证券代码：300408 证券简称：三环集团 公告编号：2025-41 潮州三环（集团）股份有限公司 截至 2025 年 9 月 30 日，公司通过股份回购专用证券账户以集中竞价交易方 式回购公司 A 股股份 5,133,800 股，占公司当前总股本的 0.2679%，最高成交价 为 35.70 元 / 股 ， 最 低 成 交 价 为 32.05 元 / 股 ， 成 交 总 金 额 为 人 民 币 175,423,107.80 元（不含交易费用）。 二、其他说明 公司回购股份的时间、回购股份数量及集中竞价交易的委托时间段等均符合 公司回购股份的方案及《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》等相关规定，具体如下： 1、公司未在下列期间回购股份： （1）自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； 关于回购公司股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 潮州三环（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开第十一届董事会第十次会议 ...

Market Overview - The component sector experienced a decline of 3.87% on October 10, with Fangbang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable gainers included *ST Dongjing, which rose by 4.96% to a closing price of 11.01, and Sihui Furun, which increased by 2.49% to 41.56 [1] - Fangbang Co., Ltd. saw a significant drop of 9.99%, closing at 60.55, while other major declines included ShenNan Circuit (-9.03%) and Shenghong Technology (-6.77%) [2] Trading Volume and Capital Flow - The component sector saw a net outflow of 4.263 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.897 billion yuan [2] - The trading volume for major stocks included Shengyi Technology with 58.77 million shares and Sihui Furun with 12.17 million shares [1][2] Capital Flow Analysis - Major net inflows were observed in stocks like Shengyi Technology (75.38 million yuan) and Sihui Furun (40.40 million yuan), while Fangbang Co., Ltd. had a net inflow of 7.72 million yuan [3] - Conversely, significant net outflows were recorded for stocks such as *ST Dongjing (-1.37 million yuan) and ShenNan Circuit (-1.43 million yuan) [3]

Core Viewpoint - The article discusses the current state and future trends of the electronic ceramics industry, emphasizing the importance of electronic ceramics in the development of passive electronic components and the challenges faced by China in this sector. Group 1: International Development of Electronic Ceramics - Japan and the United States lead the global electronic ceramics industry, with Japan holding over 50% of the market share due to its advanced production technologies [4] - The global market for multilayer ceramic capacitors (MLCC) has reached tens of billions of dollars, growing at an annual rate of 10% to 15% [6] - The main trends in MLCC development include miniaturization, high capacity, and the use of low-cost metals for internal electrodes, with Japan being at the forefront of these technologies [7][8] Group 2: China's Electronic Ceramics Industry - China is a major producer of electronic components, with a significant share in various electronic ceramics, but high-end products are still largely imported [17] - The MLCC industry in China is substantial, yet over half of the production capacity is occupied by foreign and joint ventures [19] - The domestic market for high-end MLCC products is heavily reliant on imports, indicating a lack of advanced technology and self-owned intellectual property [20] Group 3: Key Issues in China's Electronic Ceramics Development - There is a lack of social recognition and support for electronic ceramics compared to semiconductors, leading to insufficient R&D investment [40] - The mechanism for converting research results into industrial applications is inadequate, with a disconnect between academia and industry [41] - The domestic supply chain for electronic ceramics lacks support for independent innovation, with many technologies and standards still reliant on foreign sources [43] Group 4: Strategic Goals and Development Paths - The strategy aims to enhance R&D investment in electronic ceramics, focusing on high-end materials and advanced processing technologies to achieve self-sufficiency [46] - By 2025, the goal is to align closely with the technological levels of the US and Japan, and by 2035, to become a major source of high-end electronic ceramics globally [47] - Key development directions include new generation electronic ceramic components, high-performance MLCC materials, and low-cost piezoelectric ceramics [49][50][53]

Core Insights - The AI server market is expanding rapidly, driven by the need for high-performance computing and the increasing demand for passive components like MLCCs and inductors to support stable AI operations [2][7] - Domestic passive component manufacturers in China, such as SanHuan Group and Shunluo Electronics, are leading in R&D investments and personnel, positioning themselves to capitalize on the AI server market [4][6] R&D Investment - SanHuan Group leads with R&D investment of 29,263.6 million yuan, followed by Shunluo Electronics at 27,730.2 million yuan, and Fenghua Advanced Technology at 12,401.5 million yuan [4] - Other companies' R&D investments include: Maijie Technology (8,180.9 million yuan), Hongda Electronics (6,734.1 million yuan), Huojue Electronics (5,014.4 million yuan), Taijing Technology (2,292.78 million yuan), and Dali Kipu (930.1 million yuan) [4] R&D Personnel - SanHuan Group has the highest number of R&D personnel at 1,877, followed by Shunluo Electronics with 1,354 and Fenghua Advanced Technology with 1,336 [6] - Other companies' R&D personnel counts include: Maijie Technology (568), Hongda Electronics (336), Huojue Electronics (296), Taijing Technology (227), and Dali Kipu (46) [6] Market Progress - SanHuan Group has seen a significant increase in MLCC demand for AI servers, with usage up by over 80% compared to general servers, averaging 3,000 to 4,000 units per server [7] - Shunluo Electronics has developed a new structure tantalum capacitor that is compact and reliable, gaining traction in AI server applications [8] - Fenghua Advanced Technology has made advancements in high-capacity MLCCs and has developed products suitable for high-voltage applications in AI servers [8] - Maijie Technology has successfully designed inductors for high-efficiency power management chips used in AI servers [9] - Taijing Technology has developed a temperature-compensated oscillator for AI data center applications, achieving industry-leading low phase noise performance [9] - Dali Kipu specializes in RF microwave MLCCs and has gained a competitive edge in the domestic market [9] R&D Expense as a Revenue Percentage - In 2025, Shunluo Electronics is projected to have the highest R&D expense as a percentage of revenue at 8.6%, followed by Hongda Electronics at 7.9% and SanHuan Group at 7.1% [10] - Other companies' percentages include: Taijing Technology (5%), Dali Kipu (4.8%), Maijie Technology (4.6%), and Huojue Electronics (2.8%) [10]

Industry Overview - Passive components are essential for devices like smartphones, tablets, and laptops, with a significant increase in the number of components required for AI functionalities, such as MLCCs, which have increased by 20%-30% compared to traditional phones [2] - The demand for passive components in electric vehicles is projected to grow from $1.55 billion in 2021 to $4.29 billion by 2027, with a compound annual growth rate (CAGR) of 18.5% [2] Company Performance - In the first half of the year, the revenue rankings are as follows: SanHuan Group at 414.88 million, Shunluo Electronics at 322.42 million, and Fenghua Advanced Technology at 277.15 million [5] - Net profit rankings for the same period are led by SanHuan Group with 123.71 million, followed by Shunluo Electronics at 48.59 million, and Huojue Electronics at 26.13 million [7] - SanHuan Group and Shunluo Electronics maintain strong positions in both revenue and net profit within the industry [8] Inventory Analysis - SanHuan Group has the highest inventory at 216.32 million, followed by Huojue Electronics at 137.85 million, and Shunluo Electronics at 114.41 million [10] - In terms of gross margin, Dali Kipu leads with 67.48%, followed by Hongda Electronics at 57.3%, and SanHuan Group at 42% [11] - Huojue Electronics has the highest inventory impairment provision at 19.89 million, indicating weaker market demand compared to SanHuan Group and Shunluo Electronics, which have higher inventory but better turnover efficiency [13] Inventory Turnover - Hongda Electronics has the longest inventory turnover days at 459.1 days, while Shunluo Electronics has 94.4 days, indicating varying efficiency in inventory management across companies [14]

Core Viewpoint - The report from Huazhong Securities indicates that Sanhuan Group achieved a net profit attributable to shareholders of 1.24 billion yuan in the first half of the year, representing a year-on-year growth of 20.6% [1] Financial Performance - In Q2 2025, the company recorded a net profit attributable to shareholders of 700 million yuan, which is an 18.9% year-on-year increase and a 32.3% quarter-on-quarter growth [1] - The company's performance reflects steady growth, primarily driven by the strong performance of its MLCC product line and increasing market recognition [1] Business Segments - The growth in sales of ceramic inserts and related products is attributed to the accelerated construction of global data centers and AI servers, leading to increased demand in the optical communication market [1] - The company has also made progress in the bioceramics sector, achieving stable mass production of ceramic heads and liners for hip joint prostheses [1] Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects [1]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Dongcai Technology, Seres, and Gree Electric, showing target price increases of 51.97%, 37.62%, and 36.96% respectively [1][3] - On September 25, a total of 12 target price adjustments were made by brokerages, with the highest target price set at 32.43 yuan for Dongcai Technology [1][3] - A total of 35 listed companies received brokerage recommendations on September 25, including Sanyuan Shares, Anhui Weaving High-tech, and Yixin Pharmacy [1][3] Group 2 - On the same date, two companies had their ratings upgraded, with Renfu Pharmaceutical's rating raised from "Hold" to "Buy" by Shouchuang Securities, and Sanhuan Group's rating upgraded from "Hold" to "Buy" by Huazheng Securities [4][6] - A total of 10 companies received initial coverage from brokerages, with Frontier Biotech receiving a "Buy" rating from Kaiyuan Securities and Jiete Biotech also receiving a "Buy" rating from Xinda Securities [4][7] - Other companies receiving initial coverage include Bowei Alloy with a rating of "Hold" and Leisai Intelligent with a "Buy" rating, indicating a diverse range of sectors being covered [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a solid performance in the first half of 2025, achieving a revenue of 4.15 billion yuan, a year-on-year increase of 21.0%, and a net profit attributable to shareholders of 1.24 billion yuan, up 20.6% year-on-year [4][6] - The growth is primarily driven by the strong performance of MLCC products and increased demand in the optical communication market due to the acceleration of global data center and AI server construction [4][5] - The company has made significant advancements in the SOFC sector, with the launch of a 300 kW SOFC commercialization demonstration project, marking a national first [5] Financial Summary - Revenue projections for 2025-2027 are 9.207 billion yuan, 11.432 billion yuan, and 14.151 billion yuan respectively, with corresponding net profits of 2.782 billion yuan, 3.714 billion yuan, and 4.830 billion yuan [6] - The expected EPS for the same period is 1.45 yuan, 1.94 yuan, and 2.52 yuan, with P/E ratios of 33.29, 24.93, and 19.17 respectively [6] - The company maintains a gross margin of approximately 43.3% in 2025, with a projected increase to 45.0% by 2027 [9]

Group 1 - The core viewpoint of the article highlights the strong performance of solid-state batteries, with Enjie Co., Ltd. reaching its daily limit increase and several stocks hitting new highs [1] - The New Materials ETF index fund closely tracks the CSI New Materials Theme Index, with electronic materials accounting for 24.7% and new energy materials for 38.8%, benefiting significantly from market movements, rising over 4.0% during trading [1] - The CSI New Materials Theme Index selects 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other key strategic materials, reflecting the overall performance of new materials theme listed companies [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI New Materials Theme Index (H30597) include CATL, North Huachuang, Wanhua Chemical, Longi Green Energy, Huayou Cobalt, Tongwei Co., Ltd., Sanan Optoelectronics, and others, collectively accounting for 51.59% of the index [1]

Summary of CCTC (300408 CH) Equity Research Report Company Overview - **Company**: CCTC (300408 CH) - **Industry**: Electronic Equipment & Instruments - **Market Cap**: CNY 81,604 million (USD 11,454 million) [7][16] Key Insights MLCC Sector Dynamics - The MLCC (multi-layer ceramic capacitors) sector is entering a new upcycle, with prices for high-end MLCCs on the rise due to strong demand from AI servers and automotive sectors, while supply increases remain limited [3][12] - Unlike previous cycles focused on commodity MLCCs, this cycle emphasizes high-end products, benefiting leading Japanese and Korean manufacturers [3][12] - CCTC is expected to gain market share in the commodity MLCC segment due to: 1. Utilization rates at leading manufacturers exceeding 90%, shifting capacity to high-end applications, thus reducing commodity supply [3][12] 2. CCTC's expansion into high-capacity MLCC offerings, contributing over 50% of its MLCC sales in 1H25 [3][12] SOFC Product Demand - Demand for Solid Oxide Fuel Cell (SOFC) products is increasing, driven by data centers' need for clean energy [4][12] - CCTC's share price rose 31% over the past three months, outperforming the Wind passive components index [4][12] - Key customer Bloom Energy plans to double its fuel cell manufacturing capacity to 2GW by 2026, potentially generating RMB 1.4 billion in orders for CCTC's SOFC electrolyte [4][12] Financial Performance and Estimates - CCTC reported record-high quarterly revenue of RMB 2,316 million (up 24% year-on-year) and net profit of RMB 704 million (up 19% year-on-year) [27] - Revised 2025-26 net profit estimates down by 3% and up by 1%, respectively, reflecting lower MLCC revenue estimates offset by higher SOFC revenue [5][27] - Target price raised to RMB 54.00 from RMB 45.40, implying a 27% upside from the current share price [5][12] Financial Projections - **Revenue Estimates**: - 2025: RMB 9,258 million - 2026: RMB 11,184 million - 2027: RMB 13,975 million [13][27] - **Net Profit Estimates**: - 2025: RMB 2,780 million - 2026: RMB 3,469 million - 2027: RMB 4,312 million [13][27] Valuation Metrics - Expected net profit CAGR of 25% from 2025 to 2027 [5][12] - Average PEG multiple for the A-share passive component sector is 1.3x, leading to a target PE multiple of 32x [5][12] Risks and Considerations - Weaker-than-expected recovery in MLCC demand and price rebound [32] - Potential for lower market share gains in high-end MLCC if competitors reduce prices [32] - Risk of lower gross margins due to expansion of new capacities [32] Conclusion - CCTC is positioned to benefit from the evolving dynamics in the MLCC and SOFC markets, with a strong outlook for revenue growth and market share expansion. The revised target price reflects confidence in the company's ability to capitalize on these trends while managing associated risks.