昨天的文章中，我们讲到美国的电力问题和固态变压器（SST），也许是赶巧了，今天市 场上电力和SST的表现都还不错。这篇文章，我们来看下SST目前的进展以及国内外相关 的厂商布局。 AI数据中心的下半场：电力和节能 SST进展及基础情况 在国内，四方股份、中国西电、金盘科技等传统电力设备厂商，以及部分AI服务器电源企业和光储 新能源企业，也开始布局SST技术。这些企业结合自身技术优势，逐步向数据中心和新能源领域扩 展，探索SST技术的商业化应用。四方股份依托中科院背景，技术产品优势明显，目前已开始与海外 大厂尝试对接，民企业务加速出海。科华数据在液冷及服务器电源领域与英伟达及其他ASIC大厂密 切合作，其SST产品已在国内成功完成挂网测试，进入英伟达SST供应链只是时间问题。 金盘科技 金盘科技在2025年上半年表现稳健，机电业务保持稳定增长。国内特高压领域进展显著，江东南、 粤港澳等特高压直流项目已陆续开工，预计更多项目将在近期启动。这将推动特高压设备进入新一 轮招标高峰，金盘科技作为行业龙头有望显著受益。 在海外市场，金盘科技表现亮眼，上半年境外收入同比增长64%，成功中标马来西亚数据中心变电 站项目，进一 ...

在陕西建设机械股份有限公司装配车间，工人进行摊铺机的生产工作。新华网 王智超摄 在陕西中科天地航空模块有限公司，一名员工正在进行电源模块的封口工作。新华网 王智超摄 在陕西汽车控股集团有限公司汽车总装配车间，一辆装配完成的汽车下线驶出车间。新华网 王智超摄 2025年1月至8月，西安市工业发展提速增效，规上工业产值6574.56亿元，增加值增长9.8%；工业投资710.26亿元，增长32.4%，增速预计居15个 副省级城市首位。 近年来，西安市笃定产业强市战略，深入实施工业倍增及制造业重点产业链高质量发展行动，推动传统产业提质升级、新兴产业壮大突破、未来 产业前瞻布局，加快构建现代化产业体系。（王智超） 在陕西汽车控股集团有限公司汽车总装配车间，工人进行装配生产工作。新华网 王智超摄 在陕西建设机械股份有限公司装配车间，工人正在进行矿用防爆锂离子蓄电池无轨胶轮车的生产工作。新华网 王智超摄 在陕西汽车控股集团有限公司汽车总装配车间，工人进行装配生产工作。新华网 王智超摄 在陕西汽车控股集团有限公司汽车总装配车间，工人进行装配生产工作。新华网 王智超摄 西安三角防务股份有限公司的蒙皮拉伸机。新华网 王智超摄 在 ...

Group 1: Business Development and Focus Areas - The company primarily focuses on high-reliability electronic components and microcircuit modules, with additional emphasis on deep-sea oil and gas equipment, having joined the Deep Water Oil and Gas Equipment Industry Alliance [2] - The company has established business relationships in the optical communication sector, supplying products like single-layer ceramic capacitors and ceramic film circuits [3] - The company’s civilian tantalum capacitors are increasingly being supplied to domestic servers, indicating a growing market presence [3] Group 2: Market Demand and Financial Performance - High-reliability business revenue constitutes over 85% of the company's total revenue, with anticipated growth due to increased hardware investments driven by AI [3] - The company has not disclosed any plans for stock buybacks at this time, but will adhere to disclosure obligations if such plans arise [4] - The company is cautious about revenue projections for 2025, advising stakeholders to await the annual report for detailed performance insights [4] Group 3: Operational Insights and Challenges - The company acknowledges a high level of accounts receivable, attributing it to the lengthy supply chain and strict delivery acceptance processes in the high-reliability sector [5] - The company is currently operating with excess capacity due to the unique nature of its industry, which involves small-batch, multi-batch orders [5] - There are no current plans for expanding production capacity until there is a significant increase in order volume [5] Group 4: Product Offerings and Collaborations - The company does not currently offer chip design services or AI-related products, nor does it have a partnership with Yushu Technology [5] - The company has not engaged in PCB manufacturing and does not have CPO products available [6][7] - The company has established connections with several leading enterprises in the optical communication field, enhancing its market position [6]

Core Viewpoint - The company has successfully entered mass production for its AI glasses products for major overseas clients and has achieved significant milestones in the AI server and PCB sectors [1] Group 1: AI Glasses and Production - The company's AI glasses products have entered mass production for targeted projects with leading overseas clients [1] Group 2: AI Server and PCB Developments - The company has achieved mass production of 28-layer AI server circuit boards, 24-layer ultra-low loss servers, and 5G communication PCBs [1] - The company has entered the high-speed connector and power module sectors through ODM manufacturers [1] - The company has completed certification for all AMD products and is supplying products to major computing center clients in Europe [1] Group 3: Robotics Collaboration - In the first half of 2025, the company is preparing for mass production of new products for humanoid robot client F, following design freeze and project targeting [1] - The company is actively advancing collaborations with leading domestic humanoid robot clients to secure new generation humanoid robot project targeting through client certification [1]

Core Viewpoint - The company has successfully entered mass production for its AI glasses products for major overseas clients and has made significant advancements in the AI server and PCB sectors [1] Group 1: AI Glasses and Production - The company's AI glasses products have entered mass production for targeted projects with leading overseas clients [1] Group 2: AI Server and PCB Developments - The company has achieved mass production of 28-layer AI server circuit boards, 24-layer ultra-low loss servers, and 5G communication PCBs [1] - The company has entered the high-speed connector and power module sectors through ODM manufacturers and has completed certification for all AMD products [1] Group 3: Robotics Collaboration - In the first half of 2025, the company is preparing for mass production of new products for humanoid robot client F, following project designation and design freeze [1] - The company is actively advancing collaborations with leading domestic humanoid robot clients to obtain project designations for the next generation of humanoid robots [1]

Core Insights - The company, Zhuzhou Hongda Electronics Co., Ltd., reported a steady growth in its performance for the first half of 2025, achieving an operating income of approximately 857 million yuan, a year-on-year increase of 14.17%, and a net profit attributable to shareholders of approximately 17.22 million yuan, up 15.50% year-on-year [1][2] Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of about 857 million yuan, reflecting a 14.17% year-on-year growth [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was approximately 17.22 million yuan, representing a 15.50% increase compared to the previous year [1] Group 2: Product and Technology Development - The company has a strong technological foundation and comprehensive product layout, with advanced production lines and a complete quality inspection system [1] - In the first half of 2025, the company initiated 11 independent research and development projects, including the completion of the CTK41B multilayer ceramic capacitor and the launch of high-reliability multilayer ceramic capacitors and chip resistors [2] - The company focuses on high-reliability fields and has expanded its product offerings from tantalum capacitors to non-tantalum capacitors and module businesses [2] Group 3: Business Strategy - The company adopted a dual-line strategy in the first half of 2025, enhancing sales efforts while optimizing the sales team incentive mechanism to serve existing customers and expand new customer bases [1] - The introduction of MES intelligent manufacturing systems and ERP resource management systems has improved production efficiency and management precision [1] - The company aims to increase R&D investment and implement lean management to enhance product quality, reduce manufacturing costs, and improve labor efficiency [2] Group 4: Future Outlook - The company is expected to further consolidate its leading position in the market as the domestic demand for high-reliability electronic components accelerates [2]

Group 1 - The company, Yachuang Electronics, announced on August 26 that it has achieved indirect bulk supply of power modules for META glasses [2] - This development indicates a significant step in the company's product offerings and market reach [2] - The interaction took place on an investor communication platform, highlighting the company's engagement with its investors [2] Group 2 - The supply of power modules to META glasses may enhance the company's reputation in the electronics industry [2] - This move could potentially open up further opportunities for collaboration with major tech companies [2] - The indirect supply chain strategy may also reflect the company's adaptability in a competitive market [2]

Core Insights - The company is actively collaborating with several leading domestic CPU/GPU enterprises in the core computing power segment [1] - The company has obtained agency rights for AI storage chips from Yangtze Memory Technologies and Changxin Memory Technologies [1] - The company is promoting the Retimer product line from Starry Micro in the AI server sector [1] Industry Focus - The downstream of the AI industry is crucial for realizing technological value, with edge AI and humanoid robots being the company's two key focus areas [1] - AI glasses are regarded as an important hardware carrier for edge AI [1] - The company has achieved indirect bulk supply of power modules to META [1]

Core Viewpoint - Company plans to acquire 65% stake in Xi'an Ganxin Technology Co., Ltd. for 388 million RMB, marking entry into the optoelectronic imaging system sector [1][3] Group 1: Acquisition Details - The acquisition will result in Ganxin Technology becoming a subsidiary of the company, enhancing its portfolio in the optoelectronic imaging systems and microcircuit modules [1][3] - The financial performance of Ganxin Technology shows significant growth, with projected revenues of 65.21 million RMB for 2024 and 35.79 million RMB for the first four months of 2025, alongside net profits of 2.84 million RMB and 12.42 million RMB respectively [3] - The performance commitment includes a net profit of no less than 35 million RMB for 2025 and cumulative net profits of at least 85 million RMB from 2025 to 2026, and 150 million RMB from 2025 to 2027 [3] Group 2: Financial Assessment - The acquisition has a substantial valuation increase, with an assessed value of 601 million RMB against a book equity of 100.30 million RMB, resulting in an appraisal increment of 500.70 million RMB and an appraisal increase rate of 499.22% [4] - The transaction is expected to generate approximately 320 million RMB in goodwill for the company, subject to final audit confirmation [4] Group 3: Company Transformation - The company, originally focused on sugar production, has shifted towards the military industry since 2011, acquiring companies like Sichuan Shenghua Power Technology Co., Ltd. for 660 million RMB in 2018 [5][6] - In 2022, the company ceased its sugar-related operations, focusing entirely on military industry development, resulting in no revenue from sugar in 2023 [8] - The company experienced significant revenue fluctuations, with revenues of 540 million RMB, 445 million RMB, and 323 million RMB from 2021 to 2023, and a net profit decline leading to a loss of 23.3 million RMB in 2023 [8][9] Group 4: Future Outlook - The company anticipates that the acquisition will create new profit growth points and synergize its power and related product sectors [11]

Core Viewpoint - The company, GanHua Technology (甘化科工), plans to acquire a 65% stake in Xi'an Ganxin Technology Co., Ltd. for 388 million RMB, marking a strategic entry into the optoelectronic imaging system sector [1][2][3]. Financial Performance - Ganxin Technology's main business includes the research, production, and sales of optoelectronic imaging systems and microcircuit modules, with projected revenues of 65.21 million RMB and 35.79 million RMB for 2024 and the first four months of 2025, respectively [6]. - The net profit for the same periods is expected to be 2.84 million RMB and 12.42 million RMB, indicating rapid growth [6]. - The performance commitment includes a net profit of no less than 35 million RMB in 2025 and a cumulative net profit of at least 85 million RMB from 2025 to 2026 [6]. Acquisition Details - The acquisition will result in goodwill formation, with an estimated increase of approximately 320 million RMB in goodwill on the balance sheet [7]. - The assessed value of Ganxin Technology is 601 million RMB, with an appraisal increment of 500.70 million RMB, reflecting a 499.22% increase [7]. Strategic Transition - GanHua Technology has transitioned from a sugar production focus to military and defense sectors since 2011, with a complete exit from sugar-related revenues by 2023 [10][14]. - The company previously acquired Sichuan Shenghua Power Technology Co., Ltd. for 660 million RMB, further solidifying its military industry presence [12][13]. Recent Performance Trends - The company's revenue has fluctuated significantly, with reported revenues of 540 million RMB, 445 million RMB, and 323 million RMB from 2021 to 2023, alongside a net profit swing from 31.86 million RMB to a loss of 23.3 million RMB in 2023 [15][16]. - In 2024, the company anticipates a revenue of 396 million RMB, a year-on-year increase of 22.58%, and a net profit of 20.51 million RMB, reflecting a 108.80% growth [17].