利润端，公司Q4净利率8.3%，同比有所提升，在铜价上涨背景下，表现公司积极管控成本压力的能力。 2、收入端，公司依托海外业务增长，在美国贸易政策波动下取得坚韧增长，Q4预计一定程 【长江电新】金盘科技业绩快报分析：受益北美缺电，AIDC订单显著增长 1、2025年收入73亿元，同比+5.78%，归母6.6亿元，同比+14.89%，扣非6.14亿元，同比+11.45%，其中Q4收入 21.05亿元，同比+0.13%，归母1.74亿元，同比+2.16%，扣非1.58亿元，同比-5.87%。 2、收入端，公司依托海外业务增长，在美国贸易政策波动下取得坚韧增长，Q4预计一定程度受项目交付节奏影 响。 【长江电新】金盘科技业绩快报分析：受益北美缺电，AIDC订单显著增长 1、2025年收入73亿元，同比+5.78%，归母6.6亿元，同比+14.89%，扣非6.14亿元，同比+11.45%，其中Q4收入 21.05亿元，同比+0.13%，归母1.74亿元，同比+2.16%，扣非1.58亿元，同比-5.87%。 3、2025年公司AIDC订单取得大幅增长（北美AIDC订单约15亿元，同比显著增长），有望支撑公司整体经营稳 ...

Core Viewpoint - The company is developing solid-state transformers (SST) as part of its AIDC-related product line, emphasizing the advantages and challenges associated with this new technology [2] Group 1: Technology and Product Development - Solid-state transformers (SST) are highlighted as a new power electronics technology solution that offers integrated functionality, improved efficiency, and flexible adaptation [2] - The development of SST involves significant technical challenges, requiring rigorous testing and validation of product performance, stability, and compatibility [2] - The company is actively engaging with customers to understand product requirements and application scenarios during the development process [2]

Core Viewpoint - The company is developing solid-state transformers (SST) as part of its AIDC-related product line, highlighting the advantages and challenges associated with this new power electronics technology solution [1] Group 1: Technology and Product Development - Solid-state transformers (SST) offer integrated functionality, improved efficiency, and flexible adaptability [1] - The technology presents significant challenges, requiring rigorous testing and validation for product effectiveness, stability, and compatibility [1] - The company is actively communicating with customers to understand product requirements and application scenarios during the development process [1]

Core Viewpoint - The company is developing solid-state transformer (SST) technology, which presents both significant advantages and challenges in terms of technical implementation [2]. Group 1: Technology and Development - SST is a new power electronics technology solution that offers advantages such as functional integration, efficiency improvement, and flexible adaptation [2]. - The technical difficulty of SST is notably high, requiring rigorous testing and validation in areas such as product efficacy balance, stability, and compatibility [2]. - The company is actively developing multiple AIDC-related products, including SST, and is maintaining close communication with customers regarding product requirements and scenario adaptation during the development process [2].