（文章来源：每日经济新闻） 津荣天宇（300988.SZ）1月9日在投资者互动平台表示，公司北美生产基地不直接生产断路器，公司主 要向北美施耐德电气本地化项目提供零部件配套。北美基地的原材料为当地采购。 每经AI快讯，有投资者在投资者互动平台提问：请问公司北美断路器工厂的原材料是从国内运输过去 吗？ ...

格隆汇1月9日丨津荣天宇(300988.SZ)在投资者互动平台表示，公司北美生产基地不直接生产断路器， 公司主要向北美施耐德电气本地化项目提供零部件配套。北美基地的原材料为当地采购。 ...

证券日报网讯12月29日，良信股份（002706）在互动平台回答投资者提问时表示，良信股份专注于低压 电器市场的研发、生产与销售，核心产品包括断路器、接触器、继电器、终端配电等系列产品，主要应 用于新能源、数字能源、基础设施、电力、工控等行业。关于互感器、电度表、电压表及转换开关，主 要由公司控股子公司广州汉光电气股份有限公司负责开展相关业务，目前该类产品未纳入良信股份母公 司的主营业务范围。未来，公司将持续聚焦低压电器主业，围绕客户需求不断优化产品与解决方案。 ...

当多数城市还在同质化竞争时,关键数据显示,石横特钢蝉联"中国企业500强""中国制造业企业500强",锚 杆钢筋全国市场占有率超60%,高强度电力角钢全国市场占有率超50%。泰开集团综合经济指标长期稳居 全国高压开关行业前四名,其核心产品竞争力已达到"全国前三"水平。肥城电池级碳酸锂产量已占全国 21%,这种"单品领跑、综合靠前"的格局,为泰安提出"输变电装备全国前三""锂电材料占全国五分之一"的 细分赛道目标奠定了核心基础。这种"有所为有所不为"的清醒,让产业发展避开"散小弱"陷阱,朝着集群 化、高端化突围。 政策体系强赋能,打造"政策找企业、服务送上门"的生态沃土。泰安梳理10大类330余项核心政策,形成8 批《政策汇编》,创新"两库两清单"机制,通过"泰企通"平台精准推送政策1.2万条次。新出台《泰安市支 持工业经济高质量发展的若干政策》,突出发展新质生产力、提高企业获得感,真金白银帮助上项目、快 增长的企业降成本、得实惠、提信心。国家制造业强国建设简报专题刊发《山东泰安以链式思维推进新 型工业化强市建设》,将泰安经验推向全国。三年间,工业企业增值税留抵退税40.3亿元,"强工贷"为9509 家企业注入 ...

Core Viewpoint - The company continues to face pressure in Q3 2025, with a focus on refining its core business while expanding into new markets and products. The buy rating is maintained, but the target price is reduced by 18% to 50.00 yuan, corresponding to a 20 times P/E for 2026 [1][3]. Financial Performance - In the first nine months of 2025, the company's revenue and net profit attributable to shareholders decreased by 3.2% and 8.7% year-on-year, reaching 12.2 billion yuan and 2.98 billion yuan, respectively. In Q3 2025, revenue and net profit fell by 4.4% and 10.3% year-on-year to 4.03 billion yuan and 920 million yuan [1]. - The gross profit margin declined by 1.0 percentage points to 42.1%. The sales expense ratio decreased by 1.4 percentage points to 7.0%, while the management expense ratio increased by 0.9 percentage points to 4.7%. The R&D expense ratio decreased by 0.5 percentage points to 3.6%, and the financial income ratio fell by 0.1 percentage points to -0.6%. The net profit margin decreased by 1.5 percentage points to 24.4% [1]. - Inventory turnover days increased by 1 day to 52 days, while accounts receivable and payable turnover days rose by 1 day and 7 days to 7 days and 85 days, respectively. The net operating cycle improved by 5 days to -26 days [1]. Business Development and Market Expansion - The company is intensifying R&D and market development for new products such as circuit breakers and power tools, while focusing on smart strategies for wall openings. The personal charging pile business is shifting from offline promotion to a multi-channel approach. A dedicated team is being formed to target heavy truck charging pile clients [2]. - In the overseas market, the company has established a comprehensive process for large clients in the home decoration business, expecting to achieve over 100 million yuan in revenue from its own brand this year. The company plans to achieve global coverage of major categories within three years, focusing on product development based on local customer needs, particularly in high-demand categories like track sockets and power tools [2]. - The management model for overseas business is being optimized, transitioning from a domestic-focused approach to a more localized strategy with regional and national leaders responsible for recruitment, operations, and services, enhancing operational efficiency [2]. - For the energy storage business, the company is aligning its product layout with the trend of blurring boundaries between residential and commercial energy storage, with more SKUs expected to launch in the first half of 2026 [2]. Profit Forecast and Valuation - The company forecasts revenues for 2025-2027 to be 16.58 billion yuan, 17.57 billion yuan, and 18.57 billion yuan, reflecting year-on-year changes of -1.5%, +6.0%, and +5.7%, respectively. Net profits attributable to shareholders are expected to be 4.22 billion yuan, 4.48 billion yuan, and 4.76 billion yuan, with year-on-year changes of -1.2%, +6.2%, and +6.1% [3][4]. - The company maintains a target price of 50.00 yuan, down 18% from the previous target, which still indicates a 16% upside potential from the current stock price [3][4].

资料显示，江苏洛凯机电股份有限公司于2017年10月17日上市，公司的主营业务是以断路器、环网柜为代表的中低压配电设备及其关键部附件的研发、生 产和销售。 2025年前三季度，洛凯股份增收不增利，公司营业收入为16.75亿元，同比增长9.60%；归母净利润为7142.16万元，同比下降14.93%；扣非归母净利润为 6938.89万元，同比下降6.13%。 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 583,878,007.03 | 17.44 | 1,675,311,654.64 | 9.60 | | 利润总额 | 3,884,001.94 | -90.29 | 77,177,744.91 | -45.16 | | 归属于上市公司股东的 浄利润 | 14,275,115.62 | -42.43 | 71,421,595.58 | -14.93 | | 归属于上市公司股东的 扣 ...

报告中称，海外云厂商资本开支持续高增，从而导致AIDC需求高增，另一方面，随着数据中心总功率 提升和负载变动率提升，柜内电源和柜外电源均需进行技术升级，从而带来产业趋势。SST处于产业变 化初始阶段，柜外电源从UPS向HVDC、SST转变趋势确定，从而带动SST产业链从0-1过程。PSU为 AIDC电源板块唯一确定性释放业绩的细分板块，若量超预期，有望带来股价较好表现。 该行指，AIDC电源升级带来变压器、断路器等传统电力设备的投资机会。电网出海：AIDC建设带来电 力需求高增，中美区域贡献主要增量，从而带动全球电力需求提升，国内电力设备出海持续演绎。国内 电网：关注特高压、电表招标回暖、配网招标恢复等。 智通财经APP获悉，中泰证券发布研报称，往明年看，一是国内海外AI大beta依然持续，AIDC产业变化 继续演绎从而带动股价表现。二是以美国为代表的海外市场电力设备供需紧张，国内供应链有望持续拓 展海外市场。三是国内电网资本开支稳步增长。 ...

Core Viewpoint - The report from Zhongtai Securities indicates that the domestic and overseas AI-driven data center (AIDC) industry will continue to evolve, positively impacting stock performance, while the demand for power equipment in overseas markets, particularly the U.S., remains tight, providing opportunities for domestic supply chains to expand internationally [1] Group 1: AIDC Industry Trends - The AIDC industry is expected to see sustained growth in capital expenditure from overseas cloud providers, leading to increased demand for AIDC [1] - The total power capacity of data centers is rising, necessitating technological upgrades for both internal and external power supplies, which will drive industry trends [1] Group 2: Power Supply Equipment - External power supply (SST) is in the initial phase of industrial transformation, shifting from UPS to HVDC and SST, which will drive the SST industry chain from 0 to 1 [1] - Internal power supply (PSU) is identified as the only segment within the AIDC power supply sector with guaranteed performance release, with potential for stock price appreciation if demand exceeds expectations [1] Group 3: Domestic Power Grid Developments - There is a steady increase in capital expenditure for domestic power grids, with a focus on ultra-high voltage projects, a recovery in meter bidding, and the resumption of distribution network tenders [1]

Core Viewpoint - The article highlights the ongoing efforts in the power grid's autumn inspection, focusing on maintenance and upgrades to ensure the stability and safety of the electricity supply during the winter peak demand period [1][2][3]. Group 1: Equipment Maintenance and Upgrades - The 220 kV Dazhulian Substation is undergoing significant upgrades, including the replacement of aging circuit breakers to enhance operational reliability and safety [2][3]. - The maintenance process involves careful disassembly of old equipment and precise installation of new devices, emphasizing the importance of accuracy to prevent operational issues [2]. - The overall upgrade project at the substation is expected to last about one month, with completion aimed by the end of the year, significantly improving the reliability of the equipment [3]. Group 2: Transmission Line Inspections - Transmission lines are described as the "arteries" of the power grid, with inspection teams actively monitoring for potential hazards during the autumn inspection [4][6]. - The use of drones has improved inspection efficiency in many areas, although some regions still require manual inspections due to specific constraints [6]. - Inspectors are dedicated to ensuring the stability of transmission lines, conducting daily inspections over several kilometers, and addressing safety hazards such as overgrown branches [6]. Group 3: Distribution Network Enhancements - The company is focusing on upgrading the distribution network to enhance power supply capabilities, particularly in rural areas experiencing increased electricity demand due to agricultural development [7]. - A new transformer with a capacity of 100 kVA is being installed to support local development, with plans for additional infrastructure including 1.3 kilometers of new 10 kV lines and eight new transformers totaling 800 kVA [7]. - The upgrades aim to improve power reliability and support rural revitalization efforts, ensuring a brighter and more comfortable living environment for residents [7].

Group 1: Technology and Innovation - Solid State Transformer (SST) has significant potential in flexible interconnection and new energy integration, facing challenges in materials, devices, circuits, control, and systems [2] - The company is focusing on "intelligent" and "high-voltage direct current" trends for circuit breakers, integrating IoT and algorithms for enhanced digital operation and proactive decision-making [2] - Solid-state circuit breakers (SSCB) are being developed to meet the rigid demand for core protection devices in the context of the "dual carbon" strategy and the large-scale integration of renewable energy sources [3] Group 2: Financial Performance - The company's gross margin has experienced fluctuations due to rising raw material prices, intense industry competition, and changes in customer and product sales structures, yet remains at the industry average [2] Group 3: Product Advantages - Solid-state circuit breakers offer advantages over traditional breakers, including microsecond-level fast interruption capabilities, no arc generation, and reduced risk of damage to power systems, enhancing safety and reliability [3] - The intelligent 1U circuit breaker integrates load protection, communication self-recognition, and metering functions, reducing height from 3U to 1U to meet space requirements in communication base station cabinets [3]