卓兆点胶 20250917 摘要 今年中报显示卓兆点胶获得了很大的增长，存量项目验收主要集中在哪些领域？ 存量项目验收主要集中在消费电子领域，尤其是与苹果耳机（AirPods）相关 的项目。 公司预计 2025 年全年合并收入规模约 3-3.5 亿元，研发费用约 2,600 万元，净利润预计 5,000 万-6,000 万元，产能利用率约 50%，暂无扩 产计划，但子公司在潮州获得土地用于未来扩张。 卓兆点胶未来战略重点是成为行业龙头，专注于苹果、Meta 等国际大 客户，并计划突破三星，同时考虑通过收购并购扩充产品线和市场份额， 关注高端消费电子、半导体和新能源等领域。 能否详细拆分一下今年中报中的收入构成，包括传统消费电子和新兴领域如光 伏新能源等？ 以今年大致 3 亿到 3.5 亿的营收范围来看，其中约 1 亿元来自于广东公司的业 务，其余 2.5 亿元左右来自于卓兆原先的业务领域。其中 60%的收入来源于国 内市场，大约 20%来自 Meta 客户，另外 20%则来源于检测业务。光伏、半 导体等新兴领域目前占比较小，基本上还是个位数。 卓兆点胶的检测业务具体涉及哪些下游行业？未来的发展空间如何？ 卓兆 ...

Core Viewpoint - Cobalt prices have surged significantly since the beginning of 2025, with a current price of 272,500 yuan/ton, marking a 61.25% increase from the start of the year [1] Supply and Demand Dynamics - The global cobalt market has seen a notable improvement in supply and demand dynamics, with prices rebounding due to supply constraints from the Democratic Republic of Congo (DRC) implementing temporary export bans [2] - The DRC, the largest cobalt supplier, produced 220,000 tons of cobalt in 2024, accounting for 76% of global output [2] - The demand for cobalt is driven by the growth in electric vehicles and consumer electronics, with expectations for continued demand growth in emerging technologies [2] Company Strategies and Market Positioning - Companies are focusing on enhancing collaboration with downstream customers and exploring new market opportunities to capitalize on the rising cobalt prices [3] - Cobalt producers with comprehensive industry chain layouts are benefiting from the price increase, as seen in the significant profit growth of companies like Luoyang Luanchuan Molybdenum Group [4] - Companies with integrated operations are better positioned to manage cost fluctuations, while smaller firms lacking resource security face survival challenges [5][6] Industry Outlook - Analysts predict that cobalt prices may enter an upward cycle from 2025 to 2027, with potential price levels exceeding 350,000 yuan/ton by 2026-2027 [4] - The rising cobalt prices are leading to a market shift towards seller dominance, increasing profitability for upstream resource providers while creating cost pressures for downstream refining companies [4][5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term lithium carbonate market may continue the pattern of being volatile and slightly strong. In the absence of additional marginal factors, the main LC2511 contract of lithium carbonate is expected to remain in the current range in the next 1 - 2 weeks. If downstream purchases are weak, it may retest the previous low [3] - The recent rebound of futures prices may be affected by the weakening of the basis and the stabilization of spot prices, but the changes in trading volume and open interest show market divergence. The supply side may support prices, and the demand side may bring short - term support, but the cautious procurement and sufficient inventory of downstream enterprises may limit the upside space. The lithium carbonate futures price is expected to maintain a volatile and slightly strong trend [32][33] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Futures Market Data**: On September 16, the price of the main lithium carbonate contract rose slightly to 73,180 yuan/ton, a 0.69% increase from the previous day. The basis widened to - 1,080 yuan/ton, indicating that the futures price was stronger relative to the spot. The open interest of the main contract decreased by 9,009 lots to 300,437 lots, a decrease of 2.91%, while the trading volume expanded by 3.62% to 500,267 lots [1][5][30] - **Supply - demand and Inventory**: On the supply side, the proportion of lithium carbonate produced from spodumene exceeded 60%, becoming the main support for supply, while the proportion of lithium mica decreased to 15%. The long - term supply increase expectation was enhanced, but short - term factors supported the spot. On the demand side, the demand for new energy vehicles was differentiated. The prices of cathode materials and most cell prices increased. Lithium carbonate inventory decreased for four consecutive weeks to 138,512 tons, but the warehouse receipts remained high [2][31] - **Market Summary**: The short - term lithium carbonate market may continue the volatile and slightly strong pattern. The supply side suppresses the upside space, while the demand side has a contradictory cost - pressure transmission, and market wait - and - see sentiment remains [3] 2. Industrial Chain Price Monitoring - The price of the main lithium carbonate contract increased by 0.69% to 73,180 yuan/ton, the basis decreased by 86.21% to - 1,080 yuan/ton, the open interest of the main contract decreased by 2.91% to 300,437 lots, and the trading volume increased by 3.62% to 500,267 lots. The price of battery - grade lithium carbonate remained unchanged at 72,100 yuan/ton, and the prices of some related products such as lithium hexafluorophosphate, power - type ternary materials, and power - type lithium iron phosphate increased slightly [5] 3. Industrial Dynamics and Interpretation - **Spot Market**: On September 16, the SMM battery - grade lithium carbonate index price rose. The futures price fluctuated, and the downstream was cautious. In September, the market showed a situation of simultaneous growth in supply and demand, with demand growing faster, and a temporary supply shortage was expected [6] - **Downstream Consumption**: From September 1 - 7, the retail volume of the new - energy passenger vehicle market decreased by 3% year - on - year, and the wholesale volume increased by 5% year - on - year [7] - **Industry News**: The lithium ore shutdown in Yichun, Jiangxi, may affect the supply, and the industry reshuffle from the supply side of lithium carbonate is coming [9] 4. Industrial Chain Data Charts - There are data charts on the main lithium carbonate futures and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, etc., which visually show the data changes in the industrial chain [10][13][19]

Core Viewpoint - The company, Xingye Technology, has signed a strategic cooperation agreement with Suzhou Nengsida Electronic Technology Co., Ltd. to jointly develop flexible electronic skin based on natural leather and bio-based materials [1] Group 1: Strategic Cooperation - The collaboration aims to promote the application of technologically advanced fabrics in key components of humanoid robots, automotive seats, steering wheels, consumer electronics, smart wearable devices, footwear, and leather goods [1]

Market Performance - Major stock indices in the two markets showed strong gains, with the Shenzhen Component Index rising over 1% and the ChiNext Index increasing nearly 2%, surpassing 3100 points, reaching a new high for the phase [1] - As of the close, the Shanghai Composite Index rose 0.37% to 3876.34 points, the Shenzhen Component Index increased 1.16% to 13215.46 points, and the ChiNext Index climbed 1.95% to 3147.35 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 240.32 billion yuan [1] Sector Performance - Sectors such as tourism, liquor, food and beverage, and media saw declines, while automotive, home appliances, semiconductors, and brokerage sectors experienced gains [1] - Active sectors included photolithography machines, humanoid robots, and consumer electronics concepts [1] Investment Outlook - Guohai Securities indicated that the A-share market is expected to advance further in the fourth quarter, driven by policies and liquidity, with a more balanced style compared to the third quarter [1] - The equity risk premium suggests that the stock market remains attractive, with room for valuation expansion, supported by incremental policies and macro/micro liquidity [1] - The fourth quarter is anticipated to offer opportunities in both growth and value styles, focusing on technology growth and the "anti-involution" narrative [1] Sector Focus - The computing sector is confirmed to have high growth potential, with multiple catalysts for technology themes in the fourth quarter, suggesting a continuation of the bullish market atmosphere [1] - The "anti-involution" trend remains significant, with potential boosts from debt reduction expectations, seasonal demand peaks in September and October, and fiscal policies providing support for cyclical products [1] - Key sectors to watch include computers, electrical equipment, and basic chemicals [1]

Company Overview - Shenzhen Placo New Materials Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 17, 2009. The company was listed on December 30, 2019. Its main business involves the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductance solutions for efficient and environmentally friendly operation of power electronic devices and systems [1][2]. Financial Performance - As of June 30, 2025, Placo New Materials achieved operating revenue of 861 million yuan, representing a year-on-year growth of 8.11%. The net profit attributable to the parent company was 191 million yuan, with a year-on-year increase of 3.28% [2]. - The company has distributed a total of 174 million yuan in dividends since its A-share listing, with 120 million yuan distributed over the past three years [3]. Stock Performance - On September 17, the stock price of Placo New Materials increased by 2.16%, reaching 78.00 yuan per share, with a trading volume of 389 million yuan and a turnover rate of 2.14%. The total market capitalization is 22.582 billion yuan [1]. - Year-to-date, the stock price has risen by 45.22%, with an increase of 8.71% over the last five trading days, 8.79% over the last twenty days, and 80.60% over the last sixty days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Placo New Materials was 20,800, an increase of 3.76% from the previous period. The average circulating shares per person decreased by 3.42% to 11,075 shares [2]. - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund holds 4.6918 million shares, an increase of 301,000 shares compared to the previous period. Guotou Ruijin New Energy Mixed A Fund holds 2.1752 million shares, a decrease of 64,100 shares [3].

Company Overview - Hengmingda Electronics Technology Co., Ltd. is located in Kunshan, Jiangsu Province, and was established on July 27, 2011. The company went public on February 1, 2019. Its main business includes the design, research and development, production, and sales of functional components, protective products, and protective films for consumer electronics [1]. Financial Performance - As of June 30, 2025, Hengmingda achieved operating revenue of 1.244 billion yuan, representing a year-on-year growth of 32.18%. The net profit attributable to shareholders was 234 million yuan, reflecting a year-on-year increase of 43.01% [2]. - The company has distributed a total of 504 million yuan in dividends since its A-share listing, with 333 million yuan distributed over the past three years [3]. Stock Performance - On September 17, Hengmingda's stock price increased by 2.01%, reaching 44.22 yuan per share, with a trading volume of 118 million yuan and a turnover rate of 1.41%. The total market capitalization is 11.33 billion yuan [1]. - Year-to-date, the stock price has risen by 35.04%, with a 6.12% increase over the last five trading days, a 6.43% increase over the last 20 days, and a 28.06% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 19,900, a decrease of 2.53% from the previous period. The average number of circulating shares per person is 9,687, which has increased by 2.60% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 1.9783 million shares, a decrease of 1.2304 million shares from the previous period. The Southern CSI 1000 ETF is the tenth largest shareholder, holding 1.6611 million shares as a new shareholder [3]. Business Segmentation - The main revenue composition of Hengmingda includes precision flexible structural components (82.85%), precision metal structural components (15.69%), and materials and others (1.46%) [1]. - The company operates within the electronic industry, specifically in the consumer electronics sector, focusing on components and assembly [1].

Group 1 - The core viewpoint of the news is that YingShi Innovation has shown significant stock performance and financial growth, with a notable increase in share price and revenue in 2025 [1][2]. - As of September 17, YingShi Innovation's stock price increased by 2.26% to 316.00 CNY per share, with a total market capitalization of 126.716 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 78.53%, with a recent decline of 0.90% over the last five trading days [1]. Group 2 - YingShi Innovation, established on July 9, 2015, specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras [2]. - The company's revenue composition includes 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, and 0.30% from professional-grade smart imaging devices [2]. - For the first half of 2025, YingShi Innovation reported a revenue of 3.671 billion CNY, representing a year-on-year growth of 51.17%, and a net profit of 520 million CNY, with a slight increase of 0.25% [2]. Group 3 - As of June 30, 2025, the top ten circulating shareholders of YingShi Innovation include several new institutional investors, with the largest being Bosera Huixing Return Mixed Fund, holding 612,400 shares [3]. - Other notable shareholders include Morgan Emerging Markets Dynamic Mixed Fund and other funds, all of which are new shareholders [3].

Company Overview - Ying Tong Communications, established on October 23, 2010, and listed on April 13, 2017, is a comprehensive technology company located in the economic development zone of Xintai Community, Tongcheng, Hubei Province [1] - The company specializes in product research and development, manufacturing, sales, and industrial investment operations, focusing on the fields of acoustics and data transmission [1] Financial Performance - For the first half of 2025, Ying Tong Communications achieved operating revenue of 395 million yuan, representing a year-on-year growth of 9.81% [2] - The net profit attributable to the parent company was -26.4961 million yuan, a year-on-year decrease of 33.91% [2] - Since its A-share listing, the company has distributed a total of 198 million yuan in dividends, with 41.9613 million yuan distributed over the past three years [3] Stock Performance - As of September 16, the stock price of Ying Tong Communications increased by 2.09%, reaching 17.61 yuan per share, with a total market capitalization of 3.28 billion yuan [1] - Year-to-date, the stock price has risen by 25.88%, with a 3.22% increase over the last five trading days, 7.64% over the last 20 days, and 15.02% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" 12 times this year, with the most recent appearance on March 25, where it recorded a net buy of -11.2895 million yuan [1] Shareholder Information - As of June 30, the number of shareholders for Ying Tong Communications was 31,500, a decrease of 19.59% from the previous period [2] - The average number of circulating shares per shareholder increased by 24.36% to 4,767 shares [2] Industry Classification - Ying Tong Communications is classified under the electronic industry, specifically in the consumer electronics sector, focusing on consumer electronic components and assembly [2] - The company is associated with several concept sectors, including Huawei, wireless charging, Xiaomi, BYD, and consumer electronics [2]

Group 1 - The core focus of the article is on the performance of the Internet of Things (IoT) ETF managed by E Fund, which tracks the CSI Internet of Things Theme Index, highlighting its significance in the smart terminal sector for achieving connectivity among devices [3][4]. - As of the midday close, the index experienced a fluctuation of 0.6% with a rolling price-to-sales ratio of 60.7 times, indicating a high valuation level [3]. - Since its inception in 2015, the index has shown a valuation percentile of 99.3%, reflecting strong investor interest and market performance [3]. Group 2 - The index is composed of stocks from companies involved in information collection, transmission, and applications within the IoT sector, emphasizing its foundational role in the industry [3]. - The index also recorded a slight increase of 0.4% with a rolling price-to-sales ratio of 32.1 times, suggesting a more moderate valuation compared to its historical performance [3]. - The overall valuation percentile of 44.3% indicates a relatively balanced market position for the index compared to its peers [3].