良信股份 20250822 摘要 良信股份 2025 年上半年营收 23.41 亿元，同比增长 25.47%，净利率 10.68%，同比下降 1.1 个百分点。新能源行业营收占比近半，同比增 长 39.1%，智能楼宇业务受房地产影响下滑 22%，基础设施和数字能 源分别增长 14.2%和 18.9%。 公司积极拓展设备类客户，中标阳光风电、华为储能、比亚迪车载接触 器等项目，金额从 500 万到 2000 万以上不等。智能配电和智能家居业 务也取得进展，中标多个大型项目，使用最新天启强弱电一体开关箱。 良信股份通过全系列核级认证产品深化进口替代，进入核电核心领域， 并与住建部合作推广智慧人居。杭州湾超级工厂获零碳认证，每年绿色 发电 2000 万度，降碳 2 万吨。增资汉光电气，完善智能配电解决方案 布局。 海外市场毛利率略有下降，受区域结构和价格竞争影响，全年目标 1.8 亿元。数据中心业务聚焦互联网企业、运营商和政企客户，高低压品牌 入围是主攻方向。百度在高压直流（HVDC）领域取得进展，直流系统 国内领先。 Q&A 2025 年上半年良信股份的财务表现如何？ 2025 年上半年，良信股份实现营收 23. ...

良信股份（002706.SZ）2025 年半年报点评 Q2 业绩符合预期，基本面持续向好 2025 年 08 月 24 日 ➢ 事件：2025 年 8 月 22 日，公司发布 2025 年半年报，2025 年上半年实现 收入 23.34 亿元，同比增长 16.12%；归母净利润 2.46 亿元，同比增长 4.11%； 扣非归母净利润 2.24 亿元，同比增长 12.51%。25Q2 公司实现营业收入 12.45 亿元，同比增长 16.64%；归母净利润 1.43 亿元，同比减少 2.61%（主要系政府 补助差额影响）；扣非归母净利润 1.23 亿元，同比增长 9.88%。 ➢ 盈利能力持续恢复。25Q2 公司实现毛利率 31.63%，同比下降 0.52pct，环 比提升 0.07pcts；实现净利率 11.68%，同比下降 2.1pcts，环比提升 2.1pcts， 盈利能力环比持续改善。25H1 公司期间费用率为 20.02%，保持相对稳定，费 用管控良好。25H1 公司研发投入 1.54 亿元，占销售收入 6.58%，同比增长 9.42%。截至 2025 年第二季度末，公司申请专利 3314 项，累计获得 ...

本报讯 （记者张文湘）8月22日晚间，上海良信电器股份有限公司（以下简称"良信电器"）发布2025年半年度报告。今年 上半年，良信电器实现营业收入23.34亿元，同比增长16.12%；归属于上市公司股东的净利润为2.46亿元，同比增长4.11%；扣 非净利润为2.24亿元，同比增长12.51%；经营活动产生的现金流量净额为1.71亿元，同比增长37.38%。 在低压元件业务上，良信电器2025年在新能源领域持续发力。公司为新能源打造2P小体积、高短耐、高电压、极致性价比 的框架式隔离开关和塑壳系列产品，同时在隔离开关和断路器上突破电压界限，实现2000V以上更高电压平台的产品及供应链 打造，另外，公司正在积极布局新能源海外市场。 资料显示，良信电器是国内低压电器行业高端市场的领先企业之一，公司目前从事终端电器、配电电器、控制电器以及智 能家居、中低压智能配电柜等产品及相关软件系统的研发、生产和销售。 在智慧人居领域，公司2025年推出的6寸智能中控屏系列产品，凭借技术创新与场景应用优势，以多功能、高稳定的特性 赢得行业青睐，该系列产品已成功落地多区域地产项目，并为头部房企实现批量供应。 （编辑 张伟） 智能配 ...

Summary of the Conference Call for Liangxin Co., Ltd. Company Overview - Liangxin Co., Ltd. specializes in distribution electrical appliances, accounting for over half of its revenue, and is actively expanding into terminal electrical appliances, control electrical appliances, and smart electrical products [2][3][4] - The company is focusing on the new energy and data center markets, initiating a new growth cycle, particularly driven by AI investments in data centers [2][4] Key Points and Arguments - **Market Positioning**: Liangxin Co., Ltd. positions itself in the high-end market of low-voltage electrical appliances, initially starting from the communication industry and expanding into real estate and new energy sectors [3][4] - **Data Center Potential**: The data center sector is identified as a significant growth area, with increasing demand for low-voltage electrical appliances, especially in the context of AI investments and the recovery of the domestic market post-pandemic [4][12] - **North American Market Entry**: The company has obtained UL certification in the U.S. and is set to become a circuit breaker supplier for the North American market, targeting a 10% market share in the Vidi market, which could generate 1 billion RMB in revenue with a 30% net profit margin [2][5][6] - **R&D Focus**: The management team, primarily with technical backgrounds, emphasizes R&D investment to ensure product competitiveness and adapt to market changes [7][21] - **Employee Stock Ownership Plan**: The company plans to recover approximately 70 million RMB in employee stock ownership plan expenses by 2025, which is expected to enhance overall performance [8][22] Challenges and Strategic Adjustments - **Impact of Real Estate Sector**: The company's performance in 2024 is expected to be under pressure due to challenges in the real estate sector, but strategic adjustments, including increased direct sales to major clients and investments in other markets, are anticipated to reverse performance trends [9][10] - **Profit Margin Pressures**: The overall gross margin is facing pressure, particularly in the photovoltaic sector, as the share of new energy business increases [9][10] Market Dynamics - **Low-Voltage Electrical Market Recovery**: The low-voltage electrical market is experiencing a strong recovery post-pandemic, with new demand concentrated in new energy and smart distribution sectors [10][16] - **Global Market Leadership**: The global low-voltage electrical market is dominated by international brands, with Liangxin Co., Ltd. ranking fifth domestically and holding the largest market share in DC products [11][14] Future Growth Projections - **Revenue Growth Expectations**: By 2027, the global low-voltage electrical market is projected to reach approximately 12-13 billion USD, with significant growth in low-voltage DC products. The company expects to benefit from increased penetration of DC products [22][23] - **Market Valuation Goals**: The current market valuation of the company is around 12 billion RMB, with a target valuation of 18-20 billion RMB by considering contributions from overseas markets and core business growth [23] Additional Insights - **Technological Innovation**: The company is committed to technological innovation, with a strong patent portfolio and collaborations with leading solution providers like Huawei and ZTE [21] - **Strategic Business Units**: Liangxin Co., Ltd. operates across four business units: new energy, smart buildings, infrastructure, and digital energy, focusing on high cost-performance and domestic substitution [18][19][20]

Group 1: Company Performance - Zhejiang Chint Electric Co., Ltd. reported stable growth in low-voltage component channel business in core European markets, particularly in Southern Europe, including Italy, Spain, and Turkey, while also establishing new growth curves in Germany and France [1] - In the Asia-Pacific growth market, Chint Electric achieved rapid growth in the ASEAN economic circle centered around Singapore, including Malaysia, Indonesia, Vietnam, and the Philippines [1] - The company is also focusing on emerging markets in West Asia and Africa, leveraging development momentum in Gulf countries, with dual headquarters in Saudi Arabia and Dubai [1] Group 2: Industry Trends - The Chinese low-voltage electrical industry is experiencing a steady increase in exports, with a total export value of $7.82 billion in the first four months of the year, representing a year-on-year growth of 15.9% [2] - The export market is characterized by the rise of emerging markets and the differentiation of traditional markets, with significant growth in exports to Vietnam, which reached $740 million, a 40% increase year-on-year [2] - Exports to traditional markets like the U.S. are facing challenges due to tense trade relations, but companies are actively exploring diversified markets to mitigate impacts from tariff adjustments [2][3] Group 3: Product Export Structure - Connectors, which account for a significant portion of China's low-voltage electrical exports, saw a year-on-year growth of 24.9%, with exports totaling $3.76 billion in the first four months [3] - The export of automatic circuit breakers reached $530 million, reflecting a year-on-year increase of 14.8%, with major destinations including Russia, Brazil, Singapore, Turkey, the UK, and Vietnam [3] - Other circuit protection devices, such as residual current devices, also experienced growth, with exports amounting to $320 million, a 4.2% increase year-on-year [3] Group 4: Future Outlook - The future development of the Chinese low-voltage electrical industry is expected to focus on smart and green technologies, with emerging market expansion being a key strategy for overseas diversification [4] - The China Chamber of Commerce for Import and Export of Machinery and Electronic Products forecasts that the total export value of the low-voltage electrical industry will exceed $22.5 billion in 2025, with a year-on-year growth of 10% to 15% [4] - The second and third quarters are anticipated to maintain an export growth rate of 10% to 13%, supported by a strong order backlog, particularly from emerging markets [4]

Core Viewpoint - The low-voltage electrical equipment industry in China has shown a strong export performance in the first quarter of 2025, with significant growth compared to previous years, driven by various market dynamics and product demand. Group 1: Export Trends - In January 2025, the export value of low-voltage electrical equipment reached a record high of $2.21 billion, a year-on-year increase of 11.3% [1] - February saw a decline to $1.32 billion due to post-holiday work resumption delays, but it remained above the average of the past three years [1] - March exports rebounded sharply to $2.08 billion, a month-on-month increase of 57.6%, indicating a clear "V-shaped" recovery in the quarter [1] - The total export value for the first quarter was $5.6 billion, a year-on-year growth of 13.6%, continuing the upward trend from 2024 [1] Group 2: Market Performance - Exports to Hong Kong reached $860 million, accounting for 15.4% of total exports, with a year-on-year growth of 30.8% [4] - Exports to the United States were stable at $620 million, representing 11% of total exports, with a modest year-on-year increase of 2.6% [4] - Exports to Vietnam surged to $530 million, a 37.9% increase, benefiting from strong trade relations and infrastructure development [4] - Emerging markets like India, Mexico, and Thailand showed strong growth, while traditional markets like Germany and Japan remained flat or declined [4] Group 3: Product Structure - Connectors accounted for 47.9% of total exports, valued at $2.68 billion, with a growth rate of 22.9% [5] - Automatic circuit breakers made up 7% of exports, valued at $390 million, with an 11.4% increase driven by demand for smart products [5] - Other circuit protection devices saw a stable international demand, with a year-on-year growth of 4.6% [5] Group 4: Future Outlook - The impact of U.S. tariffs on the low-voltage electrical equipment industry is expected to be limited, with companies adopting strategies to share costs and maintain market demand [10] - The industry is predicted to achieve an export value exceeding $22.5 billion in 2025, with a growth rate of 10%-15% [13] - The second and third quarters are expected to maintain export growth rates between 10%-13%, supported by strong order backlogs, particularly in emerging markets [13] - The industry is anticipated to shift towards higher-end products and enhance its technological influence in the global value chain [13]

Summary of Key Points Core Viewpoint - The company held an annual performance briefing for 2024 and the first quarter of 2025, addressing investor inquiries and discussing the company's performance and future growth prospects. Group 1: Performance Overview - In the first quarter of 2025, the company achieved a revenue of 675 million yuan, representing a year-on-year growth of 1.04% [4] - The net profit attributable to shareholders was 34.17 million yuan, up 18.06% year-on-year, while the net profit after deducting non-recurring gains and losses was 31.73 million yuan, an increase of 4.75% [4] Group 2: Market and Industry Insights - The low-voltage electrical industry is experiencing growth, with the global market size surpassing 400 billion yuan in 2023, and the Chinese market approaching 100 billion yuan [16] - The company is focusing on smart low-voltage electrical products and solutions, which are widely applied in various sectors including construction, energy, communications, and emerging fields [3] Group 3: Future Growth Drivers - The company anticipates significant revenue growth in the power grid sector due to ongoing national investments, and it is also positioned to benefit from the rapid development of the energy storage inverter industry [8] - The company is enhancing its competitiveness through increased R&D investment, product intelligence, and market insights [9] Group 4: Investor Engagement - The company emphasized its commitment to providing stable returns to shareholders through a high dividend policy and is open to exploring new investment opportunities to enhance its brand [17]

Group 1: Financial Performance - The company's net profit for 2024 significantly decreased due to several factors: asset optimization and disposal of factory facilities in the previous year, lack of scale production for some products, increased sales expenses from new product promotions, and reduced interest income from declining deposit rates [2][3]. - The company reported that the first quarter performance for 2025 can be referenced in the disclosed quarterly announcement [2]. Group 2: Product Development and Market Position - The company has launched high-voltage direct current relays in the renewable energy sector, which are expected to enhance sales revenue due to their strong technical indicators and broad application fields [3]. - The company has established a nationwide distributor network and stable relationships with key direct sales customers, planning to enhance product penetration through distributors while also expanding direct sales efforts [3][4]. Group 3: Future Growth and Strategy - The company aims to leverage over 30 years of experience in the low-voltage electrical industry to strengthen its core competitiveness through continuous R&D investment and technological innovation [3][4]. - Strategies to cope with raw material price fluctuations include process optimization and establishing price agreements with customers [3]. - The construction of the smart manufacturing plant at 55 Punan Road is progressing as planned, with future updates to be disclosed in subsequent announcements [3]. Group 4: Market Expansion - The company plans to actively expand into overseas markets through participation in various exhibitions and online promotions [4]. Group 5: Industry Comparison - The overall industry performance is reported as normal, with the company focusing on business expansion and collaboration with clients [3].

Core Insights - The company reported a total revenue of 64.52 billion yuan for 2024, representing a year-on-year increase of 12.7% [1] - The net profit attributable to shareholders for 2024 was 3.87 billion yuan, up 5.1% year-on-year, while the non-recurring net profit decreased by 3.9% to 3.68 billion yuan [1] - In Q4 2024, the company achieved a revenue of 18.11 billion yuan, a year-on-year increase of 23.8%, but the net profit dropped significantly by 45.8% year-on-year [1] Revenue Breakdown - The photovoltaic business generated 42.99 billion yuan in revenue for 2024, up 19.97% year-on-year, while low-voltage electrical revenue was 20.92 billion yuan, increasing by 3.9% [2] - International revenue reached 10.05 billion yuan, marking a 21.5% year-on-year growth [2] - The revenue from photovoltaic power station engineering contracting was 30.84 billion yuan, up 13.0% year-on-year, and the revenue from power station operation increased by 30.8% to 7.88 billion yuan [2] Profitability Metrics - The overall gross margin for 2024 was 23.50%, an increase of 1.64 percentage points year-on-year, while Q4 2024 gross margin was 18.62%, down 0.32 percentage points [3] - The gross margin for the photovoltaic business was 20.26%, up 1.99 percentage points year-on-year, and for low-voltage electrical, it was 29.99%, up 1.97 percentage points [3] Expense Analysis - The total expense ratio for 2024 was 12.61%, an increase of 1.14 percentage points year-on-year, with the sales expense ratio at 4.10% and the management expense ratio at 3.62% [3] - In Q1 2025, the total expense ratio rose to 13.36%, with notable increases in sales and management expense ratios [3] Other Financial Metrics - As of Q1 2025, inventory reached 48.96 billion yuan, up 35.1% year-on-year, and contract liabilities were 5.20 billion yuan, up 65.9% [4] - The company reported a net cash flow from operating activities of 15.20 billion yuan for 2024, a significant increase of 267.2% year-on-year [4] - The estimated net profit for 2025 is projected to reach 4.6 billion yuan, corresponding to a valuation of 10 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [4]. Core Viewpoints - The company achieved a revenue of 64.519 billion yuan in 2024, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of 3.874 billion yuan, up 5.1% year-on-year. For Q1 2025, the revenue was 14.559 billion yuan, down 8.53% year-on-year, but net profit increased by 7.65% year-on-year to 1.163 billion yuan, with a significant quarter-on-quarter increase of 208.81% [1]. - The company's household photovoltaic business continues to lead the industry with a market share that has been at the top for several years, with an annual new installed capacity exceeding 13GW in 2024 and a total installed capacity of over 19GW by the end of 2024 [2][3]. - The inverter and energy storage business is expanding in key markets, maintaining the number one market share in North America and South Korea, while achieving breakthroughs in Europe [4]. Summary by Sections Household Photovoltaic Business - In 2024, the company added over 13GW of new installed capacity, with a total installed capacity exceeding 19GW, maintaining the top market share in the industry. The subsidiary, Zhengtai Aneng, reported a revenue increase of 7.5% to 31.826 billion yuan and a net profit increase of 9.88% to 2.861 billion yuan [2]. Low Voltage Electrical Equipment - The low voltage electrical equipment business saw a revenue increase of 3.89% to 20.922 billion yuan in 2024, with a gross margin increase of 1.97 percentage points to 29.99%. The company is enhancing its domestic and international market presence, particularly in emerging markets [2]. Inverter and Energy Storage Business - The inverter and energy storage business achieved a revenue growth of 31.4% to 1.646 billion yuan in 2024, with a sales volume increase of 0.72% to 169,200 units. The gross margin for this segment increased by 3.13 percentage points to 33.87% [4]. Financial Projections - The company expects net profits of 4.528 billion yuan, 4.980 billion yuan, and 5.509 billion yuan for 2025, 2026, and 2027 respectively, with a downward adjustment of 10% and 7% for 2025 and 2026 [4][6].