目的定点项目放量，根据2025 年度业绩预告， 25 年营收超40 亿元，归母净利润达2.1~2.5 亿元，同比+122%~+164%，展望2026 年，我们认为公司将 继续受益于国内外客户的销量增长及新客户拓展，保持高速增长。 高研发投入保持产品力领先，国内销量高增&海外加速放量，车载电源业务实现量利双收。车载电源正 向11kW、双向化等趋势迭代，对厂商的技术能力提出更高要求，公司通过持续的研发投入取得产品力 的综合领先，通过产品力在国内市场陆续开拓了小米、蔚来、零跑等优质客户并建立了深度的合作关 系，我们预计公司将继续受益于主要客户的销量增长，实现国内业务高速增长；在国内业务高增的前提 下，公司积极扩展增速更快的海外市场，经测算2030 年海外 ...

证券研究报告·公司深度研究·汽车零部件 富特科技（301607） 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,835 | 1,934 | 4,154 | 5,305 | 6,592 | | 同比（%） | 11.20 | 5.38 | 114.80 | 27.71 | 24.26 | | 归母净利润（百万元） | 96.44 | 94.61 | 230.35 | 364.61 | 535.43 | | 同比（%） | 11.14 | (1.90) | 143.49 | 58.28 | 46.85 | | EPS-最新摊薄（元/股） | 0.62 | 0.61 | 1.48 | 2.35 | 3.45 | | P/E（现价&最新摊薄） | 79.35 | 80.89 | 33.22 | 20.99 | 14.29 | [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 ...

证券研究报告·公司深度研究·汽车零部件 富特科技（301607） 车载电源头部企业，HVDC 技术同源潜力十 足 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,835 | 1,934 | 4,154 | 5,305 | 6,592 | | 同比（%） | 11.20 | 5.38 | 114.80 | 27.71 | 24.26 | | 归母净利润（百万元） | 96.44 | 94.61 | 230.35 | 364.61 | 535.43 | | 同比（%） | 11.14 | (1.90) | 143.49 | 58.28 | 46.85 | | EPS-最新摊薄（元/股） | 0.62 | 0.61 | 1.48 | 2.35 | 3.45 | | P/E（现价&最新摊薄） | 79.35 | 80.89 | 33.22 | 20.99 | 14.29 | [Table_Tag] [Table_Su ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making, focusing on extracting investment value from significant events and analyzing industry chain companies [1] - A company has launched a high-density liquid cooling computing product in collaboration with Muxi Co., providing full lifecycle services for liquid cooling data centers and offering a complete range of HVDC power solutions from 240V to 800V [1] - Another company has developed silicon photonics wafer testing equipment for optical communication and has expanded its application to MEMS sensor testing, with products already delivered to overseas wafer manufacturers [1]

麦格米特 20260114 摘要 迈格米特预计 2026 年上半年开始兑现订单，下半年业务端或有体现。 产业链调研显示，其 2026 年订单体量预计较 2025 年大幅增长，市场 份额或达 10%~20%，远超外资报告预期。 公司在服务器电源领域取得显著进展，新一代 PSU（GB200、GB300）已开发完成，计划下半年量产。同时，参与 RUBIN 第一代机柜供电方案，采用 18.3 千瓦单个 PSU，同样计划下半 年量产。 进入 HVDC 时代，服务器电源将经历多次升级，公司正积极开发第三代 800 伏降至 54 伏再降至 12 伏技术，显示出中国大陆公司在该领域投入 巨大且进展迅速。 当前主业净利润失真源于对 AI 相关项目的大量投资，但这些项目尚未大 规模放量。随着业务放量，预计净利润率将恢复至 6%~9%的水平，若 2026 年主业收入达 110 亿元，则主业可贡献 7~8 亿元利润。 2026 年，麦格米特预计贡献约 60 亿元收入，占据约 10%的市场份额。 当前股价已隐含该预期。海外 CSP 和业主正寻求二供和三供，麦格米特 接到订单概率较大，上半年关注市场份额，下半年关注科技产品放量。 Q&A ...

Core Viewpoint - Magmiet has received approval from the Shenzhen Stock Exchange for a private placement of shares, aiming to raise up to 2.663 billion yuan for various projects, including R&D and production capacity expansion, which has positively impacted its stock price [1] Group 1: Fundraising and Investment Plans - The total amount to be raised from the private placement is not more than 2.663 billion yuan, with net proceeds allocated to several projects: R&D center expansion (188 million yuan), Changsha Industrial Center Phase II (828 million yuan), Thailand Production Base Phase II (836 million yuan), Zhuzhou Base Expansion (178 million yuan), and working capital (770 million yuan) [1] - Following the announcement, Magmiet's stock price increased by 15% over eleven trading days from December 4 to December 18 [1] Group 2: Market and Technology Landscape - The AIDC power supply system is still in its early application phase, with many uncertainties in the industry landscape [2] - The transition to HVDC (High Voltage Direct Current) is not unique to the AI industry, as all large-scale transmission scenarios will eventually shift towards high voltage and direct current solutions due to physical limitations [3] - AIDC's power system has unique characteristics, requiring more levels of conversion and higher precision and stability in power regulation compared to traditional power supply scenarios [4] Group 3: Technical Solutions and Challenges - There are three main technical solutions for high voltage direct current systems: conventional transformer with AC/DC power supply, Panama power supply with highly integrated power modules, and SST (Solid State Transformer) using semiconductor devices [5][6] - The SST solution is viewed as the ultimate solution for AIDC power supply, but it currently lacks industry standards and maturity in the supply chain [6] Group 4: Market Demand and Revenue Projections - Magmiet anticipates a broad demand for AI server power supplies, estimating around 500 million yuan in revenue for the AI power business in 2025, which represents a growth rate of only 6% compared to its total revenue of 8.2 billion yuan in 2024 [7] - The market for HVDC is expected to see significant growth, but the actual demand will not materialize until 2027, when the Nvidia Rubin ultra is expected to be mass-produced [8] Group 5: Financial Considerations and Risks - The total investment for the fundraising projects is approximately 2.03 billion yuan, which is close to the company's total fixed assets as of Q3 2025, with a construction period of three years [10] - The company's traditional business has not performed well, with declining gross and net profit margins, and a net profit margin of only 3.54% in the first three quarters of 2025 [11] - If new products do not significantly improve profitability, the projected net profit from the fundraising projects may not be attractive compared to the high costs involved [11]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the integration of humanoid robots with electronic skin and tactile sensors, which are now being mass-produced for the humanoid robot sector, contributing to the establishment of domestic flexible electronics industry standards [1] - The company has developed a multi-dimensional product matrix that includes "tactile-balance-force control-olfactory" capabilities [1] Group 2 - The article discusses the company's involvement in data centers and HVDC (High Voltage Direct Current) technology, providing megawatt-level UPS services to several intelligent computing centers [1] - Key clients include major players like Alibaba and JD.com, indicating a strong market presence [1] - The company is actively preparing for new products such as HVDC and SST (Solid State Transformer), while also expanding into overseas markets [1]

Core Insights - Nvidia has introduced an 800VDC external solution to address the increasing power density issues in cabinets, effectively reducing power loss [1] - The report emphasizes the benefits for terminal manufacturers, the significance of transformers, the growth potential for Delta Electronics as a PCB supplier, and the importance of changes within cabinets [1] Group 1: Nvidia's Proposal - Nvidia's high-voltage direct current (HVDC) system is proposed as a future power supply reference, with medium-voltage rectifiers and solid-state transformers (SST) as ultimate solutions [1][2] - The hardware technology direction of Nvidia is evolving towards efficiency and speed, with the HVDC system addressing the exponential growth in GPU computing power and power density [1] Group 2: Efficiency and Market Trends - Medium-voltage rectifiers convert medium-voltage AC (typically 1kV to 35kV) directly to DC, achieving over 98% efficiency and reduced footprint compared to traditional UPS and HVDC solutions [2] - Major companies, both domestically and internationally, are advancing HVDC technology commercialization, with notable initiatives from Alibaba, Tencent, Meta, and Google [3] Group 3: Industry Chain Dynamics - The core distinction in the industry chain lies in the transformers used, with medium-voltage rectifiers utilizing phase-shifting transformers and solid-state transformers employing high-frequency transformers [4]

Investment Rating - The report maintains a positive investment rating for the industry, suggesting a focus on specific companies that are expected to benefit from the advancements in HVDC technology and related solutions [5]. Core Insights - The report highlights that NVIDIA has introduced an 800VDC solution to address the increasing power density in data centers, which is expected to significantly reduce power loss [2][20]. - The transition from traditional UPS systems to HVDC and solid-state transformer (SST) technologies is seen as a critical evolution in the power supply landscape, with efficiencies exceeding 98% for these new systems [30][34]. - The demand for HVDC technology is accelerating, with major companies like Tencent and Alibaba actively pursuing projects that incorporate these advancements [52][54]. Summary by Sections 1. Power and Efficiency as Core Issues - NVIDIA is leading a new industry direction with its advancements in GPU technology, which has seen a dramatic increase in computational power and energy requirements [11][15]. - The architecture of 800VDC is identified as a key solution to meet the rising demands of AI infrastructure, enhancing efficiency and reducing costs [18][19]. 2. HVDC as the Future Industry Evolution Direction - NVIDIA's white paper promotes the adoption of mid-voltage rectifiers and SSTs as future power supply solutions, moving the industry towards more efficient high-voltage direct current (HVDC) systems [20][21]. - The report outlines various transitional power supply solutions, including the white space retrofit and hybrid power systems, leading to the ultimate 800VDC distribution solution [20][21]. 3. HVDC Supply and Demand Assessment - The report notes that both domestic and international leading companies are pushing for the commercialization of HVDC technology, with significant projects planned for 2025 and beyond [52][54]. - Domestic companies like Delta and Eaton are making rapid progress in HVDC technology, with notable advancements in solid-state transformer solutions [54][55]. 4. Investment Recommendations - The report suggests focusing on terminal manufacturers such as Zhongheng Electric, Kehua Data, and Sunshine Power, which are expected to benefit first from these technological advancements [74]. - It also highlights the importance of transformer technology, recommending companies like Jingquanhua and Igor for potential investment opportunities [74].

Summary of Daotong Technology Conference Call Company Overview - **Company**: Daotong Technology - **Period**: First three quarters of 2025 - **Revenue**: 3.5 billion CNY, up 25% year-on-year - **Net Profit**: 720 million CNY, up 62% year-on-year - **Key Business Segments**: Intelligent maintenance terminals, TPMS products, AI-driven diagnostics, and charging solutions Key Financial Highlights - **Intelligent Maintenance Terminal Revenue**: 2.275 billion CNY, up 21% year-on-year [2][3] - **TPMS Product Growth**: Approximately 48% year-on-year growth [2][3] - **AI Diagnostics Revenue**: Benefiting from global replacement demand policies, TBME products show rapid growth [2][5] - **Charging Business Revenue**: 820 million CNY, up 40% year-on-year [2][6] - **Gross Margin**: Maintained above 55%, driven by new product launches and cost reduction [2][7] Business Segment Insights Intelligent Maintenance and Diagnostics - **Global Vehicle Market**: Over 1.4 billion vehicles, with 60% of European and American vehicles over 7 years old [5] - **TPMS Market Size**: Expected to exceed 5 billion USD in 2025 due to regulatory requirements [5] - **Market Leadership**: Daotong's TPMS sensors and diagnostic tools ranked first in North America [5] AI-Driven Charging Solutions - **Charging Business Growth**: Expected compound annual growth rate (CAGR) of 40% to 50% in the coming years [4][12] - **New Product Launches**: Introduction of liquid-cooled charging modules and smart charging networks [6][11] - **Regional Revenue Distribution**: North America accounts for approximately 45% and Europe for about 38% of charging revenue [4][17] Software and Related Services - **Software Revenue**: 460 million CNY, up over 24% year-on-year [2][8] - **Long-term Orders**: Increased by over 50%, indicating stronger customer reliance [8][16] - **Future Growth**: Expected to maintain high growth due to the introduction of high-end products and AI-driven services [9][24] Strategic Initiatives - **Hong Kong IPO Plans**: Aiming to raise funds for overseas R&D investments [4][14] - **Domestic Market Entry**: Plans to launch compliant charging products in China by 2026, targeting high-end customers [4][19] - **Supply Chain Adjustments**: Establishing production facilities in North Carolina and Mexico to meet local demand and regulatory requirements [18] Future Outlook - **Revenue Projections**: Anticipated revenue of 1.2 to 1.3 billion CNY for the year, with a focus on profitability in the charging business [26] - **Impact of Trade Relations**: Adjustments to pricing strategies to mitigate the impact of tariffs, ensuring continued gross margin growth [26] Additional Insights - **R&D Expense Trends**: Expected to remain controlled between 15% to 20%, with a focus on AI inspection business [20][21] - **Emerging Business Areas**: Rapid growth in aerial and ground inspection services, with expectations of achieving significant order volumes [22] This summary encapsulates the key points from Daotong Technology's conference call, highlighting financial performance, business segment insights, strategic initiatives, and future outlook.