南财智讯12月3日电，新雷能在投资者关系活动中表示，公司与ADI在数据中心领域开展合作，采用 ADI芯片并进行联合开发。目前已有二次电源产品进入小批量生产阶段，预计明年将有多款其他二次电 源产品陆续进入小批量阶段，三次电源产品正处于接触推进中。公司通过该合作深化技术协同，提升在 高端电源市场的竞争力。 ...

北京新雷能科技股份有限公司 新雷能投资者关系活动记录表（2025 年度） 证券代码：300593 证券简称：新雷能 编号：2025-003 | 方进行联合开发。 | | --- | | 4. 公司是否向海外市场的销售模式？ | | 公司合作伙伴为 ADI，ADI 与其他厂商进行商务合作，具体客 | | 户主要由 ADI 进行推进，最终客户信息和订单细节不便透露。 | | 5. 公司 ADI 合作产品的进展情况？ | | 目前已有二次电源产品进入小批量阶段，明年也陆续有其他二 | | 次电源产品进入小批量阶段；三次电源产品正在接触中。 | | 6. 公司产品的单瓦价值量。 | | 模块电源产品的价值量与工艺难度、研发难度及功率密度等多 | | 项指标密切相关，与电源功率并不存在明显的线性关系。 | | 7. 公司数据中心业务的产能情况。 | | 公司数据中心业务产品分为模块类产品及非模块类产品，其中 | | 模块类产品的理论产能为 5 亿元，非模块产品的理论产能为 4 亿元。 | | 公司预留了一条产线的空间，后续将根据订单情况进行产线扩建， | | 扩建周期为 3-6 个月，扩建后将新增 4 亿-5 亿产能。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 268.79 billion yuan for 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and short-term overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to continuous internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a three-pronged strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment reported revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment achieved revenue of 13.76 billion yuan in 2024, a significant year-on-year growth of 48.7%, with expectations for continued high growth in 2025 [8] Profit Forecast - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10]