证券研究报告 通合科技 (300491 CH) 充电业务稳增长，AIDC 献增量 通合科技为充电模块的领军企业，公司专注于直流电源为核心的电力电子产 品，在新能源汽车、智能电网、航空航天三大战略方向均衡发展。公司 24 年受到充电桩竞争加剧而盈利有所下滑，我们预计充电桩盈利能力或已见 底。随着全球充电桩建设提速、AI 发展驱动数据中心建设提速、电网投资稳 定增长，公司有望实现多业务协同稳健增长，我们维持"增持"评级。 充换电：24 年竞争加剧致盈利能力下滑，看好 25 年量增利稳 公司充换电站充电电源业务主要为充电模块以及交直流控制板等产品。公司 充电模块历经九代更迭，产品力优异，充电模块电压最高可达 1000V，充电 桩通过充电模块并联冗余配置，充电功率最高可至兆瓦级。公司 24 年充换 电业务收入 7.83 亿，同比+20.4%，主要系下游需求向好（24 年我国充电 基础设施增量为 422.2 万台，同比+24.6%），毛利率 21.26%，同比-6.32pct， 主要系行业竞争加剧导致产品降价。公司持续扩大产品矩阵，不断推出液冷 充电模块、储充充电模块、符合海外标准的充电模块，新品占比提升支撑毛 利率， ...

行业竞争加剧导致公司毛利率下滑，盈利承压。我们下调盈利预测，预计公司2025-2026 年归母净利润 分别为0.92、1.49 亿元（原为1.27、2.10 亿元），新增预计公司2027 年归母净利润为2.14 亿元，EPS 为 0.53、0.85、1.23 元/股，对应当前股价PE 分别为32.5、20.1、13.9 倍，公司充电模块产品是直流充电桩 的核心部件，有望充分受益行业需求放量，维持"买入"评级。 行业竞争加剧，毛利率承压 公司发布2024 年报及2025 年一季报。2024 年，公司实现营业收入12.09 亿元，同比+19.89%，实现归母 净利润0.24 亿元，同比-76.66%。2025 年第一季度，公司实现营业收入2.07 亿元，同比+16.14%，归母 净利润亏损652 万元，同比转亏。 2024 年公司综合毛利率下滑，主要系充电模块业务毛利率同比下滑6.32pcts2024 年公司综合毛利率 27.2%，同比下滑5.9pcts，主要是充电模块业务毛利率下滑所致。分业务看：2024 年公司充电模块营业 收入7.8 亿元，同比+20.40%，毛利率21.26%，同比下滑6.32pcts；电 ...

Company Overview - Beijing Dinghan Technology Group Co., Ltd. is a publicly listed company established on December 24, 2007, with a registered capital of 38.376 million RMB [1][2] - The company operates in the field of rail transit technology, focusing on the production of intelligent power supply products for rail transit [1][3] Historical Development - The company was originally founded as Beijing Dinghan Technology Co., Ltd. in June 2002 and underwent a transformation into a joint-stock company in December 2007 [1][2] - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market on October 30, 2009, issuing 13 million shares at a price of 37.00 RMB per share [1][2] - Significant capital increases occurred in 2010 and 2013 through capital reserve transfers, increasing the total share capital to 154.128 million shares [2] Shareholder Structure - The ultimate controlling shareholder is Guangzhou Industrial Control Capital Management Co., Ltd., with actual control held by the Guangzhou Municipal Government [2][3] - The company has undergone several changes in its shareholder structure, including share transfers and non-public offerings to raise funds [2] Organizational Structure - The company has a structured governance model with a shareholders' meeting as the highest authority, a board of directors executing decisions, and a supervisory board for internal oversight [2][3] - Key departments include market center, financial asset department, human resources, strategic investment, and corporate management [2] Business Scope - The company’s main business activities include the production and sale of rail transit signal power supply products, technical development, and consulting services [2][3] - The company is also involved in investment and asset management, as well as import and export activities related to rail transit technology [2]