证券代码： 002706 证券简称：良信股份 上海良信电器股份有限公司投资者关系活动记录表 | 投资者关系活 | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | 媒体采访 业绩说明会 □ √ | | | 路演活动 □ 新闻发布会 □ | | | □ 现场参观 | | | □ 其他 （电话会议） | | 参与单位名称 | 投资者网上提问 | | 及人员姓名 | | | 时间 | 2025 年 4 月 25 日 20:30-21:30 | | 地点 | 线上会议 | | 上市公司接待 | 1、财务总监、董事会秘书程秋高 | | 人员姓名 | 2、证券事务代表 王锐 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司一季度业绩恢复增长的主要原因是什么？ | | | 公司一季度业绩增长主要源于两大因素：一方面，来源于市场 | | | 需求复苏，新能源、电力及数据中心行业的需求不断增加，为公司 | | | 带来了新的订单及机会；另一方面，来源于公司市场竞争力的综合 | | | 提升，公司不断加强研发能力，并持续开拓各行业龙头客户，进一 | | 投资者关系 ...

新能源领域保持高增；地产类业务降幅有望收窄。1）新能源方面：根据国家能源局数据，截至3 月底 全国累计太阳能发电/风电装机容量分别同比+43.4%/+17.2%。我们看好公司有望受益于风光储高景气获 得较快增长，高毛利的风电和储能产品交付有望优化盈利结构；同时公司积极推进直流接触器在头部车 企的应用、开辟核电领域接触器等产品应用，我们看好公司在相关市场份额稳步提升。2）基础设施和 智能楼宇：根据国家统计局数据，25 年1-3 月房屋竣工面积同比-14.3%（对比24 年1-3 月同 比-20.4%），降幅收窄；公司持续推出智能配电、智慧人居系列等新产品（PX 配电专家、天启良信数 字家庭综合箱等），积极构建软硬件产品一体化集成能力，打开高端项目市场，我们认为板块压力有望 在今年得到一定缓解。 数据中心加速国产替代，有望迎来放量机遇。当前数据中心领域外资品牌市占率仍然较高，公司深耕数 据中心领域超20 年，产品方案覆盖配电柜、开关柜、断路器等产品，并持续推动新产品研发力度，为 智算中心提供智能化、模块化的高可靠用电解决方案，我们认为随着国内AIDC 建设加速，公司有望抓 住关键器件国产替代的发展机遇，开拓优质客 ...

我们认为公司2024 年经营触底，25 年有望修复，并且新能源、智能配电、数据中心等业务有望带来可 观增量贡献。预计2025 年归母净利润4.5 亿元，对应PE 约20X。维持"买入"评级。 风险提示 事件描述 公司发布2024 年年报。2024 年全年实现营业收入42.4 亿元，同比-7.6%；归母净利润3.1 亿元，同 比-38.9%；扣非净利润2.6 亿元，同比-41.6%。单季度看，公司2024Q4 营业收入11.1亿元，同比-1.4%， 环比-0.1%；归母净利润0.01 亿元，同比-98.5%，环比-98.0%；扣非净利润-0.1 亿元，小幅转亏。 事件评论 收入端，分板块看，公司2024 年全年配电电器收入27.59 亿元，同比-1.8%；终端电器收入8.35 亿元， 同比-23.9%；控制电器收入4.58 亿元，同比+3.9%；电工产品收入1.56亿元，同比-29.3%；其他业务收 入0.29 亿元，同比+67.1%。分地区看，公司2024 年全年国内收入41.34 亿元，同比-7.5%；海外区收入 1.04 亿元，同比-11.5%。公司收入承压预计主要因为地产下游压力较大。 毛利方面，公司2 ...

法律意见书 北京 上海 深圳 杭州 广州 昆明 天津 成都 宁波 福州 西安 南京 南宁 济南 香港 巴黎 马德里 硅谷 BEIJING SHANGHAI SHENZHEN HANGZHOU GUANGZHOU KUNMING TIANJIN CHENGDU NINGBO FUZHOU XI'AN NANJING NANNING JINAN H O N G K O N G PARIS MADRID S I L I C O N V A L L E Y 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 5234 1668 F. +86 21 5234 1670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 国浩律师（上海）事务所 关于上海良信电器股份有限公司 2024 年年度股东大会的 公司董事会已于 2025 年 3 月 29 日于深圳证券交易所网 ...

证券代码：002706 证券简称：良信股份 公告编码：2025-030 上海良信电器股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、重要提示 1、本次股东大会召开期间没有增加或否决议案的情况发生。 2、本次股东大会不涉及变更前次股东大会决议的情形。 3、本次股东大会采取现场投票、网络投票相结合的方式。 二、会议召开情况 1．召集人：公司第七届董事会 2．召开方式：现场投票、网络投票相结合 3．召开时间： （1）现场会议：2025 年 4 月 28 日（星期一）下午 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 4 月 28 日上午 9：15-9：25，9：30-11：30，下午 13：00-15：00；通 过深圳证券交易所互联网投票系统投票的具体时间为2025年4月28日上午9:15 至下午 15:00 期间的任意时间。 （3）公司股东只能选择现场投票和网络投票中的一种方式进行表决，如果 同一表决权出现重复投票表决的，以第一次投票表决结果为准；如果网络投票中 重复投票，以第一 ...

Group 1 - The core viewpoint of the article highlights the stable growth of Liangxin Co., a leading domestic low-voltage electrical equipment supplier, in the first quarter of 2025, following performance fluctuations in 2024 [1] - Liangxin Co. reported a total operating revenue of 1.088 billion yuan, an increase of 15.53% year-on-year [2] - The net profit attributable to shareholders reached 103 million yuan, reflecting a year-on-year growth of 15.15% [2] Group 2 - The company achieved a net profit of 100 million yuan after deducting non-recurring gains and losses, marking a 15.92% increase compared to the previous year [2] - The net cash flow from operating activities was 53.89 million yuan, showing a significant increase of 86.9% year-on-year [2] - Basic and diluted earnings per share were both 0.10 yuan, representing a 25% increase from the previous year [2] Group 3 - The industry is experiencing a surge in domestic computing power demand, driven by the rapid development of the digital economy, which is becoming a powerful engine for the entire technology sector [3] - The acceleration of domestic AIDC (Artificial Intelligence Data Center) construction is creating vast market opportunities for new power distribution systems in AI data centers [3] - Liangxin Co. has been deeply involved in the data center sector for over 20 years, providing intelligent and modular power solutions, positioning itself as a key player in the evolving landscape of computing power [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to hit a bottom in operations in 2024, with a potential recovery in 2025. The growth in new energy, smart distribution, and data center businesses is anticipated to contribute significantly to revenue [10][4]. Financial Performance Summary - In 2024, the company achieved total revenue of 4.24 billion yuan, a year-on-year decrease of 7.6%. The net profit attributable to shareholders was 310 million yuan, down 38.9% year-on-year, while the net profit excluding non-recurring items was 260 million yuan, a decline of 41.6% [2][4]. - For Q4 2024, the company reported revenue of 1.11 billion yuan, a decrease of 1.4% year-on-year and 0.1% quarter-on-quarter. The net profit attributable to shareholders was 1 million yuan, down 98.5% year-on-year and 98.0% quarter-on-quarter, with a slight loss in net profit excluding non-recurring items [2][4]. - The revenue breakdown by segment for 2024 shows: - Distribution electrical appliances: 2.759 billion yuan, down 1.8% - Terminal electrical appliances: 835 million yuan, down 23.9% - Control electrical appliances: 458 million yuan, up 3.9% - Electrical products: 156 million yuan, down 29.3% - Other businesses: 29 million yuan, up 67.1% [10]. - The gross margin for 2024 was 30.36%, a decrease of 2.09 percentage points year-on-year. The gross margin for Q4 2024 was 27.66%, down 1.35 percentage points year-on-year and 1.98 percentage points quarter-on-quarter [10]. - The total expense ratio for 2024 was 23.28%, an increase of 3.00 percentage points year-on-year, with specific increases in sales, management, and R&D expense ratios [10]. Future Projections - The company is projected to achieve a net profit of 450 million yuan in 2025, corresponding to a price-to-earnings ratio of approximately 20 times [10].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company has returned to a growth trajectory in Q1 2025, achieving revenue of 1.089 billion yuan, a year-on-year increase of 15.53%, and a net profit attributable to shareholders of 103 million yuan, up 15.15% year-on-year [1]. - The company's profitability is recovering, with a gross margin of 31.56% and a net margin of 9.53% in Q1 2025, indicating improved cost control and operational efficiency [1]. - The company is positioned as a leader in the low-voltage electrical industry, with a clear market positioning and strong R&D capabilities, focusing on innovation in new energy and smart living sectors [2][3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5.193 billion yuan, 6.523 billion yuan, and 8.323 billion yuan, respectively, with growth rates of 22.5%, 25.6%, and 27.6% [4][9]. - Net profit attributable to shareholders is expected to be 503 million yuan in 2025, 649 million yuan in 2026, and 855 million yuan in 2027, with growth rates of 61.3%, 29.0%, and 31.7% [4][9]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 18x, 14x, and 11x, respectively [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company has returned to a growth trajectory in Q1 2025, achieving revenue of 1.089 billion yuan, a year-on-year increase of 15.53%, and a net profit attributable to shareholders of 103 million yuan, up 15.15% year-on-year [1]. - The company's profitability is recovering, with a gross margin of 31.56% and a net margin of 9.53% in Q1 2025, indicating improved cost control and operational efficiency [1]. - The company is positioned as a leader in the low-voltage electrical industry, with a clear market positioning and strong R&D capabilities, focusing on innovation in new energy and smart living solutions [2][3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5.193 billion yuan, 6.523 billion yuan, and 8.323 billion yuan, respectively, with growth rates of 22.5%, 25.6%, and 27.6% [3][4]. - Net profit attributable to shareholders is expected to be 503 million yuan in 2025, 649 million yuan in 2026, and 855 million yuan in 2027, with growth rates of 61.3%, 29.0%, and 31.7% [3][4]. - The report indicates a PE ratio of 18x for 2025, 14x for 2026, and 11x for 2027, suggesting a favorable valuation outlook [3][4].

证券代码：002706 证券简称：良信股份 公告编号：2025-029 注：公司及子公司与上表所列签约银行无关联关系。 二、 投资风险及风险控制措施 （一）投资风险分析 1、尽管公司及子公司拟使用暂时闲置募集资金进行现金管理投资的产品都经过 上海良信电器股份有限公司 关于使用部分闲置募集资金进行现金管理的 进展公告 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。 上海良信电器股份有限公司（以下简称"良信股份"或"公司"）于 2024 年 8 月 23 日召开了第六届董事会第二十三次会议，会议审议通过了《关于使用部分暂时 闲置募集资金进行现金管理的议案》，同意公司（含子公司）在不影响募集资金投资 项目建设和正常生产经营的前提下，使用不超过人民币 3.5 亿元的闲置募集资金进 行现金管理，产品期限不超过董事会审议通过之日起 12 个月，可在上述额度及期限 内滚动使用。具体内容详见 2024 年 8 月 24 日刊登于巨潮资讯网《关于使用部分暂 时闲置募集资金进行现金管理的公告》，公告编号：2024-066。 根据上述决议，近日上海良信电器股份有限公司与招商银行股份 ...