Email：liubw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 806.32 | | 流通股本(百万股) | 756.50 | | 市价(元) | 43.55 | | 市值(百万元) | 35,115.16 | | 流通市值(百万元) | 32,945.56 | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740524030001 元件 | . 11 | | --- | | 维持 | | 买入 | | 评级: | 1、《顺络电子：三季度业绩再创新 高 ， AI 终 端 带 动 后 续 成 长 》 2025-10-28 AI 终端带动后续成长》2025-08-02 2025-04-21 顺络电子（002138.SZ） 证券研究报告/公司点评报告 2026 年 03 月 03 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

元件 | . 11 | | --- | | 维持 | | 买入 | | 评级: | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740524030001 1、《顺络电子：三季度业绩再创新 高 ， AI 终 端 带 动 后 续 成 长 》 2025-10-28 AI 终端带动后续成长》2025-08-02 2025-04-21 顺络电子（002138.SZ） 证券研究报告/公司点评报告 2026 年 03 月 03 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2024A | | 2025A | 2026E | 2027E | 2028E | | 分析师：王芳 | | 营业收入（百万元） | | 5,897 | 6,745 | 8,451 | 10,261 | 12,314 | | 执业证书编号：S0740521120002 | | 增长率 yoy% | | 17% ...

证券代码：002138 证券简称：顺络电子 | 股份有限公司 1 人，中国银河证券股份有限公司 1 人，耕霁 | | --- | | (上海)投资管理有限公司 1 人，上海聆泽私募基金管理有限 | | 公司 1 人，上海高毅资产管理合伙企业(有限合伙)1 人，南 | | 方基金管理股份有限公司 1 人，天惠投资有限责任公司 1 | | 人，深圳纽富斯投资管理有限公司 1 人，中国人寿保险(集 | | 团)公司 2 人，华宝信托有限责任公司 1 人，Ofionk Capital1 | | 人，上海翀云私募基金管理有限公司 1 人，耀松投资 1 人， | | 招商信诺资产管理有限公司 1 人，中国人民养老保险有限责 | | 任公司 1 人，南京青云合益投资管理有限公司 1 人，华熙矿 | | 业有限公司 1 人，博裕资本投资管理有限公司 1 人，申万宏 | | 源证券有限公司 1 人，平安银行股份有限公司 1 人，浙江丰 | | 道投资管理有限公司 1 人，海南鑫焱创业投资有限公司 1 | | 人，上海瀚伦私募基金管理有限公司 1 人，上海邦客资产管 | | 理有限公司 1 人，宁波莲盛投资管理有限公司 1 人， ...

Summary of Conference Call on CCL Industry and Company Insights Industry Overview - The copper-clad laminate (CCL) industry is experiencing structural differentiation in demand, particularly driven by AI and automotive electronics, while traditional home appliance sectors show slower growth. This shift is prompting a reallocation of resources towards AI and advanced materials, leading to product structure adjustments [1][3]. - The tight capacity in the CCL sector is primarily due to the transition to high-end products, which results in a 20% reduction in effective output compared to nominal capacity due to higher process and yield requirements [1][3]. Company Insights - The company has a high-speed CCL capacity of approximately 3.6 million sheets per month, with about 2.8 million sheets per month available for high-grade materials. The revenue share from high-speed products is expected to increase from around 14% in 2025 to a target of 20%-30% in 2026 [1][4]. - Raw material costs are significant, with copper accounting for approximately 46% and electronic fabric for about 20% of total costs. Rising copper prices are directly influencing CCL price increases, while electronic fabric prices are also on the rise, albeit at a slower rate [1][2]. Pricing and Demand Dynamics - The company employs a high-frequency pricing strategy, with differentiated pricing for various customer segments. Smaller customers experience quicker price adjustments, while larger clients negotiate prices [1][6]. - Since Q4 2025, copper prices have risen significantly, impacting the CCL industry positively due to the ability to pass on costs. The overall price trend is expected to remain upward in the near term [2][16]. Future Outlook - The industry is anticipated to maintain a positive trend, with AI-related applications driving new demand and traditional server upgrades performing well. The company is preparing for capacity expansion in response to this demand [3][7]. - The company plans to increase its high-speed product share significantly, with expected growth rates of approximately 1.7 times from 2024 to 2025 and 2.2 times from 2023 to 2024 [4][8]. Production and Capacity Utilization - Current orders and factory utilization rates are high, with an order coverage period of about one month and overall utilization above 90% [8][9]. - The company has achieved stable delivery for M7 and M8 materials, with M9 still undergoing testing and certification [9]. Customer Structure and Market Segmentation - The customer base includes PCB manufacturers, with a significant focus on traditional general servers and an increasing share from AI servers. The distribution of demand is more fragmented in the AI sector [6][8]. - The top 15 customers contribute over 60% of revenue, with pricing adjustments typically initiated with smaller clients before larger ones [12]. Challenges and Risks - The company faces challenges in overseas market penetration, with slower progress compared to domestic markets due to the need for extensive testing and certification processes [10][11]. - Concerns exist regarding the impact of partnerships with major clients like Huawei on overseas certification and market entry, although it is not seen as a definitive barrier [12]. Financial Performance and Projections - The gross margin for ordinary boards is significantly lower than that for high-speed boards, with the goal of increasing the high-speed product share to enhance overall profitability [15]. - The company is currently not providing specific revenue guidance for January 2026 but indicates a positive trend compared to Q4 2025 [16]. Conclusion - The CCL industry is poised for growth driven by AI and automotive electronics, with the company strategically positioned to capitalize on these trends through capacity expansion and product differentiation. The focus on high-speed products and effective cost management will be critical for maintaining profitability in a competitive landscape [1][7][15].

同时公司创新成果获全球顶尖客户高度认可： 顺络电子称，公司于本年度在手机通讯、消费电子等市场应用领域表现平稳，在数据中心及AI+应用、汽车电子等新兴战略市场实现了持续强劲的高速增 长；公司综合竞争力与行业影响力持续跃升。 2月27日，顺络电子发布2025年度业绩报告，全年营收实现67.45亿元，净利润11.41亿元，归属于母公司股东的净利润10.21亿元，扣非净利润为9.78亿元；销 售收入和利润再创历史新高。 | | 2025 年 | 2024 年 | 本年比上年 增减 | 2023 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 6,745,291,381.99 | 5.896.910.162.54 | 14.39% | 5,040.423,672.03 | | 归属于上市公司股东的净利 润(元) | 1,021,016,292.98 | 832,084,151.71 | 22.71% | 640,529,897.50 | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 978.209.598.50 | 781,112,982.61 | 25 ...

中证智能财讯纳芯微（688052）2月27日晚间披露2025年业绩快报，公司实现营业收入33.68亿元，同比增长71.8%；归母净利润亏损2.41亿元，上年同期亏 损4.03亿元；扣非净利润亏损2.9亿元，上年同期亏损4.57亿元；基本每股收益-1.7元，加权平均净资产收益率为-4.11%。以最新收盘价计算，市净率（LF） 约3.61倍，市销率（TTM）约9.34倍。 以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 6,000 4000 2,000 0 13 8 8 8 8 8 60.6 d8 T 60 -2,000 -4,000 -6,000 -12-30 n }- 公司 -○- 行业均值 100 ହ 90 80 70 65:64 60 50 40 30 20 10 0 2n- )- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ର ୨୦ 80 70 60 50-91 50 40 39-31 38.88 30 29:43 22d45 20 1789 12 89 10 9.6- 0 3-12-30 ' 3-09-3 ...

拓荆科技股份有限公司 证券代码：688072 证券简称：拓荆科技 公告编号：2026-009 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 2025年度业绩快报公告 本公告所载拓荆科技股份有限公司（以下简称"公司"，含合并报表范围内的下属公司）2025年度主要财 务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年年度报告披露的数据为准，提 请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1、本报告期初数同法定披露的上年年末数。 2、以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、经营情况 2025年度，公司实现营业收入约65.19亿元，同比增长约58.87%；归属于母公司所有者的净利润约9.29 亿元，同比增长约35.05%；归属于母公司所有者的扣除非经常性损益的净利润约7.26亿元，同比增长约 103.79%。 3、影响经营业绩的 ...

随着人工智能(AI)、高性能计算(HPC)、汽车电子(智能驾驶、车联网)、机器人及可穿戴设备等新兴领域 技术的快速发展和需求的激增，芯片制造厂加速推进先进制程的技术迭代，同时不断扩大产能规模。公 司积极把握半导体芯片技术迭代升级与国产替代的发展机遇，构建了较为完善的薄膜沉积设备、三维集 成领域设备的产品矩阵。依托在PECVD、ALD、SACVD、HDPCVD、FlowableCVD 等薄膜沉积设备及 先进键合设备领域的技术突破与规模化量产，公司在先进制程领域核心竞争力显著提升，业务规模实现 大幅增长。 智通财经APP讯，拓荆科技(688072.SH)发布2025年度业绩快报，2025年度，公司实现营业收入约65.19 亿元，同比增长约58.87%;归属于母公司所有者的净利润约9.29亿元，同比增长约35.05%;归属于母公司 所有者的扣除非经常性损益的净利润约7.26亿元，同比增长约103.79%。 ...

随着人工智能(AI)、高性能计算(HPC)、汽车电子(智能驾驶、车联网)、机器人及可穿戴设备等新兴领域 技术的快速发展和需求的激增，芯片制造厂加速推进先进制程的技术迭代，同时不断扩大产能规模。公 司积极把握半导体芯片技术迭代升级与国产替代的发展机遇，构建了较为完善的薄膜沉积设备、三维集 成领域设备的产品矩阵。依托在PECVD、ALD、SACVD、HDPCVD、FlowableCVD等薄膜沉积设备及 先进键合设备领域的技术突破与规模化量产，公司在先进制程领域核心竞争力显著提升，业务规模实现 大幅增长。 拓荆科技(688072.SH)发布2025年度业绩快报，2025年度，公司实现营业收入约65.19亿元，同比增长约 58.87%;归属于母公司所有者的净利润约9.29亿元，同比增长约35.05%;归属于母公司所有者的扣除非经 常性损益的净利润约7.26亿元，同比增长约103.79%。 ...

Core Viewpoint - The company reported significant growth in its 2025 annual performance, driven by advancements in AI, automotive electronics, and semiconductor testing demand [1] Financial Performance - The company achieved an operating revenue of 1,574.64 million, representing a year-on-year increase of 46.22% [1] - The net profit attributable to the parent company reached 300.06 million, marking a 134.00% year-on-year growth [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 234.63 million, reflecting a 117.63% increase year-on-year [1] Market Drivers - The growth was supported by the increasing penetration of AI and automotive electronic products, a recovery in consumer electronics, accelerated domestic substitution, and upgrades in advanced packaging technology [1] - The demand for semiconductor testing has increased significantly, contributing to the company's record-high operating revenue in 2025 [1]