证券日报网讯 1月12日，沃尔核材（002130）在互动平台回答投资者提问时表示，公司单通道224G高速 线符合市场主流算力服务器需求，可在85摄氏度的高温下保证长时间的正常数据传输；其中部分规格可 达到105摄氏度，具有业内领先的耐高温性能。 ...

广州广合科技股份有限公司 证券代码：001389 证券简称：广合科技 广州广合科技股份有限公司投资者关系活动记录表 编号：2025-07 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他 （投资者走进上市公司活动） | | | 2025 年 12 月 11 日：金鹰基金 2025 年 12 月 15 日：IDG | | | 2025 年 12 月 16 日：高盛 | | | 2025 年 12 月 19 日：华安电子、东方红基金、景顺长城 | | 参与单位名称及人 | 基金、永赢基金、华源电子 | | 员姓名（排名不分先 | 2025 年 12 月 22 日： | | | 凯基证券、UG Investment Advisers LTD、南山人寿、 | | 后） | 富兰克林华美投信、丰利资本、国泰证券投资信托、佐佑 | | | 投资、第一金证券自营 | | | 2025 年 12 月 23 日： | | | 全景网、湘财证券及个人投资者（投资者走进上市公 ...

来源：新浪港股-好仓工作室 主营业务：算力PCB龙头全球份额4.9% 境外收入占超七成 广合科技核心业务为算力服务器PCB研发生产，产品包括AI服务器加速板、CPU主板等，2022-2024年 累计收入全球排名第三（市场份额4.9%），中国大陆第一。2024年营收37.34亿元，其中算力场景PCB 收入占比72.5%，境外收入占比超70%，业务高度依赖境外市场及算力服务器需求。 财务表现：净利润增速63%跑赢营收 毛利率提升至33.4% 2022-2024年业绩高速增长，但净利润增速显著高于营收，反映高毛利产品占比上升。2024年毛利率 33.4%较2022年提升7.3个百分点，净利率18.1%提升6.5个百分点，但2024年毛利率同比仅微增0.1个百分 点，增长动能或趋缓。 指标2022年2023年2024年2024年同比增速营业收入（亿元）39.4%净利润（亿元）2.804.156.7663.0%毛 利率26.1%33.3%33.4%0.1个百分点净利率11.6%15.5%18.1%2.6个百分点 收入构成：18层及以上PCB收入激增127% 占比仅10.5% 算力场景PCB为增长核心，2024年收入27 ...

智通财经APP获悉，据港交所12月14日披露，广州广合科技股份有限公司(简称：广合科技)递表港交所主板，中信 证券、汇丰为其联席保荐人。招股书显示，广合科技(001389.SZ)致力于制造算力服务器关键部件PCB。公司主要从 事研发、生产及销售应用于算力服务器及其他算力场景的定制化PCB。 根据弗若斯特沙利文的资料，以2022年至2024年的算力服务器PCB累计收入计，公司在全球算力服务器PCB制造商 中排名第三，在总部位于中国大陆的算力服务器PCB制造商中排名第一。 ...

据港交所12月14日披露，广州广合科技（001389）股份有限公司(简称：广合科技)递表港交所主板，中信证券、汇 丰为其联席保荐人。招股书显示，广合科技(001389.SZ)致力于制造算力服务器关键部件PCB。公司主要从事研发、 生产及销售应用于算力服务器及其他算力场景的定制化PCB。 根据弗若斯特沙利文的资料，以2022年至2024年的算力服务器PCB累计收入计，公司在全球算力服务器PCB制造商 中排名第三，在总部位于中国大陆的算力服务器PCB制造商中排名第一。 ...

智通财经APP获悉，据港交所12月14日披露，广州广合科技股份有限公司(简称：广合科技)递表港交所主板，中信 证券、汇丰为其联席保荐人。招股书显示，广合科技(001389.SZ)致力于制造算力服务器关键部件PCB。公司主要从 事研发、生产及销售应用于算力服务器及其他算力场景的定制化PCB。 根据弗若斯特沙利文的资料，以2022年至2024年的算力服务器PCB累计收入计，公司在全球算力服务器PCB制造商 中排名第三，在总部位于中国大陆的算力服务器PCB制造商中排名第一。 ...

Core Viewpoint - The company focuses on precision flexible and metal structural components, primarily serving the smart terminal, data communication, and computing infrastructure, as well as the new energy sectors [1] Group 1: Product Applications - The company's precision flexible structural components are applied in smart terminals such as smartphones, AIPC, laptops, and VR/AR wearable devices [1] - The precision metal structural components are widely used in data communication terminal devices like computing servers [1] Group 2: Revenue Composition - The company has indicated that the revenue proportions for the smart terminal, data communication and computing infrastructure, and new energy sectors can be found in the disclosed "2025 Semi-Annual Report" under the section "Management Discussion and Analysis - Main Business Analysis - Revenue Composition" [1]

Core Viewpoint - The company is focusing on supplying products in the computing power server sector, primarily featuring high current and high saturation inductive products [1] Group 1 - The company is actively collaborating with leading domestic and international clients to develop products that align with the latest server architecture research [1] - The company is fully committed to meeting mass production demands [1]

Group 1 - The company has developed a megawatt-level liquid cooling charging gun technology, which is mentioned in its 2024 financial report [1] - The company is exploring the application of this technology in ultra-high power heat dissipation scenarios for data center UPS power modules [1] - The company is focusing on developing and applying data center connection solutions, with its power connectors and liquid cooling quick-change connectors (UOD) already being used in computing servers [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 3.6 billion yuan in Q2 2025, a year-on-year increase of 22% and a quarter-on-quarter increase of 18%. However, the net profit attributable to the parent company was 0.3 billion yuan, a year-on-year decrease of 52% and a quarter-on-quarter decrease of 69% [1] - The automotive parts and accessories manufacturing sector showed steady growth, with the company's revenue from new energy vehicle business reaching 1.94 billion yuan, accounting for 54% of total revenue, a year-on-year increase of 3% [1] - The company is actively investing in new growth areas such as liquid cooling servers and humanoid robots, with R&D expenses increasing by 18% year-on-year [2][3] Financial Performance - In H1 2025, the company's revenue was 3.6 billion yuan, with a year-on-year growth of 13%. The net profit attributable to the parent company was 1.1 billion yuan, down 36% year-on-year [1] - The gross profit margin for H1 2025 was 13.0%, a decrease of 1.9 percentage points year-on-year, while the net profit margin was 3.2%, down 2.4 percentage points year-on-year [2] - The company expects net profits for 2025-2027 to be 0.35 billion, 0.50 billion, and 0.63 billion yuan respectively, with corresponding P/E ratios of 33, 23, and 18 times [3] Business Segments - The automotive parts and accessories manufacturing sector saw a 40% year-on-year increase in new energy vehicle sales, with the company’s revenue from this segment growing by 3% [1] - The communication equipment manufacturing sector experienced significant growth, with the company’s revenue reaching 0.36 billion yuan, a year-on-year increase of 146% [1] - The company is developing liquid cooling solutions for both automotive and computing servers, and has established partnerships with leading companies in the robotics sector [3]