资料显示，杭州中恒电气股份有限公司位于浙江省杭州市高新区之江科技工业园东信大道69号，成立日 期2001年7月11日，上市日期2010年3月5日，公司主营业务涉及高频开关电源系统的研发、生产、销售 和服务,主要产品为通信电源系统、电力操作电源系统。主营业务收入构成为：数据中心电源45.66%， 电力操作电源系统19.60%，通信电源系统19.22%，软件开发、销售及服务11.47%，其他2.87%，电力管 理服务及工程收入(服务收入)1.17%。 从中恒电气十大流通股东角度 数据显示，德邦基金旗下1只基金位居中恒电气十大流通股东。德邦鑫星价值A（001412）二季度减持 206.15万股，持有股数200万股，占流通股的比例为0.36%。根据测算，今日浮亏损失约284万元。连续3 天下跌期间浮亏损失916万元。 德邦鑫星价值A（001412）成立日期2015年6月19日，最新规模1.05亿。今年以来收益99.17%，同类排 名76/8238；近一年收益168.72%，同类排名6/8082；成立以来收益278.22%。 德邦鑫星价值A（001412）基金经理为雷涛、陆阳。 10月9日，中恒电气跌5.02%，截至发 ...

9月30日，特种电源龙头新雷能（300593）(300593.SZ)20CM涨停封板，收盘报22.44元/股，市值122亿元。 消息面上，9月29日晚间，新雷能披露限制性股票激励计划(草案)，拟向激励对象授予限制性股票数量不超过705万股，约占公司 股本总额的1.30%。其中首次授予605万股，授予对象为283名核心骨干员工。限制性股票授予价格为9.15元/股，相较9月29日 18.70元的收盘价打了约"5折"。此外，公司同时公告拟推2025年员工持股计划。 对于设置该项激励的目的，公司表示，此举意在建立长期激励机制，吸引和留住优秀人才，将股东利益、公司利益与核心团队 个人利益相结合，推动公司长远发展。 值得注意的是，根据披露，授予的限制性股票来源于定向发行或二级市场回购。如涉及股票回购，是否会影响公司现金流？21 财经.南财快讯记者就此以投资者身份致电新雷能，接线工作人员回应称，目前公司已经完成相应的股票回购，不影响后续现金 流。 不过，从当前的现金流情况来看，新雷能似乎也面临着一定的资金压力。半年报显示，2025年上半年公司经营活动现金流净额 为-6917万元，同比减少37.80%。对此，上述工作人员向记 ...

(资料图片) 每经AI快讯，9月30日，早盘数据中心电源概念走高，新雷能20%涨停，铂科新材涨超10%，欧陆 通、泰嘉股份、雄韬股份、科泰电源等跟涨。 标签： 新雷能 数据中心电源 泰嘉股份 雄韬股 ...

9月22日至26日，深圳欧陆通电子股份有限公司（债券代码：123241，债券简称：欧通转债）通过线上 会议或券商策略会的形式，接受了景林资产、东方财富证券等15家机构的调研。公司副总经理、董事会 秘书蔡丽琳，投资者关系经理许业凯、杨帅参与接待。以下为本次投资者关系活动的主要内容。 其他电源业务上半年营收3.23亿元，同比增长0.41%。全球电动工具市场需求疲软，公司通过开拓新领 域产品布局和导入新客户，保持了收入平稳。该业务毛利率为18.58%，同比减少1.20个百分点，主要因 部分新产品导入初期毛利率较低。 2025年上半年业绩稳健增长 2025年上半年，全球经济面临多重挑战，增长动能趋缓。在此背景下，欧陆通锚定战略目标，深耕开关 电源领域，保持稳健发展。 报告期内，公司实现营业收入21.20亿元，同比增长32.59%。其中，第二季度营收12.32亿元，同比增长 36.39%，环比增长38.71%，创单季度营收新高。数据中心电源业务的高速增长，尤其是高功率服务器 电源收入的显著提升，成为营收增长的主要动力。 毛利率方面，上半年公司毛利率为20.31%，同比减少0.64个百分点。尽管公司优化了客户及产品结构， ...

Financial Performance - The company achieved a revenue of 2.12 billion CNY in the first half of 2025, representing a year-on-year growth of 32.59% [3] - In Q2 2025, revenue reached 1.23 billion CNY, showing a year-on-year increase of 36.39% and a quarter-on-quarter increase of 38.71% [3] - The gross profit margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year [3] - The net profit attributable to shareholders was 134 million CNY, up 54.86% year-on-year, with a net profit margin of 6.31%, an increase of 0.91 percentage points [3] Business Segment Performance - Power adapter business generated 826 million CNY in revenue, a year-on-year increase of 6.61% [4] - Data center power business revenue was 962 million CNY, with a significant year-on-year growth of 94.30%, driven by high-power server power sales [5] - High-power server power revenue reached 662 million CNY, a remarkable increase of 216.47% year-on-year, contributing 68.76% to the data center power revenue [5] - Other power business revenue was 323 million CNY, showing a modest year-on-year growth of 0.41% [5] Strategic Initiatives - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target various overseas clients [6] - Future plans for data center power business include focusing on high-power, high-density, and high-efficiency power supply solutions, leveraging technological innovations [9] - The power adapter business aims to expand product categories and improve operational efficiency to enhance market competitiveness [11] Future Revenue Targets - The company has set ambitious revenue growth targets for 2025 and 2026, with trigger values for revenue growth rates at 28%, 52%, and 72% for the respective years, and target values at 35%, 65%, and 90% [12] Shareholder Actions - The company completed a share reduction of 1.9 million shares from September 22 to 24, 2025, through block trading [13]

资金流向方面，主力资金净流出709.79万元，特大单买入5663.40万元，占比11.68%，卖出8135.08万 元，占比16.78%；大单买入1.14亿元，占比23.45%，卖出9608.37万元，占比19.81%。 中恒电气今年以来股价涨180.07%，近5个交易日涨1.32%，近20日涨7.27%，近60日涨102.98%。 今年以来中恒电气已经15次登上龙虎榜，最近一次登上龙虎榜为9月23日，当日龙虎榜净买入-1.12亿 元；买入总计2.97亿元 ，占总成交额比13.66%；卖出总计4.09亿元 ，占总成交额比18.81%。 资料显示，杭州中恒电气股份有限公司位于浙江省杭州市高新区之江科技工业园东信大道69号，成立日 期2001年7月11日，上市日期2010年3月5日，公司主营业务涉及高频开关电源系统的研发、生产、销售 和服务,主要产品为通信电源系统、电力操作电源系统。主营业务收入构成为：数据中心电源45.66%， 电力操作电源系统19.60%，通信电源系统19.22%，软件开发、销售及服务11.47%，其他2.87%，电力管 理服务及工程收入(服务收入)1.17%。 9月25日，中恒电气（维权）盘 ...

欧陆通 20250923 摘要 公司上半年营收达 12.3 亿元，同比增长超 30%，创单季度新高；归母 净利润 1.34 亿元，同比增长 55%，经营性净利润 1.57 亿元，同比增 长 82.36%，显示出强劲的增长势头。 数据中心电源业务成为公司第一大业务板块，营收 9.62 亿元，同比增 长 94%，占比约 45%，其中高功率服务器电源（2 千瓦及以上）营收 6.6 亿元，同比大幅增长 216%，是增长的主要驱动力。 公司整体毛利率为 20.31%，同比略有下降，但第二季度毛利率环比增 长 2.07 个百分点至 21.17%；高功率服务器电源毛利率维持在 27%- 28%的较高水平，但中低功率部分受市场竞争影响有所下降。 公司上半年整体费用总额同比下降 25.39%，费用率为 12.03%，同比 减少 0.69 个百分点；研发费用 1.32 亿元，同比增长 28.26%，研发费 用率 6.21%，持续加大研发投入。 服务器电源订单可见度较低，预计第三季度受国内 GPU 供应受限影响， 数据中心电源收入环比第二季度将下降 15-20 个百分点，总体收入水平 预计约为 5 亿元。 Q&A 请介绍一下欧陆通 ...

Group 1 - The core viewpoint of the news is that Zhongheng Electric experienced a decline in stock price and trading volume on September 23, with a net financing outflow of 12.02 million yuan [1] - On September 23, Zhongheng Electric's financing buy amounted to 210 million yuan, while the total financing balance reached 722 million yuan, accounting for 4.23% of the circulating market value [1] - The company specializes in the research, production, and sales of high-frequency switch power supply systems, with major revenue contributions from data center power supplies (45.66%), power operation power supply systems (19.60%), and communication power supply systems (19.22%) [1] Group 2 - As of June 30, Zhongheng Electric reported a total revenue of 891 million yuan for the first half of 2025, representing a year-on-year growth of 14.27%, while the net profit attributable to shareholders decreased by 30.19% to 47.48 million yuan [2] - The company has distributed a total of 527 million yuan in dividends since its A-share listing, with 84.35 million yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 4.59% to 75,000, while the average circulating shares per person increased by 4.81% to 7,439 shares [2]

Group 1 - The core viewpoint is that 欧陆通 is a leading domestic supplier of high-power server power supplies, benefiting from the development of AI and high-density computing, and is rated as a "buy" [1] - The company has a rich product matrix including power adapters, data center power supplies, and other power solutions, widely applied in various fields such as office electronics, network communication, and data centers [1] - The company’s high-power server power products are at the leading level domestically, with core products launched to meet the high-power server power needs driven by AI [1][2] Group 2 - The demand for GPU power supply in AI servers is increasing, with current power requirements at 2700W and expected to rise to 5500W or even 8000W in the future [2] - The company is continuously expanding its server power supply product layout, with ongoing research on 5.5KW server power supplies [3] - The company’s product offerings cover all power segments, including 800W and below, 800-2000W, and above 2000W, with key clients including Foxconn, Inspur, and Lenovo [3]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is a leading domestic supplier of high-power server power supplies, benefiting from the high-density development of AI. It has a rich product matrix including power adapters, data center power supplies, and other power solutions, which are widely used across various sectors [5][24]. - The company is expected to see significant growth in net profit, with projections of CNY 322 million, CNY 445 million, and CNY 547 million for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 71.5, 51.8, and 42.2 times [5][8]. Summary by Sections Company Overview - The company has been deeply rooted in the power supply sector since its establishment in 1996, expanding its product offerings to include power adapters, server power supplies, and battery chargers for electric tools. It has established overseas production bases in Taiwan and Vietnam [15][24]. - The company has launched several high-power server power supply products, including 3200W titanium M-CRPS and 3300W-5500W GPU server power supplies, which meet the growing demands of AI applications [15][51]. Financial Performance - The company’s total revenue grew from CNY 1.313 billion in 2019 to CNY 3.798 billion in 2024, with a compound annual growth rate (CAGR) of 23.67%. Net profit increased from CNY 112 million to CNY 268 million during the same period, with a CAGR of 19.06% [24][25]. - In the first half of 2025, the company achieved total revenue of CNY 2.120 billion, a year-on-year increase of 32.59%, and net profit of CNY 134 million, up 54.86% year-on-year, driven by the rapid growth of data center power supply business [24][25]. Market Opportunities - The demand for AI servers is expected to grow significantly, with the global AI server market projected to increase from USD 19.5 billion in 2022 to USD 34.7 billion by 2026, representing a CAGR of 17.3% [39]. - The company is well-positioned to capture the growing demand for high-power server power supplies, particularly as AI applications accelerate [26][39]. Product Development - The company is actively expanding its product lineup, with ongoing research and development for a 5.5KW server power supply and other high-efficiency products aimed at meeting the needs of AI servers [51][56]. - The company has a strong focus on R&D, with R&D expenses increasing from CNY 52 million in 2019 to CNY 213 million in 2024, reflecting a CAGR of 32.58% [34]. Competitive Position - The company has established a stable market position with a market share of approximately 0.73% to 1.46% globally and 2.56% to 5.10% domestically in the server power supply market [52]. - The company is expanding its global footprint, with significant sales to North American clients and a focus on increasing its overseas market share [28].