047[Table_StockInfo] 2025 年 09 月 03 日 证券研究报告•2025 年中报点评 新 洁 能（605111）电子 目标价：41.54 元（6 个月） 买入 （首次） 当前价：33.58 元 积极拓展高增长赛道，25H1 稳健增长 风险提示：研发进度不及预期、行业需求不及预期、产品价格波动等风险。 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1828.42 | 2238.92 | 2571.05 | 2952.69 | | 增长率 | 23.83% | 22.45% | 14.83% | 14.84% | | 归属母公司净利润（百万元） | 434.58 | 558.53 | 659.39 | 771.11 | | 增长率 | 34.50% | 28.52% | 18.06% | 16.94% | | 每股收益 EPS（元） | 1.05 | 1.34 | 1.59 | 1.86 | | 净资产收益率 ROE | ...

证券代码：605111 证券简称：新洁能 公告编号：2025-046 关于闲置募集资金现金管理赎回的公告 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。 无锡新洁能股份有限公司 无锡新洁能股份有限公司（以下简称"公司"）于 2025 年 8 月 11 日召开第五 届董事会第二次会议审议通过了《关于使用暂时闲置的募集资金进行现金管理的 议案》，同意公司在确保不影响募集资金项目开展和使用计划的前提下，使用最 高额度不超过 110,000 万元人民币的暂时闲置的非公开发行募集资金进行现金管 理，投资于安全性高、流动性好的投资产品，本次公司使用非公开发行闲置募集 资金购买投资产品的投资期限不超过 12 个月，在前述期限内可由公司及子公司 滚动使用，并于到期后归还至募集资金专户。公司使用闲置募集资金进行现金管 理将严格遵守上海证券交易所关于上市公司募集资金管理的相关规定。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于 使用暂时闲置的募集资金进行现金管理的公告》（公告编号：2025-040）。 二、截止 ...

Group 1: Changan Automobile (000625) - In H1 2025, Changan Automobile achieved revenue of 72.691 billion yuan, a decrease of 5.25% year-on-year, while the net profit attributable to shareholders was 2.291 billion yuan, down 19.09%. However, the net profit excluding non-recurring items increased by 26.36% to 1.477 billion yuan [6][7] - In Q2 2025, the company reported a net profit of 939 million yuan, a decrease of 43.93% year-on-year, while the net profit excluding non-recurring items was 693 million yuan, down 34.40% year-on-year. Revenue for the quarter was 38.531 billion yuan, showing a slight decrease of 2.94% quarter-on-quarter but a 12.79% increase year-on-year [7] - The company plans to launch three new models in Q4 2025, with a clear strategy for global expansion, aiming for overseas sales of 1 million vehicles by the end of the year [8][9] Group 2: Sailun Tire (601058) - In H1 2025, Sailun Tire achieved revenue of 17.587 billion yuan, a year-on-year increase of 16.05%, but the net profit decreased by 14.90% to 1.831 billion yuan. In Q2 2025, revenue was 9.175 billion yuan, up 16.76% year-on-year, while net profit fell by 29.11% to 792 million yuan [10][11] - The company benefited from overseas market expansion, with tire production reaching 40.6 million units in H1 2025, a 14.66% increase year-on-year, and sales of 39.14 million units, up 13.32% [11] - Sailun Tire is focusing on enhancing its international influence through increased R&D investment and product innovation, with a notable presence in the global tire brand value rankings [11][12] Group 3: Xinjieneng (605111) - In H1 2025, Xinjieneng reported revenue of 930 million yuan, a year-on-year increase of 6.44%, and a net profit of 235 million yuan, up 8.03%. The net profit excluding non-recurring items was 207 million yuan, down 3.22% [14][15] - The SGT MOS product line's revenue share increased to 45.21%, indicating strong market competitiveness and application in various strategic fields [16] - The company is focusing on emerging markets such as automotive electronics, AI servers, and robotics, with significant growth in these areas expected [17] Group 4: Lizhu Group (000513) - In H1 2025, Lizhu Group achieved revenue of 6.272 billion yuan, a slight decrease of 0.17%, while net profit increased by 9.40% to 1.281 billion yuan. The net profit excluding non-recurring items was 1.258 billion yuan, up 8.91% [22][23] - The company is experiencing growth in its chemical preparation segment, with a focus on new product launches and improved operational efficiency [23][24] - Multiple products are entering the harvest phase, contributing to the overall positive performance [24] Group 5: Anhui Heli (600761) - In H1 2025, Anhui Heli reported revenue of 9.39 billion yuan, a year-on-year increase of 6.18%, with net profit reaching 796 million yuan, down 4.60%. Overseas revenue was 4.016 billion yuan, up 15.20% [27][28] - The company is enhancing its international presence with a new overseas manufacturing facility and a strong network of over 300 overseas agents [28] - Anhui Heli is focusing on electric and intelligent logistics solutions, with significant growth in electric vehicle sales and strategic partnerships in the logistics sector [29][30] Group 6: Domestic Industrial Profit Data - In July 2025, the total profit of industrial enterprises above designated size decreased by 1.7% year-on-year, showing a slight improvement from the previous month's decline of 1.8% [32][33] - The report indicates that the "anti-involution" policy is affecting profit structures across various sectors, with upstream raw material manufacturing seeing a recovery in profit margins [34] - Inventory levels are decreasing, with nominal inventory growth slowing to 2.4% year-on-year, indicating a reduction in production and a passive consumption of inventory [35] Group 7: Mechanical Equipment Industry - In July 2025, the overall sales of forklifts reached 118,600 units, a year-on-year increase of 14.4%, with both domestic and overseas sales showing double-digit growth [36][37] - The growth in forklift demand is linked to improvements in manufacturing and logistics sectors, with positive macroeconomic indicators supporting future sales [38] - Companies like Anhui Heli and Hangcha Group are expanding their global presence and enhancing their product offerings in intelligent logistics [39][40]

Core Insights - The power semiconductor industry in China has developed a complete ecosystem with leading companies specializing in various segments, including IGBT modules, diodes, and traditional devices, contributing to the import substitution process in key areas like automotive electronics and renewable energy [1][8]. Company Overview - New Energy and Stada Semiconductor focus on IGBT modules, leading in the renewable energy sector [1]. - Jiejie Microelectronics and Suzhou Good focus on diodes and thyristors, serving home appliances and industrial automation markets [1]. - Huazhong Microelectronics and Silan Microelectronics are IDM leaders covering the entire industry chain [1]. - Wentai Technology has expanded into automotive-grade products through the acquisition of Anshi Semiconductor [1]. - Yangjie Technology leads in discrete devices, while Dongwei Semiconductor and Hongwei Technology focus on high-end MOSFET and IGBT research [1]. - Pairui Technology specializes in high-voltage devices, and Zhenhua Technology and Huami Electronics have advantages in military and industrial sectors [1]. - Galaxy Microelectronics, Xindao Technology, and Kaiweite focus on miniaturized devices in niche markets [1]. Performance Comparison - In Q1 2025, most power semiconductor companies reported gross margins between 10% and 45%, indicating good profitability [5]. - Wentai Technology led in revenue with 13.1 billion yuan, although its year-on-year growth rate declined [5]. - Pairui Technology achieved the highest gross margin at 58.4%, showcasing its cost control and efficiency [5]. Revenue and Gross Margin Data - New Energy reported Q1 2025 revenue of 450 million yuan with a gross margin of 36.6% [6]. - Jiejie Microelectronics had revenue of 700 million yuan and a gross margin of 39.9% [6]. - Huazhong Microelectronics reported 2.35 billion yuan in revenue with a gross margin of 25.3% [6]. - Wentai Technology's revenue was 13.1 billion yuan with a gross margin of 14.0% [6]. - Silan Microelectronics had revenue of 3 billion yuan and a gross margin of 21.3% [6]. - Stada Semiconductor reported 920 million yuan in revenue with a gross margin of 30.4% [6]. - Suzhou Good achieved 900 million yuan in revenue with a gross margin of 10.8% [6]. - Yangjie Technology reported 1.58 billion yuan in revenue with a gross margin of 34.6% [6]. - Galaxy Microelectronics had revenue of 220 million yuan and a gross margin of 24.0% [6]. - Pairui Technology's revenue was 30 million yuan with a gross margin of 58.4% [6]. - Hongwei Technology reported 300 million yuan in revenue with a gross margin of 16.4% [6]. - Dongwei Semiconductor achieved 280 million yuan in revenue with a gross margin of 13.6% [7]. - Taiji Technology reported 70 million yuan in revenue with a gross margin of 29.0% [7]. - Zhenhua Technology had revenue of 910 million yuan and a gross margin of 42.5% [7]. - Huami Electronics reported 640 million yuan in revenue with a gross margin of 28.0% [7]. Regional Distribution - Domestic sales dominate, with most companies having over 70% of their sales in China, except Wentai Technology, which has a balanced global presence [8]. - The East and South China regions are core areas for companies like Stada Semiconductor, Silan Microelectronics, and New Energy, while North and Central China focus on industrial and power applications [8]. - Companies like Zhenhua Technology and Huami Electronics leverage local bases to expand into surrounding areas [8]. Future Business Plans - The industry aims to build competitive barriers through capacity expansion, automotive certification, and domestic substitution [16]. - Leading companies are accelerating the expansion of automotive-grade IGBT modules and focusing on the photovoltaic storage market [16]. - Companies are also enhancing their technology capabilities, with a focus on 12-inch wafer production and third-generation semiconductor layouts [16].

[Table_Reportdate] 2025年08月27日 公 司 简 评 报告原因：业绩点评 [新洁能 Table_NewTitle] （605111）：产品矩阵迭代升级， 汽车、AI、机器人高速增长 ——公司简评报告 [table_main] 投资要点 电 子 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn | [数据日期 Table_cominfo] | 2025/08/26 | | --- | --- | | 收盘价 | 35.11 | | 总股本(万股) | 41,533 | | 流通A股/B股(万股) | 41,533/0 | | 资产负债率(%) | 9.35% | | 市净率(倍) | 3.44 | | 净资产收益率(加权) | 5.78 | | 12个月内最高/最低价 | 40.58/26.11 | [Table_QuotePic] -14% -4% 5% 15% 25% 34% 44% 54% 24-08 24-11 25-02 25-05 新洁能 沪深3 ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Group 1 - The core viewpoint of the news is that Xin Jie Neng (605111) has shown a slight decline in stock price and a mixed performance in capital flow, while its latest financial results indicate moderate revenue growth and a slight increase in net profit [1][3] - As of August 25, 2025, Xin Jie Neng's stock closed at 35.09 yuan, down 0.37%, with a turnover rate of 5.21% and a trading volume of 216,200 hands, amounting to 763 million yuan [1] - The company experienced a net outflow of 68.33 million yuan in main funds, accounting for 8.96% of the transaction amount, with significant outflows from large orders [1] Group 2 - For the latest financial performance, Xin Jie Neng reported total operating revenue of 930 million yuan, a year-on-year increase of 6.44%, and a net profit attributable to shareholders of 235 million yuan, up 8.03% year-on-year [1] - The company's non-recurring net profit was 207 million yuan, reflecting a year-on-year decrease of 3.22% [1] - Financial ratios include a current ratio of 10.598, a quick ratio of 9.751, and a debt-to-asset ratio of 9.35% [1] Group 3 - Xin Jie Neng, established in 2013 and located in Wuxi, primarily engages in the manufacturing of computers, communications, and other electronic devices [2] - The company has invested in 18 enterprises and participated in 23 bidding projects, holding 40 trademark registrations and 278 patents, along with 46 administrative licenses [2]

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Investment Rating - The investment rating for the company is "Buy" [21] Core Views - The company reported steady growth in its performance, with a revenue of 930 million yuan in the first half of 2025, representing a year-on-year growth of 6.44%. The net profit attributable to shareholders was 235 million yuan, with a year-on-year increase of 8.03% [5][12] - The company continues to expand its automotive-grade products, having launched over 300 automotive-grade MOSFET products and achieving a shipment volume of 85 million pieces in the first half of 2025 [14] - The company is expected to see significant revenue growth in the coming years, with projected revenues of 2.255 billion yuan, 2.760 billion yuan, and 3.292 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 23.31%, 22.41%, and 19.28% [15] Financial Performance - In Q2 2025, the company achieved a revenue of 481 million yuan, with a quarter-on-quarter growth of 7.04% and a year-on-year decline of 4.21%. The net profit for the same quarter was 127 million yuan, with a quarter-on-quarter growth of 17.16% and a year-on-year growth of 7.88% [13] - The gross margin and net margin for Q2 2025 were 35.07% and 26.24%, showing a year-on-year decrease of 1.46 percentage points and an increase of 2.90 percentage points respectively [13] Product and Market Expansion - The company's main product, SGT-MOS, accounted for 45.21% of revenue in the first half of 2025. The company has successfully launched its third-generation SGT products across various strategic fields including automotive electronics and AI computing [14] - The revenue contribution from automotive electronics, AI computing, and robotics was 15%, 6%, and 7% respectively in the first half of 2025 [14] Earnings Forecast - The company is projected to achieve net profits of 527 million yuan, 654 million yuan, and 789 million yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 21.35%, 23.94%, and 20.64% [15]

2025 年 08 月 21 日 新洁能(605111.SH) 下游景气度回暖，产品结构持续调优 事件： 公司发布 2025 年半年度业绩报告，上半年营业收入 9.3 亿元，同比 增长 6.44%，归母净利润 2.35 亿元，比上年同期增长 8.03%。 下游景气度回暖，业绩经营稳健： 新能源汽车及充电桩领域，中报披露，2025 年 1-6 月，汽车产销分 别完成 1,562.1 万辆和 1,565.3 万辆，同比分别增长 12.5%和 11.4%。 其中，新能源汽车产销分别完成 696.8 万辆和 693.7 万辆，同比分别 增长 41.4%和 40.3%。汽车出口方面，2025 年 1-6 月，汽车整车出口 308.3 万辆，同比增长 10.4%，新能源汽车出口 106 万辆，同比增长 75.2%。预计至 2025 年末，我国汽车市场将继续呈现稳中向好发展态 势；AI 领域，功率半导体在服务器电源供电、CPU/GPU 主板供电等 领域获得广发应用；工控领域，无人机、智能机器人、电动工具等细 分领域迎来高速增长；光伏储能领域，行业破内卷，库存改善、市场 回暖。整体而言，行业下游景气度回暖，公司上半年营业收入 ...