Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to benefit from dual growth in the semiconductor and liquid cooling sectors, with a projected revenue increase from 2,711 million RMB in 2023 to 3,989 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 16.57% [1] - The net profit attributable to the parent company is forecasted to recover from 226.34 million RMB in 2024 to 414.73 million RMB in 2027, indicating a significant growth trajectory [1] - The company has made strides in optimizing its customer structure and enhancing its product offerings in the semiconductor sector, which is expected to drive future growth [8] Financial Performance Summary - For the first half of 2025, the company reported a revenue of 1.409 billion RMB, a slight decrease of 0.6% year-on-year, with the food business showing a 5.4% increase in revenue [8] - The gross margin for the first half of 2025 was 24.5%, down 1.1 percentage points year-on-year, while the net profit margin was 7.6%, down 2.3 percentage points year-on-year [8] - The company has improved its operating cash flow, achieving a net cash flow from operating activities of 130 million RMB, a year-on-year increase of 41.8% [8] Market Position and Strategy - The company is actively pursuing opportunities in the liquid cooling market, focusing on key components such as CDU and fluid pipelines, which are essential for AI infrastructure [8] - The company has established itself as a primary supplier for major semiconductor equipment manufacturers, enhancing its competitive position in the market [8] - The report highlights the company's commitment to increasing R&D investment to develop high-value products, which is expected to strengthen its market position further [8]

公司报告 | 半年报点评 安培龙（301413） 证券研究报告 汽车传感国产替代顺利，积极推进人形力传感器业务 公司近期发布 2025 年中报，核心数据如下： 公司目前主要收入来自压力、热敏&温度传感器。25H1 经营情况如下：1） 压力：收入 2.9 亿元，yoy+62%，毛利率 27.4%，yoy-2.2pct；2）热敏电阻 和温度传感器：收入 2.5 亿元，yoy+13%，毛利率 28.9%，yoy-2.9pct。 公司 25H1 利润增速慢于收入主要系： 公司积极推进人形机器人力传感器发展。具体措施包括不限于扩建专门团 队（在子公司上海安培龙组建了机器人力传感器专项研发团队）、试验线搭 建（在上海搭建试验线，针对性配置六维力矩、扭矩、拉压力传感器等生 产调试、性能检测及可靠性实验等专业设备）。客户端，公司已完成给多 家国内机器人及关节模组厂商力传感器技术交流及送样工作。 盈利预测：我们下调公司 25 年归母净利润至 1.1 亿元（上次预期 1.8 亿元）， 下调原因为研发费用投入预计增加（发展新业务如机器人、IC 设计等）， 预计 26、27 年实现归母净利润 1.4、1.8 亿元，考虑公司在汽车传感 ...

英特科技公告，2025年上半年营业收入2.01亿元，同比下降9.87%。净利润1649.53万元，同比下降 41.75%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

思进智能公告，2025年上半年营业收入3.35亿元，同比增长7.28%。净利润7203.09万元，同比下降 40.31%。 ...

Core Points - *ST Huahong reported a significant decrease in the number of shareholders, with a total of 7,887 as of June 30, 2025, down by 11,265 or 58.82% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 10,200 to 24,800, with an average market value of 172,600 yuan [1][2] - Compared to the general equipment industry, *ST Huahong's shareholder count is below the industry average of 29,200 as of June 30, 2025, and its average market value is also lower than the industry average of 195,700 yuan [1][2] Financial Performance - From March 31, 2025, to June 30, 2025, *ST Huahong's stock price increased by 3.88%, despite the significant reduction in shareholder numbers [1][2] - During this period, the net outflow of funds from major investors was 3.3497 million yuan, while retail investors saw a net inflow of 1.516 million yuan [2]

| | | | 统计截止日｜区间股价涨跌幅｜股东户数｜增减｜增减比例｜户均持股市值（元）｜户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 33.53% | 57971 23429 | 67.83% | 16.64万 | 6892.3 | | 2025-03-31 | 84.37% | 34542 8184 | 31.05% | 20.96万 | 1.16万 | | 2024-12-31 | 0.30% | 26358 -4250 | -13.89% | 14.98万 | 1.52万 | | 2024-09-30 | 13.61% | 30608 -2611 | -7.86% | 12.86万 | 1.31万 | 证券之星消息，近日龙溪股份披露，截至2025年6月30日公司股东户数为5.8万户，较3月31日增加2.34万 户，增幅为67.83%。户均持股数量由上期的1.16万股减少至6892.0股，户均持股市值为16.64万元。 在通用设备行业个股中，龙溪股份股东户数高于行业平均水平，截至6月30日，通用设备行业平均股东 户 ...

证券日报网讯 江苏神通8月27日发布公告，在公司回答调研者提问时表示，公司2025年半年度新增订单 情况已在2025年半年度报告中详细披露。报告期内，子公司神通核能取得新增订单4.83亿元。 （编辑 袁冠琳） ...

Core Viewpoint - Jiangsu Shentong announced on August 27 that its offshore valve and foreign trade business segments are currently in the prototype validation and small batch order stage, with project progress meeting the company's expectations [1] Group 1 - The company is in the prototype validation and small batch order phase for its offshore valve and foreign trade business segments [1] - The nuclear power valve orders are subject to agreements and production delivery cycles, with the company planning to complete the delivery of nuclear power valve products in batches and phases [1] - Revenue from the products will be recognized gradually after the delivery and acceptance of the products [1]

（编辑 袁冠琳） 证券日报网讯 江苏神通8月27日发布公告，在公司回答调研者提问时表示，公司在核电领域持续加大研 发投入，紧跟国内核电技术不断进步，成功推出了满足第三代、第四代核电技术标准的系列阀门产品。 目前，公司的产品已覆盖AP1000、华龙一号、CAP1400、高温气冷堆、快堆等国内主流堆型，能够为 新型核电机组提供稳定可靠的阀门配套支持。 ...

德恩精工公告，2025年上半年营业收入2.99亿元，同比增长13.08%。归属于上市公司股东的净亏损 2169.43万元，同比收窄17.09%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...