【私募调研记录】健顺投资调研天孚通信、利元亨

Group 1: Tianfu Communication - In the first half of 2025, Tianfu Communication achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% year-on-year [1] - The growth in active business is primarily driven by the increased delivery of high-speed active products, with strong demand for these products [1] - The company's Thailand factory has commenced production, with phase two in the R&D and customer verification stage, expecting large-scale production next year [1] - The decline in gross margin is attributed to changes in product structure, with an increased revenue share from active products [1] - The company maintains high R&D investment and collaborates with customers to develop new products [1] Group 2: Liyuanheng - Liyuanheng anticipates that the domestic power battery equipment market will experience structured growth over the next 1-2 years, driven by equipment updates and new production equipment demands from leading battery manufacturers [2] - The company aims to enhance competitiveness through R&D, global operations, and the establishment of a service network, along with the synergy between consumer and power battery businesses [2] - A major client strategy has improved the company's operational quality and financial performance, including enhanced gross margins and reduced expense ratios [2] - The focus is on next-generation continuous production isostatic equipment, collaborating with battery material companies and cell manufacturers to tackle technical challenges [2] - The reduction in period expenses is attributed to improved operational efficiency and organizational optimization [2]