证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，长盛基金近期对4家上市公司进行了 调研，相关名单如下： 1)锐捷网络（301165）(长盛基金管理有限公司参与公司业绩说明会&电话会议) 调研纪要：锐捷网络上半年数据中心产品收入增长主要来自互联网客户，占比超过90%，400G产品占 比超60%。下半年云端算力基础设施需求依旧旺盛，互联网行业基于智算的资本开支预计继续加大。2T 规格产品主要为200G+400G组合，支持大规模GPU集群互联。Scaleup网络在国内发展迅速，公司参与 高通量以太网联盟，推出面向智算场景的产品方案。上半年海外业务收入11.45亿元，同比增长48%， 主要面向SMB市场，合作伙伴数量增长到2620家。Q2交付未受影响，Q3订单多为年初框采合同，预计 新签订单增速可能下降。国内互联网大厂对国产化无明确时间表，国产12.8T芯片可以满足大部分数据 中心场景需求。公司与国产GPU厂商有产品适配和技术交流，但商业化部署需时间。上半年费用总额同 比减少，预计全年费用同比持续下降。园区网络业务受宏观经济影响明显，2024年行业整体呈现下滑趋 势，公司层面在Q2略有复苏。数据中心产品 ...

Core Viewpoint - The announcement details the achievement of the vesting conditions for the second vesting period of the 2022 Restricted Stock Incentive Plan of Jiangsu Zeyu Intelligent Power Co., Ltd, allowing 44 eligible participants to vest a total of 782,493 shares, representing 0.19% of the company's total share capital [1][14]. Summary by Sections Incentive Plan Overview - The 2022 Restricted Stock Incentive Plan was approved by the company's board and shareholders, targeting management and key technical personnel [1][4]. - The plan has a maximum validity of 48 months from the date of stock grant [2]. Vesting Conditions - The second vesting period allows for the vesting of 782,493 shares at an adjusted price of 7.4012 CNY per share [1][11]. - The vesting conditions include a minimum 12-month tenure requirement for participants and performance targets based on revenue and net profit growth rates [4][6]. Performance Targets - For the first vesting period, the revenue growth target for 2022 is set at no less than 20% compared to 2021 [4]. - For the second vesting period, the revenue growth target for 2023 is set at no less than 44% [5]. - For the third vesting period, the revenue growth target for 2024 is set at no less than 72.8% [5]. Approval Process - The plan has undergone various approvals from the board and supervisory committee, confirming the eligibility of the participants and the achievement of vesting conditions [7][20]. - The supervisory committee has verified that the vesting conditions have been met and approved the vesting of shares for eligible participants [20]. Adjustments and Cancellations - Adjustments to the stock grant price have been made due to equity distributions, affecting the number of shares and their respective prices [11][13]. - A total of 31,392 shares have been canceled due to non-fulfillment of vesting conditions by certain participants [12][14].

Group 1 - The core viewpoint emphasizes that the rapid development of AI technology is profoundly transforming various industries, particularly the power service sector, which is experiencing unprecedented opportunities through digitalization and AI applications [1] - The digital economy is described as a key driver of economic transformation, characterized by the use of digital knowledge and information as essential production factors, supported by modern information networks and effective use of information communication technology [3][5] - Digital infrastructure, including high-speed broadband networks, 5G bases, and data centers, is crucial for supporting data transmission, storage, and processing, enabling applications like remote medical procedures and smart traffic control [5][6] Group 2 - Digital technology innovations such as AI, big data, cloud computing, and the Internet of Things (IoT) are highlighted as essential components that enhance customer service automation, risk assessment, and resource flexibility for businesses [6] - The digital economy is reshaping business models, with e-commerce disrupting traditional retail and giving rise to new logistics and payment industries, while the sharing economy optimizes resource utilization through digital platforms [8] - The application of digital technologies in industrial production leads to increased efficiency, with real-time data collection and analysis allowing for timely problem detection and optimization [8] Group 3 - The digital economy faces challenges such as the digital divide, where disparities exist between developed and developing regions, potentially exacerbating wealth gaps [9] - Data security and privacy protection are critical issues as the value of data increases, with risks of data breaches and misuse becoming more prevalent [9] - There is a shortage of skilled digital talent globally, which poses a constraint on the further development of the digital economy [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [12]. Core Views - The company achieved a significant year-on-year increase in net profit, primarily due to improved profit margins. In Q1 2025, the net profit attributable to the parent company was 0.57 billion yuan, up 35.66% year-on-year [2]. - The company is expanding its market presence in the technical services sector, particularly in energy storage system services and testing services. Notable projects include winning bids for major energy storage projects totaling approximately 3.7 billion yuan [2]. - In the smart devices sector, the company is focusing on the development of robotics and drones, offering various inspection and operational robots, as well as specialized drones for the power industry [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 5.1 billion yuan, a year-on-year increase of 0.87% but a quarter-on-quarter decrease of 43.61%. The net profit attributable to the parent company was 0.57 billion yuan, reflecting a year-on-year increase of 35.66% [1][2]. - The gross profit margin for Q1 2025 was 32.51%, up 0.36 percentage points year-on-year, while the net profit margin was 11.46%, an increase of 3.03 percentage points year-on-year [2]. Business Segments - The technical services segment includes energy storage system services and testing services. The company has secured significant contracts in energy storage, with a total scale exceeding 400MWh [2]. - The smart devices segment includes smart monitoring equipment, smart distribution equipment, and robotics. The company has developed a range of inspection robots and drones, enhancing operational capabilities in various industries [3]. Profit Forecast and Valuation - The company’s profit forecasts for 2025-2027 have been adjusted, with expected net profits of 4.81 billion yuan, 6.23 billion yuan, and 7.74 billion yuan respectively. The forecasts have been revised down by 23% for 2025 and 2026 [4][5]. - The company is backed by the Southern Power Grid, with significant growth potential in technical services and smart devices [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by 5% to 15% over the next 6-12 months [5][12]. Core Insights - The company's net profit increased significantly by 35.66% year-on-year in Q1 2025, primarily due to improved profit margins. The gross profit margin was 32.51%, up by 0.36 percentage points year-on-year, while the net profit margin rose to 11.46%, an increase of 3.03 percentage points [2][3]. - The company is expanding its market presence in the technical services sector, particularly in energy storage system services and testing services. Notable projects include winning bids for major energy storage projects totaling approximately 3.7 billion yuan [2][3]. - In the smart equipment sector, the company focuses on the development of robots and drones, introducing innovative solutions for outdoor inspections and operations in various industries [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 510 million yuan, a year-on-year increase of 0.87%, but a quarter-on-quarter decrease of 43.61%. The net profit attributable to shareholders was 57 million yuan, with a year-on-year increase of 35.66% and a quarter-on-quarter decrease of 33.31% [1][2]. - The company expects net profits for 2025, 2026, and 2027 to be 481 million yuan, 623 million yuan, and 774 million yuan, respectively, reflecting a downward revision of 23% for 2025 and 2026 [4][5]. Profitability and Valuation Metrics - The report provides a detailed forecast of key financial metrics, including revenue growth rates and net profit margins, with expected revenue growth of 33.04% in 2025 and a net profit margin of 12.0% [4][10]. - The company's P/E ratio is projected to decrease from 59 in 2023 to 22 in 2027, indicating an improving valuation as earnings grow [4][11]. Market Position and Future Outlook - The company is well-positioned within the energy sector, backed by the South Grid Group, with significant growth potential in both technical services and smart equipment [2][3]. - The report highlights the company's innovative approaches and successful project acquisitions as key drivers for future growth [2][3].

电力服务行业具备极高的规模壁垒。 本文为IPO早知道原创 在业务布局上，电管家的服务涵盖了配网建设、电力托管运维等基础电力服务，还深入拓展到合同能 源管理、电力交易服务以及低碳园区综合能源管理等增值电力服务领域。 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，电管家集团股份有限公司（以下简称"电管家"）日前完成超亿元新一轮融资，由 朝希资本和恒旭资本联合领投，申银万国等机构也参与投资。 在配网建设服务方面，电管家凭借专业的技术人才和丰富的服务经验，针对客户用电需求量身定制整 体解决方案，确保电力基础设施的可靠、安全、高效。电力托管运维服务则通过专业的运维团队和自 主研发的智慧能源管理平台，实现电力设施的全方位监控、巡检和维护，保障客户能源供应的稳定性 和安全性。 在电力交易服务方面，电管家凭借全国性的售电资质和专业的市场分析能力，协助客户通过市场化交 易方式购入电力，进一步降低用电成本。此外，针对低碳园区建设，电管家提供包括智能硬件设施改 造、远程抄表收费、光储充一体化设施投资运营等在内的一体化综合服务，助力园区实现节能降碳目 标。 在智能微网方面，电管家将继续大力布局， ...