来源：陕西法制网 河北海伟电子新材料科技股份有限公司（简称 "海伟股份"），由中金公司担任公司独家保荐人，已于 2025年11月20日开启全球招股，定于11月28日正式上市发行。 公司核心产品为电容器基膜与金属化膜，电容器基膜作为薄膜电容器的关键组成部分，以其优异的耐电 压性能、高频稳定性和长久使用寿命而被广泛应用。在终端应用方面，这些产品主要服务于新能源汽 车、新能源电力系统、工业设备和家用电器等重要领域。国内的 "双碳" 目标与新能源产业链自主可控 战略已进入深化落地阶段，终端需求迎来爆发期。 | * 球 智 真 下 的 發 悟 股 份 數 目 : 30,831,400股 H 股 平 發售量調整 權 及 | | --- | | 超额配股權行使與否而定) | | 香港發售股份數目 : 3.083.200股目股(可于重新分配及視乎 | | 發售量調整備行使與否面定) | | 國際發售股份數目:27,748,200股H股(可子重新分配及殺乎 | | 發售量調整權及超額配股權行使與 | | 否面定) | | 發售價 : 每股H股14.28港元,另加1%經紀冊金、 | | 0.0027% 證監 何交易做費 · 0. ...

（编辑 袁冠琳） 证券日报网讯 威尔高11月20日在互动平台回答投资者提问时表示，公司专注于PCB的研发与生产，在 服务器电源应用领域具备技术积累。在技术进展方面，公司的二次电源（DC-DC）相关PCB产品已实现 技术突破并完成客户导入，进入小批量出货阶段，具体情况请关注公司相关公告和定期报告；产能布局 上，泰国一期工厂已于2024年6月投产，目前产能基本达到既定预期，主要服务于AI服务器电源和汽车 电子等高端产品需求。客户结构方面，公司已与多家国内外知名电源厂商建立了稳定的合作关系。服务 器电源PCB市场空间广阔，参与者众多，公司凭借技术、质量和交付能力，致力于服务好现有客户并积 极开拓新机会。 ...

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].

Summary of Naxin Micro's Conference Call Company Overview - **Company**: Naxin Micro - **Industry**: Semiconductor, focusing on sensor, signal chain, and power management chips, particularly in the automotive and energy sectors Key Points Industry and Market Performance - Naxin Micro benefits from growing downstream market demand, especially in the automotive and energy sectors, with sensor business revenue accounting for nearly 27% to 28% of total revenue [2][4] - The company reported revenue of 2.366 billion yuan in the first three quarters of 2025, despite a net loss of approximately 140 million yuan [3] - The automotive application market is a significant growth driver, with expectations for the per vehicle value to increase from over 1,300 yuan to around 3,000 yuan in the next two to three years [2][8] Product Matrix and Development - Naxin Micro has a rich product matrix covering sensors, signal chain, and power management chips, focusing on high-barrier markets like automotive and energy [2][4] - The company has made significant advancements in isolation products, particularly in AI server power modules, driven by demand from the AI server market [9][20] - The company has begun small-scale shipments of silicon carbide (SiC) MOSFETs and is developing gallium nitride (GaN) products in collaboration with partners [2][21] Competitive Positioning - Naxin Micro maintains a leading position in the domestic market, with deep collaborations with major clients in various application fields, particularly in automotive [5][6] - The company focuses on high-barrier markets to mitigate competition and has developed a third-generation process platform for isolation products to reduce costs and enhance performance [6][22] Future Outlook and Strategy - Management has a long-term strategic plan with a five-year rolling outlook, focusing on enhancing competitiveness through product advantages and market application [7] - The company anticipates significant growth in the automotive sector, particularly in body electronics and lighting management, which are expected to become important growth points [8][25] Financial Performance and Margins - The company's gross margin has fluctuated due to price competition with competitors like TI, but is expected to stabilize [22][24] - The automotive sector is projected to generate revenue of approximately 800 million to 1 billion yuan in 2025, with significant market potential [25] Emerging Applications and Trends - The company is actively expanding into the robotics market, with products already in production for humanoid robots and other robotic applications [17][18] - The energy market is recovering, with increased demand for large-scale storage inverters related to ground power stations [9] Geopolitical and Supply Chain Considerations - The company has seen an increase in demand for domestic products due to geopolitical tensions, with clients seeking alternatives to overseas suppliers [14][13] - Naxin Micro has proactively secured additional production capacity to meet anticipated demand growth, despite ongoing supply chain challenges [16] Conclusion - Naxin Micro is strategically positioned in high-growth markets with a robust product portfolio and a focus on innovation, particularly in automotive and energy sectors, while navigating competitive pressures and geopolitical challenges.

Core Insights - The company reported a double-digit year-on-year revenue growth in Q3 2025, but net profit declined due to increased R&D expenses [2][5] - The focus on next-generation semiconductor chips and advanced packaging technology aims to capture opportunities in emerging fields such as AI server power and data centers [2][5] Financial Performance - In Q3 2025, the company achieved a revenue of 1.054 billion yuan, a 19.58% increase compared to the same period last year [3] - The net profit attributable to shareholders was 106.39 million yuan, a decrease of 28.39% year-on-year [3][4] - The cumulative revenue from January to September 2025 reached 2.989 billion yuan, reflecting a 23.82% year-on-year growth [3] Profitability Metrics - The basic and diluted earnings per share for Q3 2025 were both 0.44 yuan, down 29.03% from the previous year [4] - The weighted average return on equity was 1.55%, a decrease of 0.73 percentage points compared to the same period last year [4] R&D Investment - R&D expenses increased significantly, with a rise of 37.78 million yuan in Q3 and a total increase of 116 million yuan from January to September 2025 [5] - The R&D focus includes next-generation IGBT, fast recovery diodes, SiCMOSFET, GaN, MCU, and driver ICs, as well as advanced packaging technologies [5] Cash Flow and Assets - The net cash flow from operating activities for January to September 2025 was 383 million yuan, down 41.33% year-on-year [5] - As of September 30, 2025, total assets were 10.606 billion yuan, a 9.96% increase from the end of the previous year [5]

Core Viewpoint - Aohai Technology achieved a net profit attributable to shareholders of 359 million yuan in the first three quarters of 2025, representing a year-over-year increase of 19.32% [1] - The company reported a single-quarter net profit of 122 million yuan in Q3 2025, showing a year-over-year growth of 81.92% and a quarter-over-quarter increase of 9.75% [1] - The company maintains a stable dividend policy while increasing the proportion of new businesses, which is expected to further enhance profitability [1] Financial Performance - The net profit for the first three quarters of 2025 was 359 million yuan, up 19.32% year-over-year [1] - In Q3 2025, the net profit reached 122 million yuan, reflecting an 81.92% year-over-year increase and a 9.75% quarter-over-quarter growth [1] Business Development - Aohai Technology is expected to increase its market share in hybrid dual-control products, which will contribute to the growth of new business segments [1] - The establishment of a branch in Hangzhou and partnerships with Texas Instruments and Renesas Electronics are aimed at accelerating the deployment of AI server power supplies [1] - The company is a leading manufacturer in the 3C charging and storage sector and is expanding into new energy electric control systems and server power supplies, which will enhance its profitability [1]

Core Viewpoint - Mingpu Optoelectronics has confirmed that it supplies a full range of magnetic components for AI server power applications, indicating strong positioning in the growing AI infrastructure market [1] Group 1: Product Offerings - The company provides a complete series of magnetic components, including drive transformers, common mode inductors, PFC inductors, main power transformers, and output filter inductors for AI server power [1] - Specifically, the main product supplied for servers is the TLVR inductor [1]