证券研究报告 | 行业周报 2025 年 07 月 21 日 通信 国产算力芯片发展前景广阔，AI 数字互动加速商业场景落地，看好 相关产业链投资机会 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002463.SZ | 沪电股份 | 买入 | 1.85 | 2.45 | 28.16 | 21.27 | | 002881.SZ | 美格智能 | 买入 | 0.73 | 0.92 | 62.64 | 49.71 | | 300308.SZ | 中际旭创 | 买入 | 7.6 | 8.29 | 23.77 | 21.79 | | 300394.SZ | 天孚通信 | 买入 | 3.68 | 4.53 | 24.73 | 20.09 | | 301285.SZ | 鸿日达 | 买入 | 0.21 | 0.7 | 166.05 | 49.81 | | 600941.SH | 中国移动 | 买入 | 6.7 ...

| 今日换手率 | 证券代 证券简 | 今日涨跌幅 | | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | （%） | 码 称 | （%） | | （元） | （元） | （%） | | | 扬电科 301012 技 | 20.02 | 3.60 | 20.33 | 23.14 | 13.80 | | | 聚杰微 | | | | | | | | 300819 纤 | 20.02 | 8.81 | 24.91 | 28.18 | 13.15 | | | 金道科 301279 技 | 13.38 | 30.22 | 22.93 | 25.00 | 9.04 | | | 浙江黎 603048 明 | 9.98 | 4.88 | 18.15 | 19.50 | 7.45 | | | 鼎通科 688668 技 | 9.23 | 8.73 | 63.55 | 67.96 | 6.95 | | | 天普股 605255 份 | 9.98 | 4.09 | 19.52 | 20.83 | 6.72 | | | 东信和 002017 平 | 8. ...

鼎通科技 20250714 摘要 锦通科技二季度净利率提升至 15.1%，受益于 AI 驱动的毛利率增长和 112G 产品量产带来的利润红利，通信业务收入占比持续扩大。 112G 产品需求强劲，二季度出货量达 130-150 万套，预计三季度及后 续仍将增长；224G 新产品逐渐起量，预计三季度后将加速增长至月需 求 50 万套左右。 液冷方案已获客户认证并交付样品，预计未来两周内投入硬模生产，标 志着即将进入量产阶段，是公司应对 AI 速率提升和散热问题的重要战略。 BMS 项目是汽车业务重点，两条自动化生产线 7 月完成验收，预计 2025 年底至 2026 年初量产，年产 30-40 万套，单价 1,200-1,500 元， 供应亚洲和欧洲市场。 面对汽车行业成本和竞价压力，公司专注于 BMS 等高附加值项目，并与 比亚迪、宝马等客户紧密合作，积极争取更有利的价格条件。 液冷产品成本主要集中在散热器上，CNC 方案下 2×8 规格散热器价格 约 2000-3,000 元，虽未量产，但预期毛利率和净利润显著高于传统方 案。 公司扩充 112G 和 224G 产品线，提前准备 30%额外产能以应对客户提 速 ...

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

证券代码：688668 证券简称：鼎通科技 公告编号：2025-031 1、预计 2025 年半年度实现营业收入为 78,454.84 万元，与上年同期（法定 披露数据）相比，将增加 33,238.06 万元,同比增长 73.51%。 2、预计 2025 年半年度实现归属于母公司所有者的净利润为 1,1426.15 万元， 与上年同期（法定披露数据）相比，将增加 6,495.87 万元，同比增加 131.75%。 3、预计 2025 年半年度归属于母公司所有者的扣除非经常性损益的净利润为 10,628.36 万元，与上年同期（法定披露数据）相比，将增加 6,102.46 万元，同 比增加 134.83%。 东莞市鼎通精密科技股份有限公司 2025 年半年度业绩预告的自愿性披露公告 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。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 经公司财务部门初步测算： （三）本次业绩预告数据未经注册会计师审计。 二、 ...

鼎通科技（688668）公告，预计2025年半年度实现营业收入7.85亿元，同比增长73.51%。预计2025年半 年度归属于母公司所有者的净利润为1.14亿元，同比增长131.75%。预计2025年半年度归属于母公司所 有者的扣除非经常性损益的净利润为1.06亿元，同比增长134.83%。 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that copper interconnect technology has become a key factor in enhancing data center performance, with a growing market share due to its low cost and low power consumption advantages in short-distance connections [4][13] - The demand for high-speed copper cables is significantly driven by the AI boom, particularly with the increasing computational needs of data centers and the adoption of NVIDIA's GB200 solutions [22][41] - The report emphasizes the rapid growth of the AEC (Active Electrical Cable) sector, which is expected to achieve a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating a robust market opportunity [26][84] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is crucial for improving data center performance, with various connection solutions available [13] - The report discusses the advantages of copper cables over fiber optics in specific applications, particularly in short-distance connections within data centers [17][18] Section 2: AI and Copper Cable Demand - The rise of generative AI models like ChatGPT has led to an exponential increase in computational power requirements, driving demand for copper interconnect solutions [22][29] - NVIDIA's GB200 architecture utilizes copper interconnects extensively, enhancing performance and reducing power consumption compared to previous solutions [41][50] Section 3: Data Center Growth and Copper Demand - Global data center energy consumption is projected to rise significantly, with copper interconnects offering low power consumption advantages [60][67] - The report notes that the increasing operational costs of data centers necessitate efficient transmission solutions, where copper interconnects provide a cost-effective alternative [63][67] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is characterized by strong internal and external demand, with diverse application scenarios [75][76] - The AEC supply chain is detailed, highlighting the importance of upstream components like chips and cables, and the involvement of major players in the industry [88][89] Section 5: Investment Recommendations - The report suggests focusing on leading companies in the copper cable connector industry, including Huafeng Technology, Ruikeda, and Lixun Precision, among others, which are well-positioned to benefit from the growing demand [6][75]

Group 1 - The overall score for DingTong Technology (688668) is 64.56, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 63.22 CNY, 5-day main cost at 61.72 CNY, 20-day main cost at 60.64 CNY, and 60-day main cost at 50.21 CNY [1] - In the past year, the stock has hit the upper limit once and the lower limit once [1] Group 2 - The short-term resistance level is at 62.46 CNY, while the short-term support level is at 60.54 CNY [2] - The stock price has broken through the short-term resistance level, indicating potential short-term strength [2] - The K-line pattern shows a "Red Three Soldiers" formation, suggesting a possible bottoming out and rebound [2] Group 3 - On July 1, 2025, the net outflow of main funds was 10.54 million CNY, accounting for -4% of the total transaction amount [2] - Retail investors saw a net inflow of 2.1751 million CNY, while large orders experienced a net outflow of 9.8277 million CNY [2] - Related industries such as communication equipment and copper cable high-speed connections saw declines of -0.49% and -0.99%, respectively [2]

证券代码：688668 证券简称：鼎通科技 公告编号：2025-030 特此公告。 东莞市鼎通精密科技股份有限公司董事会 东莞市鼎通精密科技股份有限公司 关于子公司注销完成的公告 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。 东莞市鼎通精密科技股份有限公司（以下简称"公司"或"鼎通科技"）于 2025 年 5 月 14 日召开第三届董事会第十一次会议、第三届监事会第九次会议审议通 过了《关于拟注销子公司的议案》，同意注销全资子公司鼎通科技研发中心(长沙) 有限公司（以下简称"子公司"或"长沙研发中心"），并授权公司相关人员办理 相关手续。详见公司于 2025 年 5 月 15 日在上海证券交易所网站披露的《关于拟 注销子公司的公告》（公告编号：2025-022）。 近日，长沙市开福区市场监督管理局下发的予以注销研发中心的登记通知书， 长沙研发中心的注销登记手续已办理完毕。本次注销长沙研发中心，不会对公司 整体业务的发展和盈利水平产生重大不利影响，不存在损害公司及股东利益的情 形。 2025 年 6 月 26 日 ...

Core Points - The announcement details the first vesting results of the 2024 Restricted Stock Incentive Plan for Dongguan Dingtong Precision Technology Co., Ltd, with a total of 472,080 shares to be listed for trading on June 26, 2025 [1][8] - The stock subscription method is offline, and the shares are part of an equity incentive program aimed at motivating key personnel [1][3] Group 1: Incentive Plan Details - The decision-making process for the stock vesting was approved by the board and the supervisory committee, ensuring compliance with relevant regulations [2][3] - The first grant date for the restricted stock was set for April 8, 2024, with a grant price of 24.00 CNY per share [4][5] - The total number of shares granted under the plan is 1,180,200, with 472,080 shares being vested in the first period [5][8] Group 2: Stock Vesting and Listing - The vested shares will be listed for trading on June 26, 2025, and the total number of shares listed is 472,080 [1][8] - The total share capital before the vesting was 138,729,646 shares, which will increase to 139,201,726 shares after the vesting [7][8] - The number of individuals receiving the vested shares is 48, with a vesting ratio of 40% for both senior management and other incentivized personnel [5][8] Group 3: Financial Impact - The company reported a net profit of 52,896,288.61 CNY for Q1 2025, with an earnings per share of 0.38 CNY; the vesting of shares will dilute this figure based on the new total share capital [8]