2025 年 08 月 26 日 盈利能力逐步修复，密集获得大客户项目定点 买入(维持) 事件 分析师：林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-08-25 | | --- | --- | | 当前股价（元） | 9.61 | | 总市值（亿元） | 88 | | 总股本（百万股） | 918 | | 流通股本（百万股） | 918 | | 52 周价格范围（元） | 5.44-10.41 | | 日均成交额（百万元） | 263.35 | 市场表现 -20 0 20 40 60 80 100 120 (%) 模塑科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《模塑科技（000700）：新能源 驱动高成长，有望成为车用保险杠 龙头》2023-11-22 模塑科技发布公告：2025 年 7 月公司接到头部豪华车企和北 美知名车企外饰件产品项目定点，预计总销售额分别为 20.4/12.4 亿元，其中北美客户项目周期 5 年，2026 年开始 生产。 投资要点 ▌ 墨西哥工厂利润大幅增长，2024 年公司盈利能力 显著修复 2024 年 ...

内容概况：耐火陶瓷制品是一种能够在高温下保持稳定性能的材料，广泛应用于冶金、化工、建材等行 业。近年来，随着材料科学的突破性进展，产品性能得到全面提升，不仅在耐高温性方面表现优异，其 抗热震性和抗腐蚀性也取得显著改善。通过创新的成分设计、优化的微观结构以及精密的生产工艺，我 国耐火陶瓷制品的整体品质已达到国际先进水平，为扩大出口奠定了坚实基础。从贸易数据来看，2025 年上半年，中国耐火陶瓷制品行业进口量为2936.14吨，同比下降25.97%；进口金额为6.64亿元，同比 下降7.65%。2025年上半年，中国耐火陶瓷制品行业出口量为5.42万吨，同比增长12.45%；出口金额为 12.17亿元，同比增长2.96%，呈现明显的贸易顺差态势。在全球工业转型升级和新兴市场需求持续释放 的背景下，中国耐火陶瓷制品行业将迎来更广阔的发展空间，出口规模有望保持稳健增长态势。 相关上市企业：天岳先进（688234）、三安光电（600703）、露笑科技（002617）、中国建筑 （601668）、现恒建筑（01500）、奥邦建筑（01615）、中国石化（600028）、巨化股份（600160）、 长江电力（600900） ...

Core Insights - The article highlights the transformation of Putian's shoe industry from OEM to brand innovation and business model innovation, with a focus on the emergence of several independent brands such as "Wanmi," "Yunke," "Wote," "Yibaida," and "Haotongxue" [1] Group 1: Industry Overview - Putian produces 1.6 billion pairs of shoes annually, accounting for one-third of Fujian's output and one-tenth of the national output [1] - The city serves as a production base for global brands like Nike, Adidas, Skechers, and Puma, and has established a comprehensive industrial chain involving materials, manufacturing, trade, and logistics [4] - Putian has actively participated in setting 27 national standards, 33 industry standards, and 19 group standards for footwear [4] Group 2: Customization and Technology - Double Chai Technology offers personalized shoe customization, allowing for 3D foot measurements in just 15 seconds, with production time ranging from 2 hours to 7 days [2] - The price for customized shoes is between 500 to 1000 yuan, making it more accessible compared to traditional luxury custom shoes [2] - The company has digitized 90% of its processes and incorporates RFID chips in shoes for full-process tracking [3] Group 3: Brand Development - Brands like Wote and Wanmi are showcasing innovative products, such as carbon plate shoes that enhance comfort during prolonged use [4] - Wote was established in 1997 and has received accolades such as "China Famous Brand" in 2005 and "China Well-Known Trademark" in 2007 [5] - Wanmi holds over 200 domestic and international patents and set a record by selling a pair of shoes every 8 seconds during a promotional event [5]

Core Viewpoint - The foot massage device industry is experiencing growth driven by increasing health awareness, an aging population, and technological advancements, with the market size expected to reach 446 million yuan in 2024, a year-on-year increase of 6.01% [1][11]. Industry Overview - Foot massage devices are designed to stimulate and relax foot muscles and acupoints, improving fatigue relief, sleep quality, and blood circulation [3][11]. - The industry is supported by a growing elderly population in China, providing a substantial user base for foot massage devices [1][11]. Market Dynamics - The rapid development of e-commerce has made online sales channels a significant direction for foot massage device sales, with platforms like JD.com, Tmall, and Douyin being major contributors [9]. - The e-commerce transaction volume in China is projected to grow from 33.87 trillion yuan in 2019 to 46.41 trillion yuan in 2024, benefiting the foot massage device industry [9]. Competitive Landscape - The foot massage device industry features a diverse competitive landscape, including international brands like Panasonic and domestic leaders such as Beileisong, Aojiahua, and Rongtai Health, alongside numerous small and medium enterprises [13][14]. Industry Chain - The industry chain consists of upstream suppliers providing components and materials, midstream manufacturers producing various types of foot massage devices, and downstream sales channels including online platforms and physical stores [6]. Development Trends - Future trends in the foot massage device industry include the integration of smart features for personalized health monitoring and remote medical guidance [18]. - Customization services are emerging to meet the diverse needs of different consumer groups, enhancing user satisfaction and product competitiveness [19]. Market Demand - There is a growing recognition of proactive health management, leading to increased demand for foot massage devices as tools for muscle relaxation and blood circulation improvement [21].

Industry Overview - The medical air mattress industry, also known as anti-decubitus mattresses, is essential for preventing pressure ulcers in bedridden patients by effectively distributing body pressure and reducing localized pressure [3][13] - The market size of the medical air mattress industry in China is projected to reach 2 billion yuan in 2024, with a year-on-year growth of 11% [13] - The increase in demand for medical air mattresses is driven by the aging population, rising chronic disease patients in hospitals, and growing consumer purchasing power [13][7] Market Drivers - The aging population in China is accelerating, with the number of individuals aged 65 and above increasing from 177.67 million in 2019 to 219.69 million in 2024, representing a rise from 12.60% to 15.60% of the total population [7] - The growth in the number of healthcare institutions in China, from 1,007,600 in 2019 to 1,093,600 in 2024, is also contributing to the increased demand for medical equipment, including air mattresses [11] Competitive Landscape - The industry is becoming increasingly competitive, with numerous companies entering the market, including Hebei Ruilangde Medical Technology Group, Hebei Dingli Medical Equipment, and others [15][17] - Key players in the industry are focusing on innovation and quality to meet the rising consumer demands for healthcare products [15] Industry Trends - The trend towards smart medical air mattresses is emerging, integrating technologies such as pressure sensors and temperature control for dynamic support adjustments [21] - Customization of medical air mattresses is expected to become a trend, allowing for tailored solutions based on specific patient needs, such as those of obese, elderly, or disabled patients [25] - The internationalization of Chinese medical air mattress companies is anticipated, driven by initiatives like the Belt and Road, enhancing global market presence and competitiveness [26]

Core Viewpoint - The storage industry is undergoing significant changes driven by the rise of High Bandwidth Memory (HBM), with DDR4 prices increasing and Samsung Electronics experiencing a decline in quarterly profits, indicating a shift in focus towards HBM production [1][4]. Group 1: Market Dynamics - DDR4 prices have surged due to production cuts, while HBM is becoming the focal point of competition in the storage sector, leading manufacturers to shift capacity towards HBM [1][4]. - Samsung Electronics reported a projected sales revenue of 74 trillion KRW (approximately 55.5 billion USD) for Q2 2025, a slight decrease of 0.09% year-on-year, with operating profit dropping by 55.94% to 4.6 trillion KRW (about 3.3 billion USD), marking the lowest level in six quarters [4]. - SK Hynix has gained market share in the DRAM sector, achieving a 36% share in Q1 2023, surpassing Samsung for the first time, and holding a 70% share in the HBM market [4][8]. Group 2: Technological Advancements - The industry is moving towards the development of HBM4, with SK Hynix and Micron completing certifications for their HBM3e products, while Samsung is expected to complete its HBM3e certification by Q3 2025 [5][6]. - HBM technology faces challenges in both front-end and back-end processes, with future developments expected to include increased stacking layers and new manufacturing techniques [9]. Group 3: Customization Trends - The demand for HBM is expected to grow due to the strong AI market, with Nvidia currently consuming 61% of HBM, but this share is projected to decrease as more ASIC suppliers enter the market [8][10]. - Custom HBM solutions are being developed by several IT companies, including Nvidia, Amazon, and Microsoft, with expectations for significant market expansion by 2026 when HBM4 is launched [10][11].

Core Viewpoint - The article discusses the significant transformation in data centers from a "compute-centric" approach to a "bandwidth-driven" model, highlighting the rise of High Bandwidth Memory (HBM) as a crucial infrastructure for large model computations [1][2]. Group 1: HBM Market Dynamics - HBM has evolved from being a standard component in high-performance AI chips to a strategic focal point in the semiconductor industry, with major players like Samsung, SK Hynix, and Micron viewing it as a key driver for future revenue growth [2][4]. - SK Hynix has established a dominant position in the HBM market, holding approximately 50% market share, with a staggering 70% share in the latest HBM3E products [6][10]. - Samsung is also actively pursuing custom HBM supply agreements with various clients, indicating a competitive landscape among these semiconductor giants [6][10]. Group 2: Customization Trends - Customization of HBM is becoming a necessity, driven by cloud giants seeking tailored AI chips, with SK Hynix already engaging with major clients like NVIDIA and Microsoft for custom HBM solutions [4][5]. - The integration of base die functions into logic chips allows for greater flexibility and control over HBM core chip stacks, optimizing performance, power consumption, and area [7][9]. Group 3: Hybrid Bonding Technology - Hybrid bonding is emerging as a critical technology for future HBM development, addressing challenges posed by traditional soldering techniques as stacking layers increase [12][18]. - Major companies, including Samsung and SK Hynix, are exploring hybrid bonding for their next-generation HBM products, which could lead to significant advancements in performance and efficiency [13][18]. Group 4: Future HBM Innovations - The article outlines the anticipated evolution of HBM technology from HBM4 to HBM8, detailing improvements in bandwidth, capacity, and power efficiency, with HBM8 expected to achieve a bandwidth of 64 TB/s and a capacity of up to 240 GB per module [20][21][27]. - Key innovations include the introduction of 3D integration technologies, advanced cooling methods, and AI-driven design optimizations, which are set to enhance the overall performance and efficiency of HBM systems [29][30]. Group 5: Competitive Landscape - The competition among DRAM manufacturers and bonding equipment suppliers is intensifying, with companies needing to collaborate across various domains to succeed in the evolving HBM market [33]. - The future of HBM technology will likely be shaped by the ability of companies to integrate diverse processes and resources, with the race for dominance in the post-AI era just beginning [33].

Core Viewpoint - The global market for magnetic components used in photovoltaic (PV) and energy storage (ESS) inverters is projected to reach $3.3 billion by 2031, with a compound annual growth rate (CAGR) of 8.0% in the coming years [1]. Market Overview - The market for magnetic components in PV and ESS inverters is expanding significantly due to the rapid growth of the global photovoltaic and energy storage industries. China, as the largest market for photovoltaic installations, is experiencing a surge in demand for magnetic components [11]. - The top five manufacturers in this market hold approximately 42.0% of the global market share as of 2024 [5]. Technological Requirements - There is an increasing demand for high-performance magnetic components due to the rising efficiency of photovoltaic modules and the growing power requirements of energy storage systems. This necessitates innovations in material selection and manufacturing processes [12][14]. - New magnetic materials, such as nanocrystalline and amorphous alloys, are being adopted to enhance the performance of magnetic components [14]. Development Trends - High performance: Magnetic components are required to have higher precision, stability, and lower losses to meet the operational demands of inverters [14]. - Miniaturization and integration: The trend towards smaller and more integrated magnetic components is driven by space constraints in photovoltaic and energy storage systems, which can improve power density and reduce costs [14]. - Customization: Different applications in photovoltaic and energy storage systems require tailored magnetic components, leading manufacturers to offer customized products and solutions [14].

Industry Overview - China holds a significant position in the global home appliance industry, being a major producer, consumer, and exporter with a leading industrial support system and technological application level [1][15] - The electric heating element market in China is expected to grow from $3.13 billion in 2017 to $4.294 billion in 2024, with a compound annual growth rate (CAGR) of 4.62% [1][15] - The market is projected to reach $4.496 billion by 2025, driven by the optimistic outlook in the home appliance and new energy markets [1][15] Electric Heating Element Industry Development - The electric heating element industry has evolved through three stages: the budding period, growth period, and explosive period, with significant technological advancements since the 19th century [5][6] - The industry has entered a high-speed development phase in the 21st century, with electric heating elements becoming essential in daily life and industrial production [6] Market Demand and Trends - The demand for electric heating elements is diversifying, leading to a trend towards highly customized products to meet specific industry needs [26] - The electric heating element market is experiencing a shift towards smart technology integration, utilizing IoT and AI for precise temperature control and energy efficiency [24] - Energy-saving innovations are becoming a core focus, with new materials and technologies aimed at reducing energy consumption and enhancing thermal conversion efficiency [25] Key Companies in the Industry - Major companies in the electric heating element sector include Sanhua Intelligent Controls, Dongfang Electric Heating, and Langjin Technology, among others [19][20][22] - Sanhua Intelligent Controls reported a revenue of 27.947 billion yuan in 2024, reflecting a year-on-year growth of 13.8% [20] - Dongfang Electric Heating generated 1.473 billion yuan from new energy equipment manufacturing and 1.14 billion yuan from household appliance components in 2024 [22] Global Market Context - The global electric heating element market has grown from $8.164 billion in 2017 to $10.452 billion in 2024, with a CAGR of 3.59%, and is expected to reach $10.927 billion by 2025 [14] - The industry is characterized by a competitive landscape with North America, Europe, and Asia-Pacific as key regions, where North America and Europe dominate the mid-to-high-end market segments [18]

Core Insights - The conference highlighted the importance of innovation and quality in the tourism passenger transport industry, emphasizing the need for high-tech, low-energy equipment to enhance service quality and meet the evolving demands of consumers [1][2]. Group 1: Industry Trends - The tourism market is experiencing a shift in consumer demographics, with three main groups emerging: Generation Z seeking immersive experiences, families from the 80s and 90s preferring comfortable and cultural experiences, and the elderly prioritizing quality and age-friendly services [2]. - There is a notable transition in consumer preferences from traditional group tours to customized small groups and free travel, from sightseeing to deep immersion, and from budget travel to quality-focused experiences [2]. Group 2: Company Innovations - Suzhou King Long has been deeply involved in the tourism passenger transport market for over 20 years, showcasing a commitment to innovation and quality through various product launches and technological advancements [1][3]. - The company introduced several star models at the conference, including the new V series, which features customizable seating arrangements and advanced amenities such as high-efficiency electric motors and intelligent thermal management systems [3][4]. Group 3: Product Offerings - The new V series models include options for 9-13 meter vehicles, with a focus on high-end, customized designs suitable for family and small group travel [3]. - The Haige Ruixing model is designed for short-distance passenger transport and features luxury seating, entertainment systems, and a focus on passenger comfort and privacy [3][4]. Group 4: Market Solutions - Suzhou King Long provides comprehensive solutions for the tourism transport sector, covering high-end reception, customized small groups, and smart operations, thereby contributing to the industry's shift towards higher quality and value [4].