证券日报网讯12月29日，良信股份（002706）在互动平台回答投资者提问时表示，良信股份专注于低压 电器市场的研发、生产与销售，核心产品包括断路器、接触器、继电器、终端配电等系列产品，主要应 用于新能源、数字能源、基础设施、电力、工控等行业。关于互感器、电度表、电压表及转换开关，主 要由公司控股子公司广州汉光电气股份有限公司负责开展相关业务，目前该类产品未纳入良信股份母公 司的主营业务范围。未来，公司将持续聚焦低压电器主业，围绕客户需求不断优化产品与解决方案。 ...

Financial Data and Key Metrics Changes - Third quarter sales increased by approximately 2% year-over-year, with orders up about 10% [12] - Adjusted EPS for the quarter was $2.51, an increase compared to the prior year [16] - Adjusted gross margin for the third quarter was 37.6%, down 80 basis points from the prior year [16] - Free cash flow generated in the third quarter was $174 million, with no variable rate debt at the end of the quarter [16] Business Line Data and Key Metrics Changes - Automation and Motion Control (AMC) sales were down 1% year-over-year, primarily due to project timing and challenges in sourcing rare earth magnets [27] - Industrial Powertrain Solutions (IPS) sales increased by 1.6% year-over-year, driven by strength in energy and metals and mining [30] - Power Efficiency Solutions (PES) sales were up just under 1% year-over-year, with strong growth in pool and commercial HVAC [31] Market Data and Key Metrics Changes - Orders in AMC were up 31.7% year-over-year, with a book-to-bill ratio of 1.23 [29] - IPS orders increased by 2.3% on a daily basis, marking the fifth consecutive quarter of positive orders growth [30] - PES orders were up 1.7% on a daily basis, with a book-to-bill ratio of 1.02 [32] Company Strategy and Development Direction - The company is focusing on expanding its data center business, which is expected to significantly contribute to enterprise sales growth [25] - Investments are being made to enhance manufacturing capacity and support new product offerings like modular electrical pods (ePods) [22] - The company aims to achieve margin neutrality on tariffs by the end of next year and is optimistic about growth in 2026 [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about order strength in the fourth quarter, setting the stage for solid growth in 2026 [14] - The company anticipates challenges from tariffs and rare earth magnet sourcing to persist into early 2026, but expects to see benefits from backlog reduction thereafter [28] - Management highlighted the importance of their strong technology team and disciplined execution in navigating current challenges [12] Other Important Information - The company announced a succession plan for its CEO, with a transition expected to take about four to six months [99] - The board is conducting a comprehensive search for a new leader, focusing on candidates with strong operational and growth leadership skills [105] Q&A Session Summary Question: Can you discuss the sequential changes expected in the fourth quarter? - Management expects residential HVAC to decline in the fourth quarter, while data center orders are anticipated to increase significantly due to backlog timing [51][52] Question: What is the outlook for the data center business? - The data center business is projected to grow significantly, potentially doubling over the next two years, contributing meaningfully to overall growth [60] Question: How will tariffs and rare earth challenges impact margins? - Management expects to achieve margin neutrality by the end of next year, with some margin pressures anticipated in the first half of 2026 [79] Question: What is the expected contribution of the new facility? - The new facility is expected to begin shipping products by mid-2026, with contribution margins anticipated to be accretive to the overall business [107]