Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported steady growth in Q3, with revenue reaching 19.98 billion yuan, a year-on-year increase of 26.03% and a quarter-on-quarter increase of 14.25%. The net profit attributable to the parent company was 1.22 billion yuan, up 81.92% year-on-year and 9.75% quarter-on-quarter [4][5] - The company is accelerating its layout in the AI server power supply sector, aiming to enhance its product offerings and expand its customer base both domestically and internationally [6][7] - The company has successfully entered the supply chains of several mainstream AI terminal customers and has launched its first AI smart charger, which is expected to expand into more AI terminal applications [5][6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 51.88 billion yuan, a year-on-year increase of 14.14%. The net profit attributable to the parent company was 3.59 billion yuan, up 19.32% year-on-year [4] - The gross profit margin for Q3 was 20.56%, an increase of 2.47 percentage points year-on-year, while the net profit margin was 6.98%, up 2.50 percentage points year-on-year [4] - The company expects net profits for 2025, 2026, and 2027 to be 6.26 billion yuan, 8.12 billion yuan, and 10.21 billion yuan respectively, with corresponding P/E ratios of 21.3, 16.4, and 13.0 times [4][7] Business Development - The company has a mature product matrix in the server power supply sector, covering a power range from 550W to 8000W, and has achieved large-scale delivery [6] - The company is actively expanding its overseas customer market through existing channels and partnerships [6][7]

Core Insights - The company held a semi-annual performance briefing on September 5, 2025, discussing its business layout, strategies to cope with international situations, and applications of AI technology [1] Business Direction in the AI Era - The company positions itself as a leader in energy exchange solutions for the AI era, focusing on three main areas: comprehensive energy solutions around computing power, power and control solutions for electric vehicles, and upgrades for consumer electronics power [1] - The growing demand for computing power in the AI era is expected to drive the need for high-power computing power supplies, with the company benefiting across multiple sectors due to the interconnection of technologies in vehicle and consumer electronics [1] Response to International Situations - To address global supply chain restructuring and changes in international trade policies, the company has established a network of six intelligent manufacturing bases worldwide [1] - The company has a low dependency on the U.S. market and possesses advantages in global production capacity layout, supply chain autonomy, and technological establishment, anticipating limited direct impact from current tariff adjustments [1] AI-Driven Charging Product Opportunities - AI technology is driving equipment upgrades and creating new charging demands, such as increased charging power for smartphones, AIPC, and IoT devices [1] - The company has entered the supply chain of several mainstream AI-related smart device power suppliers and launched its first AI smart charger, integrating AI into the entire R&D and operational process for precise innovation and efficient transformation [1] Power Electronics Technology Layout - The company has mastered technologies such as multilayer planar transformers, applicable in supercomputing server power supplies, and is applying AI large models in system development and operational control [1] - Innovations in new materials and devices are being pursued, including high-frequency low-loss magnetic materials and new thermal management solutions [1] Business Development Post 3C Incident - The company is involved in setting new industry standards and has obtained 3C certification for its products, which are sold globally and meet various certification requirements [1] Robotics Business Situation - The global robotics industry is expanding, with some electric vehicle and consumer electronics brands venturing into robotics [1] - The company has established partnerships with leading enterprises, aiming to integrate into the supply chain, with existing products matching the charging power of mainstream robotic products [1] Server Power Supply and Photovoltaic Storage Business - In response to the energy structure transformation and growing demand for home storage, the company has developed an integrated product matrix for "light storage and charging," achieving a 99.5% yield rate for its integrated charging and discharging devices [1] - The company is targeting energy management upgrades for data centers, offering comprehensive solutions for server and computing power supplies, with a product range from 550W to 8000W [1] Nitride Gallium Chip Application - The company is a leading player in the industry for the shipment of gallium nitride power products, collaborating well with mainstream suppliers to address industry challenges, with plans to extend this technology into the server power supply sector [1]

Group 1: Business Direction and Market Positioning - The company positions itself as a leader in energy exchange solutions for the AI era, focusing on three main areas: comprehensive energy solutions around computing power, power and control solutions for electric vehicles, and upgrades for consumer electronics power systems [2][3]. - The demand for high-power computing power supplies is expected to surge due to the rapid growth of AI applications, creating opportunities in various fields such as server power, backup power for data centers, and power for smart devices [2][3]. Group 2: Global Supply Chain and Manufacturing Strategy - The company has established a global network of six smart manufacturing bases, including locations in Dongguan, Wuhan, Ji'an, India, Indonesia, and Vietnam, to effectively respond to global supply chain restructuring and international trade policy changes [3]. - With a low dependency on the U.S. market and a robust global production capacity, the company anticipates limited direct impact from recent tariff adjustments [3]. Group 3: AI Technology Integration - AI technology is driving the upgrade of charging products, with significant increases in charging power for various devices, such as mobile phones and IoT devices, which are moving from 5W to over 20W [3][5]. - The company has launched its first AI smart charger, which learns user habits and offers features like voice control and location tracking, enhancing the smart electricity experience [3][5]. Group 4: Power Electronics and Technical Innovations - The company has developed three core technology directions in power electronics: hardware integration and architecture innovation, software and intelligent control, and new materials and device-level innovations [5][6]. - Key advancements include high-frequency magnetic devices, multi-layer planar transformers, and the application of AI in system development and operation, which enhance power density and reliability [5][6]. Group 5: Product Development and Market Expansion - The company is actively involved in setting new industry standards post-3C incident, ensuring high product quality and customer recognition, with over 90 safety testing projects exceeding national standards [6]. - In the robotics sector, the company has established strong partnerships with leading consumer electronics and automotive brands, positioning itself to integrate into supply chains as new products are launched [7][8]. Group 6: Renewable Energy and Storage Solutions - The company is accelerating the development of an integrated "light-storage-charge" product matrix to meet the growing demand for household and commercial energy solutions [9]. - Its core products have achieved multiple international certifications, and the company is focusing on energy management solutions for data centers, with power ranges from 550W to 8000W [9][10]. Group 7: Backup Power and GaN Technology - The company has capabilities in diesel generator control through its subsidiary, which is expected to enhance its backup power offerings in the future [11]. - The company is a leader in the market for GaN power products, addressing industry challenges such as electromagnetic interference and energy efficiency, with plans to extend this technology into server power applications [12].