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Group 1: Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,828.58, up by 0.22% [4] - The Shenzhen Component Index and the ChiNext Index also experienced gains, indicating a general upward trend in the market [4] Group 2: Company Insights - Zhongheng Electric (002364.SZ) is establishing a joint venture to expand its overseas HVDC product market, with a total investment of 200 million Singapore dollars [6] - Sanwang Communication (688618.SH) reported a stable overall operating situation, with a focus on new fields for growth [7] - Baili Tianheng (688506.SH) is developing an EGFR×HER3 ADC that is expected to become a cornerstone drug for tumors, with HER2 ADC showing potential [11] - Ximai Food (002956.SZ) reported significant growth in its oat product segment, benefiting from cost reductions and increased sales [15] Group 3: Financial Performance - Zhongheng Electric achieved a revenue of 889 million yuan in H1 2025, a year-on-year increase of 14.3%, driven primarily by its data center power business [7] - Sanwang Communication's H1 revenue reached 172 million yuan, up 10.05% year-on-year, although net profit decreased by 36.72% [8] - Baili Tianheng forecasts revenues of 2.251 billion yuan for 2025, with a projected net profit of -527 million yuan [13] - Ximai Food's H1 revenue was 1.149 billion yuan, reflecting an 18.1% increase, with compound oats being a key growth driver [15] Group 4: Investment Recommendations - Zhongheng Electric is rated "Buy-B" with projected EPS of 0.37, 0.56, and 0.78 for 2025-2027 [6] - Sanwang Communication is expected to stabilize and grow in new fields, maintaining a focus on innovation [7] - Baili Tianheng is rated "Buy-B" with a focus on its ADC pipeline and potential market impact [13] - Ximai Food is rated "Add-A" with expected EPS of 0.78, 1.00, and 1.25 for 2025-2027, driven by strong sales growth in oat products [15]

Investment Rating - The report maintains a "Buy-B" rating for the company [4] Core Views - The establishment of a joint venture with Super X aims to expand the overseas HVDC product market, opening long-term growth opportunities for the company [2] - The company's revenue for H1 2025 reached 889 million yuan, a year-on-year increase of 14.3%, primarily driven by a 60.6% growth in the data center power business [3] - The company plans to enhance its HVDC product matrix and closely monitor trends in next-generation server power supplies and solid-state transformers [3] Summary by Relevant Sections Joint Venture and Market Expansion - The company has signed a joint venture agreement to invest in SuperX Digital, with a total investment of 2 million Singapore dollars, to develop a new brand "SuperX Digital Power" for overseas HVDC and ecological products [2] - The joint venture will leverage the strengths of all parties involved, including customer resources and technical expertise, to enhance the company's competitiveness in the overseas market [2] Financial Performance - In H1 2025, the company achieved a revenue of 889 million yuan, with the data center power segment contributing 410 million yuan, marking a significant growth of 60.6% [3] - The net profit attributable to the parent company for H1 2025 was 47 million yuan, a decrease of 30.2% year-on-year, mainly due to non-recurring gains from the previous period [3] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.37 yuan, 0.56 yuan, and 0.78 yuan respectively, with corresponding PE ratios of 80.3, 53.1, and 37.8 [4]

Core Viewpoint - The company has approved a joint investment with related parties to establish a new joint venture, SuperX Digital Power Pte. Ltd., aimed at expanding its overseas business in the HVDC product market [5][24]. Summary by Sections 1. Meeting and Approval - The company's ninth board meeting was held on September 15, 2025, where the proposal for the joint investment was approved with 5 votes in favor, 0 against, and 2 abstentions [1][9]. 2. Investment Details - The total investment for the joint venture is SGD 2 million, with the company's subsidiary, Enervell Power Pte. Ltd., contributing SGD 400,000 [2][6]. - The shareholding structure post-investment will be: Enervell (20%), Super X (40%), Zhu Yikun (10%), Xu Feifei (10%), and Jovail (20%) [6][17]. 3. Related Parties - Zhu Yikun and Xu Feifei are identified as related parties due to their connections to the company's actual controller and chairman [7][11]. 4. Purpose of the Investment - The investment aims to leverage the strengths of all parties involved to explore opportunities in the overseas data center market and enhance the company's international competitiveness [24]. 5. Governance and Management - The joint venture will have a board of directors and will be managed by a CEO appointed jointly by Super X and Enervell [18][20]. 6. Financial Implications - The joint venture will not be consolidated into the company's financial statements and will not affect the company's overall financial condition significantly [6][23]. 7. Independent Directors' Opinion - Independent directors support the investment, stating it aligns with the company's long-term strategy and does not harm the interests of minority shareholders [26].

格隆汇9月15日丨中恒电气(002364.SZ)公布，为推进海外业务发展，公司新加坡全资子公司 EnervellPowerPte.Ltd.（简称"Enervell"）、SuperXAISolutionLimited（简称"SuperX"）、朱一鲲先生、胥 飞飞先生以及自然人ONGCAIPING,JOVAIL(简称"Jovail")签订合资协议，拟共同对 SuperXDigitalPowerPte.Ltd.（简称"SuperXDigital"或"合资公司"）进行投资,总投资金额为200万新加坡 元。其中，Enervell、SuperX、朱一鲲先生（或其控制的主体）、胥飞飞先生（或其控制的主体）、 Jovail将分别以40万新加坡元（折合人民币约为222万元）、80万新加坡元、20万新加坡元（折合人民币 约为111万元）、20万新加坡元（折合人民币约为111万元）、40万新加坡元向合资公司进行投资，对应 分别持有合资公司20%、40%、10%、10%、20%的股权。（以上新加坡元按照2025年9月12日银行间外 汇市场人民币汇率中间价1新加坡元对人民币5.5417元折算）本次投资完成后合资公司将成为公司的参 股公 ...

Core Viewpoint - The company is advancing its overseas business development by signing a joint venture agreement to invest in SuperXDigitalPowerPte.Ltd, with a total investment of 2 million Singapore dollars [1][2]. Group 1: Investment Details - The investment will be made by Enervell, SuperX, and individuals Zhu Yikun and Xu Feifei, along with natural person Ong Caiping and Jovail, with respective contributions of 400,000, 800,000, 200,000, 200,000, and 400,000 Singapore dollars [1]. - The equity stakes in the joint venture will be distributed as follows: Enervell 20%, SuperX 40%, Zhu Yikun 10%, Xu Feifei 10%, and Jovail 20% [1]. - The total investment amount is equivalent to approximately 11.1 million RMB based on the exchange rate of 1 Singapore dollar to 5.5417 RMB [1]. Group 2: Strategic Objectives - The core objective of the investment is to leverage the strengths of all parties involved in customer resources and technology reserves to jointly explore the overseas HVDC product market [2]. - The company aims to focus on collaborative development through partner resources to expand its business growth path, with no current plans to acquire a controlling stake in the joint venture [2]. - A comprehensive post-investment management and supervision mechanism will be established to continuously monitor the operational and financial status of the joint venture [2].

Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant revenue and profit growth, driven by the recovery in charging module profitability and the acceleration of global charging station construction, as well as stable growth in data center and power grid investments [1][2][4]. Financial Performance - In Q2 2025, the company achieved revenue of 379 million yuan, representing a year-on-year increase of 34.8% and a quarter-on-quarter increase of 82.7% [1][2]. - The net profit attributable to the parent company was 22 million yuan, showing a year-on-year increase of 75.9% and a quarter-on-quarter increase of 437.2% [2]. - The non-recurring net profit was 21 million yuan, with a year-on-year increase of 79.1% and a quarter-on-quarter turnaround to profitability [1][2]. - The gross margin and net margin for Q2 2025 were 27.10% and 5.81%, respectively, with quarter-on-quarter increases of 1.11 percentage points and 8.95 percentage points [2]. Business Segments - The new energy power conversion business generated revenue of 385 million yuan in H1 2025, a year-on-year increase of 18.6%, with a gross margin of 19.5%, down 4.6 percentage points year-on-year [2]. - The smart grid business revenue in H1 2025 was 118 million yuan, a year-on-year increase of 36.0%, with a gross margin of 41.2%, up 3.9 percentage points year-on-year [3]. - The company is focusing on enhancing its product offerings in charging modules and smart grid solutions, leveraging technological advancements to improve efficiency and competitiveness [2][3]. Future Outlook - The company maintains an "overweight" rating, with revised profit forecasts for 2025-2027, expecting net profits of 91 million, 190 million, and 255 million yuan, respectively, reflecting significant upward adjustments [4]. - The target price for the company is set at 38.15 yuan, based on a reasonable PE ratio of 35 times for 2026, indicating confidence in sustained growth in charging station and data center-related businesses [4].

Investment Rating - The investment rating for the company is maintained at "Buy" [1][10]. Core Views - The report highlights a positive outlook on the company's data center business, driven by the acceleration of global charging station construction and stable growth in grid investment [6][10]. - The company reported a significant increase in revenue and net profit in Q2 2025, with revenue reaching 379 million RMB, a year-on-year increase of 34.8% and a quarter-on-quarter increase of 82.7% [6][7]. - The report anticipates continued robust growth across multiple business segments, particularly in the smart grid and charging module sectors, due to successful customer expansion and product competitiveness [9][10]. Financial Summary - The target price is set at 38.15 RMB, with the closing price as of September 4 being 33.96 RMB [2]. - The company's market capitalization is approximately 5,934 million RMB, with an average daily trading volume of 244.16 million RMB over the past six months [2]. - Revenue projections for the upcoming years are as follows: - 2024: 1,209 million RMB (growth of 19.89%) - 2025E: 1,721 million RMB (growth of 42.32%) - 2026E: 2,429 million RMB (growth of 41.16%) - 2027E: 3,323 million RMB (growth of 36.81%) [5][12]. - The expected net profit for 2025 is 91.38 million RMB, with a significant increase projected for subsequent years [5][12]. Business Segments - The company's new energy power conversion business generated 385 million RMB in revenue in H1 2025, reflecting an 18.6% year-on-year increase [8]. - The smart grid business saw revenue of 118 million RMB in H1 2025, a 36.0% year-on-year increase, benefiting from the growth in data center development [9]. - The report emphasizes the competitive edge of the company's charging modules, which have been continuously iterated to enhance efficiency and reduce operational costs [8].

Group 1 - Institutional trading today featured 43 stocks, with 19 experiencing net buying and 24 facing net selling [1] - The top three stocks with the highest institutional buying were Tonghe Technology (83.34 million), Yingweike (67.09 million), and International Composite Materials (65.45 million) [1] - Tonghe Technology saw a significant increase of 19.99% in its stock price, with 7 institutions net buying 83.34 million [2][3] Group 2 - Tonghe Technology's HVDC products cover voltage levels from 240V to 750V, supporting direct current power supply for data centers, capitalizing on global computing power growth opportunities [3] - The stock performance of Yingweike increased by 10.01%, with 1 institution buying and 1 selling [2] - International Composite Materials experienced a price rise of 19.97%, with 2 institutions buying and 1 selling [2]

Group 1: Company Performance and Strategy - The company's performance in the first half of the year showed a slight decline, primarily due to a decrease in revenue from new energy power conversion equipment [2] - To restore growth, the company will focus on increasing overseas revenue, targeting key markets in Europe, Southeast Asia, and collaborating with leading enterprises in related fields [2] - The company maintains a commitment to R&D, investing over 8% of its revenue annually to develop new technologies and products [3] Group 2: Charging Station Business - The growth rate of the charging station business slowed in the first half of the year due to mismatches in revenue recognition and project progress [3] - Future growth will be driven by the expansion of new energy heavy-duty trucks, supported by national policies promoting their large-scale application [3] - The company is also targeting the rural market, aligning with government initiatives to enhance charging infrastructure in counties and villages [4] Group 3: Energy Storage Business - The global energy storage market is experiencing robust growth, with strong demand in traditional markets like Europe and Southeast Asia, as well as emerging markets such as North Africa and South America [4] - The company is actively expanding its business in these new markets and has developed a range of adaptable energy storage products that meet international standards [4] Group 4: AIDC (Artificial Intelligence Data Center) Initiatives - The company established an AIDC division in June 2025 to focus on the evolving needs of data centers and related applications [5] - It plans to enhance its product offerings in HVDC (High Voltage Direct Current) technology, which is increasingly favored for its efficiency and space optimization in AIDC power supply [5] - The company aims to leverage its existing technology platforms to develop solutions across various AIDC power supply areas, including UPS and SST [6]