31 August 2025 | 4:59PM HKT Kehua Data Co. (002335.SZ) 2Q25 largely in line, solid domestic outlook, overseas expansion in progress; Maintain Neutral on valuation | 002335.SZ | | --- | | 12m Price Target: Rmb42.60 | | Price: Rmb57.81 | | Downside: 26.3% | Kehua reported 2Q25 results with revenue/gross profit/EBIT/net profit at Rmb2,516mn/Rmb567mn/Rmb218mn/Rmb175mn, -1%/+7%/+24%/+15% yoy, and -1%/-13%/+7%/-13% vs. GSe, largely in line excluding the credit impairment losses of Rmb47mn. GPM/OPM/NPM arrived at ...

AceCamp AI 2025-08-30 摘要 欧陆通受益于 AI 和数据中心发展，收入结构向数据中心电源转型， 2024 年数据中心业务收入达 14.6 亿元，占总体收入 20%以上，高功 率数据中心电源占比过半，业绩增长迅猛。 公司股权集中，推出股权激励计划绑定核心骨干，激励目标显示未来两 年收入增速预计分别在 60%和 90%以上，利润目标分别为 3 亿元和 4.6 亿元（剔除股权激励费用）。 公司研发投入每年约 2 亿多元，拥有多项专利，保障长期增长。执行技 术指标到市场回报双轴管理，提升研发水平并配合客户需求。 2024 年公司费用率显著下降，销售费用率和管理费用率分别下降至 2.23%和 4.11%，规模效应显现，利润释放速度有望快于收入增长。 2024 年 7 月发布可转债项目募集 6.3 亿元，用于数据中心电源项目和 新总部及研发实验室升级，增强产能与技术实力，预计 2027 年 1 月建 成。 AI 大模型发展推动 AIDC 需求增长，AIDC 在芯片类型和算力类型上与 传统 IDC 存在显著差异，对电源供电系统提出更高要求，驱动电源设计 快速迭代。 全球 AI 服务器电源市场规模预计从 ...

关于向不特定对象发行可转换公司债券摊薄即期回报、采取填补 措施及相关主体承诺的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 本公告中关于石家庄通合电子科技股份有限公司（以下简称"公司"）本次 向不特定对象发行可转换公司债券（以下简称"可转债"）发行后其主要财务指 标的分析、描述均不构成公司的盈利预测，公司为应对即期回报被摊薄的风险而 制定的填补回报措施不等于对公司未来利润做出保证，投资者不应据此进行投资 决策，投资者据此进行投资决策并造成损失的，公司不承担任何责任。提请广大 投资者注意。 证券代码：300491 证券简称：通合科技 公告编号：2025-053 石家庄通合电子科技股份有限公司 的影响。本次发行实际到账的募集资金规模将根据监管部门同意注册、发行认购 情况以及发行费用等情况最终确定。 十二次会议召开日，即2025年8月29日前二十个交易日公司股票交易均价与前一 个交易日公司股票交易均价的孰高值），该转股价格为模拟测算价格，仅用于计 算本次发行摊薄即期回报对主要财务指标的影响，不构成对实际转股价格的数值 预测，最终的初始转股价格由公 ...

证券代码：300870 证券简称：欧陆通 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 投资者关系活动记录表 编号：（2025-08） | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动 | 路演活动 | | 类别 | □新闻发布会 | | | □现场参观 | | | （电话会议、线上会议） 其他 | | | 中银基金、信达澳亚基金、东方证券、东海证券、东兴基金、 | | | 招商证券、中泰证券、中国银河证券、上海聚鸣投资、太平 | | | 养老保险、华鑫证券、东亚前海证券、国联民生证券、长江 | | | 证券、渤海证券、平安证券、浙商基金、上海证券、德邦证 | | | 券、东海基金、国信证券、国元证券、招商银行、民生加银 | | | 基金、深圳纽富斯投资、凯基证券、银华基金、金鹰基金、 | | | 光大保德信基金、华安证券、嘉实基金、华安基金、昆仑健 | | | 康保险、国投证券、方正证券、广发基金、西部利得基金、 | | 参与单位名称 | 申万菱信基金、中信证券、诺安基金、诺德基金、中金财富 | | ...

证券日报网讯英杰电气（300820）8月25日发布公告，在公司回答调研者提问时表示，公司目前在AI及 数据中心电源方向有布局，技术平台可支持相关产品的研发，但需明确客户及具体电源需求。目前公司 正积极对接相关用户的电源需求，未来体量取决于客户需求及合作情况。 ...

格隆汇8月25日丨英杰电气(300820.SZ)于近期投资者关系活动表示，公司目前在AI及数据中心电源方向 有布局，技术平台可支持相关产品的研发，但需明确客户及具体电源需求。目前公司正积极对接相关用 户的电源需求，未来体量取决于客户需求及合作情况。 ...

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

Financial Data and Key Metrics Changes - Second quarter revenue reached $442 million, exceeding the high end of guidance, representing a 21% year-over-year growth and a 9% sequential increase [19][20] - Earnings per share (EPS) was $1.50, up 76% from the previous year, marking the highest level since 2022 [19] - Gross margin improved to 38.1%, up 20 basis points sequentially, despite increased tariff expenses [22][19] Business Line Data and Key Metrics Changes - Semiconductor revenue was $210 million, up 11% year-over-year but down 6% sequentially [20] - Data center computing revenue surged to $142 million, up 47% quarter-over-quarter and 94% year-over-year [21] - Industrial and medical revenue increased 7% sequentially to $69 million but was down 13% year-over-year [21] Market Data and Key Metrics Changes - The semiconductor market showed double-digit year-over-year growth, although it faced sequential declines due to customer delivery schedule shifts [10][20] - Data center computing market demand is expected to remain strong, with revenue growth projected to exceed 80% for 2025 [16][29] - Industrial and medical markets are showing signs of recovery, with total backlog growing for the first time since early 2023 [13][21] Company Strategy and Development Direction - The company is focused on a diversification strategy across three distinct target markets to mitigate cycle risk and enhance profitability [7][8] - Investments in technology and capacity are being made to support long-term growth, particularly in data center and semiconductor markets [8][18] - The closure of the last factory in China is expected to improve gross margins, targeting 40% by the end of 2025 [10][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining data center revenue growth into 2026, driven by high investment rates from hyperscalers [36] - The company anticipates overall revenue growth of approximately 17% for 2025, with specific growth expectations for data center and semiconductor markets [16][28] - Management highlighted the importance of mitigating tariff impacts through various strategies, including optimizing supply chains [10][27] Other Important Information - The company repurchased $23 million of its common stock during the quarter, reflecting a strong cash position with total cash and equivalents at $714 million [24][25] - Free cash flow grew 21% sequentially, indicating robust cash generation capabilities [25] Q&A Session Summary Question: Sustainability of data center demand - Management believes data center revenues are sustainable into 2026 due to continued high investment from hyperscalers [36] Question: Content per server for AI data centers - AI data centers have significantly higher power consumption, leading to increased revenue potential, although not on a linear basis [42][44] Question: Changes in semiconductor growth projections - The semiconductor growth projection was adjusted to mid-single digits for 2025 due to tariff impacts and market conditions [48][50] Question: Impact of new design wins in industrial and medical - New design wins are expected to contribute to revenue growth in the second half of the year, alongside market recovery [70] Question: Inventory levels and customer behavior - There is no significant overstocking observed in data center customers, with a cautious approach to inventory management in industrial and medical sectors [75]

Financial Data and Key Metrics Changes - Second quarter revenue reached $442 million, exceeding guidance and reflecting a 21% year-over-year growth, marking the third consecutive quarter of growth [5][18][19] - Earnings per share (EPS) was $1.50, up 76% from the previous year, the highest level since 2022 [18][19] - Gross margin improved slightly to 38.1%, with operating margin increasing by 110 basis points sequentially [18][21] Business Line Data and Key Metrics Changes - Semiconductor revenue was $210 million, up 11% year-over-year but down 6% sequentially due to customer delivery schedule shifts [19][20] - Data center computing revenue surged to $142 million, up 47% quarter-over-quarter and nearly doubled year-over-year [20][11] - Industrial and medical revenue was $69 million, a 7% sequential increase but down 13% year-over-year [20][12] Market Data and Key Metrics Changes - The semiconductor market showed solid year-over-year growth despite a sequential decline, influenced by tariff impacts and customer inventory management [19][51] - Data center demand is expected to remain strong, with projections for over 80% growth in 2025 [15][28] - Industrial and medical markets are showing signs of recovery, with increased backlog and improved customer inventory levels [12][20] Company Strategy and Development Direction - The company is focused on a diversification strategy across three distinct markets to mitigate cycle risks and enhance profitability [6][15] - Investments in technology and capacity are being made to support long-term growth, particularly in data center and semiconductor markets [7][16] - The closure of the last China factory is expected to contribute to gross margin improvements, targeting 40% by the end of 2025 [9][28] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining data center revenue growth into 2026, driven by high investment from hyperscalers [36] - The company anticipates modest sequential growth in industrial and medical markets, with a stronger order book driving higher revenue in the second half of the year [15][72] - Tariff impacts are being actively managed through various mitigation strategies, with expectations for continued operational improvements [25][26] Other Important Information - Total cash and cash equivalents at the end of Q2 were $714 million, with net cash of $147 million [22][24] - The company repurchased $23 million of common stock during the quarter [22][24] - Free cash flow grew 21% sequentially, indicating strong cash generation capabilities [24] Q&A Session Summary Question: Sustainability of data center demand - Management believes data center revenues are sustainable into 2026 due to continued high investment from hyperscalers [36] Question: Content per server for AI data centers - AI data centers have significantly higher power consumption, leading to increased revenue potential, though not on a linear basis [42][45] Question: Changes in semiconductor growth projections - The semiconductor growth projection was adjusted to mid-single digits for 2025 due to tariff impacts and market conditions [49][51] Question: Impact of tariffs on gross margin - Tariff costs are expected to remain at current levels, with mitigation strategies in place to offset impacts [53][55] Question: Design wins in industrial and medical - Recent design wins are expected to contribute to revenue growth in the second half, alongside market recovery [71][72]

Group 1 - The core viewpoint is that the surge in AI computing power demand is driving a revolutionary change in data center power supply efficiency, highlighting the emergence of the third-generation HVDC architecture [1] - Companies are advised to focus on the AC/DC power supply segment that benefits from the increase in unit value, as well as power manufacturers that are expected to enter the HVDC and DC/DC markets leveraging their technological platforms and customer resources [1]