【私募调研记录】银叶投资调研宏发股份

Group 1 - The core viewpoint of the news is that Hongfa Technology has achieved high-quality growth in the first half of 2025, with significant growth across multiple business areas and an increase in per capita revenue to 654,000 yuan, representing an 8.9% year-on-year growth [1] - The gross profit margin is significantly influenced by the growth rate of business scale, with continuous improvement in per capita efficiency driving the gradual increase in gross profit margin [1] - The company has solidified its market position with high-quality automotive relay products and has received recognition for its high-capacity control boxes, benefiting from the increasing penetration of electric vehicles in Europe [1] Group 2 - The industrial relay segment has shown a good recovery in growth, with a favorable competitive landscape in the industry due to the diversified downstream application areas [1] - The initial customer for high-capacity control boxes was Toyota, and the company is actively expanding its customer base to leading domestic automotive manufacturers and battery factories, as well as exploring overseas markets [1] - The company has put into operation production bases in Indonesia and Germany, supported by a core management team with rich experience, and continues to consolidate its leading position in the relay business [1] Group 3 - The order intake and backlog maintain a favorable outlook, with a stable global economic environment expected to sustain good market conditions [1]