证券研究报告 迈为股份 (300751 CH) 海外 HJT 确收，半导体设备布局加速 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 24 日│中国内地 | 专用设备 | 目标价(人民币): | 110.84 | 公司发布 2025 年半年报。2025 上半年公司实现营业收入 42.1 亿元，同比 -13.5%；实现归母净利润 3.9 亿元,同比-14.6%；其中二季度实现营业收入 19.8 亿元，环比-11.0%，实现归母净利润 2.3 亿元，环比+43.0%。我们看 好公司海外 HJT 设备和半导体晶圆制造、封装等设备拓展对公司长期收入 和利润的推动作用。维持"买入"评级。 海外 HJT 设备与半导体设备收入确认推动公司毛利率提升 根据公司半年报，Q2 公司实现毛利率 39.0%，同比+8.0pp，环比+9.9pp； 实现净利率 12.3%，同比+4.8pp，环比+5.4pp。公司毛利率提升，我们认 为主要系海外 HJT 设备收入确认和半导体设备收入确认推动。25 上半 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to challenges in the photovoltaic sector and a significant growth in the semiconductor business [1][2][3] Financial Performance - The company achieved revenue of 4.213 billion yuan in the first half of 2025, a year-on-year decrease of 13.48% [1] - The net profit attributable to shareholders was 394 million yuan, down 14.59% year-on-year, while the net profit after deducting non-recurring items was 364 million yuan, a decrease of 10.18% [1] - In Q2 alone, revenue was 1.984 billion yuan, reflecting a 25.15% year-on-year decline [2] Business Segment Analysis - The photovoltaic business generated revenue of 4.065 billion yuan in the first half, contributing significantly to the overall revenue decline due to a slowdown in order receipt amid low industry demand [2] - The semiconductor and display business saw rapid growth, with revenue reaching 127 million yuan, a remarkable increase of 496.9% year-on-year [3] - The company has made significant advancements in semiconductor equipment, particularly in etching and thin film deposition, and has maintained a leading market share in domestic wafer laser grooving equipment [3] Inventory and Cash Flow - As of the end of Q2, the company's inventory stood at 7.58 billion yuan, a decrease of 1.34 billion yuan from the beginning of the year, while accounts receivable increased by 910 million yuan to 4.86 billion yuan [2] - The net cash flow from operating activities was -1.067 billion yuan, primarily impacted by slow customer payment collection [2] Investment Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 829 million yuan, 640 million yuan, and 791 million yuan for 2025-2027, with dynamic PE ratios of 28.8, 37.3, and 30.2 respectively [3] - The company's strong technical capabilities and rapid growth in the semiconductor business support a "recommended" rating [3]

Core Viewpoint - The financial performance of Maiwei Co., Ltd. (300751) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, with significant increases in accounts receivable and changes in cash flow metrics [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 4.213 billion yuan, a decrease of 13.48% year-on-year [1]. - Net profit attributable to shareholders was 394 million yuan, down 14.59% year-on-year [1]. - In Q2 2025, total revenue was 1.984 billion yuan, a decline of 25.15% year-on-year, while net profit increased by 15.31% to 232 million yuan [1]. - Accounts receivable rose significantly, with a year-on-year increase of 94.57% [1]. - Gross margin improved to 33.74%, up 25.31% year-on-year, while net margin increased to 9.5%, a rise of 4.96% [1]. - Total operating expenses were 270 million yuan, accounting for 6.41% of revenue, an increase of 6.86% year-on-year [1]. - Earnings per share decreased to 1.41 yuan, down 15.06% year-on-year, and operating cash flow per share was -3.82 yuan, a drastic decline of 861.96% [1]. Cash Flow and Debt Analysis - The net cash flow from operating activities saw a significant decline of 862.39%, attributed to slower customer payment speeds [2]. - The company experienced a 55.5% decrease in short-term borrowings due to repayments, while long-term borrowings increased by 73.85% [2]. - Financial expenses rose by 46.5% due to increased bank loan interest [2]. Asset and Liability Changes - Inventory decreased by 15.07% as a result of reduced product shipments [2]. - Contract liabilities fell by 20.76% as products were accepted by customers [2]. - The company reported a 52.89% decrease in credit impairment losses due to increased provisions for bad debts [3]. Business Model and Market Position - The company's return on invested capital (ROIC) was 8.85%, indicating average capital returns, with a historical median ROIC of 15.54% since its listing [5]. - The company relies heavily on research and development for its business performance, necessitating careful analysis of the underlying drivers [7]. - The company has a healthy cash asset position, but concerns exist regarding cash flow and debt levels [6][7]. Fund Holdings and Market Sentiment - The most significant fund holding in Maiwei Co., Ltd. is the Ruiyuan Growth Value Mixed A fund, which has reduced its position [8]. - The fund manager, Fu Pengbo, is recognized for his ability to identify value and growth stocks [7].

顾家家居：上半年净利润10.21亿元 同比增长13.89% 8月22日晚，顾家家居（603816）发布2025年半年度报告，公司上半年实现营业收入98.01亿元，同比增 长10.02%；实现归属于上市公司股东的净利润10.21亿元，同比增长13.89%；基本每股收益为1.26元/ 股。 资料显示，顾家家居成立于2006年10月，主营业务是客厅、餐厅、卧室、整家定制等全场景家居产品的 研究、设计、开发、生产、销售与服务。 所属行业：轻工制造–家居用品–成品家居 凤凰股份：上半年净利润1103.54万元 成功扭亏 8月22日晚，凤凰股份（600716）发布2025年半年度报告，公司上半年实现营业收入2.91亿元，同比增 长200.78%；实现归属于上市公司股东的净利润1103.54万元，成功扭亏为盈；基本每股收益为0.0118元/ 股。 资料显示，凤凰股份成立于1996年6月，主营业务是房地产开发与销售。 所属行业：房地产–房地产开发–住宅开发 浙商证券：上半年净利润11.49亿元 同比增长46.49% 8月22日晚，浙商证券（601878）发布2025年半年度报告，公司上半年实现营业收入61.07亿元，同比下 ...

证券之星消息，8月22日光伏设备板块较上一交易日上涨2.24%，金博股份领涨。当日上证指数报收于3825.76，上涨1.45%。深证成指报收于 12166.06，上涨2.07%。光伏设备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) | | --- | --- | --- | --- | --- | --- | | 688598 | 金博股份 | 32.00 | 10.12% | 20.73万 | 6.45 Z | | 300751 | 迈为股份 | 85.44 | 6.33% | 13.63万 | 11.58亿 | | 300274 | 阳光电源 | 97.86 | 5.81% | 67.68万 | 65.16亿 | | 600732 | 爱旭股份 | 15.50 | 5.37% | 68.23万 | 10.48亿 | | 688503 | 業和材料 | 54.50 | 5.21% | 18.78万 | 10.41亿 | | 688516 | 奥特維 | 40.62 | 4.48% | 12.60万 | 5.07亿 | | 300842 | 帝科股份 | ...

Group 1 - The company has approved a profit distribution plan, proposing a cash dividend of 5 yuan per 10 shares (including tax) to all shareholders, with no bonus shares issued [1] - The company does not require retrospective adjustments or restatements of previous accounting data [2] - There have been no changes in the controlling shareholder or actual controller during the reporting period [3] Group 2 - The company's operating conditions have not undergone significant changes during the reporting period [3]

苏州迈为科技股份有限公司 重大信息内部报告制度 第一章 总 则 第一条 为规范苏州迈为科技股份有限公司（以下简称"本公司"或者"公 司"）的重大信息内部报告工作，保证公司内部重大信息的快速传递、归集和有 效管理，及时、准确、全面、完整地披露信息，维护投资者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》 《深圳证券交易所创业板股票上市规则》（以下简称"《股票上市规则》"）《苏 州迈为科技股份有限公司章程》（以下简称"《公司章程》"）《公司信息披露 事务管理制度》等有关规定，结合本公司实际，制定本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或者即将发生可能对 公司股票及其衍生品种交易价格产生较大影响的情形或者事件时，按照本制度规 定负有报告义务的单位、部门、人员，应当在第一时间将相关信息向公司董事会 和董事会秘书进行报告，并提供相关的文件和资料的制度。 第三条 本制度适用于公司、分公司、子公司及参股公司。本制度所称"报 告义务人"为公司董事、高级管理人员、各部门负责人、各分子公司负责人、公 司派驻各分支机构的董事、监事（如有）和高级管理人员。 第二章 重 ...

Core Viewpoint - The document outlines the securities investment management system of Suzhou Maiwei Technology Co., Ltd., emphasizing the need for legal compliance, risk management, and effective internal controls in securities investments. Group 1: General Provisions - The purpose of the securities investment management system is to regulate the company's securities investments and related information disclosure, enhance management, prevent investment risks, and ensure asset safety [1] - Securities investments include new stock subscriptions, stock repurchases, equity and depositary receipt investments, bond investments, and other recognized investment behaviors [1] Group 2: Investment Principles - The company must adhere to principles of legality, prudence, safety, and effectiveness in securities investments, establishing robust internal control systems to manage investment risks [3] - Investments should be analyzed for feasibility and necessity, with strict adherence to approved investment limits based on the company's risk tolerance [3][4] Group 3: Decision-Making and Approval Authority - Securities investments exceeding 10% of the latest audited net assets and over 10 million RMB require board approval and timely information disclosure [4] - Investments exceeding 50% of the latest audited net assets and over 50 million RMB must also be submitted for shareholder meeting approval [4] Group 4: Management and Risk Control - A securities investment team is established for daily operations, responsible for project research, planning, and ongoing monitoring of investment progress and risks [6] - The finance department and securities affairs office manage funds and accounts related to securities investments, ensuring compliance with regulations [6] Group 5: Information Disclosure - The company must analyze and disclose relevant information regarding securities investments, including purpose, amount, duration, and risk control measures [8] - The board of directors is responsible for tracking the execution and safety of investments, taking immediate action in case of significant losses [8]

Core Viewpoint - The document outlines the management system for entrusted financial management at Suzhou Maiwei Technology Co., Ltd, emphasizing the need for regulatory compliance, risk prevention, and asset security. Group 1: General Principles - The entrusted financial management system aims to regulate the company's financial management practices and ensure asset safety based on various legal frameworks [1][2]. - Entrusted financial management refers to the act of delegating investment and management of assets to professional financial institutions [1]. Group 2: Principles of Entrusted Financial Management - The company must adhere to principles such as "standardized operation, risk prevention, cautious investment, and value preservation" [2]. - Funds used for entrusted financial management must be idle funds and should not affect normal operations or project funding [2]. - Financial products must meet high safety, liquidity, and controllable risk criteria [2]. Group 3: Decision-Making and Approval Authority - If the entrusted financial management amount exceeds 10% of the latest audited net assets and is over 10 million RMB, it requires board approval [3]. - For amounts exceeding 50% of the latest audited net assets and over 50 million RMB, shareholder meeting approval is necessary [3]. Group 4: Management and Risk Control - The finance department is responsible for the execution of entrusted financial management, including risk assessment and tracking of investment safety [4]. - Regular reporting to management and the board is mandated to ensure transparency and accountability [4]. Group 5: Information Disclosure - The company must disclose details of entrusted financial management, including purpose, amount, method, and duration, in compliance with regulatory requirements [6][7]. - Any significant changes or risks associated with the financial products must be promptly reported [8]. Group 6: Confidentiality and Compliance - Employees involved in entrusted financial management must maintain confidentiality and comply with relevant laws and regulations [18]. - Violations of laws or internal regulations may lead to accountability for responsible personnel [18]. Group 7: Miscellaneous Provisions - The document allows for amendments based on future legal changes and clarifies that the board holds the interpretation rights of the system [19][20].

苏州迈为科技股份有限公司 总经理工作制度 第一章 总 则 第一条 为建立现代企业制度，进一步完善苏州迈为科技股份有限公司（以 下简称"公司"）治理结构，提高决策效率，根据《中华人民共和国公司法》和 《苏州迈为科技股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 公司特制定本制度，作为公司总经理的行为准则。 第二条 公司设置总经理一名，由董事会聘任或者解聘，可以连聘连任。公 司根据生产经营的需要可设副总经理若干名，财务总监一名，由总经理提请董事 会聘任或者解聘，协助总经理工作。 第三条 总经理是董事会领导下的公司日常经营管理负责人，负责贯彻落实 董事会决议，主持公司的生产经营和日常管理工作，并对董事会负责。总经理应 当遵守法律、行政法规、部门规章等规范性文件和《公司章程》的有关规定，履 行诚信和勤勉的义务。 第二章 总经理的任职资格与任免程序 第四条 总经理应当具备下列任职条件： （一）具有较丰富的经济理论知识、管理知识及实践经验，具有较强的经营 管理能力； （二）具有调动员工积极性、建立合理的组织机构、协调各种内外关系和统 揽全局的能力； （三）具有一定年限的企业管理或者经济工作经历，精通本行，熟悉 ...