2025年12月31日中恒电气（002364）公告，公司实际控制人朱国锭收到浙江省杭州市中级人民法院出具 的《刑事判决书》，因犯操纵证券市场罪，被判处有期徒刑三年，缓刑四年，并处罚金人民币一百万 元。 早在2020年8月20日，中恒电气披露公告显示，时任公司董事长的朱国锭因涉嫌操纵股价，被中国证券 监督管理委员会立案调查。2021年10月27日，公司发布2021-40号公告，告知投资者朱国锭收到杭州市 公安局出具的《取保候审决定书》，相关部门决定对其采取取保候审措施。 直至2025年末，杭州市中级人民法院对该案开庭审理并作出一审判决，认定朱国锭犯操纵证券市场罪， 依法作出上述刑罚裁决。公告中未详细披露操纵股价的具体操作细节、涉及的交易金额、影响的股价波 动范围等具体情况。 相关资料显示，中恒电气因信披违规、蹭热点等问题一年内收到5份监管文件，包括浙江证监局警示 函、深交所通报批评等。例如2020年初蹭"特斯拉概念"热点，宣称与特斯拉在充电桩领域合作，但实际 业务关联微弱，被深交所认定为误导性陈述。2020年8月12日至17日，朱国锭及其配偶包晓茹通过集中 竞价交易减持563.56万股，套现约8225万元，减持 ...

Core Insights - The company, Tonghe Technology, reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 586 million yuan, a year-on-year growth of 27.53% [1] - The second quarter showed particularly strong performance, with revenue of 379 million yuan, up 34.76% year-on-year, and a net profit of 21.99 million yuan, reflecting a 75.94% increase [1] - The company operates in the power electronics industry, focusing on three main sectors: new energy, smart grid, and aerospace [1] New Energy Sector - In the new energy sector, the company launched the "Kunlun Series" 40kW charging module, emphasizing high power density, reliability, and cost-effectiveness, leading the market in power density among similar products [1] - The company has also introduced a 40kW charging module that meets CE Class B standards for overseas markets, showcasing high output efficiency and low noise, which strengthens its position in international markets [1] Smart Grid Sector - In the smart grid sector, the company has developed new products tailored to the characteristics of parallel battery systems, capturing market share by responding to market demands [2] - The company has established long-term partnerships with key domestic clients, enhancing after-sales service and continuously expanding its customer base, which supports revenue growth [2] Aerospace Sector - The aerospace sector has seen a rapid increase in downstream demand, significantly boosting industry prospects [2] - The company has increased its investment in research and marketing, leveraging advanced products to capture market share and achieve rapid revenue growth [2] Research and Development - The company invested 62.64 million yuan in research and development during the first half of the year, a year-on-year increase of 23.21% [2] - The company holds a total of 261 patents and 69 software copyrights, with recent achievements including 5 invention patents, 6 utility model patents, and 3 design patents, covering key technologies and products [2] Strategic Focus - The company aims to maintain strategic focus by concentrating quality resources on high-end markets with competitive advantages, seeking breakthroughs in the three strategic directions of new energy, smart grid, and aerospace [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is a leading enterprise in charging modules, focusing on power electronic products centered around DC power, with balanced development in three strategic directions: new energy vehicles, smart grids, and aerospace [1][5] - The company is expected to achieve stable growth through multi-business collaboration, despite a decline in profitability due to intensified competition in the charging pile market [1][4] Charging Business - In 2024, the charging and swapping business revenue is projected to be 783 million RMB, a year-on-year increase of 20.4%, driven by strong downstream demand, with a total of 4.222 million new charging infrastructure units added in China, up 24.6% year-on-year [2] - The gross margin for this segment is 21.26%, down 6.32 percentage points year-on-year, primarily due to price reductions caused by increased industry competition [2] Smart Grid Business - The smart grid revenue for 2024 is expected to reach 211 million RMB, reflecting a year-on-year growth of 19.5%, with a gross margin of 36.92%, down 1.73 percentage points due to rising raw material costs [3] - The core product in this segment, the power operation power supply, maintains a leading market share, and revenue is expected to grow steadily in 2025 due to increased investment in the power grid [3] Financial Projections - The company’s net profit attributable to shareholders is projected to be 79 million RMB in 2025 and 116 million RMB in 2026, with significant downward adjustments from previous estimates [4][17] - The target price for the company is set at 20.25 RMB, based on a projected PE ratio of 45 times for 2025 [4][5]

Core Viewpoint - The company faces increased industry competition leading to a decline in gross margin and profitability, prompting a downward revision of profit forecasts for 2025-2026 [1][2] Financial Performance - In 2024, the company achieved revenue of 1.209 billion yuan, a year-on-year increase of 19.89%, but reported a net profit attributable to shareholders of 24 million yuan, a decline of 76.66% [1] - For Q1 2025, the company reported revenue of 207 million yuan, a year-on-year increase of 16.14%, but incurred a net loss of 6.52 million yuan, marking a transition to loss compared to the previous year [1] - The gross margin for 2024 was 27.2%, down 5.9 percentage points year-on-year, primarily due to a 6.32 percentage point decline in the gross margin of the charging module business [2] Business Segmentation - In 2024, the charging module business generated revenue of 780 million yuan, up 20.40%, with a gross margin of 21.26%, down 6.32 percentage points [2] - The power operation power supply segment achieved revenue of 210 million yuan, a year-on-year increase of 19.47%, with a gross margin of 36.92%, down 1.73 percentage points [2] - The customized power supply and testing business reported revenue of 100 million yuan, a decline of 16.24%, with a gross margin of 51.06%, down 0.29 percentage points [2] Cost Structure - In 2024, the company's expense ratios were as follows: sales 6.2%, management 7.2%, R&D 9.4%, and financial 0.4%, reflecting increases of 0.2, 0.7, 0.6, and 0.2 percentage points respectively [2] - For Q1 2025, the expense ratios were: sales 6.4%, management 10.5%, R&D 14.6%, and financial 0.6%, with changes of +0.2, -0.1, +2.2, and +0.1 percentage points respectively [2] Business Development - The company is solidifying its existing business while expanding into new areas such as thermal management power supplies for new energy heavy trucks and HVDC products for data center power distribution, which are expected to contribute to business growth [3]