证券代码：600563 证券简称：法拉电子 编号：2025-018 厦门法拉电子股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开时间：2025 年 9 月 22 日(星期一)15:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 15 日（星期一）至 09 月 19 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱 lilan@faratronic.com.cn 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 厦门法拉电子股份有限公司（以下简称"公司"）已于 2025 年 8 月 16 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公 ...

Group 1 - The core viewpoint of the article highlights that Farah Electronics (600563.SH) has successfully integrated its film capacitors into various applications, including AI hardware terminals, data centers, and server power supplies [1] Group 2 - The company's film capacitors are now widely used across multiple scenarios, indicating a strong market presence and potential for growth in the AI and data center sectors [1]

Group 1 - The core viewpoint of the news is that Fala Electronics has experienced a decline in stock price, with a 5.13% drop over three consecutive days, closing at 116.65 CNY per share [1] - Fala Electronics, established on December 12, 1998, and listed on December 10, 2002, is primarily engaged in the research, production, and sales of film capacitors, with 94.28% of its revenue coming from capacitors [1] - The company's total market capitalization is reported at 26.246 billion CNY, with a trading volume of 429 million CNY and a turnover rate of 1.63% [1] Group 2 - The Oriental Alpha Fund holds a significant position in Fala Electronics, with 440,000 shares, representing 6.23% of the fund's net value, making it the tenth largest holding [2] - The fund has incurred a floating loss of approximately 660,000 CNY today, with total losses of 2.772 million CNY during the three-day decline [2] - The Oriental Alpha Industry Pioneer Mixed A Fund has a year-to-date return of 27.57% and a one-year return of 46.09%, ranking 2545 out of 8180 and 2893 out of 7967 respectively [2]

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Xiamen Farah Electronics Co., Ltd. as of August 25, 2025, showing a slight increase in stock price and notable revenue growth [1][3] - The company's total operating revenue for the first half of 2025 reached 2.499 billion yuan, representing a year-on-year growth of 18.05%, while the net profit attributable to shareholders was 569 million yuan, also up by 18.15% [1] - The company has a current ratio of 2.126, a quick ratio of 1.723, and a debt-to-asset ratio of 31.79%, indicating a strong liquidity position and manageable debt levels [1] Group 2 - Xiamen Farah Electronics has made investments in five companies and participated in 119 bidding projects, showcasing its active engagement in the market [2] - The company holds 7 trademark registrations and 227 patents, reflecting its commitment to innovation and intellectual property development [2] - Additionally, the company possesses 34 administrative licenses, which may facilitate its operational capabilities [2]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [4]. Core Insights - The automotive market in July showed strong terminal demand despite entering the traditional off-season, with a year-on-year increase in sales [9][10]. - The penetration rate of new energy vehicles (NEVs) in domestic passenger cars has reached a historical high, indicating a positive trend for future growth [9][10]. Summary by Sections 1. Biweekly Update - In July, the automotive production was 2.591 million units, a year-on-year increase of 13.3%, while sales were 2.593 million units, up 14.7% year-on-year [9]. - Domestic sales of passenger cars reached 2.018 million units, with a year-on-year increase of 12.6% [9]. - The NEV penetration rate in July was 54.5%, reflecting a recovery to levels seen in September-October 2024 [10]. 2. Market Review - The automotive sector's performance was ranked 10th among 30 industries, with a biweekly increase of 5.64% [11]. - The best-performing sub-sectors included motorcycles and others, with a biweekly increase of 16.76% [11][15]. 3. Industry News - The report highlights the reintroduction of vehicle replacement subsidies in regions like Gansu and Guangxi, which is expected to support domestic demand [9]. - The report anticipates continued growth in NEV sales, driven by new model launches and a weakening sales momentum for fuel vehicles [10]. 4. Investment Recommendations - Recommended stocks include BYD and Li Auto for complete vehicles, and Huayu Automotive and Bertel for components [6]. - The report also suggests investing in companies involved in the human-robot industry chain, such as Top Group and Sutech [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7] Core Views - The company reported a revenue of 2.499 billion yuan in the first half of 2025, representing a year-over-year growth of 18.05%, and a net profit attributable to shareholders of 569 million yuan, also up 18.15% year-over-year [5] - The company is benefiting from the growth in the new energy vehicle and energy storage sectors, with a focus on enhancing market competitiveness through innovation and cost reduction [5] - The company has a complete product range in film capacitors, which positions it well to meet the demands of various industries, including renewable energy [6] Financial Performance Summary - Revenue projections for the company are as follows: 3.88 billion yuan for 2023, 4.77 billion yuan for 2024, 5.86 billion yuan for 2025, 6.82 billion yuan for 2026, and 7.82 billion yuan for 2027, with growth rates of 1%, 23%, 23%, 16%, and 15% respectively [3] - The net profit attributable to shareholders is projected to be 1.024 billion yuan for 2023, 1.039 billion yuan for 2024, 1.327 billion yuan for 2025, 1.673 billion yuan for 2026, and 1.915 billion yuan for 2027 [3] - The company’s P/E ratios are projected to be 25.9 for 2023, 25.5 for 2024, 20.0 for 2025, 15.9 for 2026, and 13.9 for 2027 [3] Market Position and Strategy - The company is actively expanding its market presence and focusing on high-end clients in the new energy sector, which has led to increased sales and market share [5] - The company has successfully developed a supply chain for metallized film materials and busbars, allowing it to keep pace with market demands and innovate its product offerings [6] - The company has secured its first batch application project order for dry capacitors in the national flexible direct current project, marking a significant milestone in its growth strategy [6]

Group 1 - The core viewpoint of the report is a recommendation rating for Farah Electronics (600563.SH) by Minsheng Securities on August 18, highlighting significant improvements in profitability by Q2 2025 [2] - The company is committed to investing in product research and development, which is a key factor in its growth strategy [2] - There has been a breakthrough in the field of ultra-high voltage direct current (UHVDC) film capacitors, indicating technological advancement and market potential [2]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company has shown significant improvement in profitability and cash flow in Q2 2025, with a revenue of 1.296 billion yuan, a year-on-year increase of 13.96% and a quarter-on-quarter increase of 7.65% [1]. - The company focuses on R&D investments in emerging fields such as new energy vehicles, photovoltaics, energy storage, and industrial control, with R&D expenses totaling 89.38 million yuan, accounting for 3.58% of sales revenue in the first half of 2025 [2]. - The company has made breakthroughs in the ultra-high voltage flexible direct current film capacitor field, securing the first batch application project order for domestic dry capacitors [3]. Financial Performance Summary - In H1 2025, the company achieved a total revenue of 2.499 billion yuan, a year-on-year increase of 18.05%, and a net profit attributable to shareholders of 569 million yuan, also up 18.15% year-on-year [1]. - The company’s gross margin improved to 34.7% in Q2 2025, reflecting a quarter-on-quarter increase of 3.43 percentage points [1]. - The projected revenues for 2025-2027 are 6.038 billion, 7.569 billion, and 9.370 billion yuan, with corresponding growth rates of 26.5%, 25.3%, and 23.8% respectively [4][5]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 1.409 billion, 1.763 billion, and 2.156 billion yuan, with growth rates of 35.6%, 25.1%, and 22.3% respectively [5][11]. - The projected earnings per share for the same period are 6.26, 7.84, and 9.58 yuan, with corresponding price-to-earnings ratios of 19x, 15x, and 12x [4][5].

Group 1 - The core viewpoint of the article highlights that Farah Electronics (600563.SH) reported a revenue of 2.499 billion yuan for the first half of 2025, representing a year-on-year growth of 18.05% [1] - The net profit attributable to shareholders of the listed company reached 569 million yuan, showing a year-on-year increase of 18.15% [1]

Group 1 - The company reported a total operating revenue of 2.499 billion yuan, an increase of 382 million yuan compared to the same period last year, achieving a 5-year consecutive growth and a year-on-year increase of 18.05% [1] - The net profit attributable to shareholders was 569 million yuan, an increase of 87.4816 million yuan compared to the same period last year, with a year-on-year increase of 18.15% [1] - The net cash inflow from operating activities was 860 million yuan, an increase of 197 million yuan compared to the same period last year, achieving a 5-year consecutive growth and a year-on-year increase of 29.65% [1] Group 2 - The company's latest debt-to-asset ratio is 31.79% [2] - The latest gross profit margin is 33.08%, an increase of 1.78 percentage points compared to the previous quarter [2] - The latest return on equity (ROE) is 10.53%, an increase of 0.34 percentage points compared to the same period last year [2] Group 3 - The diluted earnings per share are 2.53 yuan, an increase of 0.39 yuan compared to the same period last year, with a year-on-year increase of 18.22% [2] - The latest total asset turnover ratio is 0.32 times [2] - The latest inventory turnover ratio is 1.93 times [2] Group 4 - The number of shareholders is 17,700, with the top ten shareholders holding 136 million shares, accounting for 60.65% of the total share capital [2]