Research Express | Jinguan Co., Ltd. Receives 7 Institutions Including Fuheng Chang Investment, Details State-Owned Asset Advantages and EV Charging Pile Technology Innovation

On March 18, Jilin Jinguang Electric Co., Ltd. (hereinafter referred to as “Jinguang Co.”) hosted an on-site visit from seven institutions, including Fuhengchang Investment, Furong Shengshi Investment, China Resources Gold Control, among others. Company director and board secretary Ms. Wu Shuai welcomed the research team and engaged in detailed discussions on core issues such as the company’s state-owned assets background, competitive advantages in traditional businesses, technological innovation in charging piles, and future development plans.

Basic Information of the Visit

Company Overview: Leading Power Equipment with Dual-Drive Strategy

Jinguang Co. is a leading domestic provider of power grid and charging/discharging infrastructure solutions, with 20 years of industry experience. It is a high-tech enterprise controlled by Luoyang State-Owned Assets. Headquartered in Luoyang, the company has three major manufacturing bases in Changchun, Nanjing, and Hangzhou, employing over 900 staff. It has been recognized as three national high-tech enterprises and two specialized, refined, distinctive “Little Giant” enterprises by the Ministry of Industry and Information Technology, holding over 50 invention patents and more than 400 other patents.

The company’s business focuses on two main sectors: “Smart Power” and “Digital New Energy.” The former includes traditional power equipment such as distribution cabinets and smart meters, serving as a Class A supplier for State Grid; the latter emphasizes charging piles, digital platforms, and integrated energy services, with products covering all power levels of charging piles and liquid-cooled ultra-fast charging technology.

Core Issues Analysis: Dual-Drive of State-Owned Capital Empowerment and Technological Innovation

State-Owned Capital Background: Combining Flexibility of Private Enterprises with Resources of State-Owned Enterprises

Ms. Wu explained that Jinguang Co. was established in 2006, listed on the Growth Enterprise Market in 2016, and completed state-owned capital holding in 2019. This transition allows the company to retain the rapid response and flexible decision-making characteristic of private enterprises while benefiting from the resource integration and brand support of state-owned capital, providing a solid foundation for business expansion.

Traditional Business: Regional Leader in Smart Power

Smart power has been the company’s core business for nearly 20 years, including distribution equipment such as ring main units and switchgear, as well as metering products like smart meters and data collection terminals. As a Class A supplier for State Grid, the company has consistently won bids for projects across multiple provinces, with smart meters integrated into the State Grid’s smart electrical equipment IoT platform. In Northeast China, it is the undisputed leader in intelligent electrical equipment, with products widely used in State Grid projects, municipal projects like Changchun Expressway, Changchun Metro, and large enterprises such as FAW, accumulating extensive experience in large-scale projects.

New Energy Layout: Full Power Range Charging Piles and Innovative Technology Implementation

Digital new energy is a key strategic focus, with charging piles covering 7kW to 1440kW power levels. Liquid-cooled ultra-fast charging technology is mature, with 400A/600A liquid-cooled terminals and 600kW charging stacks already deployed on Hunan Expressway and Shandong Expressway. Innovative products include the “Lingdong” airborne charging robot, which addresses low space utilization at charging stations, and the “Rui Shi AI” visual monitoring system, which reduces labor costs and further enhances operational efficiency.

Future Plans: Simultaneous Focus on Technological R&D and Market Expansion

Regarding opportunities in new power system construction, Ms. Wu stated that the company will focus on four main directions: first, continuous technological innovation, especially targeting medium-voltage and high-voltage high-value products, while keeping pace with the iteration of standards from State Grid and Southern Power Grid; second, deepening market expansion, consolidating traditional advantages in State Grid and rail transit, and actively exploring emerging application scenarios; third, strengthening industrial collaboration through a “product + service” model to expand scale effects and achieve sustainable growth.

Performance Improvement: Focusing on Core Business to Achieve Profitability

On investor returns, Ms. Wu mentioned that due to the company’s undistributed profits being negative, dividends have not been distributed in recent years. Moving forward, the company aims to turn losses into profits through continuous technological innovation and refined operations, improving performance and providing tangible benefits to investors through dividend distribution.

During this visit, institutions mainly focused on the company’s resource integration capabilities under the state-owned capital background, market barriers in traditional businesses, and technological competitiveness in new energy. Jinguang Co. stated it will seize the opportunities presented by new power system construction, deepen the synergy between its two main business sectors, and promote sustained value enhancement of the company.

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