格隆汇7月30日｜民生证券研报指出，宏发股份25H1归母净利润9.64亿元，同比增加14.19%；单Q2情况 来看，公司25Q1归母净利润5.53亿元，同比增加13.25%。盈利能力方面，公司25Q2实现毛利率 34.67%，同比提升0.03pct；实现净利率16.82%，同比提升0.01pct。经营效率方面，25H1公司经营效率 指标人均销售回款65.4万元，同比增长8.9%。研发方面，公司完成新品研发项目462项，完成率90%， 其中"5+"产品开发项目占比近45%。产品技术创新与知识产权布局协同推进，2025年度上半年专利申请 587项，同比增长10.55%。公司是全球继电器龙头，新门类产品发展势头强劲，7月29日收盘价对应公 司25-27年PE分别为18/15/13x。维持"推荐"评级。 ...

Financial Performance - In 1H25, the company achieved revenue of 8.347 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 964 million yuan, up 14.2% year-on-year, with a non-recurring net profit of 927 million yuan, increasing by 17.9% [1] - For 2Q25, the company reported revenue of 4.36 billion yuan, a year-on-year increase of 15.5% and a quarter-on-quarter increase of 9.6%, with a net profit attributable to shareholders of 553 million yuan, up 13.2% year-on-year and 34.5% quarter-on-quarter, and a non-recurring net profit of 546 million yuan, increasing by 20.7% year-on-year and 43.5% quarter-on-quarter [1] Growth Trends - In 2Q25, the company's shipment value continued to show strong year-on-year growth, with an estimated overall shipment growth of over 20%, driven primarily by the new energy sector [2] - The new energy segment remains the core driver of growth, with shipments of high-voltage direct current for new energy vehicles and new energy inverters both increasing by over 50% year-on-year, benefiting from strong domestic new energy vehicle sales and recovering European demand [2] - Industrial control and signal relays also showed a recovery, with shipments increasing by over 30% year-on-year in 2Q25, while automotive low-voltage shipments grew by 16-17% year-on-year [2] Modular Business and Product Development - The modular business continued to expand, with significant growth in automotive modules, particularly high-voltage distribution boxes, which saw nearly 200% year-on-year growth in shipments for 1H25 [3] - New products such as film capacitors, connectors, fuses, and current sensors are in the process of customer expansion and market introduction, awaiting further order releases [3] Profitability and Cost Management - In 2Q25, the company's gross margin improved to 34.7%, with a year-on-year increase of 0.03 percentage points and a quarter-on-quarter increase of 0.9 percentage points, benefiting from product structure optimization and increased revenue scale [3] - The company's expense ratio decreased to 15.3% in 2Q25, with year-on-year and quarter-on-quarter changes of -1.3 percentage points and -2.5 percentage points, respectively, primarily due to positive exchange rate effects on financial expenses [3] Earnings Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026 at 1.926 billion yuan and 2.248 billion yuan, respectively, with a target price of 30.0 yuan, corresponding to P/E ratios of 17.9x and 15.3x for 2025 and 2026 [4] - The target price implies an upside potential of 27.1%, maintaining an outperform rating in the industry [4]

宏发股份 20250729 摘要 宏发股份 2025 年上半年整体业务增长约 1%，其中新能源汽车领域表 现突出，高压直流继电器业务增速超预期，主要受益于车载继电器竞争 优势加强及新车型采用，而家电业务保持稳定增长。 高压直流继电器上半年出货 26 亿，同比增长超 40%，高压控制盒增长 接近 200%，主要得益于竞争对手工况不稳定及新车型首选宏发产品， 预计未来一两年内高压控制盒业务规模将达 8-10 亿元。 欧洲市场高压直流继电器增速较快，收入占比逐渐提高，主要受益于欧 洲电动化加速渗透及成功进入雷诺等主机厂供应链，德国工厂已布局高 压直流产品生产线。 工业继电器市场呈现恢复性增长，上半年出货同比增长 26.9%，主要受 益于新能源相关工业客户需求快速增长，海外市场特别是欧洲和美国需 求增加明显。 低压开关产品上半年发货小幅增长，其中元器件部分增长约 10%，但成 套设备受地产行业影响下降约 20%。 Q&A 宏发公司在 2025 年上半年的整体经营状况如何？ 2025 年上半年，宏发公司在复杂的宏观环境下实现了高质量增长。各主要业 务板块表现良好，特别是在新能源、汽车和工业领域，增长率分别达到 20%、 ...

Core Insights - The total profit of industrial enterprises above designated size in China for the first half of the year was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] - The chemical raw materials and chemical products manufacturing industry saw a profit of 1,814.6 billion yuan, down 9.0% year-on-year [1] Industry Performance - State-owned enterprises reported a profit of 11,091.2 billion yuan, a decline of 7.6% year-on-year; shareholding enterprises' profits were 25,330.4 billion yuan, down 3.1%; foreign and Hong Kong, Macao, and Taiwan-invested enterprises achieved a profit of 8,823.1 billion yuan, an increase of 2.5%; private enterprises reported a profit of 9,389.7 billion yuan, up 1.7% [1] - The mining industry experienced a profit of 4,294.1 billion yuan, a significant decline of 30.3%; manufacturing profits totaled 25,900.6 billion yuan, an increase of 4.5%; the electricity, heat, gas, and water production and supply industry reported a profit of 4,170.4 billion yuan, up 3.3% [1] Profit Growth by Sector - Major sectors with profit growth included black metal smelting and rolling (up 1,370%), agricultural and sideline food processing (up 22.8%), and electrical machinery and equipment manufacturing (up 13.0%); sectors with declines included non-metallic mineral products (down 5.4%), textiles (down 8.1%), and chemical raw materials and products (down 9.0%) [2] - The coal mining and washing industry saw a dramatic profit decline of 53.0% [2] Financial Metrics - In the first half of the year, industrial enterprises achieved operating revenue of 66.78 trillion yuan, a year-on-year increase of 2.5%, with operating costs rising to 57.12 trillion yuan, an increase of 2.8%; the operating profit margin was 5.15%, down 0.22 percentage points [2] - As of the end of June, total assets of industrial enterprises were 183.17 trillion yuan, up 5.1%, with total liabilities of 105.98 trillion yuan, an increase of 5.4%; the debt-to-asset ratio was 57.9%, up 0.2 percentage points [2] Accounts and Inventory - Accounts receivable stood at 26.69 trillion yuan, a year-on-year increase of 7.8%; finished goods inventory was 6.60 trillion yuan, up 3.1% [3] - The cost per 100 yuan of operating revenue was 85.54 yuan, an increase of 0.26 yuan year-on-year; expenses per 100 yuan of operating revenue were 8.38 yuan, down 0.10 yuan [3] Monthly Performance - In June, profits of industrial enterprises decreased by 4.3% year-on-year [4]

Group 1 - The State Intellectual Property Office of China granted a patent for a method of analyzing thermal powder formulations in thermal materials to three companies: Hubei Dinghui Microelectronics Materials Co., Ltd., Hubei Dinglong Huisheng New Materials Co., Ltd., and Hubei Dinglong Holdings Co., Ltd. The patent authorization announcement number is CN119290684B, with an application date of November 2024 [1][2] - Hubei Dinghui Microelectronics Materials Co., Ltd. was established in 2015 in Wuhan, focusing on the manufacturing of chemical raw materials and products. The company has a registered capital of 1,094.73684 million RMB and has invested in three enterprises, participated in 14 bidding projects, and holds 75 patents [1] - Hubei Dinglong Huisheng New Materials Co., Ltd. was founded in 2019 and is primarily engaged in the manufacturing of electrical machinery and equipment. The company has a registered capital of 200 million RMB, participated in nine bidding projects, and holds 26 patents [1] - Hubei Dinglong Holdings Co., Ltd. was established in 2000 in Wuhan, focusing on capital market services. The company has a registered capital of 9,382.82591 million RMB, invested in 28 enterprises, participated in 38 bidding projects, and holds 243 patents [2]

Group 1 - The control change of Shenli Co., Ltd. has been terminated due to the buyer's failure to pay the transaction price as scheduled [2][3] - On April 14, the controlling shareholder Chen Zhongwei signed a share transfer agreement to sell 47.9 million shares (22.00% of total shares) at a price of RMB 14.553 per share, totaling RMB 697 million [6] - The company reported a turnaround in performance, expecting a net profit attributable to shareholders of RMB 5.6 million to RMB 8.4 million for the first half of the year, compared to a loss in the same period last year [7] Group 2 - Recent resignations include Vice Chairman Chen Rui and Secretary of the Board Jiang Guofeng, both citing personal reasons for their departure [7] - Shenli Co., Ltd. specializes in the production of medium and large electric motors and generators, including diesel generators and wind power generators [9] - As of July 29, the stock price of Shenli Co., Ltd. was reported at RMB 14.78 per share, with a total market capitalization of RMB 3.2 billion [9]

Core Viewpoint - Lianchuang Optoelectronics experienced a stock price decline of 3.83% on July 29, closing at 55.75 yuan, with a trading volume of 196,200 lots and a transaction amount of 1.103 billion yuan [1] Group 1: Company Performance - The company reported a revenue of 801 million yuan and a net profit of 116 million yuan for the first quarter of 2025 [1] - The main business of Lianchuang Optoelectronics includes LED devices and application products, as well as cable products, which are widely used in home appliances, communications, and power sectors [1] Group 2: Shareholder Activity - The company's Vice President, Deng Huixia, increased her shareholding by purchasing 6,300 shares on July 29, amounting to 350,000 yuan, raising her ownership stake to 0.0423% [1] Group 3: Market Activity - On July 29, there was a net outflow of 241 million yuan from major funds, accounting for 0.95% of the circulating market value [1]

Group 1 - The core viewpoint of the news is that XJ Electric (000400) has experienced a decline in revenue and net profit in its latest quarterly report, indicating potential challenges in its financial performance [1][3] - As of July 29, 2025, XJ Electric's stock closed at 23.16 yuan, with a slight increase of 0.52% and a trading volume of 311,300 hands, amounting to a transaction value of 714 million yuan [1] - The company's latest quarterly report shows total revenue of 2.348 billion yuan, a year-on-year decrease of 16.42%, and a net profit attributable to shareholders of 208 million yuan, down 12.47% year-on-year [1] Group 2 - XJ Electric has made investments in 46 companies and participated in 5,000 bidding projects, indicating active engagement in the market [2] - The company holds 7 trademark registrations and 4,809 patents, showcasing its focus on intellectual property and innovation [2] - XJ Electric has 95 administrative licenses, reflecting its compliance and operational capabilities within the industry [2]

通过天眼查大数据分析，江苏中超控股股份有限公司共对外投资了52家企业，参与招投标项目2438次， 知识产权方面有商标信息35条，专利信息55条，此外企业还拥有行政许可9个。 资金流向方面，今日主力资金净流出4540.50万元，占比成交额16.31%。其中，超大单净流出2250.58万 元、占成交额8.08%，大单净流出2289.92万元、占成交额8.22%，中单净流出流入161.11万元、占成交 额0.58%，小单净流入4379.39万元、占成交额15.73%。 来源：金融界 金融界消息 截至2025年7月29日收盘，中超控股（002471）报收于4.57元，下跌1.51%，换手率4.67%， 成交量60.94万手，成交金额2.78亿元。 天眼查商业履历信息显示，江苏中超控股股份有限公司，成立于1996年，位于无锡市，是一家以从事电 气机械和器材制造业为主的企业。企业注册资本136876万人民币，实缴资本12000万人民币。公司法定 代表人为刘广忠。 中超控股最新一期业绩显示，截至2025一季报，公司营业总收入10.35亿元、同比增长0.81%，归属净利 润2023.79万元，同比增长23.08%，扣非净利润 ...

金融界消息 截至2025年7月29日收盘，东方电热（300217）报收于5.15元，下跌0.96%，换手率2.56%， 成交量31.42万手，成交金额1.61亿元。 来源：金融界 资金流向方面，今日主力资金净流出3492.57万元，占比成交额21.7%。其中，超大单净流出1160.06万 元、占成交额7.21%，大单净流出2332.51万元、占成交额14.49%，中单净流出流入1419.80万元、占成 交额8.82%，小单净流入2072.78万元、占成交额12.88%。 天眼查商业履历信息显示，镇江东方电热科技股份有限公司，成立于2000年，位于镇江市，是一家以从 事电气机械和器材制造业为主的企业。企业注册资本147797.694万人民币，实缴资本999.85万人民币。 公司法定代表人为谭伟。 通过天眼查大数据分析，镇江东方电热科技股份有限公司共对外投资了28家企业，参与招投标项目66 次，知识产权方面有商标信息3条，专利信息255条，此外企业还拥有行政许可36个。 东方电热最新一期业绩显示，截至2025一季报，公司营业总收入6.84亿元、同比减少21.90%，归属净利 润4488.00万元，同比减少47.6 ...