Core Viewpoint - Zhongheng Electric (002364.SZ) primarily acts as an application party for power devices such as gallium nitride, and currently does not engage in the direct shipment of related devices [1] Company Summary - Zhongheng Electric focuses on the application of gallium nitride and other power devices [1] - The company does not involve itself in the direct sales of these related devices [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage [2][6][15]. Core Insights - The company is expected to benefit from the increasing penetration of HVDC technology and the expansion into overseas markets, leading to significant performance growth. The projected net profits for 2025-2027 are estimated at 146 million, 285 million, and 512 million yuan, respectively, with corresponding PE ratios of 95.4, 48.7, and 27.2, which are below the average of comparable companies [6][15]. - The company is a leading player in the HVDC supply solutions market, focusing on data center power systems, power operation systems, communication power systems, and digital power solutions. It has established a strong market position through technological and service advantages [6][19]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,555 million yuan in 2023 to 5,335 million yuan in 2027, with a compound annual growth rate (CAGR) of 53.7% [5][10]. - The company anticipates a significant increase in net profit from 39 million yuan in 2023 to 512 million yuan in 2027, reflecting a robust growth trajectory [5][10]. - The gross profit margin is expected to stabilize around 26% in the coming years, with specific segments like data center power systems showing higher margins due to increased overseas sales [10][11]. Industry Demand and Growth Drivers - The AIDC investment is entering a high-growth cycle, with major cloud providers significantly increasing their capital expenditures, which is expected to drive demand for power supply systems [25][26]. - The market for data center power supply systems is projected to reach 239.7 billion yuan in 2024 and grow to 610.4 billion yuan by 2027, with a CAGR of 36.6% [25][26]. - The penetration of HVDC technology is expected to accelerate due to rising power density in data center cabinets, making HVDC a more attractive option compared to traditional UPS systems [27][33]. Competitive Advantages - The company holds a leading market share of 31% in the HVDC sector, benefiting from deep relationships with major clients and a strong focus on R&D, which has resulted in a high number of patents and industry standards [48][61]. - The competitive landscape is characterized by high concentration, with the top three players expected to hold 72% of the market share by 2025, indicating a favorable environment for the company to maintain its leadership position [48][50]. International Expansion - The company is actively expanding into international markets through joint ventures and local partnerships, such as the establishment of SuperX Digital in Singapore, which focuses on Southeast Asia and the Middle East [61]. - This strategy aims to leverage local market knowledge and enhance supply chain collaboration to meet the growing demand for data center solutions abroad [61].

今年以来中恒电气已经20次登上龙虎榜，最近一次登上龙虎榜为11月10日，当日龙虎榜净买入-2198.36 万元；买入总计1.51亿元 ，占总成交额比9.76%；卖出总计1.73亿元 ，占总成交额比11.17%。 资料显示，杭州中恒电气股份有限公司位于浙江省杭州市高新区之江科技工业园东信大道69号，成立日 期2001年7月11日，上市日期2010年3月5日，公司主营业务涉及高频开关电源系统的研发、生产、销售 和服务,主要产品为通信电源系统、电力操作电源系统。主营业务收入构成为：数据中心电源45.66%， 电力操作电源系统19.60%，通信电源系统19.22%，软件开发、销售及服务11.47%，其他2.87%，电力管 理服务及工程收入(服务收入)1.17%。 12月23日，中恒电气（维权）盘中上涨2.15%，截至13:25，报25.18元/股，成交4.52亿元，换手率 3.26%，总市值141.91亿元。 资金流向方面，主力资金净流入3468.42万元，特大单买入3128.14万元，占比6.92%，卖出1124.15万 元，占比2.49%；大单买入9415.11万元，占比20.84%，卖出7950.69万元，占比 ...

Core Insights - The Chinese redundant power system industry is experiencing strong demand driven by AI computing power and "new infrastructure," with a projected market size of approximately 30.8 billion yuan in 2024, reflecting a year-on-year growth of 8.83% [1][8] - The growth is attributed to the rigid demand for high reliability in power supply for key infrastructures such as data centers, communication networks, and industrial internet, as well as the direct pull from high-power density loads like AI servers [1][8] - The focus of competition in the industry has shifted from traditional general-purpose products to customized and intelligent solutions such as high-voltage direct current (HVDC) and liquid-cooled power supplies [1][8] Industry Overview - Redundant power systems (RPS) are designed to achieve load balancing, automatic fault switching, and continuous power supply through parallel or backup designs of multiple power modules, ensuring seamless operation even during main power failures [2] - The systems typically utilize chip-controlled modules for load distribution and health monitoring, supporting hot-swappable functionality to allow for module replacement without service interruption [2] Industry Value Chain - The upstream of the redundant power system industry includes raw materials and components such as MOSFETs, IGBTs, diodes, chips, sensors, and various protective devices [4] - The midstream involves the production and manufacturing of redundant power systems, while the downstream applications span data centers, industrial automation, communication, transportation, medical, and aerospace sectors [4] Market Size - The market size of the Chinese redundant power system industry is expected to reach approximately 30.8 billion yuan in 2024, with an 8.83% year-on-year growth, driven by the demand for high reliability in power supply for critical infrastructures [1][8] - The industry is witnessing a transition towards customized and intelligent solutions that cater to high-efficiency computing clusters [1][8] Key Companies Performance - The industry has a high concentration of market players, with companies like Eurotech deeply integrated with major clients such as Inspur and Alibaba, and their 800V HVDC solution passing tests by Meta [8] - Megmeet has entered the Nvidia supply chain and co-developed an immersion liquid-cooled power supply, supporting a power density of 300kW per cabinet [8] - Zhongheng Electric provides deep service in the HVDC market for internet giants like Tencent and Alibaba [8] Industry Development Trends 1. **Technological Evolution**: The industry is evolving towards AI-driven intelligent redundancy, enhancing energy efficiency and smart development, with power conversion efficiency exceeding 96% and modular designs supporting high power density [11] 2. **Rising Market Demand**: The demand for redundant power modules is increasing significantly, particularly in data centers, driven by projects like "East Data West Computing" and the growth of 5G and industrial automation [12] 3. **Policy and Industry Synergy**: National goals for carbon neutrality and the "14th Five-Year Plan" are pushing the industry towards greener and more autonomous upgrades, with an increasing penetration of domestic power management chips [13]

证券日报网讯 12月15日晚间，中恒电气发布公告称，公司第九届董事会第五次会议审议通过《关于开 展期货套期保值业务的议案》《关于拟处置参股公司股权的议案》。 （文章来源：证券日报） ...

Core Viewpoint - The company has approved two significant resolutions during its board meeting, including the initiation of futures hedging business and the disposal of equity in an associate company, aimed at optimizing its asset structure and managing risks associated with raw material price fluctuations [1][3][18]. Group 1: Futures Hedging Business - The company plans to conduct futures hedging to mitigate the adverse effects of price fluctuations in bulk raw materials, thereby effectively managing costs [7][8]. - The maximum margin balance for the futures hedging business will not exceed RMB 20 million, with a maximum contract value of RMB 200 million on any trading day [7][8]. - The hedging will involve commodities such as copper, aluminum, lead, tin, and steel, traded on approved domestic and international exchanges [7][8]. Group 2: Disposal of Equity in Associate Company - The company intends to dispose of its entire 7.3346% equity stake in Fujian Ningde Zhixiang Unlimited Technology Co., Ltd., through market search, original shareholders, or buyback [3][18]. - The board has authorized management to handle the transaction, ensuring the transaction amount is not less than RMB 200 million [3][18]. - This transaction is not classified as a related party transaction and does not constitute a major asset restructuring under relevant regulations [19][20].

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

Core Viewpoint - The company plans to engage in futures hedging to manage the risks associated with fluctuations in raw material prices, aiming to stabilize production costs and enhance operational certainty [1][2]. Business Background and Core Purpose - The primary objective of the futures hedging business is to mitigate the adverse effects of price volatility in key raw materials such as copper, aluminum, lead, tin, and steel on production operations, thereby stabilizing costs [2]. - The company has faced challenges in cost control due to increased volatility in commodity prices influenced by macroeconomic factors and supply chain issues [2]. Specific Business Arrangements - The hedging business will focus on commodities closely related to production, with a maximum contract value of 200 million yuan and a trading margin limit of 20 million yuan [3]. - The funding for this business will come from the company's own resources, and it will not involve raised funds [3]. - The authorization period for this hedging activity is set for twelve months following the board's approval [3]. Approval Process and Compliance - The board of directors approved this initiative on December 15, 2025, and it falls within the board's authority, thus not requiring shareholder approval [3]. - The management is authorized to implement the hedging activities within the specified limits [3]. Risk Analysis and Control Measures - The company acknowledges potential risks associated with the hedging business, including market risk, policy risk, liquidity risk, internal control risk, and technical risk [4]. - To mitigate these risks, the company has established a management system for the hedging business, including clear approval processes, operational procedures, and stop-loss mechanisms [4]. - A dedicated futures management team will be set up to ensure compliance with the board's authorization and to match the scale of operations with production needs [4]. Accounting Treatment and Follow-up Arrangements - The company will account for the hedging activities in accordance with relevant accounting standards, ensuring proper financial reporting [5]. - Analysts suggest that this proactive approach to managing cost risks could smooth out the impact of raw material price fluctuations on the company's performance, thereby enhancing operational stability [5].

Group 1 - Muxi Co., Ltd. will list its common stock on the Sci-Tech Innovation Board on December 17, 2025 [1] - Xinghua New Materials signed a strategic cooperation agreement with Guoteng Company to collaborate in the quantum technology field [2] - TCL Technology's subsidiary plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 60.45 billion RMB [3] Group 2 - Jingjia Micro's subsidiary has completed key stages of its edge AI SoC chip, marking a significant project breakthrough [4] - Cambricon plans to use 2.778 billion RMB of its capital reserve to offset losses [5] - Bojun Technology's subsidiary intends to invest 600 million RMB in an automotive lightweight component production base in Chongqing [6] Group 3 - Longqi Technology plans to invest approximately 1.5 billion RMB to build an AI + smart terminal digital benchmark factory in Nanchang [7] - Taili Technology signed a strategic cooperation framework agreement with Jinan University to establish an advanced functional materials research institute with an investment of 100 million RMB [8][9] - Pengding Holdings plans to invest a total of 4.297 billion RMB in a production facility in Thailand by 2026 [10] Group 4 - China Metallurgical Group reported a new contract amount of 958.13 billion RMB from January to November 2025, a decrease of 8.6% year-on-year [16] - 吉祥航空 reported an 8.92% year-on-year increase in passenger turnover in November 2025 [17] - Hainan Airport's passenger throughput reached 2.0909 million in November 2025, a year-on-year increase of 8.16% [20] Group 5 - Xinhua Insurance reported a cumulative original insurance premium income of 188.85 billion RMB from January to November 2025, a year-on-year increase of 16% [21] - Huafeng Aluminum's controlling shareholder plans to reduce its stake by up to 2.17% [22] - Digital Vision plans to repurchase shares worth 80 million to 120 million RMB [23]

Core Viewpoint - The company Zhongheng Electric (002364.SZ) plans to divest its entire stake of 7.3346% in the associate company Ningde Zhixiang to focus on its main business and optimize its asset structure [1] Group 1 - The company aims to enhance decision-making efficiency and seize trading opportunities by authorizing its management to handle the transaction, provided the transaction amount is no less than 200 million RMB [1] - The authorized scope includes but is not limited to formulating and adjusting the transaction plan, signing relevant agreements, and handling asset transfer matters [1]