华懋科技 20250520 摘要 • 华懋科技扣非利润显著增长，2024 年增速达 55%-61%。全球安全气囊 市场预计到 2031 年将超过 17 亿美元，市场前景广阔，为公司传统主业 提供稳定增长动力。 • 公司国内市场占有率约为 30%，面临韩国科隆、韩国小星、日本丽人等竞 争对手。通过技术创新和市场拓展，有望进一步巩固和提升市场地位。 • 华懋科技积极布局 AI 领域，收购富创优越 42%股份，并计划进一步收购 剩余股份，整合光通信及泛 AI 业务资源，加速硅光 CPO 等下一代光通信 技术研发与应用。 • 预计 2025 年至 2027 年，华懋科技泛 AI 业务规模将分别达到 6 亿元、 7.78 亿元和 9.47 亿元，AI 业务有望成为公司业绩增长的新引擎。 • 2024 年公司营收 22.1 亿元，同比增长 7.7%，利润 2.77 亿元，同比增 长 14.6%。2025 年一季度营收 5.4 亿元，同比增长 14.4%，利润 0.8 亿 元，同比增长 60.3%，财务状况稳健增长。 • 公司积极拓展海外市场，已在越南开设工厂，并计划在欧洲建立新工厂， 目标形成双工厂超 40 亿产值的布局 ...

Core Viewpoint - Multiple listed companies in the optical valley, including YF Communication, Renfu Pharmaceutical, Changfei Fiber, Huagong Technology, and Dameng Data, have reported steady growth in their 2024 annual reports and 2025 Q1 reports, driven by technological innovation and expansion into emerging businesses [1]. YF Communication - In 2024, YF Communication achieved revenue of 28.549 billion yuan, a year-on-year increase of 39.05%, with a net profit growth of 74.06% in Q4 [2]. - The company’s optical communication and computing businesses performed exceptionally well, with the FTTR project seeing an 800% increase in contract scale and computing business revenue nearing 6 billion yuan, reflecting a compound annual growth rate of over 100% over two years [4]. - In Q1 2025, the net profit attributable to shareholders grew by 33.08%, with plans to explore new application areas such as computing and marine networks [4]. Renfu Pharmaceutical - In 2024, Renfu Pharmaceutical reported revenue of 25.435 billion yuan and a net profit of 1.33 billion yuan, maintaining steady growth [5]. - The company invested over 1.471 billion yuan in R&D, accelerating the development of innovative drug projects and obtaining approvals for nearly 20 new products [7]. - In Q1 2025, the net profit increased by 11.09%, indicating a recovery in profitability [7]. Changfei Fiber - In 2024, Changfei Fiber recorded revenue of 12.197 billion yuan and a net profit of 676 million yuan, with optical communication-related revenue reaching 11.917 billion yuan and a gross margin of 27.78% [8]. - The company achieved significant advancements in 800G ultra-high-speed optical transmission and developed a disruptive air-core fiber technology, improving signal transmission speed by approximately 47% [10]. - In Q1 2025, the net profit attributable to shareholders surged by 161.91% [10]. Huagong Technology - In 2024, Huagong Technology's revenue was 11.709 billion yuan, with a net profit of 1.221 billion yuan, reflecting year-on-year growth of 13.57% and 21.17% respectively [12]. - The company has seen rapid penetration in the photovoltaic energy storage and power battery application sectors, with significant growth in orders from the shipbuilding industry [12]. - In Q1 2025, Huagong Technology continued its growth trend, with revenue of 3.355 billion yuan, up 52.28%, and a net profit of 410 million yuan, up 40.88% [14]. Dameng Data - In 2024, Dameng Data achieved revenue of 1.044 billion yuan, a year-on-year increase of 31.49%, with a net profit growth of 22.22% [15]. - The company reported a record high gross margin of 99.69% on software product licensing revenue of 894 million yuan [15]. - In Q1 2025, Dameng Data's revenue grew by 55.61%, with a non-net profit increase of 87.92% [17].

Core Insights - The company reported significant revenue and profit growth in 2024, with revenue reaching 1.378 billion and a year-on-year increase of 55.73%, while net profit attributable to shareholders was 261 million, up 68.46% [1] - In Q1 2025, the company continued to show strong performance with revenue of 371 million, a year-on-year increase of 65.96%, although it experienced a quarter-on-quarter decline of 19.78% [1][2] - The demand for optical devices is driven by the rapid advancement of AI technology and the increasing need for computing power, leading to a stable growth in product demand [2][3] Financial Performance - In 2024, the company achieved a gross margin of 35.62%, an increase of 6.22 percentage points year-on-year, and a net profit margin of 19.58%, up 2.43 percentage points [2] - The company’s Q1 2025 net profit reached 79 million, showing a remarkable year-on-year growth of 149.99%, despite a quarter-on-quarter decline of 31.25% [1][2] Market Dynamics - The global data center construction is accelerating, which is enhancing the demand for high-density connection products, particularly in the context of AI technology breakthroughs [3][4] - The company is focusing on high-density optical interconnects and has made significant technological advancements in various product categories, including multi-core low-loss connectors and high-speed optical modules [3] Operational Strategy - The company has expanded its production capacity in response to market demand, particularly for MT connectors and dense connection products, while also improving production management and automation [4] - A new production base in Vietnam has been established to enhance delivery capabilities and meet growing market needs [4] Future Outlook - The company is well-positioned to benefit from the growth in AI infrastructure and optical communication technology, with expectations of continued sales growth in both domestic and international markets [4][5] - Projections for net profit from 2025 to 2027 are 460 million, 635 million, and 858 million respectively, indicating a positive growth trajectory [5]

哪些权重股当前具备长线配置价值？20250519 摘要 • 四川路桥受益于成渝经济圈战略推进，蜀道集团投建一体模式保障业绩， 2025 年股息率预计 6.2%，市值有 25%上行空间。 • 中国化学海外签单景气，受益新疆煤化工建设提速，己二腈项目进展顺利， 产品性能提升，国产替代提速，有息负债率低，PB 处于历史低位。 • 鸿路钢构受益于贸易战缓和，出口预期好转，一季度订单、产量、营收及 扣非吨净利出现向上拐点，智能化生产降本增效，业绩增速估计达 30%以 上，估值较低。 • 消费建材领域，2025 年预计是触底年，2026 年是拐点年，二手房市场坚 挺，40-45 岁人口数量上升带来改善性需求，支撑消费建材需求。 • 环保行业推荐水务和垃圾焚烧高股息板块，水务板块回款优秀、业务稳健、 分红率高，水价机制市场化改革有望持续推进，保障企业盈利能力。 • 生猪行业价格超预期良好，头部企业盈利可观，牧原股份成本领先，猪价 预计在盈亏平衡线上方震荡，牧原和温氏股份成为配置时机良好的标的。 • 宁德时代财报质量增强，单瓦毛利润环比上升，市占率领先，积极发布新 产品增强技术壁垒，海外投资者认购积极性高，推动全球战略布局提 ...

Core Viewpoint - The implementation of the "Private Economy Promotion Law" starting May 20 aims to inject strong momentum into the high-quality development of the private economy, with Wuhan positioning itself as a key center for private enterprises through various supportive measures [1][3]. Group 1: Policy Initiatives - Wuhan has introduced "20 Policies for the Development of the Private Economy," emphasizing the cultivation of "root enterprises" over the next decade, focusing on innovation, talent, financing, and market environment [1][5]. - The policies aim to create a conducive environment for private enterprises, making Wuhan a prime location for private economic development [1][3]. Group 2: Growth Metrics - By 2024, the number of private enterprises in Wuhan is expected to exceed 1 million, reaching 1.025 million, a year-on-year increase of 18.5%, ranking fourth among sub-provincial cities [3]. - Over 70% of high-tech and specialized "little giant" enterprises in Wuhan are private, indicating a strong presence in innovative sectors [3]. Group 3: Talent Development - The "20 Policies" propose a talent evaluation system that prioritizes enterprise contributions over individual backgrounds, aiming to attract skilled professionals to the region [6][7]. - Various incentives, including rent exemptions for young talents and support for private entrepreneurs, are designed to enhance the talent pool in Wuhan [7][12]. Group 4: Innovation and Technology - The policies encourage private enterprises to engage in emerging fields such as artificial intelligence, biomedicine, and semiconductor technology, aiming to elevate the industrial level and competitiveness of the private economy [9][12]. - Notable innovations include the launch of a groundbreaking 3.2T optical chip by Wuhan Anpai Optoelectronics, which is set to revolutionize AI computing capabilities [9][10]. Group 5: Financial Support - As of the end of 2024, private enterprise loans in Wuhan are projected to reach 820.4 billion yuan, with a significant annual growth rate, highlighting the financial backing for private sector growth [14][16]. - The establishment of various government investment funds aims to provide diversified financial support for small and medium-sized private enterprises, fostering innovation and development [11][15]. Group 6: Economic Impact - The threshold for entering the "Top 100 Private Enterprises in Wuhan" has increased nearly sixfold over the past decade, reflecting the robust growth of the private economy [17]. - Private enterprises have become the main force driving technological and industrial innovation in Wuhan, significantly contributing to the city's economic transformation [17].

Group 1: Financial Performance and Projections - In 2024, Wuhan Junheng's profit margin is expected to improve significantly due to a 51% equity acquisition by Huylu Ecological, providing more resources and support [2][3] - The increase in profit margin is attributed to three main factors: enhanced operational efficiency, growing market demand in AI, HPC, and IDC sectors, and continuous output growth of 400G and 800G products [2][3][4] - The production capacity of Wuhan Junheng is currently over 100K units per month, with plans to expand to 200K-300K units per month in the future [3][4] Group 2: Market Dynamics and Product Development - The demand for optical modules is rising due to rapid growth in AI, HPC, and IDC markets, benefiting Wuhan Junheng as a specialized optical communication product company [2][3] - The company is optimistic about the market acceptance of LPO technology, expecting significant deployment by the second half of the year as technology matures [5] - Despite high demand for 800G products, a price decline is anticipated due to supply chain optimization and cost control measures [6][7] Group 3: Competitive Position and Strategic Focus - Wuhan Junheng ranked among the top 19 global optical module companies last year, indicating a strong international market position [7] - The company aims to maintain strong growth by focusing on product and service quality optimization, while also monitoring industry trends [7] - The strategic goal is to drive organic growth through innovation and efficiency improvements, ensuring sustainable development and enhanced customer value [7]

Core Viewpoint - The announcement of share reduction by Taichengguang has led to a significant decline in the CPO sector, with Taichengguang's stock dropping over 10% and other related stocks also experiencing losses [1][4]. Group 1: Share Reduction Announcement - Taichengguang announced that major shareholders plan to reduce their holdings through block trades or centralized bidding from June 10, 2025, to September 9, 2025 [4]. - A total of six major shareholders will collectively reduce their holdings by up to 4.491 million shares, accounting for approximately 1.9772% of the company's total share capital [9]. - The largest shareholder, Huayang Import and Export (Shenzhen) Co., Ltd., plans to reduce up to 3.406 million shares, representing 1.4996% of the total share capital [7]. Group 2: Stock Performance - Following the share reduction announcement, Taichengguang's stock price fell to 70.30, reflecting a decrease of 6.89% and a year-to-date decline of 3.26% [2]. - The stock has experienced a significant correction of over 40% from its historical high of 131.34 per share, reached in January [14][15]. - Despite the recent downturn, the stock price has more than doubled from its low of 26.6 per share in September of the previous year [17]. Group 3: Company Overview - Taichengguang specializes in the optical communication field, producing optical devices and solutions [12]. - The company is recognized as one of the largest manufacturers of high-density optical connection products and maintains long-term supply relationships with major players like Corning [12]. - Taichengguang is actively expanding its overseas production capacity, with a new facility set to be established in Vietnam in 2024 [14].

Investment Rating - The report maintains a rating of "Add" for the industry [3] Core Viewpoints - The rapid development of AI is driving operators to optimize their capital expenditures, with a clear trend towards structural optimization. Despite a decline in overall capital expenditures, investments in computing power are expected to grow or remain stable, indicating the operators' commitment to AI [1][21] - Cloud computing is experiencing a new growth curve catalyzed by AI, significantly enhancing its application potential. The roles of the three major operators in cloud infrastructure are being redefined as they deepen their investments in cloud construction [2][23] Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication and related companies such as Zhongji Xuchuang and Xinyi Sheng. It also highlights the importance of operators like China Mobile, China Telecom, and China Unicom in this space [8][14][31] Industry Trends - The report notes a significant slowdown in 5G user growth across the three major operators, with a total of approximately 1.2 billion 5G users. The average revenue per user (ARPU) is also declining, indicating intensified competition among operators [7][26] Operator Capital Expenditure - China Mobile plans to invest CNY 37.3 billion in computing power for 2025, accounting for 25% of its capital expenditures. China Telecom's computing power investment is projected to reach CNY 22 billion, a 22% increase year-on-year. China Unicom expects a 28% increase in computing power investment, exceeding CNY 18 billion [23][24][25] Market Performance - The report highlights that the optical communication index outperformed other segments within the communication sector, with a notable increase in stock prices for key players in the computing power industry [17][20] Key Recommendations - The report recommends focusing on companies within the computing power supply chain, including optical communication leaders and related technology firms, as they are expected to benefit from the ongoing AI wave [8][31]

公司研究 证 券 研 究 报 告 华懋科技（603306）深度研究报告 强推（首次） 汽车被动安全空间广阔，泛 AI 业务打造第二 增长曲线 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,213 | 2,908 | 3,494 | 4,186 | | 同比增速(%) | 7.7% | 31.4% | 20.2% | 19.8% | | 归母净利润(百万) | 277 | 590 | 748 | 934 | | 同比增速(%) | 14.6% | 112.7% | 26.8% | 24.8% | | 每股盈利(元) | 0.84 | 1.79 | 2.27 | 2.84 | | 市盈率(倍) | 44 | 21 | 16 | 13 | | 市净率(倍) | 3.2 | 2.8 | 2.4 | 2.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 15 日收盘价 汽车零部件Ⅲ 2025 年 05 月 15 日 ...

Core Insights - The 20th "China Optics Valley" International Optoelectronic Expo opened in Wuhan, featuring 390 renowned companies from 12 countries and regions, showcasing nearly 100 cutting-edge optoelectronic technologies [1] - The event highlights the role of Optics Valley in connecting research, manufacturing, and market applications in central and western China, aiming to enhance international collaboration and influence [1] - A significant number of innovative technologies with independent intellectual property rights were presented, covering the entire industry chain from core chips to module equipment, focusing on strategic fields such as communication and semiconductors [1] Group 1 - The expo included 20 major investment projects signed, covering fields like optical communication, integrated circuits, and artificial intelligence, with a total signing amount of 19.52 billion yuan [4] - The event also featured 10 major technology trade cooperation agreements [4] - The expo is expected to attract 60,000 professional visitors and host over 20 meetings and special events, covering six major application areas [4] Group 2 - The event introduced 13 overseas procurement groups from countries like Russia and Malaysia to meet domestic companies' "going global" needs, aiming to facilitate nearly 10 cross-border cooperation intentions [2] - The focus of foreign guests, such as a professor from Panama, was on semiconductor materials, highlighting the complete chain from basic research to industrial application achieved by Optics Valley [2] - The expo aims to convert exhibition traffic into industrial growth through targeted procurement and collaboration activities [2]