证券代码：300115 证券简称：长盈精密 公告编号：2025-81 深圳市长盈精密技术股份有限公司 关于回购公司股份的进展公告 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、回购股份方案的基本情况 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 意公司使用自有或自筹资金以集中竞价交易方式回购公司公开发行的人民币普通股 A 股股票，用于实施员工持股计划或股权激励计划。本次回购股份资金总额不低于 人民币 5,000 万元（含）且不超过人民币 10,000 万元（含），回购股份价格不高于人 民币 35 元/股，具体回购股份的数量以回购期满或回购完毕时公司实际回购的股份数 量为准。回购股份的实施期限为自公司第六届董事会第二十六次会议审议通过之日 起 12 个月内。具体内容详见公司于巨潮资讯网披露的《关于回购公司股份方案的公 告》（公告编号：2025-58）、《回购报告书》（公告编号：2025-59）。 公司于 2025 年 10 月 30 日召开第六届 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's Q3 performance met expectations, with revenue reaching a historical quarterly high of 48.7 billion, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 14.7%. The growth was driven by stable performance in consumer electronics and rapid growth in new energy and robotics businesses [7] - The outlook for 2026 is positive, with expectations of continued upward momentum in consumer electronics and new energy sectors, alongside management optimization contributing to profit release. The company is well-positioned in the robotics sector, having established partnerships with leading domestic and international firms [7] - The company is involved in new product projects for major clients, including AI-related devices, which are expected to contribute to new business growth [7] Financial Performance Summary - For the first three quarters, the company reported a revenue of 135.1 billion, a year-on-year increase of 11.7%, and a net profit attributable to shareholders of 4.7 billion, a year-on-year decrease of 21.2%. Excluding last year's one-time investment gain, the net profit would have increased by approximately 14.6% [7] - The company forecasts revenues of 181.2 billion, 207.1 billion, and 236.5 billion for 2025, 2026, and 2027 respectively, with net profits of 6.3 billion, 10.4 billion, and 12.5 billion for the same years [7][8] - The projected PE ratios for 2025, 2026, and 2027 are 81.8, 49.9, and 41.3 respectively, indicating a potential for growth in valuation [8][15] Business Segment Insights - The consumer electronics segment is expected to benefit from AI innovations, while the new energy business is seeing a continuous release of core customer orders, which will enhance operational efficiency [7] - The robotics segment has been a focus for over a decade, with the company developing key components for humanoid robots and achieving significant revenue growth in this area, with overseas humanoid robot revenue exceeding 35 million this year [7]

Core Viewpoint - The company's Q3 performance met expectations, with revenue reaching a historical quarterly high, driven by stable consumer electronics and rapid growth in the new energy sector, alongside contributions from the robotics business [3]. Financial Performance - For the first three quarters, the company reported revenue of 13.51 billion, a year-on-year increase of 11.7%, and a net profit attributable to shareholders of 470 million, down 21.2% year-on-year. The non-recurring net profit was 440 million, up 19.2% year-on-year [3]. - In Q3 alone, revenue was 4.87 billion, up 10.5% year-on-year and 14.7% quarter-on-quarter, marking a historical quarterly high. The net profit for Q3 was 160 million, up 0.6% year-on-year and 23.4% quarter-on-quarter [3]. - The gross margin was 19.7% in Q3, down 0.3 percentage points year-on-year but up 1.2 percentage points quarter-on-quarter, while the net profit margin was 3.8%, down 0.2 percentage points year-on-year but up 0.2 percentage points quarter-on-quarter [3]. Business Outlook - Looking ahead to 2026, the company expects continued growth in consumer electronics and new energy sectors, supported by management optimization and a strong position in the robotics market. Short-term stability is anticipated in Q4, with growth primarily from the new energy sector [4]. - The company is involved in new product projects for major clients in the consumer electronics field, which may lead to new business increments. The new energy business is expected to perform well, with strict cost control potentially enhancing profit margins [4]. - In the robotics sector, the company has over 10 years of experience and has established partnerships with leading domestic and international firms, focusing on the development of new products and materials. The revenue from humanoid robots exceeded 35 million in the first half of the year, a significant increase from the previous year [4]. Investment Recommendations - The company is positioned to benefit from innovations in edge-side AI in consumer electronics, with core customer orders in the new energy sector driving utilization rates higher. The forward-looking layout of new robotics products is expected to open up long-term growth opportunities [5].

Core Viewpoint - Changying Precision is a leading manufacturer of precision electronic components in China, with strong technical capabilities and market competitiveness in consumer electronics and new energy vehicles [1] Financial Performance - In Q3 2025, Changying Precision reported revenue of 13.51 billion yuan, ranking 9th in the industry, while net profit was 524 million yuan, ranking 11th [2] - The industry leader, Industrial Fulian, had revenue of 603.93 billion yuan and net profit of 22.52 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 61.30%, higher than the industry average of 44.84% [3] - The gross profit margin was 19.10%, slightly above the previous year's 18.70% but below the industry average of 19.47% [3] Executive Compensation - The chairman, Chen Qixing, received a salary of 840,000 yuan in 2024, unchanged from 2023, while the general manager, Chen Xiaoshuo, received 1.2156 million yuan, an increase of 205,600 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.34% to 172,400, with an average holding of 7,871.35 shares, a decrease of 9.29% [5] Research Insights - Minsheng Securities noted that the company's Q3 2025 report showed improved profitability and a growing contribution from new energy business, exceeding 30% of total revenue [6] - The company is accelerating R&D investments in AI and humanoid robots, with significant revenue growth in overseas humanoid robot parts [6] - Huaxi Securities highlighted that the company's performance met expectations, with stable gross margins and increased R&D expenses by 15.01% year-on-year [7] Future Projections - Minsheng Securities forecasts revenues of 18.742 billion, 21.306 billion, and 24.149 billion yuan for 2025 to 2027, with net profits of 564 million, 786 million, and 1.124 billion yuan respectively [6] - Huaxi Securities adjusted its revenue projections to 18.701 billion, 23.108 billion, and 26.233 billion yuan for the same period, with net profits of 698 million, 1.034 billion, and 1.232 billion yuan [8]

Group 1 - A-shares experienced a collective pullback on October 31, with the three major indices declining [1] - Among the sectors, biopharmaceuticals, chemical pharmaceuticals, cultural media, internet services, medical services, and software development saw the highest gains, while insurance, small metals, and semiconductors faced the largest declines [1] - The net outflow of main funds from the Shanghai and Shenzhen markets reached 43.744 billion yuan, with 14 sectors experiencing net inflows [1] Group 2 - The media and pharmaceutical sectors had significant net inflows of 3.058 billion yuan and 1.971 billion yuan, respectively [1] - Public utilities, agriculture, forestry, animal husbandry, and food and beverage sectors also saw net inflows exceeding 400 million yuan [1] - In contrast, the electronics and communications sectors faced the largest net outflows, amounting to 18.309 billion yuan and 9.437 billion yuan, respectively [1] Group 3 - Eight stocks received net inflows exceeding 500 million yuan, with 32 stocks seeing net inflows over 200 million yuan [2] - Dongfang Precision received a net inflow of 1.245 billion yuan, with its Q3 revenue reaching 3.389 billion yuan, a year-on-year increase of 2.52%, and a net profit of 510 million yuan, up 54.64% year-on-year [2] - Changying Precision also attracted a net inflow of 719 million yuan, benefiting from its position in the humanoid robot supply chain [2] Group 4 - A total of 77 stocks experienced net outflows exceeding 200 million yuan, with Shenghong Technology and Zhongji Xuchuang seeing outflows over 2 billion yuan [3] - At the end of the trading day, the main funds saw a net outflow of 9.052 billion yuan, with public utilities, petroleum and petrochemicals, and retail sectors showing net inflows exceeding 50 million yuan [4] - Changying Precision had a late-session net inflow of 109 million yuan, while several other stocks also saw significant late-session inflows [4]

Group 1 - The company announced an adjustment to its share repurchase price ceiling from 35 CNY per share to 50 CNY per share to ensure the smooth implementation of the repurchase plan and to reflect management's confidence in the company's long-term value and development prospects [1] - The company plans to use between 50 million to 100 million CNY of its own or self-raised funds for the share repurchase, which is intended for employee stock ownership plans or equity incentive plans [1] - The company has initiated its first share repurchase on October 14, acquiring 1.5 million shares, which accounts for 0.11% of the total share capital, with a total transaction amount of approximately 50.18 million CNY [1] Group 2 - For the first three quarters of 2025, the company reported a revenue of 13.51 billion CNY, representing a year-on-year growth of 11.68%, achieving a historical high for the same period [2] - The company achieved a net profit of 443 million CNY, a year-on-year increase of 19.19%, indicating strong growth potential in its main business [2] - The company invested 1.015 billion CNY in research and development in the first three quarters, a year-on-year increase of 15.08%, driven by significant projects from major clients in the consumer electronics sector [2] - The company acquired 51% of Shenzhen Weixian Technology Co., Ltd. for 102 million CNY, enhancing its layout in the AI computing power sector [2]

Group 1: Market Overview - On October 31, A-shares experienced a collective pullback with the three major indices declining [1] - The main sectors that saw inflows included biopharmaceuticals, chemical pharmaceuticals, cultural media, internet services, medical services, and software development, while insurance, small metals, and semiconductors faced declines [1] Group 2: Capital Inflows and Outflows - A total of 14 industries saw net inflows of main capital, with the media and biopharmaceutical sectors receiving net inflows of 30.58 billion and 19.71 billion respectively [1] - The public utilities, agriculture, forestry, animal husbandry, and food and beverage sectors also saw net inflows exceeding 4 billion [1] - In contrast, 17 industries experienced net outflows, with electronics and communications leading the outflows at 183.09 billion and 94.37 billion respectively [1] Group 3: Individual Stock Performance - Eight stocks received net inflows exceeding 5 billion, with Dongfang Precision receiving 12.45 billion and Changying Precision receiving 7.19 billion [2][3] - Dongfang Precision reported a total revenue of 3.389 billion for the first three quarters, a year-on-year increase of 2.52%, and a net profit of 510 million, up 54.64% year-on-year [2] - Changying Precision has established a significant position in the North American humanoid robot supply chain, with cumulative deliveries valued at over 80 million [2] Group 4: Notable Outflows - A total of 77 stocks saw net outflows exceeding 2 billion, with Shenghong Technology and Zhongji Xuchuang experiencing outflows over 20 billion [4] - Shenghong Technology had a net outflow of 30.72 billion, while Zhongji Xuchuang saw 25.49 billion [5] Group 5: End-of-Day Capital Movements - At the end of the day, the main capital outflow reached 90.52 billion, with public utilities, petrochemicals, and retail sectors seeing inflows exceeding 500 million [6] - Changying Precision saw a late-session inflow of 1.09 billion, while several other stocks also experienced inflows exceeding 500 million [6][7] Group 6: Late Session Outflows - In the late session, Zhongji Xuchuang, Shenghong Technology, and Heertai saw outflows exceeding 3 billion [8] - Zhongji Xuchuang had a net outflow of 4.47 billion, while Shenghong Technology had 3.90 billion [9]

Core Viewpoint - The Tonghuashun Fruit Index concept has experienced a decline of 2.53%, ranking among the top declines in concept sectors, with notable drops in stocks such as Pengding Holdings, Industrial Fulian, and Zhongshi Technology [1] Group 1: Market Performance - The top gainers in the market include Changying Precision, Wentai Technology, and Xinwei Communication, with increases of 4.71%, 3.05%, and 0.76% respectively [1] - The concept sectors with the highest gains today include Recombined Protein at 3.72%, Cell Immunotherapy at 3.58%, and Sora Concept (Wensheng Video) at 3.51% [2] Group 2: Capital Flow - The Tonghuashun Fruit Index concept saw a net outflow of 5.675 billion yuan, with 16 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 1 billion yuan [2] - Industrial Fulian led the net outflow with 3.028 billion yuan, followed by Luxshare Precision, Changdian Technology, and Dongshan Precision with outflows of 1.477 billion yuan, 588 million yuan, and 353 million yuan respectively [2] - The stocks with the highest net inflows include Changying Precision, Wentai Technology, and Xinwei Communication, with inflows of 691 million yuan, 299 million yuan, and 8.716 million yuan respectively [3]

Market Overview - On October 31, major indices in the Chinese stock market experienced fluctuations, with the Shanghai Composite Index closing at 3954.79 points, down 0.81%, and a total trading volume of 10,311 billion yuan [1] - The Shenzhen Component Index closed at 13,378.21 points, down 1.14%, with a trading volume of 12,866.88 billion yuan [1] - The ChiNext Index closed at 3187.53 points, down 2.31%, with a trading volume of 5,953.5 billion yuan [1] - The total trading volume for both markets was 23,177.88 billion yuan, a decrease of 1,039.3 billion yuan compared to the previous trading day [1] Sector Performance - The market saw more sectors rising than falling, with notable gains in the pharmaceutical, media, retail, textile, education, computer, light manufacturing, agriculture, and food and beverage sectors [3] - Concepts such as innovative drugs, interactive short dramas, AI corpus, recombinant proteins, blind box economy, shared economy, data rights confirmation, duty-free, and wheel hub motors showed active performance [3] - Conversely, sectors like telecommunications, insurance, electronics, non-ferrous metals, and coal experienced declines [3] Individual Stock Performance - A total of 3,541 stocks rose, while 1,498 stocks fell, with 115 stocks remaining flat and 10 stocks suspended [3] - Among the stocks that hit the daily limit, the majority were concentrated in the pharmaceutical, media, electric equipment, automotive, and construction decoration sectors [3] - ST Zhongdi led with 11 consecutive limit-up days, followed by Shikong Technology with 8 consecutive limit-up days [6] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 437.44 billion yuan, with the ChiNext seeing a net outflow of 162.56 billion yuan [7] - 14 out of 31 sectors experienced net inflows, with the media sector seeing the highest net inflow of 30.58 billion yuan [7] - The electronics sector had the largest net outflow, totaling 183.09 billion yuan [7] Top Stocks by Fund Flow - 86 stocks received net inflows exceeding 1 billion yuan, with Dongfang Precision leading at 1.245 billion yuan [11] - Other notable stocks with significant net inflows included Changying Precision, Sanliu Ling, and Blue Focus [11] - Conversely, 158 stocks experienced net outflows exceeding 1 billion yuan, with Shenghong Technology leading at 3.072 billion yuan [14] Institutional Activity - Institutional investors had a net buying of approximately 363 million yuan, with Zexing Pharmaceutical receiving the highest net inflow of about 207 million yuan [18] - Other stocks with significant institutional net buying included Shutaishen and Yifang Bio [18]

Group 1 - The core viewpoint of the report is that Changying Precision (300115.SZ) is rated as a "buy" due to its leading position in precision component manufacturing and its stable fundamentals in consumer electronics and new energy sectors, along with forward-looking investments in humanoid robots [1] - The humanoid robot industry is gradually entering the commercialization stage, and the company has already entered the supply chains of leading domestic and international manufacturers [1] - In the consumer electronics sector, the company is expanding its client base horizontally, with foldable smartphones expected to bring additional growth [1]