| (CBS) | 834948 | 简称 | ■费到技 | | --- | --- | --- | --- | | 公司全称 | 浙江農春科技股份有限公司 | 受得日期 | 2025-06-27 | | 审核状态 | 中止 | 更新日期 | 2025-12-25 | | 保存机构 | 开源证券股份有限公司 | 保存代表人 | 例明来涨幅工 | | 会计师事务所 | 艾儒史计师事务所(跨班第通合伙) | 答学会计师 | 防压线,如实明,许清鼠,杨尘纸 | | 律高事务所 | 上海市确天城律师事务所 | 签字律局 | 附载,金海燕,板饼调 | | 评估机构 | | 密字评估价 | | 作为一家专注于智能电力设备领域的企业，晨泰科技执着IPO的背后，折射出更深层的生存困境：极度依赖电网客户、难以投入创新，衍生出治理失控的经 营困局。 屡败屡战的晨泰科技，是否已真正准备好成为一家经得起审视的公众公司。 浙江晨泰科技的发展轨迹属于典型的单腿走路模式，其核心问题在于对电网客户的高度依赖与内生技术升级动力不足之间、形成了难以破解的向上瓶颈。 报告期内，来自国家电网、南方电网的合计收入占营收比例持续处于86.51%-88. ...

Core Viewpoint - Company is focusing on high-quality development and innovation to navigate a complex market environment and enhance its core competitiveness through technology and management improvements [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 579.58 million yuan, a year-on-year increase of 6.9% [5] - The net profit attributable to the parent company was 36.37 million yuan, a year-on-year decrease of 37.3% [5] - The net profit after deducting non-recurring gains and losses was 26.32 million yuan, a year-on-year decrease of 47.87% [5] - As of June 30, 2025, the company had an order backlog of approximately 851 million yuan, providing strong support for future performance [1] Group 2: Business Development - The smart power product business, which is the largest revenue segment, faced a slowdown in delivery pace, leading to a decrease in revenue despite holding orders worth approximately 403.53 million yuan at the end of 2024 [2] - The company is actively developing smart inspection, energy storage, and information technology businesses alongside traditional smart power equipment [1] - The company has made significant advancements in low-altitude intelligent inspection technology, integrating AI to enhance product capabilities [3] Group 3: R&D and Innovation - In the first half of 2025, the company invested 31.08 million yuan in R&D, accounting for 8.78% of operating revenue [5] - The company holds a total of 395 intellectual property rights, including 161 patents and 233 software copyrights [5] - New products in the energy storage sector include the 1P104S large-capacity battery PCK, which has passed new national standard certification [4][5] Group 4: Market Position and Ratings - Recently, two institutions provided ratings for the stock, with one buy rating and one hold rating [6] - The average target price set by institutions over the past 90 days is 11.7 yuan [6]

Core Viewpoint - The company, Beijing Yubang Electric Technology Co., Ltd., has demonstrated a stable performance in the first half of 2025, with revenue of 354 million yuan and a net profit of 24.05 million yuan, while strategically investing in R&D, order reserves, and international expansion to build a growth path that can withstand economic cycles [1] Short-term Fluctuations Logic - The smart power products experienced a temporary slowdown due to the delivery rhythm of hardware products, with some contracts not being recognized in time [2] - The reduction in the bidding prices by the State Grid in 2024 has impacted the gross margin, indicating typical cyclical fluctuations in the industry rather than structural changes [2] - The company's R&D investment reached 31.08 million yuan, accounting for 8.78% of revenue, which is significantly higher than the industry average, affecting short-term profit performance but strengthening competitive barriers for long-term growth [2] Long-term Growth Certainty - As of June 30, the company had an order backlog of approximately 851 million yuan, 2.4 times the revenue for the period, providing a solid guarantee for future performance [3] - The company has made significant progress in R&D, aligning with the 2024 technical specifications of the State Grid and Southern Grid, and has developed next-generation standard products [3] - Breakthroughs in AI and digital twin applications have enhanced product performance and operational capabilities, establishing a competitive advantage in the smart power and inspection sectors [3] Energy Storage Breakthrough - The energy storage segment is emerging as a new growth engine, with significant cost reductions in battery systems and successful deliveries in commercial scenarios [4] - The company has established subsidiaries in the Philippines and Singapore, expanding its business into Southeast Asia and Central Asia, while also enhancing regional industrial collaboration in China [4] AI Amplifying Integrated Hardware and Software Advantages - The company is the only one in the industry with integrated hardware and software capabilities, providing a competitive edge in key scenarios [5] - The expansion of computing infrastructure to approximately 10 PFlops supports the training of large models and real-time inference, facilitating the rapid transformation of R&D results into engineering applications [5] - Various AI applications, such as automated analysis systems and intelligent testing agents, have been developed to enhance efficiency and decision-making in power market settlements [5][6] Core Logic of Investment Value - The company has established a robust technological moat through various industrial achievements and deep partnerships with the State Grid and Southern Grid, enabling rapid scaling [7] - The high level of investment in the power grid and the inclusion of digital grids and energy storage in national strategies provide dual benefits of policy and industry growth [7] - The dual-driven growth model of R&D investment and international expansion positions the company for a "domestic + overseas" growth trajectory [7] Conclusion: R&D-Driven Long-term Growth - Short-term performance fluctuations are primarily due to contract recognition timing and bidding price adjustments, reflecting typical industry cycles [8] - Long-term support from high R&D investment, ample orders, and international expansion indicates a clear growth path for the company [8] - The company is not only a supplier of smart power equipment but also a core participant in the construction of new power systems, leveraging AI to enhance its integrated advantages across various applications [8]

| | 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: | | | +86(010)6554 22 | | --- | --- | --- | --- | --- | | | | 8号富华大厦A座9层 | telephone: | +86(010)6554 22 | | . | I ShineWing | 9/F. Block A. Fu Hua Mansion, No. 8, Chao yangmen Beidajie, | | | | | | Dong cheng District, Beijing, | 传真 | +86(010)6554 71 | | | certified public accountants 100027, P.R.China | | facsimile: | +86(010)6554 71 | 上海证券交易所： 根据贵所于 2023 年 2 月 14 日下发的《关于北京煜邦电力技术股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》（以下简称"审核问询函"）的要求， 信永中和会计师事务所（特殊普通合伙）（以下简称"申报会计师或我们"）作为北京煜 邦电力技 ...