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 ...

Market Trends - The automotive industry is experiencing increased investments from domestic and international companies, with the commercialization of Robotaxi expected to accelerate [4] - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,363.45, up 0.70% [2] Automotive Industry Insights - The value and penetration rate of smart driving chips are expected to increase significantly, benefiting companies like Horizon Robotics and Black Sesame [5] - Nvidia is applying its AI models to autonomous vehicles, partnering with Mercedes to launch a fleet globally [6] - Pony.ai plans to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, with a significant revenue increase in its Robotaxi business [6] - Baidu's autonomous driving service, "Luobo Kuaipao," provided over 1.4 million rides in Q1 2025, marking a 75% year-on-year growth [6] - Tesla is set to launch its autonomous taxi service in Austin, Texas, by the end of June 2025, with plans to expand to other cities [6] Company Analysis: Zhongheng Electric (002364.SZ) - Zhongheng Electric reported 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% [9] - In Q1 2025, the company achieved a revenue of 390 million yuan, a year-on-year increase of 11.1%, but a quarter-on-quarter decrease of 50.4% [9] - The company is a leader in HVDC solutions and is expected to benefit from the increasing penetration of direct current solutions [9][10] - The traditional power supply business is growing steadily, with overseas markets showing significant potential for expansion [10] - The company plans to continue its global expansion, focusing on communication and data center power supplies [10] Investment Recommendations - The report forecasts EPS for Zhongheng Electric to be 0.37, 0.56, and 0.79 for 2025-2027, with corresponding PE ratios of 44.1, 29.1, and 20.7 [11] - The initial coverage rating for Zhongheng Electric is "Buy-B" based on its growth potential and market position [11]

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].

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002640 | 跨境通 | 5.31 | 18.82 | 7352.80 | 5.98 | | 300785 | 值得买 | 2.36 | 11.70 | 5040.96 | 9.61 | | 002364 | 中恒电 气 | 1.37 | 9.19 | 3062.27 | 3.67 | | 603535 | 嘉诚国 际 | 7.54 | 5.27 | 2719.10 | 11.24 | | 300997 | 欢乐家 | 6.87 | 3.30 | 1605.08 | 8.07 | | 600228 | *ST返 利 | 3.62 | 3.42 | 1120.43 | 19.74 | | 601956 | 东贝集 团 | 0.14 | 14.00 | 952.85 | 1.55 | | 002878 | 元隆雅 | 5.54 | 7.50 | 927.92 | 3.46 ...

午评：北证50半日跌超4% 浦发银行等多只银行股再创历史新高 智通财经5月22日电，市场早盘震荡调整，三大指数涨跌不一，北证50指数跌超4%。沪深两市半日成交 额7194亿，较上个交易日缩量318亿。盘面上热点较为杂乱，个股跌多涨少，全市场4100只个股下跌。 从板块来看，银行股逆势走强，浦发银行等多股再创历史新高。军工股震荡拉升，国睿科技等涨停。数 据中心电源概念股一度冲高，中恒电气涨停。下跌方面，新消费概念股集体大跌，可靠股份跌超10%。 板块方面，军工电子、银行、数据中心电源、游戏等板块涨幅居前，草甘膦、宠物经济、美容护理、固 态电池等板块跌幅居前。截至收盘，沪指涨0.00%，深成指跌0.28%，创业板指跌0.44%。 ...

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]

AI大时代给新能源产业链带来变革性机会。 在未来AI大发展的时代背景下，新能源产业链有望与AIDC、人形机器人、低空经济深度融合，共同推动社会的智能 化升级，同时把产业链的成长空间打开。 在各大AI巨头的加速扩大资本开支过程中，新能源+AIDC迎来向上突变 。新能源产业链的设备将助力数据中心实现高效、高密度与高可靠，如HVDC、BBU等 技术的应用，有望协同推动数据中心向智算数据中心转变。 人形机器人是AI+国内优质制造业结合的典范，新能源+人形机器人处于从0到1的关键期。 人形机器人可以视为智能电动车形态的升级，未来新能源汽车产业链 的公司有望大力拓展人形机器人领域，特斯拉产业链的公司就是例证。与电动车之前产业发展阶段不同的是，这次国内人形机器人的进化有望引领全球发展，未 来人形机器人产业链相关公司从0到1过渡到从1到10的发展将更为丝滑顺利。 人类生活的延伸到低空是未来趋势，新能源+低空经济未来预期有望逐步提升。 新能源三电系统是低空经济发展的重要驱动力，将助力低空经济向智能化、低碳 化转型，亿航智能与英博尔的合作引领着行业发展。 产业链相关标的： 1）新能源+AIDC： 科华数据、禾望电气、中恒电气、科 ...

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]