002436.SZ 增持 原评级：增持 市场价格:人民币 11.37 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.2 (8.6) 2.4 (0.7) 相对深圳成指 8.9 (1.7) 6.1 (7.7) (29%) (18%) (7%) 4% 15% 25% Apr-24 May-24 Jun-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 兴森科技 深圳成指 | 发行股数 (百万) | 1,689.60 | | --- | --- | | 流通股 (百万) | 1,500.42 | | 总市值 (人民币 百万) | 19,210.75 | | 3 个月日均交易额 (人民币 百万) | 1,119.83 | | 主要股东(%) | | | 邱醒亚 | 14.46 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 25 日收市价为标准 相关研究报告 电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 28 日 《兴森科技》20240903 《兴森 ...

[Table_IndNameRptType] 电子 行业周报 电子行业周报：影石创新新品热销引发市场关 注，历经十载反超 GoPro 问鼎全球 [Table_IndRank] 行业评级：增持 报告日期：2025-04-28 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 4/24 7/24 10/24 1/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 主要观点： ⚫[Table_Summary] 本周行情回顾 从指数表现 ...

[Table_IndNameRptType] 电子 行业周报 电子行业周报：影石创新新品热销引发市场关 注，历经十载反超 GoPro 问鼎全球 [Table_IndRank] 行业评级：增持 报告日期：2025-04-28 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 4/24 7/24 10/24 1/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 据弗若斯特沙利文报告，影石在全球全景相机的市场份额连续六年全球 第一，2024 年预计达到惊人的 81.7%。这意味着全球每售出 10 台全景 相 ...

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].

前十大流通股东累计持有： 4729.98万股，累计占流通股比： 58.59%，较上期变化： -41.07万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 胡云连 | 1455.58 | 18.03 | 不变 | | 广州力加电子有限公司 | 1408.63 | 17.45 | 不变 | | 海南美智电子有限合伙企业(有限合伙) | 720.00 | 8.92 | 不变 | | 易红琼 | 497.97 | 6.17 | 不变 | | 李冬梅 | 236.81 | 2.93 | 不变 | | 上海迎水投资管理有限公司-迎水荣耀15号私募证券 投资基金 | 95.00 | 1.18 | 不变 | | 华夏行业景气混合 | 87.84 | 1.09 | 不变 | | 章金楠 | 85.50 | 1.06 | 6.50 | | 上海甄投资产管理有限公司-甄投稳定8号私募证券投 资基金 | 77.71 | 0.96 | 新进 | | 北京清泉汇投资管理有限公司-清泉汇1号私募基金 | 64.94 | ...

证券研究报告 兴森科技 (002436 CH) BT 载板盈利或将改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 电子元件 | 兴森科技公布2024年报&1Q25财报：2024年实现营收58亿元（yoy：+9%）； 毛利率 15.9%（yoy：-7.4pp，主要受 ABF 载板项目费用投入、BT 载板工 厂产能爬坡不及预期以及宜昌工厂经营状况变差的拖累）；归母净亏损 2.0 亿元。1Q25 实现营收 15.8 亿元（yoy：+14%）；毛利率 17.2%（yoy：+0.1pp， qoq：+1.6pp）；归母净利润 0.09 亿元（yoy：-62%，环比扭亏）。考虑在 关税冲突的影响下，投资者对公司 IC 载板国产替代的诉求比此前更强，因 此上调目标价至 15.00 元，维持"买入"评级。 1Q25 回顾：整体盈利受 ABF 载板投资以及原材料成本提升扰动 公司 1Q25 仅实现归母净利润 0.09 亿元（yoy：-62%），主要受到以下因素 影响：1）ABF 载板：因新工厂初期需要进行客户打样和产品认证 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a significant increase in performance for Q1 2025, achieving revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit attributable to shareholders of 0.921 billion yuan, a year-on-year increase of 339.22% [2][5]. - The company's gross margin improved to 33.37%, up 13.88 percentage points year-on-year, and the net profit margin reached 21.35%, an increase of 12.59 percentage points year-on-year [10]. - The growth in profitability is attributed to the rapid increase in orders for high-value products driven by AI computing power business, which began mass production in Q4 2024 [10]. - The company is well-positioned to capitalize on the AI wave, leveraging its technological advantages and deepening relationships with leading international clients [10]. - The company expects a quarter-on-quarter net profit growth of no less than 30% in Q2 2025, with a year-on-year increase of over 360% for the first half of 2025 [10]. - Forecasted net profits for 2024, 2025, and 2026 are 5.138 billion yuan, 6.569 billion yuan, and 8.053 billion yuan, respectively, with corresponding PE ratios of 12.55, 9.82, and 8.01 [10]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 43.12 billion yuan and a net profit of 9.21 billion yuan, marking substantial year-on-year growth [2][5]. - The gross margin and net profit margin saw significant improvements, indicating enhanced profitability [10]. Business Strategy - The company is focusing on AI and high-end product development, achieving breakthroughs in AI server fields and high-speed data transmission products [10]. - The strategic emphasis on R&D and product innovation is expected to sustain growth and improve market position [10]. Future Outlook - The company anticipates continued strong performance in the upcoming quarters, driven by AI-related product demand and market recovery in traditional sectors [10]. - Long-term growth prospects remain positive, with expectations of increasing high ASP product shipments [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 0.952 billion yuan in Q1 2025, representing a year-on-year growth of 23.68% - The net profit attributable to the parent company was 0.078 billion yuan, with a year-on-year increase of 2.04% - The gross margin and net margin for Q1 2025 were 21.91% and 8.25%, reflecting a year-on-year change of +2.70 percentage points and -1.75 percentage points respectively [2][5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of 0.952 billion yuan, which is a 23.68% increase compared to the previous year - The net profit attributable to the parent company was 0.078 billion yuan, showing a growth of 2.04% year-on-year - The gross margin was reported at 21.91%, an increase of 2.70 percentage points, while the net margin was 8.25%, a decrease of 1.75 percentage points [2][5] Market Position and Strategy - The company is focusing on high-end markets, particularly in the PCB sector, with an emphasis on high-density interconnect (HDI) boards and high-layer boards - The demand for PCBs is expected to grow due to the increasing applications in AI servers, high-speed networks, and smart terminals - The company aims to enhance its high-margin customer sales ratio and improve its supply capabilities for high-end HDI products [12] Future Outlook - The company is projected to achieve net profits of 0.346 billion yuan, 0.434 billion yuan, and 0.541 billion yuan for the years 2025, 2026, and 2027 respectively - Corresponding price-to-earnings ratios are expected to be 52.39, 41.81, and 33.52 for the same years [12][19]

Core Viewpoint - The company, Ningbo Yongxin Optical Co., Ltd., is undergoing significant developments in its financial reporting and strategic initiatives, including a proposed stock issuance to raise funds for business expansion and operational needs. Financial Performance - The company reported a revenue of 891.76 million yuan for the reporting period, reflecting a year-on-year growth of 4.41% [47] - Revenue from microscope products decreased by 13.92% to 356.46 million yuan, accounting for 39.97% of total revenue [47] - Revenue from optical components increased by 22.56% to 513.29 million yuan, representing 57.56% of total revenue [47] - The net profit attributable to shareholders was 208.58 million yuan, down 11.37% year-on-year, while the net profit excluding non-recurring gains and losses rose by 14.25% to 184.91 million yuan [47] Business Overview - The company operates primarily in the optical precision instrument sector, focusing on the research, development, production, and sales of optical microscopes and components [41] - Key products include biological microscopes, industrial microscopes, barcode scanner lenses, and precision optical components, with a strong export market in Europe, Japan, Singapore, and India [41] - The company has established itself as a leader in the domestic optical microscope industry and is expanding into emerging fields such as automotive optics, machine vision, and medical optics [41][42] Industry Context - The global optical microscope market is projected to reach 6.1 billion USD by 2026, driven by increased investment in life sciences and technological advancements [30] - The barcode scanning market is expected to grow from 7.87 billion USD in 2024 to 13.06 billion USD by 2032, with a compound annual growth rate (CAGR) of 7.5% [32] - The machine vision market is anticipated to grow from 13.9 billion USD in 2024 to 18.5 billion USD by 2028, with a CAGR of 7.4% [33] - The medical device market in China is projected to reach approximately 1.2 trillion yuan in 2024, with a CAGR of 14.5% [37] Strategic Initiatives - The company plans to issue stocks to raise up to 300 million yuan, not exceeding 20% of the net assets as of the end of the previous year, to fund business-related projects and supplement working capital [10][11] - The stock issuance will be conducted through a simplified procedure targeting specific investors, with a maximum issuance not exceeding 30% of the total share capital prior to the issuance [12][16] - The funds raised will be allocated to projects aligned with the company's main business and will comply with regulatory requirements [17]

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为4.87%，资本回报率不强。去年的净 利率为4.23%，算上全部成本后，公司产品或服务的附加值不高。融资分红：公司上市18年以来，累计 融资总额3.70亿元，累计分红总额1.41亿元，分红融资比为0.38。商业模式：公司业绩主要依靠研发驱 动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为21.86%、近3年经营性现金流均 值/流动负债仅为17.08%)建议关注公司债务状况(有息资产负债率已达26.08%)建议关注公司应收账款状 况(应收账款/利润已达584.64%) 据证券之星公开数据整理，近期康强电子(002119)发布2025年一季报。截至本报告期末，公司营业总收 入4.39亿元，同比上升2.09%，归母净利润2591.9万元，同比上升37.87%。按单季度数据看，第一季度 营业总收入4.39亿元，同比上升2.09%，第一季度归母净利润2591.9万元，同比上升37.87%。本报告期 康强电子盈利能力上升，毛利率同比增幅16.82%，净利率同比增幅35.04%。 本次财报公布的各项数据 ...