证券研究报告·公司深度研究·其他电源设备Ⅱ 中恒电气（002364） 掘金 HVDC 百亿蓝海，御风 AI 基建全球化 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,555 | 1,962 | 2,800 | 3,628 | 4,581 | | 同比（%） | (3.33) | 26.13 | 42.71 | 29.58 | 26.25 | | 归母净利润（百万元） | 39.36 | 109.63 | 180.73 | 240.46 | 306.05 | | 同比（%） | 170.51 | 178.52 | 64.85 | 33.05 | 27.28 | | EPS-最新摊薄（元/股） | 0.07 | 0.19 | 0.32 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 229.94 | 82.56 | 50.08 | 37.64 | 29.57 ...

证券研究报告·公司深度研究·其他电源设备Ⅱ 中恒电气（002364） 掘金 HVDC 百亿蓝海，御风 AI 基建全球化 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,555 | 1,962 | 2,800 | 3,628 | 4,581 | | 同比（%） | (3.33) | 26.13 | 42.71 | 29.58 | 26.25 | | 归母净利润（百万元） | 39.36 | 109.63 | 180.73 | 240.46 | 306.05 | | 同比（%） | 170.51 | 178.52 | 64.85 | 33.05 | 27.28 | | EPS-最新摊薄（元/股） | 0.07 | 0.19 | 0.32 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 229.94 | 82.56 | 50.08 | 37.64 | 29.57 ...

截至2025年6月6日收盘，中恒电气（002364）报收于16.06元，较上周的15.16元上涨5.94%。本周，中 恒电气6月6日盘中最高价报16.48元。6月3日盘中最低价报14.58元。中恒电气当前最新总市值90.51亿 元，在其他电源设备板块市值排名13/28，在两市A股市值排名1744/5148。 公司公告汇总 截至2025年5月31日，杭州中恒电气股份有限公司通过回购专用证券账户，以集中竞价交易方式累计回 购公司股份1,462,700股，占公司总股本的0.26%。最高成交价为15.437元/股，最低成交价为13.34元/ 股，合计成交总金额为20,860,195元（不含交易费用）。回购符合相关法律法规和公司既定的回购股份 方案的要求。回购资金总额不低于人民币2,500万元且不超过人民币5,000万元，回购价格不超过人民币 23元/股，实施期限为自公司董事会审议通过回购方案之日起3个月之内。公司将严格按照法律法规的相 关规定以及公司审议通过的回购股份方案，在回购期限内继续实施本次回购计划，并根据回购股份事项 的进展情况及时履行信息披露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-22 杭州中恒电气股份有限公司 关于回购公司股份的进展公告 截至2025年5月31日，公司通过回购专用证券账户，以集中竞价交易方式累计 回购公司股份1,462,700股，占公司总股本的0.26%，其中最高成交价为15.437元/ 股，最低成交价为13.34元/股，合计成交总金额为20,860,195元（不含交易费用）。 本次回购符合相关法律法规和公司既定的回购股份方案的要求。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托时 间均符合公司回购股份的方案及《上市公司股份回购规则》《深圳证券交易所上市 公司自律监管指引第9号——回购股份》等有关规定。 1、公司未在下列期间回购股份： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州中恒电气股份有限公司（以下简称"公司"）于2025年4月11日召开第八届 董事会第十二次会议，审议通过了《关于回购公司股份方案的议案》，同意公司以 自有资金通过集中竞价交易方式回购部分公司发行的人民币普通股（A股），用于维 护公司价值及股 ...

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company is a leader in the HVDC (High Voltage Direct Current) solutions market, showing strong profit growth. In 2024, it achieved a revenue of 1.96 billion yuan, a year-on-year increase of 26.1%, and a net profit of 110 million yuan, up 178.5% year-on-year [2][4]. - The company is expected to benefit significantly from the increasing penetration of HVDC solutions, particularly in data center power systems, which accounted for 34.1% of its revenue in 2024, reflecting a 13.7 percentage point increase year-on-year [4][5]. - The company has established a strong presence in both domestic and international markets, with overseas sales growing by 257.9% in 2024. It plans to continue expanding its overseas business, focusing on communication power and data center power products [5]. Financial Performance - The company reported a revenue of 1.96 billion yuan in 2024, with a projected revenue of 2.67 billion yuan for 2025, representing a year-on-year growth of 36.2% [9]. - The net profit for 2024 was 110 million yuan, with expectations of 209 million yuan for 2025, indicating a growth rate of 90.5% [9]. - The gross margin is projected to improve from 26.2% in 2024 to 28.4% in 2025, reflecting operational efficiency [9]. Market Position - The company is positioned as a leading player in the HVDC sector, with significant applications in large internet cloud computing data centers and third-party colocation data centers [4]. - The company has a competitive edge with its direct current Panama products, maintaining a leading position in operational capacity and technical specifications [4]. Future Projections - The report forecasts earnings per share (EPS) of 0.37 yuan for 2025, 0.56 yuan for 2026, and 0.79 yuan for 2027, with corresponding price-to-earnings (P/E) ratios of 44.1, 29.1, and 20.7 respectively [6][9].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company has demonstrated strong revenue growth, achieving a revenue of 1.96 billion yuan in 2024, a year-on-year increase of 26.1%, and a net profit of 110 million yuan, up 178.5% year-on-year [4][5]. - The company is a leader in the HVDC (High Voltage Direct Current) solutions industry, benefiting from the increasing penetration of direct current solutions [4]. - The company has established significant partnerships with major clients, including large internet cloud computing data centers, enhancing its market position [4]. Financial Performance - In 2024, the company reported a revenue of 1.96 billion yuan, with a net profit of 110 million yuan, reflecting a substantial increase compared to the previous year [4][9]. - For Q1 2025, the company achieved a revenue of 390 million yuan, a year-on-year increase of 11.1%, although it experienced a quarter-on-quarter decline of 50.4% [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.37 yuan, 0.56 yuan, and 0.79 yuan respectively, indicating a positive growth trajectory [6]. Market Position and Strategy - The company has a diversified revenue stream, with data center power systems contributing 34.1% to its revenue in 2024, followed by power operation systems at 24.4% and communication power systems at 15.6% [4]. - The company is expanding its overseas market presence, with a significant increase in export revenue, which grew by 257.9% in 2024 [5]. - The establishment of a wholly-owned subsidiary in Singapore aims to enhance the company's global footprint and drive growth in international markets [5].

Core Viewpoint - The data center power concept stocks are experiencing a strong upward trend, with significant gains observed in several companies [1] Group 1: Stock Performance - Zhongheng Electric (002364) has reached the daily limit increase [1] - Other companies such as Power Source (600405), Tonghe Technology (300491), Yinkeri (300713), Aotuxun (002227), Hewei Electric (603063), Shenghong Shares (300693), and Oulu Tong (300870) are also seeing increases [1] Group 2: Market Activity - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest and potential market activity [1]

Group 1 - The A-share power equipment sector opened high, with Zhongheng Electric rising over 7% [1] - Tonghe Technology increased by more than 3% [1] - Other companies such as Maigemeite and Oulutong also experienced gains [1]

Meeting Details - The annual general meeting of shareholders was held on May 15, 2025, at 14:00 [2] - The meeting took place at the company's conference room located at 69 Dongxin Avenue, Binjiang District, Hangzhou [3] - The meeting was conducted through a combination of on-site voting and online voting [4] Attendance - A total of 511 shareholders attended the meeting, representing 245,987,347 shares, which is 43.7320% of the total voting shares [6] - Among them, 4 shareholders attended the meeting in person, representing 201,294,929 shares (35.7865% of total voting shares) [6] - 507 shareholders participated via online voting, representing 44,692,418 shares (7.9455% of total voting shares) [7] - Small shareholders accounted for 12,690,618 shares (2.2562% of total voting shares) [8] Proposals Reviewed and Voting Results 1. The 2024 Board of Directors' Work Report was approved with 245,661,454 votes in favor (99.8675%) [12] 2. The 2024 Supervisory Board's Work Report was approved with 245,736,554 votes in favor (99.8980%) [13] 3. The 2024 Annual Report and its summary were approved with 245,734,754 votes in favor (99.8973%) [14] 4. The 2024 Financial Settlement Report was approved with 245,728,754 votes in favor (99.8949%) [15] 5. The 2024 Profit Distribution Plan was approved with 245,669,454 votes in favor (99.8708%) [16] 6. The proposal to reappoint the accounting firm was approved with 245,720,154 votes in favor (99.8914%) [17] 7. The 2025 Director Compensation Plan was approved with 245,670,654 votes in favor (99.8713%) [18] 8. The 2025 Supervisor Compensation Plan was approved with 245,593,754 votes in favor (99.8400%) [19] 9. The proposal to apply for bank credit was approved with 245,643,154 votes in favor (99.8601%) [20] Legal Witness - The meeting was witnessed by lawyers from Zhejiang Tian Ce Law Firm, confirming that the meeting's procedures complied with legal and regulatory requirements [21]

浙江天册律师事务所 关 于 杭州中恒电气股份有限公司 2024 年度股东大会的 法律意见书 天册律师事务所 杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 电话：+ 86 571 8790 1110 传真：+ 86 571 8790 1500 www.tclawfirm.com 法律意见书 浙江天册律师事务所 关于杭州中恒电气股份有限公司 2024 年度股东大会的 法律意见书 编号：TCYJS2025H0762 号 致：杭州中恒电气股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会 规则》"）等法律、法规和规范性文件及《杭州中恒电气股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，浙江天册律师事务所（特殊普通合伙）（以 下简称"本所"）接受杭州中恒电气股份有限公司（以下简称"中恒电气"或"公 司"）的委托，指派律师参加中恒电气 2024 年度股东大会，并出具本法律意见书。 本法律意见书仅供中恒电气 2024 年度股东大会之目的使用。本所律师同意 将本法律意见书随中恒电气本次股东大会 ...