每经AI快讯，有投资者在投资者互动平台提问：除了UPS电源产品，贵公司在供电及节能方面还有哪些 产品可提升供电及节能的效率，贵公司在供电及节能方面是否会有突破性的产品面世？ 英威腾（002334.SZ）11月19日在投资者互动平台表示，公司在供电与节能领域，除UPS电源外，公司 凭借其在电力电子技术的积累，在工业自动化、网络能源领域已有系列高效节能产品，并注重更高效 率、更智能化方向创新。 （记者 胡玲） ...

Core Viewpoint - The company is focusing on the development of its industrial automation, network energy, new energy vehicles, and photovoltaic storage businesses, aiming for digitalization and intelligent upgrades through comprehensive solutions and strategic planning [2][3][4][5]. Group 1: Industrial Automation - The industrial automation business is experiencing steady growth, with a focus on "driving + control + intelligent manufacturing" as the core strategy [2]. - The company is transitioning from a single equipment supplier to a comprehensive solution provider covering control, drive, and execution [2]. - Marketing strategies are shifting from product marketing to value marketing, targeting major clients with intelligent solutions [2]. Group 2: Network Energy - The customer base for the network energy business has expanded to include strategic industries such as telecommunications, finance, and electricity, while maintaining traditional public service sectors [3]. - Recent breakthroughs in procurement projects with major telecommunications operators and expansion into overseas data center markets indicate the effectiveness of the industry-focused operational strategy [3]. - The company is committed to continuous product iteration and enhancing its competitive edge through high-efficiency solutions [3]. Group 3: New Energy Vehicles - In the first three quarters of the year, the new energy vehicle business generated revenue of 460 million yuan, with over 80% coming from commercial vehicles, reflecting significant growth despite a strategic contraction in passenger vehicle operations [4]. Group 4: Photovoltaic Storage - The company is enhancing its photovoltaic storage business by integrating teams and resources to improve capabilities from product development to market delivery, ensuring efficient and reliable solutions for customers [5]. Group 5: Financial Performance - For the first three quarters of 2025, the company reported total revenue of 3.108 billion yuan, a year-on-year decrease of 1.12%, with a net profit of 148 million yuan, down 3.26% [6]. - The third quarter alone saw a revenue increase of 3.76% year-on-year, although net profit decreased by 43.41% [6]. - The company maintains a debt ratio of 48.92% and a gross profit margin of 31.91% [6].

投资者关系活动记录表（2025） 证券代码：002334 证券简称：英威腾 深圳市英威腾电气股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活动 | 特定对象调研 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 券商策略会 | | 参与单位名称及 | 一、券商策略会 | | 人员姓名 | 中信证券、易方达基金、君成投资、瞰道资产、亘泰投资 | | | 二、现场与线上结合方式调研 | | | 中泰证券、中天国富证券、首创证券、国泰基金、亚太汇金基金、 | | | 淳厚基金、广莲资产、浮昇寰屿、聚众鑫创投资管、东北证券（线 | | | 上） | | 时间 | 年 月 日 2025 11 11 15:30 | | | 2025 年 11 月 14 日 10:00 | | 地点 | 券商策略会举办地（深圳） | | | 英威腾光明科技大厦 | | 上市公司接待人 | 董事会秘书：左桃林 | | 员姓名 | 网络能源 BU 副总经理：凌雄 | | | 财务会计总监：周芳 | ...

Core Points - The company completed the initial grant registration of the 2025 restricted stock and stock option incentive plan, with the initial grant date set for September 30, 2025, and the listing date for the restricted stock on November 14, 2025 [1][3] - A total of 8.94 million shares were granted at a price of 4.8 yuan per share, with 31 individuals receiving the grants [1][3] - The initial grant of restricted stock represents 1.10% of the company's total share capital of 814 million shares at the time of the incentive plan announcement [3] Adjustments to the Incentive Plan - The board approved adjustments to the incentive plan, reducing the number of recipients from 238 to 224 due to the voluntary forfeiture of 56,000 stock options by some recipients [3] - The total number of restricted shares granted remains at 10 million, with 9.06 million shares initially granted and 940,000 shares reserved [3] - The total number of stock options granted was adjusted to 9.944 million, with 9.214 million options initially granted and the reserved quantity unchanged [3] Company Overview - The company specializes in providing solutions in industrial automation and energy power sectors, focusing on energy conservation, intelligent manufacturing, artificial intelligence, and digitalization [4] - Its business segments include industrial automation, network energy, new energy vehicles, and photovoltaic energy storage, offering products such as inverters, servo systems, and UPS power supplies [4] - For the first three quarters of 2025, the company reported revenue of 3.108 billion yuan and a net profit attributable to shareholders of 148 million yuan [4]

Core Viewpoint - Airo Energy has received a warning letter from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission due to violations in fundraising management [1] Group 1: Regulatory Issues - The company was found to have inaccuracies in the disclosure of the progress of certain fundraising projects [1] - There were delays in disclosing changes to the implementation locations of projects [1] - The company failed to disclose the situation regarding the pre-litigation preservation of fundraising accounts [1] Group 2: Company Response - The company and responsible individuals will take the matter seriously, reflect deeply, and implement strict rectifications [1] - There is a commitment to enhance operational standards and improve the quality of information disclosure [1]

Group 1: Business Strategy and Market Position - The company is focusing on enhancing customer engagement, improving management efficiency, and elevating operational quality in 2023 [2] - The company acknowledges the impact of macroeconomic conditions, industry policies, and market sentiment on stock prices, which are not solely tied to performance [2] - The company aims to optimize its market value management through improved operational quality and performance [2] Group 2: Product Development and Innovation - The company has a complete liquid cooling solution, including cabinets and distribution units, but has not yet achieved large-scale orders [2] - The company is actively pursuing product development in industrial automation, network energy, new energy vehicles, and photovoltaic storage [3] - The company has not yet received certification from mainstream computing power manufacturers for its liquid cooling products [2] Group 3: Challenges and Strategic Changes - The company is addressing internal challenges such as growth stagnation, management efficiency loss, and weakened development drivers [4] - The company recognizes the need for both internal growth and external mergers and acquisitions, emphasizing a cautious approach to the latter [4] - The company has initiated systematic reforms to enhance business focus, product quality, and management efficiency [4] Group 4: Market Performance - The industrial automation business has shown year-on-year growth in both domestic and overseas markets, with overseas growth outpacing domestic [4] - The company is currently experiencing a decline in performance for 2024, prompting a focus on management reforms to solidify operational foundations [4]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit growth benefiting from the AIDC industry development [3][5]. Core Insights - In H1 2025, the company achieved operating revenue of 2.039 billion yuan, a year-on-year decrease of 3.51%, while net profit attributable to shareholders increased by 13.01% to 123 million yuan [1]. - The company's industrial automation business showed steady growth, with revenue of 1.357 billion yuan in H1 2025, up 6.69% year-on-year, despite declines in other segments such as network energy and photovoltaic storage [2]. - The net profit margin improved significantly in Q2 2025, reaching 7.17%, an increase of 3.89 percentage points from the previous quarter, primarily due to a reduction in expense ratios [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 1.199 billion yuan, a year-on-year increase of 2.99%, and a net profit of 88 million yuan, up 43.27% year-on-year [1]. - The company’s net profit margin for H1 2025 was 5.57%, an increase of 1.38 percentage points year-on-year [3]. Business Segments - The industrial automation segment is the strongest performer, while network energy, photovoltaic storage, and new energy vehicle segments experienced revenue declines but improved gross margins [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised upwards, with expected net profits of 319 million yuan, 386 million yuan, and 445 million yuan respectively, reflecting increases of 10%, 13%, and 12% [3][4]. - The corresponding P/E ratios are projected to be 26, 22, and 19 for the years 2025, 2026, and 2027 [4].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating temporary pressure on overall revenue, with only the photovoltaic storage business showing growth [3][4]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 840 million yuan, down 11% year-on-year and down 29% quarter-on-quarter [3]. - The net profit attributable to shareholders was 35 million yuan, a decrease of 26% year-on-year and a decline of 74% quarter-on-quarter [3]. - The non-recurring net profit was 27 million yuan, down 36% year-on-year and down 74% quarter-on-quarter [3]. - The gross margin for Q1 2025 was 32.66%, an increase of 0.7 percentage points year-on-year and an increase of 7.6 percentage points quarter-on-quarter [5]. - The net margin was 3.28%, a decrease of 0.9 percentage points year-on-year and a decrease of 4.8 percentage points quarter-on-quarter [5]. Group 2: Business Segment Performance - The industrial automation business generated revenue of 540 million yuan, down 5% year-on-year [4]. - The network energy business reported revenue of 160 million yuan, down 14% year-on-year [4]. - The new energy vehicle business achieved revenue of 110 million yuan, down 26% year-on-year [4]. - The photovoltaic storage business recorded revenue of 40 million yuan, an increase of 13% year-on-year [4]. Group 3: Market Position and Growth Potential - The company is positioned in high-growth sectors such as robotics, data centers, and new energy, with ongoing product launches and customer expansion expected to gradually restore revenue [4][6]. - In the robotics sector, the company's DA200 series products are used for precise motion control in smart logistics and efficient operations in automotive battery swap stations [6]. - The company holds the second-largest market share in modular UPS power products in China, with growth anticipated in the network energy business as data center construction increases [6]. - The company is actively expanding its overseas market presence in the new energy sector [6].

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