美信科技（301577.SZ）1月7日在投资者互动平台表示，公司产品主要应用在网络通信、新能源汽车、 数据中心、AI服务器电源、工业电源、储能等领域。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司包括网络通信等产品是否应用于航空航天领 域的发展？ ...

格隆汇1月5日丨欣锐科技(300745.SZ)在投资者互动平台表示，公司于《2025年半年度报告》中披露"公 司基于电力电子领域技术延伸进入AI服务器电源领域"，公司致力于持续拓展市场客户，AI服务器电源 等相关产品正处于初期，暂未形成收入。公司按照相关法律法规要求履行信息披露义务，公司相关信息 均以在证监会指定信息披露渠道刊登的信息为准。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

公 司 研 究 / 公 司 深 度 上 市 公 司 | 市场数据： | 2025 年 12 月 26 日 | | --- | --- | | 收盘价（元） | 87.97 | | 一年内最高/最低（元） | 95.79/40.15 | | 市净率 | 7.7 | | 股息率%（分红/股价） | 0.06 | | 流通 A 股市值（百万元） | 40,279 | | 上证指数/深证成指 | 3,963.68/13,603.89 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 11.39 | | 资产负债率% | 51.30 | | 总股本/流通 A 股（百万） | 550/458 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 12/26 01/26 02/26 03/26 04/26 05/26 06/26 07/26 08/26 09/26 10/26 11/26 12/26 麦格米特 沪深300指数 (收益率) 相关研究 ...

（文章来源：证券日报） 证券日报网讯 12月12日，芯联集成在互动平台回答投资者提问时表示，公司针对AI服务器电源的需 求，布局了GaN相关产品及技术。 ...

Core Viewpoint - Hebei Haiwei Electronic Materials Technology Co., Ltd. (referred to as "Haiwei Co.") has commenced its global offering on November 20, 2025, with a scheduled listing on November 28, 2025 [1]. Company Overview - The company's core products include capacitor base films and metallized films, which are essential components of film capacitors, known for their excellent voltage resistance, high-frequency stability, and long service life [4]. - These products are widely used in key sectors such as new energy vehicles, new energy power systems, industrial equipment, and household appliances, aligning with China's "dual carbon" goals and the deepening of the new energy industry chain [4]. Market Position and Growth Potential - Haiwei Co. is the only company in the industry with the capability to independently design and assemble capacitor film production lines, allowing for rapid expansion and the ability to capture market share during a golden development period [5]. - The company's core products are also applicable in the AI server power supply sector, where high stability and voltage resistance are critical, positioning film capacitors as vital components in power systems [5]. - Following its successful listing on the Hong Kong stock market, the company aims to leverage its technological expertise and market advantages in the capacitor base film sector to capitalize on the rapid growth opportunities presented by national and industry developments [5].

Core Viewpoint - The company, Weirgao, focuses on the research and production of PCBs, particularly in the server power application sector, and has made significant technological advancements in its DC-DC related PCB products, which have entered the small batch shipment phase [1] Group 1: Technological Progress - The company has achieved a technological breakthrough in its DC-DC related PCB products and has completed customer onboarding [1] - The company encourages stakeholders to monitor relevant announcements and periodic reports for specific updates on technological advancements [1] Group 2: Capacity Layout - The first phase of the factory in Thailand is set to commence production in June 2024, with current capacity meeting established expectations [1] - The factory primarily serves high-end product demands, including AI server power and automotive electronics [1] Group 3: Customer Structure - The company has established stable partnerships with several well-known domestic and international power supply manufacturers [1] - The server power PCB market presents significant growth potential, with numerous participants [1] Group 4: Market Strategy - The company aims to leverage its technology, quality, and delivery capabilities to serve existing customers while actively exploring new opportunities [1]

Core Viewpoint - The report from Huazhong Securities indicates that Magmi's net profit attributable to shareholders for the first three quarters of 2025 was 213 million yuan, a year-on-year decrease of 48.29% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 39 million yuan [1] - The company has increased its strategic expenses, with R&D and management expenses in Q3 2025 reaching 270 million yuan and 82 million yuan, respectively, representing year-on-year increases of 7.95% and 37.21% [1] Strategic Initiatives - The company is committed to a platform strategy to capture opportunities in high-growth sectors such as AI server power supplies, automotive electronics, and solar storage charging [1] - Magmi has established a partnership with NVIDIA, becoming one of the designated suppliers of data center components in the server power supply sector [1] Product Development - The company has launched several products in the server power supply sector, including PowerShelf, BBUShelf, PowerCapacitorShelf, and an 800V/570kW SideRack high-voltage direct current transmission system, which can be widely used in IDC rooms and outdoor base stations [1] Future Outlook - The power supply business is expected to become a new source of growth for the company [1] - The rating for the company is maintained at "Buy" [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased strategic investments in R&D and management to capture opportunities in high-growth sectors such as AI server power supplies, automotive electronics, and solar storage [6] - The company has established a partnership with NVIDIA, becoming a designated supplier for data center components in the server power supply sector [6] - The company's revenue for the first three quarters of 2025 reached 6.791 billion yuan, a year-on-year increase of 15.05%, while the net profit attributable to shareholders decreased by 48.29% to 213 million yuan [5] Financial Performance - For Q3 2025, the company achieved revenue of 2.118 billion yuan, a year-on-year increase of 11.93%, but the net profit attributable to shareholders fell by 59.58% to 39 million yuan [5] - The gross margin for the first three quarters of 2025 was 21.83%, down 3.83 percentage points year-on-year, while Q3 2025 gross margin was 21.31%, down 3.97 percentage points year-on-year [5] Future Profit Forecast - The company is expected to achieve net profits of 333 million yuan, 700 million yuan, and 887 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 142, 68, and 53 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.944 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.69%. The net profit attributable to shareholders was 888 million yuan, also up by 14.58% year-on-year. However, the gross profit margin decreased by 1.24 percentage points to 32.88% [1] - In the third quarter, the company achieved a revenue of 1.445 billion yuan, a year-on-year increase of 9.31% and a quarter-on-quarter increase of 11.52%. The net profit attributable to shareholders was 318 million yuan, up 8.69% year-on-year and 4.31% quarter-on-quarter [1] - The company is a leading player in the global film capacitor industry and is expected to benefit from the rapid growth of new energy sectors such as solar storage, wind power, and electric vehicles. The company is also actively exploring new application areas such as solid-state batteries, robotics, and AI server power supplies [1][2] Financial Summary - For 2025, the company is projected to achieve a revenue of 5.610 billion yuan, with a year-on-year growth of 17.6%. The net profit attributable to shareholders is expected to be 1.280 billion yuan, reflecting a year-on-year increase of 23.2% [3] - The gross profit margin is forecasted to be 34.7% in 2025, with a gradual recovery expected in subsequent years [3] - The current stock price is 120.28 yuan, with a market capitalization of 27.063 billion yuan [4] Research and Development - The company has increased its R&D expenditure to 3.60% of revenue in the first three quarters of 2025, up from the previous year. It holds 7 invention patents and 154 utility model patents, along with participation in the formulation of 15 international standards [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved record high revenue in Q3 2025, with total revenue for the first three quarters reaching 3.387 billion yuan, a year-on-year increase of 27.16%, and a net profit attributable to shareholders of 220 million yuan, up 41.53% year-on-year [1][2]. - The company's gross margin for the first three quarters of 2025 was 20.47%, a decrease of 0.81 percentage points year-on-year, while the net margin improved to 6.58%, an increase of 0.69 percentage points year-on-year [2]. - The company is a leader in the domestic AI server power supply market, benefiting from the domestic production wave, with strong growth momentum and high profitability [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 1.267 billion yuan, a year-on-year increase of 19.00% and a quarter-on-quarter increase of 2.81%. The net profit for Q3 was 88 million yuan, up 25.15% year-on-year and 4.54% quarter-on-quarter [2]. - The company's operating expenses have been optimized, with sales expense ratio, management expense ratio, and R&D expense ratio at 2.28%, 3.41%, and 6.22%, respectively, showing year-on-year changes of -0.38 percentage points, -0.72 percentage points, and +0.51 percentage points [2]. Product and Market Position - The company’s core products include high-power server power supplies, which are positioned at the forefront of the domestic market and comparable to international high-end levels. The company has established strong relationships with major domestic server manufacturers [3]. - The company is actively expanding its overseas business, having set up teams in Taiwan and the United States to penetrate global markets [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 340 million yuan, 457 million yuan, and 578 million yuan for 2025, 2026, and 2027, respectively [4]. - The report provides a detailed financial outlook, including projected revenue growth rates and profit margins, indicating a robust growth trajectory [11][13].