Group 1: Business Overview - The company has been deeply involved in the controllable nuclear fusion power supply sector for many years, providing various auxiliary heating power supplies such as cyclotron power supplies and neutral beam power supplies. Recently, the technology has shifted from traditional thyristors to IGBT, and the company has started offering magnetic field power supplies among other products [1] - The company has established long-term cooperative relationships with research institutions such as the Southwest Institute of Physics and the Hefei Institute of Plasma Physics. In 2024, the company's orders related to nuclear fusion power supplies exceeded tens of millions RMB, with historical cumulative orders amounting to several tens of millions RMB [2] Group 2: Market Position and Competition - The company has actively engaged with key domestic commercial nuclear fusion projects across various regions including Anhui, Hebei, Shanghai, Sichuan, and Shaanxi [3] - In the nuclear fusion power supply sector, there are competitors located in cities such as Anshan, Chengdu, Tianjin, and Wuhan. The company has established barriers due to its mature technology and production capacity, as the high power requirements (megawatt level) and stability of the power supply necessitate advanced technical capabilities [4] Group 3: Market Potential and Order Planning - There are multiple nuclear fusion projects in China with significant investment scales ranging from tens of billions to hundreds of billions RMB, where the value of power supplies constitutes a considerable proportion. The company has a higher share in the magnetic field and heating power supplies it currently supplies [5] - Several projects are entering the bidding phase in the second half of 2025, and the company is actively tracking and engaging with project bidding progress [5]

Group 1: Company Overview - The company is Shenzhen Oulutong Electronics Co., Ltd., with stock code 300870 and bond code 123241 [1] - The company specializes in data center power supply products, including various power ranges [2][3] Group 2: Product Offerings - The product line includes server power supplies ranging from 800W to over 5,500W, with advanced solutions like immersion cooling and rack power supplies [3] - The company has developed key products such as 3,200W titanium M-CRPS server power supply and 1,300W-3,600W titanium CRPS server power supply [3] Group 3: Market Position and Clients - The company has established itself as a leading domestic manufacturer of data center power supplies, recognized by major clients like Inspur, Foxconn, and Lenovo [4] - The company maintains close cooperation with top domestic internet companies, enhancing its market strength [4] Group 4: International Expansion - The company is actively expanding its overseas business, with teams established in Taiwan and the USA to target global markets [5] - It aims to onboard various types of overseas clients, including server manufacturers and major cloud providers [5] Group 5: Production Capacity - The company has a global production layout, with domestic bases in Shenzhen, Dongguan, Ganzhou, and Suzhou, and overseas bases in Vietnam and Mexico [6] - It can adjust production capacity based on client needs [6] Group 6: Future Business Plans - Data center power supply is a key long-term strategy, expected to drive significant revenue growth [7][8] - The company plans to deepen cooperation with existing clients and pursue 100% localization of components [8] Group 7: Adapter Business Development - The power adapter segment is a mature and steadily growing core business, with plans to expand into new application areas like smart homes and drones [9] Group 8: Impact of Tariff Policies - The direct revenue from sales to the USA is relatively small, limiting the impact of tariff policies [10] - The company is focused on risk mitigation through diversified client structures and global production layouts [10] Group 9: Revenue Targets - The revenue targets for 2025 and 2026 will align with the company's 2024 equity incentive assessment goals, with specific growth rates set for revenue and net profit [11][12] - The revenue growth rate trigger values for the next three years are 28%, 52%, and 72%, with target values of 35%, 65%, and 90% respectively [12]