Core Viewpoint - The report from Zhongyou Securities indicates that Fenghua Gaoke's net profit attributable to shareholders for the first three quarters of 2025 is 228 million yuan, a year-on-year decrease of 13.95%, while the net profit for Q3 is 62 million yuan, reflecting a year-on-year increase of 5.82% [1] Financial Performance - Revenue growth remains steady for the first three quarters, with a notable recovery in net profit for Q3, demonstrating resilience [1] - The company achieved a net profit of 62 million yuan in Q3, marking a 5.82% increase compared to the same period last year [1] Business Strategy and R&D - The core electronic components matrix is synergistically driving growth, enabling deep adaptation and mutual empowerment across multiple fields [1] - The company continues to strengthen market-oriented R&D, focusing on six key directions: high reliability, high capacity, high temperature, high voltage, high precision, and high frequency [1] - A matrix project management model is being implemented, facilitating a "three-in-one" system approach from materials to processes to products [1] Material Innovation - The company has made breakthroughs in several key material challenges, achieving advancements in nine critical materials, including nano-crystalline ceramic powder, ultra-fine nickel paste, and automotive-grade inductive soft ceramic powder [1] - The performance indicators of these materials surpass those of imported alternatives, significantly enhancing the company's capability for self-sufficiency in critical materials [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown steady revenue growth in the first three quarters of 2025, with a year-on-year increase of 15% in revenue, reaching 4.108 billion yuan. However, the net profit attributable to shareholders decreased by 13.95% to 228 million yuan [4]. - The company's main products include various electronic components such as MLCCs, resistors, inductors, and capacitors, which are applied across multiple sectors including automotive, communications, home appliances, and AI computing [5]. - The company has enhanced its R&D capabilities, focusing on high-reliability and high-capacity products, achieving breakthroughs in several high-end product technologies and filling product gaps in the automotive sector [6]. Financial Performance - The company is projected to achieve revenues of 5.856 billion yuan, 6.694 billion yuan, and 7.537 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 364.79 million yuan, 517.47 million yuan, and 676.66 million yuan for the same years [7][10]. - The company's earnings per share (EPS) is forecasted to grow from 0.32 yuan in 2025 to 0.58 yuan in 2027, reflecting a positive growth trajectory [10][13]. - The company maintains a low debt-to-asset ratio of 23.9%, indicating a strong balance sheet [3][13].

Market Overview - The component sector increased by 0.34% on November 18, with Dali Kipu leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Top Gainers - Dali Kipu (301566) closed at 18.59, up 8.08% with a trading volume of 361,800 shares and a turnover of 667 million yuan [1] - Fenghua Gaoke (000636) closed at 17.34, up 6.38% with a trading volume of 1,275,000 shares and a turnover of 2.26 billion yuan [1] - Nanya New Materials (615889) closed at 66.38, up 4.04% with a trading volume of 51,200 shares and a turnover of 336 million yuan [1] Top Losers - Shangluo Electronics (300975) closed at 13.48, down 4.87% with a trading volume of 450,500 shares and a turnover of 611 million yuan [2] - Fangbang Co., Ltd. (688020) closed at 63.70, down 3.57% with a trading volume of 21,600 shares and a turnover of 139 million yuan [2] - Zhongfu Circuit (300814) closed at 65.98, down 3.34% with a trading volume of 83,100 shares and a turnover of 552 million yuan [2] Capital Flow - The component sector saw a net inflow of 1.012 billion yuan from institutional investors, while retail investors experienced a net outflow of 910 million yuan [2][3] - Major stocks like Fenghua Gaoke and Dongshan Precision saw significant net inflows from institutional investors, indicating strong institutional interest [3] Individual Stock Performance - Fenghua Gaoke had a net inflow of 509 million yuan from institutional investors, representing 22.53% of its total trading volume [3] - Dongshan Precision (002384) recorded a net inflow of 231 million yuan from institutional investors, accounting for 5.90% of its trading volume [3] - Dali Kipu experienced a net inflow of 42.32 million yuan from institutional investors, but also saw net outflows from retail investors [3]

Core Viewpoint - Fenghua High-Tech's stock has experienced fluctuations, with a recent decline of 2.06% and a year-to-date increase of 17.39% [1][2] Company Overview - Fenghua High-Tech, established on March 23, 1994, and listed on November 29, 1996, is located in Zhaoqing, Guangdong Province. The company specializes in the research, production, and sales of electronic components and materials, with 98.36% of its revenue coming from these core activities [1][2] Financial Performance - For the period from January to September 2025, Fenghua High-Tech reported a revenue of 4.108 billion yuan, reflecting a year-on-year growth of 15.00%. However, the net profit attributable to shareholders decreased by 13.95% to 228 million yuan [2] - The company has distributed a total of 1.576 billion yuan in dividends since its A-share listing, with 344 million yuan distributed over the past three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders increased by 16.89% to 108,100, while the average number of tradable shares per shareholder decreased by 14.45% to 10,700 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 17.883 million shares, an increase of 8.0845 million shares from the previous period [3] Market Activity - The stock's trading volume on November 12 was 340 million yuan, with a turnover rate of 1.73%. The net outflow of main funds was 66.3925 million yuan, indicating selling pressure [1] - Fenghua High-Tech has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 183 million yuan on October 24 [1] Industry Context - Fenghua High-Tech operates within the electronic components sector, specifically in passive components, and is associated with concepts such as inductors, MLCC, supercapacitors, and photovoltaic glass [2]

广东风华高新科技股份有限公司 关于对广东省广晟财务有限公司的风险评估报告 根据深圳证券交易所信息披露要求，结合广东省广晟财务 有限公司（以下简称"广晟财务公司"）提供的《中华人民共和 国金融许可证》《企业法人营业执照》等证件资料，并审阅了 广晟财务公司包括资产负债表、利润表等财务报告，广东风华 高新科技股份有限公司（以下简称"本公司"）对广晟财务公 司的经营资质、业务和风险状况进行了评估。现将有关风险评估 情况报告如下： 金融许可证机构编码：L0216H244010001 住所：广东省广州市天河区珠江西路 17 号广晟国际大厦 52 楼。 经营范围：吸收成员单位存款；办理成员单位贷款；办理 成员单位票据贴现；办理成员单位资金结算与收付；提供成员 单位委托贷款、债券承销、非融资性保函、财务顾问、信用鉴 1 一、广晟财务公司基本情况 （一）广晟财务公司基本信息 公司名称：广东省广晟财务有限公司 法定代表人：陈赟 注册资本：109,922 万元 统一社会信用代码：91440000345448548L 证及咨询代理业务；从事同业拆借；办理成员单位票据承兑； 从事固定收益类有价证券投资；监管机构批准的其他业务。 二、广 ...

证券代码：000636 证券简称：风华高科 公告编号：2025-42 广东风华高新科技股份有限公司 关于修订《公司章程》及其附件的公告 公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广东风华高新科技股份有限公司（以下简称"公司"）于 2025 年 11 月 10 日召开第十届董事会 2025 年第六次会议、第十届监事会 2025 年第五次会议，审议通过了《关于修订<公司章程>及其附件的 议案》，该议案尚需提交公司股东大会审议。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司章程指引》《上市公司股东会规则》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市 公司规范运作》等最新法律法规及规范性文件要求，结合公司实际情 况，修订《公司章程》及其附件《股东会议事规则》《董事会议事规 则》。现将具体情况公告如下： 一、关于取消监事会的情况 根据《中华人民共和国公司法》《上市公司章程指引》等规定， 对公司治理结构进行调整，由公司董事会审计、合规与风险管理委员 会行使《公司法》规定的监事会职权。股东大会审议通过后，公司监 ...

证券代码：000636 证券简称：风华高科 公告编号：2025-43 广东风华高新科技股份有限公司 公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、关联交易概述 （一）广东风华高新科技股份有限公司（以下简称"公司"）结合 公司经营发展需要，拟与关联方广东省广晟财务有限公司（以下称"财 务公司"）签署新的《金融服务协议》。协议有效期为3年，在本协议 有效期内，公司在财务公司的每日最高存款余额不超过等值30亿元人民 币，外币存款按照国家外汇管理局每月公布的《人民币汇率中间价》折 算成人民币计算；财务公司为公司提供的结算服务按相关规定收取费用； 公司拟向财务公司申请最高不超过等值30亿元人民币的综合授信额度， 外币综合授信额度按照国家外汇管理局每月公布的《人民币汇率中间价》 折算成人民币计算。公司于2022年11月24日召开的股东大会审议通过后 签署的3年期《金融服务协议》在本次协议签署并生效后将终止执行。 （二）财务公司是公司第一大股东广东省广晟控股集团有限公司的 控股子公司，根据《深圳证券交易所股票上市规则》有关规定，财务公 司为公司的关联法人，本次交易构成关联交 ...

证券代码：000636 证券简称：风华高科 公告编号：2025-45 广东风华高新科技股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、召开会议基本情况 （一）股东大会届次 公司 2025 年第二次临时股东大会。 （二）股东大会的召集人 公司第十届董事会。 本次股东大会采取现场投票和网络投票相结合的方式召开。公司将 通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络形 式的投票平台，股东可以在网络投票时间内通过上述系统行使表决权。 （六）会议的股权登记日 2025 年 11 月 21 日（星期五）。 （三）会议召开的合法合规性 公司于 2025 年 11 月 10 日召开的第十届董事会 2025 年第六次会议 审议通过了《关于召开 2025 年第二次临时股东大会的议案》。本次会议 的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章 程》的有关规定。 ...

广东风华高新科技股份有限公司 第十届监事会 2025 年第五次会议决议公告 公司及监事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 广东风华高新科技股份有限公司（以下简称"公司"）第十届监事会 2025 年第五次会议于 2025 年 11 月 5 日以电子邮件方式发出会议通知， 会议于 2025 年 11 月 10 日以通讯表决方式召开，会议应出席监事 3 人， 实际出席会议监事 3 人，监事会主席丘旭明先生主持了本次会议。本次监 事会的召开程序符合国家有关法律、法规和本公司章程的规定。本次会议 及决定的事项，合法有效。 二、监事会会议审议情况 经与会监事认真审议，以投票表决方式形成如下决议： （一）审议通过了《关于修订<公司章程>及其附件的议案》 表决情况：同意 3 票，反对 0 票，弃权 0 票。 经审核，公司监事会认为：本次《公司章程》及其附件的修订严格遵 循《中华人民共和国公司法》《上市公司章程指引》等法律法规及规范性 文件的要求，符合公司实际经营发展需要。修订内容合法合规，程序规范， 充分保障了公司及股东的合法权益，符合公司长远发展战略，有 ...

一、董事会会议召开情况 广东风华高新科技股份有限公司（以下简称"公司"）第十届董事会 2025 年第六次会议于 2025 年 11 月 5 日以电子邮件方式发出会议通知， 于 2025 年 11 月 10 日以通讯表决方式召开，会议应出席董事 11 人，实 际出席会议董事 11 人。公司董事长李程先生主持了本次会议。本次董事 会的召开程序符合国家有关法律、法规和公司章程的规定。本次会议及决 定的事项，合法有效。 二、董事会会议审议情况 经与会董事认真审议，以投票表决方式形成如下决议： （一）审议通过了《关于修订<公司章程>及其附件的议案》 证券代码：000636 证券简称：风华高科 公告编号：2025-40 广东风华高新科技股份有限公司 第十届董事会 2025 年第六次会议决议公告 公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 表决情况：同意 11 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在巨潮资讯网披露的《关于修订<公司章程> 及其附件的公告》。 本议案尚需提交公司 2025 年第二次临时股东大会审议。 （二）审议通过了《关于拟与广东省广晟财务有限 ...