证券代码：300835 证券简称：龙磁科技 编号：T2025-002 | | ☐特定对象调研 ☐分析师会议 | | | --- | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | 投资者关系活动 | ☐新闻发布会 ☐路演活动 | | | 类别 | ☐现场参观 | | | | 其他（电话会议） | | | | 中信建投证券股份有限公司 王介超、郭衍哲、薛林立、程丽超 | | | | 华富基金管理有限公司 | 邓翔 | | | 工银理财有限责任公司 | 刘荫涛 | | | 平安养老保险股份有限公司 | 陈先龙 | | | 红杉资本股权投资管理（天津）有限公司 | 闫慧辰 | | | 平安资产管理有限责任公司 | 王晶 | | | 上海弘尚资产管理中心（有限合伙） | 李国斌 | | | 国泰海通证券股份有限公司 | 范杨 | | | 新华养老保险股份有限公司 | 肖遥 | | | 上海人寿保险股份有限公司 | 方军平 | | 参与单位名称及 | 长江证券股份有限公司 蔡念恒、卞曙光 | | | 人员姓名 | 上海汐泰投资管理有限公司 | 刘平 | | | 中信建投证券股份有限公司 | 王介 ...

点击招商研究小程序查看PDF报告原文 生益科技发布25年一季报，我们依旧坚定看好公司在PCB上游材料的技术引领、核心卡位和长线空 间以及优秀管理能力会持续被市场认知和发掘，25年高速板材放量将驱动新一轮高质量成长。结合 公司近况，点评如下： Q1收入&利润均创一季度新高，主要系高速板材放量和通用产品结构改善，验证我们此前趋势向好 判断。 25Q1收入56.1亿同比+26.9%环比-0.6%，归母净利5.6亿同比+43.8%环比+53.8%，扣 非归母5.6亿同比+45.0%环比+54.5%，毛利率24.6%同比+3.3pcts环比+2.5pcts，净利率 11.3% 同 比 +2.2pcts 环 比 +3.9pcts ， 销 管 研 财 费 用 率 2.1%/4.3%/5.2%/0.3% ， 合 计 同 比 +0.8pct环比-1pct。归母净利大幅增长，主要系：1）公司覆铜板产销量同比上升，优化销售结 构，其中AI领域所需的高速材料在海外大客户供应链逐步起量，且目前行业上下游环境利于CCL涨 价，使得覆铜板产品营收与毛利率同比上升，推动盈利增加；2）线路板板块，公司持续优化产品 结构，积极完善产品业务区域布 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company is expected to experience a new round of high-quality growth driven by the ramp-up of high-speed boards in 2025, supported by its technological leadership and strong management capabilities [1][6]. - Q1 2025 revenue reached 5.61 billion, a year-on-year increase of 26.9%, while net profit grew by 43.8% year-on-year, indicating a strong performance driven by the increase in high-speed board production and improved product mix [1][6]. - The company is well-positioned to capture more market share in high-speed materials due to its leading technology and sufficient production capacity, particularly in the context of tight supply and demand for high-grade CCL [6][7]. Financial Performance - Q1 2025 revenue composition includes approximately 4.02 billion from CCL-related business and 1.58 billion from PCB business, with net profit margins of 10.9% for CCL, reflecting improved profitability [1][6]. - The company forecasts revenues of 23.88 billion, 27.47 billion, and 31.59 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.61 billion, 3.32 billion, and 4.06 billion [6][7]. - The projected PE ratios for 2025, 2026, and 2027 are 22.5, 17.7, and 14.4 respectively, indicating a favorable valuation outlook [6][7]. Market Position and Strategy - The company is expanding its high-end CCL production capacity and has made significant R&D investments to enhance its product offerings, particularly in AI computing and other high-demand sectors [6][7]. - The report highlights the company's ability to maintain stable supply chains for critical materials, ensuring consistent production despite market fluctuations [6][7]. - The company is expected to benefit from rising CCL prices due to increased demand and industry-wide price adjustments, enhancing its revenue potential [6][7].

Group 1: Business Direction and Achievements - The company will continue to strengthen its position in smart ports, focusing on project demands for new and expanded ports, particularly in regions like Shanghai, Xinjiang, Inner Mongolia, and the Guangdong-Hong Kong-Macao Greater Bay Area [2][3] - Significant achievements in the port extension business include successful completion of multiple projects, such as the Hainan Free Trade Port and the Beijing Zhongguancun Comprehensive Bonded Zone customs information project, which serves as a national model [4] - The company signed overseas sales orders exceeding 100 million yuan in 2024, with plans to enhance promotion in markets like the Middle East, Africa, and Southeast Asia [3][6] Group 2: Research and Development - The average R&D investment accounts for over 10% of the company's revenue, with R&D personnel making up approximately 50% of the total workforce [5] - Future R&D efforts will focus on intelligent algorithms, large models, and humanoid robots [5] Group 3: Mergers and Acquisitions - The company aims to pursue external mergers and acquisitions in AI-related fields, including AI large models, intelligent bodies, AI chips, and embodied intelligent robots, while maintaining a focus on synergy and risk control [6][7] Group 4: Maintenance Services - Currently, maintenance services contribute a low percentage to the company's revenue, but a significant breakthrough was achieved with a 10-year maintenance contract for the Chengdu Tianfu Airport inspection system, totaling 189.5 million yuan [7]

Core Insights - HuaQin Technology reported impressive financial performance for the fiscal year 2024 and the first quarter of 2025, with annual revenue exceeding 100 billion, a year-on-year increase of 28.8%, and a net profit growth of 8.1% [3] - The company has adopted a "3+N+3" global smart product platform strategy, focusing on three mature business areas: smartphones, laptops, and data center operations, while also targeting emerging sectors such as robotics, automotive electronics, and software [3][4] - The company is committed to long-term growth, with significant investments in emerging sectors like automotive electronics and robotics, aiming for a breakeven point within two to three years for the automotive electronics segment [4] Business Performance - HuaQin Technology achieved a remarkable 115.7% year-on-year revenue growth in the first quarter of 2025, indicating strong operational momentum [3] - The company is optimizing its revenue structure across various business segments to enhance quality and growth, thereby creating long-term incremental opportunities [3] Strategic Initiatives - The automotive electronics division has successfully delivered its first cockpit product and is expanding its client base beyond traditional manufacturers to include new energy vehicle companies [4] - The robotics sector is being developed through acquisitions and the establishment of a dedicated team, with plans to complete team building and model development by 2025 [4] Global Manufacturing Layout - HuaQin Technology is advancing its "China+VMI" global manufacturing strategy, establishing a dual supply system with core domestic bases in Dongguan and Nanchang, and overseas VMI bases in Vietnam, Mexico, and India [5][6] - The company has achieved product mass production in its Vietnam and India facilities, while the acquisition process for the Mexico manufacturing base is progressing smoothly [6] Future Outlook - As HuaQin Technology approaches its 20th anniversary in 2025, it aims to continue its commitment to long-termism and high-quality development, enhancing resilience and creating greater value for stakeholders [6]

Group 1: Company Strategy and R&D Focus - The company emphasizes technological innovation and product upgrades, establishing the Daoming (Hangzhou) Research Institute to focus on optical key components and new functional film materials [2][3] - The research institute aims to provide customized optical solutions based on client needs and enhance existing optical products [3] - The company plans to leverage its advanced coating and film preparation technologies to develop special performance films and new display materials [3] Group 2: Market Position and Competition - The company has rapidly increased its market share in the license plate film sector, becoming a major supplier in China, with significant growth potential due to the rise of electric vehicles [4] - The transition from ink to hot stamping technology is expected to boost sales of license plate films and related thermal transfer films [4] - The company maintains strong competitive advantages through its production capacity, brand strength, and technological innovation [4] Group 3: Financial Performance - In 2024, the company achieved total revenue of CNY 1.44 billion, a year-on-year increase of 8.96% [5][9] - The net profit attributable to shareholders was CNY 169 million, up 8.44% year-on-year, while the net profit excluding non-recurring items was CNY 137 million, a 2.94% increase [5][9] Group 4: Future Growth Opportunities - The company anticipates accelerated domestic substitution of reflective materials, particularly in the automotive safety sector, driven by the growth of electric vehicles [8] - The company is positioned to expand its market share in regions such as the Middle East, South America, and Europe, leveraging its strong brand reputation [8] - The introduction of graphene heat dissipation films into flagship smartphone models is expected to drive future growth [8] Group 5: Talent and Management Development - The company prioritizes the development of its management team and talent cultivation, actively recruiting to enhance professional capabilities and technical skills [9] Group 6: Industry Outlook - The overall industry performance is stable, with the company maintaining a competitive edge compared to peers [9] - The company is exploring market expansion plans in emerging industries, particularly in the automotive sector, to meet increasing demand for reflective materials [9]

Core Viewpoint - The company has reached a performance turning point, with high-end copper-clad laminates driving revenue growth [2] Financial Performance - In 2024, the company achieved a total revenue of 3.362 billion yuan, representing a year-on-year increase of 12.70% [1] - The net profit attributable to the parent company for 2024 was 50 million yuan, marking a return to profitability [1] - In Q1 2025, the company reported revenue of 952 million yuan, a significant year-on-year growth of 45.04% [1] - The net profit attributable to the parent company in Q1 2025 was 21 million yuan, reflecting a year-on-year increase of 109.04% [1] Business Segments - The copper-clad laminate (CCL) business generated revenue of 2.603 billion yuan in 2024, up 11.82% year-on-year, with a gross margin of 3.07%, an increase of 4.32 percentage points [2] - The bonding sheet business achieved revenue of 697 million yuan, a year-on-year increase of 18.11%, with a gross margin of 30.22%, up 4.30 percentage points [2] Industry Context - The U.S. Department of Commerce has added NVIDIA H20 to the export restriction list, which may benefit domestic AI chip manufacturers [3] - The domestic AI chip Ascend 910C has improved packaging technology, enhancing cost efficiency and production speed, crucial for competing with global leaders like NVIDIA [4] - The copper-clad laminate is a core material for printed circuit boards, and bonding sheets are essential for the overall performance of CCL products [5] Technological Advancements - The company has established a domestic supply chain and achieved localization of key raw materials for high-speed products, ensuring material import substitution [6] - The company is advancing the construction of a high-end electronic circuit substrate base in Jiangsu, with a production capacity of 3.6 million square meters of IC substrate materials [6] Profit Forecast - Revenue projections for the company are 4.740 billion yuan in 2025, 5.996 billion yuan in 2026, and 7.555 billion yuan in 2027, with corresponding EPS of 0.89, 2.06, and 3.42 yuan [7] - The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 for the years 2025, 2026, and 2027 respectively [7]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a revenue increase but a decline in net profit due to increased R&D investments. Financial Performance - In Q1 2025, the company achieved revenue of 1.274 billion yuan, a year-on-year increase of 20.41% [1] - The net profit attributable to shareholders was 65 million yuan, a year-on-year decrease of 11.44% [1] - The net profit excluding non-recurring items was 66 million yuan, a year-on-year decrease of 8.97% [1] - The gross margin for Q1 2025 was 17.49%, an increase of 0.70 percentage points year-on-year [3] Expense Management - The company's expense ratio for Q1 2025 was 11.60%, an increase of 1.40 percentage points year-on-year [4] - Breakdown of expense ratios: sales (1.96%), management (5.50%), R&D (4.95%), and financial expenses (-0.81%) with respective year-on-year changes of 0.14, -1.27, +0.42, and +2.12 percentage points [4] R&D and Market Expansion - The company is enhancing its R&D capabilities, solving key material challenges and achieving breakthroughs in high-end product technologies [5] - Significant advancements include the development of high-temperature, high-voltage ceramic powder for MLCCs and the domestic replacement of precious metal electrode paste [5] - The company is targeting emerging markets, with projected revenue growth in automotive electronics (+66%), communications (+24%), and industrial control (+16%) for 2024 [5] Investment Outlook - The company maintains its profit forecasts for 2025-2027, expecting revenues of 5.734 billion, 6.523 billion, and 7.295 billion yuan, representing year-on-year growth of 16.1%, 13.8%, and 11.8% respectively [6] - Projected net profits for the same period are 505 million, 711 million, and 920 million yuan, with year-on-year growth of 49.7%, 40.7%, and 29.4% respectively [6] - The expected EPS for 2025-2027 is 0.44, 0.61, and 0.79 yuan, with a current stock price of 13.48 yuan corresponding to PE ratios of 30.88x, 21.95x, and 16.96x [6]

老铁们周一快乐，这里是帮主郑重的盘前策略时间。二十年观察市场的经验告诉我，当前A股正处在"战略僵持阶段"——指数看似平静如水，实则暗流涌 动。这就像高手对决前的屏息时刻，胜负往往取决于对细节的把控。 当下市场呈现三大特征：指数箱体震荡、量能温和收缩、风格快速轮动。沪指在3270-3320点区间已盘桓13个交易日，这个位置恰是去年四季度密集成交 区。这里有个关键细节：每当指数触及3300点上方，两融余额便出现明显下降，说明杠杆资金正在主动降仓。而北向资金的流向更具深意——上周三个交易 日净流出87亿，但宁德时代、长江电力等核心资产却逆势获增持，聪明钱的"去伪存真"策略已然显现。 机动仓抓波段：40%资金在半导体、军工做网格交易，每跌5%加仓一次； 现金等待机会：留30%现金，如果节后跌破3250点，直接抄底沪深300ETF。 记住，在震荡市中，仓位管理比个股选择更重要。 风险预警：三大雷区千万别踩 第一，4月30日是年报最后披露日，那些净利润暴跌、现金流为负的公司，就像穿着皇帝新衣，随时可能现原形。第二，外资最近在调仓换股，北向资金如 果连续三天净流出，市场情绪可能瞬间变脸。第三，量能持续低于1万亿的话，市场就 ...

答：您好，公司始终致力于在工业温控领域为客户提供系统解决 方案，产品与工业装备制造智能化发展方向、节能减排的国家战略紧 密契合，具有良好的发展前景。感谢您的关注。 问题 2、【查询-003】高管您好，能否请您介绍一下本期行业整体和行 业内其他主要企业的业绩表现？谢谢。 编号：2025-002 | 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 | | 参与单位名称及人员 | 同飞股份 2024 年度业绩说明会采用网络远程方式进行，面向全体投 | | 姓名 | 资者 | | 时间 | 年 月 日 2025 4 28 15:00-16:30 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏 | | | 目 | | 上市公司接待人员 | 董事长：张国山 | | | 总经理：张浩雷 | | | 董事、常务副总经理、董事会秘书：高宇 | | | 财务总监：杨丹江 | | | 独立董事：康金龙 | | | 保荐代 ...