格隆汇12月9日｜浙商证券研报指出 ，"全球造，销全球"，伊戈尔变压器+AIDC产品加速出海。2020- 2024年，公司营业总收入分别从14.06亿元增长至46.39亿元，四年CAGR达到35%；归母净利润从0.51亿 元增长至2.93亿元，四年CAGR达到54%。需求端，受光伏储能并网需求激增、数据中心用电大幅增长 等驱动，大型开发商、电网公司、数据中心运营商加大变压器的采购，用以满足替代和新增的需求。供 给端，制造商难以应对劳动力和材料短缺的问题导致现有产能难以满足激增的需求。综合竞争力持续提 升的国内优质变压器厂商有望迎来历史性出海机遇。公司境外业务呈现高速发展态势，北美及欧洲占比 达到70%。此外，公司前瞻布局数据中心领域，有望打开成长空间。公司聚焦能源、信息行业，产品布 局丰富，海外渠道优势显著，储能变压器、配电变压器、数据中心产品有望驱动公司业绩加速增长。首 次覆盖，给予"买入"评级。 ...

Core Insights - Puma reported a 10.4% year-on-year decline in revenue for Q3 2025, totaling €1.956 billion, with a net loss of €62.3 million [7] - The company maintains its revenue guidance for 2025, expecting a low double-digit decline [7] - The Chinese jewelry market is experiencing significant price variations due to recent tax policy adjustments, impacting both retail and investment gold prices [7] - The domestic textile and apparel sector shows signs of marginal improvement, with a cumulative year-on-year growth of 3.1% from January to September 2025 [8] - North Mining Testing is recognized as a leading domestic inspection and testing institution for non-ferrous metals, with a strong growth trajectory in the inspection and testing industry [11][12] - Sunshine Power's revenue for the first three quarters of 2025 reached ¥66.4 billion, a year-on-year increase of 33%, with a net profit of ¥11.88 billion, up 56.3% [15][16] - Jun Ding Da is focusing on new product development in the storage and robotics sectors, with a projected revenue compound annual growth rate of 25% over the next three years [19][20] Market Trends - The textile and apparel sector saw a 0.8% increase in the SW textile and apparel index, while the SW light industry manufacturing index rose by 1.09% [8] - The global inspection and testing market has grown from €107.7 billion in 2012 to €278.5 billion in 2023, with a compound annual growth rate of 9.02% [11] - Sunshine Power's overseas shipments of energy storage products increased by 70%, with the overseas share rising from 63% to 83% [15][16] Company Reviews - North Mining Testing is a national-level specialized "little giant" enterprise with a strong focus on technology and international standards [11][12] - Sunshine Power is expanding its global market presence, with a focus on inverter and energy storage products, and has established over 20 overseas branches [15][16] - Jun Ding Da is actively pursuing international expansion and product innovation, particularly in the storage and robotics sectors [19][20]

Core Viewpoint - The company's Q3 2025 performance met expectations, with a slight decline in revenue but an increase in net profit year-on-year [1] Financial Performance - For the first three quarters, revenue was 46.396 billion yuan, a year-on-year decrease of 0.03%, while net profit attributable to shareholders was 4.179 billion yuan, an increase of 19.49% [1] - In Q3 2025, revenue was 16.777 billion yuan, down 3.70% year-on-year but up 11.40% quarter-on-quarter; net profit was 1.625 billion yuan, up 3.12% year-on-year and 16.79% quarter-on-quarter [1] - Non-recurring profit and loss included 340 million yuan in government subsidies for Q3 2025 [1] - Segment performance showed low-voltage electrical revenue at 6.1 billion yuan, up 6% year-on-year, and net profit at 631 million yuan, up 7.1% [1] - New energy revenue was 10.79 billion yuan, down 8.5% year-on-year, with net profit slightly increasing [1] - The household business (Aneng) generated revenue of 9.2 billion yuan, up 2.4% year-on-year, and net profit of 1.32 billion yuan, up 14.1% [1] Development Trends - Low-voltage overseas revenue grew significantly, with Q3 revenue at 1.429 billion yuan, up 42.1% year-on-year, and North America seeing over 100% growth [2] - The AIDC business is progressing as planned, with customer engagements in multiple regions including the US and Southeast Asia [2] - The company added 1.84 GW of household installations in Q3, with sales of 2.18 GW, a 40% increase quarter-on-quarter [2] - The company plans to explore new business models in the fourth quarter, focusing on overseas household and user-side energy storage [2] Profit Forecast and Valuation - The company has revised its 2025 other income forecast upward and slightly lowered the net profit forecast for 2025/2026 by 3.7% and -0.5% to 4.885 billion and 5.409 billion yuan respectively [3] - The target price has been raised by 11.8% to 38 yuan, corresponding to P/E ratios of 16.7 and 15.1 for 2025/2026, indicating a potential upside of 24.7% from the current stock price [3] - The current stock price corresponds to P/E ratios of 13.4 and 12.1 for 2025/2026 [3]

Core Viewpoint - The rapid development of AI technology has significantly increased the demand for computing power, particularly benefiting the data center sector of the company, which is seeing growth driven by clients in the internet and telecommunications industries [1] Group 1: Domestic Market - The company is gradually breaking into major internet firms, establishing partnerships with well-known clients such as ByteDance, Alibaba, JD.com, GDS, and Century Internet [1] - The growth in the domestic market is largely attributed to collaborations with these internet and telecommunications companies [1] Group 2: International Market - The company continues to collaborate with major overseas power equipment clients, expanding its customer base to include core agents, operators, and EPC contractors [1] - This international expansion is aimed at solidifying the foundation for the company's business development [1] Group 3: Product Development and Market Expansion - The company is actively preparing for breakthroughs in AIDC product research and development, as well as global market expansion [1] - There is a focus on achieving greater advancements in both product offerings and market reach [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][15]. Core Insights - The company reported a revenue of 3.154 billion yuan for H1 2025, representing an 8.16% year-on-year growth, with a net profit of 265 million yuan, up 19.10% year-on-year. The gross margin increased by 2.51 percentage points to 25.87% and the net margin rose by 0.79 percentage points to 8.34% [1]. - The company has seen significant growth in various sectors, particularly in the data center field, where revenue surged by 460.51% year-on-year, driven by advancements in AI and the global demand for electricity equipment [2][3]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 3.154 billion yuan, with a net profit of 265 million yuan. The Q2 2025 revenue was 1.812 billion yuan, marking a 12.42% year-on-year increase and a 34.92% quarter-on-quarter increase [1]. - The company’s gross margin improved to 25.87%, and the net margin reached 8.34% [1]. Sales Growth - The company experienced robust sales growth across various sectors, with wind power revenue increasing by 77.63%, power generation and supply by 58.06%, and data center revenue by 460.51% in H1 2025 [2]. - The total order backlog as of June 2025 was 7.540 billion yuan, a 14.89% increase year-on-year, with domestic orders at 4.738 billion yuan and international orders at 2.802 billion yuan [2]. Product Development - The company is actively developing AIDC products and has successfully implemented transformer series products in numerous data center projects for major tech companies [3]. - The company has completed the R&D of a 10kV/2.4MW solid-state transformer, positioning itself well in the AIDC market [3]. Storage Business - The storage business reported a revenue of 302 million yuan in H1 2025, reflecting a 6.40% year-on-year growth, although the gross margin decreased to 9.81% [4]. - The company is advancing the development of its third-generation high-voltage direct connection products, enhancing its competitive edge in the storage market [4]. Profit Forecast and Valuation - The report forecasts net profits of 750 million yuan, 953 million yuan, and 1.183 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.63 yuan, 2.07 yuan, and 2.58 yuan [6][11]. - The current stock price corresponds to a P/E ratio of 35, 28, and 22 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation for potential investors [4][6].