证券日报网讯 盛弘股份10月9日在互动平台回答投资者提问时表示，随着AIDC对于性能、功率、效 率、成本、安全性等方面的产生了与传统数据中心不同的考量，行业内也开始接触并测试其他的技术路 径和建设架构，HVDC逐步成为AIDC供电模式的选择之一，公司密切关注行业发展，并积极与下游客 户探讨技术路径和应用场景，并会根据研发进展适时推出合适的产品。 （编辑 袁冠琳） ...

（编辑 袁冠琳） 证券日报网讯 盛弘股份10月9日在互动平台回答投资者提问时表示，公司密切关注AIDC配储的相关方 向，并且于2025年6月成立了AIDC事业部，在已有电能质量如APF、SVG等产品的基础上，着力调研和 研发新产品来解决新需求。短期内，公司会基于自身技术积累，从电源产品着手开发，如HVDC、SST 等AIDC供电领域的新方向。通过深度市场调研和与下游客户的积极沟通交流等方式，加快产品研发落 地，争取为公司收入规模增长带来新动力。长期来看公司将致力于成为AIDC用能综合解决方案商，不 仅在产品端持续创新，提供更高效、稳定、智能的电源产品，还将不断拓展业务领域，向为数据中心、 智算中心提供整体能源解决方案转变。希望能够在AIDC市场有一定的声量，提升公司在该领域的品牌 影响力和市场竞争力。 ...

盛弘股份（300693.SZ）10月9日在投资者互动平台表示，公司密切关注AIDC配储的相关方向，并且于 2025年6月成立了AIDC事业部，在已有电能质量如APF、SVG等产品的基础上，着力调研和研发新产品 来解决新需求。短期内，公司会基于自身技术积累，从电源产品着手开发，如HVDC、SST等AIDC供电 领域的新方向。通过深度市场调研和与下游客户的积极沟通交流等方式，加快产品研发落地，争取为公 司收入规模增长带来新动力。长期来看公司将致力于成为AIDC用能综合解决方案商，不仅在产品端持 续创新，提供更高效、稳定、智能的电源产品，还将不断拓展业务领域，向为数据中心、智算中心提供 整体能源解决方案转变。希望能够在AIDC市场有一定的声量，提升公司在该领域的品牌影响力和市场 竞争力。 每经AI快讯，有投资者在投资者互动平台提问：请问公司目前是否具备针对AIDC的专项PCS和EMS研 发能力，公司这方面的业务有哪些储备？ （记者 王晓波） ...

储能+HVDC，国内工商业储能产品出货量市场前三，模块化储能解决方案在全球40余国获得准入认 证，HVDC为未来重点发展方向，这家公司已积累丰富的国内外数据中心、智算中心项目经验。（1家 创业板公司） 前言 ...

Core Viewpoint - The domestic market is expected to maintain a volatile upward trend, with three asset categories highlighted for investment opportunities: growth-oriented companies that align with industry trends, high-quality stocks with significant alpha, and industries and companies in a bottom reversal phase [1][4]. Group 1: Investment Opportunities - Focus on growth sectors that capture industry trends, particularly in AI-related fields such as upstream materials, AI power equipment, and downstream applications like robotics and autonomous driving [3][4]. - Emphasis on quality factors to identify stocks with global competitiveness, high earnings certainty, and favorable valuations, including companies in the automotive sector with product cycles and autonomous driving capabilities [4][5]. - Targeting bottom reversal opportunities in industries and companies, particularly in energy storage and wind power, as some asset prices remain significantly below their peaks, indicating potential for recovery [4][5]. Group 2: Market Outlook - The domestic market is anticipated to continue its upward trajectory, with ongoing developments in AI applications, energy storage, and power trading expected to drive investment opportunities [5]. - Continuous exploration of high-certainty quality companies will be a priority, aligning with the evolving market landscape [5].

Investment Rating - The report maintains a "Recommended" rating for the companies involved in the HVDC and AI server market, indicating a positive outlook for their stock performance relative to the benchmark index [5]. Core Insights - The establishment of a joint venture by Zhongheng Electric with Super X AI marks a significant step towards international expansion, leveraging Super X's overseas channels to penetrate foreign markets [2][4]. - The report highlights the urgent need to address the high power consumption issues associated with AI chips, positioning HVDC technology as a critical trend in the industry [4]. - Key players in the industry, including Zhongheng Electric, are actively developing 800V HVDC solutions to enhance power efficiency and meet the growing demands of data centers [3][4]. Summary by Sections Company Developments - Zhongheng Electric has formed a joint venture with Super X AI to invest in SuperX Digital Power, with both parties holding a 40% stake [1]. - Super X AI has established a production base in Japan, with an annual capacity of 10,000 AI servers, and recently launched its flagship AI server product [2]. Market Trends - The report notes that overseas manufacturers are pushing for the adoption of 800V HVDC technology to solve power issues, while domestic companies are also making progress in this area [3]. - The current mainstream HVDC solutions in China are 240V/336V, with the 800V upgrade still in the validation phase [3]. Investment Opportunities - The report emphasizes the investment potential in companies like Zhongheng Electric, Kehua Data, Hewei Electric, Maigemit, Oulutong, and Keda, driven by the ongoing power upgrade needs in the AI sector [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported its 2025 mid-year results, which met expectations, with a revenue of 3.733 billion yuan for H1 2025, essentially flat compared to H1 2024, and a net profit attributable to shareholders of 244 million yuan, reflecting a year-on-year growth of 7.94% [7]. - The data center business is highlighted as the company's core competitive advantage and long-term growth driver, with revenue from data center products reaching 784 million yuan in H1 2025, a year-on-year increase of 34.19% [7]. - The company is actively building a heterogeneous computing power platform in collaboration with domestic AI firms, which is expected to create a second growth curve for its IDC services [7]. - The smart energy and new energy segments are focusing on high-quality development, with smart energy products generating 439 million yuan in revenue for H1 2025, a year-on-year decline of 22.56%, while new energy products generated 1.852 billion yuan, down 4.22% year-on-year [7]. - The company is positioned as a core player in the AI wave, benefiting from its deep understanding of power supply products and long-term partnerships with major firms, which may allow it to capture a unique market position similar to that of Vertiv [7]. - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 682 million yuan, 971 million yuan, and 1.281 billion yuan respectively, reflecting a PE ratio of 42, 29, and 22 for those years [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 9.369 billion yuan, with a year-on-year growth rate of 20.8% [6]. - The company anticipates a significant increase in net profit for 2025, with a forecasted growth rate of 116.5% compared to the previous year [6]. - The gross margin is expected to improve from 25.2% in 2024 to 26.3% in 2025, indicating enhanced profitability [6].

Group 1: Company Overview - Shenzhen Keda Technology Co., Ltd. has a balanced business development strategy, with domestic and overseas operations each accounting for approximately 50% of the business [2] - Domestic operations focus on self-owned brands, serving sectors such as finance, telecommunications, internet, government, transportation, and healthcare, with rapid growth in telecommunications and internet clients in the past two years [2] - Overseas operations primarily utilize ODM models, serving global power equipment brands and regional distributors, with significant growth in recent years [2] Group 2: Product Development and Trends - Current data center power products include UPS and HVDC, which are increasingly required to meet higher standards of stability, efficiency, and cost-effectiveness [3] - UPS products are evolving from low power to high power, with single-unit capacities reaching megawatt levels [3] - HVDC products are transitioning from medium and low voltage to high voltage versions, with iterations up to ±400V and 800V to accommodate larger load applications [3] Group 3: Capacity and Financial Status - The company currently has sufficient production capacity and a well-reserved industrial park, with flexible production processes that allow for quick adaptation and switching of capacities [3] - The company maintains a healthy cash flow and financial status, with no major capital expenditure plans or immediate financing needs [3] - The company emphasizes strict adherence to information disclosure regulations, ensuring the accuracy and completeness of disclosed information [3]

Core Viewpoint - The company is expected to experience a value reassessment driven by AI advancements in the second half of 2025, with potential growth opportunities emerging from new products and services starting in 2026, although performance tracking is necessary [1] Group 1: Financial Performance - In Q2 2025, the company's revenue reached 55.18 billion, a year-on-year increase of 4%, driven by automotive electronics and server business [1] - The net profit for Q2 2025 was 1.11 billion, reflecting a year-on-year growth of 22%, aligning with expectations [1] - The gross margin for Q2 2025 improved by 0.6 percentage points to 7.4%, attributed to the increased share of automotive electronics and operational optimization at the Chengdu factory [1] Group 2: Business Segments and Growth Drivers - In the consumer electronics segment, revenue from major clients is expected to benefit from market share growth, while structural components may see a decline in revenue within 2025 [2] - The automotive business's revenue growth forecast for 2025 has been revised down to 35%-40% from over 50%, but the gross margin is expected to remain in double digits [2] - The server segment aims to exceed 10 billion in assembly revenue in the first half of 2025, with a target of achieving over 100 billion in revenue by 2027-2028 [2] - The robotics segment has deployed nearly 2,000 AMRs and plans to trial AI robots in manufacturing scenarios within 2025 [2] Group 3: Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 from 5 billion/6.1 billion to 4.6 billion/5.9 billion, while the 2027 forecast has been raised from 7.1 billion to 8 billion, indicating year-on-year growth of 8%/29%/35% [1] - The current market valuation corresponds to a PE ratio of 19.7/15.3/11.3 for 2025-2027 [1] - The company anticipates significant contributions from new products for major clients, server components, robotics advancements, and automotive electronics starting in 2026 [2]

Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]