格隆汇9月1日丨维峰电子(301328.SZ)于近期投资者关系活动表示，公司东莞基地已于2024 年6月投产； 昆山基地计划于今年年底达到预计可使用状态，目前已完成项目的主体基建建设；泰国基地预计于今年 年底基本完成厂房的建设，预计明年上半年能逐步开始投产。 ...

Group 1: Company Performance - In the first half of 2025, the company achieved revenue of approximately 3.4 billion yuan, representing a year-on-year growth of 40.19% [2] - The net profit for the same period was approximately 5,493 million yuan, with a net profit growth of 16.52% [2] Group 2: Capacity Expansion - The Dongguan base was put into production in June 2024 [2] - The Kunshan base is expected to reach operational status by the end of this year, with the main construction completed [2] - The Thailand base is anticipated to complete factory construction by the end of this year, with production expected to gradually start in the first half of next year [2] Group 3: Product Development - The company's automotive high-frequency and high-speed connectors are experiencing good momentum due to the increasing penetration of new energy vehicles and the popularity of intelligent driving [2]

证券日报网讯维峰电子8月28日在互动平台回答投资者提问时表示，公司昆山维康工厂将作为公司第二 大产能延伸，主要服务于华东区域客户，为公司未来业务增长提供有力推动，具体生产产品将视客户需 求而定。 （文章来源：证券日报） ...

证券日报网讯维峰电子（301328）8月28日在互动平台回答投资者提问时表示，公司将按照经营规划及 战略路径积极开展阶段性研发工作，拥抱市场机遇。 ...

丨证券研究报告丨 公司研究丨点评报告丨维峰电子（301328.SZ） [Table_Title] Q2 业绩承压，静待花开 报告要点 [Table_Summary] 维峰电子披露 2025 年半年度报告。报告期内，公司实现营业收入 3.38 亿元，同比增长 40.19%； 公司实现归属于上市公司股东的净利润 0.55 亿元，同比增长 16.52%。工业、汽车和新能源板 块均实现同比增长，其中新能源连接器业务业绩表现最为亮眼，成为重要增长引擎。公司已实 现从研发、设计、生产到销售的一体化运作，以工控连接器为基础，通过汽车及新能源连接器 双轮驱动，构建了多元化的业务布局。依托工控连接器领域的技术壁垒与平台化优势，公司有 望实现长周期稳健增长，在汽车、新能源领域形成卡位优势。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 维峰电子（301328.SZ） cjzqdt11111 [Table_Title2] Q2 ...

Group 1 - The company, Weifeng Electronics, confirmed that the 224G high-speed copper cable series group standard can be applied to high-speed connectors in AI data centers [2]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported good growth across its business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, and MCU close to 20% [1] - The company anticipates a sequential growth in Q3, with overall demand expected to rise throughout the year, particularly for niche DRAM, which is facing supply tightness [1] - The gross margin is expected to remain stable, with a slight increase in DRAM margins and moderate price increases for Flash products [1] Group 2: Weifeng Electronics - Weifeng Electronics achieved revenue of 340 million yuan in H1 2025, a year-on-year increase of 40.19%, and a net profit of 54.93 million yuan, up 16.52% [2] - The company is advancing its projects, with a new factory in Thailand expected to be operational by mid-2026 to enhance supply chain resilience [2] - The automotive connector segment saw significant growth, with revenue reaching 82.06 million yuan, a 55.85% increase year-on-year [2] Group 3: Kela Co., Ltd. - Kela Co., Ltd. experienced a decline in profits in Q2, primarily due to the impact of the 618 shopping festival, although sales expense ratios are improving [3] - The company plans to expand its institutional and specialty channel business, with a production capacity of 100,000 tons at its Hangzhou factory [3] - Kela is launching its own brand, Dudi, in Q2 2024, after ending its partnership with He Sheng Yuan [3]

Core Viewpoint - The performance briefing held by Weifeng Electronics highlighted significant growth in revenue and net profit for the first half of 2025, alongside ongoing developments in investment projects and expansion efforts in Thailand [1][2]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of approximately 340 million yuan, representing a year-on-year increase of 40.19% [2] - The net profit for the same period was about 54.93 million yuan, showing a year-on-year growth of 16.52% [2] - The disparity between revenue and net profit growth is attributed to increased depreciation from investment projects, new share-based payment expenses from the employee stock ownership plan, and reduced interest income due to lower market rates [2] Group 2: Investment Projects - Investment projects commenced production in June 2024, focusing on automation and intelligent configuration at the South China headquarters, currently in a ramp-up phase for capacity utilization [2] - The Kunshan Weikang connector project is expected to reach operational status by the end of the year, with major construction completed and ongoing installations for utilities [2] Group 3: International Expansion - The construction of the Thailand factory is progressing as planned, with completion expected by the end of this year and production slated for the first half of next year [2] - The factory aims to enhance proximity to overseas markets, mitigate trade barriers, and strengthen supply chain resilience against geopolitical risks [2] Group 4: Business Development - The company has established a strong collaboration with leading robotics clients, leveraging its brand reputation and technical capabilities [2] - The focus on signal transmission modules for robotics, characterized by high customization and profitability, serves as a core competitive advantage [2] Group 5: Automotive Connectors - Revenue from automotive connectors reached approximately 82.06 million yuan, reflecting a year-on-year increase of 55.85% [2] - The company increased its stake in Weikang Automotive to 80%, supporting high-frequency and high-speed business development, with progress in key automotive systems [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately 340 million yuan, representing a year-on-year growth of 40.19% [2] - The net profit for the same period was approximately 54.93 million yuan, with a year-on-year increase of 16.52% [2] - The discrepancy between revenue and net profit growth is attributed to three main factors: increased depreciation expenses from investment projects, new share-based payment expenses due to employee stock ownership plans, and reduced interest income due to lower market interest rates [2] Group 2: Investment Projects - The investment projects commenced production in June 2024, with the South China headquarters achieving automation and intelligent configuration, currently in a ramp-up phase for capacity utilization [3] - The Kunshan Weikang connector project is expected to reach operational status by the end of this year, with the main construction completed and currently in the installation phase for utilities [3] Group 3: International Expansion - The Thailand factory project is progressing as planned, with completion of the building expected by the end of this year and production anticipated in the first half of next year [4] - The factory aims to better serve overseas markets, mitigate trade barriers, and enhance supply chain resilience [4] Group 4: Business Development - The company's automotive connector segment generated revenue of 82.06 million yuan, reflecting a year-on-year growth of 55.85% [4] - The growth is driven by the "three electric systems" connectors and increased investment in Weikang Automotive, which now holds an 80% stake, supporting high-frequency and high-speed business development [4] - The company has successfully introduced products for intelligent cockpits and autonomous driving systems, achieving small batch supply [4]

2025年8月23日，维峰电子(301328.SZ)发布2025年中报。 公司最新总资产周转率为0.16次，较去年同期总资产周转率增加0.04次，同比较去年同期上涨32.11%。最新存货周转率为1.57次，较去年同期存货周转率增 加0.34次，同比较去年同期上涨27.67%。 公司营业总收入为3.38亿元，较去年同报告期营业总收入增加9678.41万元，同比较去年同期上涨40.19%。归母净利润为5493.22万元，较去年同报告期归母 净利润增加778.90万元，同比较去年同期上涨16.52%。经营活动现金净流入为3714.19万元。 公司股东户数为1.13万户，前十大股东持股数量为8216.09万股，占总股本比例为74.76%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 李文化 | 31.2 | | 2 | 罗少春 | 17.00 | | 3 | 康乃特(深圳)实业投资合伙企业(有限合伙) | 11.3 | | ব | 李睿瑟 | 5.65 | | 5 | 新余德彩玉丰股权投资中心(有限合伙) | 3.30 | | 6 | 李八翠 | ...