投资者关系活动记录表（2025） 证券代码：002334 证券简称：英威腾 | 投资者关系活动 | 特定对象调研 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 线上调研 | | 参与单位名称及 | 嘉实基金、国金证券 | | 人员姓名 | | | 时间 2025 | 年 月 日 12 15 15:00 | | 2025 | 年 月 日 12 16 10:00 | | 地点 | 英威腾光明科技大厦 | | 上市公司接待人 | 董事会秘书：左桃林 | | 员姓名 | 证券事务代表：刘玲芳 | | | 1、公司整体情况介绍 | | | 公司聚焦工业自动化和能源电力两大领域，业务包括工业自 | | | 动化、网络能源、新能源动力、光伏储能四大板块。工业自动化 | | | 等核心部件及一体化 业务能提供变频器、伺服系统、PLC＆HMI | | | 解决方案；网络能源业务能提供微模块数据中心、供配电产品、 | | 投资者关系活动 | 智能温控产品、智能监控产品及一体化解决方案；新能源动力业 | | ...

Group 1: Company Overview - The company focuses on industrial automation and energy power sectors, with four main business segments: industrial automation, network energy, new energy power, and photovoltaic energy storage [2][3] - The industrial automation segment provides core components and integrated solutions, widely applied in various industries including compressors, lifting machinery, and semiconductor equipment [3] - The network energy segment offers products like micro-module data centers and intelligent monitoring solutions, serving industries such as cloud computing and finance [3] Group 2: Industry Outlook - The industrial automation industry is expected to grow due to policy support, technological innovation, and market demand, with a shift towards intelligent, green, and service-oriented solutions [3][4] - The domestic replacement process is deepening, creating opportunities for local companies to fill gaps in high-end automation equipment [3] Group 3: Business Growth Strategies - Future growth points for industrial automation include consolidating low-voltage inverter advantages, enhancing servo and PLC products, and transitioning to integrated scenario-based solutions [4] - The company aims to deepen operations in strategic industries and expand overseas market presence to leverage global growth potential [4][5] Group 4: Network Energy Business - The network energy business primarily consists of UPS products, which account for approximately 70% of sales, with precision air conditioning becoming the second-largest product [5] - The company is focusing on data centers and intelligent computing centers, with plans for product innovation and market expansion [5] Group 5: New Energy Vehicle Business - The new energy vehicle segment has seen significant revenue growth, particularly in commercial vehicles, leading to improved profit margins [6] - The management is confident in the profitability potential of this segment, emphasizing product competitiveness and market share expansion [6] Group 6: Overseas Market Strategy - The company has been active in overseas markets for nearly 20 years, with industrial automation and network energy as the main revenue sources [7][8] - Future plans include strengthening global operations through local subsidiaries and enhancing service capabilities to increase market share [8]

Core Points - The company completed the initial grant registration of the 2025 restricted stock and stock option incentive plan, with the initial grant date set for September 30, 2025, and the listing date for the restricted stock on November 14, 2025 [1][3] - A total of 8.94 million shares were granted at a price of 4.8 yuan per share, with 31 individuals receiving the grants [1][3] - The initial grant of restricted stock represents 1.10% of the company's total share capital of 814 million shares at the time of the incentive plan announcement [3] Adjustments to the Incentive Plan - The board approved adjustments to the incentive plan, reducing the number of recipients from 238 to 224 due to the voluntary forfeiture of 56,000 stock options by some recipients [3] - The total number of restricted shares granted remains at 10 million, with 9.06 million shares initially granted and 940,000 shares reserved [3] - The total number of stock options granted was adjusted to 9.944 million, with 9.214 million options initially granted and the reserved quantity unchanged [3] Company Overview - The company specializes in providing solutions in industrial automation and energy power sectors, focusing on energy conservation, intelligent manufacturing, artificial intelligence, and digitalization [4] - Its business segments include industrial automation, network energy, new energy vehicles, and photovoltaic energy storage, offering products such as inverters, servo systems, and UPS power supplies [4] - For the first three quarters of 2025, the company reported revenue of 3.108 billion yuan and a net profit attributable to shareholders of 148 million yuan [4]

Group 1 - The stock price of Kehua Data closed at 50.63 yuan on August 20, down by 2.17 yuan, a decrease of 4.11% compared to the previous trading day [1] - The opening price on that day was 51.01 yuan, with a high of 51.22 yuan and a low of 48.51 yuan, and the trading volume reached 549,390 hands, with a transaction amount of 2.742 billion yuan [1] - Kehua Data operates in the power equipment industry, focusing on the research, production, and sales of data center infrastructure products and solutions [1] Group 2 - The company's products include uninterruptible power supplies, precision air conditioning, and micro-module data centers, which are widely used in finance, telecommunications, and the internet sectors [1] - On August 20, Kehua Data signed an ecological cooperation agreement with Biran Technology and Digital China, aiming to jointly build a "chip-server-data center-computing power service" integrated industrial ecosystem [1] Group 3 - On August 20, the net outflow of main funds was 232.8576 million yuan, accounting for 1.01% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds was 175.7125 million yuan, representing 0.76% of the circulating market value [1]

Group 1 - The stock price of Kehua Data as of August 14, 2025, is 46.22 yuan, down by 1.46 yuan from the previous trading day [1] - The opening price for the day was 47.99 yuan, with a high of 48.82 yuan and a low of 46.09 yuan, resulting in a trading volume of 529,684 hands and a transaction amount of 2.498 billion yuan [1] - On the morning of August 14, the stock price rebounded over 2% within 5 minutes, reaching a price of 48.33 yuan [1] Group 2 - Kehua Data's main business includes the research, production, and sales of data center infrastructure products and solutions [1] - The company's product offerings include uninterruptible power supplies, precision air conditioning, and micro-module data centers, which are widely used in industries such as finance, telecommunications, and the internet [1] - On August 14, the net outflow of main funds was 25.14205 million yuan, accounting for 1.2% of the circulating market value, while the cumulative net inflow of main funds over the past five trading days was 23.03590 million yuan [1]

Core Insights - ByteDance has announced a procurement plan for modular data center units in East and North China, set to begin on July 30, 2025, as part of its AI-driven data center (AIDC) strategy aimed at enhancing computing infrastructure for AI model training and applications [1] - ByteDance is currently the largest internet company in China in terms of incremental investment in AI infrastructure, with a projected capital expenditure of 160 billion yuan for 2025, of which approximately 90 billion yuan will be allocated for AI computing power procurement [1] - The remaining 70 billion yuan will be directed towards IDC infrastructure and network equipment procurement, aiming to create a large-scale, self-controlled data center cluster [1] - Major cloud service providers globally are also increasing their capital expenditures, with Google raising its full-year capital expenditure forecast to 85 billion USD, a 62% year-on-year increase, and plans for further increases in 2026 [1] - The procurement plan aligns with the AIDC construction window following the H20 chip unblocking, which is expected to drive explosive growth in demand across the liquid cooling, generator, and server supply chains [1] Company Specifics - Hu塑科技 provides BMS products and services to ByteDance for its self-built and leased data centers [2] - 高澜股份 supplies liquid cooling products to ByteDance, aiding in achieving low energy consumption for data centers [2]

Group 1: Business Overview - Nanjing Putian Communication Co., Ltd. was established in 1958 and has been listed on the Shenzhen Stock Exchange since May 1997 [4] - The company focuses on communication network infrastructure, multimedia communication products, and solutions, while also enhancing capabilities in smart lighting and precision manufacturing [4] Group 2: Key Business Segments - **Intelligent Wiring Business**: This is a leading industry for the company, driven by the subsidiary Nanjing Putian Tianji Building Intelligent Co., Ltd. It offers comprehensive wiring solutions, data centers, and optical fiber wiring [2][3] - **Precision Manufacturing**: The precision manufacturing workshop specializes in high-precision parts and tooling, with a production area of over 7,000 square meters and 73 various processing and testing equipment [3][4] - **Smart Lighting Business**: Managed by Nanjing Putian Datang Information Electronics Co., Ltd., this segment has 20 years of experience in outdoor lighting, providing IoT smart streetlight control solutions [4] Group 3: Market Trends and Opportunities - The demand for optical fiber wiring is increasing due to the expansion of data centers and cloud computing, as well as the rapid development of wireless technologies like Wi-Fi 6 and 5G [3] - The company aims to capture the domestic market by replacing imported products in high-end sectors such as finance, airports, and healthcare [5] Group 4: Achievements and Recognition - In 2024, the company received the "Top Ten Comprehensive Wiring Brand Award" for the 20th consecutive year and was recognized as a national-level specialized and innovative "Little Giant" enterprise [5] - The smart lighting business successfully entered the operator market and implemented overseas smart streetlight projects, enhancing urban management and safety [5] Group 5: Strategic Focus and Future Plans - In 2025, the company plans to focus on core businesses, including smart buildings, comprehensive wiring, data centers, video conferencing, and smart lighting, while promoting eight key R&D projects [5] - The company aims to improve operational efficiency by optimizing existing assets and controlling costs [5]

Core Viewpoint - ByteDance has announced a sourcing notice for the construction of modular data center units in mainland China, specifically targeting the East and North China regions [1] Group 1: Company Initiatives - The sourcing service includes the design, production, and integration of modular data center units (micro-modular data centers) [1] - The procurement scope covers all buildings in the East and North China regions where ByteDance plans to apply these modular data center units [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Views - The company has established itself as a leading provider of intelligent computing centers, smart energy, and renewable energy solutions in China, leveraging over 30 years of experience in power electronics technology [8][20]. - The company's dual business model consists of intelligent computing center services and renewable energy solutions, which are expected to drive future growth [8][20]. - The collaboration with Tencent is highlighted as a significant advantage, providing a strong safety margin and potential for further partnerships in the AI cycle [9][11]. Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are estimated at 79.27 billion, 100.14 billion, and 115.46 billion yuan, with year-on-year growth rates of -2.6%, 26.3%, and 15.3% respectively [7][9]. - The net profit attributable to the parent company is forecasted to be 3.96 billion, 7.52 billion, and 9.71 billion yuan for the same period, with growth rates of -22.0%, 90.0%, and 29.2% respectively [7][9]. - The company’s earnings per share are projected to be 0.86, 1.63, and 2.10 yuan for 2024, 2025, and 2026 respectively [7]. Business Segments - The intelligent computing center business is expected to see significant growth, driven by the demand for data center services and products, including UPS and HVDC systems [10][11]. - The renewable energy segment, particularly in energy storage, is positioned for expansion, with the company being a leader in global energy storage PCS shipments [8][11]. - The IDC service segment benefits from a strong partnership with Tencent, with a well-established operational footprint in major cities [8][11]. Market Position and Competitive Advantage - The company is recognized as a key player in the IDC market, with a comprehensive product matrix in UPS technology and a strong understanding of HVDC systems [11][41]. - The report emphasizes the company's unique position akin to "Vertiv" in the domestic market, providing integrated solutions for power supply and temperature control [11][41]. - The company has a stable shareholding structure, with a significant portion held by the actual controller, ensuring consistent strategic direction [24][29].