【机构调研记录】百嘉基金调研天孚通信、普利特

Group 1: Tianfu Communication - In the first half of 2025, Tianfu Communication achieved operating 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] - Growth in active business is primarily driven by increased deliveries of high-speed active products, with strong demand for these products [1] - The company's Thailand factory has commenced production, with phase two focused on R&D and customer validation, expecting large-scale production next year [1] Group 2: Plit - In the first half of 2025, Plit reported significant growth in performance compared to the same period last year, driven by full orders in modified materials and the release of new production capacity [2] - The new energy business showed improvement, with square batteries in high demand, an increase in sodium-ion battery orders, and mass production of semi-solid batteries, leading to a year-on-year revenue growth of 21.32% in the new energy sector [2] - The company is actively applying modified materials in the robotics field, with some materials already supplied in bulk to industrial robots [2]