东方匠心优选混合A（015586）基金经理为房建威。 截至发稿，房建威累计任职时间7年127天，现任基金资产总规模2.56亿元，任职期间最佳基金回报 86.65%， 任职期间最差基金回报-16.04%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月17日，宏发股份跌5.02%，截至发稿，报31.06元/股，成交6.76亿元，换手率1.46%，总市值453.40 亿元。 资料显示，宏发科技股份有限公司位于福建省厦门市集美北部工业区东林路564号，成立日期1990年12 月21日，上市日期1996年2月5日，公司主营业务涉及继电器的生产与销售。主营业务收入构成为：继电 器产品91.22%，电气产品4.63%，其他(补充)3.81%，其他产品0.34%。 从基金十大重仓股角度 数据显示，东方基金旗下1只基金重仓宏发股份。东方匠心优选混合A（015586）三季度持有股数4万 股，占基金净值比例为4.84%，位居第五大重仓股。根据测算，今日浮亏损失约6.56万元。 东方匠 ...

Core Viewpoint - Hongfa Technology Co., Ltd. has experienced a stock price decline of 2.05% on November 17, with a current price of 32.03 CNY per share and a total market capitalization of 46.756 billion CNY [1] Financial Performance - For the period from January to September 2025, Hongfa achieved a revenue of 12.914 billion CNY, representing a year-on-year growth of 18.82%, and a net profit attributable to shareholders of 1.470 billion CNY, up 15.78% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 2.987 billion CNY, with 1.370 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 49,500, a rise of 66.96%, while the average circulating shares per person decreased by 40.11% to 29,476 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 314 million shares, an increase of 16.9179 million shares compared to the previous period [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 12.91 billion yuan for the first three quarters of 2025, representing an 18.8% year-on-year increase. The net profit attributable to shareholders was 1.47 billion yuan, up 15.8% year-on-year, while the net profit excluding non-recurring items reached 1.41 billion yuan, reflecting a 17.6% year-on-year growth [2][4]. - In Q3 2025 alone, the company achieved a revenue of 4.57 billion yuan, marking a 25.5% increase year-on-year and a 4.6% increase quarter-on-quarter. The net profit for the same quarter was 510 million yuan, up 18.9% year-on-year but down 8.6% quarter-on-quarter [2][4]. Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 34.63%, a decrease of 0.43 percentage points year-on-year. In Q3 2025, the gross margin was 35.35%, down 0.40 percentage points year-on-year but up 0.68 percentage points quarter-on-quarter [11]. - The total expenses as a percentage of revenue for the first three quarters of 2025 were 17.23%, a decrease of 0.80 percentage points year-on-year. In Q3 2025, the expense ratio was 18.86%, an increase of 0.31 percentage points year-on-year and 3.70 percentage points quarter-on-quarter [11]. - As of the end of Q3 2025, the company's inventory was 3.489 billion yuan, up 20.0% year-on-year and 13.2% quarter-on-quarter. The contract liabilities were 5.6 million yuan, down 9.9% year-on-year and 6.6% quarter-on-quarter. The debt-to-asset ratio was 36.54%, a decrease of 4.16 percentage points year-on-year [11].

Group 1 - The company, Hongfa Technology (600885.SH), has indicated that its high-voltage direct current relays and supporting products can be utilized in high-voltage direct current power supply systems for data centers [1] - The company is also expanding its product offerings to include circuit breakers and other low-voltage electrical products, which have promising application prospects in data centers [1]

经上海证券交易所同意，公司 200,000万元可转换公司债券于 2021 年 11 月 23 日起在上海证券交易所挂牌交易，债券简称"宏 发转债"，债券代码"110082"。 本次发行的可转债开始转股的日期为 2022 年 5 月 5 日，初始转 股价格为 72.28 元/股，最新转股价格为 22.72 元/股。 股票代码：600885 公司简称：宏发股份 公告编号：2025-048 债券代码:110082 债券简称：宏发转债 宏发科技股份有限公司 关于"宏发转债"预计满足赎回条件的提示性公告 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、可转债发行上市概况 宏发科技股份有限公司（以下简称"公司"）经中国证券监督管 理委员会《关于核准宏发科技股份有限公司公开发行可转换公司债券 的批复》（证监许可【2021】3145号）核准，于 2021 年 10 月 28 日 公开发行了 2,000万张可转换公司债券，每张面值 100 元，发行总 额200,000万元, 发行期限 6 年。可转债的票面利率为第一年 0.3%、 第二年 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials - **Focus**: Growth at reasonable price in the industrial sector Company Ratings and Financial Metrics - **LOPAL-H (2465.HK)**: - Rating: Buy - Market Cap: 7,374 million RMB - Share Price: 11.75 RMB - Price Target: 15.00 RMB (28% upside) - P/BV: 2.5x - ROE: 2% (2025E), 12% (2026E), 17% (2027E) - PE: 105x (2025E), 19x (2026E), 12x (2027E) - Net Profit: 76 million RMB (2025E), 421 million RMB (2026E), 649 million RMB (2027E) [2][2][2] - **CSSC (600150.SH)**: - Rating: Buy - Market Cap: 160,560 million RMB - Share Price: 35.90 RMB - Price Target: 45.80 RMB (28% upside) - P/BV: 1.9x - ROE: 10% (2025E), 12% (2026E), 14% (2027E) - PE: 26x (2025E), 15x (2026E), 11x (2027E) - Net Profit: 10,198 million RMB (2025E), 18,527 million RMB (2026E), 24,019 million RMB (2027E) [2][2][2] - **Hongfa (600885.SH)**: - Rating: Buy - Market Cap: 44,478 million RMB - Share Price: 30.47 RMB - Price Target: 36.50 RMB (20% upside) - P/BV: 3.9x - ROE: 18% (2025E), 19% (2026E), 18% (2027E) - PE: 23x (2025E), 20x (2026E), 17x (2027E) - Net Profit: 1,921 million RMB (2025E), 2,247 million RMB (2026E), 2,556 million RMB (2027E) [2][2][2] Comparative Analysis - **Electric Components Sector**: - Hongfa's P/E ratio is lower than the sector average of 28x for 2025E, indicating potential undervaluation [4][4]. - **Battery Supply Chain**: - Gotion (002074.SZ) has a market cap of 83 billion RMB with a PE of 26x for 2025E, while CATL (300750.SZ) has a significantly higher market cap of 1,793 billion RMB with a PE of 26x for 2025E [5][5]. Market Trends and Insights - **Solid-State Battery (SSB) Developments**: - The SSB index has shown significant rallies driven by government subsidies and new product launches, indicating a growing interest and investment in this technology [7][8]. - **Battery Materials Pricing**: - Limited pricing opportunities are expected in the battery materials sector, with production schedules closely correlated with battery index performance [10][10]. Additional Insights - **Potential Risks**: - Companies like Ronbay (688005.SH) and Yunnan Energy (002812.SZ) are rated Neutral, indicating potential risks in their financial performance with significant declines in net profit projections [2][2][2]. - **Sector Performance**: - The overall performance of the industrial sector is influenced by macroeconomic factors and government policies, which could impact investment decisions [1][1]. This summary encapsulates the key points from the conference call, focusing on company ratings, financial metrics, market trends, and potential risks within the China industrials sector.

Core Insights - The A-share market's power grid equipment sector surged by 12.45% in the first trading week of November, driven by the dual narratives of AI catalysis and energy transformation [1][2] - The sector's performance raises questions about the underlying earnings support and growth potential amid the AI-driven electricity demand surge [1] Market Performance - The Shenwan Power Grid Equipment Index rose by 12.46% over the week, reaching 5872.41 points, with a year-to-date increase of 43.11%, marking the highest level since June 2015 [2] - 16 stocks within the power grid equipment sector reached historical highs, with notable performers including Zhongneng Electric, Moen Electric, and Tebian Electric [2] Industry Dynamics - Since May, trading activity in the power grid equipment sector has increased, with the index showing seven consecutive months of gains, primarily due to AI-related electricity shortages [3] - The U.S. Energy Information Administration (EIA) predicts that electricity consumption will reach record highs in 2025 and 2026, driven by AI and data center expansion [3] - Goldman Sachs forecasts a 175% increase in global electricity demand from AI data centers by 2030 compared to 2023 [3] Investment Trends - The State Grid Corporation of China reported over 420 billion yuan in fixed asset investments from January to September, a year-on-year increase of 8.1% [3] - Major projects in high-voltage direct current (HVDC) engineering are underway, with total investments expected to exceed 650 billion yuan in 2025 [3] Financial Performance - The power grid equipment sector reported a revenue of 263.7 billion yuan and a net profit of 22.2 billion yuan in the first three quarters, reflecting year-on-year growth of 12% and 14%, respectively [4][5] - Significant performance disparities exist within the sector, with non-UHV main networks showing a net profit growth of 38.2%, while distribution and meter companies faced declines [5] Export Growth - China's transformer exports reached 6.22 billion USD from January to September, a 39% increase year-on-year, driven by demand from Europe and North America [5] - High-voltage switch exports also grew by 31.2%, with a notable monthly increase of 55.7% in September [5] Institutional Investment - Public fund holdings in the power grid equipment sector decreased slightly in the third quarter, with a total market value share of 0.6% [6] - Institutional investors are favoring companies with strong overseas demand and those involved in data center business growth, such as Siyuan Electric and Tebian Electric [6] Technological Advancements - Companies like Jinpan Technology are focusing on solid-state transformer (SST) technology, which is seen as a suitable solution for future energy demands [6][7] - Jinpan Technology has developed an SST prototype for HVDC applications, with plans for further testing and certification [7]

Group 1: Macroeconomic Overview - In October, the issuance of policy financial tools is expected to marginally boost credit, although government bond issuance is projected to decline year-on-year due to a high base, leading to a decrease in new social financing [1][2] - The manufacturing sector in the US and Europe showed unexpected recovery in October, indicating a global manufacturing cycle still in recovery despite ongoing US government shutdowns [1][2] - Japan's economic recovery is supported by stable export growth and a resilient labor market, with the Nikkei 225 index reaching a historical high [2] Group 2: Electric Power Equipment and New Energy - The Q3 performance of the electric power equipment sector showed significant divergence, with non-UHV main networks outperforming other segments, driven by strong overseas demand and domestic construction needs [4] - Non-UHV main networks reported a 38.2% year-on-year increase in net profit, while distribution and meter segments faced declines of 23.6% and 28.4% respectively [4] - The outlook for the sector remains positive, with expectations of continued high capacity utilization and revenue growth from overseas markets [4] Group 3: Semiconductor Industry - Huahong Semiconductor reported Q3 revenue of $635.2 million, a year-on-year increase of 20.7%, with a gross margin of 13.5%, exceeding company guidance [7] - The company anticipates Q4 revenue between $650 million and $660 million, indicating a sequential growth of approximately 3.1% [7] - The strong performance is attributed to high capacity utilization and price increases, particularly in the analog and power management segments [7] Group 4: Aluminum Industry - China Hongqiao, a leading player in the electrolytic aluminum sector, is expected to benefit from rising aluminum prices and is implementing share buybacks and high dividends to enhance investor returns [8] - The supply-demand imbalance in the electrolytic aluminum market is projected to become more pronounced in 2025-2026 due to near-capacity domestic production and slow overseas capacity release [8] Group 5: Pharmaceutical Industry - Xiansheng Pharmaceutical is entering a phase of commercializing multiple innovative products, with significant growth potential in overseas markets [11] - The company has achieved approvals for several new indications for its innovative drugs, indicating a strong pipeline and potential for revenue growth [11] Group 6: Consumer Goods - Uni-President China reported a net profit of 2.01 billion yuan for the first three quarters of 2025, a year-on-year increase of 23.1%, with Q3 profit rising by 8.4% [12] - The company is focusing on enhancing its brand and optimizing its cost structure, which has led to improved profit margins [12] Group 7: Gaming Industry - Giant Network highlighted the strong performance of its new game "Supernatural" and the potential of AI applications in its gaming business during the recent investment summit [15] - The company is actively developing new products, which are expected to drive future growth [15] Group 8: Financial Services - CITIC Securities reported steady growth in its wealth management and investment business, with a strong project pipeline in its investment banking division [15] - The company maintains a buy rating due to its solid competitive position and positive business outlook [15]

Summary of Conference Call Notes Industry Overview - The conference call discusses the performance of the China Industrial Tech sector, focusing on various companies within the industry, particularly in the areas of AI, energy storage systems (ESS), and consumer electronics. Key Highlights 1. **3Q25 Results**: - The sector average revenue and operating profit increased by 18% and 17% year-over-year respectively, with results mostly in-line with expectations [1][2] - Notable performance drivers included: - Capacity buildout by major domestic PCB customers for AI applications, particularly Hans Laser [1] - Capital expenditures in batteries and consumer electronics [1] - Strong demand in AIDC power and ESS, along with export demand [1] - Liquid cooling technology advancements [1] - Market share gains in the industrial automation segment [1] - Effective cost control leading to margin improvements [1] - Expansion into new technology markets such as infrared [1] 2. **Challenges Faced**: - Smaller players struggled with scaling and profitability [1] - Prolonged capital expenditure weakness in process automation sectors like steel and chemicals [1] - Delays in defense orders impacting AVIC Jonhon [1] - Margin deterioration due to high exposure to precious metals [1] 3. **Margin Trends**: - Smaller companies like HCFA are more vulnerable in a deflationary environment with ASP pressure [2] - AVIC Jonhon faced margin deterioration due to precious metal price hikes [2] - Larger players like Sanhua achieved margin beats through stringent cost control [2] - Kstar's ESS segment gross profit margin improved by over 3 percentage points due to a favorable product mix [2] Actionable Investment Ideas 1. **Buy Recommendations**: - Hans Laser: Strong demand in PCB and consumer electronics [3] - Kstar: Beneficiary of AIDC power and overseas ESS growth [3] - Inovance: Resilient performance in industrial automation [3] - Nari Tech and Centre Testing: Defensive plays with stable margins [3] 2. **Sell Recommendations**: - Raycus: Limited military end-market sales [3] - Baosight: Continued weakness in domestic steel industry capex [3] - Sanhua-A: Potential profit-taking pressure due to optimistic market expectations [3] Sector Focus Areas 1. **AI Demand**: - Hans Laser is experiencing strong growth in PCB equipment sales driven by capex expansion from key customers like Victory Giant [6] - Kstar anticipates higher sales growth in data center products due to increasing orders from domestic and overseas customers [6] 2. **Energy Storage**: - Sungrow expects 40%-50% global ESS installation growth in 2026, driven by renewable energy needs and market-driven policies in China [7] - Kstar aims to double its ESS sales growth in 2025, supported by positive demand outlook [7] 3. **Consumer Electronics**: - OPT anticipates stronger demand due to shifts in product form factors, particularly with Apple's upcoming products [8] - Han's Laser is benefiting from solid demand for iPhone 17 and next-generation smartphone equipment [8] 4. **Overseas Expansion**: - Hongfa has a dominant market share in HVDC relays and is expanding capacity in Germany and Indonesia to meet EV demand [10] - Inovance is also expanding overseas to support sales growth in EV powertrain products [10] Additional Insights - The conference call highlighted the importance of product mix and cost control in maintaining margins amid challenging market conditions [2][3] - The outlook for the sector remains positive, particularly in AI and energy storage, despite some challenges faced by smaller players and specific sectors [6][7][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 44.68 [7]. Core Insights - The company's relay business benefits from sustained growth in downstream demand, leading to improved capacity utilization and stable gross margins [2][3]. - Modular products are accelerating in the new energy vehicle sector, contributing to market expansion for new product categories [2][3]. - The company's data center product layout is expected to benefit from the trend towards high-voltage direct current, resulting in simultaneous growth in volume and price [2][3]. Summary by Sections Relay Business - Demand across various sectors such as automotive, new energy, home appliances, industrial, and power has shown growth this year, with automotive and new energy sectors experiencing faster growth [3]. - The company is consolidating its advantages in high-voltage direct current relays while further increasing market share [3]. - The new energy sector is benefiting from strong downstream demand in photovoltaics and energy storage [3]. - The power sector saw a year-on-year growth rebound in Q3, attributed to a lower base from the previous year and increasing demand for meter relays in emerging overseas markets [3]. Modular Products - The company is transitioning from single components to modular solutions, enhancing the overall value it can provide [3]. - New modular products include high-voltage control boxes, industrial modules, body control boxes, and electronic pumps, with high-voltage control boxes gradually increasing in volume among major automotive clients [3]. - As new projects ramp up, the company expects to expand scale and improve profitability, driving performance growth [3]. New Product Categories - The company is actively developing new product categories such as film capacitors, connectors, current sensors, and fuses [3]. - It promotes new products based on product strength and brand power in advantageous downstream sectors like automotive [3]. - Modular products are expected to drive synergistic applications for new product categories [3]. Data Center - The company has a rich product reserve for data centers, including relays, medium and low-voltage equipment, connectors, and current sensors, applicable in energy storage, distribution, and power supply scenarios [4]. - With the increase in data center power and the shift towards high-voltage direct current supply systems, the demand and unit value of relays are expected to rise, positioning the company to benefit significantly [4]. Overseas Capacity - The company is steadily advancing the construction of its factory in Indonesia, with the first phase expected to be operational next year [4]. - The German factory is currently in small-batch production, and as customer projects progress, the company plans to gradually increase capacity to meet demand [4]. - The ongoing improvement of overseas capacity is viewed positively for accelerating market expansion [4]. Profit Forecast and Valuation - The company’s net profit attributable to the parent company is projected to be RMB 1.893 billion, RMB 2.195 billion, and RMB 2.590 billion for 2025, 2026, and 2027 respectively, representing a three-year compound growth rate of 16.66% [5]. - The estimated EPS for the same years is RMB 1.30, RMB 1.50, and RMB 1.77 [5]. - The average PE ratio for comparable companies in 2026 is 27.82 times, while the company’s target PE is set at 29.7 times, leading to a target price of RMB 44.68 [5].