2025 年 07 月 16 日 合康新能(300048.SZ) 美的赋能，聚焦能源，踏浪前行 | | 输变电设备 | | | --- | --- | --- | | 投资评级 | 买入-A 首次评级 | | | 1 2 个月目标价 | | 7.61 元 | | 股价 (2025-07-15) | | 6.21 元 | | 交易数据 | | | | 总市值(百万元) | | 6,945.82 | | 流通市值(百万元) | | 6,940.77 | | 总股本(百万股) | | 1,118.49 | | 流通股本(百万股) | | 1,117.68 | 股价表现 多轮业务整合轻装上阵，聚焦新能源与变频器业务，2024 年实 现扭亏： 公司前身北京合康亿盛科技有限公司创建于 2003 年，主攻高压变 频器。2020 年美的集团通过下属子公司美的暖通收购公司，公司 成为美的集团旗下新能源业务发展平台，2021 年公司对 11 家子 公司进行剥离或注销，聚焦新能源与变频器业务发展。公司新能 源业务涵盖绿色能源解决方案、户用储能及光伏并网逆变器两大 领域，2024 年实现收入 39.15 亿元，同比增长 512.04 ...

证券代码：300376 证券简称：ST 易事特 2025 年 7 月 2 日 易事特集团股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活 动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 东莞证券 黄秀瑜、刘兴文 时间 2025 年 7 月 2 日 地点 广东省东莞市松山湖高新技术产业开发区总部五路1号公司会议室 上市公司接待 人员姓名 董事会秘书 董志刚 证券事务代表 温凯、石雅芳 证券事务主管 王 皓 投资者关系活 动主要内容介 绍 公司董事会秘书董志刚先生、证券事务代表温凯先生、石雅芳 女士、证券事务主管王皓先生通过现场会议的形式向调研嘉宾介绍 了公司的基本情况、最新业务进展及未来发展方向，并与投资者就 公司相关情况展开了详细沟通与交流。 一、投资者交流情况主要内容如下： 1、公司 2024 年度整体发展情况如何？ 答：2024 年，公司在产业数字化与新能源+储能双轮驱动实现 稳健发展。电力电子设备领域，凭借品牌积累与技术沉淀，UPS 不 间断电源、数据中心系统集成等核心产品持续巩固国内市场地位 ...

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology is involved in the marine cable and engineering sectors, with significant revenue contributions from both domestic and international markets. The company is focusing on expanding its overseas presence, particularly in Europe. Key Financial Highlights - Total revenue for 2024 is projected at approximately 8 billion yuan, with the marine segment contributing 3.6 billion yuan, marine cable business contributing 2.7-2.8 billion yuan, and marine engineering close to 900 million yuan [2][3] - In Q1 2025, revenue reached 9.755 billion yuan, representing an 18% year-over-year growth, with a net profit close to 600 million yuan, up 20% year-over-year [2][4] - The marine cable business maintains a gross margin of around 40%, while the marine engineering segment is expected to improve from a negative 8% margin in 2024 to 10%-15% in 2025 due to increased project activity [2][3][11] Revenue Breakdown - 80% of revenue is generated domestically, with the remaining 20% from international markets. The company aims to increase its overseas revenue share to 15%-20% [2][3][15][16] - In Q1 2025, the power segment accounted for 40% of profits, followed by the marine segment at 25% and communication at 20% [2][5] Order Backlog and Future Projections - The current order backlog totals 13 billion yuan, with marine engineering accounting for 3 billion yuan and marine cables for 10 billion yuan. The marine cable segment is expected to generate around 6 billion yuan in revenue in 2025 [2][7][8] - The company has set a target for new orders in 2025 to reach 4 billion yuan in the overseas market [9][16] Market Dynamics - The domestic offshore wind power grid connection is expected to reach 12GW in 2025, with potential growth to 12-15GW in the following year, significantly up from 4-5GW in the previous year [24] - The European offshore wind market is projected to grow, with an expected annual increase of 8-10GW starting in 2026, driving demand for marine cables [24] Product and Segment Insights - The company is expanding its product offerings in deep-sea technology, including subsea cables and composite cables, with a focus on observation and sensing systems [26] - In the renewable energy sector, the company reported revenues of approximately 3 billion yuan from self-owned photovoltaic power stations, 10 billion yuan from electronic copper foil, and 20 billion yuan from photovoltaic EPC in 2024 [27] Challenges and Strategic Focus - The marine engineering segment faced challenges due to low offshore wind project initiation rates, but is expected to recover as project activity increases [11][28] - The company is strategically reducing its scale in competitive areas like energy storage and photovoltaic materials while focusing on improving profitability [18][27] Conclusion - Zhongtian Technology is positioned for growth with a strong focus on expanding its international market presence, improving profitability across segments, and capitalizing on the increasing demand for marine cables and renewable energy solutions. The company aims for a 15% revenue growth and a 10% profit increase compared to 2022 levels [30][31]

Core Viewpoint - The company, Jiangsu Zhongtian Technology Co., Ltd., reported a revenue of 48.055 billion yuan for 2024, representing a year-on-year increase of 6.63%, while the net profit attributable to the parent company was 2.837 billion yuan, a decrease of 8.94% compared to the previous year [5][4]. Group 1: Company Overview - The company adheres to the operational principle of "solid foundation and innovative development," focusing on green energy and digital construction, and aims to become a global leader in energy network solutions [5][6]. - The company has a backlog of orders in the energy network sector amounting to approximately 31.2 billion yuan, with significant contributions from marine series, grid construction, and new energy projects [5]. Group 2: Business Performance - In the energy network segment, the company is actively involved in the green energy transition, emphasizing the development of high-tech, high-value products [5][6]. - The company has achieved several technological breakthroughs in the marine cable sector, contributing to the growth of the offshore wind power industry and enhancing its competitive edge [6][7]. Group 3: International Expansion - The company has seen continuous growth in its international marine business, with significant demand from offshore wind power and marine oil and gas sectors, particularly in Europe and the Asia-Pacific region [11][12]. - The company successfully delivered a 230kV submarine optical cable project in the Middle East and secured contracts for high-voltage projects, marking its position as a key supplier in the international oil and gas industry [11][12]. Group 4: Technological Innovation - The company is committed to technological innovation, with multiple products achieving international leading standards, particularly in high-performance cables and energy systems [12][13]. - The company has developed a range of new products that have passed evaluations by the China Electric Power Enterprise Federation, with five products reaching international leading levels [13][14]. Group 5: Green Energy Initiatives - The company is actively participating in the construction of new power systems and has made significant advancements in high-voltage cable technology, contributing to the global green energy transition [12][15]. - The company has established a comprehensive service capability in the photovoltaic sector, aiming to become a leading EPC service provider in the industry [16][17]. Group 6: Communication Network Development - The company is focusing on the deployment of 5G networks and the integration of AI technologies, driving innovation in the communication sector [22][23]. - The company has launched several new technologies in the optical communication field, enhancing its product offerings and market competitiveness [25][26].