Investment Rating - The report maintains a "Buy" rating for the company [6][135]. Core Viewpoints - The company is a leading domestic AI server power supply provider, benefiting from the wave of domestic industrialization [1]. - The company has achieved significant revenue growth, with a 28.95% year-on-year increase in revenue to 2.664 billion yuan in the first three quarters of 2024, and a remarkable 264.94% increase in net profit to 157 million yuan [1][4]. - The high-power data center power product segment has shown impressive growth, with a 464.12% year-on-year increase in revenue to 209 million yuan in the first half of 2024, driven by strong demand from major domestic internet companies [2][113]. - The company is expanding its product offerings in the power adapter segment, covering a wide range of power outputs from 3W to 400W, and is expected to see revenue growth due to the increasing proportion of high-margin products [3][120]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of switch power supply products, including power adapters, server power supplies, communication power supplies, and battery chargers, with applications across various sectors such as office electronics, network communication, and AI servers [29][58]. Business Segments - **Server Power Supply**: The company has deep ties with leading server manufacturers and is well-positioned to benefit from the domestic replacement trend and the AI wave, with server power supply revenue contributing significantly to overall growth [2][111]. - **Power Adapter**: The company has a comprehensive product range in power adapters, with a focus on high-value products. Despite a slight decline in revenue in the first half of 2024, the company is expected to recover as the market stabilizes [3][120]. - **Other Power Supply Businesses**: The company is actively exploring new applications in the electric vehicle sector and other high-margin areas, with a 63.15% year-on-year increase in revenue from other power supply businesses in the first half of 2024 [125]. Financial Performance - The company forecasts net profits of 222 million yuan, 294 million yuan, and 392 million yuan for 2024, 2025, and 2026, respectively, indicating strong growth potential [4][135]. - The gross margin for the data center power supply business reached 26.24% in the first half of 2024, reflecting improved product mix and profitability [2][113]. Market Trends - The switch power supply industry is experiencing robust growth, with the market size expected to reach 253.2 billion yuan by 2025, driven by increasing demand for high-performance power supplies [58]. - The AI server market is projected to grow significantly, with the global AI server market expected to reach 31.8 billion USD by 2025, indicating a strong demand for high-power server solutions [78][79].

Financial Performance - The company achieved a revenue of 2.664 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 28.95% [2] - The revenue for Q3 2024 was 1.064 billion CNY, with a year-on-year growth of 38.17% and a quarter-on-quarter increase of 17.83%, marking a new quarterly revenue record [2] - The gross profit margin for the first three quarters was 21.28%, up by 1.75 percentage points year-on-year, with Q3 gross profit margin at 21.78%, an increase of 2.02 percentage points year-on-year [2] Profitability - The net profit for the first three quarters was 157 million CNY, a significant year-on-year increase of 277.01%, with a net profit margin of 5.89%, up by 3.88 percentage points [3] - In Q3 2024, the net profit reached 70.79 million CNY, reflecting a year-on-year growth of 104.78% and a quarter-on-quarter increase of 28.04%, with a net profit margin of 6.65% [3] Business Development - The data center power supply business is a key long-term strategic focus, with the company recognized as a major domestic manufacturer, supplying to leading server manufacturers and maintaining close cooperation with top internet companies [3] - The company has launched high-power server power supply products, including models ranging from 800W to over 5,500W, and has developed solutions compliant with the Open Compute Project (OCP) standards [4] Other Business Segments - Revenue from other power supply segments reached 322 million CNY in the first half of 2024, a year-on-year increase of 63.15%, driven by the recovery of global demand for electric tools and the introduction of new customers [4] Capacity and Production - The company has established production bases in Shenzhen, Dongguan, Ganzhou, Suzhou, Vietnam, and Mexico to meet diverse market demands and is capable of increasing capacity based on customer needs [4] - The establishment of a production base in Suzhou supports the R&D efforts in Hangzhou [4] Future Goals - The company has set ambitious revenue growth targets for the next three years, with trigger values for revenue growth rates at 28%, 52%, and 72% for 2024-2026, and target values at 35%, 65%, and 90% respectively [5] - The net profit growth rate targets are set at 48%, 104%, and 200% for the same period, with corresponding target values of 60%, 130%, and 250% [5] Investor Relations - The investor relations activities took place from December 2 to December 6, 2024, with participation from various securities firms and asset management companies [2][6]

Investment Rating - The report assigns a "Buy" rating to the company, with a first-time coverage [11] Core Viewpoints - The company has a diversified product portfolio, serving data center clients with a range of power supply products, including high-power server power supplies and liquid-cooled server power solutions [13] - The company has established itself as a major domestic data center power supply manufacturer, with products highly recognized by leading server manufacturers and end customers [13] - The company has launched new liquid-cooled server products and continues to expand its market share in other power supply segments, such as power adapters and electric tool chargers [13] - The company's revenue from power adapters has shown a narrowing decline, while the electric tool charger business has experienced significant growth due to new customer acquisitions [13] Financial Projections - The company's revenue is projected to grow from 2,870 million yuan in 2023 to 5,508 million yuan in 2026, with a CAGR of 24.3% [15] - Net profit attributable to the parent company is expected to increase from 195.73 million yuan in 2023 to 403.88 million yuan in 2026, with a CAGR of 27.4% [15] - EPS is forecasted to rise from 1.93 yuan in 2023 to 3.99 yuan in 2026 [15] - The company's P/E ratio is expected to decrease from 43.85 in 2023 to 21.25 in 2026, indicating potential undervaluation [15] Financial Ratios - The company's gross margin is projected to remain stable at around 22% from 2024 to 2026 [17] - ROE is expected to increase from 10.5% in 2023 to 14.2% in 2026, reflecting improved profitability [17] - The debt-to-asset ratio is forecasted to rise from 50.5% in 2023 to 60.8% in 2026, indicating increased leverage [17] Business Highlights - The company has successfully supplied power products to major server manufacturers such as Inspur, Foxconn, Lenovo, and ZTE [13] - The company has introduced innovative liquid-cooled server power solutions, including 30kw PowerShelf and ATS2.5KWPSU, combining liquid cooling and centralized power supply advantages [13] - The company's electric tool charger business has seen significant growth due to the normalization of global demand and new customer acquisitions [13]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 2.664 billion yuan, a year-on-year increase of 28.95% [2] - The operating revenue for the third quarter was 1.064 billion yuan, representing a year-on-year growth of 38.17% and a quarter-on-quarter increase of 17.83%, setting a new record for quarterly revenue [2] - The gross profit margin for the first three quarters was 21.28%, an increase of 1.75 percentage points year-on-year [3] - The net profit for the first three quarters was 157 million yuan, a year-on-year increase of 277.01%, with a net profit margin of 5.89%, up by 3.88 percentage points [3] - The net profit for the third quarter was 70.79 million yuan, a year-on-year increase of 104.78% and a quarter-on-quarter increase of 28.04%, with a net profit margin of 6.65%, up by 2.16 percentage points year-on-year [3] Group 2: Business Development and Strategy - The company has become one of the leading domestic manufacturers of data center power supplies, recognized by major server manufacturers and end customers [4] - The data center power supply business is a long-term strategic focus, with significant R&D investment and business expansion [4] - The company has launched immersion liquid cooling power supply solutions, combining the advantages of immersion cooling and centralized power supply [4] - In the first half of 2024, the revenue from other power supply businesses was 322 million yuan, a year-on-year increase of 63.15% [5] Group 3: Future Goals and Targets - The company has set revenue growth targets for the next three years, with trigger values for revenue growth rates of 28%, 52%, and 72% for 2024-2026, and target values of 35%, 65%, and 90% respectively [5] - The net profit growth rate trigger values for the same period are set at 48%, 104%, and 200%, with target values of 60%, 130%, and 250% respectively [5]

证券代码：300870 证券简称：欧陆通 公告编号：2024-072 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳欧陆通电子股份有限公司（以下简称"公司"）近日接到控股股东深圳 市格诺利信息咨询有限公司（以下简称"格诺利"）的通知，获悉格诺利将其持 有的公司部分股份办理了解除质押业务。具体事项如下： 一、股东股份解除质押的基本情况 | 占其 | 股东名 | 是否为控股股东或 | | | 占公 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 所持 | | 第一大股东及其一 | 本次解除质 | | 司总 | 起始 | | 解除 | | 质权人 | | 比例 | 称 | 致行动人 | 押数量（股） | 股份 | 股本 比例 | 日 | | 日期 | | | | 41.73 | | 是，控股股东之一 | 12,200,000 | | 12. ...

证券代码：300870 证券简称：欧陆通 债券代码：123241 债券简称：欧通转债 编号：（2024-008） 深圳欧陆通电子股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 □分析师会议 | | | □媒体采访 业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 路演活动 | | | □现场参观 | | | 其他 （线上会议或券商策略会） | | 参与单位名称 | 大成基金、中信建投证券、南方基金、国寿安保基金、光大 证券、圆信永丰基金、光大永明、东北证券、泰信基金、信 达澳亚基金、中欧基金、中 ...

近日，公司已经完成了经营范围、公司地址"一照多址"变更的工商登记手 续，对《公司章程》进行了工商备案，并取得了由深圳市场监督管理局换发的《营 业执照》及工商登记通知书。具体变更事项如下： | 变更 | | 变更前 | 变更后 | | --- | --- | --- | --- | | 类型 | | | | | 住所 | 深圳市宝安区航城街道三围社区航城大 | | 深圳市宝安区航城街道三围社区航城大 | | | 道 175 号南航明珠花园 1 栋 19 号 | | 道 175 号南航明珠花园 1 栋 19 号（一照 | | | | | 多址企业） | | 经营 | | 生产、销售：各类高频开关电源、电源 | 一般经营项目：非居住房地产租赁。（除 | | 范围 | | 适配器、稳压电源、低压电源、电源控 | 依法须经批准的项目外，凭营业执照依法 | | | | 制器、充电器、变压器、逆变器、冗余 | 自主开展经营活动）生产、销售：各类高 | | 电源、变频器、整流模块、传感器、发 | 频开关电源、电源适配器、稳压电源、低 | | --- | --- | | 射器、转换器及带有集成电路的电路板、 | 压电源、电源控 ...

深圳欧陆通电子股份有限公司 章程 2024 年 9 月 1 | 第一章 总 | 则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 股 | 份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东大会 7 | | | 第一节 股 东 7 | | | 第二节 股东大会的一般规定 9 | | | 第三节 股东大会的召集 13 | | | 第四节 股东大会的提案与通知 14 | | 第五节 | 股东大会的召开 16 | | 第六节 | 股东大会的表决和决议 19 | | | 第五章董事会 23 | | | 第一节董事 23 | | | 第二节 董事会 26 | | | 第六章 总经理及其他高级管理人员 30 | | | 第七章 监事会 32 | | 第一节 | 监 事 32 | | | 第二节 监事会 33 | | | 第八章 财务会计制度、利润分配和审计 34 | | | 第一节 财务会计制度 34 | | | 第二节 内部审计 38 | | | 第三节 会计师事务所的聘任 38 | ...

证券代码：300870 证券简称：欧陆通 公告编号：2024-070 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳欧陆通电子股份有限公司（以下简称"公司"）近日接到控股股东深圳 市格诺利信息咨询有限公司（以下简称"格诺利"）的通知，获悉格诺利将其持 有的公司部分股份办理了质押业务。具体事项如下： 一、股东股份质押的基本情况 （2）王越王指南京王越科王创业投资合伙企业(有限合伙)，原名为深圳市王越王投资合伙 企业（有限合伙）；通聚指泰州通聚信息技术咨询合伙企业（有限合伙），原名为深圳市通聚信 息技术咨询合伙企业（有限合伙）。 （3）本公告中出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因造成。 二、其他说明 目前，公司控股股东及其一致行动人资信状况良好，具备相应的资金偿付能 力，其质押的股份不存在平仓风险，质押事宜不会导致公司实际控制权发生变更。 截至本公告披露日，公司控股股东不存在非经营性资金占用、违规担保等侵害上 市公司利益的情形。 | | ...

债券代码：123241 债券简称：欧通转债 证券代码：300870 证券简称：欧陆通 公告编号：2024-068 深圳欧陆通电子股份有限公司 2024年第二次临时股东大会决议公告 1、会议召开时间： （1）现场会议召开时间：2024 年 11 月 18 日（星期一）15:00。 （2）网络投票时间：2024 年 11 月 18 日。 其中：通过深圳证券交易所（以下简称"深交所"）交易系统投票的时间为 2024 年 11 月 18 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深交所互联网 投票系统（http://wltp.cninfo.com.cn）投票的时间为 2024 年 11 月 18 日 9:15- 15:00。 2、会议召开地点：深圳市宝安区航城大道175号南航明珠花园1栋19号欧陆 通。 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 3、会议的召开方式：本次股东大会采用现场表 ...