甬矽电子（宁波）股份有限公司2025 年半年度报告 公司代码：688362 公司简称：甬矽电子 转债代码：118057 转债简称：甬矽转债 甬矽电子（宁波）股份有限公司 甬矽电子（宁波）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并依法承担法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"中"四、风险因素"相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人王顺波、主管会计工作负责人金良凯及会计机构负责人（会计主管人员）金良 凯声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资 ...

证券研究报告 | 公司深度报告 2025 年 08 月 25 日 美迪凯（688079.SH） 光学半导体领军企业，产品矩阵进入收获期 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 321 | 486 | 641 | 1,000 | 1,400 | | 增长率 yoy（%） | -22.5 | 51.4 | 32.0 | 56.0 | 40.0 | | 归母净利润（百万元） | -84 | -102 | -81 | 150 | 266 | | 增长率 yoy（%） | -482.3 | -20.6 | 20.4 | 285.6 | 76.6 | | ROE（%） | -5.8 | -7.6 | -6.1 | 10.3 | 15.6 | | EPS 最新摊薄（元） | -0.21 | -0.25 | -0.20 | 0.37 | 0.65 | | P/E（倍） | -65.8 | -54.6 | -68.6 | 37.0 | 20.9 | | P/B（倍） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved record high revenue in H1 2025, with a year-on-year growth of 20.1%, reaching 186.1 billion yuan. The second quarter alone saw revenue of 92.7 billion yuan, up 7.2% year-on-year [5][6] - The company is focusing on advanced packaging technology and has increased its R&D investment by 20.5% in H1 2025, amounting to 9.9 billion yuan [5][6] - The company is expected to see revenue growth from 410.98 billion yuan in 2025 to 516.10 billion yuan in 2027, with corresponding net profits increasing from 19.06 billion yuan to 31.82 billion yuan [6][7] Financial Performance - In H1 2025, the company's gross profit margin remained stable compared to the previous year, while the net profit attributable to the parent company was 4.7 billion yuan, a decrease of 24.0% year-on-year [5][6] - The company’s revenue projections for 2025, 2026, and 2027 are 410.98 billion yuan, 461.99 billion yuan, and 516.10 billion yuan respectively, with net profits of 19.06 billion yuan, 24.34 billion yuan, and 31.82 billion yuan [6][7] - The company’s P/E ratio is projected to decrease from 36.5 in 2025 to 21.8 in 2027, indicating potential for growth in earnings relative to its stock price [7][8] Market Position and Strategy - The company is capitalizing on market opportunities in sectors such as smart driving, high-density storage, and automotive electronics, with respective revenue growth rates of 72.1%, 38.6%, and 34.2% year-on-year in H1 2025 [5][6] - The establishment of a new subsidiary focused on system-level packaging and the completion of a chip testing facility for automotive electronics are part of the company's strategy to enhance its technological capabilities and production capacity [5][6]

公司研究 华创证券研究所 证券分析师：岳阳 证 券 研 究 报 告 长电科技（600584）2025 年半年报点评 强推（维持） 25H1 收入保持增长，先进封装+车规产能布 局助力长期成长 事项： 评论： 集成电路 2025 年 08 月 23 日 | 目标价：43.9 | 元 | | --- | --- | | 当前价：38.84 | 元 | 《长电科技（600584）2024 年半年报点评：业绩 重回高增轨道，发力先进封装未来可期》 2024-08-25 《长电科技（600584）2024 年一季报点评：业绩 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 公司基本数据 | 总股本(万股) | 178,941.46 | | --- | --- | | 已上市流通股(万股) | 178,941.46 | | 总市值(亿元) | 695.01 | | 流通市值(亿元) | 695.01 | | 资产负债率(%) | 42.84 | | 每股净资产(元) | 15.58 | | 12 个月内最高/最低价 | 46.55/27.78 | 市场表现对比图(近 12 个月) -8% ...

长电科技 20250821 摘要 长电科技 2025 年上半年营收达 186.1 亿元，同比增长 20.1%，创历史 新高，二季度营收 92.7 亿元，同比增长 7.2%，为历史单季新高。产能 利用率显著提升，二季度平均达到 70%左右，部分产线接近满产，显示 出强劲的增长势头。 先进封装业务增长显著，2025 年上半年同比增长 22%，其中晶圆级封 装增速接近 30%。汽车板块收入同比增长 34%，工业类产品收入同比 增长 39%，运算类电子收入同比增长 72%，表明公司在多元化应用领 域取得进展。 存储业务收入同比增长超过 150%，营收占比接近中双位数，主要受益 于运算电子领域需求强劲。功率器件方面，通过技术创新，推动碳化硅 器件技术走向量产和市场应用，与国内外头部第三代半导体客户合作。 公司积极布局汽车电子，在上海临港建立新工厂，预计年底量产，服务 国内外大客户。中期目标是使汽车电子收入占公司总营收超过 20%，表 明公司对汽车电子市场的重视和投入。 Q&A 长电科技在 2025 年上半年的市场表现如何？ 2025 年上半年，全球半导体行业延续了结构性复苏的态势，人工智能和基础 设施的持续拉动使高端芯 ...

Investment Rating - The report maintains an "Accumulate" rating for Debang Technology with a target price of 74.20 CNY [5][13]. Core Insights - The company has experienced rapid growth in integrated circuit packaging materials and smart terminal packaging materials, with revenues increasing by 87.79% and 53.07% year-on-year, respectively [2][11]. - The acquisition of Taijino, which will be consolidated starting February 2025, is expected to enhance the company's position in high-end thermal interface materials for high computing power and advanced packaging applications [2][11]. - The company’s revenue for the first half of 2025 reached 690 million CNY, a year-on-year increase of 49.02%, with a net profit of 44.29 million CNY, up 53.47% [11][12]. Financial Summary - Total revenue projections for 2025E, 2026E, and 2027E are 1.59 billion CNY, 1.95 billion CNY, and 2.35 billion CNY, representing year-on-year growth rates of 36.25%, 22.70%, and 20.69% respectively [13]. - The net profit attributable to the parent company for the same years is projected to be 150 million CNY, 215 million CNY, and 282 million CNY, with growth rates of 54.31%, 42.83%, and 31.31% respectively [13]. - The company’s earnings per share (EPS) for 2025E, 2026E, and 2027E are estimated at 1.06 CNY, 1.51 CNY, and 1.98 CNY [11][13]. Revenue Breakdown - The revenue from integrated circuit packaging materials in the first half of 2025 was 113 million CNY, with a gross margin of 42.89%, an increase from 39.21% in the first half of 2024 [11]. - Revenue from smart terminal packaging materials was 167 million CNY, with a gross margin of 43.05% [11]. - Revenue from new energy application materials reached 359 million CNY, with a gross margin of 13.05% [11]. Market Position and Growth Drivers - The company has successfully delivered small batches of several advanced packaging materials, including DAF film, CDAF film, and chip-level underfill materials [11]. - The acquisition of Taijino is expected to further expand the company’s capabilities in high-end thermal interface materials [11]. - The company is also penetrating core modules for major smartphone clients, indicating strong demand and market validation [11].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock's performance in the near term [1][8]. Core Insights - The company's profitability has significantly improved in the first half of 2025, with a revenue increase of 32.50% year-on-year, reaching 323 million yuan, and a staggering net profit growth of 1005.12%, amounting to 58 million yuan [4][5]. - The advanced packaging business is progressing towards large-scale applications, with new products such as ultrasonic scanning microscopes and ultrasonic die bonding machines receiving formal orders [6][7]. Financial Performance - In Q2 2025, the company achieved a revenue of 175 million yuan, reflecting a year-on-year growth of 42.46% and a quarter-on-quarter increase of 18.76% [5]. - The gross margin improved by 15.41 percentage points to 65.25%, while the net margin increased by 14.97 percentage points to 17.03% in the first half of 2025 [6]. - The company expects continued strong performance in 2025-2027, with projected net profits of 130 million, 200 million, and 290 million yuan, respectively, representing year-on-year growth rates of 54.9%, 52.9%, and 42.2% [8][10]. Market Position and Growth Potential - The company is expanding its applications of ultrasonic technology across various sectors, including new energy batteries, connector harnesses, and semiconductors, which are expected to benefit from the growth of downstream industries and increased domestic production rates [7][8]. - The successful entry into the connector market with high-power ultrasonic torque welding machines has broken foreign monopolies and secured formal orders from clients [5][6].

Core Viewpoint - Huada Technology is establishing Nanjing Huada Advanced Packaging Co., Ltd. with a registered capital of 2 billion yuan, integrating its three core segments to capitalize on the explosive growth in the global advanced packaging market [1] Company Summary - Huada Technology is consolidating its subsidiaries, Huada Jiangsu, Huada Kunshan, and Huada Advanced No. 1 Fund, to form a new entity focused on advanced packaging [1] - The company is adopting a "cash + heavy asset" investment model, with Huada Jiangsu contributing land, real estate, and machinery, while Huada Kunshan and the Advanced No. 1 Fund provide cash support [1] - The establishment of Nanjing Huada Advanced is expected to create new business growth opportunities for the company and positively impact the semiconductor packaging and testing industry [1] Industry Summary - The global advanced packaging market is experiencing explosive growth, with major players like TSMC, Intel, and Samsung increasing their investments [1] - It is predicted that by 2027, the advanced packaging market will surpass traditional packaging for the first time [1] - The development of Nanjing Huada Advanced is anticipated to enhance domestic 2.5D/3D advanced packaging testing technology and contribute to the overall competitiveness of China's semiconductor industry [1]

Core Viewpoint - Guojin Securities has issued a buy rating for Lianhong Xinke (003022.SZ) based on stable operations and strong profitability in EVA, along with the potential contributions from new projects in renewable energy and biodegradable materials [2] Group 1 - The main production facilities are operating stably, maintaining a high level of EVA profitability [2] - New installations in renewable energy and biodegradable materials are beginning to ramp up, gradually contributing to profits [2] - Ongoing projects are progressing as planned, with forward-looking layouts in solid-state batteries, advanced packaging, and PEEK-related fields [2]

Group 1 - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund") has accelerated its investment recovery pace since August, with multiple semiconductor companies announcing reduction plans [1][3] - In 2023, the Big Fund has planned or implemented reductions in 8 semiconductor listed companies, with only Baiwei Storage involving the second phase of reduction, while others are from the first phase [1][3] - The reduction scale has expanded this year, with companies like Tongfu Microelectronics and others entering the reduction period, and the amount reduced from Tongfu Microelectronics exceeding 700 million yuan, with over 70% of the reduction completed [3] Group 2 - The Big Fund's operational logic shows a clear stratification, with the first phase fund accelerating exits from mature fields to support subsequent investments, while the second and third phases focus on strategic core areas [3] - The Big Fund's "orderly entry and exit" reflects its dual goals of market-oriented operations and strategic support, aiming for a virtuous cycle through capital exit while continuously investing in key technologies [3] - The third phase of the Big Fund has a registered capital of 344 billion yuan, with future investments expected to strengthen the domestic semiconductor ecosystem in areas like AI chips and advanced packaging [3]