Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue and net profit exceeding market expectations, driven by growth in AI computing power, storage market recovery, and automotive electrification [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 10.453 billion, a year-on-year increase of 25.63%, and a net profit of 1.360 billion, up 37.75% year-on-year [2]. - Q2 2025 saw revenue reach 5.670 billion, representing a 30.1% year-on-year increase and an 18.6% quarter-on-quarter increase, with net profit of 870 million, up 42.9% year-on-year and 76.7% quarter-on-quarter [3]. - The gross margin for Q2 was 27.59%, an increase of 0.47 percentage points year-on-year, while the net margin was 15.33%, up 1.38 percentage points year-on-year [3]. Business Structure - PCB Business: Revenue of 6.270 billion, a year-on-year increase of 29.2%, accounting for 60% of total revenue, with a gross margin of 34.42% [4]. - Substrate Business: Revenue of 1.740 billion, a year-on-year increase of 9.0%, accounting for 16.6% of total revenue, with a gross margin of 15.2% [4]. - Electronic Assembly Business: Revenue of 1.480 billion, a year-on-year increase of 22.1%, accounting for 14.1% of total revenue, with a gross margin of 15.0% [4]. Future Outlook - In H2 2025 and the medium to long term, the company expects continued acceleration in AI computing power client acquisition and capacity expansion, with ongoing product structure optimization [5]. - The company is actively advancing new project construction, including the Thailand factory and the fourth phase project in Nantong, to support future capacity expansion [5].

Core Viewpoint - Huasheng Tiancheng (600410.SH) reported a revenue of 2.262 billion yuan for the first half of 2025, marking a year-on-year increase of 5.11%, while achieving a net profit of 140 million yuan, reversing losses. However, the company still faced a non-recurring net loss of 83 million yuan, continuing a trend of losses in its main business for over five years [1][4]. Financial Performance - The company’s investment income reached 238 million yuan, primarily from the appreciation of its holdings in Tailin Micro, which significantly boosted its fair value gains from -151 million yuan in the previous year to 271 million yuan [2]. - Huasheng Tiancheng directly holds 17.8619 million shares of Tailin Micro, accounting for 7.42% of its total share capital, with a market value of 856 million yuan at the end of the reporting period [2]. - The company reported a gross margin of 12.13%, a decrease of 0.95 percentage points compared to the end of the previous year, indicating a declining trend in profitability [5]. Business Segments - The IT system solutions segment generated 3.307 billion yuan in revenue, up 5.96% year-on-year, but with a low gross margin of 9.62%. The cloud computing products and services segment saw a revenue decline of 7.73%, with gross margins dropping from 28.73% in 2020 to 21.01% in 2024 [6]. - The company’s main subsidiaries reported losses, with Huasheng Software losing 21.715 million yuan, Land Network losing 5.4535 million yuan, and Guoyan Tiancheng losing 89.3821 million yuan in the first half of 2025 [4]. Market Activity - The stock price of Huasheng Tiancheng surged nearly 140% within a month due to the rising interest in AI computing power, but it closed at the daily limit down today [1][6]. - The company’s chairman, Wang Weihang, plans to reduce his holdings by up to 10.929 million shares, representing 0.9967% of the total share capital, amid ongoing pressure from personal funding needs [6].

红红火火的8月！ 今日（8月29日），A股三大指数全线走强，月线均录得大涨，创业板指月累计涨幅超24%。展望后市，有券商机构指 出，市场流动性边际仍充裕，同时内部重要事件、外部"美联储降息或将落地"，可能会推动上涨行情继续演绎。 值得一提的是，今日A股尾盘，工业富联股价强势涨停，总市值突破万亿大关，超越中国人寿，跻身A股市值榜前十名。 有分析指出，市场资金追捧工业富联的核心逻辑是，其在全球AI算力军备竞赛中的关键卡位，且公司核心业务上半年的 盈利能力大超市场预期。 工业富联涨停 8月29日，A股尾盘，工业富联股价强势涨停，截至收盘，涨停板封单达11.6万手，股价报53.83元，总市值升至10689.35 亿元，全天成交金额超173亿元。 与此同时，A股算力硬件股集体走高，长飞光纤、兴森科技、江海股份涨停，四会富仕、天孚通信、东山精密、华工科 技、博敏电子等个股全线大涨。 截至收盘，工业富联8月累计涨幅超55%，年内累计涨幅扩大至155.28%，成为TMT板块首只总市值突破万亿元的个股。 有分析指出，工业富联股价持续走强的主要原因是，公司核心业务盈利能力彰显强劲增长动能，云计算业务方面，产品 结构持续优化，AI ...

（文章来源：新华财经） | 指数简称 | 指数点位 | 本周涨跌幅 | 涨跌平天数比 | 指数上行 | 日均指数换手率 | 最近1年收益 | | --- | --- | --- | --- | --- | --- | --- | | 新华制造出海50 | 2884.30 | 10.63% | 4 1 0 | 主要贡献行业 通信设备、工程机械 | 2.67% | 5.54% | | 新华渠费出渔20 | 1503.75 | -1.71% | 2 3 0 | 小家电、商用车 | 1.34% | 8.84% | | 新华电新出海50 新华TMT出海50 | 2907.03 2804.22 | 9.07% 12.83% | 3 2 0 4 1 0 | 通信设备、其他电源设备 通信设备、半导体 | 2.76% 4.57% | 21.08% 13.73% | | 3000 | | | | | | | | 2750 | | | | | | | | 2500 | | | | | | | | 2250 | | | | | | | | 2000 | | | | | | | | 1750 | | | | | | | | 1500 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][17]. Core Insights - The company has significantly increased its performance in the first half of 2025, achieving a revenue of 9.031 billion yuan, a year-on-year growth of 86.00%, and a net profit attributable to shareholders of 2.143 billion yuan, a year-on-year increase of 366.89% [2][4]. - The company is strengthening its technological barriers and consolidating its leading position in the AI computing power sector, having made breakthroughs in high-layer and high-density interconnect (HDI) technologies, which positions it as a key partner for major tech firms globally [2][3]. Financial Performance Summary - Revenue projections for the company are as follows: 7,931 million yuan in 2023, 10,731 million yuan in 2024, 19,297 million yuan in 2025, 24,909 million yuan in 2026, and 30,362 million yuan in 2027, with growth rates of 0.6%, 35.3%, 79.8%, 29.1%, and 21.9% respectively [4][10]. - The net profit attributable to shareholders is projected to be 671 million yuan in 2023, 1,154 million yuan in 2024, 4,561 million yuan in 2025, 6,536 million yuan in 2026, and 8,234 million yuan in 2027, with growth rates of -15.1%, 72.0%, 295.1%, 43.3%, and 26.0% respectively [4][10]. - The company's earnings per share (EPS) are expected to be 0.78 yuan in 2023, 1.34 yuan in 2024, 5.29 yuan in 2025, 7.58 yuan in 2026, and 9.54 yuan in 2027 [4][10]. Market Position and Strategy - The company is implementing a "China + N" globalization strategy, enhancing its operational network through domestic and overseas factories, which supports its leading position in the PCB industry and its advantages in AI computing power and servers [3]. - The company has a high capacity utilization rate and is expanding its production capabilities for high-end products, including HDI and multi-layer boards, with ongoing projects in Huizhou, Thailand, and Vietnam [3].

华夏时报记者赵奕上海报道 8月28日，宏和科技（603256）(603256.SH)发布2025年上半年业绩。 报告期内，公司实现营业收入5.5亿元，同比增加35%；实现归属净利润8737.51万元，同比增加 10587.74%。对于净利润的大幅上涨，宏和科技在财报中表示，主要原因是报告期内普通E玻璃电子级 玻璃纤维布价格同比上涨，加上公司高性能低介电布、低热膨胀系数电子布2025年上半年已开始批量生 产并交付，附加值较好。 与净利润一同飙涨的还有宏和科技的股价，截至8月29日收盘，该公司股价报42.29元/股，今年以来股 价涨幅高达400%。但这份"高光"能否持续，成为市场关注的焦点。针对公司业绩大幅增长的可持续性 等相关问题，《华夏时报》记者致函宏和科技，但截至发稿尚未收到回复。 公开信息显示，宏和科技成立于1998年，2019年登陆上交所主板。公司专注中高端电子级玻璃纤维布的 研发、生产与销售，是全球极薄布(厚度≤16μm)核心供应商。 根据财报，2024年，宏和科技高性能电子级低介电常数玻璃纤维布和低热膨胀系数玻璃纤维布获得下游 客户的认证。2025年开始批量供应给下游客户。宏和科技指出，因AI算力对 ...

8月29日，腾景科技发布2025年半年度业绩报告称，上半年，公司实现营业总收入2.63亿元，较上年同期增长24.29%；实现归属于母公司所有者的净利润 3,658.88万元，较上年同期增长11.47%；扣除非经常性损益的净利润3,462.47万元，较上年同期增长11.68%。 同时，在垂直整合能力建设方面，公司加快推进合肥控股子公司应用于高速光通信领域的部分晶体材料产品扩产，并在客户订单方面取得了积极进展；南京 分公司开展的AR智能眼镜近眼显示光波导+光机模组业务在消费级市场的导入取得积极进展，并逐步开展产品量产交付；推进对控股子公司GouMax的业务 整合，实现在境内合资公司的高迈光通讯技术（福建）有限公司具备独立生产GouMax多型号光测试模块/设备产品的能力；武汉全资子公司已完成高速光引 擎生产试制线的建设，在光引擎封装工艺方面取得积极进展，推动公司实现在光通信领域的技术能力延展、升级，为后续的业务拓展奠定坚实基础。母公司 与武汉子公司协同强化在高速光通信领域的产品布局，在光通信器件技术向硅光、CPO等集成化演进升级的趋势中，为下游客户提供更具价值含量的光通信 产品，不断增强公司在光通信领域的核心竞争力 ...

Core Insights - The company achieved revenue of 1.898 billion and a net profit of 524 million in the first half of 2025, marking a year-on-year growth of 9.87% in net profit despite a complex market environment [1] Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 1.898 billion and a net profit of 524 million, reflecting a 9.87% increase in net profit year-on-year [1] Group 2: Technological Advancements - The company’s subsidiary, Guoxin New Energy, has made significant progress in its flue gas waste heat recovery project, achieving a recovery of approximately 445,700 GJ of waste heat, saving 117,600 tons of water, and reducing coal consumption by 37,200 tons, resulting in a total reduction of 50,400 tons of CO2 emissions [2] - The company has developed a smart operation platform that utilizes IoT, big data, cloud computing, and AI technologies for real-time monitoring and intelligent control of the entire heating process, significantly improving energy efficiency and reducing energy loss [3] Group 3: Strategic Initiatives - The company plans to increase R&D investment in clean heating and deepen technological innovation to enhance the proportion of clean energy in the heating system, while also promoting collaboration with Moer Thread to leverage technological advantages for resource sharing and collaborative development [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company is focusing on optimizing its revenue structure and enhancing profitability through continuous technological advancements in optical communication products [2][3]. - Despite a slight decline in revenue for the first half of 2025, the company has improved its revenue structure, particularly in high-margin areas such as multimode fiber and data products [2]. - The company is actively expanding its overseas market presence, with international revenue growth of 13%, accounting for over 34% of total revenue [2]. Financial Summary - The company's projected revenue for 2025 is 29.12 billion yuan, with a year-on-year growth rate of 2.0% [4]. - The projected net profit attributable to the parent company for 2025 is 924 million yuan, reflecting a year-on-year growth rate of 31.5% [4]. - The company's return on equity (ROE) is expected to increase from 3.3% in 2023 to 5.9% in 2025 [4]. - The earnings per share (EPS) is projected to rise from 0.40 yuan in 2023 to 0.73 yuan in 2025 [4]. - The price-to-earnings (P/E) ratio is expected to decrease from 70.4 in 2023 to 38.5 in 2025, indicating a more attractive valuation over time [4].

证券研究报告 中兴通讯 (763 HK/000063 CH) 港股通 政企业务同比倍增,关注自研芯片导入 华泰研究 中报点评 2025 年 8 月 29 日│中国内地/中国香港 通信设备制造 考虑到公司政企收入高增但毛利率短期承压，且公司上半年通过严格控费予 以应对，我们下调公司近年毛利率及费用率，看好未来毛利率随自研产品导 入而有所改善 ，综上我们调整公司 25-27 年 归 母净利润至 84.91/ 93.82/104.14 亿元（相对前次变动：-5%/-3%/+0.2%）。由于公司自研芯片 或在 26 年放量，我们切换至 26 年估值体系，可比公司 26 年一致预期 PE 均值为 29x，给予 A 股 26 年 PE 32x（由于子公司中兴微具备全栈自研能力 且持续进行品类拓展，相对同行更有优势），目标价 62.76 元（前次目标价 及 PE：39.41 元/25E 21x）；参考 25 年 6 月至今公司 H/A 股动态 PE 比率 均值 69%，汇率 0.91，对应 H 股 26 年 PE 22.04x 及目标价 47.24 港元（前 次目标价及 PE：26.54 港元/25E 13.25x），均维 ...