AIDC 观点更新&数据中心电源深度汇报 20250608 摘要 应流股份受益于燃气轮机产业高景气度，西门子能源和 GEV 订单创新高， 核电需求持续增长，美国核电站与 Meta、亚马逊等签约供电，公司航 发燃机业务弹性大，财务状况修复，成长空间打开。 麦格米特在数据中心基础设施领域（服务器电源、HVDC、电容 BBU、 风光储设备）保持 20%-30%增长，值得关注。AI 数据中心需求旺盛， 英伟达一季度财报超预期，全球 IDC 需求景气度高，欧洲、日本等市场 需求或超预期。 数据中心直流化是未来发展方向，看好科华恒盛、科士达、盛弘及海外 HVC 等 ARAD 相关投资机会，以及正泰、良信、宏发、明阳智能和金盘 科技等变压器、开关、继电器及低压设备公司。 数据中心电源正从集中式交流供电向直流 HVDC 转变，腾讯、阿里巴巴 已采用，效率可达 97%。固态变压器（SST）也在示范应用，英伟达推 动下一代数据中心全面匹配直流供配方案，国内供应商如迈米、台达等 推出 HVDC 产品。 Q&A 长江机械组对 IDC 板块的整体观点是什么？ 长江机械组延续了两个思路：一方面基于成长股的思路，关注电源环节和燃气 轮机环 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 电力设备 2025 年 05 月 27 日 车影响预期充分，光储补贴新增 "外国限制主体"要求 看好 ——美国《One, Big, Beautiful Bill》法案对电新影响解 读 本期投资提示： 研 究 报 告 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 刘宏达 A0230524020002 liuhd@swsresearch.com 王艺儒 A0230523110003 wangyr@swsresearch.com 研究支持 曾子栋 A0230123070004 zengzd@swsresearch.com 联系人 马天一 (8621)23297818× maty@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 相关研究 - 证券分析师 ⚫ 上周美国众议院投票通过《One, Big, Beautiful Bill》法案，预计 7 月初参议院表决， ...

Financial Performance - In 2024, the company achieved a revenue of 6.744 billion CNY, representing a year-on-year growth of 18.25%, marking the fourth consecutive year of double-digit growth [1] - The net profit attributable to shareholders was 359 million CNY, with a net profit margin of 5.34% [1] - Revenue from the automotive parts segment was 5.002 billion CNY, accounting for 74.18% of total revenue, with a year-on-year increase of 12.86% [1] - Revenue from energy storage equipment reached 1.217 billion CNY, making up 18.04% of total revenue, with a significant year-on-year growth of 123% [1] - The company reported a revenue of 1.636 billion CNY in Q1 2025, with a net profit of 82.79 million CNY and a net profit margin of 5.06% [1] Strategic Development - The company aims to accelerate global expansion, targeting increased overseas revenue share [2] - Plans are in place to expedite the construction of a factory in Thailand to cover the Southeast Asian market for new energy vehicles and energy storage [2] - The company intends to establish a factory in Europe or North Africa to serve the European new energy vehicle market, with initial projects already received from international automakers [2] - The company is focusing on three key areas for high-quality development: smart robotics, low-altitude economy, and liquid cooling solutions [2] Product and Market Outlook - The company anticipates further revenue growth in automotive seating and energy storage products [4] - There is an ongoing effort to expand the customer base and increase market penetration, particularly among small and medium-sized clients [5] - The company is addressing potential revenue declines by actively seeking high-quality domestic and international business opportunities and optimizing product structure [5] Customer Base and Partnerships - Major automotive clients include mainstream manufacturers such as GAC Group, Geely, BYD, and NIO [3] - The company has established strategic partnerships in the low-altitude economy sector and is developing solutions for humanoid robots [6][7] - The company is in communication with various clients in the robotics sector, focusing on tailored solutions [9] Technological Innovations - The company is advancing its liquid cooling technology, which significantly enhances safety in electric vehicles [12] - The new cooling technology is expected to be applied across various sectors, including new energy vehicles, energy storage, and computing servers [12]