"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 润晶科技高度重视产品研发及技术储备，目前拥有制备电子级四甲基氢氧化铵、电子级四乙基 氢氧化铵等的方法与专利技术，产品已广泛应用于液晶面板、集成电路、太阳能电池等领域， 已获批专利94项。 润晶科技已 与多家面板及半导体企业客户实现业务或技术绑定，为 三星、京东方、华星光 电、惠科、台积电、长鑫存储等 提供电子化学品一站式解决方案。 润晶科技持续扩增产品种类，包括化学机械研磨 后 清洗液（ Post-CMP clean ）相关项目、 彩膜显影液与银刻蚀液等。润晶科技旗下共四家子公司，其中， 近年设立的合肥芯科电子材料 有限公司采用先进湿电子化学品生产工艺，布局高纯双氧水、氨水、异丙醇等半导体级产品， 已在全球领先的12寸晶圆厂开启产品导入工作。 2024 年 4 月收购住友化学电子化学品的两家中国工厂（重庆、合肥），通过本次收购，将继 承住友化学集团的技术优势和业务体系，快速形成蚀刻液、 剥离液、CF 显影液的产品组合， 为客户提供多品种整 ...

中信证券指出，稀土行业供需格局有望迎来拐点。新能源汽车、消费电子、变频空调、风电等需求有望 持续提升，机器人、低空经济和工业电机等新兴领域有望打开远期需求成长空间。 展望2025下半年，国投证券看好黄金、铜、稀土的投资机会，认为黄金有望受益于美元信用走弱和美国 降息预期增强，看好金价续创新高。铜冶炼原料供给受限，需求具备长期韧性，看好铜价中枢上移。预 计出口逐步放开、需求持续增长、供给刚性下，稀土价格有望迎来上涨。 从估值水平来看，截至6月底，中证有色金属指数市净率为2.24，位于上市以来34.45%分位点的历史较 低位置，低于中证有色金属指数上市以来周频市净率数据的中位数2.52，估值较低，配置性价比较高。 短暂休整后，再冲锋！今日（7月10日）揽尽有色金属行业龙头的有色龙头ETF（159876）红盘活跃， 场内价格现涨0.51%。成份股方面，北方稀土涨超6%，华钰矿业涨逾5%，中国稀土涨超3%，中孚实 业、中国铝业等个股跟涨。 消息面上，美东时间7月8日，特朗普在内阁会议上宣称将对所有进口到美国的铜征收50%的新关税。美 国商务部长卢特尼克表示，特朗普有意对铜征收50%关税的目的是将铜生产转移回美国国内， ...

作者｜黄楠 编辑｜彭孝秋 硬氪获悉，赛感科技（深圳）有限公司（以下简称「赛感科技」）近日完成数千万元Pre-A轮融资，本轮由招商局创投领投，琥珀资本及产业方博杰股份跟 投。本轮资金将用于核心技术投入、产品研发迭代及市场化应用探索。 「赛感科技」成立于2023年，专注柔性传感技术，聚焦新一代高性能柔性智能传感器及机器人电子皮肤研发、生产与销售。公司技术源自南方科技大学超柔 性电子学实验室，在实现材料、结构、器件、系统全链条的关键技术创新基础上，开发了高灵敏、大量程、快响应、高线性的柔性智能传感器及电子皮肤等 产品，可广泛应用于人形机器人、消费电子、汽车电子、医疗健康等领域。 赛感科技高性能离电传感器（图源/企业） 在材料方面，「赛感科技」选用非吸湿性离子凝胶等离电材料，结合微结构仿生设计，即通过优化蜂窝状阵列的几何参数，可在0.1毫米的超薄柔性基底上 构建双电层电容结构，使传感器兼具高弹性与环境耐受性，解决传统柔性传感器湿度干扰、温度串扰等痛点。 创始人兼首席科学家郭传飞是南方科技大学材料科学与工程系长聘教授、国家杰出青年科学基金获得者，其主要研究领域包括高性能电子皮肤、人体柔性电 子技术、智能机器人，曾参与编 ...

Core Viewpoint - Meicheng Technology, a modern advanced ceramic manufacturing company, is preparing for an IPO with the support of CITIC Securities, aiming to expand its market presence and enhance its technological capabilities [1][2]. Company Overview - Meicheng Technology was established in 2010 and is located in the Xinhua High-tech Industrial Development Zone, covering an area of 230 acres. The company integrates R&D, production, and sales [1]. - The company has received several accolades, including being recognized as a national high-tech enterprise and a leading enterprise in the advanced ceramic industry chain in Hunan Province [1]. Product and Market Focus - Meicheng Technology specializes in the R&D and application of various ceramics, including alumina ceramics, zirconia ceramics, talc ceramics, and other non-oxide ceramics. Its main products include ceramics for new energy, temperature control, sensors, magnetrons, and lead-free piezoelectric ceramics [1]. - The company serves notable clients such as BYD, Sensata, Midea, and Galanz, with applications in sectors like new energy vehicles, electronics, telecommunications, urban light rail, medical devices, and aerospace [1]. Intellectual Property and Innovation - The company holds 35 invention patents, 105 utility model patents, and 16 software copyrights. Its proprietary technology for preparing complex structure high-performance electronic ceramics has been recognized as "domestically leading" [2]. Recent Financing and Future Plans - In April of this year, Meicheng Technology completed a financing round exceeding 100 million yuan, led by Hunan State-owned Capital Investment Institution and supported by other local investment funds. The funds will be used for expanding its electronic ceramic base, R&D investment, and market expansion [2]. - The chairman of Meicheng Technology stated that this financing round marks a significant milestone for the company, enhancing its governance and compliance while driving technological innovation [2]. Shareholding Structure - The controlling shareholder of Meicheng Technology is Fang Haojie, who directly holds 65.32% of the company's shares [3].

深圳华强实业股份有限公司 投资者关系活动记录表 证券代码：000062 证券简称：深圳华强 编号：2025-008 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 盈怀基金韩洲枫 时间 2025年7月9日 地点 深圳华强会议室 形式 线下 上市公司接待人 员姓名 董事会秘书：王瑛 交流内容及具体 问答记录 首先董事会秘书介绍了公司业务、经营情况及核心竞争力等内容， 随后就调研人员关注的问题进行了交流，主要包括： 1、电子元器件是否有涨价趋势 电子元器件的价格在2023年和2024年经历了两年的下行，大部分电 子元器件的价格已经处于底部，而且这几年激烈的价格竞争，不断推动 上游芯片设计行业加速洗牌和过剩产能出清进程。在这种背景下，行业 内优质原厂有调涨价格的动因和可能性，但涨价时间、能否形成广泛趋 势有待进一步观察。 2、公司与海思的合作情况 公司是海思的主要授权分销商之一，代理分销其各类IC产品。近年 来，海思陆续推出新产品，公司持续加大海思产品的应用方案研发与推 广力度，促进海思产品的市场拓展。2024年以及今年一季度 ...

Core Viewpoint - The demand for high-end electronic resins is increasing due to the global PCB industry shifting to China, with the company Tongyu New Materials planning to raise funds for expanding production capacity to meet this demand [1][3]. Company Summary - Tongyu New Materials is set to be listed on the Shenzhen Stock Exchange on July 10, primarily to raise funds for its subsidiary's project to produce 200,000 tons of electronic resin annually, addressing capacity constraints [1]. - The company has a production capacity utilization rate projected at 100.04%, 105.93%, and 116.37% for the years 2022 to 2024 [1]. - The chairman of Tongyu New Materials emphasized that the fundraising project will effectively expand the company's production capacity and enhance its competitive and profitability capabilities [1]. Industry Summary - China is currently the largest producer of copper-clad laminates globally, but the high-performance electronic resins used in these laminates are still dominated by companies from the US, South Korea, Japan, and Taiwan, indicating a significant domestic supply gap [2]. - The electronic resin market is crucial for the production of copper-clad laminates, semiconductor packaging materials, and other electronic components, which are essential for high-tech industries [1][2]. - The demand for electronic resins is expected to rise with the development of high-density interconnect printed circuit boards, driven by trends in miniaturization and lightweight electronic products [2]. - The company is focusing on R&D, with a compound annual growth rate of 20.28% in R&D investment from 2022 to 2024, aiming to reduce reliance on foreign suppliers and increase the domestic production rate of high-performance electronic resins [2][3]. - The market for high-performance electronic resins is anticipated to grow significantly due to the ongoing advancements in 5G and 6G communication technologies, AI computing power, and automotive intelligence [5].

Core Viewpoint - The company, Wuxi Shengjing Microelectronics Co., Ltd., has experienced significant fluctuations in its performance since its listing in January 2024, with a notable decline in revenue and profit margins attributed to market competition and changing customer procurement strategies [1][5][21]. Financial Performance - In 2023, the company achieved a revenue of 823 million yuan, which dropped to 504 million yuan in 2024, reflecting a year-on-year change of 6.71% and -38.70% respectively [1]. - The cash received from sales relative to revenue (cash collection ratio) was 38% in 2024, slightly up from 36% in 2023 [15]. - The net profit attributable to the parent company fell from 180 million yuan in 2023 to 10 million yuan in 2024, with a year-on-year change of 4.16% and -94.44% respectively [1]. Customer Dynamics - The top five customers remained relatively stable, with North Special Energy Group being the largest customer in both 2023 and 2024, contributing sales of 182 million yuan and 106 million yuan respectively [2][3]. - The company faced a decline in sales volume of electronic control modules by 29.42% due to customers switching to lower-priced products and introducing alternative suppliers [4][6]. Market Trends - The overall production of electronic detonators in China decreased by 5.02% in 2024, impacting the demand for the company's main products [5][12]. - The market for electronic control modules has become increasingly competitive, with over 40 domestic competitors emerging, leading to price reductions and a decline in market share from 40.41% in 2022 to 21.98% in 2024 [10][12][13]. Operational Challenges - The company reported a significant drop in the average selling price of electronic control modules by 28.42% in 2024, contributing to a decrease in gross profit margins [19]. - The cash flow from operating activities turned negative, with a net cash flow of -10.68 million yuan in 2024, primarily due to reduced sales and extended payment cycles from customers [18][21]. Strategic Adjustments - The company has increased its focus on research and development, with R&D expenses rising by 15.24% in 2024 to support product innovation and meet evolving customer demands [20]. - The shift in customer procurement strategies, including the introduction of secondary and tertiary suppliers, has pressured the company's market position and necessitated adjustments in pricing and product offerings [13][21].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is a leading player in the automotive lighting control sector, with a solid foundation and strong product expansion capabilities. It has diversified into four major business areas: lighting control, motor control, energy management, and automotive electronics [1][14]. - The company is expected to achieve a revenue of 6 billion yuan in 2024, representing a 29% year-on-year increase, and a net profit of 770 million yuan, reflecting a 27% increase [1][3]. - The company is expanding its client base, which includes major global automotive manufacturers such as Volkswagen, Daimler, BMW, and Ford, enhancing its market position [1][2]. Summary by Sections 1. Company Overview - The company has established itself as a global leader in automotive lighting control, continuously expanding its business boundaries since its inception in 2003 [14]. - It has developed a range of products including LED lighting controllers, atmosphere lights, and motor control systems, integrating into the global high-end automotive electronic supply chain [14][18]. 2. Lighting Control Business - The lighting control segment is robust, with the company supplying major automotive manufacturers and maintaining strong customer loyalty [2][18]. - The company is actively developing new products, including next-generation headlight controllers for Volkswagen and BMW, which are expected to ramp up production in 2025-2026 [2]. 3. New Product Development - The company is expanding into domain controllers and Efuse products, which are expected to drive a second growth curve as the automotive E/E architecture shifts from distributed to centralized systems [3][4]. - The domain control products are projected to account for 86% of the energy management system revenue by 2024 [3][18]. 4. Financial Projections - The company forecasts net profits of 1 billion yuan in 2025, 1.3 billion yuan in 2026, and 1.5 billion yuan in 2027, with corresponding growth rates of 30%, 26%, and 22% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 22x, 18x, and 15x respectively, indicating a favorable valuation outlook [3][5]. 5. Market Position and Client Base - The company has a strong client base that includes both domestic and international automotive manufacturers, positioning it well for future growth [18][19]. - It has become a tier-one supplier for several major automotive brands, enhancing its competitive advantage in the market [18][19].

新华财经北京7月9日电中再资环7月9日晚间公告，近日，财政部印发了《财政部关于下达2025年废弃电 器电子产品处理专项资金预算的通知》。该《通知》下达了2025年废弃电器电子产品（以下称废家电） 处理专项资金50亿元，其中，用于发放原废家电处理基金制度时尚未补贴的资金额度为23亿元，"以奖 代补"支持行业发展的资金额度为27亿元。 根据《通知》，发放原废家电处理基金制度时尚未补贴的资金额度中归属于中再资环所属11家废家电处 理企业的金额为5.01亿元；分配给各地的"以奖代补"专项资金即用于奖补废家电处理企业2024年度金额 为27亿元。 中再资环在其2024年年报中表示，财政部于2024年11月4日印发《关于下达2024年废弃电器电子产品处 理专项资金预算的通知》，根据该通知的2024年废弃电器电子产品处理专项资金预算表，2024年专项资 金预算75亿元，其中公司所属11家废电拆解处理工厂合计可获得16.85亿元，占比22.47%。 2024年，中再资环实现营业收入40.24亿元，同比增加8.75%；实现净利润0.16亿元，同比下降75.62%。 2025年第一季度，中再资环营收同比增长46.24%至7.55 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -27% -13% 1% 15% 29% 43% 57% 71% 85% 99% 113% 隆扬电子 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 33.66 | | --- | --- | | 总股本/流通股本（亿股）2.83 | / 0.82 | | 总市值/流通市值（亿元）95 | / 28 | | 周内最高/最低价 52 | 33.66 / 11.65 | | 资产负债率(%) | 4.0% | | 市盈率 | 116.07 | | 第一大股东 | 隆扬国际股份有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 隆扬电子(301389) 引领布局 hvlp5 高频铜箔 l 投资要点 积极布局 hv ...