投资咨询业务资格： 证监许可[2011]1771号 宏 观 金 融 周 报 2025年5月12日 [Table_Title] 央行超预期降准和降息，提振国内市场情绪 ——股指期货周报 [table_main] 投资要点： 行情走势：上周沪深 300 指数收于 3846.16 点，较前值上升 2.00%；累计成交 10176 亿元，日均成交 2035 亿元，较前值下降 141 亿元。两市融资融券余额 为 17919 亿元。表现较好的前五名行业分别是国防军工(6.44%)、通信(5.43%)、 银行(3.98%)、机械(3.82%)、电力设备及新能源(3.80%)；表现较差的前五名行 业分别是医药(0.98%)、农林牧渔(0.84%)、电子元器件(0.72%)、房地产(0.65%)、 消费者服务(0.30%)。 期现基差行情：IF、IH、IC、IM 当月合约基差分别为-5.96 点、-0.41 点、 -19.32 点、-25.88 点。前一周同期值分别为-18.57 点、-5.96 点、-41.62 点、-44.72 点。 跨期价差行情：IF 合约次月-当月、当季-次季、次季-当季价差分别为-31.60 点、-6 ...

公司四届董事会第三次会议（以下简称"会议"）通知于2025年5月6日以微 信、电子邮件等形式发出，会议于2025年5月9日以现场结合通讯的方式在公司会 议室召开。本次会议由董事长叶晓彬召集并主持，应出席董事7名，实际出席7 名。公司全体监事及高级管理人员列席了本次会议。本次会议的召开符合《中华 人民共和国公司法》等相关法律、法规和《公司章程》的有关规定，会议合法有 效。 公司第四届董事会第三次会议以7票同意，0票反对，0票弃权审议通过了《关 于2025年度日常关联交易预计的议案》，同意公司及子公司与关联方惠州市蓝微 电子有限公司（以下简称"蓝微电子"）发生日常关联交易金额不超过1,600万元。 本议案无需提交公司股东会审议。 关联交易预计的议案》进行了审议，独立董事专门会议认为：本次关联交易预计 为公司日常经营业务往来，以公允价格为定价依据，不影响公司的独立性，不存 在损害公司、全体股东特别是中小股东利益的情形，不会对关联人形成依赖，符 合中国证监会、上海证券交易所和《公司章程》的有关规定。因此，同意将该议 案提交董事会审议。 （二）前次日常关联交易的预计和执行情况 证券代码：603386 证券简称：骏亚科技 ...

Group 1 - Recent international exhibitions in China highlight the country's strong market appeal and vitality, serving as a crucial platform for business negotiations and collaboration among global supply chain participants [1][2] - Major exhibitions like the Consumer Expo, Shanghai Auto Show, and Canton Fair demonstrate China's increasingly important role as a global economic hub, which has not been diminished by U.S. tariff barriers [1][3] Group 2 - China is recognized for its comprehensive product offerings and competitive pricing, making it an ideal sourcing destination for global small and medium-sized enterprises facing challenges in international trade [2] - The Canton Fair provides a "one-stop procurement" service that allows global businesses to effectively navigate the complexities of international trade, facilitating discussions on supply adjustments and trade route planning [2] Group 3 - China's vast consumer market is a strategic area for various brands, encouraging innovation and adaptability, which can be leveraged in other markets [3] - The Shanghai Auto Show exemplifies how multinational companies are integrating into China's smart automotive supply chain to compete with domestic brands [3] - Japanese electronic component manufacturer Murata Manufacturing plans to increase investment in China, recognizing the growth potential in the smart automotive sector [3]

以下文章来源于电子开发学习 ，作者小马哥 电子开发学习 . 每日定期推送电子设计相关的学习例程，包括原理图设计、Layout、软件设计等相关内容，也会不定期 推送各种电子、单片机相关软件的教程。 极致性价比AI模块 ，国内对接豆包大模型，支持客户定制智能体。毛绒玩具、桌面机器人、儿童故事机等应 用场景均支持定制，感兴趣来聊 有个粉丝朋友特别喜欢看我拆解，他淘了一个稀奇古怪的东西寄给我让我拆解。 扫码加我本人微信 拿到之后我做了一番清洗，才开始拍照。看正面的面板，看不出是啥产品。 但是看顶部的接口，我感觉这像是一个充电宝。 一看背面的名牌我彻底懂了。原来果然是一个充电宝，还是非卖品，我这人有一个爱好，特别喜欢 学外语，现在看来，一切都没白学，总有一天会派上用场的。 拆解一看内部确实像经历了 14 年岁月的洗礼，看着挺脏的。但是 U1S1 ，这个板子看着设计得 还不错。 左边是输入输出接口，中间的是控制芯片，右边是电池管理芯片。板子右边上下边缘看起来焊接了 锂电池的镍片。 把底壳也拆掉，看到电路板下面的 3 颗 18650 电池了。说实话，我是没想到，也没见过锂电池 能腐蚀成这 13 样，真的是出离我的认知了，猛 ...

Core Points - The company is preparing for its annual shareholder meeting scheduled for May 20, 2025, focusing on maintaining shareholder rights and ensuring meeting efficiency [2][5]. - The company reported a decrease in net profit for 2024, with a net profit of 87.58 million yuan, down 13.55% year-on-year, and a non-recurring net profit of 62.02 million yuan, down 24.26% [9][32]. - The company aims to enhance its competitive edge by focusing on high-value products and expanding into new markets, particularly in automotive electronics and high-frequency components [10][11]. Meeting Preparation - All attendees must arrive 10 minutes before the meeting for registration and must present necessary identification [2][4]. - The meeting will include a report on attendance and the voting process will be conducted through a named ballot system [3][5]. - The company will utilize a reminder service to ensure that small and medium investors can participate in the voting process [3][4]. Financial Performance - The total revenue for 2024 was 821.04 million yuan, an increase of 3.55% compared to 2023 [32]. - The company’s total assets reached 2.15 billion yuan, reflecting a growth of 5.34% year-on-year [32]. - The company’s operating cash flow decreased significantly by 59.85%, indicating potential liquidity challenges [32]. Strategic Focus - The company is committed to enhancing its research and development efforts, with R&D expenses reaching 48.68 million yuan, a year-on-year increase [10][12]. - The company is expanding its product offerings in the automotive sector, having developed over 2,000 product models that meet industry standards [11][12]. - The company is implementing a comprehensive quality management system to improve production efficiency and product reliability [12][31]. Governance and Compliance - The board of directors has been restructured, with a focus on compliance with legal and regulatory requirements [13][24]. - The company emphasizes the importance of independent directors in ensuring fair governance and decision-making processes [21][25]. - The company has established a robust internal control system to monitor financial and operational activities [31].

Core Insights - The company reported a significant decline in revenue and net profit for 2024, with revenue at 5.219 billion yuan (-32.99%) and net profit at 970 million yuan (-63.83%) [1][2] - The gross margin decreased to 49.70% (-9.65 percentage points) and net margin fell to 18.60% (-15.85 percentage points) due to increased competition and rising costs [2][3] - Despite the challenges, the company is focusing on emerging strategic sectors such as commercial aerospace, low-altitude economy, civil aviation, and new energy vehicles to drive future growth [2][4] Financial Performance - In Q1 2025, the company achieved revenue of 908 million yuan (-10.45% year-on-year, -38.62% quarter-on-quarter) and net profit of 59 million yuan (-42.60% year-on-year, -82.03% quarter-on-quarter) [1][3] - Contract liabilities increased by 37.99% compared to the end of 2024, indicating a potential improvement in demand [3] - The company’s R&D expenses decreased to 359 million yuan (-18.39%), but the R&D expense ratio remained high at 6.89% (+1.23 percentage points) [3][4] Industry Context - The electronic components industry is facing intensified competition due to factors such as centralized procurement and price reductions, which are squeezing profit margins [2][4] - The demand for high-tech electronic components is expected to rise with the upgrade of military equipment and the rapid development of strategic emerging sectors [2][4] - The increase in inventory and work-in-progress suggests that the company is preparing for improved order fulfillment and delivery speed [4] Strategic Initiatives - The company is committed to enhancing its technological capabilities and focusing on cutting-edge research to support sustainable growth [3][4] - Efforts are being made to digitize and upgrade production lines to improve operational efficiency and product quality [6] - The company aims to leverage a low-cost, scalable product profit model to enhance its core competitiveness and expand its application areas [6]

Group 1: Company Performance Highlights - The company achieved a revenue of ¥4,661,219,937.52 in 2024, representing a growth of 48.97% compared to the previous year [3] - Net profit attributable to shareholders reached ¥622,308,886.15, marking a 74.73% increase year-on-year [3] - The net cash flow from operating activities was ¥511,044,075.67, up by 57.99% from the previous year [3] Group 2: Product Performance and Market Demand - RF connectors and interconnect systems have a high and stable market share in the mobile terminal sector [2] - The electromagnetic compatibility components have made significant progress in non-mobile consumer electronics, achieving large-scale production and delivery to key clients [2] - Automotive connector revenue has seen rapid growth, with a market share continuously increasing [2] Group 3: Strategic Plans and Future Outlook - The company plans to focus on the 5G technology and AI mobile sectors while expanding its overseas customer base in non-mobile consumer electronics [2] - Future product development will include enhancing Ethernet products related to automotive intelligence and expanding into fields like humanoid robots and AI data centers [2] - The company aims to strengthen its domestic production capabilities to meet the growing demand for automotive connectors as China increases its automotive production capacity [5] Group 4: Challenges and Improvement Measures - The company acknowledges that its overseas business has room for profit margin improvement compared to domestic operations [4] - Management will be optimized to enhance efficiency and address challenges in overseas operations [4] - The company has no current plans for mergers or acquisitions but will seek opportunities for collaboration and capital operations to enhance synergy [5] Group 5: Financial Health and Shareholder Returns - The company maintains a low debt ratio, with a consolidated debt ratio of 30.49% and a parent company debt ratio of 27.48% [12] - The company has consistently returned profits to investors and aims to balance development with shareholder returns through reasonable profit distribution plans [6] Group 6: Market Position and Competitive Edge - The company is a leading supplier in the domestic RF connector industry and has entered the supply chains of major global smartphone brands [9] - It has been recognized as one of the top 100 electronic component enterprises in China for nine consecutive years [9] - The company is committed to quality and service, which has been a key strategy for increasing market share [11]

Group 1: Business Relationships - The company is not a direct supplier to Chengfei Group but acts as a supporting supplier to its direct suppliers [1] - The company has established relationships with multiple domestic and international manufacturers in the new energy vehicle sector [2] Group 2: Product Development - The company offers various specifications of integrated inductors, which are produced using metal powder die-casting technology, featuring high current, low resistance, and high reliability [1] - Integrated inductors have been delivered in bulk and are applied in industrial, communication equipment, server, automotive electronics, and medical fields [1] Group 3: Technological Advancements - The company has reserves of RF devices for millimeter-wave radar and has made financial investments in related projects [1] - Long-term plans may include data computation and application, supported by ongoing data collection and analysis in lightning protection [1] Group 4: Market Validation - The company's magnetic components have passed validation from several domestic new energy vehicle manufacturers and the first new energy vehicle manufacturer in Vietnam, Vinfast [2] - The company supplies lightning protection devices for charging stations used by electric vehicle manufacturers such as NIO [2]

Investment Rating - The investment rating for the company is "Buy" [4] Core Viewpoints - The company reported a significant decline in revenue and net profit for 2024, with revenue at 5.219 billion yuan, down 32.99%, and net profit at 970 million yuan, down 63.83% [3][10] - The company is deeply engaged in the electronic components industry, primarily focusing on military products while expanding into high-end civilian sectors, indicating a comprehensive product system and complete industrial chain [2][10] - The competitive landscape in the industry has intensified, leading to a decrease in profit margins due to factors such as increased competition, adjustments in procurement rhythms, and accelerated technological updates [3][10] Financial Performance Summary - In Q1 2025, the company achieved revenue of 908 million yuan, a year-on-year decrease of 10.45%, and a net profit of 59 million yuan, down 42.60% [3][10] - The gross margin for 2024 was 49.70%, down 9.65 percentage points, while the net margin was 18.60%, down 15.85 percentage points [3][10] - The company’s total assets were reported at 18.062 billion yuan, with a debt ratio of 18.02% [6][10] Strategic Developments - The company is actively exploring new growth areas in strategic emerging sectors such as commercial aerospace, low-altitude economy, civil aviation, and new energy vehicles [2][10] - There has been a notable increase in contract liabilities, indicating a potential recovery in demand, with contract liabilities rising by 37.99% compared to the end of 2024 [10] - The company continues to strengthen its technological capabilities and focus on cutting-edge technology research, despite a decrease in R&D expenses [11][12]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company reported a revenue of 1.82 billion yuan for 2024, representing a year-on-year increase of 15.6%. However, the net profit attributable to shareholders decreased by 20.9% to 200 million yuan, and the net profit after deducting non-recurring items also fell by 21.9% to 200 million yuan. For Q1 2025, the revenue was 410 million yuan, up 14.0% year-on-year but down 12.9% quarter-on-quarter, with a net profit of 30 million yuan, down 36.7% year-on-year [2][5]. Financial Performance Summary - In 2024, the company's electronic packaging materials revenue reached 1.57 billion yuan, a year-on-year growth of 13.1%. The electronic film materials segment generated 180 million yuan, growing by 35.4% year-on-year. The company has also made significant investments in R&D, with expenses increasing by 85.5% year-on-year, which contributed to the decline in net profit [10][11]. - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, which accounts for 50.6% of the net profit attributable to shareholders for 2024 [5][10]. Business Development - The company is a leader in the thin carrier tape sector, focusing on integrated production and strong R&D capabilities. It has established a comprehensive supply chain advantage by producing raw materials in-house and has strengthened its customer base, particularly with key clients like Samsung and Murata [10]. - The company has expanded its product offerings into the new energy battery sector through the acquisition of Flexible Technology, targeting applications in consumer lithium batteries, power batteries, and energy storage batteries [10][11]. Future Outlook - The company is expected to benefit from the release of downstream demand and supportive national policies, with projected net profits of 240 million yuan, 270 million yuan, and 340 million yuan for 2025, 2026, and 2027, respectively [10][11].