格隆汇8月15日｜浙商证券研报指出，晶华新材中报扣非净利增长19%，多模态柔性传感器开拓新增长 极。公司上半年收入和扣非归母净利润稳健增长，主要系新增产能逐步释放，核心产品市占率提升，新 业务逐步取得进展。布局柔性触觉传感器，人形机器人电子皮肤等有望打开成长空间。另外，四川晶华 规划10亿平方米新型胶粘材料、10万吨可降解纸基新材料，第一期项目已于2024年年底完工，投产设备 产能陆续爬坡。该行预计公司2025-2027年归母净利润分别为0.82、1.21、1.59亿元，同比增长23%、 47%、32%，对应PE分别为87、59、45倍，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - In the first half of 2025, the company achieved a revenue of 950 million yuan, representing a year-on-year growth of 10.5%, while the net profit attributable to shareholders decreased by 7.3% to 37.67 million yuan. However, the net profit excluding non-recurring items increased by 18.9% to 38.49 million yuan [1] - The company is expanding into multi-modal flexible sensors, which are expected to open new growth avenues in sectors such as robotics, healthcare, and consumer electronics [3] - The company has a strong foothold in the adhesive materials industry, with plans to ramp up production capacity significantly, targeting revenues of no less than 1.6 billion yuan in 2024 and 2.3 billion yuan in 2026, with a compound annual growth rate of 14% [4] Financial Performance - The gross margin for the first half of 2025 was 16.6%, a decrease of 0.43 percentage points year-on-year, while the net profit margin was 4.15%, down 0.72 percentage points [2] - The company forecasts net profits of 82.3 million yuan in 2025, 120.78 million yuan in 2026, and 159.19 million yuan in 2027, with respective growth rates of 23%, 47%, and 32% [5]

证券代码：603683 证券简称：晶华新材 公告编号：2025-069 上海晶华胶粘新材料股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 08 月 22 日 （星期五） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 08 月 15 日 （星期五） 至 08 月 21 日 （星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 zijie.chen@smithcn.com 进行提问。公司将在说明 会上对投资者普遍关注的问题进行回答。 三、 参加人员 董事长、总经理：周晓南先生 上海晶华胶粘新材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 11 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 202 ...

Market Overview - The chemical products sector experienced a decline of 1.49% on August 14, with silane technology leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Stock Performance - Notable gainers in the chemical products sector included: - Xinyeqiang (603155) with a closing price of 18.32, up 10.03% and a trading volume of 258,500 shares, totaling 445 million yuan [1] - Jinghua New Materials (603683) closed at 24.77, up 6.81% with a trading volume of 184,400 shares [1] - Rike Chemical (300214) closed at 8.51, up 6.11% with a trading volume of 655,500 shares [1] - Other significant gainers included Xinchao New Materials (301076) and Bailong Chuangyuan (605016) with increases of 5.24% and 3.57% respectively [1] Fund Flow Analysis - The chemical products sector saw a net outflow of 3.174 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.748 billion yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors showed interest [2] Individual Stock Fund Flow - Xinyeqiang (603155) had a net outflow of 50.11 million yuan from institutional investors, while retail investors contributed a net inflow of 38.76 million yuan [3] - Jinghua New Materials (603683) experienced a net inflow of 34.91 million yuan from institutional investors, but a net outflow of 41.08 million yuan from retail investors [3] - Other stocks like ST Lianchuang (300343) and Ruanhe Materials (300727) also showed varied fund flows, indicating differing investor sentiments across the sector [3]

智通财经APP获悉，东北证券发布研报称，随着人形机器人产业化加速，触觉传感器作为核心零部件迎 来技术升级与市场扩容。伴随技术走向成熟以及成本下降，该行预计灵巧手电子皮肤触点有望从五个指 尖转向手掌+指腹全覆盖。另预计2030年人形机器人电子皮肤市场空间将达155亿元，其中灵巧手电子 皮肤市场约50亿元。推荐关注材料工艺领先企业晶华新材(603683.SH)。 东北证券主要观点如下： 触觉传感器分为分层式触觉传感器和磁电式/视触觉传感器 分层触觉传感器包括压阻式、压电式和电容式传感器，由敏感层、电极层、基地层、封装层、粘合层构 成。敏感层位于最上层，由具备力敏响应的功能材料构成(如PDMS/碳纳米管等)，基底层采用PI或者 Ecoflex等柔性弹性体，提供整体结构的机械结构支撑和可恢复形变能力。封装层采用PDMS薄膜等，用 于保护内部电路免受湿度、氧化和污染。其他触觉传感器主要分为视触觉传感器&磁电式触觉传感器。 如何看待人形机器人触觉传感器技术方案演化? 应用点位逐步提升，该行测算2030年人形机器人电子皮肤市场空间有望达到155亿元 伴随技术走向成熟以及成本下降，该行预计灵巧手电子皮肤触点有望从五个指尖转向 ...

Group 1 - The humanoid robot industry is accelerating in commercialization, leading to technological upgrades and market expansion for tactile sensors as core components [1] - As technology matures and costs decrease, it is expected that dexterous electronic skin touchpoints will expand from five fingertips to full coverage of the palm and finger pads [1] - The market for humanoid robot electronic skin is projected to reach 15.5 billion by 2030, with the dexterous electronic skin market accounting for approximately 5 billion [1] - Companies with leading material processes, such as Jinghua New Materials, are recommended for attention [1]

如何看待核心厂商竞争壁垒?材料+算法+半导体级制备工艺+客户渠道缺一不可 智通财经APP获悉，东北证券发布研报称，随着人形机器人产业化加速，触觉传感器作为核心零部件迎 来技术升级与市场扩容。伴随技术走向成熟以及成本下降，该行预计灵巧手电子皮肤触点有望从五个指 尖转向手掌+指腹全覆盖。另预计2030年人形机器人电子皮肤市场空间将达155亿元，其中灵巧手电子 皮肤市场约50亿元。推荐关注材料工艺领先企业晶华新材(603683.SH)。 东北证券主要观点如下： 触觉传感器分为分层式触觉传感器和磁电式/视触觉传感器 分层触觉传感器包括压阻式、压电式和电容式传感器，由敏感层、电极层、基地层、封装层、粘合层构 成。敏感层位于最上层，由具备力敏响应的功能材料构成(如PDMS/碳纳米管等)，基底层采用PI或者 Ecoflex等柔性弹性体，提供整体结构的机械结构支撑和可恢复形变能力。封装层采用PDMS薄膜等，用 于保护内部电路免受湿度、氧化和污染。其他触觉传感器主要分为视触觉传感器&磁电式触觉传感器。 如何看待人形机器人触觉传感器技术方案演化? (1)压电/压阻式性价比高，技术成熟，基础的传感器模块仅可以测量法向力，若测量切向 ...

Group 1 - The core viewpoint of the article highlights the increasing interest and participation of public funds in A-share companies' private placement projects, with significant floating profits reported [1][2][4] - As of August 11, 2023, 24 public institutions participated in 48 private placement projects, with a total allocation amounting to 14.383 billion yuan and a floating profit exceeding 5 billion yuan, representing a floating profit ratio of 34.86% [2][4] - Notably, 47 out of the 48 companies involved in these private placements achieved floating profits, with some projects like Leshan Electric Power showing a floating profit ratio as high as 181.84% [2][3] Group 2 - The sectors with high floating profit ratios from private placements include electricity, machinery, public utilities, electronics, and defense [3] - Nord Fund and Caitong Fund are the most active public institutions in private placements this year, with floating profits of 1.872 billion yuan and 1.709 billion yuan, respectively [4] - The investment strategy emphasizes the importance of individual stock growth returns and the need for a balanced portfolio across industries and companies [6][7] Group 3 - The article discusses the emergence of new investment strategies such as inquiry transfer, which has shown significant growth in both quantity and value, surpassing the total issuance of competitive private placements [7][8] - Inquiry transfer is currently applicable only to the Sci-Tech Innovation Board and the Growth Enterprise Market, indicating a trend towards more innovative investment opportunities [7] - The article suggests that while private placement investments can be effective, they require thorough research on the underlying companies and their industry dynamics [8]

Group 1 - The core viewpoint of the articles highlights the increasing interest and participation of public funds in A-share companies' private placement projects, with significant floating profits reported [1][2][3] - As of August 11, 2023, 24 public institutions participated in 48 A-share companies' private placements, with a total allocation amount of 14.383 billion yuan and a floating profit exceeding 5 billion yuan, representing a floating profit ratio of 34.86% [1][2] - Notably, 47 out of the 48 companies involved in these private placements achieved floating profits, with some companies like Leshan Electric Power and Jinghua New Materials showing floating profit ratios of 181.84% and 158.04% respectively [2][3] Group 2 - The data indicates that the highest floating profit ratios were observed in sectors such as electricity, machinery, public utilities, electronics, and defense, with significant allocations in companies like Haohua Technology and Chip Origin [2][3] - Nord Fund and Caitong Fund emerged as the most active public institutions in participating in private placements, with floating profits of 1.872 billion yuan and 1.709 billion yuan respectively [2][3] - Investment strategies have shifted towards focusing on individual stock growth returns, with an emphasis on the importance of fundamental research and reasonable pricing strategies for private placements [3][4] Group 3 - The articles also discuss the rising trend of inquiry transfer as a new investment direction, which has shown significant growth in both transfer quantity and amount, surpassing the total of competitive private placements [4][5] - The inquiry transfer mechanism, similar to private placements, is expected to provide new investment opportunities, particularly in the Sci-Tech Innovation Board and the Growth Enterprise Market [4][5] - Overall, the current market environment presents favorable investment opportunities in private placements, with a focus on selecting quality stocks to enhance returns [3][4]

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The electronic skin market is projected to reach 15.5 billion yuan by 2030, driven by advancements in technology and cost reductions [4][37] - The core barriers to entry in the tactile sensor market include materials, algorithms, semiconductor-level manufacturing processes, and customer channels [3][4] - The report highlights the competitive landscape as relatively fragmented, with various manufacturers specializing in different types of tactile sensors [3][4] Summary by Sections Tactile Sensor Technology - Tactile sensors are categorized into layered tactile sensors and other types, with layered sensors including resistive, piezoelectric, and capacitive sensors [15][16] - The key performance indicators for tactile sensors include sensitivity, detection range, linearity, and response time [15][24] Market Potential - The humanoid robot market is expected to see significant growth, with projected sales reaching 1.24 million units by 2025 and 1 million units by 2030, leading to a market size of 155 billion yuan [37][38] - The report estimates that the market for dexterous hand electronic skin will grow from 0.15 million yuan in 2025 to 5 billion yuan by 2030 [37][38] Competitive Landscape - The report identifies several key players in the tactile sensor market, including companies specializing in resistive, capacitive, and magnetic sensors [3][4][42] - The core materials used in electronic skin include PDMS and other flexible substrates, which are crucial for the performance of tactile sensors [45][49] Application Areas - Tactile sensors are increasingly being integrated into various sectors, including automotive, industrial automation, healthcare, and consumer electronics, reflecting a growing demand for intelligent and digital solutions [40][41]