证券研究报告 | 公司点评报告 2025 年 09 月 01 日 长盈精密（300115.SZ） H1 经营利润持续释放，机器人赛道具有卡位优势 TMT 及中小盘/电子 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13722 | 16934 | 19474 | 22395 | 25755 | | 同比增长 | -10% | 23% | 15% | 15% | 15% | | 营业利润(百万元) | 160 | 947 | 975 | 1260 | 1632 | | 同比增长 | 653% | 491% | 3% | 29% | 30% | | 归母净利润(百万元) | 86 | 772 | 786 | 1008 | 1303 | | 同比增长 | 101% | 800% | 2% | 28% | 29% | | 每股收益(元) | 0.06 | 0.57 | 0.58 | 0.74 | 0.96 | | PE | 417.3 | 46.4 ...

Core Insights - The humanoid robot sector is gaining global attention, particularly with the upcoming launch of the first humanoid robot from the collaboration between Nvidia and Foxconn, which enhances the industry's attractiveness [1] - Changying Precision's 2025 semi-annual report highlights a surge in overseas orders for humanoid robots, indicating a strong market response [1][2] Group 1: Revenue Growth - Changying Precision reported overseas revenue from humanoid robot components exceeding 35 million yuan in the first half of 2025, a significant increase from 10.11 million yuan for the entire year of 2024, showcasing a multi-fold growth in just six months [2] - The company has accelerated the construction of humanoid robot-related production capacity and increased R&D investment since 2024, leading to substantial achievements in the sector [2] Group 2: Technological Capabilities - Changying Precision has developed capabilities to produce various material components for humanoid robots, including aluminum, magnesium, titanium alloys, and engineering plastics like PEEK and IGUS, as well as rubber, silicone, nylon, and fiber fabrics [2] - The company employs advanced manufacturing techniques such as CNC, 3D printing, die-casting, injection molding, gear hobbing, and hot pressing to provide critical components for humanoid robots [2] Group 3: Client Relationships and Market Potential - The primary overseas clients for Changying Precision's humanoid robot components are two leading North American companies, T Company and F Company, both of which have begun mass production of their humanoid robots [3] - T Company aims to produce 5000 units this year, with a long-term goal of 1 million units annually, indicating significant growth potential for Changying Precision as a parts supplier [3] - F Company's BotQ factory, which integrates supply chains and AI capabilities, has an annual production capacity of 12,000 units, with plans to expand to 100,000 units per year over the next four years, further benefiting Changying Precision [3] - The company has also secured mass production orders from multiple domestic humanoid robot brands, diversifying its client base and enhancing its influence in the global humanoid robot market [3]

Core Insights - Longying Precision (300115.SZ) reported strong performance in its 2025 semi-annual report, with significant growth in key indicators, particularly in net profit excluding non-recurring items, indicating a positive trend in its core business [1] Financial Performance - The company achieved operating revenue of 8.64 billion yuan in the first half of the year, a year-on-year increase of 12.33%, setting a new historical high for the same period [1] - The net profit attributable to shareholders, excluding non-recurring items, was 288 million yuan, reflecting a year-on-year growth of 32.18% [1] - Revenue growth from 2021 to 2025 shows a clear upward trend, with figures of 4.52 billion yuan, 7.08 billion yuan, 5.91 billion yuan, 7.69 billion yuan, and 8.64 billion yuan respectively [1] Business Segments Humanoid Robotics - The humanoid robotics segment saw explosive growth in overseas orders, with component revenue exceeding 35 million yuan in the first half of 2025, significantly surpassing the 10.11 million yuan for the entire year of 2024 [3] - The company has accelerated capacity construction and increased R&D investment in humanoid robotics since 2024, aiming to develop various material components for core parts [3] - An investment of 2.5 million yuan was made to acquire a 20% stake in Dongguan Guosen Precision Industrial Co., Ltd., enhancing the company's capabilities in core transmission components for humanoid robots [3] Consumer Electronics - The consumer electronics business generated operating revenue of 5.304 billion yuan in the first half of 2025, showing stable growth [4] - Driven by innovations in AI and foldable screens, the company capitalized on the increasing shipment trends of computers and wearable products [4] - Significant breakthroughs were achieved in developing lightweight and high-strength structural components, laying a solid foundation for future growth [4] New Energy - The new energy segment became a crucial pillar of the company's strategic development, with operating revenue reaching 2.939 billion yuan, a substantial year-on-year increase of 37.09% [5] - The company is actively collaborating with domestic and international battery customers to develop new material projects, with multiple new projects progressing steadily [5] Strategic Acquisitions - The company acquired 51% of Shenzhen Weixinke Electronics Co., Ltd. for 102 million yuan, enhancing its layout in the AI computing power sector [6] - This acquisition is expected to enrich the company's product line in high-speed copper connection modules, catering to overseas connector clients and AI server customers [7]

融券方面，长盈精密8月29日融券偿还4.67万股，融券卖出2.08万股，按当日收盘价计算，卖出金额 54.64万元；融券余量58.92万股，融券余额1547.83万元，超过近一年90%分位水平，处于高位。 资料显示，深圳市长盈精密技术股份有限公司位于广东省深圳市宝安区福永镇桥头富桥工业三区11栋， 成立日期2001年7月17日，上市日期2010年9月2日，公司主营业务涉及开发、生产、销售电子连接器及 智能电子产品精密小件、新能源汽车连接器及模组、消费类电子精密结构件及模组、机器人及工业互联 网等。主营业务收入构成为：消费类电子精密结构件及模组44.38%，新能源产品零组件及连接器 30.79%，电子连接器及智能电子产品精密小件20.93%，其他3.72%，机器人及智能装备0.17%。 截至6月30日，长盈精密股东户数15.62万，较上期减少2.38%；人均流通股8677股，较上期增加2.70%。 2025年1月-6月，长盈精密实现营业收入86.40亿元，同比增长12.33%；归母净利润3.06亿元，同比减少 29.37%。 8月29日，长盈精密涨3.26%，成交额33.73亿元。两融数据显示，当日长盈精密获融 ...

Core Insights - The connector manufacturing industry is crucial in the electronics sector, with a diverse range of applications across various fields, including automotive, telecommunications, and AI data centers [1][10]. Industry Overview - The connector industry is divided into three segments: upstream (raw materials), midstream (connector manufacturing), and downstream (end-user applications) [1]. - The upstream market includes metal and non-metal raw materials, while the midstream is dominated by manufacturing companies that process these materials into finished connectors [1]. Market Dynamics - The connector manufacturing sector is primarily concentrated in the eastern and southeastern coastal regions of China, with Guangdong province hosting the highest number of midstream enterprises [5]. - In 2024, the overall production and sales rate for listed companies in the connector sector is around 100%, with some companies like Ruikeda and Dingtong Technology reporting rates below 90% [8]. Company Performance - Companies such as AVIC Optoelectronics and Aerospace Electric have reported high gross profit margins of 36.54% and 38.68%, respectively [8]. - AVIC Optoelectronics produced 78,793,000 connectors and sold 80,540,000, achieving a production-to-sales ratio of 102.22% [9]. - Ruikeda's revenue surged by 55.29% in 2024, reaching 2.415 billion yuan, with 90.2% of its income coming from new energy vehicle connectors [11]. Recent Developments - Lixun Precision's automotive business revenue grew by 48.69% to 13.758 billion yuan in 2024, driven by acquisitions and partnerships with major automotive manufacturers [11]. - Changying Precision's revenue from new energy business reached 5.214 billion yuan, a 47.29% increase, with significant growth in the consumer electronics sector [11]. - Aerospace Electric's revenue decreased by 19.08% due to a slowdown in defense demand, but it improved its gross margin by 11.89 percentage points to 47.52% [11].

深圳市长盈精密技术股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 上午 9:30 召开第六届董事会第二十六次会议，审议通过了《关于回购公司股份 方案的议案》，同意公司使用自有资金或自筹资金以集中竞价交易方式回购公司 部分已发行的人民币普通股（A 股）股份，用于实施员工持股计划或股权激励计 划。本次回购金额不低于人民币5,000万元（含）且不超过人民币10,000万元（含）， 本次回购股份期限自公司董事会审议通过本次回购股份方案之日起 12 个月内。 具体内容详见公司 2025 年 8 月 27 日披露在中国证监会指定创业板信息披露网站 巨潮资讯网上的《关于回购公司股份方案的公告》（公告编号：2025-58）。 证券代码：300115 证券简称：长盈精密 公告编号：2025-61 深圳市长盈精密技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特此公告。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定， 现将公司第六届董事会第二十六次会议决议公 ...

证券代码：300115 证券简称：长盈精密 公告编号：2025-62 深圳市长盈精密技术股份有限公司 关于为子公司融资提供担保的进展公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述及进展情况 5、经营范围：许可项目：货物进出口（依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以审批结果为准） 一般项目：技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；汽车零部件及配件制造； 汽车零部件研发；汽车零配件零售；新能源汽车电附件销售；电池制造；电子专用 材料研发；电子元器件制造；电力电子元器件销售（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动） 1、深圳市长盈精密技术股份有限公司（以下简称"公司"或"长盈精密"）于 2025 年 4 月 17 日、2025 年 5 月 9 日分别召开第六届董事会第二十二次会议、2024 年度 股东会，审议通过了《关于为子公司融资提供担保额度预计的议案》，同意为纳入 公司合并报表的子公司的融资提供连带责任保证，担保额度预计不超过人民币 656,500 万元，其中公司拟对资产负 ...

Core Insights - Longying Precision (300115) reported a total revenue of 8.64 billion yuan for the first half of 2025, representing a year-on-year increase of 12.33%, while the net profit attributable to shareholders decreased by 29.37% to 306 million yuan [1] - The company's accounts receivable is significantly high, with accounts receivable accounting for 381.19% of the latest annual net profit [1] Financial Performance - Total revenue for Q2 2025 was 4.245 billion yuan, up 13.14% year-on-year, with a net profit of 131 million yuan, an increase of 5.7% [1] - Gross margin improved to 18.75%, up 4.41% year-on-year, while net margin decreased to 3.95%, down 34.45% [1] - Total expenses (selling, administrative, and financial) amounted to 552 million yuan, accounting for 6.39% of revenue, a decrease of 2.28% year-on-year [1] - Earnings per share (EPS) fell to 0.23 yuan, down 34.29% year-on-year, while operating cash flow per share decreased by 15.47% to 0.43 yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was 7.35%, indicating average capital returns, with a historical median ROIC of 5.44% over the past decade [4] - The company has a high level of accounts receivable relative to profit, necessitating careful monitoring of cash flow and debt levels [4] Fund Holdings - The largest fund holding Longying Precision is the Huaxia Panyi One-Year Open Mixed Fund, which holds 889,400 shares and has reduced its position [5] - The fund's current scale is 442 million yuan, with a recent net value of 1.3342, reflecting a decline of 2.88% from the previous trading day, but a year-on-year increase of 72.56% [5]

截至6月30日，长盈精密股东户数15.62万，较上期减少2.38%；人均流通股8677股，较上期增加2.70%。 2025年1月-6月，长盈精密实现营业收入86.40亿元，同比增长12.33%；归母净利润3.06亿元，同比减少 29.37%。 8月27日，长盈精密跌6.13%，成交额32.27亿元。两融数据显示，当日长盈精密获融资买入额4.90亿 元，融资偿还4.72亿元，融资净买入1807.26万元。截至8月27日，长盈精密融资融券余额合计22.19亿 元。 融资方面，长盈精密当日融资买入4.90亿元。当前融资余额22.03亿元，占流通市值的6.53%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，长盈精密8月27日融券偿还1.52万股，融券卖出2.11万股，按当日收盘价计算，卖出金额 52.35万元；融券余量64.05万股，融券余额1589.05万元，超过近一年90%分位水平，处于高位。 资料显示，深圳市长盈精密技术股份有限公司位于广东省深圳市宝安区福永镇桥头富桥工业三区11栋， 成立日期2001年7月17日，上市日期2010年9月2日，公司主营业务涉及开发、生产、销售电子连接器及 智能电子产 ...

据证券之星公开数据整理，近期长盈精密（300115）发布2025年中报。截至本报告期末，公司营业总收 入86.4亿元，同比上升12.33%，归母净利润3.06亿元，同比下降29.37%。按单季度数据看，第二季度营 业总收入42.45亿元，同比上升13.14%，第二季度归母净利润1.31亿元，同比上升5.7%。本报告期长盈 精密公司应收账款体量较大，当期应收账款占最新年报归母净利润比达381.19%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.75%，同比增4.41%，净利率3.95%，同比减 34.45%，销售费用、管理费用、财务费用总计5.52亿元，三费占营收比6.39%，同比减2.28%，每股净资 产5.97元，同比增6.63%，每股经营性现金流0.43元，同比减15.47%，每股收益0.23元，同比减34.29% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 76.92 Z | 86.4亿 | 12.33% | | 归母净利润(元) | 4.33亿 | 3.06亿 | -29.37% | | ...