Group 1 - The core point of the news is that Farah Electronics has experienced a decline in stock price, dropping 1.29% to 116.96 CNY per share, with a total market value of 26.316 billion CNY and a cumulative drop of 11.21% over the last four days [1] - Farah 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, 2.90% from other sources, and 2.82% from transformers [1] - The trading volume for Farah Electronics was 408 million CNY, with a turnover rate of 1.54% [1] Group 2 - Anxin Fund has a significant holding in Farah Electronics, with its Anxin New Energy Theme Stock Fund A (015707) holding 6,100 shares, representing 4.2% of the fund's net value, making it the tenth largest holding [2] - The Anxin New Energy Theme Stock Fund A has incurred a floating loss of approximately 9,333 CNY today, with a total floating loss of 90,000 CNY during the four-day decline [2] - The fund was established on July 26, 2022, with a current size of 6.2787 million CNY, and has reported a year-to-date return of 9.6% and a one-year return of 19.29%, ranking 3rd out of 4 in its category [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.944 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.69%. The net profit attributable to shareholders was 888 million yuan, also up by 14.58% year-on-year. However, the gross profit margin decreased by 1.24 percentage points to 32.88% [1] - In the third quarter, the company achieved a revenue of 1.445 billion yuan, a year-on-year increase of 9.31% and a quarter-on-quarter increase of 11.52%. The net profit attributable to shareholders was 318 million yuan, up 8.69% year-on-year and 4.31% quarter-on-quarter [1] - The company is a leading player in the global film capacitor industry and is expected to benefit from the rapid growth of new energy sectors such as solar storage, wind power, and electric vehicles. The company is also actively exploring new application areas such as solid-state batteries, robotics, and AI server power supplies [1][2] Financial Summary - For 2025, the company is projected to achieve a revenue of 5.610 billion yuan, with a year-on-year growth of 17.6%. The net profit attributable to shareholders is expected to be 1.280 billion yuan, reflecting a year-on-year increase of 23.2% [3] - The gross profit margin is forecasted to be 34.7% in 2025, with a gradual recovery expected in subsequent years [3] - The current stock price is 120.28 yuan, with a market capitalization of 27.063 billion yuan [4] Research and Development - The company has increased its R&D expenditure to 3.60% of revenue in the first three quarters of 2025, up from the previous year. It holds 7 invention patents and 154 utility model patents, along with participation in the formulation of 15 international standards [2]

Core Insights - The latest holdings of the "national team" in A-share listed companies have been revealed, with 233 companies having the "national team" as one of their top ten shareholders [1][2] - In the third quarter, the "national team" held over 10 billion yuan in market value in 30 stocks, including major banks and insurance companies [1] Group 1: Major Holdings - The top three holdings by market value are: - China Construction Bank: 13,288.15 billion yuan - Agricultural Bank of China: 11,429.52 billion yuan - Bank of China: 11,138.27 billion yuan [1] - Other significant holdings include: - Industrial and Commercial Bank of China: 9,914.42 billion yuan - New China Life Insurance: 751.22 billion yuan - Ping An Insurance: 734.02 billion yuan [1][2] Group 2: New Additions - Farah Electronics is a new addition to the "national team" holdings, with a market value of 1.58 billion yuan [2] - The company reported a revenue of 3.944 billion yuan for the first three quarters, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up 14.58% [2] - In the third quarter alone, Farah Electronics achieved a revenue of 1.445 billion yuan, reflecting a year-on-year growth of 9.31% [2]

Core Viewpoint - The passive component market is experiencing significant price increases, particularly in tantalum capacitors, driven by rising demand from AI applications, with price hikes reported between 20% and 30% [1] Group 1: Price Increases and Market Impact - Kemet, a subsidiary of Yageo Group, has issued a price increase notice for tantalum capacitors, marking the second price hike this year, expanding the customer base from agents to direct sales [1] - The domestic passive component index saw an increase of nearly 5% over the first three trading days of the week from October 27 to 29 [1] Group 2: Financial Performance of Related Stocks - In 2024, over 20 stocks in the passive component industry are projected to achieve a combined net profit of nearly 6.6 billion, reflecting a year-on-year growth of 17.8%, reversing the decline seen in 2022 and 2023 [1] - For the first three quarters of this year, these stocks reported a net profit of nearly 5.8 billion, representing a year-on-year increase of nearly 12% [1] Group 3: Individual Stock Performance - Notable individual stocks with net profit growth exceeding 20% in the first three quarters include Shunluo Electronics, Dali Kipu, Tongfeng Electronics, Junwei Electronics, and Shunluo Electronics [1] - Among the over 20 stocks, only five have outperformed the passive component index's growth of 20.98% while also achieving a net profit growth of over 10% in the first three quarters: Tongfeng Electronics, Aihua Group, Dali Kipu, Fala Electronics, and Junwei Electronics, with the latter two having year-to-date growth below 5% [1]

Group 1 - The core viewpoint of the news is that Farah Electronics (600563.SH) has reported significant institutional ownership, with 30 institutional investors holding a total of 139 million shares, representing 61.72% of the company's total equity [1] - The top ten institutional investors collectively hold 60.76% of the shares, with a slight increase of 0.11 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, eight funds increased their holdings, accounting for a 0.42% increase, while another eight funds decreased their holdings by 0.51% [2] - Seven new public funds disclosed their holdings this quarter, while 442 funds were not disclosed compared to the previous quarter [2] - One social security fund, the National Social Security Fund 115 Combination, saw a slight decrease in holdings [2]

Core Viewpoint - Fala Electronics, a leading manufacturer of film capacitors in China, has shown strong financial performance and growth potential in the renewable energy sector, with significant revenue and profit figures for Q3 2025 [2][6]. Financial Performance - In Q3 2025, Fala Electronics reported revenue of 3.944 billion yuan, ranking 6th in the industry, surpassing the industry average of 2.256 billion yuan and the median of 0.895 billion yuan, but below the top competitors [2]. - The company's net profit for the same period was 889 million yuan, ranking 2nd in the industry, significantly higher than the industry average of 305 million yuan and the median of 120 million yuan [2]. - The main business revenue from capacitors was 2.356 billion yuan, accounting for 94.28% of total revenue [2]. Profitability and Debt Management - Fala Electronics had a debt-to-asset ratio of 30.86% in Q3 2025, slightly up from 30.09% year-on-year but lower than the industry average of 31.50% [3]. - The gross profit margin was 32.88%, down from 34.11% year-on-year but still above the industry average of 27.75% [3]. Executive Compensation - The chairman, Lu Huixiong, received a salary of 3.3777 million yuan in 2024, an increase of 740,800 yuan from the previous year [4]. - The general manager, Chen Guobin, saw a slight decrease in salary to 2.9515 million yuan in 2024 [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 18.30% to 20,900 [5]. - The average number of circulating A-shares held per shareholder decreased by 15.47% to 10,800 [5]. Market Position and Future Outlook - Fala Electronics is experiencing growth in the new energy application market, particularly in electric vehicles, photovoltaics, and energy storage [6]. - Revenue projections for 2025, 2026, and 2027 are 5.86 billion, 6.81 billion, and 7.84 billion yuan, respectively, with net profits expected to be 1.33 billion, 1.65 billion, and 1.91 billion yuan [6]. - The company is expected to maintain a "buy" rating due to its strong market position and growth potential [6].

Core Viewpoint - Farah Electronics (600563.SH) reported a year-on-year increase in revenue and net profit for Q3 2025, indicating positive financial performance and growth potential [1] Financial Performance - The company's operating revenue for Q3 2025 reached 1.445 billion yuan, representing a year-on-year increase of 9.31% [1] - The net profit attributable to shareholders of the listed company was 318 million yuan, showing a year-on-year increase of 8.69% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 311 million yuan, reflecting a year-on-year increase of 6.87% [1]

Core Viewpoint - Farah Electronics (600563.SH) reported a year-on-year revenue growth of 14.69% for the first three quarters of 2025, reaching a total revenue of 3.944 billion yuan [1] - The net profit attributable to shareholders increased by 14.58% year-on-year, amounting to 888 million yuan [1] - The basic earnings per share stood at 3.95 yuan [1] Financial Performance - Total revenue for the first three quarters: 3.944 billion yuan, a 14.69% increase year-on-year [1] - Net profit attributable to shareholders: 888 million yuan, reflecting a 14.58% year-on-year growth [1] - Basic earnings per share: 3.95 yuan [1]

证券代码：600563 证券简称：法拉电子 编号：2025-022 厦门法拉电子股份有限公司 关于变更签字会计师的公告 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。 一、本次签字会计师变更情况 安永华明作为公司 2025 年度财务报告、内部控制审计报告的审计机构，原 指派李剑光、陈基梁作为签字会计师为公司提供审计服务。鉴于原签字会计师陈 基梁已辞职，为按时完成公司 2025 年度审计工作，更好地配合公司 2025 年度信 息披露工作，经安永华明安排，指派郑钰接替陈基梁作为签字会计师，继续完成 公司 2025 年度财务报告审计、内部控制审计相关工作。变更后的财务报告审计、 内部控制审计签字会计师为李剑光、郑钰。 二、本次变更人员的基本信息： 1．签字会计师郑钰，于 2020 年成为注册会计师，2015 年开始从事上市公 司审计，2018 年开始在安永华明专职执业，2025 年开始为公司提供审计服务。 近三年未签署上市公司审计报告。郑钰自 2015 年开始从事上市公司审计及与资 本市场相关的专业服务工作，涉及的行业包括半导体、工 ...

厦门法拉电子股份有限公司 关于子公司不再纳入合并报表范围的公告 证券代码：600563 证券简称：法拉电子 编号：2025-021 公司持有上海美星40%的股份，上海美星董事会成员共7名，其中由公司委派 4名。公司是上海美星最大单一股东，持有40%的股份，第二大股东傅翼持有上海 美星15%的股份，公司与傅翼签有一致行动人协议，上海美星其他45%的股份由10 位个人股东持有，持股比例2.5%-12.5%不等，公司可控制的表决权超过其他个人 股东持有的表决权份额。因此公司对上海美星拥有实际控制权，从而纳入公司合 并报表范围。 现因公司收到傅翼提出解除一致行动关系的请求，经友好协商，公司与傅翼 签署《一致行动关系解除协议》，双方一致行动关系终止，原《股东一致行动人 协议》项下的权利义务关系终止，双方不再受原《股东一致行动人协议》中有关 一致行动相关约定的约束。同时公司在上海美星董事会中的席位调整为3名，公 司不再拥有对上海美星的控制权。公司持有上海美星的股份没有变化。 1 根据《企业会计准则第33号——合并财务报表》的规定:"合并财务报表的 合并范围应当以控制为基础予以确定。控制,是指投资方拥有对被投资方的权力, ...