查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年半年报，2025年上半年实现营业收入64.47亿元，同比减少5.68%；归母净利润6.34亿元，同比 增长0.96%；毛利率同比上升2.85pct至23.75%，净利率同比上升0.43pct至11.01%；拟每10股派发现金红利2.38 元（含税）。其中2025Q2实现营业收入40.99亿元，同比增长1.81%；归母净利润4.26亿元，同比增长9.12%， 环比增长105.38%。 我国特高压建设持续推进，25H1公司直流输电系统业务迎来放量 25H1公司直流输电系统营业收入同比增长211.71%至4.60亿元，毛利率同比下降10.74pct至40.76%。我国仍有 多条储备的特高压项目，未来特高压工 ...

Core Viewpoint - The company reported a decrease in revenue and a return to profitability in the first half of 2025, indicating a strategic shift in its business focus towards project delivery and accounts receivable recovery in the new energy sector [1] Financial Performance - The company achieved an operating income of 378.58 million yuan, a year-on-year decrease of 10.06% [1] - The net profit attributable to shareholders was 22.93 million yuan, marking a turnaround from a loss in the same period last year [1] Business Strategy - The company is strategically adjusting its new energy business due to underperformance, focusing on project delivery and accounts receivable recovery [1] - Emphasis is placed on high-end overseas markets for the new energy business [1] Research and Development - Increased investment in R&D for new products and technologies to strengthen and optimize core technologies [1] - Development of technology platforms has been concentrated on six product lines, completing the V2.0 and V2.1 technology platform development [1] Market Expansion - The core electrical connection equipment business has expanded from the automotive intelligent manufacturing sector to AI data computing centers, securing multiple production line orders from clients [1]

Core Viewpoint - Zhongheng Electric (002364.SZ) has denied recent rumors regarding partnerships with major overseas cloud companies like Nvidia, Meta, and Google, stating that no cooperation agreements or sales contracts have been signed as of now [2][6]. Company Overview - Zhongheng Electric, founded in 1996 and listed on the Shenzhen Stock Exchange in March 2010, focuses on building a zero-carbon intelligent society through digital energy solutions [7]. - The company has developed two main business segments: power electronics manufacturing and energy internet, with products covering data center power supplies, communication power supplies, electric power supplies, charging and swapping equipment, and power digitalization [7]. Financial Performance - As of August 19, Zhongheng Electric's stock price closed at 24.97 yuan, with a daily increase of 10.00%, a turnover rate of 25.59%, and a trading volume of 3.473 billion yuan, resulting in a total market capitalization of 14.1 billion yuan [6]. Market Position and Growth Potential - In 2024, the revenue from data center power supplies is projected to be 670 million yuan, accounting for 34% of the company's total revenue, serving major clients such as mobile operators, internet companies, and large state-owned enterprises [7]. - The company is recognized as one of the earliest promoters of HVDC (High Voltage Direct Current) power supply solutions for data centers and has played a key role in establishing national and industry standards [7]. Industry Trends - The demand for AI computing centers is rapidly increasing, and the penetration rate of HVDC is expected to continue growing. Major industry players like Google and Nvidia have recently introduced ±400V/800V HVDC power supply architectures, with expectations for large-scale application by 2027 [8]. - The global market for AI data center HVDC is anticipated to reach 62 billion yuan by 2030, indicating significant growth potential for companies like Zhongheng Electric [8].

Core Viewpoint - The company achieved a revenue of 17.089 billion in 2024, with a year-on-year growth of 0.2%, and a net profit attributable to shareholders of 1.117 billion, reflecting an 11.1% increase year-on-year [1] Financial Performance - In Q4 2024, the company reported a revenue of 7.503 billion, a year-on-year increase of 20.4% and a quarter-on-quarter increase of 172.8% [1] - The net profit attributable to shareholders for Q4 2024 was 222 million, showing a year-on-year growth of 13.9% but a quarter-on-quarter decline of 16.9% [1] - For Q1 2025, the company recorded a revenue of 2.348 billion, a year-on-year decrease of 16.4% and a quarter-on-quarter decrease of 68.7% [1] Profitability Metrics - The company’s gross profit margin and net profit margin for 2024 were 20.8% and 7.6%, respectively, with year-on-year changes of 2.8 percentage points and 0.6 percentage points [2] - In Q1 2025, the gross profit margin and net profit margin improved to 23.5% and 10.1%, with year-on-year changes of 5.2 percentage points and 0.7 percentage points [2] Business Segments - The company is a leading player in the domestic ultra-high voltage converter valve market, benefiting from increased industry demand [2] - The direct current transmission system business generated revenue of 1.44 billion in 2024, a significant year-on-year increase of 101.6% [2] - The smart meter business achieved revenue of 3.87 billion in 2024, with a year-on-year growth of 11% [3] - The company’s overseas business revenue reached 310 million in 2024, reflecting a year-on-year increase of 102% [3] Future Outlook - Revenue projections for 2025, 2026, and 2027 are 19.7 billion, 22.56 billion, and 25.1 billion, respectively, with expected net profit growth rates of 28.5%, 20.9%, and 14.6% [4] - The company’s core product advantages in smart grids and ultra-high voltage sectors, along with flexible direct current and EPC business, are expected to drive future growth [4]