报告期内，公司所处的电子元器件领域迎来积极转变，行业景气度稳步提升，为公司的业务发展营造了 良好的外部条件。受此行业积极趋势的带动，且恰逢"十四五"收官之年，公司高可靠领域客户业务推进 节奏提速，自产元器件业务订单交付较上年同期大幅增加。同时，公司持续优化核心产品结构布局，灵 活调整产品策略，改善运营效率，提升管理效能，使得盈利能力较去年同期实现显著提升。公司贸易类 业务积极顺应市场发展趋势，依托丰富的产品矩阵，精准对接下游多领域增长需求，主动开拓市场空 间，拓展市场份额，业务规模的扩张为利润增长奠定了坚实基础。报告期内，公司新材料业务板块继续 聚焦前沿材料技术的研发与创新，稳步推进业务运营。相较于去年同期，该板块业务体量有效扩张，盈 利能力得到显著增强，成为公司业绩增长的重要支撑点，为公司整体业绩增长做出积极贡献。 格隆汇1月28日丨火炬电子(603678.SH)公布，经财务部门初步测算，预计2025年年度实现归属于上市公 司股东的净利润约为30,000万元-35,000万元，同比增长54.23%-79.93%。预计2025年年度实现归属于上 市公司股东的扣除非经常性损益的净利润约为27,500万元-32, ...

每经AI快讯，1月28日，火炬电子（603678）公告称，预计2025年归属于上市公司股东的净利润约为 3.00亿元~3.50亿元，同比增长约54.23%~79.93%。 ...

福建火炬电子科技股份有限公司（以下简称"公司"）预计 2025 年年度实 现归属于上市公司股东的净利润约为 30,000 万元-35,000 万元，同比增长约 54.23%-79.93%；预计实现归属于上市公司股东的扣除非经常性损益的净利润约为 27,500 万元-32,500 万元，同比增长 62.36%-91.87%。 一、本期业绩预告情况 证券代码：603678 证券简称：火炬电子 公告编号：2026-002 福建火炬电子科技股份有限公司 2025 年年度业绩预增公告 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: 本期业绩预告的适用情形：实现盈利，且净利润与上年同期相比上升 50% 以上。 报告期内，公司所处的电子元器件领域迎来积极转变，行业景气度稳步提升， 为公司的业务发展营造了良好的外部条件。受此行业积极趋势的带动，且恰逢"十 四五"收官之年，公司高可靠领域客户业务推进节奏提速，自产元器件业务订单 交付较上年同期大幅增加。同时，公司持续优化核心产品结构布局，灵活调整产 品策略，改善运营效率，提升管理 ...

火炬电子公告称，预计2025年年度实现归属于上市公司股东的净利润约3.00亿元-3.50亿元，同比增长 54.23%-79.93%；扣非净利润约2.75亿元-3.25亿元，同比增长62.36%-91.87%。上年同期，公司净利润为 1.95亿元，扣非净利润为1.69亿元。业绩预增因行业景气度提升，公司自产元器件业务订单交付增加， 贸易业务规模扩张，新材料业务盈利能力增强。本次业绩预告未经审计，具体以年报为准。 ...

Core Insights - The report emphasizes that China's asset value has significant room for revaluation, with the stock market expected to experience a slow bull market in 2025, driven by the transition from old to new economic drivers and the increasing share of the tertiary industry [6] - The report highlights that the liquidity environment is expected to remain supportive for the stock market in 2026, with potential interest rate cuts in China and a narrowing of interest rate differentials between China and the US [7] - The report anticipates a turning point in corporate earnings and valuations in the A-share market, with a projected profit growth rate of around 12% in 2026 [8] Economic News - The report notes that retail sales in various sectors, including home appliances and tourism, have shown significant year-on-year growth, indicating a recovery in consumer spending [2] - The People's Bank of China has announced measures to enhance offshore RMB liquidity, which may positively impact market confidence and investment [2] - The report mentions that foreign direct investment in China has increased, particularly in high-tech industries, reflecting a positive trend in attracting foreign capital [2] Industry Analysis - The report discusses the ongoing transformation of China's manufacturing sector, with a shift towards high-value-added services and technology-driven industries, which is expected to enhance the profitability of Chinese assets [6] - The report highlights the expected growth in the lithium industry, driven by the demand for electric vehicles and energy storage systems, with a projected compound annual growth rate (CAGR) of 21% for lithium demand from 2024 to 2027 [21] - The report indicates that the rare earth industry is undergoing a structural optimization, with supply constraints and increasing demand from sectors like electric vehicles and renewable energy, which may lead to price increases and improved profitability for related companies [17][18] Company Recommendations - The report recommends several stocks for 2026, including Torch Electronics, which is expected to benefit from improving industry conditions, and Guoli Electronics, which has a strong position in the semiconductor and new energy sectors [13] - Other recommended companies include Huace Navigation, which is poised to benefit from the Beidou satellite system, and Kingsoft Office, which is expected to see growth in its software business [13][14] - The report also highlights the potential of companies in the lithium and rare earth sectors, such as Zhongmin Resources and Jinyang Salt, due to the anticipated growth in demand for these materials [20][21]

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Core Insights - The report emphasizes the significant potential for asset value re-evaluation in China, predicting a slow bull market in the stock market by 2025 as a reflection of this process [3] - The report highlights the ongoing transformation of China's economy towards high-value service industries, with a notable shift from traditional manufacturing to technology-driven sectors [3] - The anticipated liquidity support for the stock market is expected to facilitate the return of overseas capital and encourage domestic investment in equities [4] - The report forecasts a recovery in corporate earnings and valuation expansion, suggesting a transition from valuation-driven growth to earnings-driven growth in the A-share market [5] - The report identifies favorable factors for economic recovery, including the implementation of the "14th Five-Year Plan" and a shift from passive to active inventory replenishment [6][7] - Investment styles are expected to shift towards a more balanced approach, with growth and cyclical sectors outperforming others as consumer recovery becomes more likely [8] Company Recommendations - Torch Electronics (603678.SH): The company is experiencing improved industry conditions, with significant growth in its three main business segments, achieving a revenue of 1.772 billion yuan in the first half of 2025, a 24.20% year-on-year increase [15] - Guoli Electronics (688103.SH): A leading player in vacuum devices, the company has seen rapid revenue growth, reaching 569 million yuan in the first half of 2025, a 70.49% increase year-on-year, driven by demand in the semiconductor and new energy sectors [20] - Huace Navigation (300627.SZ): The company is positioned to benefit from the North Star initiative, with a revenue of 3.251 billion yuan in 2024, reflecting a 21.38% year-on-year growth [23] - Kingsoft Office (688111.SH): The company reported a revenue of 4.178 billion yuan in the first three quarters of 2025, a 15.21% increase year-on-year, driven by strong growth in its WPS software business [30] - Zhejiang Xiantong (603239.SH): The company has established itself as a leader in the automotive sealing strip industry, benefiting from the rising demand for high-end automotive products [33] - Zhongke Haixun (300810.SZ): The company is developing comprehensive deep-sea technology solutions, positioning itself as a leader in underwater acoustics [10] - Jinyinhe (300619.SZ): The company is the largest producer of rubidium and cesium salts globally, with a strong growth outlook as it reaches full production capacity [10] - Anji Food (603345.SH): The company has quickly adapted to market changes, demonstrating clear growth potential [10]

截至9月30日，火炬电子股东户数3.57万，较上期增加20.74%；人均流通股13315股，较上期减少 17.18%。2025年1月-9月，火炬电子实现营业收入26.98亿元，同比增长25.41%；归母净利润3.20亿元， 同比增长41.76%。 分红方面，火炬电子A股上市后累计派现10.37亿元。近三年，累计派现3.65亿元。 机构持仓方面，截止2025年9月30日，火炬电子十大流通股东中，长信国防军工量化混合A（002983） 位居第三大流通股东，持股760.83万股，为新进股东。广发小盘成长混合(LOF)A（162703）位居第四 大流通股东，持股681.82万股，相比上期增加82.67万股。富国军工主题混合A（005609）位居第六大流 通股东，持股531.55万股，相比上期增加94.13万股。广发中小盘精选混合A（005598）位居第七大流通 股东，持股495.11万股，相比上期减少187.91万股。国泰聚信价值优势灵活配置混合A（000362）位居 第九大流通股东，持股310.00万股，为新进股东。富国天惠成长混合(LOF)A/B（161005）、景顺长城品 质长青混合A（010350）、国泰中证 ...

Summary of the Conference Call Industry Overview - The focus is on the military industry, particularly in the context of China's military modernization and export potential, with two key areas of interest: domestic large aircraft and high-end military trade [2][3][4] Key Points and Arguments Domestic Large Aircraft - The domestic large aircraft, specifically the C919, is highlighted as a significant player in the market, aiming to compete with Airbus and Boeing [5][6] - The C919 has completed the third phase of certification for the European market, with expectations to finalize all certifications by mid-2027 [6][7] - The aircraft has already achieved over 4 million safe flights domestically, indicating operational success [7][8] - Future production targets for the C919 are projected to reach 200 to 400 units by 2030 to 2035, supported by a robust supply chain [8][9] - The development of derivative models, such as high-altitude and extended-range versions, is underway to meet diverse customer needs [9][10] Military Trade - The export of advanced military aircraft, such as the FC-1 (also known as the JF-17 or Thunder), is seen as a catalyst for expanding China's military trade [13][19] - The demand for the FC-1 from countries like Pakistan is expected to enhance China's military supply chain and promote further exports of advanced military equipment [13][19] - Upcoming defense exhibitions in Saudi Arabia and Singapore are anticipated to serve as platforms for showcasing China's military capabilities and fostering international military trade relationships [20][21] Investment Strategy - The investment strategy emphasizes a focus on companies that can create long-term value, particularly those involved in the second growth curve, which includes new business areas like commercial aerospace and military exports [4][5] - The military industry is characterized by a shift towards bottom-up stock selection, with a focus on individual companies that demonstrate potential for growth and profitability [4][5] Additional Important Content - The military industry is experiencing structural changes, with three main segments identified: military trade, military-to-civilian transitions, and domestic military equipment construction [3][4] - The military trade sector is expected to benefit from increased global military spending, particularly as geopolitical tensions rise [16][17] - The U.S. defense budget is projected to increase significantly, which may further stimulate global military trade dynamics [16][17] - The conference also discussed the importance of technological advancements in military equipment and the need for a comprehensive military industrial base to support these developments [17][18] Company-Specific Insights - Torch Electronics is highlighted for its growth potential in specialized electronic components and new materials, with a focus on military applications [23][24] - The company is recognized as a leading supplier of multilayer ceramic capacitors (MLCC) in the military sector, with plans for expansion into new materials for aerospace and missile applications [25][26] - Torch Electronics has implemented multiple employee stock incentive plans to align the interests of management and employees, which is expected to support long-term growth [26][27] This summary encapsulates the key insights from the conference call, focusing on the military industry, investment strategies, and specific company developments.

Investment Rating - The report maintains a "Positive" investment rating for the industry [4]. Core Insights - The report highlights optimism regarding the domestic large aircraft and military trade sectors, particularly focusing on the acceleration of the C919 aircraft's certification and delivery processes, as well as the increasing demand for military exports due to global security dynamics [6][43]. Summary by Sections Section 1: C919 Aircraft Development - COMAC is accelerating the C919's airworthiness certification, with expectations for faster deliveries starting in 2026 [6]. - The C919 has received key recognition from the European Union Aviation Safety Agency (EASA), marking a significant step towards entering the global aviation market [10]. - By 2025, the C919 is projected to have safely transported over 4 million passengers, with a total of 15 aircraft delivered to airlines [17]. - The C919 has already developed both a basic and an extended range model, with plans for additional variants to cover more market segments [34]. Section 2: Military Trade Demand - Multiple countries are lining up to purchase the JF-17 "Thunder" fighter jet, boosting Pakistan's defense exports amid fluctuating global security conditions [46]. - The report notes that military trade demand is closely linked to global security situations, with a significant increase in military trade orders observed from 2020 to 2024, reflecting a compound annual growth rate of 12.95% [65]. - Aircraft constitute the largest share of military trade orders, with fighter jets being the most significant category within that segment [66]. Section 3: Industry Growth and Opportunities - The report emphasizes the potential for increased domestic production rates as local suppliers mature, which could enhance revenue for related industries [38]. - The military trade sector is expected to benefit from improved supply capabilities, with new equipment ready for export, including advanced fighter jets and radar systems [84]. - The report identifies key players in the military aircraft sector, such as AVIC Chengfei and AVIC Shenyang, as primary beneficiaries of the growing military trade market [70].