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纳芯微(688052):点评报告:业绩高速增长,盈利能力持续改善
ZHESHANG SECURITIES· 2025-08-23 11:52
Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved significant revenue growth, with a 79.49% year-on-year increase in revenue for the first half of 2025, reaching 1.524 billion yuan. The net loss narrowed significantly compared to the previous year, with a gross margin of 35.21% [1] - The company's revenue from the general energy sector remained stable at 52.57% of total revenue, while automotive electronics revenue accounted for 34.04%, with a total shipment of 3.12 billion units [2] - The company launched numerous new products in the first half of 2025, enhancing its product structure across various sensor categories and signal chain products [3] Financial Forecast - The company is projected to achieve revenues of 3.051 billion yuan, 3.838 billion yuan, and 4.742 billion yuan for the years 2025, 2026, and 2027, respectively. The expected net profits for the same years are -0.24 billion yuan, 0.96 billion yuan, and 3.01 billion yuan [4][6]
纳芯微(688052):业绩高速增长 盈利能力持续改善
Xin Lang Cai Jing· 2025-08-23 10:35
投资要点 业绩高速增长,盈利能力持续改善 2025 年上半年,公司新产品层出不穷。传感器方面,磁传感器拓展产品矩阵,首代VHS 3D 线性霍尔芯 片流片,第三代微功耗霍尔开关全国产供应链落地,首颗ASIL - C 汽车级角度传感器推出,磁性角度编 码器研发顺利;压力传感器小尺寸NSPAD1N 绝压系列量产;温湿度传感器车载与工业批量出货,带保 护膜湿度传感器规模出货,下一代超小高精度系列推进中。信号链方面,隔离产品不断迭代,新一代数 字隔离器降本且EMI 达汽车级最高,多款新品覆盖多场景;接口方向发布多款芯片,SerDes 芯片实现 全国产化产业链、速率6.4Gbps 用于车载;电源管理方面,非隔离的激光雷达及AI 服务器GaN 驱动实 现量产;音频功放4通道75W 完成验证。 投资建议 我们预计公司 2025-2027 年分别实现收入 30.51/38.38/47.42 亿元,实现归母净利润分别为 -0.24/0.96/3.01 亿元,维持"买入"评级。 风险提示 产品开发不及预期;市场竞争加剧;市场需求不及预期。 2025 年上半年公司实现营业收入15.24 亿元,同比增长79.49%;实现归母净利润-0 ...
AI时代下的PCB大变局:胜宏科技逆袭鹏鼎控股 为何“英伟达链”吃肉 “果链”只能喝汤?
Mei Ri Jing Ji Xin Wen· 2025-08-23 07:06
Core Viewpoint - Nvidia has become the first company in the world to surpass a market capitalization of $4 trillion, reaching $4.5 trillion on August 12, 2023, which has significantly impacted related stocks in the A-share market, particularly Shenghong Technology, whose stock price has surged over 450% this year [1][2]. Company Performance - Shenghong Technology's stock price reached 245 yuan per share on August 18, 2023, with a market capitalization exceeding 200 billion yuan, making it the "king of PCB stocks" [1][2]. - In contrast, Pengding Holdings, despite maintaining revenue scale advantages, reported a net profit in Q1 2023 that was only 52.8% of Shenghong Technology's [1][2]. - Shenghong Technology's revenue from January to August 2023 has increased significantly, while Pengding Holdings remains heavily reliant on its major client, Apple, which contributes over 81% of its revenue [6][7]. Market Dynamics - The competitive landscape has shifted, with Shenghong Technology benefiting from its deep integration into Nvidia's AI GPU supply chain, while Pengding Holdings continues to depend on the consumer electronics sector [1][2][6]. - The global AI PCB market is projected to grow significantly, with estimates of reaching $5.6 billion in 2025 and $10 billion by 2026, indicating a robust growth trajectory for companies aligned with AI applications [7]. Historical Context - Shenghong Technology was founded in 2006 and has historically been overshadowed by industry leaders like Pengding Holdings, which had a revenue of 170.93 billion yuan and a net profit of 15.26 billion yuan at the time of Shenghong's IPO in 2015 [3][4]. - The turning point for Shenghong Technology came in 2019 when it decided to invest in high-end HDI products, allowing it to enter Nvidia's supply chain and achieve significant revenue growth [4][5]. Future Outlook - Shenghong Technology is expected to surpass 10 billion yuan in revenue for the first time in 2024, while Pengding Holdings is projected to generate 351.4 billion yuan in revenue, indicating a significant gap in scale [5][6]. - Both companies face challenges in maintaining their competitive advantages, with Shenghong Technology's strong position in AI-related products and Pengding Holdings' reliance on the Apple supply chain [2][6][11].
横店东磁:公司面向AI服务器的铜片电感等器件已实现大批量供货
Mei Ri Jing Ji Xin Wen· 2025-08-23 06:15
每经AI快讯,8月23日,横店东磁(002056)在投资者关系活动记录表内表示,公司面向AI服务器的铜 片电感、新能源汽车的滤波器等器件已实现大批量供货,单月营收已由数百万元快速提升至千万元级, 后续增速及成长空间比较看好。 ...
横店东磁:公司面向AI服务器的铜片电感、新能源汽车的滤波器等器件已实现大批量供货
人民财讯8月23日电,横店东磁(002056)8月21日在半年报业绩线上电话会表示,公司面向AI服务器 的铜片电感、新能源汽车的滤波器等器件已实现大批量供货,单月营收已由数百万元快速提升至千万元 级,后续增速及成长空间比较看好。 今年上半年公司磁材整体出货约10.7万吨,同比差不多,但产品结构优化明显,平均售价有所提升。软 磁业务的下游新兴应用领域较多,增速更快;塑磁业务毛利率及增速一直保持良好;永磁业务受"以旧 换新"边际效应递减影响,预计增速将为个位数。 ...
沃特股份2025年上半年扣非后归母净利润同比增长39.54% 特种材料驱动业绩放量
Zheng Quan Ri Bao Wang· 2025-08-22 14:13
Group 1 - The core viewpoint of the article highlights the strong performance of Shenzhen Water New Materials Co., Ltd. in the first half of 2025, with significant revenue and profit growth driven by its comprehensive capabilities in the specialty polymer materials sector [1][2][3] - In the first half of 2025, the company achieved operating revenue of 906 million yuan, a year-on-year increase of 12.29%, and a net profit attributable to shareholders of 18.41 million yuan, up 23.94% [1] - The company has established a full-chain layout for key materials such as LCP, PPA, PEEK, PPS, PTFE, and polyarylether sulfone, with specialty polymer materials revenue reaching 443 million yuan, accounting for nearly 50% of total revenue [1][2] Group 2 - The company has recently launched its 20,000-ton LCP resin project and a 1,000-ton PAEK resin project, which are expected to position it as the largest global supplier of LCP [2] - Research and development expenses reached 55.98 million yuan in the first half of 2025, representing a year-on-year increase of 17.29%, and accounting for 6.18% of total revenue [2] - The company’s LCP materials have broken the overseas monopoly in 5G antenna materials, achieving a low high-frequency signal loss of 1.4‰, and have entered the supply chains of leading global electronics companies [2][3] Group 3 - The company’s PEEK materials have enabled breakthroughs in humanoid robots, reducing weight by 15% and improving endurance by 30%, with successful integration into downstream clients [3] - The fluoropolymer materials sector has established a dual-base layout in Shanghai and Zhejiang, with PTFE products gaining recognition from domestic and international high-frequency PCB and semiconductor clients [3] - The demand from downstream sectors such as robotics and AI servers, combined with long-term policy support, is expected to further enhance the company's growth potential [3]
泉果基金调研工业富联,GB200系列产品正在按计划加速生产出货
Xin Lang Cai Jing· 2025-08-22 07:12
根据披露的机构调研信息2025年8月15日,泉果基金对上市公司工业富联进行了调研。 基金市场数据显示,泉果基金成立于2022年2月8日。截至目前,其管理资产规模为163.96亿元,管理基 金数6个,旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A (016709),近一年收益录得40.15%。 截至2025年8月15日,泉果基金近1年回报前7非货币基金业绩表现如下所示: 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A40.152022年10月18日 赵诣 016710泉果旭源三年持有期混合C39.582022年10月18日赵诣 018329泉果思源三年持有期混合 A31.292023年6月2日刚登峰 018330泉果思源三年持有期混合C30.762023年6月2日刚登峰 019624泉果嘉 源三年持有期混合A22.422023年12月5日钱思佳 019625泉果嘉源三年持有期混合C21.942023年12月5日 钱思佳 020855泉果泰然30天持有期债券A1.362024年4月16日钱思佳 徐缘 附调研内容: 泉果基金Q1:祝贺公司在上半年取得的成 ...
东海证券给予扬杰科技买入评级:下游需求稳步释放,海外市场增长显著
Mei Ri Jing Ji Xin Wen· 2025-08-22 04:01
Group 1 - The core viewpoint of the report is that Yangjie Technology (300373.SZ) is rated as a "buy" due to its strong growth in automotive electronics and AI server sectors, along with a steady recovery in industrial control and consumer fields, despite short-term pressure in the photovoltaic sector [2] - The overseas market is showing significant recovery, highlighted by the successful commissioning of the second phase of the factory in Vietnam [2] - The new employee stock ownership plan reflects the company's confidence in its development and enhances employee retention [2]
【国信电子胡剑团队】纳芯微:二季度收入创季度新高,已连续八个季度环增
剑道电子· 2025-08-22 02:59
点击 关注我们 报告发布日期:2025年8月21日 报告名称:《纳芯微(688052.SH)-二季度收入创季度新高,已连续八个季度环增》 分析师:胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 上半年收入同比增长79%,2Q25收入创季度新高 公司2025上半年收入同比增长79.49%至15.24亿元,实现归母净利润-0.78亿元(YoY +70.59%),扣非归母净 利润-1.06亿元(YoY +63.11%),毛利率提高1.3pct至35.21%,研发费用同比增长13.18%至3.61亿元,研发费 率下降13.9pct至23.71%。其中2Q25营收8.07亿元(YoY +65.83%,QoQ +12.49%),环比连续八个季度增长,续 创季度新高;归母净利润-2667万元,环比亏损收窄;毛利率为35.97%(YoY +0.6pct,QoQ +1. ...
纳芯微(688052):二季度收入创季度新高,已连续八个季度环增
Guoxin Securities· 2025-08-21 15:00
证券研究报告 | 2025年08月21日 纳芯微(688052.SH) 优于大市 二季度收入创季度新高,已连续八个季度环增 上半年收入同比增长 79%,2Q25 收入创季度新高。公司 2025 上半年收入同 比增长 79.49%至 15.24 亿元,实现归母净利润-0.78 亿元(YoY +70.59%), 扣非归母净利润-1.06 亿元(YoY +63.11%),毛利率提高 1.3pct 至 35.21%, 研发费用同比增长 13.18%至 3.61 亿元,研发费率下降 13.9pct 至 23.71%。 其中 2Q25 营收 8.07 亿元(YoY +65.83%,QoQ +12.49%),环比连续八个季度 增长,续创季度新高;归母净利润-2667 万元,环比亏损收窄;毛利率为 35.97%(YoY +0.6pct,QoQ +1.6pct)。 传感器产品收入因并表同比增长约 350%,下游应用领域占比相对稳定。分 产品线看,2025 上半年公司信号链产品收入 5.86 亿元(YoY +28.79%),占比 38.45%,毛利率同比下降2.5pct至35.79%;电源管理产品收入5.19亿元(YoY +73 ...