中材科技 20250617 摘要 中材科技受益于低介电产品和第二代 JDC 产品渗透率提升，以及低膨胀 材料的发展，电子材料板块形成以特种玻纤为核心的增长平台，推动公 司业绩增长。 风电板块市场景气度显著提升，风电叶片环节涨价落地，海上风电项目 招标和开工积极，中材科技作为行业龙头，风电叶片业务收入占比约 30%，利润贡献显著。 2025 年玻纤业务表现强劲，泰博吨均价显著提升，风电纱提价进一步 推高二季度吨净利，预计玻纤板块同比利润将实现翻番，并持续稳步提 升。 特种玻纤业务贡献显著，一、二季度出货量环比增长乐观，净利润水平 预计环比增长可观，高价格、高品种特种玻纤需求增长，受益于 AI 服务 器等领域对 DDR5 的需求。 低功耗 DDR5 市场需求旺盛，尤其在 AI 服务器和智能驾驶等领域，渗 透率高，市场处于"有多少要多少"阶段，预计该趋势至少持续到今年 三四季度。 现了积极变化，这些因素共同推动了市场对风电板块的关注。 Q&A 如何看待中材科技在特种玻纤领域的表现及其对公司利润的贡献？ 中材科技在特种玻纤领域的表现一直备受关注。去年底，公司进行了第一代特 种玻纤的扩产，今年 2 月中下旬开始，低介电 ...

证券研究报告 点评报告 2025 年 6 月 12 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 分析师：郭强 第 1 页 共 4 页 6 月 11 日下午，华为发布了 Pura 80、Pura 80 Pro/Pro+/Ultra，共 4 款新机。4 款新机里摄像系统提升明显，从不同机型主摄的参数差异看，可能出现了 3 个不同 的 1 英寸传感器，同时 Ultra 机型还将有首个 1/1.28 型长焦，而且是首个可以通过 棱镜移动切换焦段的手机长焦。其中 Pura 80 应该是使用的 Pure70 使用的 Sony IMX989 一英寸主摄，而更高阶的三款机型都是使用有 RYYB 的一英寸主摄，从参数的 相似度分析大概率是国产思特威的 CIS。从华为最顶级的主打摄像特征的 P 系列手机 在最高端型号使用国产主摄看，国产 CIS 性能追上 Sony 的产品已经获得国产主机厂 的认可。同时结合韦尔股份在车载摄像头领域持续超越以前的行业龙头安森美分析， 国产 CIS 在高端市场全面进口替代将加速进行，看好国产 CIS 产业链的景气度提升。 晨会纪要 根据台湾媒体报道， ...

Summary of Aohai Technology Conference Call Company Overview - Aohai Technology is a leading global manufacturer of mobile phone chargers, with a market share of 17% in 2023 and approximately 25% in non-Samsung Android phones [2][6][10] - The company has diversified its business into IoT charging, new energy vehicles, and digital energy, while actively expanding into PCs and servers [2][6] Strategic Focus - Aohai Technology implements the "133 Strategy," focusing on energy exchange, efficient charging and storage, and centralized supply [2][8] - The company is expanding production in Vietnam and India to mitigate tariff risks and achieve global capacity [2][7] Financial Performance - The company has a stable shareholding structure, with the controlling shareholders holding over 50% of the shares [2][10] - From 2019 to 2024, the compound annual growth rate (CAGR) for revenue is projected at 23%, and for net profit at 16% [2][10] - Revenue for 2024 is expected to reach 6.4 billion yuan, with a net profit of 465 million yuan, driven by downstream demand and new customer acquisition [2][10] Revenue Breakdown - In 2024, the revenue breakdown is as follows: - Android mobile charging: approximately 3.5 billion yuan - New energy vehicle electronics: around 550 million yuan - IoT business: about 800 million yuan - PC business: around 100 million yuan - Automotive products: approximately 550 million yuan - Server power supplies: less than 400 million yuan [2][12][13] Market Outlook - The mobile charger market is expected to grow from 15 billion to 30 billion yuan, with stable growth anticipated across all business segments [2][14] - IoT business is projected to grow over 40% [2][14] - The company expects to maintain stable growth in 2025, with significant contributions from new customers and product categories [2][14] Key Business Segments - **Mobile Charging**: The company has a concentrated customer base, primarily mobile phone brands, with a significant increase in high-power chargers [15][16] - **IoT Products**: The demand for IoT products is expected to rise due to the implementation of standardized charging interfaces and new wireless charging technologies [17] - **New Energy Vehicles**: Revenue from this segment is expected to reach around 800 million yuan in 2025, with a focus on electric control systems [20][21] - **Server Power Supplies**: The company covers a wide power range, with rapid growth in the AI server market [22] Future Development - Aohai Technology's long-term growth potential is supported by customer expansion and product diversification [24] - The company is well-positioned for future growth, with a low valuation compared to peers, making it an attractive investment opportunity [24][25]

神州泰岳 20250506 摘要 • 神州泰岳 2024 年游戏营收 46.62 亿元，海外收入占比超 50%，《旭日 之城》和《战火与秩序》分别贡献 34 亿元和 10 亿元营收。2025 年一季 度营收 13.23 亿元，归母净利润 3.29 亿元，为上市以来第二高一季度业 绩，但同比略降，因去年同期流水达峰值。 • 公司计划下半年大规模推广代号 DL 和 LVA 的两款 SLG 手游，年底至明年 二季度陆续推出三款 SLG 新游，发行节奏加快至一年五款。坚持 SLG 长 线运营战略，预期新游带来中长期稳定营收和利润。 • 服务器集群业务持续改善，去年实现盈亏平衡，预计今年向好。自然之木 云业务和 AI 业务融合，提供云上 AI 服务，有望成为新的增长点。云业务 核心是帮助中国企业出海，已服务超过 300 家中国出海企业。 • 国家鼓励游戏出海政策直接促进业务发展，改善行业整体看法，提高市场 Beta 值。政策细化明确利好手游产业，提升市场对行业估值的信心。公司 关注美国裁决允许绕过苹果 iOS 商店充值，有望减少成本，提高盈利能力。 • 手游产业链利益分配可能重构，利好出海游戏厂商，利润分配将更偏向厂 ...