2024年1至12月份，麦捷科技的营业收入构成为：电子制造业占比99.62%，其他业务占比0.38%。 每经AI快讯，麦捷科技（SZ 300319，收盘价：12.83元）11月7日晚间发布公告称，公司第六届第二十 八次董事会会议于2025年11月7日以视频结合通讯方式召开。会议审议了《关于提请召开2025年第二次 临时股东大会的议案》等文件。 （记者 王晓波） 每经头条（nbdtoutiao）——卢浮宫被盗文物竟无保险，国内48亿元艺术品保险市场也不乐观：险企称 定价太难，蛋糕看到吃不到 截至发稿，麦捷科技市值为113亿元。 ...

Core Viewpoint - The company reported a revenue of 2.903 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 21.71%, while the net profit attributable to shareholders was 245 million yuan, up 1.53% year-on-year [4] Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 2.903 billion yuan, with a net profit of 245 million yuan and a non-recurring net profit of 180 million yuan, which represents a year-on-year decrease of 16.68% [4] - In Q3 2025, the company recorded a revenue of 1.107 billion yuan, an increase of 18.75% year-on-year and 9.04% quarter-on-quarter; the net profit attributable to shareholders was 96 million yuan, down 1.11% year-on-year but up 10.16% quarter-on-quarter [4] - The gross margin for Q1-Q3 2025 was 16.59%, a decrease of 4.23 percentage points year-on-year, while the net margin was 8.50%, down 1.79 percentage points year-on-year [4] Industry Overview - The domestic consumer electronics industry continues to benefit from national subsidy policies, showing stable overall performance; internationally, the export business, particularly in display modules, has seen a short-term surge due to U.S. tariff policies, leading to fluctuations in product structure [5] - All business segments are operating smoothly, with traditional markets like communication terminals and consumer electronics maintaining stable market shares and contributing core profits; the automotive market experienced a brief downturn in Q2 but has shown significant growth due to enhanced competitiveness of domestic products and increasing demand from "Global South" countries [5] - The rapid development of large language models and generative AI is driving higher demands for bandwidth, low latency, and energy efficiency in foundational devices and components; the company is focusing on AI core applications such as computing cards, servers, and SSD/DDR, while also exploring opportunities in the broader AI market [5] R&D and Acquisitions - The company possesses strong material R&D capabilities and has enhanced its soft magnetic material capabilities through the acquisition of Anke; as the main products evolve towards miniaturization, high frequency, and high power, the need for soft magnetic materials with high saturation magnetic induction, high permeability, high resistivity, and low loss becomes critical [6] - The acquisition of Anke allows the company to significantly improve production efficiency of magnetic devices and effectively reduce overall costs through comprehensive collaboration in magnetic materials [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company reported a revenue of 2.903 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 21.71%. The net profit attributable to shareholders was 245 million yuan, up 1.53% year-on-year, while the net profit excluding non-recurring items decreased by 16.68% year-on-year [1] - The domestic consumer electronics industry continues to benefit from government subsidy policies, showing stable overall performance. Internationally, the export business, particularly in display modules, has seen a short-term surge due to U.S. tariff policies, leading to fluctuations in product structure [1][2] - The company is focusing on AI core applications such as computing cards, servers, and SSD/DDR, while also exploring opportunities in the broader AI market, including AI glasses and robotics, which are expected to contribute to incremental performance [2] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.107 billion yuan, a year-on-year increase of 18.75% and a quarter-on-quarter increase of 9.04%. The net profit attributable to shareholders was 96 million yuan, down 1.11% year-on-year but up 10.16% quarter-on-quarter [1] - The gross margin for Q3 2025 was 17.90%, down 4.30 percentage points year-on-year but up 2.66 percentage points quarter-on-quarter. The net margin was 8.66%, down 1.92 percentage points year-on-year and stable quarter-on-quarter [1] Business Segments - The traditional application markets, including communication terminals and consumer electronics, have shown stable market shares, continuously contributing core profits to the company. The automotive market experienced a brief downturn in Q2 but has seen significant growth due to enhanced product competitiveness and demand from "global south" countries [2] - The company has enhanced its soft magnetic material capabilities through the acquisition of Anke Yuan, improving production efficiency and reducing overall costs [2] Profit Forecast and Valuation - The profit forecast for 2025-2026 has been adjusted downwards to 338 million yuan and 406 million yuan, respectively, with a new forecast for 2027 set at 501 million yuan. The corresponding PE ratios for 2025-2027 are projected to be 33X, 27X, and 22X [3][4]

Core Viewpoint - 麦捷科技的股价在近期出现波动，整体表现为小幅上涨，但短期内有所下跌，显示出市场对其未来表现的谨慎态度 [1][2] Company Performance - As of October 20, 麦捷科技 reported a revenue of 2.903 billion yuan for the first nine months of 2025, representing a year-on-year growth of 21.71% [2] - The net profit attributable to shareholders for the same period was 245 million yuan, showing a year-on-year increase of 1.53% [2] - The company has distributed a total of 444 million yuan in dividends since its A-share listing, with 292 million yuan distributed in the last three years [3] Stock Market Activity - On November 4, 麦捷科技's stock price fell by 2.02% to 12.64 yuan per share, with a trading volume of 209 million yuan and a turnover rate of 1.97% [1] - The total market capitalization of 麦捷科技 is 11.112 billion yuan [1] - The stock has seen a year-to-date increase of 2.22%, but has declined by 3.66% over the last five trading days [1] Shareholder Information - As of October 20, 麦捷科技 had 50,700 shareholders, a decrease of 13.76% from the previous period, with an average of 16,370 circulating shares per shareholder, an increase of 15.96% [2] - The fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.6698 million shares, an increase of 627,400 shares from the previous period [3]

Core Points - The company, 麦捷科技, announced its participation in a public auction on August 26, 2025, through the Shenzhen Intermediate People's Court's online auction platform [2] - The company successfully acquired a property located in the Dax Industrial Zone, Ping Shan District, Shenzhen, at a starting price of 90,098,789.60 yuan [2] - On October 31, 2025, the company obtained the property ownership certificate after signing the auction confirmation with the court in September [2]

证券代码：300319 证券简称：麦捷科技 公告编号：2025-054 特此公告。 深圳市麦捷微电子科技股份有限公司 2025 年 10 月 31 日 深圳市麦捷微电子科技股份有限公司 关于竞拍取得厂房和土地的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市麦捷微电子科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日通过广东省深圳市中级人民法院淘宝网司法拍卖网络平台参与了公开拍卖 活动，公司以起拍价 90,098,789.60 元竞得广东省深圳市坪山区大工业区 3＃建 筑（以下简称"交易标的"），具体内容详见公司于 2025 年 8 月 27 日披露于巨潮 资讯网的《关于竞拍取得厂房和土地的公告》（公告编号：2025-043）。 公司于 2025 年 9 月与深圳市中级人民法院签订了《拍卖成交确认书》，具体 内容详见公司于 2025 年 9 月 15 日披露于巨潮资讯网的《关于竞拍取得厂房和土 地的进展公告》（公告编号：2025-046）。 公司于 2025 年 10 月 31 日取得了《不动产权证书》，具体内容如下： | ...

Core Viewpoint - The overall business performance of the company in Q3 continues to reflect the trends observed in the semi-annual report, with revenue growth primarily driven by the display module business, but a slight decline in gross margin for the main products indicates a situation of revenue growth without profit increase [1] Group 1: Revenue and Profitability - Revenue growth is mainly attributed to the display module business [1] - The gross margin for the company's main products has experienced a slight year-on-year decline [1] - The company is facing a situation of revenue growth without corresponding profit increase [1] Group 2: Market Conditions - There are currently no signs of price increases for inductive products in the market [1] - Future price trends will depend on market supply and demand conditions [1]

Core Viewpoint - The company has not developed robotic joint module products but is collaborating with Guangming Laboratory to tackle core technologies for next-generation dexterous hand micro-drive joints [1] Group 1: Company Developments - The company is focusing on the design and processing of biomimetic dexterous hands for multiple application scenarios [1] - The company aims to leverage its technological accumulation in electronic components to achieve breakthroughs in core module technologies [1] Group 2: Market Positioning - The company intends to adapt products such as inductors for robotic joint motor control scenarios, striving to become a significant supplier in this field [1]

Core Viewpoint - The company has not developed robotic joint module products but is focusing on core technology breakthroughs for next-generation dexterous hands in collaboration with Guangming Laboratory [1] Group 1: Company Developments - The company is currently working on core technologies for micro-drive joints aimed at bionic dexterous hands [1] - The company plans to leverage its technological accumulation in electronic components to adapt products like inductors for robotic joint motor control scenarios [1] - The goal is to become a significant supplier in the field of robotic joints [1]

Core Viewpoint - The company is focusing on supplying products in the computing power server sector, primarily featuring high current and high saturation inductive products [1] Group 1 - The company is actively collaborating with leading domestic and international clients to develop products that align with the latest server architecture research [1] - The company is fully committed to meeting mass production demands [1]