证券代码：300693 证券简称：盛弘股份 编号：2025-013 深圳市盛弘电气股份有限公司 投资者关系活动记录表 | 随着智算中心单机柜功率密度的提升，供电系统优化的 | | | --- | --- | | 关注点将转向更高电压等级，以解决导体截面积过大，更多 | | | 的材料和更大的体积的问题。同时，电压等级的升高也会带 | | | 来远距离输电的优势，这将会引发数据中心设计架构上颠覆 | | | 性的变革。传统的交流400V | UPS及直流的240、336V的HVDC虽 | | 然已经过多年的市场考验，已证明其技术可行性，市场接受 | | | 度较高，产业链较为成熟。但对于高密度、高效率的智算中 | | | 心而言，由于智算服务器之间连接的光缆已经占用过多机柜 | | | 的走线空间，探索更高电压的应用可以减少电源线占用的空 | | | 间，带来潜在的性能提升和成本节约，这也更符合可持续发 | | | 展的要求。 | | | 新一代的800V | HVDC，相比传统交流供电以及之前低电压 | | 的直流供电，可以提供系统效率能效提升；占地空间节约； | | | 铜耗降低等等特点，凭借这些优势，在海 ...

| 市场数据：2025 年 11 月 | 18 日 | | | --- | --- | --- | | 收盘价（元）： | | 22.90 | | 年内最高/最低（元）： | | 33.85/6.93 | | 流通A股/总股本（亿）： | | 5.58/5.64 | | 流通 股市值（亿）： A | | 127.81 | | 总市值（亿）： | | 129.06 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.13 | | 摊薄每股收益(元)： | | | 0.13 | | 每股净资产(元)： | | | 4.34 | | 净资产收益率(%)： | | | 3.01 | 资料来源：最闻 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 电力电子及自动化 中恒电气（002364.SZ） 买入-B(维持) 推出 800VDC 新建和改造方案，未来增长可期 20 ...

Group 1 - The company has launched string PCS products in power ranges of 125kW, 215kW, and 430kW [2] - These products support voltage levels of 1000V and 1500V [2] - Some of the products have already passed national standard certification testing, and related projects are ongoing [2]

格隆汇11月13日丨爱科赛博(688719.SH)公布，公司于2025年11月13日收到股东达晨创通、达晨创鸿出 具的《关于股份减持计划的告知函》，因经营发展需要，现达晨创通及达晨创鸿拟自本公告披露之日起 15个交易日后的3个月内通过集中竞价或大宗交易的方式减持其所持有的公司股份合计不超过2,307,708 股（若减持期间内公司有送股、资本公积金转增股本等股份变动股本除权、除息事项，则对该数量进行 相应调整，并在相关公告中予以说明），即不超过公司总股本的2.00%，其中达晨创通拟自本公告披露 之日起15个交易日后的3个月内通过集中竞价减持公司股份不超过1,153,854股，通过大宗交易减持公司 股份不超过1,849,150股，合计减持公司股份不超过1,849,150股；达晨创鸿拟自本公告披露之日起15个交 易日后的3个月内通过集中竞价减持公司股份不超过458,558股，通过大宗交易减持公司股份不超过 458,558股，合计减持公司股份不超过458,558股。 公司于2025年11月13日收到股东集成电路基金出具的《关于股份减持计划的告知函》，因经营发展需 要，现集成电路基金拟自本公告披露之日起15个交易日后的 ...

Summary of Key Points Core Viewpoint - The announcement from Shenghong Co., Ltd. indicates that specific shareholders plan to reduce their holdings through various methods, which may impact the company's stock performance in the near future [1] Shareholder Reduction Plans - Shareholder Xiao Xueli holds 10.0762 million shares, accounting for 3.2291% of the total shares, and intends to reduce holdings by up to 8.512 million shares, representing 2.7278% [1] - Director and Deputy General Manager Wei Xiaoliang holds 2.3201 million shares, or 0.7435%, and plans to reduce holdings by up to 230,000 shares, which is 0.0737% [1] - Director, Deputy General Manager, and Chief Financial Officer Yang Liu holds 119,700 shares, or 0.0384%, with a plan to reduce holdings by up to 29,900 shares, equating to 0.0096% [1] - Secretary of the Board Hu Tianshun holds 67,354 shares, or 0.0216%, and intends to reduce holdings by up to 16,800 shares, which is 0.0054% [1]

Group 1 - The core point of the article highlights that Tonghe Technology reported a decrease in the number of shareholders, with a total of 18,481 shareholders as of October 31, down by 2,906 from the previous period, representing a month-on-month decline of 13.59% [2] - The latest stock price of Tonghe Technology is 34.12 yuan, reflecting a decrease of 0.96%, and the stock has cumulatively dropped by 0.76% since the concentration of shares began, with 6 days of increase and 5 days of decrease in the trading period [2] - The company's third-quarter report indicates that it achieved a total operating revenue of 975 million yuan in the first three quarters, marking a year-on-year growth of 32.40%, while the net profit was 20.44 million yuan, showing a year-on-year decline of 2.20%, with basic earnings per share at 0.1200 yuan and a weighted average return on equity of 1.76% [2]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter of 2025, primarily due to market reforms in the new energy sector affecting customer project timelines and pricing pressures on products [1] Financial Performance - The company's third-quarter revenue was 347 million yuan, a year-on-year decrease of 28.75% [1] - Net profit for the third quarter was 22.86 million yuan, down 50.39% year-on-year [1] - For the first three quarters of 2025, total revenue reached 1.217 billion yuan, reflecting a year-on-year decline of 6.62% [1] - Net profit for the first three quarters was 83.03 million yuan, a decrease of 33.54% year-on-year [1] - Basic earnings per share stood at 0.6 yuan [1] Market Impact - The decline in performance is attributed to the impact of market-oriented reforms in new energy pricing, leading some customers to delay or postpone project grid connections to avoid potential losses from price fluctuations [1] - The company faces downward pressure on product prices, which has resulted in reduced gross margins and further squeezed profit margins [1]

Group 1 - The company's third-quarter revenue is 347 million, a decrease of 28.75% [1] - The net profit for the third quarter is 22.86 million, down 50.39% [1] - For the first three quarters, the revenue totals 1.217 billion, a decline of 6.62% [1] Group 2 - The net profit for the first three quarters is 83.03 million, a decrease of 33.54% [1]

Core Insights - The company reported a third-quarter revenue of 154 million, representing a decline of 21.13% [1] - The net profit for the third quarter was a loss of 27.4021 million, a significant decrease of 1,140.55% [1] - For the first three quarters, the total revenue was 585 million, down by 1.65% [1] - The net profit for the first three quarters showed a loss of 44.6247 million, which is a decline of 226.80% [1]

Summary of SST System Industry Conference Call Industry Overview - The conference focused on the SST (Solid State Transformer) system industry, discussing its cost structure, market trends, and competitive landscape in both domestic and overseas markets [1][2][3]. Key Points and Arguments Cost Structure of SST Systems - The cost composition of SST systems includes rectifier modules (40%-50%), high-frequency transformers (approximately 25%), control and distribution (15%), energy storage (11%), and structural cooling (8%) [1][2]. - Current single watt cost of SST systems is around 5 RMB, with total system costs reaching 8-10 million RMB. By 2028, costs are expected to drop to below 1 RMB per watt, with total system costs around 2 million RMB, but large-scale application is anticipated only by 2030 [1][4]. Price Trends and Market Dynamics - There is a significant price disparity between domestic and overseas SST systems, particularly in North America, where prices are expected to remain around 4-5 RMB per watt until 2027-2028, with limited reduction [5]. - Domestic market competition is intense, with expectations that prices could fall below 1 RMB per watt by 2030 [5]. Technical Standards and Design Differences - North America tends to adopt higher input voltage SST systems (35 kV or 20 kV), which enhances renewable energy integration efficiency but also increases costs. Differences in design standards between North America and China contribute to cost variations [6][8]. - Domestic companies can enter the SST supply chain by exporting components like high-frequency transformers and rectifier modules, capturing growth opportunities despite slower rack power increases compared to North America [9]. Market Opportunities and Challenges - Companies like Jinpan and Sungrow, which have comprehensive system integration capabilities, are better positioned to enter the SST supply chain [3][16]. - The domestic market's ability to reduce SST product prices significantly is attributed to lower value differences compared to overseas products, reflecting market maturity and demand [23]. Future Prospects - The SMT (Solid State Transformer) AC-DC hybrid system market is expected to grow faster than the data center market due to lower energy continuity and stability requirements, making it more cost-sensitive [24]. - The demand for silicon carbide (SiC) in charging stations and data centers is increasing, but the complex production process may lead to supply constraints and price increases [26]. Additional Important Insights - The integration capabilities of domestic companies lag behind those of leading overseas firms like Delta, Schneider, and Eaton, which have dedicated departments for each segment of the SST system [22]. - The competitive landscape in the HVDC (High Voltage Direct Current) sector shows that traditional power distribution companies in China have advantages, but emerging electronic companies are rapidly advancing [18]. This summary encapsulates the critical insights from the SST system industry conference call, highlighting the cost structures, market dynamics, technical standards, and future prospects within the industry.