Group 1 - China Merchants Energy announced the termination of the restructuring plan for its subsidiaries, China Merchants Container Shipping and China Merchants Roll-on Roll-off, due to lack of consensus on transaction terms and changes in market conditions [1] - The company will maintain its current equity structure, while Antong Holdings will take over the controlling stake of the subsidiaries [1] - China Merchants Container Shipping operates 30 vessels with a total capacity of 47,678 TEU, ranking 34th among global liner companies [1] Group 2 - Muyuan Foods has submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange, with the application materials published on the exchange's website [1] - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, a year-on-year increase of 24.43%, and a net profit of 18.925 billion yuan, up 554.07% [2] - The company sold 71.602 million pigs, including 65.477 million market pigs and 1.2524 million slaughtered pigs, with pork product sales totaling 141,590 tons [2] Group 3 - Optoelectronics Co. received approval from the China Securities Regulatory Commission for its application to issue shares to specific investors [3] - Xingqi Eye Medicine plans to raise no more than 850 million yuan through a private placement of shares for research and development center construction and working capital [4] - Jinyang Co. intends to issue convertible bonds to raise no more than 980 million yuan for lithium battery precision components projects and working capital [5] Group 4 - Nanjing Chemical Fiber received approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for a major asset swap and fundraising plan [8] - Zhongcheng Co. plans to acquire 100% equity of Zhongji Jiangsu and raise funds from no more than 35 specific investors, enhancing its capabilities in energy storage projects [8] Group 5 - Guotai Haitong plans to increase its capital by 1.5 billion yuan to Guotai Junan Futures for net capital supplementation [9] - Zhinan Compass's chairman resigned due to personal reasons, with the vice chairman temporarily taking over the responsibilities [10] Group 6 - Youa Co. intends to acquire 100% equity of Shenzhen Shangyangtong for 1.58 billion yuan, marking a strategic shift into the power semiconductor sector [11] - ST Dongjing is planning a change in control, with stock suspension starting from May 28, 2025, due to negotiations with a third party [12] - Su Shi Testing plans to acquire 23.73% equity of its subsidiary Su Shi Yite for 336 million yuan, increasing its stake from 73.82% to 97.55% [13] Group 7 - Wangzi New Materials elected Wang Jinjun as chairman and appointed him as CEO for a three-year term [14] - Nanjing Public Utilities plans to merge its wholly-owned subsidiary to optimize management structure and reduce costs [14] - Western Securities plans to issue up to 1 billion yuan in technology innovation corporate bonds to supplement working capital [14] Group 8 - Lutianhua intends to acquire 100% equity of Luzhou Hongsheng Chemical Park Operations for 676 million yuan, facilitating its project implementation [15] - Camel Group elected Liu Changle as chairman during its board meeting [15] - Yapu Co. plans to purchase approximately 54.5% of Yingshuang Technology for about 578 million yuan to enhance its automotive parts strategy [15] Group 9 - Luoping Zinc Electric is planning a change in control, with stock suspension starting from May 28, 2025, pending regulatory approval [16]

点击 关注我们 报告发布日期：2025年5月22日 报告名称:《能源电子月报： 盈利能力稳步改善，中低压器件汽车国产化持续推进 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S098052210000 3 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 报告摘要 证券研究报告 | 2025年05月22日 能源电子月报 盈利能力稳步改善,中低压器件汽车国产化持续推进 行业研究 · 行业月报 电子 投资评级:优于大市(维持) 证券分析师:胡剑 021-60893306 hujian 1@guosen.com.cn S0980521080001 证券分析师:胡慧 021-60871321 huhui2@guosen.com.cn 证券分析师:叶子 0755-81982153 yezi3@guosen.com.cn S0980522100003 证券分析师:詹浏洋 010-88005307 zhanliuyang@guosen.com.cn S09805240 ...

2025年05月22日 证券研究报告 | 能源电子月报 盈利能力稳步改善，中低压器件汽车国产化持续推进 行业研究 · 行业月报 电子 投资评级：优于大市（维持） S0980521080001 S0980521080002 S0980522100003 S0980524060001 证券分析师：胡剑 证券分析师：胡慧 证券分析师：叶子 证券分析师：詹浏洋 联系人：连欣然 021-60893306 021-60871321 0755-81982153 010-88005307 010-88005482 hujian1@guosen.com.cn huhui2@guosen.com.cn yezi3@guosen.com.cn zhanliuyang@guosen.com.cn lianxinran@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 汽车功率持续升高，碳化硅渗透率稳步提升 功率半导体业绩回顾：行业随收入改善后盈利能力逐步修复进入稳定期，汽车与数据中心仍为主要增长方向。 新能源汽车：我国新能源汽车功率200kW以上的主驱占比由22年的9%提升至25年1-3月的19%，电驱最高峰 ...

据了解，汉磊及嘉晶分别为上下游整合关系，其中，汉磊主要进攻功率半导体晶圆代工，并具备碳化 硅、氮化镓（GaN）等第三类半导体生产能力，嘉晶则负责晶圆制造关键材料"磊晶"，两家厂商可具备 分进合击能力，先前就联手抢下过欧洲IDM大厂订单，嘉晶更单独吃下日本IDM大厂的磊晶订单，在这 波分食Wolfspeed订单商机当中，两大厂具备相当竞争能力。 不仅如此，汉磊近期还联手世界先进进军8吋碳化硅半导体晶圆制造，由于当前世界先进已是汉磊单一 最大股东，世界先进在第三类半导体制造技术上，可快速汲取汉磊提供的经验及技术，让世界先进快速 在第三类半导体市场站稳脚步。 除此之外，朋程旗下功率半导体晶圆代工厂茂矽今年将完成碳化硅产线建置，由于Wolfspeed当前具备 的碳化硅功率模组订单可能同步移转，届时朋程将有机会联手茂矽共同在第三类半导体市场抢下大笔日 系或欧系客户订单。 虽然外界质疑台湾供应链如何能在大陆大量第三类半导体厂及欧美大厂夹击下生存，但法人认为，台湾 功率半导体功率元件厂分别具备晶圆代工及掌握特定客户等优势，且当前大陆地区输往美国关税仍比台 湾及其他地区较高，这将成为台湾第三类半导体厂在这波Wolfspeed ...

技术迭代停滞与成本失控 长期依赖6英寸晶圆技术，8英寸量产计划因良率不足陷入僵局，而中国天科合达、烁科晶体等企业已实现8英寸衬底小批量出货，良率突破。更致命的是， 中国通过工艺创新将6英寸衬底价格压低至国际水平的30%，直接击穿Wolfspeed的成本底线。 从Wolfspeed破产到中国碳化硅崛起：国产SiC碳化硅功率半导体的范式突破与全球产业重构 一、Wolfspeed的陨落：技术霸权崩塌的深层逻辑 作为碳化硅（SiC）领域的先驱，Wolfspeed的破产不仅是企业的失败，更是美国半导体产业战略失误的缩影。其核心问题体现在三个维度： 供应链脆弱性暴露 Wolfspeed的多晶硅、钨制品等关键原材料依赖中国供应，而2025年中国对美加征34%关税进一步推高其生产成本。与此同时，美国《芯片法案》的补贴因 政治博弈悬而未决，导致其50亿美元的北卡罗来纳州工厂扩建计划资金链断裂。 市场失守与财务崩塌 中国新能源汽车市场占据全球SiC需求的70%，但Wolfspeed因价格劣势被排除在供应链之外。其2024年净亏损达6亿美元，负债超50亿美元，被迫关闭工厂 并裁员25%，最终陷入"卖出现金成本价"的死亡螺旋。 二、 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 64.14% and a net profit increase of 157.84% compared to 2023 [20] - The first quarter of 2025 saw a revenue decline of 1.59%, with a net profit of 15.22 million, reflecting a year-on-year growth of 107.62% [4] - In 2024, government subsidies accounted for 68,000, representing a low proportion of net profit, indicating that the company does not overly rely on non-recurring gains [4] Group 2: Operational Efficiency - Employee count in 2024 increased by 8.5%, but revenue per employee decreased by 10.2%, prompting a need for better alignment of human resources with business transformation [2] - R&D expenses rose by 38% in 2024, but the capitalization rate fell to 15%, highlighting challenges in converting R&D investments into intangible assets [3] - The accounts receivable turnover days increased by 40 days, with 25% of accounts receivable aging over one year, raising concerns about customer credit risk [5] Group 3: Market Strategy - The sales expense ratio increased by 2.1 percentage points to 8.3% in 2024, with marketing efforts contributing positively to the growth of flexible DC product orders [6] - The company plans to enhance its market penetration for high-value products like IGBT modules, which currently account for less than 15% of revenue [19] - In 2024, related party transactions increased by 65%, but the overall proportion remains low, ensuring independence in transactions [8] Group 4: Debt and Cash Flow Management - Short-term borrowings increased by 90% in 2024, while long-term borrowings decreased by 50%, raising questions about short-term debt repayment pressure [13] - Operating cash flow decreased by 70% year-on-year, primarily due to changes in accounts receivable cycles, necessitating measures to stabilize cash flow [16] - Inventory turnover rate fell by 25%, with inventory levels rising by 35%, indicating potential issues with market demand or inventory management strategies [14] Group 5: Future Outlook and Innovation - The company is focusing on technology innovation, quality control, and market expansion to enhance overall competitiveness and achieve sustainable growth [7] - Plans to develop new products such as IGCT and FRD are underway, alongside market research for device products to meet market demands [19] - The company is committed to integrating ESG principles into its operations, aiming for sustainable high-quality development [22]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% 190% 捷捷微电 电子 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） | 29.48 | | --- | --- | | 总股本/流通股本（亿股）8.32 | / 7.12 | | 总市值/流通市值（亿元）245 | / 210 | | 周内最高/最低价 52 | 46.85 / 15.47 | | 资产负债率(%) | 26.0% | | 市盈率 | 46.79 | | 第一大股东 | 江苏捷捷投资有限公司 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 捷捷微电(300623) 高端功率半导体产业化项目持续推进 l 投资要点 高端功率半导体 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% 190% 捷捷微电 电子 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） | 29.48 | | --- | --- | | 总股本/流通股本（亿股）8.32 | / 7.12 | | 总市值/流通市值（亿元）245 | / 210 | | 周内最高/最低价 52 | 46.85 / 15.47 | | 资产负债率(%) | 26.0% | | 市盈率 | 46.79 | | 第一大股东 | 江苏捷捷投资有限公司 | 捷捷微电(300623) 高端功率半导体产业化项目持续推进 l 投资要点 高端功率半导体 ...

Core Viewpoint - The company has signed a strategic cooperation framework agreement with Changsha Guokong Capital and Tsinghua Electronics Institute to enhance collaboration in the power semiconductor device sector, aiming to support its dual business strategy of "retail + semiconductor" for future growth [1] Group 1 - The agreement was signed on May 19, 2025, establishing a strategic partnership among the three parties [1] - The collaboration aims to leverage each party's technological, professional, and talent resources for in-depth cooperation in the power semiconductor field [1] - The initiative is intended to create a second growth curve for the company, aligning with its dual business strategy [1]

May 13, 2025 10:44 AM GMT 中国的新兴前沿 前沿 28：投资于不断变化的趋 势 我们继续推出中国新兴前沿系列文章，引入我们的六要素框 架，以了解支撑产业升级故事的成功要素，并确定未来的投 资机会。 要点 有兴趣探索中国具备结构性竞争优势的新兴行业的投资者应考虑阅读本报告。本 报告概述了我们如何识别中国在面临债务、通缩、人口变化和全球多极化环境等 挑战下有望表现出色的行业。这些技术支持的新兴前沿将远超出我们今天的想 象，因此，我们理解我们的框架和选择过程的局限性，但持续跟踪这些趋势很重 要。我们还纳入了未上市的新兴初创企业，并进行了监测和跟进分析。 中国对产业升级和前沿产业的关注持续不减。在本系列的第一部分 Navigating the Path to Industry Upgrades 中，我们研究了中国的工业演变、前沿和关键产业如何 推动生产力以及发达市场的经验教训。在本报告中，我们探讨了中国先进供应链 和制造业的重大机遇，包括整个潜在市场。 中国新兴前沿投资策略⸺筛选产业升级机会：我们看到了机械、汽车和新能源领 域的竞争优势，以及半导体、航空航天、人工智能、软件、制药、人形机器人 ...