中电港分析师会议-20250626

Group 1: Report General Information - The research object is CEC Port, and the research date is June 26, 2025. The listed company's reception staff includes the representative of the securities affairs, Xie Rizeng, and the commissioner of the securities affairs, Deng Liting [17] - The participating research institution is Huafu Securities [2] Group 2: Core Views - The company serves as a key "link" in the electronic information industry, connecting upstream and downstream, and ensuring the stability of the electronic components supply chain [22] - In Q1 2025, the company achieved significant year - on - year growth in revenue and profit, mainly due to seizing demand opportunities in areas such as new energy vehicles, AI computing power, and robots [22] - The company's business is centered around authorized distribution of electronic components. Authorized distributors can obtain direct support from original manufacturers, while non - authorized distributors are more flexible but more vulnerable to market shocks [23] - The company has rich upstream product line resources and will continue to optimize its product lines, tilting resources towards higher - quality product line businesses [23][24] - Exchange rate fluctuations can affect the company's foreign exchange gains and losses, as well as revenue and costs [24] Group 3: Summary by Directory 01. Research Basic Situation - The research object is CEC Port, the reception time is June 26, 2025, and the reception staff are the securities affairs representative Xie Rizeng and the securities affairs commissioner Deng Liting [17] 02. Detailed Research Institutions - The research institution is Huafu Securities, a securities company, and the relevant personnel are Yang Zhong and Guo Qiwei [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - Company's Value in the Industry Chain: The company acts as a "link" between upstream semiconductor design manufacturers and downstream electronic product manufacturers, helping original manufacturers promote products and serving downstream customers with technical support and solutions [22] - Q1 2025 Revenue and Profit Growth: In Q1 2025, the company's revenue was 17.47 billion yuan, a year - on - year increase of 249.01%, and the net profit attributable to the parent was 84.5551 million yuan, a year - on - year increase of 64.99%, due to seizing opportunities in new energy vehicles, AI computing power, and robots [22] - Business Model: The company's business is centered around authorized distribution. Authorized distributors get direct support from original manufacturers, while non - authorized distributors are more flexible but more affected by the market [23] - Product Line Planning: The company has rich product line resources, representing 11 out of the top 20 domestic semiconductor brands and 9 out of the top 20 global semiconductor brands. It introduced product lines in areas such as intelligent driving, passive components, and memory in 2024 and will continue to optimize product lines [23][24] - Impact of Exchange Rate Fluctuations: Exchange rate fluctuations affect the company's foreign exchange gains and losses, as well as revenue and costs due to foreign currency settlement in procurement and sales [24]