Core Viewpoint - The performance of Hongfa Technology (宏发股份) meets expectations, maintaining a leading global market share, and is rated as a buy by Huazhong Securities [1] Financial Performance - In the first half of 2025, the company achieved revenue of 8.347 billion yuan, a year-on-year increase of 15.43%, and a net profit attributable to shareholders of 964 million yuan, up 14.19% year-on-year [2] - For Q2 2025, revenue reached 4.364 billion yuan, reflecting a 15.51% year-on-year growth, with a net profit of 553 million yuan, a 13.25% increase year-on-year [2] Product Performance - The electromagnetic relay segment generated revenue of 7.614 billion yuan in H1 2025, marking a 17.26% year-on-year growth, with the company maintaining the number one global market share [3] - The high-voltage control box for electric vehicles showed significant growth, driven by the rapid development of the new energy vehicle market [3] New Product Development - The "5+" new product categories, including switches, connectors, capacitors, fuses, and current sensors, are developing steadily, with film capacitors and current sensors seeing year-on-year shipment increases of 31% and 36%, respectively [4] Investment Recommendations - Revenue projections for 2025, 2026, and 2027 are 16.371 billion yuan, 18.892 billion yuan, and 21.770 billion yuan, respectively, with net profits of 1.961 billion yuan, 2.281 billion yuan, and 2.487 billion yuan, corresponding to P/E ratios of 18.3, 15.7, and 14.4 [5]

Investment Rating - Investment rating is maintained as "Buy" [1] Core Views - The company reported a revenue of 8.347 billion yuan for the first half of 2025, representing a year-on-year growth of 15.43% [2] - The net profit attributable to shareholders reached 964 million yuan, up 14.19% year-on-year, with a non-recurring net profit of 927 million yuan, growing 17.85% year-on-year [2] - The gross margin stood at 34.24%, a decrease of 0.54 percentage points year-on-year [2] Performance Summary - In Q2 2025, the company achieved a revenue of 4.364 billion yuan, reflecting a year-on-year increase of 15.51% [2] - The net profit attributable to shareholders for Q2 was 553 million yuan, up 13.25% year-on-year, with a non-recurring net profit of 546 million yuan, growing 20.52% year-on-year [2] - The gross margin for Q2 was 34.67%, with a slight increase of 0.03 percentage points year-on-year and 0.90 percentage points quarter-on-quarter [2] Product Performance - The company's relay products generated a revenue of 7.614 billion yuan in H1 2025, marking a year-on-year growth of 17.26% [3] - The company maintains the largest market share globally in the relay market, driven by strong growth in smart home, industrial automation, photovoltaic sectors, and the rapid development of electric vehicles [3] - The high-voltage control box project for electric vehicles is progressing smoothly, showing significant year-on-year growth [3] New Product Development - The "5+" new product categories, including switches, connectors, capacitors, fuses, and current sensors, are developing steadily [4] - The shipment of film capacitors increased by 31% year-on-year, and current sensors saw a 36% year-on-year growth [4] - The ceramic block DC fast fuse HPE509 received UL certification, indicating potential for stable growth as new customer projects are introduced [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 16.371 billion yuan, 18.892 billion yuan, and 21.770 billion yuan, respectively [5] - Net profit projections for the same years are 1.961 billion yuan, 2.281 billion yuan, and 2.487 billion yuan, respectively [5] - Corresponding P/E ratios are expected to be 18.3, 15.7, and 14.4 times [5]

截至2025年7月31日15时0分，宏发股份最新股价为24.53元，较前一交易日上涨1.45%。当日开盘价为 24.27元，最高触及24.87元，最低下探24.05元，成交额5.21亿元，换手率1.45%。 风险提示：市场有风险，投资需谨慎。 来源：金融界 7月30日数据显示，境外投资者持有宏发股份3.71亿股，占总股本比例达25.446%。此外，二季度末养老 金账户出现在公司前十大流通股东名单中，基本养老保险基金八零七组合和一五零二二组合合计持股 2822.27万股，占流通股比例1.93%。 7月31日，宏发股份主力资金净流出1567.19万元，占流通市值比例为0.04%。 宏发股份主营业务为继电器及相关产品的研发、生产和销售，产品广泛应用于电力、新能源、汽车电子 等领域。公司所属板块包括电网设备、新能源、新材料等。 ...

财报披露季，机构最新持股动向逐渐明朗。二季度末养老金账户出现在宏发股份、海信家电前十大流通 股东榜。 基本养老保险基金八零七组合、基本养老保险基金一五零二二组合为宏发股份第九、第七大流通股东， 合计持股量为2822.27万股，占流通股比例1.93%。基本养老保险基金一二零四组合为海信家电第十大流 通股东，持股量为459.61万股，占流通股比例0.50%。（数据宝） 养老金持股明细 | 代码 | 简称 | 持股量（万股） | 环比（%） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600885 | 宏发股份 | 2822.27 | 64.93 | 1.93 | 电力设备 | | 000921 | 海信家电 | 459.61 | 新进 | 0.50 | 家用电器 | （文章来源：证券时报网） ...

长江商报消息 新门类产品发展势头强劲，继电器龙头宏发股份（600885.SH）业绩稳健提升。 7月29日晚间，宏发股份披露2025年半年度报告，报告期内，公司实现营业收入83.47亿元，同比增长 15.43%；归母净利润9.64亿元，同比增长14.19%。 长江商报记者注意到，宏发股份自2012年上市以来业绩表现稳定，整体收入和利润均保持稳步增长。 2025年以来，公司继续全面实施"75+"战略，其中，"7"类继电器产品优势进一步巩固和扩大，开关电 器、连接器、电容器、熔断器、电流传感器等"5+"产品稳步发展。 值得关注的是，作为全球领先的继电器生产商，宏发股份深耕继电器领域40年，电磁继电器市场占有率 持续稳居全球第一。2025年上半年，公司继电器产品实现营业收入76.14亿元，同比增长17.26%。 近12年净利复合增长率超15% 在消费电子领域，主要应用于消费电子领域的功率继电器业务整体较上年同期实现良好增长，其中与家 电领域相关业务中，公司与头部品牌合作关系不断巩固，发货量实现稳定增长；报告期内，信号继电器 主要应用领域的市场需求均有所提升，同比实现快速增长，预计消费电子相关下游全年维持稳健增长态 势 ...

据证券之星公开数据整理，近期宏发股份（600885）发布2025年中报。截至本报告期末，公司营业总收 入83.47亿元，同比上升15.43%，归母净利润9.64亿元，同比上升14.19%。按单季度数据看，第二季度 营业总收入43.64亿元，同比上升15.51%，第二季度归母净利润5.53亿元，同比上升13.25%。本报告期 宏发股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达265.5%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率34.24%，同比减1.37%，净利率15.32%，同比增 0.09%，销售费用、管理费用、财务费用总计9.86亿元，三费占营收比11.81%，同比减9.87%，每股净资 产6.58元，同比减18.1%，每股经营性现金流0.57元，同比减39.17%，每股收益0.66元，同比增14.19% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 72.31 Z | 83.47 Z | 15.43% | | 归母净利润(元) | 8.44 Z | 9.64Z | 14.19% ...

Revenue and Profit - The company's total revenue reached 8.347 billion yuan, a year-on-year increase of 15.43% [2] - The net profit attributable to shareholders was 964 million yuan, up 14.19% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 927 million yuan, reflecting a year-on-year increase of 17.85% [2] - In Q2, total revenue was 4.364 billion yuan, a 15.51% increase year-on-year, with net profit at 553 million yuan, up 13.25% [2] Profitability - The company's gross margin was 34.24%, a decrease of 1.37 percentage points year-on-year [3] - The net profit margin was 15.32%, showing a slight increase of 0.09 percentage points year-on-year [3] - Despite the decline in gross margin, the stability in net profit margin indicates effective cost control [3] Cost Control - Total selling, administrative, and financial expenses amounted to 986 million yuan, accounting for 11.81% of revenue, a decrease of 9.87% year-on-year [4] - This improvement in expense control contributes positively to profitability [4] Cash Flow and Debt - Operating cash flow per share was 0.57 yuan, a decrease of 39.17% year-on-year [5] - Cash and cash equivalents were 3.471 billion yuan, an increase of 26.47% year-on-year [5] - The ratio of cash to current liabilities was 98.72%, indicating a need for attention to cash flow management [5] - Interest-bearing debt was 3.46 billion yuan, reflecting a year-on-year increase of 14.96% [5] Accounts Receivable - Accounts receivable stood at 4.33 billion yuan, a year-on-year increase of 7.74% [6] - Accounts receivable accounted for 265.5% of the latest annual net profit, indicating a significant amount that requires monitoring for collection [6] Main Business Performance - Revenue from the main business, primarily relay products, was 7.614 billion yuan, accounting for 91.22% of total revenue, with a gross margin of 35.25% [7] - Revenue from electrical products was 386 million yuan, representing 4.63% of total revenue, with a gross margin of 28.09% [7] Development Review - During the reporting period, the company completed 462 new product R&D projects and filed 587 patent applications, a year-on-year increase of 10.55% [8] - The company achieved growth in various sectors, particularly in high-voltage DC series products for new energy vehicles and inverter matching businesses in the "wind, solar, and storage" new energy field [8] Summary - Overall, the company's 2025 mid-term report indicates steady growth in revenue and profit, improved cost control, but a need for enhancement in cash flow management and accounts receivable collection [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 8.347 billion yuan in H1 2025, representing a year-on-year increase of 15.43%. The net profit attributable to the parent company was 964 million yuan, up 14.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 927 million yuan, reflecting a 17.85% increase year-on-year [1][4] - In Q2 2025, the company reported a revenue of 4.364 billion yuan, a year-on-year growth of 15.51%, and a net profit of 553 million yuan, which is a 13.25% increase year-on-year [1] - The company maintains a strong position in the relay product market, with steady growth in consumer electronic relays and rapid growth in signal relays. The industrial relay sector is experiencing a continued recovery, while the high-voltage relay segment is expected to maintain high growth due to the increasing penetration of new energy vehicles in Europe [4] - The company is developing five new product categories, including low-voltage electrical appliances and connectors, which are expected to drive stable growth in its low-voltage switch business. The current sensor shipments increased by 36% year-on-year, and thin-film capacitor shipments rose by 31% year-on-year in H1 2025 [4] - Profit forecasts indicate that the net profit attributable to the parent company is expected to reach 1.97 billion yuan, 2.27 billion yuan, and 2.60 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21%, 16%, and 15% [4] Financial Summary - The total revenue for 2023 is projected at 12.93 billion yuan, with a year-on-year growth of 11%. The net profit attributable to the parent company is expected to be 1.393 billion yuan, also reflecting an 11.4% year-on-year increase [3] - The gross profit margin is forecasted to be 36.8% in 2023, slightly decreasing to 35.9% by 2025 [3] - The company's P/E ratio is projected to decrease from 25.34 in 2023 to 17.97 in 2025, indicating an improving valuation [3]

市场表现方面，机构买入型评级个股今日平均上涨0.03%，表现弱于沪指。股价上涨的有11只，涨幅居 前的有华能国际、苏试试验、海大集团等，今日涨幅分别为8.39%、4.96%、3.76%。跌幅较大的个股有 统联精密、道氏技术、恩华药业等，跌幅分别为5.08%、2.76%、2.62%。 业绩方面，机构评级买入个股中，有13股已经公布了上半年业绩，净利润同比增幅最大的是智明达，公 司上半年业绩实现净利润3829.80万元，同比增长2147.93%。净利润同比增幅较高的还有药明康德、民 士达等，净利润同比分别增长101.92%、42.28%。公布上半年业绩预告的共有6只，业绩预告类型来 看，预增有5只，预盈有1只。以净利润增幅中值来看，净利润增幅最高的是南都物业，公司预计上半年 业绩净利润同比增长508.77%，其次是粤海饲料、道氏技术等，预计净利润增幅中值分别为107.61%、 106.90%。 26只个股今日获机构买入型评级，8股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布41条买入型评级记录，共涉及26只个股。华能国际关 注度最高，共获5次机构买入型评级记录。 今日获机构买入型评级个股中，共有1 ...

券商评级是指证券公司的分析师，通过分析上市公司的财务潜力、财务指标、公司运营治理能力，然后 进行实地考察调研后得出的评论，备受投资者关注。 据证券之星数据库不完全统计，7月30日券商共给予近20家A股上市公司"买入"评级。从行业分布看， 券商7月30日关注的个股聚焦于食品饮料、农牧饲渔、电网设备、物流、医疗服务、软件开发、装修装 饰、电子元件等行业。 | 股票代码 | 股票间称 | 报告名称 | 评级变动 | 机构 | 近一月个 股研报数 | 行业 | 日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 605499 | 东鹏饮料 | 公司信息更新报告:高基数下较快增长,新品表 现强劲 | 增持 | 开源证券 | 22 | 食品饮料 | 7月30日 | | 002311 | 海大集团 | H1 饲料销量同比+25%,Q2收入增长提速 | 买入 | 中国银河 | র্ব | 农牧饲渔 | 7月30日 | | 600885 | 宏发股份 | 2025年半年报点评:业绩总体符合预期,高压直 流&工控超预期增长 | どん | 东吴证券 | 2 | 申网设备 ...