| 投资者关系活 | 特定对象调研 | 分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 动类别 | □业绩说明会 | 新闻发布会 | □路演活动 | | | 现场参观 | 其他 | | | | 东北证券、野村东方证券、南方基金、博时基金、富国基金、中欧基金、万 家基金、创金合信基金、长盛基金、太平资管、同泰基金、九泰基金、上银 | | | | 参与单位 | | | | | 名称 | 基金、远信投资、中信期货、国信资管、正圆基金、仁桥资产、国联安基金、 | | | | | 浙商资管、诺安基金、中金公司、西南证券、财通证券、国海证券、中海基 | | | | | 金等。 | | | | | 2025 年 8 月 25 日 11:00-12:00 | | | | 时间 | 2025 年 8 月 25 日 15:00-16:00 | | | | 地点 | 线上会议 | | | | 形式 | 电话会议 | | | | 公司接待人员 | | | | | 姓名 | 董事会秘书殷健、证券事务代表张志辉、董事会办公室（证券事务部）人员 | | | | | 一、投资者问答交流 | ...

2025 年上半年，公司在内生变革和加大研发投入方面取得了一些进展，营收 稳中有升，行业整体处于温和复苏状态。稼动率保持较高水平，并且公司持续 扩产，包括电容、电阻、电感等产品的新产能释放。营收同比增长 15%，但归 母净利润有所下滑，主要原因包括研发费用增加、部分金属材料价格上涨以及 前几年大项目的折旧分摊压力。此外，还有一些存货跌价准备影响了利润表现。 总体来看，公司基本面和行业表现仍然稳中向好。 关税政策对国内元器件市场有何影响？ 风华高科 20250825 摘要 风华高科营收稳健增长，2025 年上半年营收同比增长 15%，但归母净 利润因研发投入、材料成本及折旧压力有所下滑，存货跌价准备也带来 影响。公司基本面和行业表现整体保持稳中向好态势。 关税政策短期影响有限，2025 年一季度订单增加，二季度趋于平稳。 长期来看，国产替代和国内市场份额提升的趋势不变，为公司发展提供 机遇。 汽车板块成为增长亮点，2025 年上半年占比提升至 15%，家电和通信 领域占比分别为 35%和 25%，工控领域占比 10%。各板块需求端平稳， 下半年整体预计保持平稳。 被动元件仍是核心业务，电容、电阻和电感分别占比超 ...

2025 年 08 月 22 日 风华高科(000636.SZ) 主营产品 25H1 产销量历史新高，新兴 市场持续突破 事件：8 月 21 日公司发布 2025 年半年度报告 1）2025H1 公司实现营业收入 27.72 亿元，同比+15.92%；实现归母 净利润 1.67 亿元，同比-19.5%；实现扣非后归母净利润 1.7 亿元， 同比-22.41%。 2）利润端：公司通过深化极致降本及精益生产降低新增固定资产折 旧、原材料价格上涨等不利因素的负面影响，25Q2 毛利率环比 +0.84pcts ； 1H25 公 司 销 售 / 管 理 / 研 发 费 用 率 分 别 为 1.66%/4.71%/4.47%,同比-0.04/-1.44/+0.28pcts；公司净利率为 6.04%，同比-2.63pcts。 车规/材料领域实现多项技术突破，为业绩增长注入可持续动能 1）6 款高端车规 MLCC 产品完成战略客户认证；01005 超微型高频电 感、车规一体成型电感等多款电感产品完成研发并推进量产；车规大 一体成型和车规共模电感产品研发成功，有效填补公司在该领域的产 品空白；精密厚膜电阻完成研发打破日系厂商垄 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 31.29 CNY, based on a 48 times PE for 2025 [5][3]. Core Views - The company reported a revenue of 9.62 billion CNY for the first half of 2025, representing a year-on-year growth of 14.67%. However, the net profit attributable to shareholders decreased by 18.78% to 0.98 billion CNY, primarily due to fluctuations in management and financial expenses [1][2]. - The demand in the industry continues to rise, driven by sectors such as new energy, smart manufacturing, and 5G commercial technology, alongside the introduction of AI terminal applications. This has led to a steady increase in the company's order volume [2][3]. - The company is expanding into the composite fluid field and has developed new PCB carrier copper foil products, enhancing its product offerings and market potential [3]. Financial Summary - The company expects revenues of 21.84 billion CNY, 27.08 billion CNY, and 36.02 billion CNY for the years 2025, 2026, and 2027, respectively. The projected net profits for the same years are 2.81 billion CNY, 3.93 billion CNY, and 5.58 billion CNY [3][12]. - The financial metrics indicate a net profit margin of 12.9% for 2025, with a projected increase in net profit margin to 15.5% by 2027 [12][13].

Market Performance - The main board led the gains with notable increases in stocks such as Jishi Media (+10.09%), Zhongdian Xilong (+10.05%), and Beiwai Technology (+10.04) [1] - The ChiNext board saw significant rises with Guangku Technology (+20.01%) and Rongke Technology (+20.00%) [1] - The Sci-Tech Innovation board also performed well, with Zhongchuan Special Gas (+20.01%) and Jinchengzi (+20.01%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+8.75%) and SW Passive Components (+7.03%) [1] Domestic News - TSMC announced plans to gradually phase out 6-inch wafer manufacturing over the next two years and continue to integrate 8-inch wafer capacity to enhance efficiency [1] - Guangli Micro announced the acquisition of 100% equity in LUCEDA, a global leader in silicon photonic chip design automation software [1] - Kaifeng Gas reported that its gas filling and storage project in Shantou, Guangdong, is nearing completion, with an expected annual output value exceeding 80 million yuan upon reaching full capacity [1] - IDC data indicated that China's tablet market shipment volume is projected to reach 8.32 million units in Q2 2025, reflecting a year-on-year growth of 15.6% [1] Company Announcements - Aiwei Electronics reported total revenue of 1.37 billion yuan for H1 2025, a year-on-year decrease of 13.4%, while net profit attributable to shareholders increased by 71.09% to 157 million yuan [3] - Ankai Micro reported total revenue of 234 million yuan for H1 2025, a decrease of 3.02%, with a net loss of 49 million yuan [3] - Pengding Holdings reported total revenue of 16.375 billion yuan for H1 2025, a year-on-year increase of 24.75%, with net profit attributable to shareholders rising by 57.22% to 1.233 billion yuan [3] - Youyan Silicon reported total revenue of 491 million yuan for H1 2025, a decrease of 3.2%, with net profit attributable to shareholders declining by 18.74% to 106 million yuan [3] Overseas News - Vuzix announced the launch of the new Vuzix LX1 smart glasses, designed for warehouse operations, expected to be mass-produced by the end of the year [4] - Samsung Electronics is developing a rectangular SoP packaging technology to compete for large-scale chip system integration orders with Intel and TSMC [4] - SK Hynix plans to apply six-layer extreme ultraviolet (EUV) technology to mass production of 1c DRAM to enhance DDR5 and high-bandwidth memory (HBM) product performance [4] - Arm introduced Arm Neural Technology at SIGGRAPH, which can significantly reduce GPU workload for mobile content by up to 50% [4]

Group 1: Company Performance - Shunluo Electronics reported a net profit of 486 million yuan for the first half of 2025, a year-on-year increase of 32.03% [1] - Yiwai Communication's net profit for the first half of 2025 was 31.02 million yuan, a year-on-year decrease of 68.57% [1] - CATL achieved a net profit of 30.485 billion yuan in the first half of 2025, reflecting a year-on-year growth of 33.33% [2] - Huijia Times reported a net profit of 67.0481 million yuan for the first half of 2025, a year-on-year increase of 62.64% [15] - Zhimi Intelligent's net profit for the first half of 2025 was 102 million yuan, a year-on-year increase of 80.08% [23] Group 2: Company Announcements - Shunluo Electronics' revenue for the first half of 2025 was 3.224 billion yuan, up 19.80% year-on-year [1] - Yiwai Communication's revenue decreased to 360 million yuan, down 24.62% year-on-year [1] - CATL proposed a cash dividend of 10.07 yuan per 10 shares based on a total share capital of 4.537 billion shares [2] - Vanke A received a loan of up to 869 million yuan from Shenzhen Metro Group for debt repayment [7] - Lideman is planning to acquire up to 70% of Beijing Xiansheng Xiangrui Biological Products Co., Ltd. [8] Group 3: Industry Developments - The pharmaceutical industry is seeing advancements with Zhendong Pharmaceutical's clinical trial reaching a major research endpoint for a new product [3] - The construction industry is witnessing new orders, with Zhongyan Dadi signing 22 new contracts worth 257 million yuan in Q2 [4] - The energy sector is expanding with Hangyang Co. planning to establish a joint venture for hydrogen energy production [16] - Watson Bio signed a revised exclusive licensing agreement to expand its technology collaboration into non-patient areas [17]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **PCB (Printed Circuit Board)** and **passive components** industries, along with insights into the **LCD panel** market and **display screen** demand trends. Key Points on PCB Industry - **Significant Growth in Q1 2025**: The PCB sector experienced remarkable growth in Q1 2025, with companies like Shenghong reporting a net profit increase of **339%**, Semyung Electronics over **600%**, and Semyung Technology at **43%**. This growth is attributed to rising demand in AI computing and smart driving sectors, indicating a recovery in the PCB product market [3][1][2]. - **Raw Material Price Increases**: In H1 2025, PCB raw material prices saw widespread increases, with companies like Jiantao issuing price hikes due to rising costs of copper and fiberglass, leading to an increase of **5 yuan** per unit. Major players are leading price increases across all categories of electronic fabrics and cloths [4][1][2]. - **High Demand for HDI Products**: The demand for high-end HDI (High-Density Interconnect) products is driven by AI servers, switches, and AI accelerator cards, which require high stability and precision in manufacturing processes [7][1][2]. - **Advantages of PTFE Materials**: PTFE materials are highlighted for their low dielectric constant and low loss characteristics, making them ideal for AI high-speed interconnect applications, particularly in GPU interconnections [8][1][2]. - **Future Outlook for CCL and PCB Industries**: The CCL (Copper Clad Laminate) and PCB industries are expected to continue seeing investment opportunities, driven by high demand for HDI products and the advantages of PTFE materials [9][1][2]. Key Points on Passive Components Industry - **Steady Growth in 2024 and 2025**: The passive components industry is projected to experience robust growth, with revenue and profit expected to increase by approximately **18%** and **17%** in 2024, respectively, and a continuation of this trend into 2025 [10][1][2]. - **Stable Demand for Small-Sized Components**: The market for small-sized chip components remains stable, with MLCC (Multi-Layer Ceramic Capacitor) and upstream suppliers achieving double-digit revenue growth [11][1][2]. Key Points on LCD Panel Market - **Current Market Conditions**: The LCD panel market has stabilized after previous price increases, with expectations for steady performance in H1 2025. Companies like BOE and TCL are anticipated to improve profitability due to their financial optimization strategies [15][1][2]. - **Price Trends**: LCD panel prices have shown slight increases but are expected to stabilize or face downward pressure in certain sizes due to inventory and demand fluctuations [16][1][2][17][1][2]. - **Display Screen Demand**: The demand for display screens is expected to follow a pattern of high initial demand followed by a decline, influenced by new policies and emerging applications [23][1][2]. Additional Insights - **Investment Opportunities**: Companies like BOE and TCL are highlighted as key players in the current competitive landscape, with potential for low-position investments as their profitability is expected to recover [25][1][2]. - **Technological Advancements**: The advancements in AI technology and its applications in various sectors are driving significant changes in the PCB and passive components markets, indicating a shift towards more sophisticated manufacturing processes and materials [9][1][2][8][1][2].

Group 1: MLCC Market Insights - The MLCC market faces increased uncertainty for the second half of 2025, with a growing risk of a "not-so-busy" peak season due to companies and end markets adopting a cautious and wait-and-see attitude [1] Group 2: OLED Display Growth - The OLED display market is experiencing rapid growth, with shipments expected to reach approximately 507,000 units in Q1 2025, representing a year-on-year increase of 175% [3] - In Q2 2025, shipments are projected to benefit from a significant increase in 27-inch UHD models, potentially reaching 650,000 units [3] - The total shipment for 2025 is forecasted to reach 2.58 million units, with an annual growth rate of 81%, and the overall penetration rate of displays is expected to grow to 2% [3] Group 3: Company Collaborations - Mitsubishi Motors has signed a memorandum of understanding with Hon Hai's subsidiary, Honhua Advanced Technology, to supply electric vehicles to the Australian and New Zealand markets starting in 2026 [7] - This collaboration is a strategic move for Mitsubishi to implement its electrification blueprint and adapt to rapid market changes, while Hon Hai's CDMS model gains recognition from international automakers, which is crucial for future business expansion [7]

Core Viewpoint - The company aims to achieve annual revenue and profit growth targets while managing costs and inventory, expanding through acquisitions, and increasing its presence in high-end markets and niche products [1][2] Group 1: Operational Strategies - The company has outlined four main operational strategies for 2025, focusing on achieving annual revenue and profit goals, expanding in high-end markets, and deepening long-term customer relationships [1] - Effective cost control and inventory management are prioritized, with strategies aligned to revenue targets and flexible procurement and capacity planning to enhance inventory efficiency [1] Group 2: Market Expansion and Acquisitions - The company plans to integrate recent acquisitions in high-end temperature sensors and continue pursuing organic growth and strategic acquisitions to expand its platform scale [2] - There is a focus on expanding high-end markets and increasing the proportion of niche products, optimizing product mix and customer structure, and enhancing global strategic partnerships [2]

Core Viewpoint - The 2025 Shanghai International Automobile Industry Exhibition highlights the importance of automotive semiconductor technology, with Shenzhen Sunlord Electronics Co., Ltd. showcasing its advancements in automotive electronic components, particularly passive devices [1][10]. Company Overview - Shenzhen Sunlord Electronics was established in 2000 and currently operates 11 industrial parks, with projected sales of approximately 5.9 billion in 2024, marking automotive electronics as the fastest-growing segment [4]. - The company has a dedicated automotive electronics division since 2016, which includes an independent production line to better serve customer needs [4]. Product Offerings - Sunlord provides comprehensive solutions for automotive electronics across ten key areas, including vehicle lighting, battery management systems, intelligent cockpits, smart driving, T-box and V2X, onboard chargers, DC/DC converters, electric drive control, hybrid systems, and thermal management systems [5]. - The product matrix includes signal and power line common mode, pulse transformers, RF inductors, LTCC components, and power inductors, with many products certified by AEC-Q200 [5]. Technological Innovations - The AMPR series power inductors utilize a molding process and alloy materials, allowing for automation, reduced costs, and improved performance under stringent temperature standards [5][8]. - The company’s common mode products, particularly the metal terminal common mode choke, are designed for compactness and efficiency, meeting rigorous automotive standards while reducing size by half [6]. - Innovations in battery management systems have led to a significant reduction in market failure rates from 100 PPM to below 0.1 PPM through structural improvements and automation [7]. Industry Recognition - Sunlord Electronics received the "Annual Automotive Industry Chain Breakthrough Award" at the 2025 Automotive Semiconductor Ecological Conference, recognizing its contributions to innovation and the development of domestic automotive semiconductor manufacturing [10]. - The company showcased its automotive electronic products at the 2025 Shanghai Auto Show, attracting attention from industry leaders and potential collaboration opportunities [10][13].