证券研究报告 | 行业深度报告 2026 年 03 月 04 日 电力设备系列报告（46） 美国启动765kV输电网建设 中游制造/电力设备及新能源 近期，德克萨斯州、中大西洋及中西部地区电网运营商已相继推动总额高达 750 亿美元的输电扩建计划，相关项目已获监管机构批准。该扩建计划核心是建设 一批 765kV 的超高压交流线路。 ❑ 风险提示：贸易壁垒、海外业务拓展不及预期、竞争加剧等。 重点公司主要财务指标 | 公司简称 | 公司代码 | 股价 | 25EPS | 26EPS | 26PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 思源电气 | 002028.SZ | 219.4 | 5.2 | 5.8 | 38.1 | 11.06 | 强烈推荐 | | 神马电力 | 603530.SH | 61.1 | 1.0 | 1.4 | 45.3 | 16.16 | 强烈推荐 | | 金盘科技 | 688676.SH | 93.1 | 1.4 | 2.3 | 40.8 | 8.18 | 强烈推荐 | | 伊戈尔 | 0029 ...

Core Viewpoint - The trend of "dual listing" in A-shares and H-shares continues, with more companies opting for "A+H" listings to establish dual capital platforms. Igor, a leader in the power equipment sector, has submitted its listing application to the Hong Kong Stock Exchange, benefiting from the dual explosion of demand in renewable energy and AI computing power, resulting in a stock price increase of approximately 150% since 2025 [1][2]. Company Evolution - Igor's business transformation from traditional lighting power supply to high-growth sectors like renewable energy and AI is a typical example of how Chinese power equipment companies are breaking into new markets. Initially focused on lighting power supplies, the company began its global expansion in 2007 and entered the renewable energy sector in 2013 with high-frequency magnetic devices [2][4]. - The acquisition of a 70% stake in Mu Magnetic Technology in 2018 enhanced Igor's R&D capabilities in high-frequency magnetic power devices, which are crucial for innovation in photovoltaic, energy storage, and electric vehicle sectors [2][4]. - By 2025, Igor's revenue from renewable energy products accounted for 58.6% of total revenue, marking it as the main driver of growth [2]. Global Expansion - To support its global business strategy, Igor has accelerated the establishment of overseas manufacturing facilities, with nine production bases built in countries including Malaysia, Thailand, the USA, and Mexico by September 2025. The new factory in Fort Worth, USA, is set to produce 21,000 distribution transformers annually [4][9]. - The funds raised from the Hong Kong listing will be used for overseas expansion, building a global sales network, and strategic investments and acquisitions in the upstream and downstream of the industry chain [4][9]. Financial Performance - Despite revenue growth, Igor faces the challenge of "increasing revenue without increasing profit." In the first three quarters of 2025, the company reported a profit of 188 million RMB, a decrease of approximately 13.7% year-on-year, while revenues were 3.769 billion RMB [4][5]. - The overall gross margin has been under pressure, declining from 21.7% in 2023 to 17.8% in the first three quarters of 2025, primarily due to intensified competition in the photovoltaic and energy storage sectors and high initial costs associated with overseas factories [6][7]. Market Challenges - The decline in revenue from traditional lighting products, which fell by 6.96% year-on-year in the first three quarters of 2025, has significantly impacted profitability. The gross margin for this segment has dropped to 20%, down 5.5 percentage points year-on-year [5][6]. - The data center-related business has also seen a decline, with revenues dropping by 6.25% in the first three quarters of 2025, as international clients slow down equipment updates due to cost considerations [6][7]. Future Outlook - There is potential for gross margin recovery in 2026 as overseas factory utilization improves and high-margin automotive inductors begin to ramp up production. However, uncertainties remain regarding the continuation of price wars in the renewable energy sector and the pace of recovery in data center demand [8][9]. - The upcoming listing on the Hong Kong Stock Exchange will require Igor to meet stricter disclosure requirements and address international investors' scrutiny regarding its growth logic in the "renewable energy + AI" dual track, as well as improve profit quality to support valuation [9].

Group 1: Transformer Industry - The transformer orders have significantly increased since June 2022, with some production lines nearing full capacity due to a global "transformer shortage" [2][3] - China has become the world's largest transformer producer, accounting for approximately 60% of global production capacity, which supports domestic companies in securing international orders [2] - Major companies like Igor are expanding production capacity in multiple countries, with expectations of sustained industry growth for the next 3-5 years [3] Group 2: Large Bore Engine Sector - Large bore engines are essential for ensuring the continuous operation of AI data centers, with the global electricity demand for data centers projected to double by 2030 [4] - Weichai Power has broken the monopoly of international giants in the large bore engine market, with a forecasted 259% increase in sales of data center power generation equipment by 2025 [5] - The company is expanding its production capabilities and investing in technology to meet the growing demand from both domestic and international markets [6] Group 3: Core Components - The core components sector is experiencing high demand, with companies like Tianrun Industrial operating at full capacity to meet the needs of large engine manufacturers [7] - The company has established multiple production lines for large crankshafts and is set to become a leading player in the market with significant capacity expansions planned [8] - The global market for data center power generation units is expected to grow from $6 billion in 2023 to $12 billion by 2030, indicating a robust growth trajectory for the industry [8]

Group 1: Transformer Industry - The transformer production capacity is fully utilized, with orders increasing significantly since June 2022, driven by a global "transformer shortage" [1][2] - China is the world's largest transformer producer, accounting for approximately 60% of global capacity, which supports domestic companies in securing international orders [2] - Major companies like Igor are expanding production capacity in multiple countries, with forecasts indicating a sustained industry recovery for 3-5 years [2] Group 2: Large Bore Engine Industry - Large bore engines are essential for ensuring continuous operation of AI data centers, with significant growth opportunities in the power supply sector [3][4] - Weichai Power has broken the monopoly of international giants in the large bore engine market, with a projected 259% increase in sales of data center power generation equipment by 2025 [4] - The company is expanding its product offerings to meet the stringent power requirements of data centers, including customized solutions [3][4] Group 3: Core Components Industry - The demand for core components is surging, particularly due to the explosion of self-supply power needs in North American data centers [6][7] - Tianrun Industrial is enhancing production capabilities with advanced automated lines, aiming to significantly increase output in the coming years [7] - The global market for data center generator sets is expected to double from $6 billion in 2023 to $12 billion by 2030, indicating strong growth potential [7]

Group 1: Transformer Industry - The transformer orders have significantly increased since June 2022, with some production lines nearing full capacity due to a global "transformer shortage" [1][2] - China has become the world's largest transformer producer, accounting for approximately 60% of global production capacity, which supports domestic companies in securing international orders [2] - Companies like Igor are expanding production capacity in multiple countries, with projections of reaching 500 units per month in Mexico and 700 units in Thailand once fully operational [2] Group 2: Large Bore Engine Industry - Large bore engines are essential for ensuring the continuous operation of AI data centers, with a projected global electricity demand from data centers expected to double by 2030 [3][4] - Weichai Power has broken the monopoly of international giants in the large bore engine market, with a forecasted 259% increase in sales of data center power generation equipment by 2025 [4] - The company is expanding its production capacity and technological investments to cover critical scenarios in data centers, aiming to capture a significant share of the trillion-dollar market [4] Group 3: Core Components Industry - The core components sector is experiencing high demand, with companies like Tianrun Industrial operating "dark factories" that run 24/7 to meet production needs [5][6] - The demand for large engine core components is driven by the explosion of self-supply power needs in North American data centers, with orders from foreign brands extending to 2028 [5][6] - Tianrun Industrial is enhancing its production capabilities with new production lines and advanced equipment, aiming to become a leader in the global market for core components [6] Group 4: Market Outlook - The global market for data center generator sets is projected to grow from $6 billion in 2023 to $12 billion by 2030, indicating a doubling in size [6] - The Chinese market for large bore diesel engines for data centers is expected to approach 10 billion yuan by 2025, with the global market reaching 41.1 billion yuan by 2026 [6]

Core Viewpoint - The trend of "dual listing" in A-shares and H-shares continues, with more companies opting for "A+H" listings to establish dual capital platforms. Igor (002922.SZ), a leader in the power equipment sector, has submitted its listing application to the Hong Kong Stock Exchange, reflecting its transformation from a traditional power manufacturer to a highly sought-after stock in the capital market, with a cumulative stock price increase of approximately 150% since 2025 due to the dual demand from renewable energy and AI computing power [2][3]. Group 1: Business Evolution - Igor's business evolution from traditional lighting power to "renewable energy + AI" exemplifies the transition of Chinese power equipment companies into high-growth sectors. Initially focused on lighting power, the company began its global expansion in 2007 and entered the renewable energy market in 2013 with high-frequency magnetic devices [3]. - The acquisition of a 70% stake in Mu Magnetic Technology in 2018 enhanced Igor's R&D capabilities in high-frequency magnetic power devices, which are crucial for innovation in photovoltaic, energy storage, and electric vehicle sectors [3]. - By 2025, Igor's revenue from renewable energy products accounted for 58.6% of total revenue, marking it as the primary driver of growth, while the demand for efficient transformers in data centers surged due to AI computing [3]. Group 2: Global Expansion and Production Capacity - To support its global business strategy, Igor has accelerated the establishment of overseas production facilities, with nine factories built in countries including Malaysia, Thailand, the USA, and Mexico by September 2025. The factory in Fort Worth, USA, commenced production in October 2025, focusing on distribution transformers with an annual capacity of 21,000 units [5]. - The funds raised from the Hong Kong listing are intended for overseas expansion, building a global sales network, and investing in upstream and downstream industries as well as strategic acquisitions [5]. Group 3: Financial Performance - Despite revenue growth, Igor faces the challenge of "increasing revenue without increasing profit." In the first three quarters of 2025, the company reported a profit of 188 million RMB, a year-on-year decline of approximately 13.7% [6]. - Revenue figures for 2023 to the first three quarters of 2025 show continuous growth: 3.616 billion RMB in 2023, 4.603 billion RMB in 2024, and 3.769 billion RMB in 2025 [6][7]. - The overall gross margin has been under pressure, decreasing from 21.7% in 2023 to 17.8% in the first three quarters of 2025, primarily due to intensified competition in the photovoltaic and energy storage sectors and high initial costs associated with overseas factories [9][10]. Group 4: Market Challenges and Future Outlook - The decline in revenue from traditional lighting products, which fell by 6.96% year-on-year in the first three quarters of 2025, has significantly impacted profitability, with the gross margin for this segment dropping to 20% [8][9]. - The data center-related business has also seen a revenue decline of 6.25% year-on-year in the first three quarters of 2025, attributed to international clients slowing down equipment updates due to cost considerations [8]. - Looking ahead, there is potential for gross margin recovery in 2026 as overseas factory utilization improves and high-margin automotive inductors are gradually released. However, uncertainties remain regarding the continuation of price wars in the renewable sector and the pace of recovery in data center demand [10]. Group 5: Strategic Challenges Post-Listing - Igor's upcoming listing on the Hong Kong Stock Exchange will require the company to navigate stricter disclosure requirements and scrutiny from international investors. The company must effectively communicate the growth logic of its "renewable energy + AI" dual track and improve profit quality to support its valuation [11]. - The transition path of Igor is representative of the strategic opportunities for traditional power equipment companies amid global energy structure transformation and the AI computing revolution. Balancing growth with profitability and managing costs and risks in a globalized layout will be critical challenges for all participants in the industry [11].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Eaglerise Electric & Electronic (CHINA) Co., Ltd. 伊 戈 爾 電 氣 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向伊戈爾電氣股份有限公司（「本公司」）、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表示 同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊前，不會向 香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公 司註冊處處長註冊的本公司招股章程作出投資決定。招股 ...

Core Viewpoint - The transformer sector in the A-share market has become active, driven by increased domestic and international demand, particularly from data centers and energy storage needs [1][8]. Market Activity - Transformer concept stocks have shown resilience, with Sanbian Technology (002112.SZ) hitting the limit up for three consecutive days, and Jinpan Technology (688676.SH) and Igor (002922.SZ) also experiencing significant gains [1][9]. - Sanbian Technology's stock price increased by 59.5% in just half a month, raising its market value from 3.9 billion to 6.221 billion [2][8]. - Jinpan Technology's market capitalization reached 44.571 billion after a nearly 10% increase over two days, while Igor's stock price hit a historical high of 38.48 yuan per share [2][9]. Company Performance - Jinpan Technology reported a revenue of 5.194 billion with a year-on-year growth of 8.25% and a net profit of 486 million, up 20.27% [3][9]. - TBEA (600089.SH) achieved a revenue of 72.918 billion, a 0.84% increase, and a net profit of 5.484 billion, up 27.55% [3][9]. - Jiangsu Huachen (603097.SH) reported a revenue of 1.443 billion, a 37.46% increase, and a net profit of 72.2038 million, up 15.41% [3][9]. - In contrast, Sanbian Technology's revenue fell by 16.91% to 1.239 billion, with a net profit decline of 56.71% to 40.155 million [10]. - Igor's revenue increased by 17.32% to 3.808 billion, but its net profit decreased by 12.71% to 178 million [10]. Market Conditions - The transformer market is experiencing a high level of activity due to increased demand, prompting Jiangsu Huachen to expand its production capacity [11]. - The demand for transformers is primarily driven by the upgrade of traditional power grids in Europe and the U.S. and the development of renewable energy [11][12]. - The global transformer market is expected to see significant growth, particularly in the renewable energy sector, with an estimated 40% of new capacity from 2025 to 2030 being directly related to renewable energy [12][13]. Future Outlook - The demand for high-performance transformers is expected to surge due to the explosive growth in AI computing power and data centers [6][14]. - The global data center transformer market is projected to grow from 9.2 billion in 2023 to 16.8 billion by 2032, with a compound annual growth rate of 6.92% [6][14]. - Companies are focusing on the application of transformers in data centers and AI computing as a key development direction [14].

Core Viewpoint - Dongwu Securities research report indicates that Igor is a leading domestic new energy transformer company actively expanding into global markets and developing AIDC to create a second growth curve. The company is expected to return to a rapid growth track by 2026 [1] Group 1: Company Growth Potential - The company has successfully established overseas direct sales channels, which are expected to enhance growth [1] - The data center business is further catalyzing growth, indicating significant overall growth potential [1] Group 2: Financial Projections - Given the company's strong overseas expansion capabilities, the proportion of overseas direct sales is anticipated to increase rapidly [1] - Data center products are gradually ramping up production, supporting the growth outlook [1] - A target price of 45.8 yuan is set based on a 40 times PE ratio for 2026, maintaining a "buy" rating [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company focuses on the energy and information sectors, specializing in the research, production, and sales of transformers and power supply products. Since its establishment in 1999, the company has seen significant revenue growth, with a CAGR of 35% from 2020 to 2024, and net profit growth at a CAGR of 54% during the same period [1][18] - The transformer market is experiencing upward momentum, presenting historic overseas expansion opportunities for domestic manufacturers due to increasing demand driven by renewable energy integration and data center power needs [2][31] - The company has established a strong overseas presence, with 70% of its business in North America and Europe, and is expanding its global manufacturing and sales network to enhance supply chain efficiency [3][78] - The company has a rich product matrix based on power electronics technology, including energy products, lighting products, and other incubated products, which positions it well to seize market opportunities [4][23] - The company is strategically investing in the data center sector, with significant growth potential as it expands its transformer product offerings and market reach [5][49] Summary by Sections Company Overview - The company has been deeply rooted in the power supply industry since its inception, evolving its product offerings to align with global technological trends and market demands [17] Market Dynamics - The global energy transition is accelerating, with renewable energy installations expected to reach 4600 GW from 2025 to 2030, significantly increasing the demand for transformers [33][38] - The aging power grid in developed countries is creating a pressing need for equipment replacement, further driving transformer demand [58][61] Financial Projections - The company is projected to achieve revenues of 56.37 billion, 72.89 billion, and 91.96 billion from 2025 to 2027, with respective year-on-year growth rates of 22%, 29%, and 26% [6][11] - Net profit forecasts for the same period are 2.76 billion, 5.03 billion, and 6.83 billion, with a CAGR of 33% [6][11] Competitive Advantages - The company benefits from lower production costs and a more efficient supply chain compared to overseas competitors, positioning it favorably for international expansion [72][66] - The establishment of overseas manufacturing bases enhances responsiveness to local market demands and mitigates potential trade and logistics risks [73][74]