Core Viewpoint - The company, Haosheng Electronics, primarily focuses on the production and sales of micro-acoustic components and audio products, utilizing a direct sales model for both domestic and export markets [1] Group 1: Product Offerings - The main products of the company include micro speakers, micro receivers, micro speaker integrated modules, and audio products such as speakers for vehicles and upright sound systems [1] - The company’s product sales are divided into domestic direct sales and export direct sales [1] Group 2: Sales Model - Domestic direct sales primarily target ODM manufacturers or brand manufacturers of consumer electronics for micro-acoustic components [1] - Export direct sales mainly involve contract manufacturing for overseas audio product brand owners [1]

证券日报网12月19日讯豪声电子在12月18日回答调研者提问时表示，公司专注于车用扬声器产品的研发 与制造，产品主要面向海外市场，广泛应用于汽车后期改装升级领域。作为已通过IATF16949汽车行业 质量管理体系认证的专业制造商，公司在产品质量管控和供应链标准化方面具备显著优势。公司依托在 车用扬声器领域积累的深厚技术经验，结合新能源汽车对声学系统的特殊要求，已前瞻性地开展相关产 品研发工作。公司与新能源汽车领域的潜在客户就未来合作事项曾进行过前期磋商，暂未有相关进展。 ...

Core Viewpoint - The company has no current plans for acquisitions and will focus on strengthening its core business, improving operational efficiency, and enhancing product competitiveness. Future acquisition opportunities will be evaluated carefully if they align with strategic goals and have clear value [1] Group 1 - The company is concentrating resources on its main business at this stage [1] - There is an emphasis on solidifying internal capabilities and improving operational efficiency [1] - The company will consider future acquisition opportunities that are strategically aligned and clearly valuable [1]

Core Viewpoint - The company emphasizes the significance of the diaphragm as a core component of micro speakers, highlighting its role in sound production, quality assurance, durability, reliability, and its direct impact on technical parameters and design considerations [1] Group 1: Diaphragm Importance - The diaphragm is crucial for sound generation and quality assurance in micro speakers [1] - It ensures durability and reliability, directly influencing technical parameters [1] - The diaphragm is a key factor in the design of micro speakers [1] Group 2: Rubber Diaphragm Development - The company has chosen rubber diaphragms for development due to their excellent wear resistance, corrosion resistance, and aging resistance [1] - Rubber diaphragms provide outstanding acoustic performance, effectively reducing sound distortion and noise, resulting in purer and clearer sound quality [1] - They excel in low-frequency playback, offering users a deep and rich bass experience [1] Group 3: Application and Solutions - The rubber diaphragm's good plasticity and processability allow for high-quality, compact audio solutions for portable electronic devices such as smartphones and tablets [1] - The company has already supplied micro-electroacoustic products utilizing rubber diaphragm materials to clients [1]

Group 1 - The core point of the article is that Haosheng Electronics has added a new concept, "Xiaomi Concept," effective December 1, 2025, indicating a strategic alignment with Xiaomi as a key customer [1] - The company's main business involves the research, production, and sales of micro-electronic acoustic components and audio products, including micro speakers, receivers, and integrated modules [1] - Haosheng Electronics' primary products also include speakers for vehicles and ships, as well as standing audio systems, showcasing a diverse product range in the audio electronics sector [1]

Core Viewpoint - Haosheng Electronics (920701) experienced a significant increase in stock price, reaching the daily limit of 29.97% with a trading volume of 3.38 billion yuan and a turnover rate of 15.75% [2] Trading Activity - The stock's trading activity showed a volatility of 32.17%, leading to its listing on the North Exchange's watchlist for the day [2] - The total net buying from brokerage seats amounted to 10.0007 million yuan, with the top five brokerage seats contributing a total transaction volume of 69.1002 million yuan [2] - The leading buying brokerage was Guosen Securities Co., Ltd. Shenzhen Internet Branch, with a buying amount of 8.8483 million yuan, while the top selling brokerage was China Merchants Securities Co., Ltd. Shanghai Jiangsu Road Branch, with a selling amount of 6.2354 million yuan [2] Detailed Brokerage Activity - The top five buying brokerages and their respective buying amounts were: - Guosen Securities Co., Ltd. Shenzhen Internet Branch: 8.8483 million yuan - China International Capital Corporation Wealth Securities Co., Ltd. Anhui Branch: 8.1113 million yuan - Guotai Junan Securities Co., Ltd. Guangdong Guangzhou Zhujiang New Town Branch: 7.1852 million yuan - Dongfang Caifu Securities Co., Ltd. Lhasa Financial City South Ring Road Branch: 6.9797 million yuan - Guojin Securities Co., Ltd. Shenzhen Branch: 5.8709 million yuan [2] - The top five selling brokerages and their respective selling amounts were: - China Merchants Securities Co., Ltd. Shanghai Jiangsu Road Branch: 6.2354 million yuan - Founder Securities Co., Ltd. Chongqing Jiangbei Mouth Branch: 0.0258 million yuan - CITIC Securities Co., Ltd. Shanghai Yingkou Road Branch: 2.5144 million yuan - Great Wall Securities Co., Ltd. Shenzhen Shennan Avenue Branch: 0.0460 million yuan - Guosen Securities Co., Ltd. Chengdu Second Ring Road Branch: 0.0148 million yuan [2]

Core Viewpoint - The consumer electronics sector experienced a rise of 0.83% on December 1, with significant gains from several companies, indicating a positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3914.01, up by 0.65%, while the Shenzhen Component Index closed at 13146.72, up by 1.25% [1]. - The consumer electronics sector saw a net inflow of 1.347 billion yuan from major funds, while retail investors experienced a net outflow of 739 million yuan [2][3]. Group 2: Top Gainers - The top-performing stocks included: - Mengsheng Electronics (Code: 920701) with a closing price of 22.64, up by 29.97% and a trading volume of 157,800 shares [1]. - Yunzhu Technology (Code: 688260) closed at 51.30, up by 20.00% with a trading volume of 239,100 shares [1]. - Beilong Precision (Code: 301567) closed at 55.63, also up by 20.00% with a trading volume of 90,900 shares [1]. Group 3: Notable Decliners - The stocks that saw declines included: - Aoni Electronics (Code: 301189) with a closing price of 41.68, down by 4.12% and a trading volume of 51,500 shares [2]. - Jiebang Technology (Code: 301326) closed at 102.80, down by 2.40% with a trading volume of 11,200 shares [2]. - Changying Precision (Code: 300115) closed at 41.96, down by 2.24% with a trading volume of 1,621,400 shares [2]. Group 4: Fund Flow Analysis - Major funds showed a significant net inflow in companies like Lingyi Technology (Code: 002600) with a net inflow of 3.89 million yuan, representing 11.83% of the total [3]. - Conversely, companies like Lixun Precision (Code: 002475) experienced a net outflow of 162 million yuan, indicating a negative sentiment among retail investors [3].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time, with a current price of 19.38 yuan [1][6]. Core Insights - The company, Zhejiang Haosheng Electronics Technology Co., Ltd., specializes in the research, development, production, and sales of micro-acoustic components and audio products, having established itself as a significant player in the industry with strong R&D capabilities [6][15]. - The company's revenue has shown a growth trend, increasing from 463 million yuan in 2019 to an expected 800 million yuan in 2024, with a five-year CAGR of 11.56% [6][23]. - The global consumer electronics market is projected to grow from 788.23 billion USD in 2024 to 1,073.77 billion USD by 2032, driven by rising demand for smart and interconnected devices [52][53]. Financial Data Summary - Total shares outstanding: 137.20 million [2] - A-share circulation ratio: 73.04% [2] - Revenue forecast for 2023A to 2027E shows a growth from 640.82 million yuan to 1,235.06 million yuan, with growth rates of -4.24%, 24.76%, 12.88%, 15.72%, and 18.26% respectively [5][67]. - Net profit attributable to shareholders is expected to decline significantly in 2025E to 71.83 million yuan, down from 171.50 million yuan in 2024A, reflecting a -58.11% growth rate [5][67]. - The company’s gross margin has been relatively stable, with a slight decline in 2023 due to market conditions, but is expected to recover in 2025 [27][28]. Business Overview - The company focuses on micro-acoustic components, which accounted for 83.69% of its revenue in 2024, and audio products, which are used in various consumer electronics [30][36]. - The company has established long-term relationships with notable clients, including OPPO, VIVO, and TCL, enhancing its market position [63][64]. - The company is positioned in the midstream of the supply chain, benefiting from a complete domestic industrial chain for consumer electronics [64][66]. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 902 million yuan, 1,044 million yuan, and 1,235 million yuan, with corresponding growth rates of 12.88%, 15.72%, and 18.26% [67]. - The average PE ratios for comparable companies are projected at 40.05, 30.87, and 24.01 for 2025-2027, while the company’s expected PE ratios are 36.88, 29.58, and 24.28 [70].

证券代码：838701 证券简称：豪声电子 公告编号：2025-115 浙江豪声电子科技股份有限公司 （三） 减持时间区间届满，是否未实施减持 一、 减持主体减持前基本情况 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | | | 减持数 | | | | | | 减持 | 当前持 | 当前持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 减持数 | 量占总 | 减持 | 减持 | | 减持价格区 | 已减持总金 | 计划 | 股数量 | 股比例 | | 名称 | 量（股） | 股本比 | 方式 | 期间 | | 间 | 额（元） | 完成 | （股） | （%） | | | | 例（%） | | | | | | 情况 | | | | 嘉兴美 | | | 集 中 | 2025 | | 24.02-25.03 | | | | | | 合投资 | 788,800 | 0.5749% | 竞价 | 年 7 | 月 | 元/股 | 19,468,4 ...

申万宏源证券承销保荐有限责任公司 关于浙江豪声电子科技股份有限公司 | 2、关于规范关联交易的承诺；关于避免和减少关联交易 | 是 | 不适用 | | --- | --- | --- | | 的承诺 | | | | 3、所持股权具有真实、完整和合法性承诺 | 是 | 不适用 | 四、其他事项 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，申万宏源证券承销保荐有限责任公司（以 下简称"申万宏源承销保荐"或"保荐机构"）作为浙江豪声电子科技股份有限 公司（以下简称"豪声电子"或"公司"）的保荐机构，负责豪声电子的持续督 导工作，并出具 2025 年半年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构对公司的信息披露文件进行了事 | | | 前或事后审阅。 | | | 保荐机构督导公司建立健全并有效执行包 | | 2、督导公司建立健全并有效执行规则制度 | 括但不限于公司治理、内部控制、信息披 | | 的情况 | 露、募集资金管理等各项制度，持续提升 ...