Core Viewpoint - The company, 雷电微力, has reported an increase in production capacity utilization compared to last year, indicating positive operational performance and market engagement [1] Group 1: Production and Capacity - The company's production capacity utilization has improved compared to the previous year, reflecting enhanced operational efficiency [1] Group 2: Market Expansion Strategies - The company is focusing on multi-dimensional market expansion, continuing to deepen relationships with existing customers while iterating on products to enhance customer loyalty [1] - The company is actively seeking to acquire new customers by leveraging competitive products and services to stimulate demand [1] - The company is exploring new business areas such as satellite communication to identify additional growth opportunities for the future [1]

来源：金吾财讯 金吾财讯 | 中芯国际(00981)股价短线拉升，盘中涨近10%股价创新高，截至发稿，仍涨7.56%，报60.5 港元。 至于A股中芯国际(688981)盘中亦刷新股价新高，一度升逾17%，现价暂报115.67元，涨13.95%。 华通证券国际此前报告指出，第二季度，中芯国际的财务表现呈现出喜忧参半的局面。尽管公司营收达 到22.09亿美元，实现了16.2%的同比增长，但净利润却面临挑战。本季度归母净利润为1.32亿美元，同 比下降了19.5%，环比也下降了29.5%。与此同时，毛利率也从上一季度的22.5%下滑至20.4%。不过， 公司产能利用率大幅提升至92.5%，表明市场需求依然强劲，而营收增长主要得益于产能的持续扩张。 给予公司持有评级，预计2025年全年营业收入674.48亿人民币，增长16.7%，经营利润率为8.58%。25- 27年对应PE倍数分别为139.94、115.12、96.97倍。 ...

智通财经APP讯，迅捷兴(688655.SH)发布2025年半年度报告，该公司营业收入为2.92亿元，同比增长 27.66%。归属于上市公司股东的净亏损为276.61万元。归属于上市公司股东的扣除非经常性损益的净亏 损为472.12万元。基本每股亏损为0.02元。 报告期公司收入增长利润下滑主要原因是公司新增珠海智慧样板厂投产，因投产初期人工折旧等成本费 用大幅增加使得珠海迅捷兴亏损1154.13万元;其次是公司实施2025年限制性股票激励计划，新增股份支 付费用394.71万元，同时因营收规模扩大，应收账款对应的信用减值损失同比增加161.69万元，以及财 务费用增加151.97万元。报告期内，公司产能利用率逐步提升，第二季度收入环比增长了36.65%，并呈 现稳步增长态势。伴随着产能爬升，公司盈利能力将得以快速改善。 ...

智通财经APP讯，迅捷兴(688655.SH)发布2025年半年度报告，该公司营业收入为2.92亿元，同比增长 27.66%。归属于上市公司股东的净亏损为276.61万元。归属于上市公司股东的扣除非经常性损益的净亏 损为472.12万元。基本每股亏损为0.02元。 报告期公司收入增长利润下滑主要原因是公司新增珠海智慧样板厂投产，因投产初期人工折旧等成本费 用大幅增加使得珠海迅捷兴亏损1154.13万元;其次是公司实施2025年限制性股票激励计划，新增股份支 付费用394.71万元，同时因营收规模扩大，应收账款对应的信用减值损失同比增加161.69万元，以及财 务费用增加151.97万元。报告期内，公司产能利用率逐步提升，第二季度收入环比增长了36.65%，并呈 现稳步增长态势。伴随着产能爬升，公司盈利能力将得以快速改善。 ...

新瀚新材分析师会议 调研日期：2025年08月26日 调研行业：化学原料 参与调研的机构：嘉实基金、东海基金、上海喜世润投资、毕盛 (上海)投资、信诚基金等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 关注公众号即可体验 机构调研pro小程序~ 扫码关注 调研纪要精选公众号 的問悉各行业更流企业调研情况。 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | ...

证券日报网讯凌玮科技（301373）8月25日在互动平台回答投资者提问时表示，二级市场股价的波动受 资本市场宏观经济及国际动态等多种因素综合影响，敬请广大投资者注意投资风险。公司于2023年2月8 日在深交所创业板上市后，当前及未来三年，公司业务发展的重点为推动募投项目的产能利用率、丰富 纳米二氧化硅的产品应用领域和进一步提升公司纳米二氧化硅产品的国际竞争力，不断提升主营业务的 综合竞争力和盈利能力，力求以稳健的经营成果与切实的社会责任担当回报投资者。同时，公司将根据 公司自身经营状况、未来发展规划、公司市值管理要求、行业市场等情况来决定是否实施资本公积转增 股本、股份回购，增持股份、股权激励、并购相关行业企业等资本运作方式，以实现股东利益和社会价 值最大化。 ...

Core Viewpoint - The company reported a robust growth of over 20% in its electronic adhesive business in the first half of the year, driven by rapid expansion in the consumer electronics and automotive electronics sectors, alongside steady performance in traditional businesses [1] Group 1: Business Performance - The electronic adhesive business achieved revenue of 376 million, representing a year-on-year growth of 23.5%, primarily fueled by the rapid growth in consumer electronics and automotive electronics [1] - Traditional stronghold sectors such as smart appliances and power supplies also maintained stable growth, contributing to the overall solid performance of the business [1] Group 2: Capacity Utilization - The current capacity utilization rate at the Guangzhou plant is approximately 75%, with expectations for higher utilization rates throughout 2025 as downstream orders are released and capacity continues to be absorbed [1] - The company anticipates achieving a higher capacity utilization rate for the entire year of 2025, contingent on the continued demand for electronic adhesive products [1]

Core Viewpoint - The company experienced a decline in revenue but a significant increase in net profit due to improved profit margins from lower raw material prices and higher capacity utilization [1][2][4]. Financial Performance - In H1 2025, the company's revenue was 3.591 billion, a year-on-year decrease of 9.99%, while net profit reached 390 million, an increase of 67.53% [2]. - In Q2 2025, revenue was 1.860 billion, down 13.70%, with net profit at 217 million, up 42.03% [2]. - The company declared an interim dividend of 0.15 per share, accounting for 57.67% of H1 net profit [2]. Profitability and Margins - H1 2025 gross margin improved by 5.20 percentage points to 15.20%, with net margin increasing by 5.03 percentage points to 10.86% [3]. - Q2 2025 gross margin rose by 2.01 percentage points to 15.51%, driven by lower raw material prices and increased factory utilization [3]. Operational Insights - The Vietnamese subsidiary contributed significantly to revenue, accounting for 79% of total income in H1 2025, with a net profit of 304 million, up 39.19% [2]. - The company faced a decrease in cash flow from operating activities, down 95.57% to 39.23 million, due to reduced sales and increased raw material purchases [3]. Future Outlook - Revenue projections for 2025-2027 are 8.191 billion, 8.735 billion, and 9.290 billion, with expected growth rates of 3%, 7%, and 6% respectively [4]. - Net profit forecasts for the same period are 673 million, 746 million, and 823 million, reflecting year-on-year growth of 64%, 11%, and 10% [4]. - The current market valuation corresponds to a PE ratio of 12.5X for 2025 and 11X for 2026, with a high dividend payout ratio of 95% for 2024 [4].

Summary of Wuxi Zhenhua Conference Call Company Overview - Wuxi Zhenhua has entered the selective electroplating sector through the acquisition of Wuxi Kaixiang, focusing on providing electroplating services for core engine components. The revenue from this business is projected to reach 180 million yuan in 2024, with a gross margin of 80% [2][6][14]. Core Business Insights - The company has diversified its customer base, including major clients such as SAIC Motor, Tesla, Li Auto, and Xiaomi Auto. Xiaomi Auto is experiencing rapid growth and is expected to become a significant growth driver for Wuxi Zhenhua [2][4]. - The company has established nine production bases close to its clients in regions like North China, the Yangtze River Delta, and Central China [2][5]. Financial Performance - Wuxi Zhenhua's net profit margin has significantly improved from 4.6% in 2022 to nearly 15% in 2024, aided by the integration of the selective electroplating business and cost reduction measures. The decline in steel prices has also contributed positively to the company's overall profitability [2][6][7]. - The selective electroplating business is expected to generate revenues of 150 million yuan in 2023 and increase to 180 million yuan in 2024, maintaining a gross margin of approximately 80% [6][14]. Customer and Market Dynamics - The company has a strong relationship with SAIC Motor, which has historically been a key partner. The sales of SAIC Motor's passenger vehicles have shown an 11% year-on-year increase in the first seven months of 2025, which is expected to benefit Wuxi Zhenhua's assembly business [4][11]. - Xiaomi Auto's second factory is anticipated to commence production in August 2025, which, along with the overall increase in the automotive sector, is expected to significantly boost Wuxi Zhenhua's revenue [2][8][9]. Growth Potential - The company is projected to achieve a profit of approximately 550 million yuan in 2025, reflecting a year-on-year growth of over 35%. The valuation is currently around 15-16 times earnings, indicating potential for further expansion given the accelerating performance across multiple business segments [4][15]. - The circuit business of Wuxi Zhenhua is also performing strongly, with net profit margins around 60% in 2023 and 2024. The focus on power semiconductors, including IGBT and silicon carbide, is expected to drive future growth [4][14]. Risks and Challenges - The revenue and gross margin of the assembly business for SAIC Motor are projected to decline in 2024, primarily due to high manufacturing costs and low capacity utilization. However, recovery in overall sales is expected to enhance profitability in 2025 [11]. Conclusion - Wuxi Zhenhua is positioned for significant growth driven by its strategic acquisitions, diversified customer base, and strong financial performance. The company’s focus on selective electroplating and power semiconductors presents promising opportunities for future expansion [2][15].

Core Insights - The company reported strong performance in 1H25, with revenue of 17.087 billion yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 1.287 billion yuan, up 33.2% year-on-year [1][2] - The beverage business showed steady growth despite increased competition, while the OEM business experienced rapid growth [1][2] Revenue Performance - Beverage revenue in 1H25 increased by 7.6% year-on-year, with tea beverage revenue up 9.1%, and specific products like Double Brew and Spring Green Tea achieving double-digit growth [1] - Food revenue grew by 8.8% year-on-year, with notable contributions from products like Qie Huang and Lao Tan Sauerkraut, which saw double-digit growth [1][2] OEM Business Growth - Other business revenue surged by 91.8% year-on-year, with the OEM business more than doubling, driven by major clients such as Sam's Club and other retail private labels [2] - The expansion of private label brands in retail is expected to sustain growth in the OEM business and enhance market insight capabilities [2] Profitability and Cost Management - The gross margin improved in 1H25, with an overall increase of 0.5 percentage points, driven by cost reductions and enhanced capacity utilization [2] - The beverage gross margin rose by 1.4 percentage points, while the food gross margin decreased by 0.4 percentage points due to rising palm oil prices, although the company managed to mitigate this through improved capacity utilization [2] Future Outlook - The company anticipates slight pressure on beverage revenue growth in 3Q due to intensified competition, but expects overall steady growth for the year [3] - Profit margins are expected to remain stable in the second half of the year, supported by declining raw material prices and improved capacity utilization [3] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 has been raised by 3% to 2.29 billion yuan and 2.62 billion yuan, respectively [3] - The current trading multiples are 16x and 14x for 2025 and 2026 P/E, with a target price of 11.5 HKD, indicating a 24% upside potential [3]