从基金十大重仓股角度 数据显示，西部利得基金旗下1只基金重仓通润装备。西部利得聚优一年持有期混合（014593）三季度 持有股数4.06万股，占基金净值比例为0.42%，位居第八大重仓股。根据测算，今日浮盈赚取约3.78万 元。 西部利得聚优一年持有期混合（014593）成立日期2022年8月9日，最新规模2.03亿。今年以来收益 8.17%，同类排名5739/8136；近一年收益8.52%，同类排名5888/8058；成立以来收益11.25%。 西部利得聚优一年持有期混合（014593）基金经理为严志勇、葛山。 11月25日，通润装备涨5.04%，截至发稿，报19.39元/股，成交2.37亿元，换手率3.50%，总市值70.43亿 元。 资料显示，江苏通润装备科技股份有限公司位于江苏省常熟市海虞镇通港路536号，成立日期2002年10 月28日，上市日期2007年8月10日，公司主营业务涉及金属工具箱柜产品以及高低压成套开关设备和元 器件产品的研发、生产和销售。主营业务收入构成为：光储逆变器54.62%，工具箱柜27.39%，机电钣 金制品9.27%，储能产品7.03%，其他产品1.16%，其他(补充)0. ...

Group 1 - The core point of the news is that Tongrun Equipment's stock price dropped by 5.07% to 21.16 CNY per share, with a trading volume of 351 million CNY and a turnover rate of 4.52%, resulting in a total market capitalization of 7.686 billion CNY [1] - Tongrun Equipment, established on October 28, 2002, and listed on August 10, 2007, is based in Changshu, Jiangsu Province, and specializes in the research, production, and sales of metal tool cabinets and high/low voltage complete switchgear and components [1] - The company's main business revenue composition includes: 54.62% from photovoltaic storage inverters, 27.39% from tool cabinets, 9.27% from electromechanical sheet metal products, 7.03% from energy storage products, 1.16% from other products, and 0.53% from supplementary items [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Western Benefit holds a significant position in Tongrun Equipment, with 40,600 shares held, accounting for 0.42% of the fund's net value, ranking as the eighth largest heavy stock [2] - The Western Benefit 聚优一年持有期混合 fund (014593) was established on August 9, 2022, with a latest scale of 203 million CNY, yielding 9.1% this year, ranking 6040 out of 8140 in its category, and 8.94% over the past year, ranking 5977 out of 8057 [2]

Core Viewpoint - Tongrun Equipment experienced a 5.69% increase in stock price, reaching 22.28 CNY per share, with a trading volume of 3.79 billion CNY and a turnover rate of 4.89%, resulting in a total market capitalization of 80.93 billion CNY [1] Group 1: Company Overview - Jiangsu Tongrun Equipment Technology Co., Ltd. was established on October 28, 2002, and listed on August 10, 2007 [1] - The company specializes in the research, production, and sales of metal tool cabinets, high and low voltage complete switchgear, and components [1] - The revenue composition of the main business includes: 54.62% from photovoltaic storage inverters, 27.39% from tool cabinets, 9.27% from electromechanical sheet metal products, 7.03% from energy storage products, 1.16% from other products, and 0.53% from supplementary items [1] Group 2: Fund Holdings - Western Leading Fund has a significant holding in Tongrun Equipment, with its Western Leading 聚优一年持有期混合 fund (014593) holding 40,600 shares, accounting for 0.42% of the fund's net value, ranking as the eighth largest holding [2] - The fund has a current scale of 203 million CNY and has achieved a year-to-date return of 8.99%, ranking 6125 out of 8145 in its category [2] - Over the past year, the fund has returned 7.75%, ranking 5864 out of 8059, and since its inception, it has achieved a return of 12.1% [2] Group 3: Fund Manager Information - The fund manager, Yan Zhiyong, has been in position for 8 years and 99 days, managing assets totaling 22.421 billion CNY, with the best fund return during his tenure being 55.51% and the worst being -0.82% [3] - Co-manager Ge Shan has been in position for 1 year and 226 days, managing assets of 746 million CNY, with the best return of 55.83% and the worst return of 3.02% during his tenure [3]

Core Insights - Tongrun Equipment experienced a stock price increase of 5.61%, reaching 21.28 CNY per share, with a trading volume of 750 million CNY and a turnover rate of 10.29%, resulting in a total market capitalization of 7.73 billion CNY [1] Company Overview - Jiangsu Tongrun Equipment Technology Co., Ltd. was established on October 28, 2002, and listed on August 10, 2007. The company is located in Changshu City, Jiangsu Province [1] - The main business activities include the research, production, and sales of metal tool cabinets, high and low voltage complete switchgear, and components. The revenue composition is as follows: solar storage inverters 54.62%, tool cabinets 27.39%, electromechanical sheet metal products 9.27%, energy storage products 7.03%, other products 1.16%, and others (supplementary) 0.53% [1] Fund Holdings - Western Li De Fund has a significant holding in Tongrun Equipment, with its fund "Western Li De Ju You One-Year Holding Period Mixed Fund" (014593) holding 40,600 shares, accounting for 0.42% of the fund's net value, ranking as the eighth largest holding [2] - The fund was established on August 9, 2022, with a current size of 203 million CNY. Year-to-date returns are 8.67%, ranking 6120 out of 8223 in its category, while the one-year return is 8.33%, ranking 6255 out of 8115 [2] Fund Manager Performance - The fund manager, Yan Zhiyong, has a tenure of 8 years and 89 days, managing assets totaling 22.42 billion CNY, with the best fund return during his tenure being 55.08% and the worst being -0.82% [3] - Co-manager Ge Shan has been in the role for 1 year and 216 days, managing assets of 746 million CNY, with the best return of 53.6% and the worst return of 3.02% during his tenure [3]

Core Viewpoint - Tongrun Equipment is a significant player in the domestic photovoltaic inverter sector, showcasing strong technical capabilities and market competitiveness in inverter and energy storage products [1] Group 1: Business Performance - In Q3 2025, Tongrun Equipment reported revenue of 2.59 billion yuan, ranking 9th out of 82 in the industry, with the top competitor, CIMC, generating 117.06 billion yuan [2] - The revenue composition includes photovoltaic inverters at 933 million yuan (54.62%), tool cabinets at 468 million yuan (27.39%), electromechanical sheet metal products at 158 million yuan (9.27%), and energy storage products at 120 million yuan (7.03%) [2] - The net profit for the same period was 182 million yuan, placing the company 15th in the industry, with the leading company, CIMC, achieving 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 56.25%, slightly down from 56.93% year-on-year, which is higher than the industry average of 39.81% [3] - The gross profit margin for Q3 2025 was 29.47%, down from 31.73% year-on-year, but still above the industry average of 22.64% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Zhou Chengjun increased by 297,000 yuan, reaching 1.8854 million yuan in 2024, compared to 1.5884 million yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 4.68% to 35,800, with an average holding of 10,000 circulating A-shares, a decrease of 4.47% [5] Group 4: Market Outlook and Ratings - Dongwu Securities forecasts that Tongrun Equipment will achieve a net profit of 137 million yuan in the first three quarters of 2025, a year-on-year increase of 27.26%, with expectations for continued high growth throughout the year [5] - CICC has initiated coverage on Tongrun Equipment with an "outperform industry" rating and a target price of 22.00 yuan, highlighting the dual business model of photovoltaic and metal products [6] - The company is focusing on high-profit overseas markets and maintaining market share in existing markets, with expected EPS of 0.83 and 1.13 yuan for 2025 and 2026, respectively [6]

Core Viewpoint - Tongrun Equipment's stock has shown significant growth this year, with a notable increase in both share price and trading volume, indicating strong market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - As of October 14, Tongrun Equipment's stock price increased by 2.26%, reaching 19.04 CNY per share, with a trading volume of 1.19 billion CNY and a turnover rate of 1.76%, resulting in a total market capitalization of 6.916 billion CNY [1]. - Year-to-date, the stock price has risen by 54.80%, with a 0.58% increase over the last five trading days, a 9.17% increase over the last 20 days, and a 57.23% increase over the last 60 days [2]. Group 2: Company Overview - Tongrun Equipment, established on October 28, 2002, and listed on August 10, 2007, is located in Changshu, Jiangsu Province, and specializes in the research, production, and sales of metal tool cabinets and high/low voltage complete switchgear and components [2]. - The company's main revenue sources include solar inverters (54.62%), tool cabinets (27.39%), electromechanical sheet metal products (9.27%), energy storage products (7.03%), and other products (1.69%) [2]. Group 3: Financial Performance - For the first half of 2025, Tongrun Equipment reported a revenue of 1.709 billion CNY, reflecting a year-on-year growth of 6.33%, and a net profit attributable to shareholders of 97.3117 million CNY, which is a 26.32% increase compared to the previous year [2]. - The company has distributed a total of 564 million CNY in dividends since its A-share listing, with 61.6653 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 18.09% to 34,200, while the average circulating shares per person decreased by 15.33% to 10,491 shares [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3].

Group 1 - The energy storage sector showed strong performance on September 3, with several companies like Shangneng Electric and Sunshine Power rising over 10% despite a general market downturn [1][2] - Tongrun Equipment reached a trading limit with a market capitalization of 5.231 billion yuan, reflecting its strong position in the energy storage market [2] - The company has established a differentiated competitive advantage in the energy storage field through capital operations and business transformation, leveraging technology from Zhengtai Power [2][4] Group 2 - Tongrun Equipment's energy storage products include solar storage inverters and energy storage systems, with a particular focus on commercial and residential energy storage [2][4] - The company's manufacturing capabilities in precision sheet metal and energy storage equipment have effectively reduced manufacturing costs, contributing to a gross margin maintained above 30% [4] - In 2024, the revenue from photovoltaic energy storage equipment and components reached 2.018 billion yuan, a significant increase of 80.07% year-on-year, making it the largest revenue source for the company [4]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 1.709 billion yuan for H1 2025, representing a year-on-year growth of 6.33%. The net profit attributable to the parent company was 97 million yuan, up 26.32% year-on-year. In Q2 2025, the revenue was 901 million yuan, showing a year-on-year decline of 2.34% but a quarter-on-quarter increase of 11.58%. The net profit for Q2 was 79 million yuan, reflecting a year-on-year growth of 27.96% and a significant quarter-on-quarter increase of 331.33% [2][4]. Financial Performance - For H1 2025, the company's revenue from solar storage inverters was 930 million yuan, growing by 7% year-on-year, while revenue from energy storage products surged by 149% year-on-year to 120 million yuan. The gross margin for solar storage inverters was 33.1%, up 2.5 percentage points year-on-year, while the gross margin for energy storage products was 28.1%, down 14.9 percentage points year-on-year [8]. - The metal products business generated a revenue of 650 million yuan in H1 2025, down 5% year-on-year, with a gross margin of 25.7%, a decrease of 2.6 percentage points year-on-year. The company is gradually relocating metal product production capacity to Thailand to enhance profitability [8]. - The company’s operating expense ratio for Q2 2025 was 19.1%, down 2.1 percentage points quarter-on-quarter, indicating improved operational efficiency. The inventory at the end of Q2 was 1.32 billion yuan, reflecting a 1.5% quarter-on-quarter increase and a historical high [8]. Market Outlook - The company aims to consolidate its advantages in the North American and Japanese markets while expanding into Europe, Asia, Africa, and Latin America. The North American market is expected to benefit from the company's production capacity in Thailand, which will help mitigate tariff impacts. In Europe, the company plans to leverage its product advantages and synergies with the Chint Group to expand its market presence [8]. - The company forecasts profits of 300 million yuan and 400 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 15 and 11 times [8].

Core Viewpoint - Tongrun Equipment (002150) reported a significant increase in net profit and revenue for the first half of 2025, indicating strong business performance in the photovoltaic and energy storage sectors [1] Financial Performance - In the first half of 2025, Tongrun Equipment achieved a net profit attributable to shareholders of approximately 97.31 million yuan, representing a year-on-year growth of 26.32% [1] - The company recorded an operating revenue of about 1.709 billion yuan, which is a year-on-year increase of 6.33% [1] Business Overview - Tongrun Equipment primarily engages in the research, development, production, and sales of photovoltaic energy storage equipment, components, and metal products [1] - The company has established a dual business model driven by photovoltaic inverters and energy storage systems, along with metal products [1]

Core Viewpoint - The company Tongrun Equipment received a cash compensation of 44.96 million yuan due to the underperformance of its subsidiary, Wenzhou Angtai Power System Co., Ltd, which was acquired two years ago [1][2] Group 1: Acquisition and Performance - In 2023, Tongrun Equipment acquired 100% of Wenzhou Angtai Power for 840 million yuan, with performance commitments for net profit from 2023 to 2025 set at 89.56 million yuan, 112 million yuan, and 135 million yuan respectively [1] - For 2023, Wenzhou Angtai Power achieved a net profit of 108 million yuan, exceeding the commitment with a completion rate of 120.98% [1] - However, by 2024, the cumulative net profit was 184 million yuan, falling short of the commitment of 202 million yuan, resulting in a completion rate of 91.06% [2] Group 2: Compensation Details - The compensation amounts from the performance commitment parties were 39.10 million yuan from Chint Electric, 1.39 million yuan from Shanghai Zhizhe, and 4.46 million yuan from Shanghai Chuo Feng, totaling 44.96 million yuan [2] Group 3: Business Performance - In 2024, Tongrun Equipment reported revenue of 3.371 billion yuan, a year-on-year increase of 33.86%, and a net profit of 217 million yuan, up 237.28% [3] - The company's two main business segments contributed to the revenue, with the metal products segment generating 1.334 billion yuan (39.58% of total revenue) and the photovoltaic energy storage equipment segment generating 2.018 billion yuan (59.88% of total revenue) [3] - In the first quarter of the current year, Tongrun Equipment achieved revenue of 808 million yuan, a year-on-year increase of 18.01% [3]