Group 1 - The core viewpoint of the article is the establishment of a high-quality standard system for industrial mother machines by 2026, aimed at enhancing product quality and promoting equipment upgrades [1] - The plan includes the revision and formulation of no less than 300 standards, with at least 5 international standards being led, and a target international standard conversion rate of 90% [1] - The supply structure of standards is expected to be optimized as part of this initiative [1] Group 2 - In the A-share market, there are 21 industrial mother machine concept stocks with a net profit of over 10 million yuan in the first half of the year, including seven stocks like AVIC High-Tech and Changying Precision, which reported net profits exceeding 100 million yuan [1] - From a profit change perspective, Huadong CNC, Qiaofeng Intelligent, Genesis, and Guosheng Zhike have shown significant year-on-year net profit growth rates of 140.53%, 56.43%, 47.38%, and 32% respectively [1]

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Insights - The company reported a revenue of 8.64 billion yuan in H1, a year-on-year increase of 12.3%, while the net profit attributable to shareholders decreased by 29.4% to 310 million yuan. Excluding last year's one-time investment gain, the net profit would have increased by approximately 24% [6]. - The growth in revenue is attributed to stable performance in the consumer electronics sector, significant growth in the new energy sector, and contributions from the robotics business [6]. - The company has established partnerships with leading domestic and international robotics firms, positioning itself advantageously in the robotics sector [6]. Financial Data and Valuation - Total revenue is projected to reach 13.72 billion yuan in 2023, with a year-on-year decline of 10%, followed by a recovery with a growth of 23% in 2024 [2][14]. - Operating profit is expected to surge to 947 million yuan in 2024, reflecting a growth of 491% compared to 2023 [2][14]. - The net profit attributable to shareholders is forecasted to be 772 million yuan in 2024, an increase of 800% year-on-year [2][14]. - The company’s PE ratio is projected to decrease from 417.3 in 2023 to 27.4 by 2027, indicating an improving valuation over time [2][14]. Business Structure and Outlook - The consumer electronics segment generated 5.304 billion yuan in revenue, a 1.5% increase year-on-year, while the new energy segment saw a 37.1% increase to 2.938 billion yuan [6]. - The robotics segment has shown significant growth, with overseas humanoid robot component revenue exceeding 35 million yuan in H1, compared to 10.11 million yuan for the entire previous year [6]. - The company is expected to benefit from AI innovations in consumer electronics and continuous order releases in the new energy sector, which will enhance profitability [6]. Investment Recommendations - The long-term outlook for the company remains positive, with expectations of revenue growth driven by consumer electronics and new energy sectors, alongside strategic positioning in the robotics market [6]. - The forecast for revenue from 2025 to 2027 is 19.47 billion yuan, 22.40 billion yuan, and 25.76 billion yuan respectively, with net profits projected at 790 million yuan, 1.01 billion yuan, and 1.30 billion yuan [6].

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]

Core Viewpoint - Longying Precision experienced a significant trading day on August 29, with a 3.26% increase in stock price and a total transaction volume of 3.373 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On August 29, Longying Precision had a financing buy-in amount of 411 million yuan, while the financing repayment was 492 million yuan, resulting in a net financing outflow of 80.81 million yuan [1]. - As of August 29, the total financing and securities lending balance for Longying Precision was 2.084 billion yuan, with the financing balance of 2.068 billion yuan accounting for 5.79% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - In terms of securities lending, 46,700 shares were repaid, while 20,800 shares were sold, amounting to 546,400 yuan at the closing price. The remaining securities lending volume was 589,200 shares, with a balance of 15.478 million yuan, also indicating a high level of activity [1]. Company Overview - Longying Precision, established on July 17, 2001, and listed on September 2, 2010, is located in Bao'an District, Shenzhen, Guangdong Province. The company specializes in the development, production, and sales of electronic connectors, precision small parts for smart electronics, connectors and modules for new energy vehicles, and precision structural components for consumer electronics [2]. - The revenue composition of Longying Precision includes 44.38% from consumer electronics precision structural components, 30.79% from new energy product components and connectors, 20.93% from electronic connectors and smart electronic products, and 3.72% from other sources, with 0.17% from robotics and industrial internet [2]. - As of June 30, 2025, Longying Precision reported a total of 156,200 shareholders, a decrease of 2.38% from the previous period, with an average of 8,677 circulating shares per person, an increase of 2.70% [2]. Financial Performance - For the first half of 2025, Longying Precision achieved an operating income of 8.640 billion yuan, representing a year-on-year growth of 12.33%. However, the net profit attributable to shareholders decreased by 29.37% to 306 million yuan [2]. Dividend Information - Since its A-share listing, Longying Precision has distributed a total of 1.023 billion yuan in dividends, with 176 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder of Longying Precision was the E Fund ChiNext ETF, holding 23.466 million shares as a new shareholder. The Southern CSI 500 ETF ranked third with 14.090 million shares, also a new shareholder [3]. - The Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 9.1393 million shares, a decrease of 14.8178 million shares from the previous period. The Hua'an ChiNext 50 ETF ranked sixth with 8.8866 million shares, also a new shareholder [3].

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]

Core Viewpoint - Longying Precision experienced a significant decline in stock price, with a drop of 6.13% on August 27, 2023, and a trading volume of 3.227 billion yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On August 27, Longying Precision had a financing buy-in amount of 490 million yuan, with a net financing buy of 18.07 million yuan after 472 million yuan in financing repayments [1]. - The total financing and securities lending balance reached 2.219 billion yuan, with the financing balance accounting for 6.53% of the circulating market value, indicating a high level of leverage compared to the past year [1]. - In terms of securities lending, 15,200 shares were repaid while 21,100 shares were sold, with a selling amount of 523,500 yuan, and the remaining securities lending balance was 1.589 million yuan, also at a high level [1]. Company Overview - Longying Precision, established on July 17, 2001, and listed on September 2, 2010, is located in Bao'an District, Shenzhen, Guangdong Province. The company specializes in the development, production, and sales of electronic connectors and precision components for smart electronics, among other products [2]. - The revenue composition of Longying Precision includes 44.38% from consumer electronics precision components, 30.79% from new energy product components, 20.93% from electronic connectors, and 3.72% from other sources [2]. - As of June 30, 2025, the company reported a revenue of 8.640 billion yuan, reflecting a year-on-year growth of 12.33%, while the net profit attributable to shareholders decreased by 29.37% to 306 million yuan [2]. Dividend and Shareholder Information - Longying Precision has distributed a total of 1.023 billion yuan in dividends since its A-share listing, with 176 million yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders included new entrants such as E Fund's ChiNext ETF and Southern CSI 500 ETF, while Hong Kong Central Clearing Limited reduced its holdings significantly [3].