（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：公司作为国内高压直流继电器头部公司，在算力电源 应用方面有哪些布局，主要应用在哪里？目前公司高端产品的产能如何？未来在算力设备方面有何布 局？ 三友联众（300932.SZ）12月31日在投资者互动平台表示，公司在算力电源领域已进行前瞻性布局，公 司产品主要应用于HVDC电源、UPS电源等关键基础设施，为AI服务器等设备提供稳定电力保障。我们 与国内外多家主流设备厂商建立了深度战略合作，并紧密配合产品开发。 目前，公司高端产品产能充 足，与订单高效匹配。未来，我们将持续紧跟算力产业发展趋势，加大研发投入，致力于为全球算力基 础设施提供更具竞争力的产品支持。 基于商业保密原则，具体客户及合作细节不便在此披露，敬请理 解。更多信息请参阅公司定期报告及法定披露信息。 ...

2025年A股的机构资金有多"卷"？有这么一家制造业公司，既不是热门的AI巨头，也不是新能源顶流，却让外资买到触发限购，五家社保基金组团扎堆持 仓，连QFII都抢着加仓——它就是宏发股份，全球继电器行业的"隐形冠军"！根据上交所11月最新披露数据，境外投资者持有宏发股份4.35亿股，占总股本 的28.895%，早已超过28%的限购线，沪股通从11月7日起就暂停买入 。 而公司2025年中报显示，全国社保基金102、108、203、204、406等五个组合集体现身前十大流通股东，合计持仓市值超25亿元，再加上QFII和公募基金， 机构持仓占比已超45%。一边是制造业的"低调赛道"，一边是史上最强资金阵容的疯狂追捧，宏发股份到底藏着啥魅力？ 一、资金实锤！外资限购+五家社保组团，持仓数据全公开 宏发股份的资金热度可不是吹出来的，每一笔持仓都有权威数据背书，明明白白看得见： 外资买到"买不了"，限购线成了"天花板" 根据深沪交易所和港交所的联合披露，截至11月26日，境外投资者（含QFII/RQFII/沪股通）持有宏发股份的比例高达28.895%，远超A股28%的境外持股限 购阈值，这也是2025年以来制造业中首个 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 12.91 billion yuan for the first three quarters of 2025, representing an 18.8% year-on-year increase. The net profit attributable to shareholders was 1.47 billion yuan, up 15.8% year-on-year, while the net profit excluding non-recurring items reached 1.41 billion yuan, reflecting a 17.6% year-on-year growth [2][4]. - In Q3 2025 alone, the company achieved a revenue of 4.57 billion yuan, marking a 25.5% increase year-on-year and a 4.6% increase quarter-on-quarter. The net profit for the same quarter was 510 million yuan, up 18.9% year-on-year but down 8.6% quarter-on-quarter [2][4]. Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 34.63%, a decrease of 0.43 percentage points year-on-year. In Q3 2025, the gross margin was 35.35%, down 0.40 percentage points year-on-year but up 0.68 percentage points quarter-on-quarter [11]. - The total expenses as a percentage of revenue for the first three quarters of 2025 were 17.23%, a decrease of 0.80 percentage points year-on-year. In Q3 2025, the expense ratio was 18.86%, an increase of 0.31 percentage points year-on-year and 3.70 percentage points quarter-on-quarter [11]. - As of the end of Q3 2025, the company's inventory was 3.489 billion yuan, up 20.0% year-on-year and 13.2% quarter-on-quarter. The contract liabilities were 5.6 million yuan, down 9.9% year-on-year and 6.6% quarter-on-quarter. The debt-to-asset ratio was 36.54%, a decrease of 4.16 percentage points year-on-year [11].

Core Viewpoint - The company is proactively positioning itself in the high-voltage direct current relay market, focusing on applications in emerging fields such as computing power supply, and has established solid partnerships with major domestic and international equipment manufacturers [1] Group 1: Company Strategy - The company has fully covered various computing power supply scenario demands with its related products [1] - The company plans to continuously enhance research and development efforts to improve product performance and reliability in line with computing power development trends [1]

Core Viewpoint - The company emphasizes the importance of high-voltage direct current relays in emerging fields such as computing power supply and has made proactive technological arrangements [1] Group 1: Product Development and Strategy - The company has developed products that can comprehensively meet the demands of various application scenarios in computing power supply [1] - The company has established long-term and stable strategic partnerships with several leading domestic and international equipment manufacturers [1] - The company is actively collaborating with customers for product development and innovation [1] Group 2: Future Outlook - The company plans to keep pace with the development trends of the computing power industry and will continue to invest in research and development [1] - The focus will be on enhancing product performance and reliability to provide competitive product support for global computing power infrastructure [1]

Group 1: Charging Module - The charging module sector has the highest technical barriers, accounting for over 40% of the total charging pile cost [3] - Youyou Green Energy (301590) is a leading domestic DC charging pile module company with a projected market share of 16% in 2024, focusing on high-power modules for electric heavy trucks [3] - Tonghe Technology (300491) is an invisible champion in the charging module field, with a market share in 30kW modules and a 29.84% year-on-year revenue growth in the first half of 2025 [4] - Inke Rui (300713) is a core supplier of liquid-cooled ultra-fast charging modules, having completed the R&D certification for 1000V power modules [5] Group 2: Whole Pile Manufacturing - Teruid (300001) is a dual leader in charging operation and equipment manufacturing, with a projected revenue of 15.374 billion yuan in 2024, representing a 21.15% year-on-year increase [6] - Wanma Co., Ltd. (002276) is a benchmark enterprise for high-power DC piles, with over 150,000 self-operated and managed piles [7] - Shenghong Co., Ltd. (300693) provides modular charging solutions and has begun mass production of 480kW ultra-fast charging piles [7] Group 3: Charging Operation - Telai Electric, a subsidiary of Teruid, is the largest charging operator in China, with over 2 million public charging piles built and a market share exceeding 30% [8] - The company has expanded its business model to include V2G (Vehicle-to-Grid) and virtual power plant services [8] Group 4: High Voltage Fast Charging and Core Components - Yonggui Electric (300351) leads in liquid-cooled charging gun technology, with 1000V/600A products entering the BYD supply chain [10] - Hongfa Co., Ltd. (600885) holds over 40% market share in high-voltage DC relays, with significant revenue growth expected from the new energy vehicle sector [10] - Sida Semiconductor (603290) is a leader in automotive-grade SiC MOSFET production, with rapid penetration in the charging pile sector [10] Group 5: Supporting Materials and Smart Grid - Wei's New Materials (unlisted) is a leader in charging gun heads and charging pile shell materials, having developed a halogen-free flame-retardant material that breaks international monopolies [11] - State Grid NARI Technology Co., Ltd. (600406) is a leader in electric grid charging scheduling systems, participating in the national charging pile planning [11] Group 6: Investment Logic - The investment logic is driven by policies, with the charging pile construction entering a phase of "quantity and quality improvement" from 2025 to 2027 [12] - Companies with high technical barriers and key positions in the industry chain are expected to benefit first [12]

Core Viewpoint - The company, Sanyou Lianzhong (300932.SZ), is currently not directly applying its products in the chip sector but is focusing on high-end intelligent manufacturing solutions [1] Group 1: Product Applications - The company's core products, including general power relays, signal relays, industrial control relays, and high-voltage DC relays, are widely applicable in industrial automation equipment, precision control, energy management, and intelligent equipment [1] - These products provide high reliability in connection, control, and protection solutions for intelligent manufacturing systems [1] Group 2: Market Opportunities - The company is committed to continuously monitoring the development trends in intelligent manufacturing technology [1] - It aims to promote product innovation and industrial application to seize market opportunities arising from the transformation and upgrading of the manufacturing industry [1] - The company seeks to assist clients in enhancing their automation and intelligence levels [1]

Core Viewpoint - The company currently does not have its products directly applied in the chip industry, but its core products are essential for high-end intelligent manufacturing applications [1] Group 1: Product Applications - The company's general power relays, signal relays, industrial control relays, and high-voltage DC relays are widely applicable in industrial automation equipment, precision control, energy management, and intelligent equipment [1] - These products provide high reliability in connection, control, and protection solutions for intelligent manufacturing systems [1]

Core Viewpoint - The company, Sanyou Lianzhong, is currently not directly applying its products in the chip sector but is focusing on high-end intelligent manufacturing solutions [1] Group 1: Product Applications - The company's core products, including general power relays, signal relays, industrial control relays, and high-voltage DC relays, are widely applicable in industrial automation equipment, precision control, energy management, and intelligent equipment [1] - These products provide high reliability in connection, control, and protection solutions for intelligent manufacturing systems [1] Group 2: Market Opportunities - The company is committed to continuously monitoring the development trends in intelligent manufacturing technology [1] - It aims to promote product innovation and industrial application to seize market opportunities arising from the transformation and upgrading of the manufacturing industry [1] - The company seeks to assist clients in enhancing their automation and intelligence levels [1]

Group 1 - The core viewpoint of the news is that Sanyou Lianzhong Group has demonstrated strong performance in the relay and transformer manufacturing sector, with significant revenue and profit growth in the first half of the year [1] - The company achieved operating revenue of 1,165,363,335.35 yuan, an increase of 8.48% compared to the same period last year, and a net profit attributable to shareholders of 42,885,668.81 yuan, up 5.64% year-on-year [1] - The growth in performance is attributed to the expansion of market demand, which has driven the growth of existing business and increased profit margins from overseas business [1] Group 2 - In the field of new energy vehicles, the company has established a capacity management system characterized by "forward-looking layout, flexible capacity, and agile response," enhancing the production capacity of high-voltage direct current relays and photovoltaic relays [2] - The capacity utilization rate of core business units, such as the second and sixth divisions, remains above 95%, while the first and third divisions have reserved flexible capacity [2] - The company is actively promoting new customer verification for high-voltage direct current relays, which are being applied on a large scale in key areas such as new energy vehicles and charging piles [2] Group 3 - The company plans to focus on lightweight, energy-saving, intelligent, low-cost, and compact high-load products in its new product development direction, extending its product line around relays and transformers [2] - In the field of computing power supply equipment, the company's product technology has comprehensively covered various application scenarios and established long-term stable partnerships with several mainstream equipment manufacturers [2] - The company will continue to invest in research and development to enhance product performance and reliability, keeping pace with the development trends of the computing power industry [2]