证券研究报告：国防军工 | 公司点评报告 发布时间：2025-06-09 股票投资评级 买入|首次覆盖 个股表现 -35% -28% -21% -14% -7% 0% 7% 14% 21% 28% 35% 2024-06 2024-08 2024-10 2025-01 2025-03 2025-06 陕西华达 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 54.09 | | --- | --- | | 总股本/流通股本（亿股）1.08 / 0.42 | | | 总市值/流通市值（亿元）58 / 23 | | | 52 周内最高/最低价 | 68.96 / 39.10 | | 资产负债率(%) | 36.5% | | 市盈率 | 125.30 | | 第一大股东 | 陕西电子西京电气集团 | | 有限公司 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 陕西华达(301517 ...

每经记者｜刘明涛 每经编辑｜叶峰 今日，A股震荡攀升，创业板指涨逾1%。截至上午收盘，上证指数午盘涨0.43%报3376.58点，深证成指涨0.91%，创业板指涨1.22%，北证50涨1.17%，科创 50涨0.57%，中证A500涨0.58%，A股半日成交7425.05亿元。 | 2027.16 +24.46 +1.22% | | | | | 创业板指 399006 | ਕੋ | | --- | --- | --- | --- | --- | --- | --- | | SZSE 11:30:03 交易中 | | | | | 沪深市场核心指数 / ● + | | | 全额 | | 2048.52亿 关键比率 | | | | | | 成交量 | | 117.52亿 | | 2023 | 2024 20250 | | | 开盘 | | 2009.37 | 毛利率 | 24.19 | 25.18 | 25.34 | | 量高 | | 2030.92 | 净利率 | 10.01 | 10.46 | 12.01 | | 最低 | | 2009.37 | | | | | | 三次成出 30.7 市净率 | | 3.72 ...

Group 1 - The core viewpoint of the article highlights that Huafeng Technology has seen a year-on-year increase in defense orders during February and March, with expectations for gradual performance improvement in the second and third quarters [1] - The company is facing some price pressure in the defense sector, but the overall impact is manageable, and measures are being taken to reduce costs and increase efficiency [1] - Huafeng Technology has established a project team for humanoid robot connectors, which is still in the incubation stage, indicating a focus on innovation and new product development [1] Group 2 - The company’s defense-related connector products are highly customized for special scenarios, such as environmental resistance and electromagnetic interference [1] - In the electric vehicle sector, Huafeng Technology has clients including SAIC-GM-Wuling and BYD, indicating a strong presence in the growing EV market [1] - The company anticipates a high expense ratio in 2024 due to ongoing product research and development, as well as customer development efforts [1] Group 3 - The high-speed line module products are customized based on client needs, showcasing the company's adaptability and client-focused approach [1] - Huafeng Technology is advancing projects in high-speed backplane connectors and line modules with clients such as Inspur and ZTE [1] - The CPU socket business is still in the investment phase, with expectations to gradually ramp up production starting in 2026 [1]

Group 1 - The core viewpoint of the news is that Huafeng Technology is experiencing growth in defense orders and expects performance improvement in the second and third quarters of the year, with a focus on cost reduction and efficiency enhancement [1] - In the defense sector, Huafeng Technology faces some price pressure, but the overall impact is manageable, and the company is taking measures to mitigate costs [1] - The company has established a project team for humanoid robot connectors, which is still in the incubation stage, indicating a focus on innovation and new product development [1] Group 2 - Huafeng Technology's defense orders have shown year-on-year growth in the first quarter, particularly in the missile-mounted field [1] - The company is involved in customized defense connectors that are used in special scenarios, such as environmental resistance and electromagnetic interference [1] - The company's clients in the new energy vehicle sector include major players like SAIC-GM-Wuling and BYD, highlighting its presence in a growing market [1] Group 3 - The company anticipates a higher expense ratio in 2024 due to ongoing product research and customer development, leading to increased R&D and management costs [1] - Huafeng Technology's high-speed module products are customized based on client needs, indicating a tailored approach to product development [1] - The CPU Socket business is still in the investment phase, with expectations to gradually ramp up production starting in 2026 [1]

| | 特定对象调研分析师会议 | | --- | --- | | | 媒体采访业绩说明会 | | 投资者关系活 动类别 | 新闻发布会路演活动 | | | 现场参观电话会议 | | | ✓其他南方财经-东莞证券：走进上市公司活动 | | 参与单位名称 | 参加活动的机构及个人投资者 | | 及人员姓名 | | | 会议时间 | 2025 年 5 月 29 日 | | 会议地点 | 公司会议室 | | 上市公司接待 人员姓名 | 董事会秘书：刘雨田女士 | | | 交流的主要问题与回复： | | | 一、 开场：公司董事会秘书刘雨田女士介绍公司基本情况，包含 | | | 业务布局、经营业绩、技术亮点等方面，并就连接器行业与 | | | 市场需求情况进行解读。 | | | 二、问答环节 | | | 提问 1：公司 2024 年净利润下滑，未来业务可持续预期如何？ | | 投资者关系活 | 年公司通过出售土地获得了 答：主要有三个原因：（1）2023 | | 动主要内容介 | 一笔较大的非经营性收益；（2）项目持续建设导致货币资金消耗， | | 绍 | 加之银行存款利率下降，利息收入较往年有所减少 ...

东莞证券股份有限公司 关于 胜蓝科技股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） （住所：东莞市莞城区可园南路一号） 二〇二五年五月 胜蓝科技股份有限公司 上市保荐书 东莞证券股份有限公司（以下简称"东莞证券""本保荐人"或"本保荐机 构"）接受胜蓝科技股份有限公司（以下简称"胜蓝股份" 三、本次证券发行上市的保荐机构、保荐代表人、项目协办人及其他项目组成员 四、保荐机构及其关联方与发行人及其关联方之间的利害关系及主要业务往来情 胜蓝科技股份有限公司 上市保荐书 一、发行人基本情况 （一）发行人概况 中文名称：胜蓝科技股份有限公司 "发行人"或"公司"） 的委托，担任胜蓝股份向不特定对象发行可转换公司债券的保荐机构，并指定朱 则亮先生、杨国辉先生担任本次保荐工作的保荐代表人。 东莞证券及其保荐代表人根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 证券发行注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市 保荐业务管理办法》（以下简称"《保荐业务管理办法》"）等有关法律、行政 法规和中国证监监 ...

Group 1: Broker Research Focus - Since May, brokers have conducted research on over 670 listed companies, with high attention on sectors such as electronics, pharmaceuticals, and non-ferrous metals [1][4] - The electronics sector has been the most frequently researched, with over 90 companies being targeted, including Anji Technology and Huanxun Technology, which received attention from at least 25 brokers [3] - The pharmaceutical sector has also seen significant interest, with nearly 60 companies being researched, including Huadong Medicine and Sanyou Medical, with over 15 brokers involved in their investigations [4] Group 2: Military Industry Interest - The defense and military sector has experienced a surge in research interest, with over 20 companies being investigated since May, including Aerospace Nanhu and Xi'an Huada [6] - Aerospace Nanhu has reported a stock price increase of over 102% this year and has a backlog of orders worth 1.4 billion yuan [6][7] - Xi'an Huada has noted a positive recovery in defense sector demand since March, following a slow start to the year [6] Group 3: Stock Rating Adjustments - Since May, nearly 50 stocks have had their ratings adjusted, with 17 stocks being upgraded, including Sifang Co. and Weicai Technology [2][8] - For example, Tianfeng Securities upgraded Sifang Co. from "Hold" to "Buy" due to stable business development [9] - Conversely, over 30 stocks have seen their ratings downgraded, including Wentai Technology, which was downgraded from "Buy" to "Hold" due to changes in its main business structure [9]

东方财富Choice数据显示，5月以来，券商调研了670余家上市公司。本月券商关注量较高的上市公司集中 在电子、医药生物、有色金属等领域，此外国防军工板块的关注度也在近期大幅升高。 与此同时，券商对于股票的评级也在动态变化，5月份以来，近50只股票评级发生变化，其中不乏一些关注度 较高的股票。 券商扎堆调研电子、医药行业上市公司 电子成为近期券商最高频调研的行业，5月以来电子行业超90家上市公司被券商调研。其中，安集科技、闻泰 科技、深南电路、安克创新、希荻微、汉朔科技等公司均在本月被不少于25家券商扎堆调研。 例如，华东医药近期接待东方财富证券、国泰海通等30家券商调研。公司在调研中介绍，公司围绕肿瘤、内分 泌、自免三大领域加速布局产品管线，截至今年4月，公司创新药管线已超80项，其中自研项目近50项。阳光 诺和也在近期业绩说明会上表示，公司目前有数十项创新产品处于研发阶段，覆盖自免、疼痛管理、心内等多 个治疗领域。 长江证券近期研报称，当前创新药行业迎来政策、产业和业绩三因素共振，有望进入价值重估的新周期。过 去"熊市思维"下的估值方法可能已经不适用于当前，需要对创新药公司的估值体系进行重塑。 此外，有色 ...

调研详情如下： 交流的主要问题与回复: 2025年5月22日， 维峰电子 披露接待调研公告，公司于5月22日接待华创证券、红华资本、诺安基金、 东吴证券 、 西部证券 等19家机构调研。 公告显示，维峰电子参与本次接待的人员共6人，为董事长、总经理李文化，研发总监赵世志，维康汽 车总经理胡光才，营销总监付家军，财务总监戴喜燕，董事会秘书刘雨田。调研接待地点为公司会议 室、线上电话会议。 据了解，维峰电子董事会秘书刘雨田女士介绍了公司基本情况、业务布局、经营业绩，并解读连接器行 业与市场需求情况。 在问答环节，公司回应诸多问题。储备料号是已完成开发、可供客户选择但未量产的新产品；关税对当 前业务影响小，未来将拓展国际头部客户等应对挑战；公司在东莞、昆山、泰国布局产能基地，满产预 计实现十余亿产值规模。 公司还称，汽车高频高速业务完成高频高速子公司增资、全系列产品开发及重点客户导入，今年初步批 量生产；深耕定制化能从客户角度出发增加客户黏性，锁定长期项目。 答:公司直销美国的产品比例很低,关税对公司当前业务的影响非常小。且电子元器件不同于民生快消品 对关税的影响能够快速显现,关税的传导也需要一些时间。对于关税政策 ...

5月22日，鼎通科技召开2024年度暨2025年第一季度业绩说明会。 在业绩会上，鼎通科技董事长、总经理王成海谈及液冷散热和224G连接器等重点新品进展时介绍，液 冷方案已得到了客户认证，今年将开始小批量试生产。224G产品研发和认证速度相较于56G和112G快 很多，目前正在小批量试生产中，预计今年二、三季度开始量产。 "公司目前的液冷散热产品主要供给安费诺、莫仕、泰科、立讯等世界知名连接器企业，作为二级供应 商，公司后续将会继续配合现有客户开发更多产品品类。"王成海说。 鼎通科技专注于通讯连接器组件和汽车连接器组件精密模具的设计和开发。此前财报显示，2024年，公 司营业收入10.32亿元，同比增长51.12%；净利润1.10亿元，同比增长65.74%。其中，伴随着AI发展， 通讯连接器产品需求显著增长，营业收入同比增长71.63%；汽车连接器业务比较维稳，营业收入同比 增长25.21%。公司2025年一季度营业收入3.79亿元，同比增长95.25%，环比增长15.24%；净利润 5289.63万元，同比增长190.12%，环比增长65.32%，主要系一季度112G产品放量，客户订单旺盛。 他阐述，目前比 ...