欧陆通（300870.SZ）11月25日在投资者互动平台表示，数据中心电源业务方面，公司已陆续为浪潮信 息、富士康、华勤、联想、中兴、新华三等国内知名服务器系统厂商出货。公司也同步与国内头部互联 网企业等终端客户保持紧密合作，综合实力获得了客户的高度认可。目前公司数据中心电源业务主要以 内销为主，海外市场拓展在积极推进中。关于公司业务进展情况请持续关注公司后续披露的定期报告。 每经AI快讯，有投资者在投资者互动平台提问：请问公司的服务器电源产品目前有供应北美地区吗？ （文章来源：每日经济新闻） ...

数据显示，金鹰基金旗下1只基金位居中恒电气十大流通股东。金鹰科技创新股票A（001167）三季度 新进十大流通股东，持有股数255.98万股，占流通股的比例为0.46%。根据测算，今日浮盈赚取约 319.98万元。 11月25日，中恒电气涨5.51%，截至发稿，报23.94元/股，成交3.75亿元，换手率2.87%，总市值134.92 亿元。 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 截至发稿，陈颖累计任职时间10年171天，现任基金资产总规模111.77亿元，任职期间最佳基金回报 225.85%， 任职期间最差基金回报-37.04%。 风险提示：市场有风险，投资需谨慎。本文为A ...

Group 1 - The company has started mass production of its inverters and energy storage converters, which are part of its high-power power supply business, including new energy smart photovoltaic and energy storage power supply [2] - The new energy smart photovoltaic power supply business primarily includes photovoltaic inverters, photovoltaic optimizers, and energy storage converters [2] - The company's power supply business is being produced and delivered in an orderly manner based on customer order demands [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 3.387 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.16%. The net profit attributable to shareholders was 222 million yuan, up 41.53% year-on-year. The gross margin was 20.47%, a decrease of 0.81 percentage points, while the net margin was 6.58%, an increase of 0.69 percentage points [5][12]. - In Q3 2025, the company achieved a revenue of 1.267 billion yuan, reflecting a year-on-year growth of 19.00% and a quarter-on-quarter increase of 2.81%. All three major business segments experienced growth, with quarterly revenue reaching a new high following Q2. The net profit for the quarter was 88 million yuan, up 25.15% year-on-year and 4.54% quarter-on-quarter [5][12]. - The company has shown resilience in the face of the "chip shortage," with growth in its three business segments: power adapters, data center power supplies, and other power supplies. The company has established itself as a leader in high-power data center power supplies, with significant collaborations with major domestic server manufacturers [12][12]. - The global demand for AI infrastructure is rapidly increasing, which is expected to enhance the company's technological capabilities and market position, particularly in overseas markets [12][12]. - The company is projected to achieve net profits of 335 million, 464 million, and 557 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 65.2, 47.0, and 39.1 times [12][12]. Financial Summary - For the first three quarters of 2025, total expenses amounted to 409 million yuan, a year-on-year increase of 22.98%, with an expense ratio of 12.06%, down 0.41 percentage points [5]. - In Q3 2025, total expenses were 153 million yuan, up 19.17% year-on-year, with an expense ratio of 12.11%, showing a slight increase [12]. - The company’s R&D expenses for Q3 2025 were 79 million yuan, a significant increase of 59.12% year-on-year, with an R&D expense ratio of 6.22%, up 1.57 percentage points [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved significant profit growth in the first three quarters of 2025, with revenue reaching 66.402 billion yuan, a year-on-year increase of 32.95%. The net profit attributable to shareholders was 11.881 billion yuan, up 56.3% year-on-year, and the gross margin was 34.88%, an increase of 3.56 percentage points year-on-year [5][8] - The company's storage business saw a 70% increase in shipments, with the proportion of overseas high-margin orders rising from 63% to 83% year-on-year. The global storage market is expected to maintain a high growth rate of 40%-50% [6][8] - The photovoltaic inverter business grew steadily, with a 6% year-on-year increase in revenue, and the company launched innovative products that lead industry development [6] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 22.869 billion yuan, a year-on-year increase of 20.83%, and a net profit of 4.147 billion yuan, up 57.04% year-on-year. The gross margin for the quarter reached 35.87%, marking a new high for the year [5][6] - The company expects net profits for 2025-2027 to be 15.45 billion, 18.34 billion, and 20.60 billion yuan respectively, with corresponding P/E ratios of 27, 23, and 20 times [8][11] Business Segments - The storage system business is projected to ship 40-50 GWh in 2025, with a strong outlook for growth in both domestic and international markets [6][8] - The company is expanding into the AIDC market, leveraging its technology in power conversion, with plans for product delivery in 2026 [7][8] Market Outlook - The report anticipates that the global storage market will continue to grow at a high rate, with significant opportunities in Europe and the U.S. driven by increasing electricity demand and evolving market dynamics [6][8]

Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 3.387 billion, a year-on-year increase of 27.16% [3] - The third quarter revenue reached CNY 1.267 billion, showing a year-on-year growth of 19% and a quarter-on-quarter increase of 2.81% [3] - The gross profit margin for the first three quarters was 20.47%, a decrease of 0.80 percentage points year-on-year [3] - The net profit attributable to shareholders for the first three quarters was CNY 222 million, up 41.53% year-on-year, with a net profit margin of 6.54% [3] Expense Overview - Total expenses for the first three quarters amounted to CNY 409 million, an increase of 22.98% year-on-year, with an expense ratio of 12.06% [4] - Sales expenses for the first three quarters were CNY 77.27 million, up 8.88% year-on-year [4] - R&D expenses reached CNY 211 million, a year-on-year increase of 38.31%, with an R&D expense ratio of 6.22% [4] Business Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to engage with various international clients [5] - The data center power products include a range of server power supplies, with advanced technology and product offerings [6][7] Future Plans - The company aims for revenue growth rates of 28%, 52%, and 72% for 2024-2026, with target values of 35%, 65%, and 90% respectively [11] - The convertible bond fundraising projects include the construction of a new headquarters and R&D lab, and an annual production capacity of 1.45 million data center power supplies [12]

Core Insights - Shenzhen Oulutong Electronics Co., Ltd. reported a revenue of 3.387 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 27.16% [1] - The company's net profit attributable to shareholders reached 222 million yuan, up 41.53% year-on-year, with a non-recurring net profit of 210 million yuan, reflecting a 48.53% increase [1] - The operating cash flow net amount was 422 million yuan, showing a significant growth of 75.07% year-on-year [1] Financial Performance - In Q3 2025, the company achieved a single-quarter revenue of 1.267 billion yuan, a year-on-year increase of 19.00%, setting a new record for quarterly performance [1] - The gross profit margin improved by 0.16 percentage points compared to the first half of 2025, indicating enhanced profitability alongside revenue growth [1] Product and Market Strategy - Oulutong has established a comprehensive product matrix covering all scenarios and power ranges in the domestic data center power supply sector, catering to various well-known server manufacturers [2] - The company is actively supporting the development of the domestic industrial chain by collaborating with clients to develop fully localized data center power supply products [2] - R&D expenses accounted for 6.22% of revenue in the first three quarters of 2025, an increase of 0.51 percentage points year-on-year, reflecting a commitment to innovation [2] Global Expansion - Oulutong has initiated production in Vietnam and Mexico, enhancing its global business growth potential and creating synergies with teams in Taiwan and the United States [3] - The company aims to strengthen its international competitiveness by focusing on technological innovation and high-quality self-innovation in the power supply sector [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 244.11 yuan for the next six months [4][3]. Core Insights - The company has shown significant growth in its financial performance, with a revenue increase of 27.2% year-on-year to 3.39 billion yuan and a net profit increase of 41.5% to 220 million yuan for the first three quarters of 2025 [1][2]. - The power adapter business is developing steadily, with a focus on new power fields, including applications in electric tools, electric vehicles, and data centers [1][2]. - The company is positioned to benefit from the AI-driven transformation in consumer electronics, with a diverse range of data center power products that cater to various power segments [1][2]. Financial Summary - Revenue projections for 2025-2027 are 4.44 billion yuan, 5.30 billion yuan, and 6.41 billion yuan, respectively, with net profits expected to be 323 million yuan, 447 million yuan, and 563 million yuan [3][2]. - The company’s earnings per share (EPS) are projected to grow from 2.94 yuan in 2025 to 5.12 yuan in 2027, reflecting a strong growth trajectory [3][2]. - The net profit margin is expected to improve from 7.1% in 2024 to 8.8% in 2027, indicating enhanced profitability [3][2].

Core Viewpoint - Zhongheng Electric is a leading company in the high-frequency switch power supply system sector in China, focusing on communication power systems and power operation power systems, with a strong technological and full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Zhongheng Electric reported revenue of 1.418 billion yuan, ranking 9th among 25 companies in the industry, while the net profit was 73.59 million yuan, ranking 11th [2] - The company’s revenue growth is driven by its data center power business, which saw a 60.6% year-on-year increase [6][7] Group 2: Financial Ratios - As of Q3 2025, Zhongheng Electric's debt-to-asset ratio was 37.26%, lower than the industry average of 42.24%, indicating good solvency [3] - The gross profit margin for the same period was 23.51%, which is below the industry average of 25.60%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.71% to 77,100, while the average number of circulating A-shares held per shareholder decreased by 2.64% [5] Group 4: Management Compensation - The total compensation for General Manager Xu Feifei was 1.9185 million yuan in 2024, an increase of 710,000 yuan from 2023 [4] Group 5: Future Outlook - The company is expected to see revenue growth from 2.74 billion yuan in 2025 to 4.91 billion yuan in 2027, with corresponding net profits projected to rise from 210 million yuan to 500 million yuan [7]

Core Viewpoint - The company reported a significant recovery in revenue and profitability in Q3 2025, exceeding market expectations, with a notable year-on-year revenue growth of 36.16% for the first three quarters and a return to profitability in Q3 2025 after eight consecutive quarters of losses [1][2]. Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 929 million yuan, with a year-on-year increase of 36.16% [1]. - In Q3 2025, the company recorded revenue of 377 million yuan, representing a 94.87% increase year-on-year, marking the highest revenue in nearly nine quarters since Q3 2023 [1][2]. Profitability - The company turned a profit in Q3 2025, reporting a net profit of 5 million yuan, compared to a loss of 70 million yuan in Q3 2024 [2]. - The gross profit margin for the first three quarters of 2025 decreased by 2.06 percentage points to 40.04%, but improved by 1.29 percentage points to 41.42% in Q3 2025 due to recovering demand [2]. Cost Management - The company maintained high levels of R&D investment, with R&D expenses of 297 million yuan, a year-on-year increase of 1.30% [3]. - The operating expense ratio decreased by 14.43 percentage points to 49.02% for the first three quarters of 2025, with reductions in sales, management, and R&D expense ratios [3]. Strategic Initiatives - The company announced a stock incentive plan on September 29, 2025, granting 6.05 million restricted shares to 283 eligible participants, representing 1.12% of total share capital [4]. - The company is focusing on promoting data center power solutions, which is a strategic direction, with products already covering multiple clients [4]. Future Outlook - The company is positioned as a leader in the domestic special power supply market, with plans to expand production and recover demand gradually [4]. - Projected net profits for 2025 to 2027 are estimated at 44 million yuan, 252 million yuan, and 474 million yuan, respectively, with corresponding PE ratios of 338x, 59x, and 31x [4].