Zhongguancun Science and Technology Park Enterprise, currently located in Fengtai Park

One of the earliest companies engaged in power electronics technology in China and the first listed company in the domestic power supply industry (stock code: 600405)

Focus on power electronics core technology for 25 years, strong independent research and development and innovation capabilities, power electronics technology level leading the world

The company is the head power supply in the following three major industries, the field of data and communication power supply, hydrogen fuel, plug-in hybrid power field, EPS backup power field.

5G infrastructure brings new opportunities, and the company's business grows steadily.

Since the beginning of this year, the company has devoted itself to the development of power products such as telecommunications industry, private network industry, data center, etc., deeply digging into the existing key target markets and industry customer needs, R & D and producing power products that meet customer needs, strive to provide customers with comprehensive power product solutions, and constantly increase the market share of existing key industry segments, and the company's power business is further expanding.

The company's backup power products are widely used in various scenarios, and continue to maintain a leading position in the rail transit, petrochemical and other industries. In addition, the company's power optimizer products have been used in communication base stations at home and abroad, shouldering to provide power and charge management functions to improve system efficiency. In the field of new energy vehicles, the company focuses on superior resources to develop core components related products in the automotive field, and has formed core technical advantages in electric drive systems, vehicle power supplies, hydrogen fuel cell DC/DC converters and charging piles. Under the basic trend of long-term improvement in the new energy vehicle industry, the company's hydrogen power products, vehicle power and drive system products will continue to promote business growth. In addition, the State Grid has increased the construction of charging pile facilities, and it is expected that 78000 new charging piles will be added this year. The company's various charging piles are expected to make a good breakthrough with the help of the surge in demand for charging equipment.

Continuously increase R & D investment and continuously enhance the company's internal competitiveness by mastering the key core technologies of power products, the company has formed the advantage of sustainable development in terms of technology platform, product development and R & D team. a full topology structure, full power coverage technology platform and more than 100 kinds of products have been developed, which are widely used in three major fields: data communications, smart energy and new energy vehicles. As of June 30, the company has a total of 309 valid intellectual property rights, including 61 invention patents, 156 utility model patents, 32 appearance patents, 42 software copyright and 18 registered trademarks. As an independent R & D-based enterprise, the company has established a pilot and experimental verification system based on IPD management, and built a series of reliability verification laboratories, which continue to meet the speed of product development and higher product quality requirements of global sales. The company's supply chain management system through customer demand-driven to achieve end-to-end industrial chain coordination with the lowest comprehensive cost to enhance the overall competitiveness of the company. The company automatically upgrades the manufacturing system to form a "smart factory" to improve manufacturing efficiency and reduce manufacturing costs.

Actively take measures to eliminate the short-term impact, the steady growth of medium-term performance is guaranteed to be affected by the epidemic, the company's overall revenue and net profit declined in the first quarter, but with the country's vigorous development of new infrastructure, operator 5G equipment bidding and infrastructure construction have been fully opened, the company has actively responded to market changes, persisted in innovation-driven development, and launched power products that meet the needs of customers in the industry. Integrate internal resources, promote internal management change, continue to focus on power conversion and energy utilization in the fields of data communications, smart energy and new energy vehicles, and achieve steady growth in the company's performance. At present, the company has sufficient orders on hand, such as China Tower Corporation 203 million yuan power procurement contract, China Unicom 86 million yuan switching power supply procurement contract, successively won the bid Tencent and Baidu, Inc. IDC power project and successfully completed the supply and delivery. In addition, companies in the subway, photovoltaic and other industries won the corresponding power projects. The field of new energy vehicles continues to cooperate with the first echelon enterprises in various fields at home and abroad, on the basis of the original 60 customers, such as New growth City Automobile, Liuzhou Wuling, Guangdong Guohong and so on. This has greatly increased the brand influence and market share of the company's products in the industry.

Considering the current acceleration of 5G construction and the rapid release of communication power demand, the pulling effect of the company's power business on the company's business has been significantly improved, turning losses into profits in the second quarter, significant revenue and profit growth in a single quarter, and the company's performance has returned to an upward trend. we are optimistic about the company's current transformation plan and the development momentum in the next two years, taking into account the impact of this year's epidemic. The company's revenue in the next three years is expected to be 1.394 billion, 1.672 billion and 2.007 billion yuan, corresponding to a net profit of 81.86 million, 1.24 and 1. 5%. 7.6 billion yuan, continue to give the company "overweight" rating.