内容概况：中国冗余电源系统行业在AI算力与"新基建"双轮驱动下需求旺盛，2024年，中国冗余电源系 统行业市场规模约为308亿元，同比增长8.83%，这一增速既反映了数据中心、通信网络、工业互联网 等关键基础设施对供电高可靠性的刚性需求，也体现了AI服务器等高功率密度负载对供电架构升级的 直接拉动。当前，行业竞争焦点已从传统的通用型产品，转向适配高效算力集群的高压直流 （HVDC）、液冷电源等定制化、智能化解决方案，未来产业有望在技术融合与绿色化方面实现系统性 突破。 相关上市企业：欧陆通（300870）、麦格米特（002851）、科士达（002518）、中恒电气（002364）、 科泰电源（300153） 相关企业：无锡新洁能股份有限公司、嘉兴斯达半导体股份有限公司、比亚迪半导体股份有限公司、扬 州扬杰电子科技股份有限公司、中芯国际集成电路制造有限公司、上海韦尔半导体股份有限公司、汉威 科技集团股份有限公司、中航电测仪器股份有限公司、广东风华高新科技股份有限公司、深圳顺络电子 股份有限公司、立讯精密工业股份有限公司、中航光电科技股份有限公司 关键词：冗余电源系统、冗余电源系统市场规模、冗余电源系统行业现状、 ...

Core Viewpoint - The company's Q1 performance fell short of market expectations, primarily due to a decline in high-end product orders in the consumer electronics structural components business, while net profit saw a slight year-on-year increase due to improved cost management [1]. Financial Performance Summary - Q1 revenue was 36.88 billion yuan, up 1.1% year-on-year but down 33.2% quarter-on-quarter - Gross profit was 2.32 billion yuan, down 7.4% year-on-year and down 28.2% quarter-on-quarter - Net profit attributable to shareholders was 620 million yuan, up 1.9% year-on-year but down 48.3% quarter-on-quarter - Gross margin was 6.30%, down 0.57 percentage points year-on-year and up 0.43 percentage points quarter-on-quarter - Net margin was 1.69%, up 0.01 percentage points year-on-year and down 0.49 percentage points quarter-on-quarter [1]. Business Segment Outlook - Consumer Electronics: The acceleration of AI applications is expected to drive a new replacement cycle, with the company increasing its market share in A customer iPad and mobile phone glass businesses. The focus will be on high-end products and AI-enabled devices, which are anticipated to contribute to revenue growth [2]. - New Energy Vehicles: The company is set to benefit from the rapid evolution of electric and intelligent vehicles, with significant growth in smart cockpit and thermal management shipments. Collaborations with major players like NVIDIA are expected to enhance its market position [2]. - Computing Power Products: The expansion in AI data centers is projected to lead to rapid growth in AI servers and liquid-cooled power supplies, with a focus on high-speed communication [2]. - AI Robotics: The company plans to leverage its expertise in system integration to develop core components for AI robots, including sensors and controllers [2]. Investment Recommendation - The company is recognized as a leading precision manufacturing enterprise with strong material research and product design capabilities. It has significant growth potential due to its quality customer base and forward-looking business strategies. The expected revenue for 2025-2027 is projected to be substantial, with a favorable market position in the A customer innovation cycle and automotive electronics [3].