经济观察网天眼查APP显示，近日，锦浪科技（300763）股份有限公司申请的"一种变流器系统的变控 制方法"专利公布。 摘要显示，本申请公开了一种变流器系统的变控制方法，包括如下步骤：在每个三角波的波峰和波谷位 置进行电网电流的采集，对得到的电网电流进行变换；基于变换后的电网电流判断系统场景，系统场景 包括稳态场景和动态场景；设计多种不同计算频率的控制环路，不同控制环路之间计算频率差值为开关 周期的整倍数；在系统处于动态场景时，选择计算频率高的控制环路进行控制；在系统处于稳态场景 时，选择计算频率低的控制环路进行控制，以使得控制器利用相对多的空闲时间进行非紧急任务的处 理。本申请的有益效果：本申请对系统的稳态和动态采用不同的控制方式，有效利用控制器资源，同时 使系统性能最大化。 ...

Summary of Shenghong Co., Ltd. Conference Call Company Overview - Shenghong Co., Ltd. benefits from the construction of AI data centers, with its APF and SVG products improving power quality, aligning with the demand for high reliability in data centers [2][6][11] - The company has diversified its business to mitigate risks from different industry cycles, with rapid growth in energy storage microgrids and charging piles offsetting slower growth in its main business [2][7][8] - Shenghong's main business segments include industrial power supply, new energy power quality, electric vehicle charging piles, and battery formation testing, with respective revenue contributions of 20%, 28%, 40%, and 10% [15] Key Points and Arguments - **AI Data Center Market**: The AI data center market is driven by the resumption of H20 chip supplies from Nvidia, leading to increased procurement by Chinese manufacturers and potential capital expenditure increases from major internet companies like ByteDance and Tencent [2][10][19] - **Product Leadership**: Shenghong's APF products hold a significant market share in the data center sector, with a leading technology position and expected growth in the HVDC 800V product line starting in 2026 [2][11][14] - **Financial Performance**: The company anticipates a revenue of approximately 1 billion yuan in energy storage by 2025, with a year-on-year growth expected to turn positive [3][12][16] - **Valuation**: Shenghong's current valuation is considered low, with a projected profit of 500 to 550 million yuan for 2025, suggesting a good buying opportunity for investors [9][14] Industry Dynamics - **Capital Expenditure Trends**: Major domestic internet companies are expected to increase their capital expenditures significantly, with a combined forecast of approximately 363 billion yuan for 2025, a 56% year-on-year increase [19][20] - **Data Center Market Growth**: The data center market is projected to grow at a compound annual growth rate (CAGR) of 33% from 2024 to 2028, with significant increases in new market space [21][22] - **Energy Storage Market**: The energy storage business is focusing on domestic and international markets, with expected revenue growth driven by policy changes in the U.S. and Europe [12][36][39] Additional Insights - **Technological Advancements**: The adoption of silicon carbide technology is expected to enhance the efficiency and reliability of next-generation power quality management products, with a projected market share increase from 2% to 15% by 2027 [25][27] - **Charging Infrastructure**: The charging pile market is projected to grow significantly, with a focus on high-voltage direct current (HVDC) technology and liquid cooling systems, which are becoming industry trends [41][42][45] - **Regulatory Environment**: Recent U.S. policies, such as the Inflation Reduction Act, are expected to stimulate growth in the energy storage sector by extending subsidy timelines and easing restrictions on foreign companies [36][37] This summary encapsulates the key insights from the conference call, highlighting Shenghong's strategic positioning, market dynamics, and financial outlook.

Core Viewpoint - Shenzhen Megmeet Electric Co., Ltd. plans to issue shares to specific investors in 2025, with the underwriting by Guojin Securities, ensuring compliance with relevant laws and regulations [1][10]. Group 1: Issuance Details - The issuance will be a private placement of shares, targeting up to 35 specific investors, including the controlling shareholder, Tong Yongsheng [16][17]. - The maximum number of shares to be issued is 163,694,084, not exceeding 30% of the total share capital before the issuance [19]. - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the pricing date [16][11]. Group 2: Use of Proceeds - The funds raised will be allocated to projects closely related to the company's main business, including the expansion of the global R&D center, construction of an intelligent power and control R&D testing center, and the expansion of production bases [12][13][21]. - The total planned investment for these projects is approximately 280 million yuan, with a significant portion allocated to capital expenditures [22]. Group 3: Compliance and Internal Review - Guojin Securities has conducted necessary due diligence and internal reviews, confirming that the application documents meet legal requirements and do not contain false statements or omissions [6][10]. - The internal review process involved multiple departments to ensure the accuracy and completeness of the application materials [5][6]. Group 4: Risk Management - The company operates in a technology-intensive industry, which requires continuous adaptation to technological advancements and market conditions to maintain its competitive edge [23][24]. - The company has implemented measures to retain core technical personnel and ensure stable management, which are critical for its future development [25].

Core Viewpoint - The company reported a revenue of 1.918 billion yuan for 2024, representing a year-on-year growth of 12.75%, with a net profit of 174 million yuan, up 5.27% year-on-year. However, the growth rates for both revenue and net profit have slowed down, and the gross margins across various business segments have declined [2][12]. Summary by Sections Main Business - The company achieved a revenue of 1.918 billion yuan in 2024, with a net profit of 174 million yuan and a non-recurring net profit of 171 million yuan, reflecting growth rates of 12.75%, 5.27%, and 8.27% respectively. The fourth quarter accounted for 42.19% of the total annual revenue, amounting to 809 million yuan [2][12]. Revenue Recognition - The company confirmed that the high revenue in the fourth quarter was due to significant orders, with the top 200 orders contributing 677.65 million yuan. The revenue recognition process adhered to accounting standards, with evidence from customer acceptance reports [3][7][10]. Gross Margin Analysis - The gross margin for the wind power segment decreased by 6.37 percentage points due to intensified competition and rising raw material costs. The solar power segment faced similar challenges, with market saturation and policy changes affecting profitability [12][13][14]. Market Dynamics - The company is experiencing increased competition in the wind power sector, leading to price reductions and compressed profit margins. The average market price for SVG products has decreased by approximately 8%-10% in 2024 [12][13]. Customer Base and Orders - The company has expanded its customer base, securing contracts with major state-owned enterprises and entering new markets such as data centers. The total orders on hand as of May 2025 increased by 46.59% compared to the end of 2024 [16][18]. Response Strategies - The company plans to enhance R&D investment, focusing on core technologies to improve product performance and competitiveness. It aims to optimize customer structure and expand into emerging markets to mitigate risks associated with customer concentration [18][19][20]. Dealer Performance - The gross margin for dealer sales is significantly higher than direct sales, with a difference of 8.54%. This is attributed to the nature of products sold and the competitive landscape faced by direct sales [22][23]. Related Transactions - The company has engaged in significant related transactions with Shandong Energy Group, including a capital increase in a subsidiary, which is expected to enhance market share and operational efficiency [24][25].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its business performance, revenue recognition, and profit margins across different sectors [1][2]. Group 1: Business Performance - In 2024, the company achieved operating revenue of 1.918 billion yuan, a year-on-year increase of 12.75%, with fourth-quarter revenue of 809 million yuan, accounting for 42.19% of the total [1]. - The net profit attributable to shareholders was 174 million yuan, reflecting a growth of 5.27%, while the net profit after deducting non-recurring gains and losses was 171 million yuan, up by 8.27% [1]. - The company’s revenue growth rate and net profit growth rate have slowed down, with a decline in gross margins across various business segments [1]. Group 2: Revenue Recognition - The company provided detailed information on revenue recognition for the fourth quarter, including major order amounts, revenue recognition timing, and accounts receivable balances [2][3]. - The revenue recognition for the top ten customer orders in the fourth quarter was based on installation and acceptance reports, with seven customers providing acceptance certificates [3][4]. Group 3: Gross Margin Analysis - The gross margin for the wind power sector decreased by 6.37 percentage points year-on-year, attributed to intensified competition and rising raw material costs [11][12]. - In the photovoltaic sector, the gross margin was affected by policy changes and market oversupply, leading to price wars that compressed margins [12][13]. - The gross margin for other sectors showed a slight increase, but overall, the company faced challenges in maintaining profitability across its business lines [11][12]. Group 4: Market Dynamics - The company noted that the fourth quarter typically sees higher revenue due to seasonal demand and concentrated procurement by major state-owned enterprises [5]. - The implementation of national strategies related to renewable energy has driven growth in the company’s SVG products, particularly in large wind and solar projects [5][6]. - The company has successfully expanded its customer base, including partnerships with major state-owned enterprises and entry into new markets such as data centers [15][16]. Group 5: Future Strategies - The company plans to increase investment in research and development to enhance product performance and competitiveness [17]. - It aims to optimize its customer structure by targeting small and medium-sized enterprises and diversifying into emerging industries [18]. - Cost control measures will be implemented, including optimizing procurement and production processes to reduce expenses [20].

Core Insights - The Huishan Economic and Technological Development Zone is experiencing significant growth in various industries, particularly in robotics, healthcare, and advanced manufacturing, showcasing its strong investment attraction capabilities [1][2][3]. Investment and Economic Development - In the past year, Huishan Economic Zone has attracted 22 projects with investments exceeding 100 million yuan, totaling an expected investment of 183 billion yuan [2]. - Since 2022, the zone has successfully landed 103 projects with total investments surpassing 824 billion yuan [2]. - The establishment of a market-oriented state-owned investment company has facilitated the signing of 10 projects worth nearly 3 billion yuan upon its inception [2]. Industry Growth and Innovation - The zone has developed a robust industrial framework with four main sectors: new energy, biomedicine, automotive components, and high-end equipment, generating an annual output value of 146 billion yuan [3][6]. - Star Drive Technology, a notable project, achieved a remarkable timeline from signing to production within a year, highlighting the zone's efficient investment environment [4]. Emerging Technologies and Future Industries - The Huishan Economic Zone is focusing on future industries such as artificial intelligence, humanoid robots, quantum technology, and hydrogen energy, with 78 projects expected to attract over 245 billion yuan in investments [7][8]. - The Huishan Cloud International Intelligent Computing Center has been recognized as a leading project in Jiangsu Province, with a computing power scale of 1000 PFlops [8][9]. Notable Companies and Projects - Companies like Times Angel, a leader in orthodontics, and the Hongguang Optoelectronics Industrial Base, are contributing to the zone's industrial strength [5][6]. - The domestic first eldercare robot, "Big Head A Liang," has undergone five generations of upgrades, showcasing the zone's commitment to innovation in robotics [7].

Core Points - The company plans to distribute a cash dividend of 32 yuan (including tax) for every 10 shares to all shareholders, totaling 393,922,569.60 yuan (including tax) after adjustments [1][2] - The total number of shares eligible for profit distribution is adjusted to 123,100,803 shares due to the repurchase of 661,588 shares, which do not participate in the profit distribution [2] Summary of Adjustments - The initial profit distribution plan proposed a cash dividend of 32 yuan per 10 shares, amounting to 396,039,651.20 yuan (including tax), which was later adjusted to 393,922,569.60 yuan due to share repurchases [1][2] - The company has repurchased a total of 972,742 shares, which are excluded from the profit distribution, leading to a decrease in the total amount distributed [2]

Core Viewpoint - Vertiv plans to launch an 800 VDC power product series in the second half of 2026, aligning with NVIDIA's AI development roadmap, which will support the next-generation AI data centers [3][4]. Group 1: Product Launch and Collaboration - Vertiv will introduce a series of 800 VDC power products, including centralized rectifiers, efficient DC busbars, rack-level DC-DC converters, and DC backup systems [4]. - The product launch is strategically timed to precede NVIDIA's Kyber and Rubin Ultra platform releases, ensuring compatibility with NVIDIA's next-generation computing platforms [4]. Group 2: Industry Trends and Future Outlook - The HVDC technology is expected to gradually replace UPS systems due to several factors: the increasing power demands of AI technologies, which exceed 300kW per rack, and HVDC's efficiency in reducing copper usage, current, and thermal losses [5]. - HVDC systems eliminate the inverter stage found in AC UPS, leading to lower energy losses and improved reliability [5]. - The advantages of HVDC systems in terms of footprint, construction costs, and operational costs position them favorably against traditional UPS systems, indicating a potential increase in HVDC penetration in AI data centers [5].

[ T able_StockInfo] 2025 年 05 月 15 日 证券研究报告•2025 年一季报点评 当前价：46.50 元 麦格米特（002851）电力设备 目标价：——元（6 个月） 研发持续高投入，网络电源即将放量 [Table_Summary 事件：公司 2024] 年实现营收 81.72 亿元，同比增长 21.0%；实现归母净利润 4.36 亿元，同比变化-30.7%；扣非归母净利润 3.66亿元，同比增长 3.1%。Q4 单季度实现营收 22.69 亿元，同比增长 20.8%，环比增长 20.0%；实现归母净 利润 0.25 亿元，同比变化-83.0%，环比变化-74.1%；扣非归母净利润 0.04 亿 元，同比变化-92.5%，环比变化-95.6%。 公司 2025 年 Q1 实现营收 23.16 亿元，同比增长 26.5%，环比增长 2.1%；实 现归母净利润 1.07 亿元，同比变化-22.6%，环比增长 329.6%；扣非归母净利 润 0.92 亿元，同比变化-24.4%，环比增长 2447.1%。 | [Table_MainProfit] 指标/年度 | 2024A | 202 ...

Group 1: Company Performance - In 2022, 2023, and 2024, the company's revenue growth rates were 51.79%, 57.80%, and 19.89% respectively [2] - In Q1 2025, the company maintained a revenue growth rate of 16.14% year-on-year [2] - The company aims to enhance profitability through core technology R&D, new product development, and operational efficiency improvements [2][6] Group 2: Product Offerings - The company offers HVDC products including high voltage direct current power supply modules and monitoring systems, with voltage levels of 240V, 336V, and 750V [4] - The product range includes various power ratings such as 20kW and 30kW, primarily utilizing air cooling technology [4] Group 3: Market Expansion - The company is actively expanding its overseas market presence, focusing on Europe, America, and Southeast Asia [5] - Efforts include direct sales strategies and product development tailored to meet international standards [5] Group 4: Investor Relations and Management - The company emphasizes value management through transparent information disclosure and consistent cash dividends to shareholders [7] - The management is committed to improving operational measures and enhancing shareholder value despite stock price fluctuations [7][8]