Group 1: Investor Relations Activities - The company held an online annual performance briefing on May 19, 2025, attended by key executives including the Chairman and General Manager, Mr. Tan Yong [2][3] - The company maintains stable cooperation with major clients, with frequent business interactions and some long-term projects [3][4] Group 2: Research and Development Investment - In 2024, the company invested CNY 38,709,882.28 in R&D, accounting for 10.27% of its revenue, an increase from CNY 35,548,985.14 in 2023 [4][6] - The company aims to enhance its technological capabilities and brand influence through continuous R&D investment and collaboration with universities and research institutions [4][6] Group 3: Dividend Policy and Shareholder Returns - Since its listing in 2022, the company has distributed a total cash dividend of CNY 51,127,100, emphasizing a stable profit distribution policy [4][6] - The company is focused on improving operational quality and core competitiveness to ensure sustainable value returns to shareholders [4][6] Group 4: Future Development Strategy - The company plans to focus on expanding into new markets such as variable frequency, renewable energy, and energy storage systems [6][7] - Key strategies include enhancing digital transformation, building intelligent factories, and strengthening talent development [7][9] Group 5: Financial Performance and Challenges - In Q1 2025, the company reported a revenue increase of 19.98% and a net profit increase of 112.87%, attributed to growth in transformer and energy storage business [12][14] - The company faced challenges in 2024 due to delayed order fulfillment and increased competition, leading to a decline in revenue and profit margins [9][12] Group 6: Market Position and Competitive Strategy - The company aims to maintain its competitive edge by increasing R&D investment and optimizing internal management to enhance operational efficiency [9][10] - The company is actively exploring opportunities in emerging markets such as data centers and marine engineering [10][12]

Company Overview - Eaglerise Electric & Electronic (China) Co., Ltd. is engaged in the manufacturing and sales of transformers, power supplies, and lighting products, with a registered capital of 392.21 million yuan [1][12]. - The company was established on October 15, 1999, and is headquartered in Foshan, Guangdong Province, China [1][12]. Financial Information - As of March 31, 2025, the total share capital of the company is 392,205,291 shares, with 94.73% being freely tradable shares [12]. - The company’s major shareholder, Foshanshi Maiges Investment Co., Ltd., holds 23.77% of the shares, while the actual controller, Xiao Jun Cheng, holds a total of 26.72% [12][8]. Business Strategy - The company plans to raise a minimum of 300 million yuan through a targeted issuance of A-shares, with the funds intended for working capital [7][8]. - The issuance will not change the control of the company, as the major shareholder will remain the same post-issuance [8]. Industry Context - The company operates within the electrical machinery and equipment manufacturing industry, specifically in the sub-sectors of lighting equipment and transformers [13][14]. - The industry is regulated by the National Development and Reform Commission and the Ministry of Industry and Information Technology, which oversee policy formulation and industry standards [13]. Market Trends - The demand for new energy transformers is increasing, particularly in applications such as photovoltaic and wind power generation, electric vehicles, and energy storage systems [14][16]. - The industry is experiencing rapid growth due to government policies promoting renewable energy and energy efficiency, with a focus on reducing reliance on fossil fuels [15][16].

答：全球化趋势下，国内市场充满机遇与变革，公司将把握发展机遇，凭借自身优势，灵活调整策略， 努力在国内外市场实现持续、稳健的发展；公司长期和下游的总包方公司有较为深入的合作，积极协同 开拓海外项目，另公司目前部分变压器通过外贸代理公司对外出口。 问：公示出口海外主要在哪些国家和地区？在美国业务的进展情况？ 答：目前公司出口海外变压器主要为"一带一路"国家；美国子公司的业务目前尚未开展。 问：公司目前定增情况如何？ 证券之星消息，2025年5月16日三变科技（002112）发布公告称华安证券（600909）郑洋、民生证券许 浚哲、西部证券（002673）陈龙沧、财通证券（601108）沈晨于2025年5月16日调研我司。 具体内容如下： 问：公司如何看待目前的国内外市场及开拓海外市场的情况？ 答：公司本次定增事项已经中国证监会作出同意注册决定，正在有序推进中。 问：公司目前变压器覆盖哪些电压等级？ 答：目前主要覆盖500kv及以下的产品。 答：公司将继续聚焦主营业务，贯彻落实公司发展战略，做强主营产品线，大力发展新能源产品；公司 在坚定市场方向、深挖电网市场的同时，全面转型新能源业务开发，加强团队建设和渠道建设 ...

股票代码：002112 股票简称：三变科技 三变科技股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活 | √特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □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） | | 参与单位名称 | 华安证券郑洋 | | 及人员姓名 | 民生证券许浚哲 | | | 西部证券陈龙沧 | | | 财通证券沈晨 | | 时间 | 2025 年 5 月 16 日上午 09:30-10:30 | | 地点 | 公司一楼会议室 | | 上市公司接待 | 副总经理、财务总监兼董事会秘书：章日江先生 | | 人员姓名 | | | | 1、公司如何看待目前的国内外市场及开拓海外市场的情 况？ | | | 答：全球化趋势下，国内市场充满机遇与变革，公司将把 | | | 握发展机遇，凭借自身优势，灵活调整策略，努力在国内外市 | | 投资者关系活 | 场实现持续、稳健的发展；公司长期和下游的总包方公司有较 | | 动主要内容介 | 为深入的合作，积极协同开拓海外 ...

新特电气（301120）公告，公司拟出售全资子公司河北新华都（002264）变频变压器有限公司100%股 权给三河高瓴科技有限公司，交易总价款为3200万元。交易完成后，河北新华都将不再纳入公司合并报 表范围。此次交易旨在优化公司资产结构，提高资产运营效率，促进公司高质量发展。交易事项已经公 司第五届董事会第十二次会议审议通过，尚需提交股东大会审议。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for transformers is expected to be strong in 2025, leading to significant growth in the company's performance [7] - The company reported a revenue of 1.348 billion yuan in 2024, a year-on-year increase of 34.29%, while the net profit attributable to shareholders was 0.43 billion yuan, a year-on-year decrease of 41.31% [7] - The company anticipates a high growth rate in 2025 due to robust domestic and international demand for transformers, with a backlog of orders [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 1,004 million yuan - 2024A: 1,348 million yuan (up 34.29%) - 2025E: 1,840 million yuan (up 36.54%) - 2026E: 2,359 million yuan (up 28.21%) - 2027E: 2,962 million yuan (up 25.56%) [1][8] - Net profit projections are as follows: - 2023A: 73.03 million yuan - 2024A: 42.86 million yuan (down 41.31%) - 2025E: 84.44 million yuan (up 97.00%) - 2026E: 123.08 million yuan (up 45.76%) - 2027E: 168.03 million yuan (up 36.53%) [1][8] - The company’s earnings per share (EPS) are projected to be: - 2023A: 0.39 yuan - 2024A: 0.23 yuan - 2025E: 0.45 yuan - 2026E: 0.66 yuan - 2027E: 0.90 yuan [1][8] Business Segment Performance - In 2024, the revenue breakdown by business segment is as follows: - Transformers: 450 million yuan (down 8.25%) - High and low voltage complete switchgear: 238 million yuan (up 8.39%) - Outdoor complete equipment: 242 million yuan (up 22.09%) - Other businesses: 373 million yuan (up 588.76%), primarily from the Huangshan subsidiary [7] - The gross profit margins for these segments are: - Transformers: 20.74% - High and low voltage complete switchgear: 21.18% - Outdoor complete equipment: 19.16% [7] Expense Management - The company has seen a slight decrease in various expense ratios in 2024: - Selling expense ratio: 3.17% (down 0.22 percentage points) - Management expense ratio: 3.94% (down 1.12 percentage points) - R&D expense ratio: 2.62% (down 0.90 percentage points) - Financial expense ratio: 1.26% (up 0.46 percentage points) [7]

Summary of Conference Call Records Industry Overview - The records primarily focus on the inverter, photovoltaic, and electrical equipment industries, with specific emphasis on the performance of companies like Sungrow Power Supply Co., Ltd. [1][4] Key Points and Arguments Sungrow Power's Performance - Sungrow Power's Q1 revenue reached 3.8 billion RMB, exceeding market expectations by 800 million RMB, driven by strong exports to the U.S. and Middle Eastern markets [2][4] - Despite the strong performance, a decline in year-on-year comparisons is expected in Q2 and Q3 due to high export ratios to the U.S. in the previous year, leading to potential short-term stock price volatility [1][4] Market Dynamics - The European inverter market is recovering after a destocking phase, with demand expected to increase starting in March [1][5] - Asian and African markets are showing stable growth, with March figures indicating a year-on-year increase of over 10% in Asia and 80% in Africa [2][5] - Southeast Asia and South Asia are experiencing worsening electricity shortages, which is likely to drive demand for solar storage systems [1][2] Export Data - In March, the export value of photovoltaic modules was approximately 2.4-2.5 billion RMB, showing a year-on-year decline due to delays caused by the Spring Festival [1][6] - The transformer export total for January to March was 12.5 billion RMB, a year-on-year increase of 40.2%, with large power grid transformers seeing a growth rate of 54.4% [3][10] - High-voltage switchgear exports in the same period reached 8.487 billion RMB, growing by 30% year-on-year [12] Future Outlook - Q2 is identified as a favorable investment window for the inverter and energy storage sectors, with many companies reporting good order conditions [1][8] - The export of electrical equipment is expected to maintain high levels of prosperity through March 2025, with transformers showing particularly strong performance in North America and Asia [9][14] Impact of Tariffs - U.S. tariffs have a limited impact on the profitability of electrical equipment like meters and high-voltage switches, but they affect market sentiment for export-oriented companies [15][16] - Companies with established global supply chains, such as Jinpan Technology and Igor, are less affected by U.S. tariffs due to their production facilities in Mexico and the U.S. [15] Investment Recommendations - Focus on non-U.S. export-oriented electrical equipment companies, such as Sifang Co., Ltd., Samsung Medical, and Huaming Equipment, as they are expected to benefit from the ongoing trade dynamics [17] - Companies linked to IDEC, particularly in the Southeast Asian data center sector, are also recommended for investment consideration [17] Additional Important Insights - The overall sentiment in the inverter and electrical equipment markets remains optimistic, with expectations of continued growth driven by both domestic and international demand [1][2][5] - Monitoring future export data, particularly for photovoltaic components, is crucial for assessing market potential [6][7]

Core Viewpoint - Samsung Medical (601567) announced that its subsidiary, Aix Smart Technology, has won a bid for the procurement of box-type transformer equipment for the 2025-2026 new energy project by Guohua Investment, with a bid amount of approximately 313 million yuan [1] Financial Impact - The bid amount represents 2.14% of the company's audited operating revenue for the year 2024 [1] - The execution of the contract is expected to have a positive impact on the company's operations and performance [1] Contract Status - Although the company has received the bid notification, a formal contract has not yet been signed, and the terms of the contract remain uncertain [1] - The fulfillment of the contract is not expected to affect the company's business independence [1]

Group 1: Power Equipment Exports - In January-February 2025, inverter exports met expectations, with good year-on-year growth in Asia [3] - Transformer exports showed rapid year-on-year growth in Asia, Europe, North America, and South America [3] - The export of electric meters performed well in Africa and South America, while high-voltage switch exports also saw significant year-on-year growth in Europe, North America, and South America [3] - The power equipment export sector shows a degree of sustainability, and current valuations of related stocks are low, suggesting a medium to long-term investment opportunity [3] Group 2: Internet Media Sector - Zhi Zi Cheng Technology reported a revenue of 5.092 billion yuan for 2024, a year-on-year increase of 53.9%, driven by strong performance in its social business [4] - The company achieved a gross profit of 2.608 billion yuan, with a gross margin of 51.2%, reflecting a slight year-on-year decline of 0.9 percentage points [4] - The net profit attributable to shareholders was 480 million yuan, a year-on-year decrease of 6.3%, but a 36% increase when excluding one-time investment income from the acquisition of Lan Cheng Brothers [4] Group 3: Real Estate Sector - Huafa Co., Ltd. reported a revenue of 59.99 billion yuan for 2024, a year-on-year decrease of 16.8% [5] - The gross margin for real estate development was 14.3%, down 3.67 percentage points year-on-year [5] - The net profit attributable to shareholders was 950 million yuan, a year-on-year decline of 48.2%, primarily due to decreased gross margins and asset impairments [5] Group 4: Vanadium Industry - The installation of vanadium batteries is expected to see significant growth, with multiple all-vanadium flow battery projects recently starting bidding processes [6] - Projects include a 100MW/400MWh design and construction contract for various locations, indicating a robust demand for vanadium in energy storage [6] - The overall installation capacity of all-vanadium flow batteries is projected to maintain high growth in 2025 [6] Group 5: Agricultural Sector - Muyuan Foods reported a revenue of 137.947 billion yuan for 2024, a year-on-year increase of 24.43% [7] - The net profit attributable to shareholders was 17.881 billion yuan, a significant turnaround from a loss of 4.263 billion yuan in the previous year [7] - In Q4 2024, the company achieved a revenue of 41.172 billion yuan, a year-on-year increase of 47.61%, with a net profit of 7.4 billion yuan [7] Group 6: Retail Sector - Miniso reported a revenue of 16.99 billion yuan for 2024, a year-on-year increase of 22.8% [8] - The adjusted net profit was 2.72 billion yuan, reflecting a year-on-year increase of 15.4% [8] - The company has focused on enhancing inventory management and optimizing store stocking accuracy, while also improving operational efficiency overseas [8] Group 7: Health Supplements Sector - Tongchen Beijian reported a revenue of 6.838 billion yuan for 2024, a year-on-year decrease of 27.3% [9] - The net profit attributable to shareholders was 653 million yuan, down 62.62% year-on-year [9] - In Q4 2024, the company recorded a revenue of 1.105 billion yuan, a year-on-year decline of 31.99%, with a net loss of 216 million yuan [9]

Group 1: Market Demand and Industry Trends - The demand for variable frequency transformers is steadily increasing, driven by the national "dual carbon" strategy and the need for energy efficiency in industrial sectors [2] - The company focuses on core technology enhancement and product structure optimization to address structural changes in market demand [2] Group 2: Energy Storage Business Development - The company is actively expanding its energy storage market, with products like energy storage integrated machines and converters certified by multiple professional institutions [3] - Currently, small-scale sales have been achieved, but significant scale effects have not yet formed, which will not substantially impact the company's performance [3] Group 3: Product Applications and Market Opportunities - The company's transformer series includes variable frequency transformers and power transformers, with applications in data centers being explored [3] - The company is monitoring emerging fields, including data centers, for technical requirements related to special transformers [3] Group 4: Employee Incentives and Long-term Plans - The company values talent development and team incentives, planning to arrange related matters based on market conditions and employee needs [3] - There has been no implementation of share repurchase for employee stock ownership plans or equity incentives to date [3]