Market Overview - On September 15, the black home appliance sector rose by 0.36% compared to the previous trading day, with Skyworth Digital leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Skyworth Digital (000810) closed at 14.25, up 3.56% with a trading volume of 890,500 shares and a turnover of 1.278 billion yuan - Non-Chi Co., Ltd. (002429) closed at 6.68, up 2.30% with a trading volume of 3.8729 million shares and a turnover of 2.556 billion yuan - Other notable stocks included Tongzhou Electronics (002052) at 14.82, up 0.75%, and Sichuan Changhong (600839) at 10.72, up 0.56% [1] Capital Flow - The black home appliance sector experienced a net inflow of 163 million yuan from institutional investors, while retail investors saw a net outflow of 1.02 billion yuan [1] - Detailed capital flow for key stocks indicated: - Non-Chi Co., Ltd. had a net inflow of 144 million yuan from institutional investors, while retail investors had a net outflow of 1.22 billion yuan [2] - Skyworth Digital saw a net inflow of 75.1 million yuan from institutional investors, with retail investors experiencing a net outflow of 36.73 million yuan [2] - Other stocks like Hisense Visual (600060) and ST Gauss (002848) also showed significant net outflows from retail investors [2]

Core Viewpoint - Zhaochi Co., Ltd. has experienced a significant stock price increase of 5.05% on September 15, reaching 6.86 CNY per share, with a total market capitalization of 31.055 billion CNY, reflecting a cumulative increase of 18.51% over three consecutive days [1] Company Overview - Zhaochi Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on April 4, 2005, with its listing date on June 10, 2010 [1] - The company's main business involves the research, development, manufacturing, sales, and service of home audio-visual and electronic products [1] - The revenue composition of the company is as follows: multimedia audio-visual products and operation services account for 66.90%, while the LED industry chain constitutes 33.10% [1] Shareholder Insights - Among the top ten circulating shareholders of Zhaochi Co., Ltd., a fund under Southern Fund has increased its holdings in the Southern CSI 500 ETF (510500) by 4.4558 million shares in the second quarter, now holding a total of 33.6596 million shares, which represents 0.74% of the circulating shares [2] - The estimated floating profit from this investment today is approximately 11.1077 million CNY, with a total floating profit of 34.3328 million CNY during the three-day price increase [2] Fund Manager Information - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 150 days [3] - The total asset size of the fund is 138.999 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3]

Market Overview - The black home appliance sector increased by 1.28% on September 12, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Zhao Chi Co., Ltd. (002429) closed at 6.53, with a rise of 9.93% and a trading volume of 2.18 million shares, amounting to 1.391 billion yuan [1] - Other notable performers include: - Jiu Lian Technology (688609) at 10.87, up 3.13% [1] - Chen Yi Intelligent (301578) at 38.68, up 2.38% [1] - Chuangwei Digital (000810) at 13.66, up 2.02% [1] - Ji Mi Technology (688696) at 127.89, up 1.76% [1] Capital Flow - The black home appliance sector saw a net inflow of 86.4281 million yuan from main funds, while retail funds experienced a net outflow of 22.4917 million yuan [1] - Detailed capital flow for selected stocks includes: - Zhao Chi Co., Ltd. with a net inflow of 37.2743 million yuan from main funds [2] - Chuangwei Digital with a net outflow of 28.2129 million yuan from retail funds [2] - Sichuan Changhong (600839) with a significant net outflow of 97.0309 million yuan from main funds [2]

证券代码：002429 证券简称：兆驰股份 公告编号：2025-035 一、 担保情况概述 关于为下属子公司申请综合授信提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2025 年 4 月 15 日、2025 年 5 月 7 日召开第六届董事会第十八次会议、2024 年年度股东大会，审议通过了《关 于为下属子公司申请综合授信提供担保的议案》，同意公司及合并报表范围内的子 公司为下属子公司向银行/金融机构等申请综合授信提供担保，2025 年度预计提供 不超过人民币 772,000 万元、美元 1,000 万元的担保，具体担保金额、方式、范围、 期限等以相关合同约定为准，担保额度可在子公司之间按照实际情况调剂使用。担 保额度有效期限自公司 2024 年年度股东大会审议通过之日起至 2025 年年度股东大 会召开之日止。具体内容详见公司于 2025 年 4 月 17 日、2025 年 5 月 8 日在巨潮资 讯网（www.cninfo.com.cn）上披露的《关于为下属子公司申请综合授信提供担保的 ...

Core Viewpoint - The 26th China International Optoelectronic Exposition (CIOE 2025) will take place from September 10 to 12, 2025, showcasing advancements in optical devices and modules, particularly from Zhao Chi Co., Ltd. [1] Company Developments - Zhao Chi's subsidiary, Zhao Chi Rui Gu, presented its upgraded 850nm multi-mode optical module, which is designed to meet the demands of data center and enterprise network upgrades, covering SFP/SFP+/SFP28/QSFP+/QSFP28 packaging and 1G to 100G models [1] - The company also exhibited several products in the 400G to 800G range, fully compatible with high-speed communication scenarios in data centers, cloud networks, and AI applications [1] - The research and design of the 1.6T OSFP DR8 optical module has been completed, with sample production expected by the end of 2025 [1] Future Outlook - The company plans to increase investment to overcome the bottleneck in high-end optical chips, aiming for domestic production of 100G/lane PAM4 high-speed optical chips for 800G/1.6T optical modules [1] - There will be an accelerated development of LPO, CPO, silicon photonics technology, and Micro LED optical communication technology [1]

Group 1 - The 26th China International Optoelectronic Exposition (CIOE2025) will be held from September 10 to 12, 2025 [1] - Zhaochi Co., Ltd. (002429) showcased its optical devices and modules subsidiary, Zhaochi Ruigu, at the event [1] - Zhaochi Ruigu's upgraded 850nm multi-mode optical module is designed to meet the upgrade needs of data centers and enterprise networks, covering SFP/SFP+/SFP28/QSFP+/QSFP28 packaging and 1G to 100G specifications [1] Group 2 - The company also exhibited several products in the 400G to 800G range, suitable for high-speed communication scenarios in data centers, cloud networks, and AI [1] - The research and design work for the 1.6T OSFP DR8 optical module has been completed, with sample launch expected by the end of 2025 [1] - The company plans to increase investment to overcome high-end optical chip bottlenecks and achieve domestic production of 100G/lane PAM4 high-speed optical chips for 800G/1.6T optical modules [1] Group 3 - The company will accelerate the development of LPO, CPO, silicon photonics technology, and Micro LED optical communication technology [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company is a leading player in the LED industry with a complete vertical integration capability from "LED chip-packaging-module-application," benefiting significantly from the Mini/Micro LED technology wave [1]. - Recent breakthroughs in the optical communication business are expected to become a long-term growth driver for the company [1]. - The company has achieved substantial production capacity increases in its Vietnam facility, preparing for overseas market demand, despite short-term operational cost increases affecting financial performance [6]. - The company is strategically positioned to leverage opportunities in the AI computing era through its MicroLED optical module technology [6]. Financial Data and Valuation - Total revenue is projected to reach 17.167 billion CNY in 2023, with a year-on-year growth of 14%, and is expected to decline by 4% in 2025 before rebounding [2][13]. - Operating profit is forecasted at 1.714 billion CNY for 2023, with a significant growth of 42% year-on-year, but a decline of 15% is expected in 2025 [2][14]. - Net profit attributable to shareholders is estimated at 1.588 billion CNY in 2023, reflecting a 39% increase, with a projected decrease of 6% in 2025 [2][14]. - The company’s PE ratio is expected to be 16.9 in 2023, increasing to 17.9 in 2025 before decreasing to 10.8 by 2027 [2][14]. Business Developments - The company has made significant advancements in its optical communication segment, with expected revenue contributions of 4-5 billion CNY from optical devices and modules in 2025 [6]. - The company plans to invest in a PCB production line to ensure supply for Mini/MicroLED applications, enhancing vertical integration and cost control [6]. - The company has successfully launched 100G optical module products and aims to complete the development of 400G/800G products by the end of the year [6].

Group 1 - The core viewpoint of the news is that Zhao Chi Co., Ltd. has seen a stock price increase of 5.44%, reaching 5.81 CNY per share, with a total market capitalization of 26.302 billion CNY [1] - Zhao Chi Co., Ltd. was established on April 4, 2005, and went public on June 10, 2010. The company specializes in the research, manufacturing, sales, and service of home audio-visual and electronic products [1] - The main business revenue composition of Zhao Chi Co., Ltd. includes multimedia audio-visual products and operation services at 66.90% and the LED industry chain at 33.10% [1] Group 2 - Among the top ten circulating shareholders of Zhao Chi Co., Ltd., a fund under Southern Fund has increased its holdings in the Southern CSI 500 ETF (510500) by 4.4558 million shares, now holding a total of 33.6596 million shares, which represents 0.74% of the circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, and has a latest scale of 113.438 billion CNY. Year-to-date returns are 22.57%, ranking 1868 out of 4222 in its category, while the one-year return is 55.68%, ranking 1566 out of 3798 [2] - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 145 days, with the fund's total asset scale at 138.999 billion CNY [3]

Company Overview - Zhaochi Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on April 4, 2005. The company was listed on June 10, 2010. Its main business involves the research, manufacturing, sales, and service of home audio-visual and electronic products [1]. - The revenue composition of Zhaochi Co., Ltd. includes 66.90% from multimedia audio-visual products and services, and 33.10% from the LED industry chain [1]. Financial Performance - For the first half of 2025, Zhaochi Co., Ltd. achieved operating revenue of 8.483 billion yuan, a year-on-year decrease of 10.89%. The net profit attributable to shareholders was 661 million yuan, down 27.37% year-on-year [2]. - Since its A-share listing, Zhaochi Co., Ltd. has distributed a total of 1.944 billion yuan in dividends, with 1.308 billion yuan distributed in the last three years [3]. Stock Market Activity - On September 10, Zhaochi Co., Ltd.'s stock price increased by 2.36%, reaching 5.64 yuan per share, with a trading volume of 263 million yuan and a turnover rate of 1.04%. The total market capitalization is 25.532 billion yuan [1]. - Year-to-date, the stock price has decreased by 0.58%, with a 1.57% decline over the last five trading days, a 23.14% increase over the last 20 days, and a 31.78% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, Zhaochi Co., Ltd. had 100,600 shareholders, an increase of 0.45% from the previous period. The average number of circulating shares per person was 44,993, a decrease of 0.45% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 33.918 million shares, a decrease of 41.0538 million shares from the previous period. The Southern CSI 500 ETF is the eighth largest, holding 33.6596 million shares, an increase of 4.4558 million shares [3].

机构持仓方面，截止2025年6月30日，兆驰股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股3391.80万股，相比上期减少4105.38万股。南方中证500ETF（510500）位居第八大流通股 东，持股3365.96万股，相比上期增加445.58万股。 资料显示，深圳市兆驰股份有限公司位于广东省深圳市龙岗区布澜路128号兆驰集团大厦B座，成立日 期2005年4月4日，上市日期2010年6月10日，公司主营业务涉及家庭视听类及电子类产品的研发、制 造、销售与服务。主营业务收入构成为：多媒体视听产品及运营服务66.90%，LED产业链33.10%。 截至6月30日，兆驰股份股东户数10.06万，较上期增加0.45%；人均流通股44993股，较上期减少 0.45%。2025年1月-6月，兆驰股份实现营业收入84.83亿元，同比减少10.89%；归母净利润6.61亿元，同 比减少27.37%。 分红方面，兆驰股份A股上市后累计派现19.44亿元。近三年，累计派现13.08亿元。 8月29日，兆驰股份跌2.61%，成交额6.99亿元。两融数据显示，当日兆驰股份获融资买入额1.14亿元， 融资偿还1 ...