格隆汇12月18日丨新雷能(300593.SZ)在投资者互动平台表示，关于三次电源公司和ADI目前没有合作。 公司的三次电源产品包括Power Block和VPD两类产品，其中Power lock 已经处于内部测试阶段，VPD 产品已有国内客户提出需求。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司和ADI在三次电源方面有合作吗？公司三次电 源的进展情况如何？ 新雷能（300593.SZ）12月18日在投资者互动平台表示，关于三次电源，公司和ADI目前没有合作。公 司的三次电源产品包括Power Block和VPD两类产品，其中Power Block已经处于内部测试阶段，VPD产 品已有国内客户提出需求。 （记者 王瀚黎） ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司服务器电源的研发进展？目前主要是给哪些 公司配套服务器电源？ 新雷能（300593.SZ）12月3日在投资者互动平台表示，公司产品可以覆盖数据中心所需的一次、二次和 三次电源，可提供全系列的电源解决方案。包括HVDC电源、PSU电源和CRPS电源等一次电源，多款 母线变换器、比例变换器等二次电源，以及Power Block、VPD等三次电源产品。 （文章来源：每日经济新闻） ...

证券之星消息，2025年12月2日新雷能（300593）发布公告称华夏基金、兴全基金、长盛基金、国寿安 保、泰康资产、中信证券、兴业证券、国信证券、长江证券、国联民生、招商证券、鹏华基金、东方证 券、华源证券、广发基金、南方基金、交银基金、汇添富基金、新华基金、民生加银、华安基金于2025年 12月2日调研我司。 具体内容如下： 答：公司产品可以覆盖数据中心所需的一次、二次和三次电源，可提供全系列的电源解决方案。包括 HVDC 电源、PSU 电源和 CRPS 电源等一次电源，多款母线变换器、比例变换器等二次电源，以及Power Block、VPD 等三次电源产品。 答：公司聚焦特种领域电源，并加大集成电路、电机电驱、设备级电源等产品的投入；同时，在数据中 心、商业航天、低空经济等方向加大投入。 问：公司数据中心电源的布局情况？ 问：公司与 ADI 的合作情况。 答：DI 为公司在数据中心领域的合作伙伴，使用 DI 芯片并由双方进行联合开发。 问：公司是否向海外市场的销售模式？ 答：公司合作伙伴为 DI，DI 与其他厂商进行商务合作，具体客户主要由 DI 进行推进，最终客户信息和 订单细节不便透露。 问：公司与 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a revenue of 8.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 560 million yuan, up 20.8% year-on-year [4][7] - The company has seen significant growth in its automotive electronics business, with products such as HUD, wireless charging, and cockpit domain controllers leading the market [7] - The gross margin has slightly decreased, but the company has effectively controlled sales and management expenses while increasing R&D investment by 32.5% year-on-year in Q3 [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 8.79 billion yuan and a net profit of 560 million yuan, with Q3 revenue at 3.48 billion yuan and net profit at 220 million yuan [4][7] - Revenue projections for 2025 to 2027 are adjusted to 8.4 billion, 10.1 billion, and 12.2 billion yuan respectively [8] Market Position - The company holds the top market share in China for HUD and in-vehicle wireless charging products, with a global market share ranking second [7] - The company has successfully secured projects with major international automotive brands, enhancing its market presence [7] Cost Management and R&D - The gross margin for Q3 was 18.9%, reflecting a decline of 2.1 percentage points year-on-year [7] - The company has effectively reduced sales and management expense ratios, while R&D expenses have increased significantly [7] Future Outlook - The company maintains strong competitiveness in key products like HUD and wireless charging, justifying the "Recommended" rating despite slight adjustments in profit forecasts [8]

Core Viewpoint - Huayang Group is a leading enterprise in the domestic smart cockpit sector, with a comprehensive business scope that includes automotive electronics and precision electronic components, showcasing a differentiated advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Huayang Group reported revenue of 8.791 billion yuan, ranking 4th in the industry out of 36 companies, surpassing the industry average of 4.252 billion yuan and the median of 2.246 billion yuan [2] - The net profit for the same period was 565 million yuan, ranking 6th in the industry, also above the industry average of 217 million yuan and the median of 119 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huayang Group's debt-to-asset ratio was 48.40%, higher than the previous year's 43.77% and above the industry average of 44.11% [3] - The gross profit margin for Q3 2025 was 18.90%, down from 21.49% in the previous year and below the industry average of 19.46% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.48% to 40,700, while the average number of circulating A-shares held per shareholder decreased by 2.42% to 12,900 [5] - Notable changes among the top ten circulating shareholders include Hong Kong Central Clearing Limited entering as the fourth-largest shareholder with 7.852 million shares, and new shareholders such as Dongwu Jiahe Advantage Selection Mixed A [5] Group 4: Analyst Ratings and Forecasts - Huatai Securities maintains a "Buy" rating for Huayang Group, predicting revenues of 13.5 billion, 16.9 billion, and 21.1 billion yuan for 2025 to 2027, with a target price of 44.85 yuan [6] - Dongwu Securities also maintains a "Buy" rating, forecasting revenues of 12.7 billion, 15.56 billion, and 18.71 billion yuan for the same period, while slightly lowering net profit estimates [6]

Group 1: Monetary Policy and Financial Management - The central bank is gradually implementing a moderately loose monetary policy, with macro-prudential management continuously improving, as evidenced by the recent financial forum where the central bank governor emphasized the importance of debt market operations [6][8] - The central bank's net purchase of 700 billion yuan in government bonds from October to December 2024 is aimed at alleviating supply-side pressures, indicating a mature timing for the resumption of bond trading [6][7] - The construction of a comprehensive macro-prudential management system is being accelerated to prevent and resolve financial risks, enhancing the ability to manage banking asset quality concerns [8] Group 2: Capital Market Reforms - The capital market is focusing on deepening investment and financing reforms while enhancing protections for small and medium investors, as highlighted in a recent speech by the chairman of the securities regulatory commission [11][12] - The multi-tiered capital market system is being reinforced, with specific reforms aimed at the growth board and the North Exchange to better serve emerging industries and technologies [13][14] - The introduction of a refinancing framework is expected to streamline the process for quality companies, allowing them to issue securities in a more flexible manner [15] Group 3: Company-Specific Insights - Huayang Group reported Q3 2025 revenue of 3.48 billion yuan, a year-on-year increase of 31%, driven by strong performance in automotive electronics and precision die-casting [19][20] - Hengli Hydraulic achieved a revenue of 7.79 billion yuan in the first three quarters of 2025, reflecting a 12.31% year-on-year growth, with a notable recovery in the excavator industry [23][24] - Hengli Petrochemical's Q3 net profit increased by 81.47% year-on-year, despite a revenue decline, due to effective cost management and improved gross margins [27][28] Group 4: Investment Recommendations - Investment recommendations for Huayang Group suggest a clear growth path driven by automotive electronics and precision die-casting, with adjusted profit forecasts for 2025-2027 [22] - Hengli Hydraulic is positioned as a leader in the hydraulic components market, with expected net profits of 2.796 billion yuan for 2025, reflecting a strong recovery in the excavator sector [25] - Hengli Petrochemical is expected to benefit from a new cycle in the refining industry, with a maintained "buy" rating based on its robust dividend policy and market position [29]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company continues to show strong revenue growth, driven by automotive electronics and precision die-casting [3] - The gross margin has declined due to product mix changes, but R&D investment remains robust [4] - The customer structure is improving, with accelerated global expansion [5] - Technological innovation is leading to new growth opportunities with products like VPD and domain controllers [6] - The company is a leader in automotive electronics, with a diversified customer base and a strong global presence [7] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 3.48 billion yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 18.32% [2] - For the first three quarters of 2025, revenue reached 8.79 billion yuan, up 28.50% year-on-year, with net profit of 561 million yuan, a 20.80% increase [2] Revenue Drivers - The revenue growth is supported by strong performance in automotive electronics, particularly HUD, VPD, and domain control products [3] - The precision die-casting segment saw revenue growth exceeding 40% in the first half of the year [3] Margin and Costs - The gross margin for Q3 2025 was 18.93%, down 2.13 percentage points year-on-year, primarily due to product mix and industry competition [4] - R&D expenses in Q3 2025 were 255 million yuan, a 32.81% increase year-on-year, indicating a commitment to technological innovation [4] Customer and Global Strategy - The top five customers in the first half of 2025 showed a balanced revenue contribution, reducing operational risks [5] - The company is expanding its global footprint, securing projects with major international brands like Volkswagen and Ford [5] Technological Innovation - The VPD product has received positive market feedback after its launch on the Xiaomi SU7, and discussions for new projects are ongoing with various manufacturers [6] - The company is developing comprehensive solutions for cockpit domain controllers, catering to diverse customer needs [6] Earnings Forecast - Revenue projections for 2025-2027 are adjusted to 13.205 billion, 16.371 billion, and 19.672 billion yuan, respectively [8] - Expected net profits for the same period are 803 million, 1.041 billion, and 1.290 billion yuan, respectively [8] - The estimated EPS for 2025-2027 is 1.53, 1.98, and 2.46 yuan, respectively [8]

Core Insights - The company reported strong revenue growth in Q3 2025, achieving 3.48 billion yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 18.32% [1][3] - The net profit attributable to shareholders for Q3 2025 was 220 million yuan, up 23.74% year-on-year, while the net profit for the first three quarters of 2025 reached 561 million yuan, reflecting a 20.80% increase compared to the previous year [1][3] Revenue Growth - Revenue growth is driven by automotive electronics and precision die-casting, with key products like HUD, VPD, and domain controllers performing well [2][3] - The innovative VPD product was launched in the Xiaomi SU7, marking a significant milestone and contributing to new growth [3] Profitability and Costs - The gross margin for Q3 2025 was 18.93%, down 2.13 percentage points year-on-year, primarily due to product mix changes and industry competition, yet it remains at a high double-digit level [4] - R&D expenses increased by 32.81% year-on-year to 255 million yuan, indicating a commitment to technological innovation [4] Customer and Global Expansion - The customer base is diversifying, with major clients like Changan, BAIC, Xiaomi, Stellantis, Xiaopeng, and NIO showing significant revenue growth [5] - The company is expanding its global footprint by establishing subsidiaries in Thailand and Mexico to enhance supply chain security and support international clients [5] Technological Innovation - The VPD product leverages the company's expertise in display and optical technologies, receiving positive market feedback after its launch [6] - The company is advancing its cockpit domain controller solutions in collaboration with Qualcomm, Chipone, Renesas, and MediaTek, catering to diverse customer needs [6] Investment Outlook - The company is positioned as a leader in the domestic automotive electronics sector, with core products like VPD and HUD driving growth [7] - Revenue forecasts for 2025-2027 have been adjusted to 13.205 billion, 16.371 billion, and 19.672 billion yuan, with net profit estimates revised to 803 million, 1.041 billion, and 1.290 billion yuan respectively [7]

Core Insights - Vicor Corporation reported financial results for Q3 2025, showing an 18.5% year-over-year increase in product revenues and licensing income, totaling $110.4 million, but a 21.7% sequential decrease from Q2 2025 due to a prior patent litigation settlement [2][4]. Financial Performance - Gross margin for Q3 2025 was $63.5 million, up from $45.7 million year-over-year, but down from $92.1 million sequentially. The gross margin percentage increased to 57.5% compared to 49.1% a year ago, but decreased from 65.3% in Q2 2025 [3]. - Operating expenses rose to $42.6 million in Q3 2025 from $40.4 million a year ago, but decreased from $46.7 million in Q2 2025 [3]. - Net income for Q3 2025 was $28.3 million, or $0.63 per diluted share, compared to $11.6 million or $0.26 per diluted share a year ago, and down from $41.2 million or $0.91 per diluted share in Q2 2025 [4]. - Cash flow from operations was $38.5 million in Q3 2025, up from $22.6 million year-over-year, but down from $65.2 million in Q2 2025 [5]. Backlog and Market Position - The backlog for Q3 2025 was $152.8 million, a 1.5% increase from $150.6 million year-over-year, but a 1.5% sequential decrease from $155.2 million at the end of Q2 2025 [6]. - CEO Dr. Patrizio Vinciarelli highlighted that licensing revenue reached a record rate in Q3 2025 following a litigation settlement, indicating strong growth potential in Vicor's IP licensing practice [7]. Capital and Investments - Capital expenditures for Q3 2025 totaled $4.0 million, down from $8.4 million year-over-year and $6.2 million in Q2 2025 [5]. - Cash and cash equivalents increased by 7.0% sequentially to approximately $362.4 million as of September 30, 2025, compared to approximately $338.5 million as of June 30, 2025 [5]. Company Overview - Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems, serving various markets including high-performance computing, industrial equipment, telecommunications, and aerospace [11].