Investment Rating - The report maintains a "Hold" rating for the company, with a target price of 110 CNY for 2026, based on a projected PE of 40x [3][12][14]. Core Insights - The company reported a significant revenue increase of 74.64% year-on-year, reaching 840 million CNY in H1 2025, with a net profit of 55 million CNY, up 15.57% year-on-year [2][7]. - The smart automotive sector showed remarkable growth, with revenues of 187 million CNY, a 203% increase year-on-year, driven by the rising demand for smart system control modules [2][8]. - The cooling solutions business also contributed positively, generating 135 million CNY in revenue, a 53% increase, primarily serving the communication, AI server, and semiconductor industries [2][9]. - The mobile terminal business saw a revenue increase of 47% year-on-year, reaching 406 million CNY, supported by innovations in AI and battery technology [2][10]. - The brushless motor segment generated 43 million CNY in revenue, benefiting from the integration of AI and 3D vision technologies [2][11]. Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 23.21% and a net margin of 8.43%. In Q2 2025, revenue was 523 million CNY, with a gross margin of 23.43% and a net margin of 10.33% [2][7]. - The forecast for net profit is 188 million CNY for 2025 and 284 million CNY for 2026, with corresponding PE ratios of 57x and 38x [3][12]. Business Segments - **Smart Automotive**: Revenue of 187 million CNY, driven by increased demand for smart system control modules [2][8]. - **Cooling Solutions**: Revenue of 135 million CNY, primarily from the communication and AI server sectors [2][9]. - **Mobile Terminals**: Revenue of 406 million CNY, supported by technological innovations and a focus on the Apple supply chain [2][10]. - **Brushless Motors**: Revenue of 43 million CNY, with growth attributed to advancements in AI and 3D vision technologies [2][11]. Valuation and Projections - The target price of 110 CNY is based on expected revenue growth exceeding 30% in 2026 and a recovery in gross margins above 25% [12][14].

Core Viewpoint - Strong瑞技术 (301128) reported a significant increase in revenue and net profit for the first half of 2025, but faced challenges with declining profit margins and cash flow issues [1][3]. Financial Performance - Total revenue reached 840 million yuan, a year-on-year increase of 74.64% [1] - Net profit attributable to shareholders was 54.91 million yuan, up 15.57% year-on-year [1] - The gross profit margin decreased to 23.21%, down 32.67% year-on-year [1] - The net profit margin fell to 8.43%, a decline of 34.67% year-on-year [1] - Earnings per share decreased to 0.53 yuan, down 17.45% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable increased by 51.05% year-on-year, reaching 558 million yuan, indicating longer collection cycles [1][3] - Operating cash flow per share was -0.35 yuan, a significant decline of 162.93% year-on-year [1] - The net increase in cash and cash equivalents dropped by 306.17%, attributed to increased operational funding needs [6] Cost and Expenses - Total sales, management, and financial expenses amounted to 48.64 million yuan, accounting for 5.79% of revenue, a decrease of 28.21% year-on-year [1] - Operating costs surged by 104.65%, driven by efforts to expand market share and increased production costs [5] Investment and Financing - Short-term borrowings increased by 198.75%, reflecting the need for additional liquidity due to rising sales orders [4] - Long-term borrowings were primarily used for external investments and operational funding [4] Business Model and Market Position - The company relies heavily on research and development to drive its performance [8] - The return on invested capital (ROIC) was 12.05%, indicating strong capital returns, although historical averages show variability [7] Recommendations for Monitoring - Attention is advised on cash flow status, with a cash to current liabilities ratio of 86.57% [9] - The accounts receivable to profit ratio reached 572.41%, indicating potential collection issues [9]

Core Insights - Strong瑞 Technology (301128.SZ) reported a total operating revenue of 840 million yuan for the first half of 2025, marking an increase of 359 million yuan compared to the same period last year, achieving a 5-year consecutive growth with a year-on-year increase of 74.64% [1] - The net profit attributable to shareholders reached 54.91 million yuan, an increase of 7.40 million yuan from the same period last year, achieving a 4-year consecutive growth with a year-on-year increase of 15.57% [1] - The company reported a net cash outflow from operating activities of 36.47 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 56.37% [3] - The latest gross profit margin is 23.21%, an increase of 0.36 percentage points from the previous quarter [3] - The latest return on equity (ROE) is 6.62%, an increase of 0.84 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.53 yuan [3] - The total asset turnover ratio is 0.46 times, an increase of 0.08 times year-on-year, achieving a 3-year consecutive growth with a year-on-year increase of 21.08% [3] - The inventory turnover ratio is 1.56 times [3] Shareholder Structure - The number of shareholders is 12,900, with the top ten shareholders holding a total of 66.17 million shares, accounting for 63.97% of the total share capital [3] - The largest shareholder is Shenzhen Strong瑞 Investment Holding Co., Ltd., holding 38.51% [3] - Other notable shareholders include Yin Gaobin (8.93%), Liu Gang (7.12%), and Shen Juezhong (3.56%) [3]

Group 1 - Strong瑞技术's stock price increased by 20.00% on August 25, with a trading volume of 1.619 billion yuan [1] - The company had a financing buy-in amount of 206 million yuan and a financing repayment of 174 million yuan on the same day, resulting in a net financing buy of 32.0589 million yuan [1] - As of August 25, the total balance of margin trading for Strong瑞技术 was 498 million yuan, accounting for 4.08% of its circulating market value, which is above the 90th percentile level over the past year [1] Group 2 - As of July 18, the number of shareholders for Strong瑞技术 was 12,900, a decrease of 0.33% from the previous period, while the average circulating shares per person increased by 0.33% to 6,865 shares [2] - For the first half of 2025, Strong瑞技术 achieved an operating income of 840 million yuan, representing a year-on-year growth of 74.64%, and a net profit attributable to shareholders of 54.9069 million yuan, up 15.57% year-on-year [2] Group 3 - Since its A-share listing, Strong瑞技术 has distributed a total of 170 million yuan in dividends, with 133 million yuan distributed over the past three years [3]

Market Performance - A-share market experienced significant trading volume, with total turnover reaching 31,770 billion yuan, marking a new high for the year and the second highest in history [1][3] - Major indices such as the Shanghai Composite Index approached 3,900 points, with the Shanghai index closing at 3,883.56 points, up 1.51%, and the ChiNext Index rising by 3% [2][3] Trading Activity - Over 3,300 stocks in the market saw an increase, with five stocks exceeding 20 billion yuan in trading volume, including Dongfang Caifu, Hanwujing-U, and Beifang Rare Earth [3] - Notable sectors included digital currency, consumer goods, and liquor, with several stocks hitting their daily limit [2][3] Investor Sentiment - There has been a notable increase in new A-share accounts, with 1.9636 million new accounts opened in July, a 71% increase year-on-year [4] - International funds are increasingly entering the Chinese market, with significant growth in Korean retail investors' holdings in Chinese stocks [4] Market Outlook - Analysts suggest that the current market rally is primarily driven by institutional investors rather than retail investors, indicating a more strategic approach to investment [5] - The market sentiment remains positive, with expectations of continued upward movement, although caution is advised regarding potential overheating [7]

智通财经APP讯，强瑞技术(301128.SZ)发布2025年半年度报告，该公司营业收入为8.4亿元，同比增长 74.64%。归属于上市公司股东的净利润为5490.69万元，同比增长15.57%。归属于上市公司股东的扣除 非经常性损益的净利润为5191.85万元，同比增长17.76%。基本每股收益为0.5308元。 ...

Core Viewpoint - Strong瑞 Technology reported significant growth in its 2025 semi-annual report, indicating a robust performance in revenue and net profit [1] Financial Performance - The company achieved an operating income of 840 million yuan, representing a year-on-year increase of 74.64% [1] - The net profit attributable to shareholders of the listed company was 54.91 million yuan, showing a year-on-year growth of 15.57% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 51.92 million yuan, with a year-on-year increase of 17.76% [1] - The basic earnings per share were reported at 0.5308 yuan [1]

深圳市强瑞精密技术股份有限公司 2025 年半年度财务报告 2025 年半年度报告 深圳市强瑞精密技术股份有限公司 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：深圳市强瑞精密技术股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 213,106,246.14 | 321,341,411.91 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 90,000,000.00 | 40,593,775.34 | | 衍生金融资产 | | | | 应收票据 | 531,983.81 | 5,712,862.33 | | 应收账款 | 558,375,144.22 | 433,058,045.96 | | 应收款项融资 | 97,463,413.30 | 68,835,990.90 | | 预付款项 | 109,305,834.12 | 39, ...

证券代码：301128 证券简称：强瑞技术 公告编号：2025-065 深圳市强瑞精密技术股份有限公司 | 项目 | 金额（单位：元） | | --- | --- | | 信用减值损失 | -5,764,144.41 | | 其中：应收账款坏账损失 | -4,695,703.35 | | 应收票据坏账损失 | 141,476.06 | | 其他应收账款坏账损失 | -241,949.44 | | 应收款项融资 | -967,967.68 | | 资产减值损失 | -18,328,216.81 | | 其中：存货跌价损失及合同履约成本减值损失 | -17,489,688.28 | | 合同资产减值损失 | -838,528.53 | 关于 2025 年半年度计提资产减值损失和信用损失的公告 注：以上表格内，正数表示收益，负数表示损失。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为公允、客观的反映深圳市强瑞精密技术股份有限公司（以下简称"公司"、 "本公司"） 财务状况、资产价值及经营成本，本着谨慎性原则，根据《企业会 计准则》及公司会计政策的相关规定，公司 ...

公司负责人： 尹高斌 主管会计工作的负责人 ：游向阳 会计机构负责人： 游向阳 1 深圳市强瑞精密技术股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：深圳市强瑞精密技术股份有限公司 金额单位：人民币万元 非经营性资金占 用 资金占用方名称 占用方与上市公司的关联关系 上市公司核算的 会计科目 2025年初占用资 金余额 2025年半年度占用累计 发生金额（不含利息） 2025年半年度占用 资金的利息（如 有） 2025年半年度偿 还累计发生额 2025年6月30日占 用资金余额 占用形成原因 占用性质 控股股东、实际 控制人及其附属 企业 非经营性占用 非经营性占用 小 计 —— —— —— —— —— 前控股股东、实 际控制人及其附 属企业 非经营性占用 非经营性占用 小 计 —— —— —— —— —— 其他关联方及附 属企业 非经营性占用 非经营性占用 小 计 —— —— —— —— —— 总 计 —— —— —— —— —— 其它关联资金往 来 资金往来方名称 往来方与上市公司的关联关系 上市公司核算的 会计科目 2025年初往来资 金余额 2025年半年度往来累 ...