格隆汇9月22日｜天风证券研报指出，浙江自然25H1归母净利1.5亿同增45%，25Q2归母净利0.5亿，同 减20%。2025年上半年，公司"向内求"，同时"向外拓"。不断寻找新客户，打破客户界限，拓宽企业发 展道路，突破公司战略高度。公司掌握了TPU薄膜生产及面料复合技术、聚氨酯软泡发泡技术、高周波 熔接技术、热压熔接技术等关键工艺和技术。未来，公司将立足于户外运动用品领域，建立以TPU复合 面料、熔接加工技术为核心，依托优质客户，逐步向家用充气床垫、高级保温箱包、水上用品等多品类 进行开拓的发展规划。考虑国际关税政策变化影响，基于25H1公司业绩表现，调整盈利预测，维持"增 持"评级。 ...

Core Viewpoint - Pinggao Electric (600312.SH) has announced the establishment of two wholly-owned subsidiaries to enhance operational vitality, improve operational quality, and actively expand the market [1] Group 1: Company Initiatives - The company is setting up Pinggao Electric (Henan) High Voltage Switch Co., Ltd. with a registered capital of 500 million yuan, where the company holds 100% ownership [1] - Another subsidiary, Pinggao Electric (Henan) Power Equipment Technology Co., Ltd., is being established with a registered capital of 400 million yuan, also fully owned by the company [1] - The establishment of these subsidiaries is a significant step in implementing the company's development strategy, which is expected to positively impact future growth [1] Group 2: Market Impact - The creation of these wholly-owned subsidiaries is aimed at further stimulating corporate vitality, increasing market development efforts, and enhancing the company's core competitiveness and profitability [1] - This strategic move is anticipated to contribute to the company's sustainable and stable development in the long term [1]

Core Viewpoint - Pinggao Electric (600312.SH) has announced the establishment of two wholly-owned subsidiaries to enhance operational vitality, improve operational quality, and actively expand the market [1] Group 1: Company Initiatives - The company is setting up Pinggao Electric (Henan) High Voltage Switch Co., Ltd. with a registered capital of 500 million yuan, where the company holds 100% ownership [1] - Additionally, Pinggao Electric (Henan) Power Equipment Technology Co., Ltd. is being established with a registered capital of 400 million yuan, also fully owned by the company [1] - The establishment of these subsidiaries is a significant step in implementing the company's development strategy, which is expected to positively impact future growth [1] Group 2: Strategic Implications - The creation of wholly-owned subsidiaries is aimed at further stimulating corporate vitality and enhancing market expansion efforts [1] - This initiative is anticipated to improve the company's core competitiveness and profitability, contributing to sustainable and stable development [1]