电子/光学光电子 康冠科技（001308.SZ） 发布 AI 服镜布局更多视觉场景，品牌出海持续突破 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(元) | 26.07 | | 一年最高最低(元) | 29.20/17.27 | | 总市值(亿元) | 182.65 | | 流通市值(亿元) | 62.53 | | 总股本(亿股) | 7.01 | | 流通股本(亿股) | 2.40 | | 近 3 个月换手率(%) | 71.65 | 股价走势图 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 康冠科技 沪深300 数据来源：聚源 相关研究报告 《主业稳健+创新业务高增致 Q1 业绩 拐点，关注自有品牌全球化弹性—公 司信息更新报告》-2025.5.1 《利润短期承压，年末订单大幅增长 蓄力 2025 年高增—公司信息更新报 告》-2025.3.31 《收入延续亮眼增长，提价节奏变化 利润端仍承压—公司信息更新报告》 -2024.10.30 初敏（分析师） 程婧雅（分析师） c ...

Group 1: Product Development and Market Position - The company focuses on the server market, providing various types of power inductors and tantalum capacitors, with a strong order backlog and rapid business growth [2][3] - In the automotive electronics sector, the company is investing in new product research and development to maximize customer resource advantages [3] - The mobile communication market remains a traditional strength, with high-precision layered signal products maintaining a leading industry position [3] Group 2: Financial Impact and Cost Management - Precious metals constitute a small portion of raw material costs, with their impact on gross margin diminishing as electronic components trend towards "light, thin, short, and small" designs [4] - The raw material value of mainstream products is approximately 50% of total costs, and the company has strong supply chain management to mitigate price volatility [4] - The company emphasizes continuous R&D investment, with a significant portion of capital expenditure directed towards industrial park infrastructure [4] Group 3: Future Capital Expenditure and Financing - The company operates in a capital-intensive industry, requiring ongoing expansion and high funding needs [4] - Future capital expenditures will focus on industrial park construction, with a slowdown expected as new facilities are completed [4] - The company plans to develop financing strategies based on specific investment progress, with no immediate plans for direct market financing [4]

点击蓝字，关注我们 目前两个关键时点： 一是8月7日 ，白宫宣布的最新对等关税生效的日期，相当于原定的8月1日往后 挪了1周。目前看来，加拿大、墨西哥、印度等，都有继续谈判的空间。 二是8月12日 ，是原定中美 暂缓的截至日期。但根据7/27-7/30中美第三轮高层经贸会谈，双方将继续推动已暂停的美方对等关税 24%部分以及中方反制措施如期展期。这意味着中美双方将保持当前的关税状态，并继续延期90天， 这次延期后， 新截止日期将延至11月12日。 在这两个关键时间节点之前，全球可能存在一定的避险 情绪。 国内宏观关注： 7 月政治局会议后，相关宏观政策的具体执行与落地成效；其次，中美贸易关系进展 及海外主要经济体的宏观环境变化。 策略上聚焦三大主线： 本次策略推荐标的 | 港股 | | | | | --- | --- | --- | --- | | 证券代码 | 证券简称 | 7月涨跌幅 | 所属行业 | | 3690.HK | 美团-W | -2.95% | 可选消费 | | 6181.HK | 老铺黄金 | -29.71% | 可选消费 | | 2050.HK | 三花智控 | 3.98% | 工业 | ...

您说各位好我是华新传媒的珠珠今天主要是和大家汇报一下关于传媒板块的观点更新我们在2025年中期策略就指出来文化传媒板块对于拉动消费和科技都有比较好的杠杆效应而文化价值的根基的深度是可以去托举它的商业的高度所以在当下来说我们可以关注到7月底是AI的WAC的 世界人工智能大会那八月初在上海举办的ChinaJoint所以这两个大会可以综合起来概述一手是AI一手是IP而这两者也是可以去进行很好的一个结合在当下我们的核心结论是看好AI加应用在应用端来看除了计算机板块之外呢那传媒也是比较好的应用场景之一 对于计算机板块可能更多的是2B的一些应用2G的应用而对于传媒来说的话它是比较好的2B加2C的应用那我们在当下是看好AI加应用特别是传媒板块呢那主要的理由第一个是政策端的支持从自上而下来说2025年7月份我们可以看到上海的这个发布的叫进一步扩大人工智能的 若该意见直接通过发券的方式发了3亿的模型就智能大模型应用发了3亿元的模型券通过场景通过基金通过人才的方式进行一个组合将整个AI的产业从一个技术的模式推向了商业的应用所以我们可以看到整个AI政策的红利还是在持续的 那是昨天晚上我们可以看到国常会发布了叫生化实施人工智能家的行 ...

Group 1 - A-shares opened higher on August 5, with the Shanghai Composite Index up 0.15%, Shenzhen Component Index up 0.34%, and ChiNext Index up 0.65% [1] - The market showed strong performance in sectors such as robotics and PEEK materials, while the military industry also performed actively [1] - The Cloud Computing 50 ETF (516630) experienced fluctuations, with top gainers including Zhongke Xingtu, Zhongji Xuchuang, and Xinyism, while Wanxing Technology, Yidian Tianxia, and Guotou Intelligent faced declines [1] Group 2 - U.S. stock markets closed higher overnight, with the Dow Jones up 1.34%, Nasdaq up 1.95%, and S&P 500 up 1.47%, driven by a rally in popular tech stocks, particularly Nvidia, which rose by 3.6% [1] - Market expectations for a Federal Reserve interest rate cut have been increasing, with Fed's Daly indicating that the timing for a rate cut is approaching, suggesting two rate cuts this year would be appropriate [1] Group 3 - Longcheng Securities believes that the continuous upgrade of domestic and international large models is increasing the demand for computing power, while chip performance improvements are facilitating breakthroughs in the AI industry [1] - The ability of AI models to simulate human interactions is expected to drive the commercialization of more AI+ applications, positioning AI-driven digital interaction as a potential hot sector in the next internet and gaming industry [1] - Institutions remain optimistic about investment opportunities across various segments of computing power [1] Group 4 - The Cloud Computing 50 ETF (516630) tracks the Cloud Computing Index (930851), which has a high AI computing power content and covers popular computing concepts such as optical modules, computing leasing, data centers, AI servers, and liquid cooling [2] - The Cloud Computing 50 ETF (516630) is noted for having the lowest total expense ratio among ETFs tracking this index [2]

Core Insights - The company reported a revenue of 3.224 billion yuan for the first half of 2025, representing a year-on-year increase of 19.80%, and a net profit attributable to shareholders of 486 million yuan, up 32.03% year-on-year [1] - The company experienced strong growth across multiple sectors, particularly in AI applications, automotive electronics, and data centers, with significant order growth in the data center business [1][2] Revenue and Profit Growth - In Q2 2025, the company achieved a revenue of 1.763 billion yuan, reflecting a year-on-year increase of 23.12% and a quarter-on-quarter increase of 20.73%, with a net profit of 253 million yuan, up 27.74% year-on-year and 8.40% quarter-on-quarter [1] - The gross margin stood at 36.68%, a slight decrease of 0.28 percentage points year-on-year [1] Product Performance - Revenue by product segments included signal processing at 1.163 billion yuan (up 7.55%), power management at 1.150 billion yuan (up 25.73%), automotive electronics at 641 million yuan (up 38.22%), and ceramics, PCBs, and others at 270 million yuan (up 16.70%) [2] - The company is expanding its automotive electronics from traditional applications to intelligent scenarios and is seeing increased demand for magnetic components and tantalum capacitors due to new requirements from data centers and enterprise-level SSDs [2] Future Growth Prospects - The company is actively promoting research and development in hydrogen fuel cell projects, which could open new application markets for future growth [2] - The company is positioned as a leader in domestic magnetic components, with expectations for net profits of 1.050 billion yuan in 2025, 1.335 billion yuan in 2026, and 1.681 billion yuan in 2027, with corresponding EPS of 1.30, 1.66, and 2.09 yuan [3]

Group 1: Business Performance and Growth - The data center market has shown strong growth, with significant order increases in the first half of 2025, marking a breakthrough after the automotive electronics market [4] - The automotive electronics sector has achieved comprehensive coverage of electric vehicle systems and is expanding into intelligent driving and smart cockpit applications [4] - The company has a compound annual growth rate (CAGR) of approximately 24% in sales revenue since its listing, indicating sustained business growth [6] Group 2: Product Development and Market Strategy - The company is actively investing in R&D to enhance product competitiveness, particularly in the AI application sector, which is driving demand for power management components [5] - New types of tantalum capacitors have been developed, with significant performance improvements, targeting applications in communications, consumer electronics, automotive electronics, and data centers [5] - The company aims to transition from a traditional "product provider" to a "value creator," enriching its product matrix and maintaining stable gross margin levels [7] Group 3: Financial Management and Cost Control - The company maintains controlled expenditure, with a focus on R&D investments to support long-term growth and efficiency improvements [6] - Despite seasonal fluctuations in overseas customer inventory due to geopolitical factors, the overall impact on business has been minimal, with overseas business exposure at only 20% [5] - The company plans to continue increasing R&D investment while controlling other expense ratios to enhance operational efficiency [6]

Core Insights - The company reported a stable and positive performance in its half-year results for 2025, achieving a revenue of 3.224 billion yuan, a year-on-year increase of 19.80%, and a net profit of 486 million yuan, up 32.03% [1][2] Financial Performance - In the first half of 2025, the company achieved a record high in both revenue and net profit, with a revenue of 3.224 billion yuan and a net profit of 486 million yuan [2][3] - The second quarter of 2025 saw the company reach a revenue of 1.763 billion yuan, marking the highest quarterly revenue to date [3] Market Segments - The company maintained steady growth in traditional markets such as mobile communications and consumer electronics, while experiencing strong growth in emerging strategic markets like AI applications, automotive electronics, and data centers [1][3] - The data center business showed significant order growth in the first half of 2025, indicating a strategic breakthrough in this emerging market [3] Research and Development - The company increased its R&D expenditure to 277 million yuan in the first half of 2025, reflecting a year-on-year growth of 23.82%, and currently holds 860 valid patents [1][4] - R&D expenses have been on a consistent upward trend from 344 million yuan in 2021 to 505 million yuan in 2024 [4] Product and Market Position - The company is recognized as one of the "first batch of manufacturing single-item champion demonstration enterprises" in China, with its chip inductors holding the largest market share domestically and ranking among the top three globally [4] - The company’s gross margin reached 36.68% in the first half of 2025, maintaining a competitive edge in the industry [5]

Core Views - The company achieved record revenue of RMB 1.763 billion in Q2 2025 and RMB 3.224 billion in the first half of 2025, with a net profit of RMB 486 million, marking a historical high for both quarterly and semi-annual results [1][2] - The company is transitioning from a traditional "product provider" to a "value creator," focusing on emerging markets such as AI applications, automotive electronics, and data centers [1][6] - The company emphasizes innovation and has established multiple manufacturing technology platforms to support its product matrix and horizontal expansion capabilities [1][5] Financial Performance - Revenue for the first half of 2025 increased by 19.80% compared to the same period last year, while net profit attributable to shareholders rose by 32.87% [2][6] - The company reported a basic earnings per share of RMB 0.62, up 31.91% year-on-year [2] - Total assets increased by 5.13% year-on-year, reaching RMB 13.358 billion [2] Business Overview - The company specializes in the research, design, production, and sales of precision electronic components, with applications in communication, consumer electronics, automotive electronics, and data centers [6][9] - The company has developed a comprehensive product line, including magnetic devices, sensors, microwave devices, and precision ceramics, which are essential for signal processing and power management [6][9] - The company is recognized as a "demonstration enterprise of the first batch of manufacturing champions in China" and has been listed among the top 100 electronic component companies for 18 consecutive years [3][4] Market Trends - The electronic components industry is experiencing a shift towards miniaturization, high power density, and integration, driven by advancements in communication technology and the increasing demand for high-performance electronic devices [6][8] - The company is well-positioned to benefit from the growth in AI applications, automotive electronics, and data centers, with significant orders in the data center business during the first half of 2025 [1][6] Technological Development - The company has invested heavily in foundational technology research, establishing various manufacturing technology platforms to enhance production capabilities [5][6] - The company has developed advanced materials and manufacturing processes, enabling the production of high-performance components for various applications, including AI servers and automotive electronics [6][9] Product Strategy - The company offers a wide range of products tailored to meet the needs of different application scenarios, including precision inductors, transformers, and circuit protection components [9][10] - The company is actively developing new products to address market demands, particularly in the fields of AI, automotive electronics, and renewable energy [8][14]

人民财讯7月30日电，顺络电子（002138）7月30日晚间披露半年度报告，公司2025年上半年实现营业收 入为32.24亿元，同比增长19.8%；归母净利润4.86亿元，同比增长32.03%；基本每股收益0.62元。2025 年第二季度，顺络在手机通讯、消费电子等传统市场应用领域保持了稳步成长，在AI+应用、汽车电 子、数据中心等新兴战略市场实现了持续强劲的高速增长。 ...