证券研究报告·公司点评报告·风电设备 大金重工（002487） 2025 半年度业绩预告点评：业绩同比高增， 下半年排产订单持续向上 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,325 | 3,780 | 6,752 | 8,383 | 10,009 | | 同比（%） | (15.30) | (12.61) | 78.63 | 24.16 | 19.40 | | 归母净利润（百万元） | 425.16 | 473.88 | 1,102.04 | 1,507.70 | 1,995.54 | | 同比（%） | (5.58) | 11.46 | 132.56 | 36.81 | 32.36 | | EPS-最新摊薄（元/股） | 0.67 | 0.74 | 1.73 | 2.36 | 3.13 | | P/E（现价&最新摊薄） | 50.87 | 45.64 | 19.62 | 14.34 | 10.84 ...

Core Viewpoint - Fengcai Technology (688279.SH), a BLDC motor driver control chip design company, has successfully completed its A+H listing, with H shares priced at HKD 120.5, set to begin trading on July 9, 2024 [1][3]. Group 1: Listing Details - Fengcai Technology announced its plan for a secondary listing in Hong Kong in December 2024, aiming to enhance its global brand recognition and competitiveness [2]. - The company submitted its application for the H share issuance to the Hong Kong Stock Exchange on January 15, 2025 [2]. - The total number of H shares for global offering is 16.2995 million, with 1.63 million shares allocated for public offering in Hong Kong [3]. Group 2: Financial Performance - In 2024, Fengcai Technology achieved a revenue of CNY 600 million, representing a year-on-year growth of 45.94%, and a net profit of CNY 222 million, up 27.18% [6]. - The company reported a significant increase in its net profit after deducting non-recurring items, reaching CNY 188 million, a growth of 59.17% [6]. - The revenue from overseas markets reached CNY 37.1308 million in 2024, marking a 125.19% increase year-on-year [5]. Group 3: Investment and R&D Strategy - The company plans to allocate approximately 34% of the net proceeds from the H share issuance to enhance R&D and innovation capabilities [5]. - In 2024, Fengcai Technology's R&D investment amounted to CNY 117 million, a year-on-year increase of 37.86%, accounting for 19.44% of its revenue [6]. - The company aims to become a leading global supplier of motor driver control chips and systems, with ongoing efforts to expand its product offerings and applications in various sectors [5].

Economic Overview - China's GDP grew by 5.4% year-on-year in Q1 2025, with a quarter-on-quarter increase of 1.2%[5] - Industrial added value for large-scale enterprises increased by 6.3% year-on-year in the first five months of 2025[5] - The service production index rose by 5.9% year-on-year during the same period[5] Consumption Trends - Social retail sales increased by 5.0% year-on-year in the first five months of 2025, with goods retail sales up by 5.1% and service retail sales up by 5.2%[6] - The "old-for-new" policy drove sales of five major categories to 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers[6] - Retail sales of sports and entertainment products surged by 28.3% year-on-year in May 2025[6] Investment Dynamics - Fixed asset investment grew by 3.7% year-on-year in the first five months of 2025, with manufacturing investment increasing by 8.5%[9] - Investment in consumer goods manufacturing rose by 13.2%, while infrastructure investment saw a decline, with a year-on-year drop of 10.4% in real estate development investment[9][27] Export Performance - Total goods imports and exports increased by 2.5% year-on-year in the first five months of 2025, with exports rising by 7.2%[10] - The share of exports to the U.S. decreased from 19.2% in 2018 to 11.9% in May 2025, while exports to ASEAN increased from 12.8% to 17.8%[10] Policy Environment - The fiscal deficit for 2025 is set at 5.66 trillion yuan, with a deficit rate of 4%, marking the highest level in recent years[14] - The central government’s deficit is projected at 4.86 trillion yuan, accounting for 85.9% of the total deficit, also a record high[15] Monetary Policy - The monetary policy has shifted to "moderately loose," with measures including a reserve requirement ratio cut and interest rate reductions[19] - Social financing increased by 8.7% year-on-year as of May 2025, with M2 growth at 7.9%[19] Future Economic Trends - GDP growth is expected to reach 5.0% for the full year 2025, with Q2 growth projected at 5.3% and subsequent quarters at 4.8% and 4.6% respectively[21] - Consumer spending is anticipated to maintain a growth rate of 5.1% for the year, driven by structural changes in consumption patterns[22] Investment Outlook - Manufacturing investment is projected to grow by 7.9% for the year, supported by government policies and technological advancements[23] - Infrastructure investment is expected to grow by 6.7% for the year, bolstered by active fiscal policies and project approvals[28] Export Resilience - Exports are forecasted to grow by 1.2% for the year, supported by diversification in trade partners and product structures[30]

【7月8日晚间继峰股份获头部主机厂定点项目，预计生命周期总金额13亿】7月8日晚，继峰股份 (603997)公告，全资子公司继峰座椅近期收到某头部主机厂定点邮件，将为其开发、生产前排座椅总成 产品。该定点项目预计2026年4月量产，周期6年，预计生命周期总金额13亿元。此为原客户将新车型再 次定点给公司，体现对其产品和服务认可，利于增加未来收入和业绩。不过，定点邮件非销售合同，实 际销售金额与客户产量等相关，受汽车市场、宏观形势等因素影响，项目开展有不确定性。继峰股份主 营汽车内饰件等开发、生产和销售，此前以头枕等为主要产品，近年积极开拓乘用车座椅领域，收获定 点不断。2024年，其乘用车座椅业务营收31.1亿元，同比增3.7倍，首年盈亏平衡，交付座椅33万套。同 年还获海外高端座椅订单，实现全球战略0到1的突破。截至2025年2月28日，公司累计乘用车座椅在手 项目定点21个。今年5月，继峰座椅(合肥)已获某头部主机厂座椅总成项目定点，预计2025年9月量产， 周期5年，预计总金额25.2亿元。面对定点项目放量，继峰股份持续加码产能。2024年，其常州、芜 湖、福州基地投产，天津等多地基地在建，还与格拉默推 ...

在当前国际贸易环境复杂多变的背景下，光韵达此次收购具有特殊战略意义。亿联无限在巴西、印度等 共建"一带一路"国家已建立完善的销售网络和发展基础，这将帮助光韵达有效规避单一市场风险，实现 业务多元化发展。 技术实力促增长：业绩承诺为交易保障 亿联无限作为曾筹备IPO的高新技术企业，其技术实力与全球化布局受到市场认可。本次交易主要基于 其核心技术及海外市场增长潜力。交易双方约定，亿联无限2025—2027年扣非净利润分别不低于5000万 元、6000万元、7000万元，且目标公司在2025年、2026年和2027年度经审计的累计经营活动现金流量净 额不低于扣非后净利润的50%，未来三年累计承诺净利润达1.8亿元，为本次收购的合理估值提供了有 力支撑。 7月8日晚间，光韵达（300227）(300227.SZ)发布公告，以现金形式收购深圳市亿联无限科技有限公司 (下称"亿联无限")56.03%股权，取得标的公司控制权，第一轮涉及现金3.5亿元。此次收购不仅标志着光 韵达正式切入通信设备制造领域，更将助力公司突破90%业务依赖国内市场的现状，加速全球化战略布 局。 政策东风助力并购落地海外布局正当其时 本次收购恰逢证 ...

MHmarkets迈汇平台：国际服务网络与跨境支持 摘要: 迈汇平台：探索全球化服务网络与无缝跨境支持，揭示国际市场的无限潜力！立即点击，了解如何轻松实现全球交易。 在MHmarkets迈汇平台，我们始终致力于为全球投资者提供无缝衔接的交易体验。我们的国际服务网络让我们能够在全球范围内支持投资者，无论他们身处 何地。通过跨境支持策略，我们确保投资者获得无与伦比的便利与效率。我们的专业团队随时准备为投资者提供全面的支持和咨询。我们相信，技术创新是 提升用户体验的关键，因此我们不断发展和优化我们的平台。 我们在讨论MHmarkets的全球业务布局时，会发现我们的业务已经扩展到多个国家和地区。我们的团队在各大洲设有分支机构。我们致力于为全球客户提供 高效的金融服务。我们与国际伙伴紧密合作。我们的目标是继续扩展我们的全球影响力。 为了实现无缝衔接的交易体验，咱们得充分利用平台提供的跨境支持和服务网络。通过整合不同国家的服务资源，咱们可以确保交易过程中的流畅度和稳定 性。咱们也要积极响应客户的需求，提供本地化的解决方案。借助先进的技术手段，咱们能够进一步优化用户的交易体验。咱们始终致力于不断提升服务质 量，以满足全球客 ...

智通财经7月8日电，大洋电机(002249.SZ)公告称，为深化公司全球化战略布局，增强公司海外业务的 本地化制造与供应链能力，提升公司在国际市场的综合竞争实力，同时打造公司国际化资本运作平台， 增强境外融资能力，进一步提高公司治理透明度和规范化水平，公司目前正在筹划境外发行股份（H 股）并在香港联合交易所有限公司上市事项。相关细节尚未确定。本次H股发行上市不会导致公司控股 股东和实际控制人发生变化。该事项尚需提交公司董事会和股东会审议，并经中国证券监督管理委员会 备案和香港联交所等监管机构审核，具有较大不确定性。 大洋电机：筹划公司在香港联合交易所有限公司上市 ...

Core Viewpoint - The acquisition of 16 DHC-8-300 aircraft from Qantas by Avmax Group Inc. is aimed at expanding the asset scale of turboprop aircraft and enhancing competitive advantages in the global regional aviation leasing market [1][2] Group 1: Acquisition Details - Avmax plans to purchase 16 DHC-8-300 turboprop aircraft from Qantas for a total price of $56.2563 million, including a 10% VAT, which translates to approximately RMB 404.1903 million based on the exchange rate of 7.1848 [2] - The DHC-8-300 aircraft is a key model in the regional passenger aircraft segment, known for its strong power, short takeoff and landing capabilities, and suitability for high-frequency flights in high-temperature and high-altitude areas [2] Group 2: Strategic Implications - The transaction is expected to provide stable revenue and cash flow for the company, aligning with the ongoing recovery of the global aviation industry and the growth of the regional aviation market [2] - This acquisition supports Avmax's global strategy and enhances its asset management capabilities through refurbishment, maintenance, and technical support, thereby extending the aircraft's lifespan and increasing residual value [1][2]

上海华测导航技术股份有限公司 董事会 特此公告 证券代码：300627 证券简称：华测导航 公告编号：2025-069 上海华测导航技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 项目 本报告期 上年同期 归属于上市公司股东的净 比上年同期增长：27.37%至 33.34% 盈利：25,123.97万元 利润 盈利：32,000 万元至 33,500 万元 归属于上市公司股东的扣 比上年同期增长：38.93%至 46.04% 盈利：21,089.73 万元 除非经常性损益的净利润 盈利：29,300 万元至 30,800 万元 注：表格中"元"均指"人民币元"。 二、业绩预告预审计情况 本次业绩预告未经注册会计师审计。 三、业绩变动原因说明 东的扣除非经常性损益的净利润快速增长，主要原因如下： （1）公司坚持全球化、打爆品的发展战略，积极拓展产品和解决方案的行 业应用，地理空间信息、机器人与自动驾驶等相关业务领域快速发展。公司集中 资源大力拓展海外市场，海外区域营业收入持续快速增长，未来海外市场仍有较 大增长空间。 （2 ...

资料显示，火岩控股有限公司(股票代码:01909.HK)是一家以游戏开发与全球化运营为核心的香港上市 公司,业务覆盖网页游戏、移动设备游戏,也积极探索区块链技术应用。业务布局公司采用"免费游戏+内 购"模式,通过向玩家出售游戏币及授权全球运营商运营获取收益。自2010年起,火岩控股开启全球化战 略,将游戏译为英、日、法、葡等多语言版本,业务覆盖中国、东南亚、欧洲、中东等地区。2021年在新 加坡设立子公司,重点拓展东南亚市场,并计划将泰国市场的成功经验复制至印尼、马来西亚等区域。 2024年,公司进一步深化海外布局,在南美市场推出本地化版本游戏,持续提升全球市场份额。产品与技术 公司坚持自主研发,聚焦全品类大型手游开发,注重玩法创新与用户体验优化。凭借专业的研发团队,火岩 控股持续推出适配不同文化背景的游戏内容,并通过与全球知名平台合作,确保游戏在Facebook、 AppStore等渠道的高效分发。未来前景展望未来,火岩控股将持续加大研发投入,深化全球化运营策略。 一方面,公司计划拓展休闲游戏品类,以轻量级、高粘性产品吸引更广泛用户;另一方面,将加速布局东南 亚、南美等新兴市场,通过本地化运营提升区域渗透率 ...