安靠智电 20260201 摘要 安靠智电 2025 年坏账计提约 8,000 万元，主要受地方政府平台公司履 约问题影响，涉及张家港南横套项目和溧阳等地工程，同时，公司在特 高压电缆附件等核心业务板块的前瞻性技术研发投入较大，导致研发费 用增长。 公司变压器板块正执行中国绿发新疆若羌和浠水变电站项目，价值近 2 亿元，预计 2026 年上半年确认收入。中标巴基斯坦四个变电站项目， 价值 7,000 多万元，并计划参与绿发在新疆、青海等地新建站点的招标， 预计总价值 4-5 亿元。 北美市场方面，安靠智电跟踪订单总额约 5,000 万美元，包括数据中心 油浸式变压器订单（890 万美元）和北美某州水电公司的 230kV 变压 器框采协议。南美市场主要集中在巴西、哥伦比亚和委内瑞拉，已有部 分订单落地。 公司计划继续加大核心业务板块的研发投入，拓展海外市场，通过获取 北美数据中心、电力公司及南美国家的大额订单来提升国际业务占比。 为满足出海需求，公司将持续扩充研发生产人员，并取得相关认证。 Q&A 请介绍一下安靠智电 2025 年的业绩预告情况及四季度的减值计提原因。 2025 年，安靠智电的业绩预告显示整体业 ...

Group 1 - The core viewpoint of the article is that Yonghe Co., Ltd. is expanding its market presence with its hexafluoropropylene dimer and trimer products, which are applicable in the liquid cooling sector [1] - The combined production capacity of these products is 7 kilotons per year [1] - The company is currently in the market expansion phase for these products [1]

Group 1 - The core viewpoint of the article is that Yonghe Co., Ltd. (605020.SH) has indicated that its hexafluoropropylene dimer and trimer can be applied in the liquid cooling field [1] Group 2 - Yonghe Co., Ltd. is actively engaging with investors through its interactive platform [1] - The company's products are positioned to meet the growing demand in the liquid cooling sector [1]

Core Viewpoint - The company has confirmed its involvement in the liquid cooling sector through its products, specifically hexafluoropropylene dimer and trimer [2] Company Summary - Yonghe Co., Ltd. (605020.SH) has indicated that its hexafluoropropylene dimer and trimer can be utilized in the liquid cooling field [2]