电力设备 2026 年 02 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -34% -17% 0% 17% 34% 50% 67% 2025-02 2025-06 2025-10 2026-02 电力设备 沪深300 相关研究报告 《欧洲电动车销量月报（2025 年 12 月）：2025 年欧洲 9 国 BEV 同比+31%， 2026 年多国补贴将延续或重启—行业 点评报告》-2026.1.22 《欧洲电动车销量月报（2025 年 11 月）：法国、意大利补贴落地后 BEV 高 速 增 长 — 行 业 点 评 报 告 》 -2025.12.25 《光伏拐点已现，储能大势所趋—行 业投资策略》-2025.12.8 欧洲电动车销量月报（2026 年 1 月）：1 月欧洲 9 国 新能源车同比+23%，法、意、西等增长明显 ——行业点评报告 | 殷晟路（分析师） | 王嘉懿（分析师） | | --- | --- | | yinshenglu@kysec.cn | wangjiayi@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790525060004 ...

Core Viewpoint - Xinyi Technology (stock code: 300745) has announced a forecast for 2025, expecting a net loss of between 110 million to 130 million yuan, with operating revenue projected to be between 2.6 billion to 2.8 billion yuan. The primary reasons for the loss include intensified market competition, increased R&D and management expenses, and asset impairment provisions [1][2]. Financial Performance - The company anticipates a net profit loss attributable to shareholders of between 110 million to 130 million yuan for 2025, with operating revenue expected to be between 2.6 billion to 2.8 billion yuan. The main factors contributing to this loss are pressure on gross margins due to market competition, rising R&D and management costs, and asset impairment provisions [2]. Project Development - According to institutional research information from November 20, 2025, Xinyi Technology's Anhui project will adopt a "one-time planning, phased construction" model, with the first phase expected to begin trial production in September 2026 and the second phase planned for operation in June 2027. This project aims to expand production capacity and broaden technology applications [3]. Financial Situation - As of February 2, 2026, the company's financing balance stands at 225 million yuan, accounting for 5.17% of its circulating market value, which exceeds the 80th percentile level over the past year, indicating a high level of short-term funding attention [4]. Business and Technology Development - In November 2025, the company launched the 9th generation platform "Ruihu" for vehicle power supplies and is extending its capabilities into the AI server power supply sector based on power electronics technology. Additionally, the company continues to invest in third-generation semiconductors (such as silicon carbide and gallium nitride) to enhance product competitiveness [5].

Core Viewpoint - Xinyi Technology (300745) focuses on innovation and application in high-power power electronic energy conversion systems and has not yet engaged in transformer-related businesses [1] Company Summary - The company has consistently concentrated on high-power power electronic energy conversion systems [1] - Currently, the company does not have any involvement in transformer-related operations [1]

Group 1 - The company, Xinrui Technology, announced on February 5 that it has disclosed its 2025 annual performance forecast on the Giant Tide Information Network, with further details to be provided in the upcoming 2025 annual report [2]

Core Viewpoint - The increase in R&D expenses for Xinyi Technology is driven by two main factors: deepening the technological barriers of its core business and exploring new markets based on a "technology homology" strategy [2] Group 1 - The company emphasizes that R&D is fundamental to its survival and development [2] - Any significant changes in R&D expenses are closely related to the company's future strategy [2] - The R&D expenses are based on a comprehensive and strategic investment considering medium to long-term technological layout and market demand foresight [2]

Group 1 - The core viewpoint of the article is that Xinrui Technology (300745) is actively implementing various measures to improve its operational performance [1] Group 2 - The company is optimizing its product structure as part of its strategy to enhance business operations [1] - Technological iteration and upgrades are being pursued to stay competitive in the market [1] - Cost control measures are being refined to ensure efficient management of expenses [1] - The company is focusing on efficient asset turnover to improve overall operational efficiency [1]

Core Viewpoint - The company focuses on innovation and application in high-power power electronics energy conversion systems and currently does not engage in transformer-related businesses [1] Group 1: Company Strategy - The company's strategy is centered around its core capabilities [1] - The management will continue to explore application opportunities for power electronics technology in emerging fields [1] - Any significant business expansion will be based on thorough validation of technology pathways, market demand, competitive landscape, and internal resources [1]

Core Viewpoint - The company focuses on innovation and application in high-power power electronics energy conversion systems and currently does not engage in transformer-related businesses [1] Group 1: Company Strategy - The company's strategy is centered around its core capabilities and management will continue to explore application opportunities for power electronics technology in emerging fields [1] - Any significant business expansion will be based on thorough validation of technology pathways, market demand, competitive landscape, and internal resources [1]

Group 1 - The company Xinrui Technology announced an earnings forecast on January 29, expecting a net loss attributable to shareholders of 110 million to 130 million yuan for 2025, compared to a net loss of approximately 122 million yuan in the same period last year [1] - The primary reason for the change in performance is the company's ongoing market expansion and proactive response to external market environment changes, which led to an increase in main business revenue compared to the same period last year [1] - However, due to market competition and other factors, the sales prices of the company's main products have declined, resulting in a low overall gross profit margin [1]

Financial Performance - The company expects a net loss of between 110 million and 130 million yuan for the fiscal year 2025, compared to a net loss of 122.21 million yuan in the same period last year[3]. - Operating revenue is projected to be between 260 million and 280 million yuan, an increase from 223.68 million yuan in the previous year[3]. - The company anticipates a net loss of 139 million to 160 million yuan after deducting non-recurring gains and losses, compared to a loss of 159.99 million yuan last year[3]. Expenses - Research and development expenses are expected to increase by approximately 6.8 million yuan, representing a year-on-year growth of about 36%[6]. - Sales and management expenses are projected to increase by approximately 23 million yuan compared to the previous year[6]. - The company plans to recognize an asset impairment provision of about 47 million yuan, an increase of approximately 19 million yuan year-on-year[6]. Non-Recurring Items - Non-recurring gains and losses are estimated to be around 27 million yuan, primarily due to a decrease in bank wealth management income by about 10 million yuan[6]. Strategic Initiatives - The company has established R&D centers in Shenzhen, Shanghai, and Wuhan to strengthen its technological advantages and market expansion[6]. Market Conditions - The company is facing pressure on profit margins due to declining sales prices amid market competition[5]. Financial Reporting - The financial data presented is preliminary and has not been audited by the accounting firm, with detailed audited financials to be disclosed in the annual report[7].