| 以开关柜、直流电源等为主。 | | --- | | 公司对以算力需求为代表的新质生产力用电场景以及新的产品需求 保持着密切关注和研发投入。公司针对数据中心设计研发的模块化 | | 供电系统、高压直流电源系统均已完成，预计在下个月完成相 UPS | | 关的检验检测，获得型式检验报告。 | | 3、今年 季度年公司总体经营情况如何？ 3 | | 截止本年三季度末，公司实现了扣非口径下收入和利润双增长。报告 | | 期内公司实现营业总收入 9.47 亿元，同比-2.75%，归母净利润 | | 4311.73 万元，同比-41.09%，扣非归母净利润 4801.27 万元，同比 | | +170.88%。单季度看，第三季度实现营业总收入 2.61 亿元，同比 | | +12.77%，归母净利润 万元，同比+104.38%，扣非归母净利 30.23 | | 润 492.37 万元，同比+159.36% | | 报告期内归母净利与扣非净利呈现一减一增系公司在 年同期确 2024 | | 认了较高的一次性工程抢装收入，而本报告期没有发生此类收入； | | 综合智慧能源板块方面，得益于公司对生物质热电联产资产经营的优 ...

摩根大通认为，AI驱动的电力消费增长正在加速，供应端的极度紧张与需求端的结构性爆发——龙头电力设备企业的订单积压量已达到营收的2.5至2.8 倍，盈利可见度已锁定至2027-2028年。随着全球短缺持续，以及美国本土产能的缺口，具备成本优势和交付能力的亚洲及中国企业有望获得更多的市 场份额，并享受海外高毛利带来的盈利跃升。 摩根大通表示，尽管全球电力设备行业已连续三年跑赢大盘，但行业仍处于早期至中期阶段，电力设备超级周期远未结束。数据中心电力需求将成为关 键瓶颈，亚洲企业特别是韩国和中国公司将继续受益于美国等发达市场的结构性需求增长。 摩根大通分析师在11月18日的报告中表示， AI驱动的电力消费增长正在加速。到2028年全球AI数据中心装机功率容量将从117吉瓦增长至约242吉瓦， 年复合增长率达27%。 美国方面，数据中心装机容量预计以15%以上的年复合增长率增长，从2024年的42吉瓦增至2030年的100吉瓦。 与此同时，美国电网基础设施面临严峻挑战。美国公用事业公司预计在2025-2029年投资1.1万亿美元用于发电、电网升级和扩建，公用事业资本支出 预计2025年达到约2080亿美元，同比增长17 ...

摩根大通表示，尽管全球电力设备行业已连续三年跑赢大盘，但行业仍处于早期至中期阶段，电力设备超级周期远未结束。数据中心电力需求将成为关键瓶 颈，亚洲企业特别是韩国和中国公司将继续受益于美国等发达市场的结构性需求增长。 据追风交易台消息，摩根大通分析师在11月18日的报告中表示， AI驱动的电力消费增长正在加速。到2028年全球AI数据中心装机功率容量将从117吉瓦增长 至约242吉瓦，年复合增长率达27%。 美国方面，数据中心装机容量预计以15%以上的年复合增长率增长，从2024年的42吉瓦增至2030年的100吉瓦。 与此同时，美国电网基础设施面临严峻挑战。美国公用事业公司预计在2025-2029年投资1.1万亿美元用于发电、电网升级和扩建，公用事业资本支出预计 2025年达到约2080亿美元，同比增长17%。 尽管需求井喷，但供给侧的产能扩张却异常"纪律严明"。大型电力变压器（LPT）的交付周期目前已延长至2-3年，开关柜超过1-2年，燃气轮机则需3-4年。 摩根大通统计显示，主要LPT制造商在美国的新增产能仅能满足约20-30%的年需求增长。这种结构性的供需矛盾支撑了设备制造商在未来数年内维持极强的 定价 ...

Group 1 - The company announced that its wholly-owned subsidiaries won bids in the State Grid Corporation of China for various electrical equipment, with a total bid amount of RMB 246.36 million [1][2] - The total bid amount represents 14% of the company's audited consolidated revenue for 2024, indicating a significant contribution to future earnings [2] - The execution of the contracts is expected to positively impact the company's operating performance in 2026 and beyond, while maintaining the company's independence [2]

Core Viewpoint - Jiuzhou Group is focusing on the smart distribution network and network energy sectors, showcasing significant growth in revenue and net profit, while also emphasizing its commitment to research and development in new energy and smart distribution technologies [1][2][3] Group 1: Financial Performance - For the first three quarters of 2025, Jiuzhou Group achieved total revenue of 947 million yuan and a net profit attributable to shareholders of 43.12 million yuan, with a non-recurring net profit of 48.01 million yuan [1] - In Q3, the company reported a revenue of 261 million yuan, with a net profit of 302,300 yuan and a non-recurring net profit of 492,370 yuan [1] - The operating cash flow improved significantly, exceeding 300 million yuan, representing a year-on-year increase of 320% [1] Group 2: Business Development and R&D - Jiuzhou Group is closely monitoring and investing in new electricity consumption scenarios driven by computing power demand, with modular UPS power supply systems and high-voltage DC power systems developed and expected to complete testing soon [2] - The company has initiated multiple R&D projects for various types of smart distribution network equipment, with new products like micro-module data center prototypes and smart busbars expected to be unveiled soon [2] - Jiuzhou Group has a strong technical background in transformer products, having achieved technology exports as early as 2012, and is the only authorized OEM for Schneider Electric, ABB, and Rockwell Automation in Northeast China [2] Group 3: Renewable Energy Projects - Jiuzhou Group currently has over 1 GW of capacity in construction and secured projects, with an additional 2 GW to 3 GW in the development phase, ensuring sustained growth for its renewable energy segment over the next 3 to 5 years [3] - The company has successfully completed the grid connection of the 100 MW wind power project in collaboration with Huadian and has acquired equity in the 50 MW wind power project in Dingbian [3] - Jiuzhou Group is actively exploring overseas business opportunities, having successfully bid for a key energy storage project in Central Asia and is assessing investment opportunities in wind and solar power projects in ASEAN and Central Asian countries [3]

Core Viewpoint - Changgao Electric New Energy (002452.SZ) announced that its subsidiaries won bids totaling 246 million yuan in the latest procurement by State Grid Corporation of China for power transmission and transformation projects [1] Group 1: Company Achievements - The company’s wholly-owned subsidiaries, including Hunan Changgao Electric Co., Hunan Changgao High Voltage Switch Co., Hunan Changgao Complete Electrical Equipment Co., and Hunan Changgao Senyuan Power Equipment Co., won bids in three categories: combined electrical appliances, isolating switches, and switchgear [1] - The total amount won by the four subsidiaries in the recent bidding process is 246 million yuan [1]

Core Viewpoint - Changgao Electric New Energy (002452.SZ) announced that its subsidiaries won bids totaling 246 million yuan in the latest procurement announcements from State Grid Corporation of China for power transmission and transformation projects [1] Group 1: Company Performance - The company’s wholly-owned subsidiaries, including Hunan Changgao Electric Co., Hunan Changgao High Voltage Switch Co., Hunan Changgao Complete Electrical Equipment Co., and Hunan Changgao Senyuan Power Equipment Co., won bids in three categories: combined electrical appliances, isolating switches, and switchgear [1] - The total amount won by the four subsidiaries in the recent bidding process is 246 million yuan [1] Group 2: Industry Context - The procurement announcements are part of the State Grid Corporation of China's ongoing efforts to enhance its power transmission and transformation capabilities [1] - The successful bids reflect the company's competitive position within the electrical equipment sector, particularly in the context of state-owned enterprise procurement [1]

Core Viewpoint - Changgao Electric (002452.SZ) announced that its wholly-owned subsidiaries won bids in three categories of products for the State Grid, totaling 246 million yuan, which accounts for 14% of the company's audited consolidated revenue for 2024 [1] Group 1 - The subsidiaries involved in the bidding include Hunan Changgao Electric Co., Ltd., Hunan Changgao High Voltage Switch Co., Ltd., Hunan Changgao Complete Electrical Equipment Co., Ltd., and Hunan Changgao Senyuan Power Equipment Co., Ltd. [1] - The total amount won in the bids is 246 million yuan [1] - The awarded contracts represent 14% of the company's projected consolidated revenue for the year 2024 [1]

Core Viewpoint - Changgao Electric (002452.SZ) announced that its wholly-owned subsidiaries won bids in three categories of products from the State Grid, totaling 246 million yuan, which accounts for 14% of the company's audited consolidated revenue for 2024 [1] Group 1 - The subsidiaries involved in the bidding include Hunan Changgao Electric Co., Ltd., Hunan Changgao High Voltage Switch Co., Ltd., Hunan Changgao Complete Electrical Equipment Co., Ltd., and Hunan Changgao Senyuan Power Equipment Co., Ltd. [1] - The total amount won in the bids is 246 million yuan [1] - This amount represents 14% of the company's projected audited consolidated revenue for the year 2024 [1]

Core Viewpoint - Jin Guan Electric has successfully won a bid for a State Grid project, amounting to 21.7976 million yuan, which is expected to drive the company's performance growth [1][3]. Group 1: Project Bid and Financial Impact - The company and its subsidiary, Nanyang Jin Guan Intelligent Switch Co., Ltd., won two packages for lightning arresters and switchgear products, representing approximately 2.93% of the company's projected revenue for 2024 [3]. - The lightning arrester business contributes over 60% to Jin Guan Electric's revenue, with a bid amount of 348 million yuan in the first three quarters of 2025, reflecting a 50% year-on-year increase [1][4]. - Jin Guan Electric reported total revenue of 525 million yuan in the first three quarters of 2025, an 11.85% increase year-on-year, while net profit decreased by 10.67% [3][4]. Group 2: Research and Development Focus - The company has invested significantly in R&D, with cumulative expenses reaching 171 million yuan over the past six years, showcasing its commitment to innovation [4]. - As of June 30, 2024, Jin Guan Electric holds 17 invention patents, 152 utility model patents, and 32 software copyrights, indicating strong technical capabilities [4]. Group 3: Strategic Market Positioning - Jin Guan Electric is strategically positioned in both the ultra-high voltage and charging pile markets, which are expected to support long-term growth [2][5]. - The company is actively developing its new energy heavy-duty truck charging pile product line, capitalizing on policy incentives and expanding its market presence [4][5].