з‘һ银вҖ”вҖ”科士иҫҫпјҲ002518.SZпјүвҖ”вҖ”2026е№ҙдәҢеӯЈеәҰеүҚзһ»пјҡдәҢеӯЈеәҰжё©е’Ңеўһй•ҝпјҢдәӨд»ҳйӣҶдёӯдәҺдёӢеҚҠе№ҙжңүжң

2026-07-06 · 富牛证券

пјҲжқҘжәҗпјҡжҳҹжҳҹй—ӘиҖҖXпјү 1. дәҢеӯЈеәҰдёҡз»©еүҚзһ»пјҡжё©е’Ңеўһй•ҝпјҢжұҮе…‘жҲҗдё»иҰҒжӢ–зҙҜ йў„и®ЎдәҢеӯЈеәҰеҪ’жҜҚеҮҖеҲ©ж¶Ұ1.65дәҝе…ғпјҢеҗҢжҜ”еўһ15%гҖҒзҺҜжҜ”еўһ20%гҖӮиҗҘ收预计еҗ

пјҲжқҘжәҗпјҡжҳҹжҳҹй—ӘиҖҖXпјү

1. дәҢеӯЈеәҰдёҡз»©еүҚзһ»пјҡжё©е’Ңеўһй•ҝпјҢжұҮе…‘жҲҗдё»иҰҒжӢ–зҙҜ

йў„и®ЎдәҢеӯЈеәҰеҪ’жҜҚеҮҖеҲ©ж¶Ұ1.65дәҝе…ғпјҢеҗҢжҜ”еўһ15%гҖҒзҺҜжҜ”еўһ20%гҖӮиҗҘ收预计еҗҢжҜ”еўһ15%пјҢдё»иҰҒеҸ—зӣҠдәҺAIDCпјҲдәәе·ҘжҷәиғҪж•°жҚ®дёӯеҝғпјүеҸҠеӮЁиғҪйңҖжұӮж—әзӣӣгҖӮжҜӣеҲ©зҺҮж•ҙдҪ“дҝқжҢҒзЁіе®ҡпјҡUPS ODMдёҡеҠЎзәҰ35%пјҢBESSпјҲз”өжұ еӮЁиғҪзі»з»ҹпјүзәҰ25%пјҢеҹәжң¬жҠөж¶ҲдәҶеӨ§е®—е•Ҷе“Ғж¶Ёд»·зҡ„еҪұе“ҚгҖӮдҪҶеҸ—дәәж°‘еёҒеҚҮеҖјеҪұе“ҚпјҢдәҢеӯЈеәҰйў„и®Ўд»Қе°ҶеҪ•еҫ—жұҮе…‘жҚҹеӨұпјҲдёҖеӯЈеәҰжұҮе…‘жҚҹеӨұ2000дёҮе…ғпјүпјҢеҺӢеҲ¶еҲ©ж¶ҰиЎЁзҺ°гҖӮ

2. дәӨд»ҳиҠӮеҘҸпјҡдёҡз»©и“„еҠӣдёӢеҚҠе№ҙпјҢж–°и®ўеҚ•йҘұж»Ў

е°Ҫз®ЎдәҢеӯЈеәҰеўһйҖҹжё©е’ҢпјҢдҪҶе…¬еҸё2025е№ҙеӣӣеӯЈеәҰе·ІиҺ·еҫ—е…ЁзҗғеӨҙйғЁз”өжәҗи§ЈеҶіж–№жЎҲеҺӮе•Ҷзҡ„еӨ§йўқи®ўеҚ•пјҢи¶ід»Ҙж”Ҝж’‘2026е№ҙе…Ёе№ҙеўһй•ҝгҖӮеҸ—еҸ‘иҙ§иҠӮеҘҸеҪұе“ҚпјҢеӨ§йҮҸи®ўеҚ•дәӨд»ҳе°ҶйӣҶдёӯеңЁ2026е№ҙдёӢеҚҠе№ҙпјҢеұҠж—¶дёҡз»©жңүжңӣжҳҫи‘—жҸҗйҖҹпјҢжҲҗдёәдј°еҖјйҮҚдј°зҡ„ж ёеҝғеӮ¬еҢ–еүӮгҖӮ

3. дә§иғҪжү©еј пјҡеӨҡжҺӘ并дёҫеә”еҜ№еҢ—зҫҺйңҖжұӮ

дёәж»Ўи¶іеҢ—зҫҺдә‘жңҚеҠЎе•ҶпјҲCSPпјүеҜ№еӨ§еҠҹзҺҮдә§е“Ғзҡ„йңҖжұӮпјҢе…¬еҸёжӯЈйҖҡиҝҮдёүжқЎи·Ҝеҫ„жү©еј дә§иғҪпјҡдёҖжҳҜи¶ҠеҚ—е·ҘеҺӮзҲ¬еқЎпјҢе№ҙдә§еҖјзәҰ20дәҝе…ғпјӣдәҢжҳҜе°Ҷе°Ҹе®№йҮҸдә§зәҝж”№йҖ дёәеӨ§е®№йҮҸпјҲ600kWд»ҘдёҠпјүдә§зәҝпјӣдёүжҳҜе°ҶйғЁеҲҶе…үдјҸйҖҶеҸҳеҷЁдә§зәҝиҪ¬дә§UPSпјҢд»ҘзӘҒз ҙдә§иғҪ瓶йўҲгҖӮ

4. жҠҖжңҜеӮЁеӨҮпјҡ800VDCдёҺеӣәжҖҒеҸҳеҺӢеҷЁпјҲSSTпјүжү“ејҖй•ҝжңҹз©әй—ҙ

е…¬еҸё5жңҲе·ІжҺЁеҮә800VDCж ·е“ҒпјҢжӯЈеҫ…е®ўжҲ·йӘҢиҜҒгҖӮиҷҪ然еҲқжңҹжө·еӨ–е®ўжҲ·еҸҜиғҪеҖҫеҗ‘дәҺиҮӘеҲ¶пјҢдҪҶиҝҷеҪ°жҳҫдәҶе…¬еҸёж·ұеҺҡзҡ„жҠҖжңҜеә•и•ҙгҖӮжӯӨеӨ–пјҢжЁЎеқ—еҢ–еӣәжҖҒеҸҳеҺӢеҷЁпјҲSSTпјүйў„и®ЎжңҖеҝ«2026е№ҙеә•жҺЁеҮәпјҢдё»иҰҒйқўеҗ‘AIDCеёӮеңәпјҢйӣҶжҲҗејҸSSTеҚ•е…ғеҲҷжңүжңӣеңЁ2027е№ҙйқўдё–пјҢжһ„жҲҗй•ҝжңҹеўһй•ҝй©ұеҠЁеҠӣгҖӮ

5. жҠ•иө„йҖ»иҫ‘дёҺдј°еҖј

еҪ“еүҚиӮЎд»·еҜ№еә”2027е№ҙйў„жңҹеёӮзӣҲзҺҮ25еҖҚпјҢеҜ№еә”2026-2028е№ҙEPSеӨҚеҗҲеўһйҖҹ34%пјҢдј°еҖје…·еӨҮеҗёеј•еҠӣпјҢе°ҡжңӘе……еҲҶи®Ўд»·ж•°жҚ®дёӯеҝғејҖеҸ‘е•ҶеҸҠз”өжәҗдҫӣеә”е•ҶжҪңеңЁи®ўеҚ•зҡ„дёҠиЎҢз©әй—ҙгҖӮжңӘжқҘе…ій”®еӮ¬еҢ–еүӮеҢ…жӢ¬пјҡеҢ—зҫҺCSPж–°и®ўеҚ•иҗҪең°гҖҒдёӢеҚҠе№ҙдёҡз»©йҮҚдј°гҖҒ800V HVDCж ·е“ҒжөӢиҜ•иҝӣеұ•гҖӮ

дёӢиЎҢйЈҺйҷ©еҢ…жӢ¬пјҡIDCдә§иғҪжү©еј ж…ўдәҺйў„жңҹгҖҒеӣ е®ўжҲ·йӘҢиҜҒе‘Ёжңҹй•ҝеҜјиҮҙеҲҮе…Ҙжө·еӨ–еӨҙйғЁдә‘еҺӮе•Ҷдҫӣеә”й“ҫиҝӣеәҰдёҚеҸҠйў„жңҹгҖҒBESSдә§е“ҒеҮәиҙ§жҒўеӨҚдёҚеҸҠйў„жңҹгҖҒж–°иҝӣе…ҘиҖ…жҠўеҚ еёӮеңәд»ҪйўқгҖӮдёҠиЎҢйЈҺйҷ©еҢ…жӢ¬пјҡIDCжү©еј еҠ йҖҹгҖҒдҫӣеә”й“ҫйӘҢиҜҒе‘Ёжңҹзј©зҹӯгҖҒBESSжө·еӨ–еҮәиҙ§и¶…йў„жңҹгҖҒеҮӯеҖҹдёҺе…ЁзҗғеӨҙйғЁUPSеҺӮе•Ҷзҡ„зҙ§еҜҶе…ізі»е®һзҺ°д»ҪйўқжҸҗеҚҮгҖӮ

ж–°жөӘиҙўз»Ҹж„Ҹи§ҒеҸҚйҰҲз•ҷиЁҖжқҝ