（文章来源：每日经济新闻） 海能达（SZ 002583，收盘价：13.86元）发布公告称，2025年8月18日至2025年8月20日，海能达接受招 商证券等投资者调研，公司副总经理兼董事会秘书周炎等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，海能达的营业收入构成为：通信及相关设备制造业占比86.73%，OEM及其他占比 13.27%。 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000063 中兴通讯 | | 5.66 | 8.39 | 137393.08 | | 002281 光迅科技 | | 10.00 | 10.86 | 87486.36 | | 002583 海能达 | | 10.00 | 12.03 | 79916.48 | | 002792 通宇通讯 | | 9.98 | 27.17 | 36330.89 | | 002104 恒宝股份 | | 3.52 | 45.86 | 34006.10 | | 300548 长芯博创 | | 6.04 | 11.41 | 18057.99 | | 600941 中国移动 | | 0.64 | 2.39 | 13064.99 | | 300353 东土科技 | | 1.44 | 9.13 | 8032.09 | | 002148 北纬科技 | | -0.63 | 24.38 | 7623.03 | | 603118 共进股份 | | 4.67 | 16.51 | 4876.1 ...

Financial Performance - The company achieved a total revenue of 2.26 billion, a decrease of 480 million year-on-year, primarily due to a decline in OEM and other business revenues by 340 million and a decrease in main business revenue by 140 million due to project delays in overseas regions [2][3] - Net profit attributable to the parent company was 93.58 million, a decrease of approximately 68.81 million year-on-year, mainly due to a decline in quarterly profits [2] - In Q2, net profit reached 66.45 million, an increase of 33% year-on-year and 145% quarter-on-quarter [2] - Overall gross margin improved to 51%, an increase of 5 percentage points year-on-year [2] Operational Highlights - The company has seen a significant reduction in expense ratios compared to 2021, with R&D, management, and sales expense ratios decreasing notably by 2024 [2] - Operating cash flow reached 240 million, marking the best level in nearly five years [3] - Domestic main business revenue reached a historical high, with strong growth in channel business and continuous expansion of partners and distributors [3] Product Development - The company is enhancing its narrowband product line and actively participating in the formulation of communication standards for public safety, emergency, and railway industries [4] - New products include various communication modules for railway safety and upgrades to commercial terminal products [4] - The company is focusing on AI applications, integrating new technologies such as AI-driven robots and intelligent command centers into its communication solutions [6] Market Expansion - Approximately 50% of the company's revenue comes from overseas sales, with significant growth in emerging markets and regions along the Belt and Road Initiative [7] - The company is strategically focusing on the Belt and Road and BRICS countries, showing positive growth trends [8] R&D Investment - R&D investment increased by about 8% year-on-year, with a focus on profitable product lines such as narrowband products, public-private integration, and AI networks [9] - The company is optimizing its R&D structure by reallocating resources to high-return projects [9] Future Outlook - Despite current macroeconomic pressures, the company remains optimistic about business opportunities in the second half of the year, particularly in the AI private network sector [13] - The company aims to continue its path of "high-quality development" and stable growth [13]

证券之星消息，8月20日通信设备板块较上一交易日上涨0.62%，光迅科技领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。通信设备板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000063 | 中兴通讯 | 14.67 Z | 11.09% | -4.35 Z | -3.29% | -10.32 Z | -7.81% | | 002281 | 光迅科技 | 8.53 Z | 17.57% | -4.43 Z | -9.13% | -4.10 Z | -8.44% | | 002583 | 海能达 | 7.20 Z | 34.87% | -3.63 Z | -17.59% | -3.57 Z | -17.29% | | 002792 通宇通讯 | | 3.40 Z | 21.06% | -1.56亿 | -9.67% | -1.84亿 | ...

Group 1 - The Science and Technology Innovation 50 Index rose over 3%, reaching a new high for the year, driven by a collective surge in chip stocks [1] - Companies such as Jimin Health, Hanzhong Precision Machinery, and Kesen Technology have seen consecutive trading gains, with Jimin Health achieving a five-day streak [1] - The AI server market is dominated by Inspur Information, which holds over 50% market share in China and has reported a 64.39% year-on-year increase in net profit for the first quarter [1] Group 2 - The domestic leading companies are making significant advancements, with Nvidia reportedly developing an AI chip specifically for the Chinese market [3] - Companies like Fullchai Power and Yuanlin Co. have also seen consecutive trading gains, indicating strong market performance [3] - The company Guangxin Technology is a leader in optical modules and has partnered with Cisco to launch a 1.6T silicon optical module [3] Group 3 - The domestic automotive sector is witnessing significant developments, with China FAW planning to acquire approximately 10% of Leap Motor [6] - Companies like Mould Technology and Shentong Express are also making strides, with Mould Technology providing components for new energy vehicles [6] - The automotive thermal management sector is led by companies like Hanzhong Precision Machinery, which specializes in compressors and refrigeration products [8] Group 4 - The pharmaceutical industry is seeing a surge in domestic innovative drugs going global, with Tianmu Pharmaceutical being the first listed company in traditional Chinese medicine [7] - Companies like Huahai Pharmaceutical are advancing in the development of innovative drugs, with over 20 projects currently in research [7] - The automotive passive safety system sector is represented by companies like Songyuan Safety, which reported a 30.85% year-on-year increase in net profit [7]

Core Insights - The specialized communication industry is experiencing continuous upgrades, with technological research and global expansion becoming the core driving forces for companies [1] - HaiNengDa, founded in 1993, has been deeply engaged in the private wireless communication sector for over 30 years and currently operates in more than 120 countries and regions [1] - The company aims to enhance its global channel layout, focusing on the public safety market in developing countries, while increasing market share and international brand influence [1] - HaiNengDa plans to promote industrial upgrades in the AI private network field and actively participate in cutting-edge technology applications in areas such as low-altitude economy and low-orbit satellites [1] - The company is committed to providing professional and intelligent communication solutions for various industries, including public safety, emergency response, energy and petrochemicals, and rail transportation [1]

证券时报·数据宝统计显示，涨停个股中，主板有58只，创业板4只，科创板1只。以所属行业来看，上 榜个股居前的行业有电子、汽车、医药生物行业，上榜个股分别有11只、10只、5只。 涨停股中，ST中迪、*ST兰黄等10只股为ST股。连续涨停天数看，ST华鹏、科森科技等已连收4个涨停 板，连续涨停板数量最多。从上午收盘涨停板封单量来看，合力泰最受资金追捧，上午收盘涨停板封单 有11112.09万股，其次是三安光电、华映科技等，涨停板封单分别有11041.17万股、8083.08万股。以封 单金额计算，三安光电、海能达、云南锗业等涨停板封单资金最多，分别有15.93亿元、9.82亿元、9.11 亿元。（数据宝） 截至上午收盘，上证指数报收3725.22点，下跌0.06%；深证成指收于11743.76点，下跌0.66%；创业板 指下跌1.71%；科创50指数上涨0.38%。 两市涨停股一览 不含当日上市新股，今日可交易A股中，上涨个股有1820只，占比33.82%，下跌个股有3386只，平盘个 股175只。其中，收盘股价涨停的有63只，跌停股有10只。 | 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板 ...

海能达触及涨停，成交额14.96亿元。 ...

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported a revenue of 2.259 billion yuan for the first half of 2025, a year-on-year decrease of 17.50%, and a net profit attributable to shareholders of 93.58 million yuan, down 42.37% year-on-year [1] - The company is a global leader in specialized communication and solutions, focusing on public safety, emergency, energy, transportation, and commercial sectors, aiming to enhance communication devices and solutions [7] - The company is expected to turn profitable in 2025, with projected net profits of 542 million yuan, 719 million yuan, and 860 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 798%, 33%, and 20% [7] Financial Data and Valuation - Total revenue is projected to grow from 56.53 billion yuan in 2023 to 87.11 billion yuan in 2027, with a compound annual growth rate (CAGR) of 12% [3][13] - The company is expected to achieve a net profit margin of 7.9% in 2025, increasing to 9.9% by 2027 [14] - The price-to-earnings (PE) ratio is projected to improve from -58.9 in 2023 to 26.6 in 2027 [14] Business Strategy - The company is optimizing its supply chain strategy and focusing on high-end manufacturing, particularly in the fields of new energy vehicles, robotics, and server applications [7] - The company has established a sales network in over 120 countries and regions, enhancing its global market presence [7] Shareholder Information - The major shareholder is Chen Qingzhou, holding a 39.2% stake in the company [4]

Summary of Hainengda's Conference Call Company Overview - **Company**: Hainengda - **Period**: First half of 2025 Key Financial Performance - **Revenue**: 2.26 billion yuan, a decrease of 17.5% year-on-year, primarily due to a decline in EMS business and changes in revenue recognition methods [4] - **Gross Margin**: Increased to 51%, up 5 percentage points year-on-year, attributed to a decrease in EMS business proportion and a stable high gross margin in core business [4] - **Net Profit**: 94 million yuan, a decrease of 6 million yuan year-on-year, influenced by reduced profits in Q1 [4] - **Operating Cash Flow**: Reached 240 million yuan, the best in five years, with an expected annual cash flow of around 1 billion yuan [5] Market Performance - **Domestic Market**: Grew by 28% year-on-year, reaching historical highs due to special government bonds and channel business growth [2][6] - **Overseas Market**: Signed contracts increased by 60%, but revenue recognition delays are expected to reflect in Q3 and Q4 [2][6] Management and Operational Changes - **Cost Management**: R&D, management, and sales expense ratio decreased from 52.7% to 42.7%, laying a foundation for future growth [5] - **R&D Investment**: Increased focus on AI private networks, quadruped robots, and chip development [2][15] Product Development - **System Products**: Significant progress in integrated base stations based on SDR technology, enhancing competitiveness and reducing customer costs [7] - **AI Private Network**: Strategic layout to provide comprehensive communication solutions, integrating AI applications for intelligent command and dispatch [8][9] Future Outlook - **Overseas Market Goals**: Targeting a 25-30% revenue growth, with a focus on emerging markets and the "Belt and Road" initiative [10] - **Market Position**: Aiming to increase market share in narrowband business from 10-15% to 15-20% [10] - **Long-term Strategy**: Continued investment in AI and specialized communication sectors, with expectations of stable growth despite fluctuations in government subsidies [22][23] Legal and Regulatory Matters - **Litigation Status**: Ongoing litigation with Motorola, with provisions already made for potential liabilities [13][25] Conclusion - **Overall Assessment**: Despite a decline in revenue, Hainengda's strategic focus on AI, cost management, and overseas expansion positions it for potential growth in the coming quarters [24]