2月26日，青岛特锐德（300001）电气股份有限公司（以下简称"特锐德"）正式向港交所递交招股说明 书。这家在2009年登陆深交所的创业板第一股，在A股市场深耕十余年后，再度开启资本运作新篇章。 财务数据亦反映出上述业务布局的成长性。2023年，公司实现营业收入约126.91亿元，2024年增至 153.74亿元，同比增长21.1%；同期净利润由5.27亿元提升至9.39亿元，同比增长78.3%。2025年前十个 月，公司收入与净利润分别为113.29亿元和8.35亿元，延续增长态势。毛利率保持在约26%的水平，净 利率由2023年的4.1%提升至2024年的6.1%，盈利能力呈改善趋势。 从行业环境看，全球能源结构转型叠加电力系统升级，为预制舱变电站业务提供了广阔空间。申请文件 引用第三方机构数据指出，2020年至2024年全球预制舱变电站市场规模复合增速超过27%，预计2030年 市场规模将进一步扩大。尤其在中东、东南亚等地区，电网升级与新能源项目建设提速，叠加高温、风 沙等特殊环境需求，使得模块化、工厂预制的变电站解决方案更具优势。 在电动汽车充电领域，中国已成为全球最大的新能源汽车市场。随着电动汽车 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.5 CNY, based on a current price of 22.88 CNY [4]. Core Insights - The charging service fee is expected to increase slightly after 2025 due to a predicted rise in charging pile usage rates and service fees, driven by a slowdown in new charging pile construction compared to the growth in electric vehicle ownership [1][2]. - The company is positioned as a preferred charging operation service brand for local state-owned enterprises, with over 270 joint ventures established, enhancing its market share in the domestic charging operation market [2]. - The transition from heavy asset construction to light asset operation is anticipated to improve profitability, with projected gross margins reaching 70% [2]. - The company is expected to achieve a profit of 4.44 billion CNY in 2025, with a compound annual growth rate of over 50% in profits over the next three years [3]. Industry Overview - The demand for charging infrastructure is expected to grow steadily, with the number of new energy vehicles (NEVs) projected to reach 31.4 million units in 2024, a year-on-year increase of 53.85% [11]. - Public charging pile usage is expected to increase, with a corresponding rise in charging service fees due to a supply-demand imbalance [31][32]. - The market for charging piles is highly concentrated, with the top five operators holding nearly 65% of the market share, indicating strong competitive dynamics [21][24]. Financial Data and Projections - The company’s revenue is projected to grow from 14.6 billion CNY in 2023 to 24.8 billion CNY by 2026, with a compound annual growth rate of approximately 18.56% [3]. - The net profit attributable to the parent company is expected to increase from 491.15 million CNY in 2023 to 1.72 billion CNY in 2026, reflecting a significant growth trajectory [3]. - The company’s earnings per share (EPS) is projected to rise from 0.47 CNY in 2023 to 1.63 CNY in 2026, indicating strong profitability growth [3].