9月17日沪指上涨0.37%，市场两融余额为24054.44亿元，较前一交易日增加127.92亿元。 | 688279 | 峰岹科 | 29551.26 | 29.76 | 20.00 | 电子 | | --- | --- | --- | --- | --- | --- | | | 技 | | | | | | 688170 | 德龙激 光 | 13041.87 | 27.56 | 0.54 | 机械设备 | | 688426 | 康为世 纪 | 7984.19 | 27.50 | -1.74 | 医药生物 | | 838810 | 春光智 能 | 297.44 | 26.99 | 3.65 | 机械设备 | | 301119 | 正强股 份 | 11230.71 | 26.94 | 8.09 | 汽车 | | 603297 | 永新光 学 | 20360.84 | 26.87 | 10.00 | 电子 | | 300408 | 三环集 团 | 63478.62 | 26.47 | 7.92 | 电子 | 与杠杆资金大幅加仓股相比，有1875股融资余额出现下降，其中，融资余额降幅超过5%的有247只。天 铭科技 ...

证券研究报告 | 公司动态点评 2025 年 09 月 17 日 三环集团（300408.SZ） 25H1 业绩同比快速增长，高容 MLCC 实现批量出货 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,727 | 7,375 | 9,236 | 11,264 | 13,320 | | 增长率 yoy（%） | 11.2 | 28.8 | 25.2 | 22.0 | 18.3 | | 归母净利润（百万元） | 1,581 | 2,190 | 2,742 | 3,447 | 4,251 | | 增长率 yoy（%） | 5.1 | 38.5 | 25.2 | 25.7 | 23.3 | | ROE（%） | 8.7 | 11.0 | 12.5 | 13.9 | 15.0 | | EPS 最新摊薄（元） | 0.82 | 1.14 | 1.43 | 1.80 | 2.22 | | P/E（倍） | 51.1 | 36.9 | 29.5 | 23.4 | 19 ...

证券之星消息，9月17日元件板块较上一交易日下跌0.23%，胜宏科技领跌。当日上证指数报收于 3876.34，上涨0.37%。深证成指报收于13215.46，上涨1.16%。元件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300408 | 三环集团 | 45.49 | 7.92% | 53.58万 | | 24.44亿 | | 603920 | 世运电路 | 49.65 | 7.77% | 78.71万 | | 38.57亿 | | 300852 | 四会富仕 | 48.39 | 6.35% | 18.61万 | | 8.73亿 | | 002384 | 东山精密 | 82.61 | 3.64% | 1 93.62万 | | 77.90亿 | | 300903 | 科翔股份 | 13.07 | 2.43% | 44.48万 | | 5.80亿 | | 688519 | 南亚新材 | 73.46 | 2.31% | 5.53万 | | 4.04亿 | | ...

Meta官网显示，Meta Connect 2025定于太平洋标准时间9月17日至18日召开，Meta创始人扎克伯格将在 主题演讲中分享关于人工智能（AI）眼镜的最新资讯，以及Meta对人工智能和元宇宙的愿景。市场预 期或将发布其新款AI眼镜。AI眼镜有望成为消费电子板块的最新催化，年内还有字节、阿里的产品或 将发布。 截至2025年9月17日 09:34，中证消费电子主题指数(931494)上涨0.09%，成分股三环集团(300408)上涨 7.38%，电连技术(300679)上涨5.49%，长盈精密(300115)上涨4.55%，东山精密(002384)上涨3.00%，中 芯国际(688981)上涨2.77%。消费电子ETF(561600)上涨0.08%， 冲击6连涨。最新价报1.19元。拉长时间 看，截至2025年9月16日，消费电子ETF近1周累计上涨10.69%。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 数据显示，截至2025年8月29日， ...

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [3] Core Insights - The electronic industry is experiencing a new wave of performance growth driven by AI, with significant opportunities in semiconductor and consumer electronics sectors [5][6] - The report highlights the strong recovery in the semiconductor sector, particularly in analog and digital chips, with AI being a core growth driver [5][6] - Consumer electronics are also benefiting from AI, with companies like Anker Innovation and Ugreen achieving over 30% revenue growth [5][6] Semiconductor Sector Summary - **Analog Chips**: Revenue reached 24.405 billion yuan, up 13.12% year-on-year, with a net profit of 502 million yuan, up 280.49% [7] - **Digital Chips**: Revenue of 87.129 billion yuan, a 24.72% increase, with net profit of 9.050 billion yuan, up 35.32% [16] - **Power Semiconductors**: Net profit for Q2 reached 2.873 billion yuan, a 45.3% increase year-on-year, indicating a recovery phase [26] - **Semiconductor Manufacturing**: Revenue for H1 was 27.273 billion yuan, down 24.7% year-on-year, but showing signs of recovery in Q2 [34] - **Semiconductor Equipment**: The sector saw a 30.6% increase in revenue, totaling 41.509 billion yuan, with net profit of 6.631 billion yuan, up 19.8% [47] Consumer Electronics Summary - Companies like Anker Innovation and Ugreen reported over 30% growth in revenue and net profit, driven by brand strength and product innovation [5] - The demand for new consumer electronics products such as AR glasses and smart speakers is expected to drive further innovation and market recovery [5] PCB and Components Summary - PCB demand is surging due to AI-related capital expenditures, with companies like Shenzhen Circuit achieving significant order growth [5] - The MLCC market is also showing good growth, with companies expanding their product matrices to meet diverse market needs [5] Investment Recommendations - The report suggests focusing on companies involved in computing power-related sectors, including PCB, domestic computing power, IP licensing, and chip inductors [5] - Key companies to watch include Cambrian, Haiguang Information, and SMIC, among others [5]

Group 1 - The company maintains a good growth trend in MLCC products, with a comprehensive product matrix covering various series, leading to increased market recognition [1] - The demand for optical devices has increased due to the accelerated construction of global data centers and AI servers, resulting in continuous sales growth of the company's related products in the first half of the year [1] - Despite the pressure on gross margin from rising upstream raw material prices, the overall gross margin remains high, reflecting significant improvements in the gross margin of the company's main businesses [1] Group 2 - In Q2, the company achieved a comprehensive gross margin of 42.74%, an increase of 1.73 percentage points quarter-on-quarter, driven by high-capacity MLCC and other main businesses [1] - The company is actively responding to market changes by optimizing raw material procurement strategies and promoting the development of new specifications, applications, and miniaturized products [1] - Profit forecasts for the company indicate a net profit of 26.22 billion, 32.78 billion, and 41.01 billion yuan for 2025-2027, with year-on-year growth rates of 19.69%, 25.01%, and 25.13% respectively [2]

Group 1 - The company, Sanhuan Group, announced a share buyback plan, intending to repurchase 5,133,800 A-shares through a centralized bidding trading method [2] - The repurchased shares represent 0.2679% of the company's current total share capital [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong performance in its MLCC products, with a comprehensive product matrix that includes micro, high-capacity, high-reliability, high-voltage, and high-frequency series, leading to increased market recognition [7] - The demand for optical devices has risen due to the acceleration of global data center and AI server construction, contributing to sustained sales growth in related products [7] - Despite pressure on profit margins from rising raw material prices in the PKG and ceramic slurry segments, the company has managed to maintain a high growth rate in overall gross margin, achieving a gross margin of 42.74% in Q2 [7] - The company is actively responding to market changes by optimizing raw material procurement strategies and developing new specifications and applications [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,727 million RMB - 2024: 7,375 million RMB (growth of 28.78%) - 2025E: 9,267 million RMB (growth of 25.66%) - 2026E: 11,450 million RMB (growth of 23.56%) - 2027E: 14,060 million RMB (growth of 22.79%) [6] - The projected net profit for the company is: - 2023: 1,581 million RMB - 2024: 2,190 million RMB (growth of 38.55%) - 2025E: 2,622 million RMB (growth of 19.69%) - 2026E: 3,278 million RMB (growth of 25.01%) - 2027E: 4,101 million RMB (growth of 25.13%) [6] - Earnings per share (EPS) are projected to be: - 2024: 1.14 RMB - 2025E: 1.37 RMB - 2026E: 1.71 RMB - 2027E: 2.14 RMB [6] - The company’s return on equity (ROE) is expected to improve from 11.03% in 2024 to 15.44% in 2027 [9]

Group 1 - The company, Sanhuan Group, announced a share buyback of 5,133,800 A-shares, representing 0.2679% of its total share capital [1] - The buyback was conducted through a centralized bidding trading method, with a maximum transaction price of 35.70 RMB per share and a minimum transaction price of 32.05 RMB per share [1] - The total amount spent on the buyback was 175 million RMB, excluding transaction fees [1]

Group 1 - The company, Sanhuan Group, announced a share buyback plan, intending to repurchase 5,133,800 A-shares through a special securities account via centralized bidding [1] - The repurchased shares represent 0.2679% of the company's current total share capital [1]