特种电子布系列：企业利润&估值空间如何？ 当前时点怎 么看？20250706 摘要 宏和科技在高端电子布领域具有较强竞争力。今年（2025 年），公司高端电 子布业务净利润约 1.1 亿元，明年（2026 年）预计增至 3.1 亿元。今年整体 净利润约 4.3 亿，明年至少可达 8.6 亿。如果按照 30 倍 PE 估算，宏和科技明 年的合理市值约 173 亿，而后年的合理市值则可能达到 257 亿，目前仍有 50%以上的市场空间。 AI 硬件需求驱动高端 CCL 市场快速增长，预计 2024-2026 年增速达 26%，英伟达 GPU 和 800G 交换机对 PCB 的需求分别带来 116 亿元和 150 亿元的市场规模，低介电常数电路板市场规模预计 2025 年达 21 亿元，2027 年增至 78 亿元。 中材科技在低介电电子布领域表现突出，预计 2025 年 Low DK 和 Q 部 产品业绩达 2.9 亿元，2026 年增至 7.7 亿元，对应市值潜力巨大。公 司产品体系完善且产量大，是值得重点关注的公司。 宏和科技在高端电子布领域具有较强竞争力，预计 2025 年高端电子布 业务净利润约 1.1 ...

菲利华（300395）公告，公司董事长商春利、董事郑巍、董事卢晓辉、财务总监魏学兵因个人资金需 求，计划自公告发布之日起15个交易日后的三个月内，通过集中竞价方式减持股份。商春利拟减持不超 过90万股，占总股本的0.1729%；郑巍拟减持不超过14万股，占总股本的0.0269%；卢晓辉拟减持不超 过81075股，占总股本的0.0156%；魏学兵拟减持不超过81150股，占总股本的0.0156%。减持价格将根 据市场价格确定，减持计划符合相关法律法规规定，不会导致公司控制权变化。 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-32 公司于近日收到董事长商春利先生，董事、董事会秘书郑巍先生，董事卢晓辉女士， 财务总监魏学兵先生出具的《关于公司董事、高级管理人员股份减持计划的告知函》，现 湖北菲利华石英玻璃股份有限公司 关于公司董事、高级管理人员减持股份预披露公告 本公司董事长商春利先生，董事、董事会秘书郑巍先生，董事卢晓辉女士， 财务总监魏学兵先生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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 截至本公告披露日，公司董事长商春利先生持有本公司股份 3,728,674 股（占剔除本 公司回购专用证券账户中的股份数量后总股本比例0.7163%），计划在自本公告发布之日 起15个交易日后的三个月内以集中竞价方式减持本公司股份不超过900,000 股（占剔除本 公司回购专用证券账户中的股份数量后总股本比例0.1729%）。 截至本公告披露日，公司董事、董事会秘书郑巍先生持有本公司股份564,130 股（占 剔除本公司回购专用证券账户中的股份数量后总股本比例0.1084%） ...

Investment Rating - The report rates the military industry as "Buy" [1] Core Viewpoints - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [3][9][10] - A grand military parade is scheduled for September 3, 2025, showcasing domestic military equipment and advancements [8][20] - Japan is set to deploy F-35B stealth fighters as early as August, indicating a shift in regional military dynamics [8][10] Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [4] 2. Components: AVIC Optoelectronics, Guobang Electronics, Ruichuang Micro-Nano [4] 3. Subsystems: AVIC Avionics, North Navigation [4] 4. Materials and Processing: Feilihua, Guangwei Composite, Huaqin Technology, Bolite, Western Materials, Aviation Materials [4] - Notable stocks include: - Assembly: Aerospace Rainbow, AVIC Chengfei [4] - Components: Unisoc, Aerospace Electric, Hongyuan Electronics, Zhenhua Technology, Torch Electronics [4] - Subsystems: Aero Engine Corporation, Jianghang Equipment [4] - Materials and Processing: AVIC Heavy Machinery, AVIC High-Tech, Western Superconducting, Aerospace Technology [4] Market Review - The military sector saw a 7.46% increase last week, outperforming the market by 5.54 percentage points [12][13] - The Shanghai Composite Index rose by 1.91%, while the ChiNext Index increased by 5.69% [12][13] - The China Securities National Security Index performed the best, rising by 8.31% [16] Major News in the Military Industry - The Shanghai Cooperation Organization defense ministers' meeting was held in Qingdao, emphasizing regional security cooperation [20] - The upcoming military parade will feature all domestically produced active combat equipment, highlighting advancements in military capabilities [21][23] - The focus of the parade will be on commemorating the victory in the Anti-Japanese War and showcasing the modernization of the military [24][25]

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with specific stocks showing significant gains while others decline, indicating a volatile market environment [1][4]. Group 1: Market Performance - As of July 3, 2025, the CSI High-End Equipment Sub-Index decreased by 0.07%, with stocks like Jiuziyang rising by 18.64% and China Haifang leading the decline [1]. - The High-End Equipment ETF (159638) saw a turnover of 2.07% during the trading session, with a total transaction value of 24.12 million yuan [3]. - Over the past week, the average daily transaction value of the High-End Equipment ETF was 83.12 million yuan, with the latest fund size reaching 1.158 billion yuan [3]. Group 2: Investment Trends - Leveraged funds are increasingly investing in the high-end equipment sector, with the latest margin buying amounting to 2.36 million yuan and a margin balance of 20.91 million yuan [3]. - The High-End Equipment ETF has shown a net value increase of 27.22% over the past year, with the highest single-month return recorded at 19.30% [3]. Group 3: Industry Outlook - The military industry is expected to experience three growth curves: domestic demand focusing on low-cost precision-guided munitions, unmanned systems, and information technology; military trade demand potentially surging due to regional conflicts; and broader military demand in areas like large aircraft, low-altitude economy, commercial aerospace, and deep-sea technology [3][4]. - China's defense spending is projected to grow significantly, likely outpacing GDP growth, with 2025 marking a turning point for the industry as it emerges from a period of stagnation [4]. - The top ten weighted stocks in the CSI High-End Equipment Sub-Index account for 45.22% of the index, indicating concentrated investment in key players like AVIC Shenyang Aircraft and AVIC Engine [4][6].

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [2] Core Views - The global geopolitical situation remains tense, with ongoing conflicts such as the Russia-Ukraine war and rising risks in the Middle East, leading to an intensified arms race and increased focus on military construction [4][38] - The defense industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with long-term growth certainty supported by clear development goals for 2035 and 2050 [4] - The upcoming military parade on September 3 will showcase both traditional main battle equipment and new combat forces, highlighting advancements in military capabilities [3][40] Summary by Sections Market Review - The defense and military index rose by 6.90% last week, outperforming major indices such as the Shanghai Composite and Shenzhen Component [12] - The current PE (TTM) for the defense and military sector is 79.92 times, with sub-sectors showing varied valuations: aerospace equipment at 143.52 times, aviation equipment at 69.14 times, ground weapons at 174.36 times, naval equipment at 50.76 times, and military electronics at 102.36 times [20][21] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and AVIC Helicopter [4] 2. Military new technologies: Lianchuang Optoelectronics, Guangqi Technology, and Zhongjian Technology [4] 3. Underwater equipment: Hailanxin, Yaxing Anchor Chain, and Zhongke Haixun [4] 4. Missile industry chain: Feilihua, Guoke Military Industry, and Zhongbing Hongjian [4] 5. Military titanium materials: Western Superconducting [4] 6. Electronic components: Hongyuan Electronics and Aerospace Electronics [4] 7. Military trade direction: Zhongwu Drone [4] Industry Dynamics - Recent policies related to deep-sea technology indicate significant development potential, particularly for specialized equipment like UUVs, supported by top-level planning [3] - The military trade market is expanding, with recent announcements of procurement from Pakistan for Chinese fighter jets, indicating a growing opportunity in military exports [39]

证券代码：300395 证券简称：菲利华 公告编号：2025-31 湖北菲利华石英玻璃股份有限公司 关于实际控制人部分股份质押展期的公告 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。 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于近日收到公司实 际控制人之一吴学民先生的通知，吴学民先生将其持有本公司的部分股份办理了 质押展期业务。现将有关情况公告如下： 注：①本公告中百分比计算结果采取四舍五入，保留两位小数； ②公司总股本 522,267,673 股，回购专户中的股份数为 1,688,050 股，扣除回购股份 数后公司总股本为 520,579,623 股。 三、股东质押股份是否出现平仓风险 | | 是否为 控股股 | | | 占公司 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 占其 | 总股本 | | 是否 | | | 展期 | | | | 股东 | 东或第 | 本次质押 | 所持 | 比例 | 是否 ...

Summary of Key Points Core Viewpoint - The latest financing balance of the ChiNext market reached 347.28 billion yuan, with a week-on-week increase of 2.19 billion yuan, indicating a positive trend in market financing activity [1]. Financing Balance Overview - The total margin balance for ChiNext stocks on June 24 was 348.22 billion yuan, an increase of 2.23 billion yuan from the previous trading day [1]. - Among the 496 stocks with increased financing balances, 38 stocks saw an increase of over 10% [1]. - The stock with the highest increase in financing balance was Boshuo Technology, which rose by 37.04% to a balance of 122.38 million yuan [3]. Stock Performance - On June 24, the ChiNext index rose by 2.30%, with an average increase of 4.35% for stocks with financing balance increases over 10% [1]. - Notable performers included Jiangsu Leili, Haitai Technology, and Hanwei Technology, with increases of 17.23%, 14.56%, and 13.49% respectively [1]. Major Inflows and Outflows - Among the stocks with significant financing balance increases, 28 stocks experienced net inflows of main funds, with Jiangsu Leili leading at 229 million yuan [2]. - Conversely, 10 stocks saw net outflows, with Wavelength Optoelectronics experiencing the largest outflow of 195 million yuan [2]. Stocks with Decreased Financing Balances - A total of 437 stocks experienced a decrease in financing balance, with 16 stocks seeing a decline of over 10% [4]. - The stock with the largest decrease was Senhe Co., with a financing balance drop of 43.89% to 52.37 million yuan [4]. Detailed Stock Data - Stocks with significant increases in financing balance included: - Boshuo Technology: 122.39 million yuan, +37.04%, closing at 34.35 yuan, +10.41% [3]. - Haike New Source: 122.31 million yuan, +35.04%, closing at 25.57 yuan, -4.16% [3]. - Stocks with significant decreases in financing balance included: - Senhe Co.: 52.37 million yuan, -43.89%, closing at 9.50 yuan, +0.85% [4]. - Huali Group: 82.84 million yuan, -35.89%, closing at 51.19 yuan, +2.75% [4].

Investment Rating - The report maintains a positive outlook on the defense and military industry, particularly in light of the current global geopolitical tensions, indicating a favorable investment opportunity in this sector [3][36]. Core Insights - The defense and military sector is expected to benefit from the recovery of demand and the elimination of previous disruptions, with a long-term growth certainty supported by national defense modernization goals set for 2035 and 2050 [5][38]. - The report highlights the increasing importance of drone technology in modern warfare, emphasizing its cost-effectiveness and operational advantages [4][36]. - The low-altitude economy is identified as a burgeoning sector, with significant policy support and commercial opportunities emerging [4][35]. Summary by Sections Market Review - The defense and military index fell by 2.01% last week, ranking 17th among 31 sectors, with a current PE(TTM) of 74.63 times [3][20]. - The sub-sectors show varying PE ratios, with aerospace equipment at 134.59 times and ground weaponry at 148.10 times [20]. Key Recommendations - Focus on companies with strong demand and product depth in the downstream manufacturing sector, such as Hongdu Aviation, AVIC Shenyang Aircraft, and AVIC Xi'an Aircraft [5][40]. - Highlight new technology firms in the military sector, including Lianchuang Optoelectronics and Guangqi Technology [5][40]. - Emphasize underwater equipment companies like Hailanxin and Yaxing Anchor Chain [5][41]. - Recommend missile industry chain companies such as Feilihua and Guokexun [5][42]. - Suggest companies involved in military-grade titanium materials and electronic components, including Western Superconducting and Hongyuan Electronics [5][43][44]. Industry Dynamics - The report notes that geopolitical tensions, particularly in the Middle East, are driving interest in military investments [3][36]. - The low-altitude economy is highlighted as a significant growth area, with various local governments implementing supportive measures to foster development [31][35].

伊以战火映军贸曙光， 国产巨翼启全球翱翔 20250616 摘要 中东紧张局势升级，伊朗核设施遇袭，可能引发地区军贸需求增长，为 中国军贸高端化发展带来机遇。中国运 20 运输机因其产能优势，有望 受益于此轮军贸扩张。 中航西飞作为国产大飞机主机厂，其运 20 运输机在全球同级别机型中 具备稀缺产能，且可改装为特种作战飞机，面临价值重估，值得关注。 菲利华在高端石英玻璃材料领域具有领先地位，其石英玻璃纤维电子布 在高速 PCB 板覆铜板中应用前景广阔，且在半导体加工环节实现国产替 代，支撑高端半导体自主可控。 军工行业预计八九月份将迎来行情上升期，基于元器件订单数据趋势判 断，建议超配弹药消耗相关标的，如航天电器、菲利华、新雷能等，以 及平台型元器件企业。 中国运 20 运输机在全球同级别机型中具备产能优势，军贸产品定价和 盈利能力高于国内装备建设，将引领中国稀缺产能价值重估，利好中航 沈飞、中航成飞等企业。 Q&A 伊以冲突对全球军贸市场可能产生哪些影响？ 中东地区长期以来是全球最大的军贸进口地区，许多涉事国家不具备完整的国 防科技工业能力，因此武器的大量消耗必然牵引全球军贸市场进入新一轮扩张 景气周期。特 ...