昆山国力电子科技股份有限公司 | 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-057 | | --- | --- | --- | | 证券代码：118035 | 证券简称：国力转债 | | 关于"国力转债"可选择回售的第二次提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 风险提示：投资者选择回售等同于以100.22元人民币/张(含当期利息) 卖出持有的"国力转债"。截至本公告披露日,"国力转债"的收盘价格高于本 次回售价格,投资者选择回售可能会带来一定经济损失，敬请投资者注意风险。 昆山国力电子科技股份有限公司（以下简称"公司"）于2023年6月12日向 不特定对象发行了480万张可转换公司债券（转债简称："国力转债"，转债代 码：118035），每张面值100元，发行总额48,000.00万元。根据战略规划和经营 需要，公司于2025年8月25日召开"国力转债"2025年第一次债券持有人会议及 2025年第一次临时股东大会，审议通过了《关于变更公司可转换公司债券部分 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][47]. Core Insights - The company specializes in the field of electronic vacuum devices, experiencing rapid revenue growth and has a stable shareholding structure with the controlling shareholder holding 30.71% [3][21]. - The company has been deeply engaged in the electronic vacuum device sector for over 60 years, with products widely used in military, aerospace, semiconductor, and new energy sectors [3][18]. - Revenue increased from 332 million to 792 million yuan from 2019 to 2024, with a 70.49% year-on-year growth in the first half of 2025 [3][25]. - The company is increasing its R&D investment, which has grown from 44.87 million yuan in 2020 to 86.51 million yuan in 2024, reflecting a commitment to technological advancement [32][36]. - The domestic integrated circuit industry is expected to drive growth in the vacuum device sector, with the sales scale projected to reach 1.35 trillion yuan by 2025 [4][37]. - The global semiconductor equipment market is anticipated to reach 139.82 billion yuan by 2025, benefiting the company as a manufacturer of vacuum devices [4][40]. - The rapid expansion of the new energy vehicle market is expected to provide significant market opportunities for the company, particularly in high-voltage relays, which are critical components in electric vehicle systems [5][43]. Summary by Sections Company Overview - The company focuses on the R&D, production, and sales of electronic vacuum devices, with key products including DC contactors, vacuum relays, and vacuum capacitors [6][23]. Financial Performance - The company's revenue is projected to grow significantly, with expected net profits of 143 million, 216 million, and 314 million yuan for 2025-2027, respectively [5][47]. - The company’s revenue is forecasted to reach 1.21 billion yuan in 2025, with a growth rate of 53.03% [10]. Market Potential - The semiconductor and new energy sectors present vast market opportunities, with the demand for vacuum capacitors and other vacuum devices expected to rise due to the growth of the integrated circuit industry [4][37]. - The new energy vehicle market is projected to see sales increase from approximately 1.376 million units in 2020 to 16.5 million units by 2025, driving demand for high-voltage relays [5][43].

Core Viewpoint - Guoli Co., Ltd. is a leading enterprise in the vacuum device sector, with significant growth potential in downstream industries such as semiconductors and new energy, leading to an initial "Buy" rating from Dongxing Securities [1][2]. Company Overview - Guoli Co., Ltd. specializes in the field of electronic vacuum devices, experiencing rapid revenue growth in recent years. The company has over 60 years of experience in the electronic vacuum device sector, with products widely used in military, new energy, and semiconductor industries [2]. - The company has a stable shareholding structure, with the actual controller holding 30.71% of the shares. As of mid-2025, the chairman controls 30.71% of the company through Kunshan Guoyi Investment Management Center [2]. - Guoli has six wholly-owned or controlled subsidiaries focusing on high-power device R&D, electronic device manufacturing, special electrical equipment, overseas business expansion, and new energy technology [2]. Financial Performance - Revenue has steadily increased, with sales rising from 332 million yuan in 2019 to 792 million yuan in 2024. In the first half of 2025, revenue reached 569 million yuan, marking a year-on-year growth of 70.49% [2]. - The company has consistently increased its R&D investment, which is crucial for meeting the new requirements for miniaturization, lightweight, and high reliability in high-end applications such as aerospace, military, semiconductors, and new energy vehicles [2]. Market Opportunities - The semiconductor equipment market is expected to grow rapidly, benefiting Guoli Co., Ltd. The domestic integrated circuit industry is projected to drive growth in the vacuum device sector, with the sales scale of China's integrated circuit industry expected to reach 1.35 trillion yuan by 2025 [3]. - The global semiconductor equipment market is anticipated to reach 139.82 billion yuan by 2025, providing a significant opportunity for Guoli as a manufacturer of vacuum devices [3]. New Energy Vehicle Sector - The expansion of the new energy vehicle market both domestically and internationally will create vast market opportunities for Guoli Co., Ltd. High-voltage relays (DC contactors) are key components in new energy vehicles, with increasing demand as vehicle voltage rises to 400V, 800V, and 1000V [4]. - From 2020 to 2025, new energy vehicle sales are expected to increase from approximately 1.376 million to 16.5 million units, driving demand for high-voltage relays [4]. Profit Forecast and Investment Rating - Guoli Co., Ltd. is expected to benefit from the growth in the semiconductor and new energy sectors, with projected net profits of 143 million yuan, 216 million yuan, and 314 million yuan for 2025, 2026, and 2027, respectively. Corresponding EPS is expected to be 1.50, 2.27, and 3.29 yuan [4].

Core Viewpoint - Guokai Co., Ltd. (688103.SH) announced a significant adjustment in its fundraising project for the production of wind-solar storage and flexible direct current transmission and distribution contactors, reducing the planned investment from 200 million yuan to 57.5 million yuan due to changes in market conditions [1] Company Summary - The project has not yet received any of the planned fundraising, with 0 million yuan invested so far, representing 0% of the total planned investment [1] - The remaining 142.5 million yuan of the fundraising will be redirected to a new project focused on the expansion of high-end electronic vacuum devices and integrated system intelligent manufacturing [1] Industry Summary - The primary reason for the adjustment is the lower-than-expected growth in demand for upstream photovoltaic supporting equipment, coupled with intensified competition in the industry, which has led to continuous pressure on the pricing and gross margin of the company's contactor products [1]

昆山国力电子科技股份有限公司 关于"国力转债"可选择回售的第一次提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 风险提示：投资者选择回售等同于以100.22元人民币/张(含当期利息) 卖出持有的"国力转债"。截至本公告披露日,"国力转债"的收盘价格高于本 次回售价格,投资者选择回售可能会带来一定经济损失，敬请投资者注意风险。 昆山国力电子科技股份有限公司（以下简称"公司"）于2023年6月12日向 不特定对象发行了480万张可转换公司债券（转债简称："国力转债"，转债代 码：118035），每张面值100元，发行总额48,000.00万元。根据战略规划和经营 需要，公司于2025年8月25日召开"国力转债"2025年第一次债券持有人会议及 2025年第一次临时股东大会，审议通过了《关于变更公司可转换公司债券部分募 投项目的议案》，同意公司将募投项目"风光储及柔直输配电用交流接触器生产 项目"拟使用的募投资金由20,000.00万元调整至5,750.00万元，调减的14,250 万元募集资金用于新 ...

Core Viewpoint - The company, Kunshan Guoli Electronics Technology Co., Ltd., has announced a change in the investment projects funded by its convertible bonds, reallocating funds from a solar-related project to a new high-end electronic vacuum device manufacturing expansion project due to underperformance in the original sector [1][2]. Group 1: Company Announcement - The company has reduced the funding for the original project "Production of AC Contactors for Wind and Solar Storage and Flexible Direct Current Transmission" from 200 million yuan to 57.5 million yuan [1]. - The new project, "Expansion of Intelligent Manufacturing for High-end Electronic Vacuum Devices and Integrated Systems," is expected to be completed by 2027 and will utilize the adjusted funds [1]. - The decision to change the investment focus is attributed to lower-than-expected demand in the photovoltaic upstream equipment sector and increased competition affecting product pricing and profit margins [1]. Group 2: Financial Ratings - The credit rating agency, Zhongzheng Pengyuan, has maintained the company's credit rating at A+ with a stable outlook, reflecting confidence in the company's financial health despite the project changes [2]. - The credit rating for the convertible bond, "Guoli Convertible Bond," remains at A+, valid until August 27, 2025 [2]. - The agency will continue to monitor the construction, production, and future revenue of the new investment project to assess its impact on the company's credit rating [2].

中证鹏元资信评估股份有限公司 中证鹏元公告【2025】411 号 | | | 拟投入金 | | 拟投入金 | | | --- | --- | --- | --- | --- | --- | | | | 额 | | 额 | | | 风光储及柔 | | | | | | | 直输配电用 | 20,580.00 | 20,000.00 | 7,579.00 | 5,750.00 | -14,250.00 | | 交流接触器 | | | | | | | 生产项目 | | | | | | | 高端电子真 | | | | | | | 空器件及集 | | | | | | | 成系统智能 | - | - | 14,780.00 | 14,250.00 | 14,250.00 | | 制造扩建项 | | | | | | | 目 | | | | | | 针对以上事项，中证鹏元及时向公司了解相关情况，本次变更公 司可转换债券部分募投项目主要系光伏上游配套设备需求增长不及 预期，同时行业竞争加剧使得公司交流接触器产品价格及毛利率持续 承压，若继续按原计划推进投资，可能面临产能利用率不足和投资回 报率下降的风险。公司拟将调减后的募集资金 ...

Core Insights - The company Guoli Co., Ltd. (688103.SH) reported a total revenue of 569 million yuan for the first half of 2025, with a net profit attributable to shareholders of 35.73 million yuan and a negative cash flow from operating activities of 12.61 million yuan [1][3] Financial Performance - The latest asset-liability ratio stands at 52.33%, which is an increase of 3.56 percentage points from the previous quarter and an increase of 6.81 percentage points compared to the same period last year [3] - The company's gross profit margin is reported at 28.11%, reflecting a decrease of 0.70 percentage points from the previous quarter [3] - The return on equity (ROE) is recorded at 3.12% [3] - The diluted earnings per share (EPS) is 0.37 yuan [3] - The total asset turnover ratio is 0.25 times, while the inventory turnover ratio is 1.42 times [3] Shareholder Structure - The number of shareholders is 4,211, with the top ten shareholders holding a total of 45.74 million shares, accounting for 47.99% of the total share capital [3] - The top shareholders include: 1. Zhang Jianping - 27.7% 2. Kunshan Guoyi Investment Management Center (Limited Partnership) - 6.09% 3. China Construction Bank - 3.01% 4. Shenzhen Baopu Easy Private Securities Fund Management Co., Ltd. - 2.57% 5. Shenzhen Baopu Easy Private Securities Fund Management Co., Ltd. - 1.76% 6. Bank of China - 1.74% 7. Zuguo Qiang - 1.48% 8. Huang Hao - 1.33% 9. Tan Guai - 1.12% 10. Zhang Ailin - 1.11% [3]

Core Viewpoint - Guokui Co., Ltd. has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing Summary - On August 25, Guokui Co., Ltd. had a financing buy-in amount of 24.45 million yuan, with a net financing buy of 5.15 million yuan, while the total financing and securities balance reached 314 million yuan [1]. - The current financing balance of 314 million yuan accounts for 4.88% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing activity [1]. - There were no securities sold or repaid on August 25, with a securities balance of 0, which is also at a high level compared to the past year [1]. Business Performance - As of July 31, the number of shareholders for Guokui Co., Ltd. increased by 7.56% to 4,797, while the average circulating shares per person decreased by 7.03% to 19,869 shares [2]. - For the first half of 2025, Guokui Co., Ltd. reported a revenue of 569 million yuan, representing a year-on-year growth of 70.49%, and a net profit attributable to shareholders of 35.73 million yuan, up 142.68% year-on-year [2]. Dividend Information - Since its A-share listing, Guokui Co., Ltd. has distributed a total of 98.36 million yuan in dividends, with 68.31 million yuan distributed over the past three years [3]. Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include prominent funds, with XQ Multi-Dimensional Value Mixed A holding 2.87 million shares, unchanged from the previous period, while XQ He Feng Three-Year Holding Mixed reduced its holdings by 202,800 shares to 1.66 million shares [3].

Core Points - The announcement details the buyback option for the "Guoli Convertible Bonds" with a buyback price of 100.22 RMB per bond, including accrued interest [1][5] - The buyback period is set from September 2, 2025, to September 8, 2025, with funds to be disbursed on September 11, 2025 [1][5] - During the buyback period, the "Guoli Convertible Bonds" will stop conversion into shares [1][5] Buyback Terms - The buyback is not mandatory; bondholders have the right to choose whether to sell their bonds back to the company [1][5] - The buyback price is based on the face value plus accrued interest, calculated using the formula: IA = B × i × t / 365 [3][4] - If the total face value of the convertible bonds falls below 30 million RMB due to buybacks, the bonds will continue to trade until the end of the buyback period [6] Trading and Procedures - Bondholders can sell part or all of their unconverted bonds during the buyback period [4][5] - The buyback application period is from September 2, 2025, to September 8, 2025, and applications cannot be revoked once confirmed [5] - The bonds will continue to trade during the buyback period, but conversion will be halted [5][6]