事件： 苹果iPhone等秋季新品9月12日起开始订购，9月19日正式发售，结合预定趋势，我们评论如下： 评论： 1、iPhone 17： 京东平台显示i17预订量（预售前）超200万人，为i16的近10倍；且目前看，苹果官网显 示，i17中国区所有配置发货时间3-4周，美国区大部分配置2-3周，优于去年同期约1-2周发货时间，京 东平台i17 512G缺货无法预约。i17情况较去年更优，我们认为主要系本次i17升级120Hz高刷、超广角及 前摄、续航快充等配置的同时，降价100美元，性价比提升明显，更好的覆盖了中端价位群形成了有力 竞争。 2、iPhon e 17 Pro ： 目前中国区官网i17 Pro发货时间3-4周，美国区除深蓝配色外2-3周，Pro Max中国 区及美国区3-4周，Pro款优于去年同期1-2周，PM款在中国区优于去年同期2-3周。总体看Pro系列等候 时间仍较长，符合过往趋势，我们认为本次17Pro外观大改版及散热/长焦/续航快充等仍具有升级亮点， 有望带动Pro款需求平稳向好。 3、iPhone Air： 中国区暂未发售，美国区Air天蓝/浅金/深空黑色发货时间约1周、云白色2-3 ...

海内外算力高景气度延续，海外方面，全球AI基础设施建设保持高支出水平，英伟达FY26Q2业绩符合预期，乐观展望全球和中国AI基建规模，博通第四 家XPU客户明年放量，并显著上修FY26 AI业务收入指引；国内方面，算力芯片公司将持续释放业绩，寒武纪定增获证监会批文，海光推进曙光收并购进 展，发布股权激励彰显未来业绩增长信心。我们还关注到2026年国内偏先进产线扩产有望提速，将进一步满足国内算力芯片产能供给，预计也将带动国内 设备板块订单积极预期和国产替代进程。同时，国内存储/材料/SoC/封测等板块亦延续复苏态势。建议关注高景气度叠加业绩向好的算力/代工/设备等板 块、景气周期边际复苏的存储/模拟等板块、受益于端侧放量长期趋势的SoC板块，同时建议关注各科创指数和半导体指数核心成分股。 8月A股半导体指数跑赢费城半导体指数和中国台湾半导体指数。 2025年8月，半导体（SW）行业指数+25.85%，电子（SW）行业指数+23.97%，同期费 城半导体指数/中国台湾半导体指数-2.05%/+0.24%，A股半导体指数跑赢费城半导体指数和中国台湾半导体指数。 行业景气跟踪：部分消费类领域景气转暖，AI/汽车等驱动 ...

苹果于9月10日凌晨1点如期发布iPhone17系列、iPhoneAir、Airpods Pro3及Apple Watch Series 11/Urtra 3/SE3。我们评论如下： 评论： 1、iPhone 17Pro：主要亮点为外观大改、散热升级、长焦升级。 1）背面外观大改，全新拉丝铝制一体 成型设计，后盖采用超瓷晶玻璃；2）搭配全新VC散热，散热性能比前代钛提升20倍，激光焊接到坚 固、轻便且导热的一体式铝制机身；3）三颗48MP后摄，长焦镜头升至48MP，支持4/8倍变焦，前代最 高5倍。最低256GB，Pro/PM售价$1099/1199起，价格不变。 2、iPhone Air：主要亮点为超薄&钛金属外观、自研调制解调器&无线连接芯片、eSIM、前后摄同时 双拍视频。 1）6.5英寸屏，厚度仅5.6mm，钛边框；2）自研A19 Pro主芯片、C1X调制解调器、N1无线 连接芯片支持WiFi7、蓝牙6和Thread；3）48MP单镜头，竖向横排，支持前后摄同时双拍视频；4） eSIM，增加电池容量，视频播放续航27小时。售价$999起。 点击招商研究小程序查看PDF报告原文 事件： 3、iPhone ...

点击招商研究小程序查看PDF报告原文 事件： 博通（NASDAQ：AVGO）发布FY2025Q3季报，第三财季营收159.52亿美元，同比+22%/环比 +6%，毛利率为78.4%，同比+1pct/环比-1pct。综合财报及交流会议信息，总结要点如下： 评论： 1、FY25Q3营收再创新高，毛利率超指引预期，未完成订单1100亿美元。 FY25Q3营收159.52亿美元，创历史单季新高，同比+22%/环比+6%，略超此前指引（约158亿 美元），收入增长得益于AI半导体业务的超预期表现以及VMware业务的持续增长；毛利率 78.4%，同比+1pct/环比-1pct，高于此前指引(约78.1%)，公司当前合并未完成订单1100亿美 元，创历史新高，其中AI业务远高于非AI业务；公司当前库存22亿美元/环比增长8%，库存周转天 数66天/环比-3天。 2、AI业务营收同比高增，软件受益强劲订单超指引预期。 半导体部门： 收入为91.66亿美元，占本季度总收入的57%，同比+26%。毛利率为67%，受产品 组合驱动，同比下降30个基点。运营费用同比增长9%，达到9.61亿美元。半导体运营利润率为 57%，同比提升 ...

Core Viewpoint - The company reported a significant revenue growth of 67.6% year-on-year in the first half of 2025, reaching 1.57 billion yuan, despite an increased adjusted net loss of 1.33 billion yuan, which expanded by 65.7% year-on-year, indicating ongoing investment in R&D and cloud computing for future technology upgrades [1][4]. Group 1: Financial Performance - In H1 2025, the company's revenue was 1.57 billion yuan, reflecting a year-on-year increase of 67.6% [1]. - The adjusted net loss for H1 2025 was 1.33 billion yuan, with a loss margin that widened by 65.7% compared to the previous year [1]. - The gross margin stood at 65.4%, down 13.7 percentage points year-on-year [1]. Group 2: Product and Market Development - The penetration rate of domestic self-owned brand advanced driver-assistance systems (ADAS) increased from 51% at the end of 2024 to 59% in H1 2025 [1]. - The proportion of new smart vehicles equipped with high-level ADAS features rose from 20% at the end of 2024 to 32% in H1 2025 [1]. - The company achieved a doubling of shipment volume in H1 2025, driven by the growth in penetration rates and sales of self-owned brand vehicles [1]. Group 3: Business Segmentation - In H1 2025, the revenue from automotive products and solutions reached 778 million yuan, while software and licensing services generated 738 million yuan, representing year-on-year increases of 250% and 6.9%, respectively [2]. - The delivery volume for automotive products and solutions doubled to approximately 1.98 million units, with mid-to-high-end products accounting for 980,000 units, contributing to about 50% of the total shipment volume and over 80% of revenue [2]. - The average selling price (ASP) of automotive products and solutions was 1.7 times that of the same period last year [2]. Group 4: Future Outlook - The company maintained its leading position in the domestic market for ADAS front-view integration and computing solutions, with market shares of 45.8% and 32.4%, respectively, reflecting increases of 12 percentage points and 3.8 percentage points year-on-year [3]. - The HSD system is expected to enter mass production in H2 2025, with multiple OEMs already securing contracts for over 10 models [3]. - The company has begun to see results from its international expansion, securing contracts for 30 models from nine joint venture automakers, including major players like Volkswagen and Japan's largest automotive group [3]. Group 5: Investment Recommendations - The company is positioned as a leading supplier of intelligent driving chips and solutions in the domestic ADAS/AD market, with strong revenue growth expected to continue [4]. - Projections for revenue from 2025 to 2027 are 19.47 billion, 22.4 billion, and 25.76 billion yuan, with net profits of 790 million, 1.01 billion, and 1.3 billion yuan, respectively [4]. - The current price-to-sales ratios are projected to be 45.5, 35.5, and 27.4 times for the years 2025 to 2027, maintaining an "overweight" investment rating [4].

Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth driven by stable performance in consumer electronics and significant growth in the new energy sector, while net profit declined due to last year's one-time investment gains [1][2]. H1 Performance Summary - Revenue reached 8.64 billion, up 12.3% year-on-year - Net profit attributable to shareholders was 310 million, down 29.4% year-on-year - Non-recurring net profit was 290 million, up 32.2% year-on-year - Gross margin was 18.8%, up 0.8 percentage points year-on-year - Net margin was 4.0%, down 2 percentage points year-on-year - Excluding last year's investment gain of 180 million from Guangdong Tianji, net profit would have increased by approximately 24% year-on-year [1]. H1 Business Structure - Consumer Electronics: Revenue of 5.304 billion, up 1.5% year-on-year, with a gross margin of 20.3%, up 2.1 percentage points year-on-year. The company made significant breakthroughs in developing key components for AI PCs and wearable products [2]. - New Energy: Revenue of 2.938 billion, up 37.1% year-on-year, with a gross margin of 14.4%, down 2.5 percentage points year-on-year. The company’s production capacity in various locations contributed to rapid revenue growth and increased market share [2]. - Robotics: Overseas humanoid robot parts revenue exceeded 35 million, compared to 10.11 million for the entire previous year. The company also secured multiple mass production orders from domestic humanoid robot brands [2]. Outlook for 2025-2026 - Continued growth in consumer electronics and new energy sectors, coupled with optimized management capabilities, is expected to further enhance profitability. New projects in consumer electronics, such as AI Phone and AI glasses, are anticipated to drive additional revenue [3]. - The company is strategically positioned in the robotics sector, establishing partnerships with leading domestic and international humanoid robot companies, which may lead to becoming a key component supplier [3]. - Revenue projections for 2025-2027 are 19.47 billion, 22.40 billion, and 25.76 billion, with net profits of 790 million, 1.01 billion, and 1.30 billion, respectively. The current PE ratios are 45.5, 35.5, and 27.4 [3].

点击招商研究小程序查看PDF报告原文 事件： FY26Q2公司营收20.06亿美元，同比+58%/环比+6%，略超指引中值；毛利率为59.4%，同比-2.5pcts/环 比-0.4pct，略低于指引中值；库存10.5亿美元，环比减少2000万美元。 2、 数据中心营收再创新高，消费市场环比高增系游戏需求驱动。 1）数据中心： 营收14.9亿美元，同比+69%/环比+3%，系定制XPU及附加产品、光电互连产品组合驱 动； 2）企业网络与运营商基础设施： 运营商基础设施营收1.3亿美元、企业网络营收1.94亿美元，营收 合计同比增长43%； 3）汽车和工业： 营收7600万美元，同环比持平； 4）消费： 营收1.16亿美元，同 比+30%/环比+84%，环比大幅增长系季节性及游戏需求驱动。 3、 指引FY26Q3光电互联产品环比双位数增长，定制芯片业务收入环比下降。 FY26Q3营收指引中值为20.6亿美元（±5%），同比+36%/环比+2.7%，非GAAP毛利率指引中值为 59.75%，中值同比-0.75pct/环比+0.35pct。EPS指引为每股0.69-0.79美元。 1）数据中心： 预计第三季度 收入同 ...

Group 1 - The core viewpoint of the article emphasizes the long-term growth potential of 汇聚科技 (Hui Ju Technology) in the data communication, automotive, and medical sectors, driven by its strong management and technological leadership [3][4][7] - 汇聚科技 is a specialized supplier of customized wire interconnection solutions, with three main business segments: wire components, digital wires, and servers [4][12] - The company has experienced rapid growth since becoming a member of the 立讯精密 (Luxshare Precision) group in 2022, with projected revenues of 35.9 billion, 48.3 billion, and 73.9 billion HKD for 2022, 2023, and 2024 respectively [4][21] Group 2 - In the data communication sector, the demand for AI computing is driving growth, particularly in MPO optical communication and AI server markets, with a projected CAGR of 14% from 2024 to 2030 [5][28] - The MPO business is a core profit source for the company, with significant demand from major cloud providers, and revenue from optical fiber products is expected to grow substantially [5][24] - The server business has seen a remarkable increase in revenue, with a 318% year-on-year growth in the first half of 2025, driven by AI demand [5][27] Group 3 - In the automotive sector, the successful acquisition of Leoni Kable is expected to enhance the company's capabilities and market position, with the global automotive cable market projected to reach 169 billion by 2030 [6][28] - The automotive segment has shown steady growth, with revenues of 1.58 billion and 0.76 billion HKD for the first half of 2024 and 2025, respectively [6][24] - The integration of Leoni Kable is anticipated to lead to significant revenue growth and improved profitability for the automotive business [6][28] Group 4 - The medical sector is benefiting from an aging population and advancements in AI technology, with a projected revenue increase of 217% to 8.2 billion HKD in 2024 [7][28] - The company is actively investing in innovative medical technologies and has established partnerships to enhance its capabilities in this field [7][28] - The medical device segment is expected to continue its growth trajectory, supported by the resources and expertise of 立讯精密 [7][28] Group 5 - The company has a concentrated and stable ownership structure, with 立讯精密 holding 70.6% of its shares, which enhances strategic collaboration and resource sharing [15][19] - Recent acquisitions and expansions, including the purchase of a copper wire company, are aimed at strengthening the company's supply chain and vertical integration [30][34] - The financial performance has shown a significant recovery, with projected revenues for the first half of 2025 reaching 48.54 billion HKD, a year-on-year increase of 82.1% [21][22]

Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth hindered by weak demand and product structure challenges, while profitability showed steady improvement driven by operational efficiency and growth in the new energy sector [1][2][3]. Financial Performance - H1 2025 revenue reached 16.955 billion yuan, a year-on-year increase of 1.96%, with net profit attributable to shareholders at 758 million yuan, up 35.21% year-on-year. The gross margin was 13.59%, an increase of 0.53 percentage points, and the net margin was 4.47%, up 1.11 percentage points [1]. - Q2 2025 revenue was 8.353 billion yuan, down 5.98% year-on-year and 2.90% quarter-on-quarter. Net profit attributable to shareholders was 302 million yuan, an increase of 11.39% year-on-year but a decrease of 33.72% quarter-on-quarter [2]. - The company experienced a decrease in revenue in Q2 primarily due to weak market demand and product structure adjustments, while profitability decreased quarter-on-quarter due to reduced foreign exchange gains and lower non-recurring income [2]. Business Segmentation - The new energy business saw significant growth, with total revenue of 4.940 billion yuan, a year-on-year increase of 29.66%. This growth was supported by the company's comprehensive supply capabilities in core products such as vehicle FPCs, liquid cooling plates, and battery housings [3]. - The electronic circuit products segment generated 11.059 billion yuan in revenue, a year-on-year increase of 1.93%, accounting for 65.23% of total revenue, with a gross margin of 17.55% [3]. - The precision components segment reported revenue of 2.362 billion yuan, up 11.87% year-on-year, benefiting from increased orders from new energy vehicle clients [3]. Strategic Outlook - The company is focusing on the dual strategy of expanding its new energy vehicle business and AI computing power, with expectations for increased orders and production capacity in the second half of 2025 [4]. - The AI computing power segment is anticipated to drive new growth momentum, supported by the ongoing demand for AI servers and the company's advancements in high-density interconnect technology [4]. - The company aims to enhance its global production capabilities and procurement systems to better meet industry and customer demands, potentially opening new growth avenues [4].

Core Viewpoint - The company reported a strong performance in Q2 2025, exceeding market expectations, driven by improved business structure and reduced financial expenses [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 80.61 billion yuan, a year-on-year increase of 2.6%, with a gross profit of 5.54 billion yuan, up 3.1%, and a net profit attributable to shareholders of 1.73 billion yuan, reflecting a 14.0% increase [1]. - In Q2 2025, revenue reached 43.73 billion yuan, a year-on-year increase of 3.9% and a quarter-on-quarter increase of 18.6%. Gross profit was 3.23 billion yuan, up 12.1% year-on-year and 38.5% quarter-on-quarter, with a net profit of 1.11 billion yuan, marking a 22.1% year-on-year increase and a 78.1% quarter-on-quarter increase [1]. Business Structure - **Consumer Electronics**: Revenue was 60.97 billion yuan, down 3.7% year-on-year, accounting for 75.6% of total revenue. The segment saw a decline in component sales but improved operational efficiency through structural optimization [2]. - **New Intelligent Products**: Revenue was 7.21 billion yuan, down 4.2% year-on-year, accounting for 8.9% of total revenue. The company is expanding into AI data centers and AI robotics, with significant growth in AI server shipments [2]. - **New Energy Vehicles**: Revenue reached 12.45 billion yuan, a substantial increase of 60.5% year-on-year, accounting for 15.4% of total revenue. The company is seeing growth in smart cockpit products and market share in thermal management products [2]. Future Outlook - The company is focusing on three growth drivers: "A customers + automotive + computing power". It anticipates growth in AI applications driving a new replacement cycle in consumer electronics [3]. - The new energy vehicle segment is expected to benefit from the acceleration of electrification and intelligence in automobiles, with continued growth in smart cockpit and thermal management product shipments [3]. - The company is also expanding its presence in AI data centers and related products, with expectations for significant growth in AI servers and liquid cooling solutions [3]. Investment Recommendation - The company is positioned as a leading precision manufacturing enterprise with strong material research and product design capabilities. It has potential for growth in various segments, including new energy vehicles, AI computing, and robotics [4].