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 | 股票简称 | 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 | 光入 | 中国银河 | র্ব | 农牧饲渔 | 7月30日 | | 600882 | 宏发股份 | 2025年半年报点评:业绩总体符合预期,高压直 流&工控招预期增长 | 买入 | 东吴证券 | 2 | 电网设备 | 7月30日 | | 600233 | 员通速递 | 件量增速持续领先,反内卷有望提升盈利弹性 | 买入 | 华源证券 | 2 | 物流行 ...

Core Viewpoint - The report from Minsheng Securities highlights that Hongfa Technology's net profit attributable to shareholders for the first half of 2025 reached 964 million yuan, representing a year-on-year increase of 14.19% [1] Financial Performance - In Q1 2025, the company's net profit attributable to shareholders was 553 million yuan, showing a year-on-year increase of 13.25% [1] - For Q2 2025, the company achieved a gross margin of 34.67%, which is an increase of 0.03 percentage points year-on-year [1] - The net profit margin for Q2 2025 was 16.82%, reflecting a year-on-year increase of 0.01 percentage points [1] Operational Efficiency - In the first half of 2025, the company's sales collection per employee was 654,000 yuan, marking an 8.9% year-on-year growth [1] Research and Development - The company completed 462 new product development projects, achieving a completion rate of 90%, with nearly 45% of these projects being "5+" product developments [1] - There was a coordinated advancement in product technological innovation and intellectual property layout, with 587 patent applications filed in the first half of 2025, a year-on-year increase of 10.55% [1] Market Position and Valuation - Hongfa Technology is recognized as a global leader in the relay industry, with strong momentum in the development of new product categories [1] - As of July 29, the closing price corresponds to a price-to-earnings ratio (PE) of 18x for 2025, 15x for 2026, and 13x for 2027 [1] - The report maintains a "recommended" rating for the company [1]

民生证券研报指出，宏发股份25H1归母净利润9.64亿元，同比增加14.19%；单Q2情况来看，公司25Q1 归母净利润5.53亿元，同比增加13.25%。盈利能力方面，公司25Q2实现毛利率34.67%，同比提升 0.03pct；实现净利率16.82%，同比提升0.01pct。经营效率方面，25H1公司经营效率指标人均销售回款 65.4万元，同比增长8.9%。研发方面，公司完成新品研发项目462项，完成率90%，其中"5+"产品开发 项目占比近45%。产品技术创新与知识产权布局协同推进，2025年度上半年专利申请587项，同比增长 10.55%。公司是全球继电器龙头，新门类产品发展势头强劲，7月29日收盘价对应公司25-27年PE分别 为18/15/13x。维持"推荐"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with significant growth in high-voltage direct current and industrial control sectors [8] - Revenue for the first half of 2025 reached 8.347 billion yuan, a year-on-year increase of 15.43%, while net profit attributable to shareholders was 0.964 billion yuan, up 14.19% year-on-year [8] - The company is expected to maintain a revenue growth rate of over 40% in the high-voltage direct current relay segment due to increased sales from domestic and international clients [8] - The industrial relay segment is also anticipated to see growth as overseas clients begin to replenish inventory, particularly in Europe [8] - The company is experiencing strong demand in the new energy, automotive, and signal relay markets, with expectations of continued growth in these areas [8] - The company's strategic focus on high-quality development and diversification is expected to drive long-term growth [8] - The financial outlook remains positive, with projected net profits of 1.985 billion yuan, 2.316 billion yuan, and 2.689 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.72%, 16.67%, and 16.12% [8] Financial Summary - Total revenue is projected to reach 16.679 billion yuan in 2025, with a year-on-year growth of 18.27% [1] - The latest diluted EPS is expected to be 1.36 yuan per share in 2025, with a corresponding P/E ratio of 17.36 [1] - The company's gross margin is expected to remain stable around 36.27% in 2025, with a net profit margin of 11.90% [9]

Financial Performance - In 1H25, the company achieved revenue of 8.347 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 964 million yuan, up 14.2% year-on-year, with a non-recurring net profit of 927 million yuan, increasing by 17.9% [1] - For 2Q25, the company reported revenue of 4.36 billion yuan, a year-on-year increase of 15.5% and a quarter-on-quarter increase of 9.6%, with a net profit attributable to shareholders of 553 million yuan, up 13.2% year-on-year and 34.5% quarter-on-quarter, and a non-recurring net profit of 546 million yuan, increasing by 20.7% year-on-year and 43.5% quarter-on-quarter [1] Growth Trends - In 2Q25, the company's shipment value continued to show strong year-on-year growth, with an estimated overall shipment growth of over 20%, driven primarily by the new energy sector [2] - The new energy segment remains the core driver of growth, with shipments of high-voltage direct current for new energy vehicles and new energy inverters both increasing by over 50% year-on-year, benefiting from strong domestic new energy vehicle sales and recovering European demand [2] - Industrial control and signal relays also showed a recovery, with shipments increasing by over 30% year-on-year in 2Q25, while automotive low-voltage shipments grew by 16-17% year-on-year [2] Modular Business and Product Development - The modular business continued to expand, with significant growth in automotive modules, particularly high-voltage distribution boxes, which saw nearly 200% year-on-year growth in shipments for 1H25 [3] - New products such as film capacitors, connectors, fuses, and current sensors are in the process of customer expansion and market introduction, awaiting further order releases [3] Profitability and Cost Management - In 2Q25, the company's gross margin improved to 34.7%, with a year-on-year increase of 0.03 percentage points and a quarter-on-quarter increase of 0.9 percentage points, benefiting from product structure optimization and increased revenue scale [3] - The company's expense ratio decreased to 15.3% in 2Q25, with year-on-year and quarter-on-quarter changes of -1.3 percentage points and -2.5 percentage points, respectively, primarily due to positive exchange rate effects on financial expenses [3] Earnings Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026 at 1.926 billion yuan and 2.248 billion yuan, respectively, with a target price of 30.0 yuan, corresponding to P/E ratios of 17.9x and 15.3x for 2025 and 2026 [4] - The target price implies an upside potential of 27.1%, maintaining an outperform rating in the industry [4]

Summary of the Conference Call for Hongfa Technology Co., Ltd. Company Overview - **Company**: Hongfa Technology Co., Ltd. - **Industry**: Relay and electrical components manufacturing Key Points and Arguments Business Performance - Overall business growth for the first half of 2025 was approximately 1% [2] - Significant growth in the new energy vehicle sector, with high-voltage direct current relay shipments reaching 2.6 billion, a year-on-year increase of over 40% [2][5] - High-voltage control box shipments grew nearly 200%, driven by competitive advantages and new model adoptions [2][3] - Home appliance business achieved revenue of 1.6 billion, a year-on-year increase of 5.8% despite fierce competition [4] Market Dynamics - European market for high-voltage direct current relays showed rapid growth, with increasing revenue contribution due to accelerated electrification [2][13] - Industrial relay market experienced a recovery with a year-on-year shipment increase of 26.9%, driven by demand from new energy-related industrial clients [2][15] - Low-voltage switch products saw slight growth, with component sales up about 10%, but complete equipment sales declined by approximately 20% due to real estate sector impacts [4][6] Future Outlook - Company remains optimistic about future growth, particularly in the new energy vehicle sector, with plans to expand high-voltage common rail modules [7] - High-voltage control box business expected to reach a scale of 800 to 1,000 million in the next one to two years [12] - Continued focus on optimizing business segments to adapt to global market changes and enhance operational efficiency [7] Regional Performance - Overseas markets, especially Europe and the U.S., showed significant demand increases for industrial relays [16] - The company is expanding its overseas production capacity, with ongoing projects in Indonesia and Germany [20] Product Development - New products such as capacitors, fuses, and current sensors have shown promising market performance, particularly in the automotive sector [8] - Connector business faced fluctuations but entered new markets like energy storage and satellite communication [9] Financial Metrics - Gross margin maintained between 35% and 40%, with expectations of stable profitability in the second half of the year [10] - The company anticipates overcoming rising labor and material costs with a target of around 10% growth [10] Challenges and Risks - The company faced challenges in the low-voltage switch product segment due to real estate market impacts [4][19] - The North American market showed pressure in the current sensor and electric meter segments, although growth in charging equipment and data centers was noted [19][29] Strategic Initiatives - Plans to enhance automation and cultivate cross-national production management talent to support long-term growth [21] - Expansion of production facilities in Indonesia and Germany to bolster global competitiveness [20][22] Conclusion - Hongfa Technology Co., Ltd. is positioned for continued growth in the new energy vehicle and industrial relay markets, with strategic initiatives aimed at enhancing operational efficiency and expanding market presence. The company remains vigilant about market challenges while leveraging its competitive advantages in product offerings.

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，占流通股比例为1.93%。 ...

养老金视角，本期较上一期持股增加的养老金基金共计1个，即基本养老保险基金一五零二二组合，持 股增加占比达0.3%。。本期较上一季度新披露的养老金基金共计1个，即基本养老保险基金八零七组 合。 2025年7月30日，宏发股份(600885.SH)发布2025年半年度报告。截至2025年7月29日，共有60个机构投 资者披露持有宏发股份A股股份，合计持股量达8.93亿股，占宏发股份总股本的61.18%。其中，前十大 机构投资者包括有格创业投资有限公司、香港中央结算有限公司、联发集团有限公司、阿布达比投资 局、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、全国社保基金一一五组合、 基本养老保险基金一五零二二组合、中国工商银行-广发稳健增长证券投资基金、基本养老保险基金八 零七组合、中国农业银行股份有限公司-国泰智能汽车股票型证券投资基金，前十大机构投资者合计持 股比例达57.99%。相较于上一季度，前十大机构持股比例合计下跌了0.69个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计39个，主要包括南方中证500ETF、鹏华优选价 值股票A、广发稳健增长混合A、中信证券红利价值A、国泰 ...

Group 1 - The core point of the article is the approval of the 2025 semi-annual report and the proposed changes to the company's capital structure and governance, including the cancellation of the supervisory board and the establishment of an audit committee [5][20][24]. - The company reported a basic earnings per share of 0.5784 yuan for the first half of 2024, with a diluted earnings per share of 0.5784 yuan after the capital increase [1][8]. - The company plans to increase its registered capital by 417,070,554 shares, resulting in a new registered capital of 1,459,746,940 yuan [8][25]. Group 2 - The board of directors held a meeting on July 28, 2025, where all members were present, and the meeting was conducted in accordance with legal regulations [4][7]. - The company will no longer have a supervisory board; its functions will be transferred to the audit committee under the board of directors [20][24]. - The company is committed to improving governance and operational efficiency as part of its "Quality Improvement and Efficiency Enhancement" action plan [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 除上述修订条款外，《公司章程》其他内容保持不变，本次重新制订的《公司章程》 待公司股东会审 议批准后实施，并提请股东会授权公司董事长及其授权人士办理《公司章程》变更及备案的相关事宜。 特此公告。 宏发科技股份有限公司 董事会 2025年7月30日 股票代码：600885 公司简称：宏发股份 公告编号：临2025-034 债券代码：110082 债券简称：宏发转债 宏发科技股份有限公司 关于修订和制定公司相关制度的公告 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个别及连带责任。 宏发科技股份有限公司（以下简称"公司"）于 2025 年 7 月 28 日召开了第十一届董事会第八次会议，审 议通过了《关于修订和制定公司相关制度的议案》，具体修订情况如下： 一、修订、制定原因 为提高宏发科技股份有限公司（以下简称"公司"）治理水平，进一步规范和完善公司治理制度，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章程指引（2025年修订）》《上市公 司募集资金监管规则》《上海证券 ...