2025 年 11 月 3 日 公司研究 盈利预测、估值与评级：公司为国产 AI 服务器电源龙头，高功率服务器电源产 品技术壁垒高，业务增长势头强劲，盈利能力强，头部客户关系紧密，充分受益 于 AI 电源国产化浪潮，带动公司营收利润增长。我们维持公司 2025-2027 年归 母净利润预测为 3.40、4.57、5.78 亿元。维持"买入"评级。 风险提示：市场竞争较为激烈的风险；原材料价格波动风险；客户较为集中的风 险。 公司盈利预测与估值简表 25Q3 单季度营收创新高，高功率电源持续放量 ——欧陆通（300870.SZ）2025 年三季报点评 要点 事件：公司发布 2025 年三季报。公司 2025 年前三季度实现营收 33.87 亿元， 同比增长 27.16%，实现归母净利润 2.2 亿元，同比增长 41.53%。 25Q3 单季度营收创新高，净利率同环比提升。受益于服务器电源业务的高景气， 公司2025年前三季度营收利润双增长。公司2025年前三季度毛利率为20.47%， 同比下滑 0.81pct，净利率为 6.58%，同比增长 0.69pct。公司经营管理费用优 化，注重技术研发，2025 年前三 ...

Core Insights - The company has developed a diverse core product matrix, including various high-capacity power supply solutions for servers, demonstrating its commitment to innovation and meeting market demands [1] Product Offerings - The product range includes 3,200W titanium M-CRPS server power supplies, 1,300W to 3,600W titanium CRPS server power supplies, and 3,300W to 5,500W titanium and ultra-titanium GPU server power supplies [1] - The company also offers immersion liquid cooling server power supplies and rack power shelf solutions, with a configuration of six 5,500W server power supplies capable of delivering up to 33KW of power output and achieving a conversion efficiency of 97.5% [1] - Expandable solutions are available, including options for 2OU 66KW, 3OU 66KW, and 4OU 132KW [1] Support for Domestic Industry - The company is actively supporting the development of the domestic industrial chain by collaborating with clients to develop fully localized data center power products, with several models currently in research and production [1] - The company has successfully supplied products to well-known domestic server system manufacturers such as Inspur, Foxconn, Huqian, Lenovo, ZTE, and H3C, while maintaining close cooperation with leading domestic internet companies and end customers [1]

Financial Performance - In 2024, the company achieved a revenue of 3.798 billion CNY, a year-on-year increase of 32.32%, marking a historical high in revenue [3] - The gross profit margin for 2024 was 21.36%, an increase of 1.64 percentage points year-on-year [3] - The net profit attributable to shareholders for 2024 was 268 million CNY, a year-on-year growth of 36.92%, with a net profit margin of 7.06% [3] - In Q1 2025, the company reported a revenue of 888 million CNY, a year-on-year increase of 27.65%, and a net profit of 49.57 million CNY, up 59.06% [4] Business Segments - The power adapter business generated 1.673 billion CNY in 2024, a growth of 4.96% year-on-year, despite a decline in gross profit margin to 18.26% [5][6] - The data center power business saw a revenue of 1.459 billion CNY, a significant increase of 79.95%, with high-power data center power revenue reaching 780 million CNY, up 536.88% [6] - Other power businesses achieved a revenue of 649 million CNY, a year-on-year increase of 48.71%, with a gross profit margin of 20.30% [6] Market Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target various international clients [7] - The data center power business is a strategic focus, with products recognized by major domestic server manufacturers [10] Product Development - The data center power products include a range of server power supplies, with advanced offerings such as 3,200W titanium M-CRPS power supplies [9] - The company aims to achieve 100% localization of components in its data center power projects [13] Future Goals - The revenue growth targets for 2025 and 2026 are set at 35% and 65% respectively, with net profit growth targets of 60% and 130% [17] - The company plans to continue expanding its product categories in the power adapter segment, targeting new applications in smart homes and drones [14] Impact of Tariff Policies - The direct revenue from sales to the USA is relatively small, thus the impact of tariff policies is limited [15]