Core Viewpoint - The company is experiencing significant growth driven by the demand for high-speed communication connectors, particularly in the context of AI development, with a strong focus on new product advancements such as liquid cooling solutions and 224G connectors [1][3]. Group 1: Financial Performance - In 2024, the company reported a revenue of 1.032 billion yuan, representing a year-on-year increase of 51.12%, and a net profit of 110 million yuan, up 65.74% [1]. - For Q1 2025, the company achieved a revenue of 379 million yuan, marking a year-on-year growth of 95.25% and a quarter-on-quarter increase of 15.24%, with a net profit of approximately 52.9 million yuan, up 190.12% year-on-year and 65.32% quarter-on-quarter [1][2]. Group 2: Product Development and Market Demand - The company is focusing on liquid cooling solutions and 224G connectors, which have received customer certification and are in small-batch trial production, with mass production expected in Q2 and Q3 of this year [1]. - The main growth driver for the company is the demand for high-speed communication products, particularly in AI applications across various sectors such as internet, rail transportation, healthcare, autonomous driving, data storage, and data transmission [3]. - The company’s high-speed communication product series includes Cage, backplane connectors, and copper cable connectors, with speed upgrades from 112G to 224G [3]. Group 3: Customer Base and Partnerships - The company supplies liquid cooling products primarily to renowned connector companies such as Amphenol, Molex, TE Connectivity, and Luxshare [1]. - In the automotive sector, BYD is a major customer, with the company providing various types of automotive connectors, including control system connectors and high-voltage interlock connectors [3][4]. Group 4: Production Capacity and Order Status - The company maintains a busy production line with saturated orders and strong product demand, indicating a robust operational capacity [2]. - The production of automotive connectors emphasizes high precision and stability, with a focus on quality control and effective collaboration across design and manufacturing processes [4].

Macro Strategy - The report suggests that the overlap of population peak and consumption peak from 2025 to 2035 may lead to more optimistic growth in total consumption compared to 2020-2025, as the proportion of the population aged 40-49 is expected to increase from 13.8% to 15.9% [1] Fixed Income - The report indicates that the bond market is experiencing a slight upward trend in yields due to the recent reserve requirement ratio cut, with expectations for the DR007 to stabilize around 1.4%-1.5% [3][4] - The issuance of secondary capital bonds totaled 400 billion yuan, with a trading volume of approximately 242.4 billion yuan, reflecting an increase of 53.8 billion yuan from the previous week [4] - Green bond issuance reached 10 bonds with a total scale of approximately 10.3 billion yuan, an increase of 2.5 billion yuan from the previous week [5] Real Estate - New housing transaction area increased month-on-month, while second-hand housing transactions also saw a rise, indicating a potential recovery in the real estate market [6] - The report recommends several companies in real estate development, property management, and real estate brokerage, including China Resources Land, Poly Developments, and Beike [6] Engineering Machinery - The report highlights a year-on-year increase of 18% in excavator sales for April, indicating a positive outlook for the engineering machinery industry [7] Gas Industry - The report anticipates a relaxed supply situation for gas companies, with a focus on cost optimization and price mechanism adjustments, recommending companies like Xin'ao Energy and China Gas [9] Petrochemical Industry - The report notes a significant increase in polyester prices, with POY, FDY, and DTY prices rising by 5.5%, 5.9%, and 3.9% respectively, indicating strong demand in the petrochemical sector [10] Retail Industry - The report emphasizes the strong performance of domestic brands during the 618 shopping festival, recommending companies like Ruya Chen and Juzhi Biological [11] Construction Materials - The report indicates a stable economic outlook with improved supply dynamics in the construction materials sector, recommending companies like China Communications Construction and China Railway Construction [12][18] Automotive Industry - The report maintains a positive outlook for the automotive sector, highlighting a 6.5% month-on-month increase in passenger car sales, with a focus on AI and robotics as key growth drivers [19] Pharmaceutical Industry - The report identifies a fast track for the development of three-antibody drugs, recommending companies like Zai Lab and 3SBio for investment [21][22] Electronic Industry - The report discusses the growing demand for AI infrastructure, particularly in the Middle East, and suggests focusing on domestic hardware suppliers for AI applications [23] Non-Banking Financial Industry - The report highlights the low average valuation in the non-banking financial sector, recommending companies like New China Life Insurance and CITIC Securities for investment [25]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved operating revenue of 534 million yuan, a year-on-year increase of 9.8%, while the net profit attributable to the parent company was 85 million yuan, a decline of 34.4% year-on-year. The net profit after deducting non-recurring gains and losses was 84 million yuan, down 19.6% year-on-year. In the first quarter of 2025, the company reported operating revenue of 145 million yuan, a year-on-year increase of 44.6%, and a net profit of 25 million yuan, up 40% year-on-year [2][6]. Summary by Sections Company Performance - In 2024, the revenue from industrial connectors was 258 million yuan, down 3.5% year-on-year, with a gross margin of 44.93%, an increase of 1.77 percentage points. The automotive connectors segment generated revenue of 139 million yuan, a year-on-year increase of 15.7%, with a gross margin of 44.67%, down 5.63 percentage points. The revenue from new energy connectors was 130 million yuan, up 39.7% year-on-year, with a gross margin of 28.53%, down 1.43 percentage points [12]. Growth Drivers - The company successfully expanded into new applications such as robotics and AI server power supplies, which are expected to enhance gross margins. In the first quarter of 2025, all segments (industrial, automotive, and new energy) achieved year-on-year growth, with the overall gross margin reaching 40.17%, an increase of over 3 percentage points [12]. Market Outlook - The robotics sector is injecting new vitality into the industrial automation market, supported by advancements in artificial intelligence. The company is well-positioned to benefit from the rapid development opportunities in the automotive and photovoltaic sectors, having completed the development and introduction of several products [12]. The projected net profits for the company from 2025 to 2027 are expected to be 126 million, 149 million, and 186 million yuan, respectively [12].

Core Insights - The report highlights the coal industry facing weak demand and price declines, with a focus on the upcoming summer peak demand and potential recovery in non-electric coal usage [8][10][19] - The human-shaped robot industry is expected to enter a mass production phase in 2025, driven by advancements in AI and hardware, with significant investment opportunities emerging [10][13] - The container coating segment of the company has seen substantial growth, with revenue and sales reaching historical highs, indicating a positive trend in the market [12][14] Coal Industry Analysis - The coal market is experiencing a rise in inventory levels and a decline in prices, with the average price of thermal coal at 643 RMB/ton, down 2.13% week-on-week [8][10] - Metallurgical coal demand is expected to improve as the industry enters its traditional peak season, supported by recent monetary policy easing [8][10] - The report suggests that while coal prices are under pressure, the overall economic policies may stabilize the market, with a focus on companies with strong performance and attractive dividend yields [10][11] Company-Specific Insights - The report on 麦加芯彩 (603062.SH) indicates a significant increase in revenue and net profit for 2024, with container coatings and wind power coatings showing recovery in prices [12][14] - 淮北矿业 (600985.SH) reported a decline in revenue and net profit due to lower coal prices, but maintains a relatively high gross margin of 44.56% [16][19] - The company 晶升股份 (688478.SH) is facing challenges due to changes in product structure but is expanding into new application areas such as photovoltaics [20][21] Investment Recommendations - The report recommends focusing on undervalued companies with strong earnings support in the coal sector, particularly those with minimal non-coal business exposure [10][11] - For 麦加芯彩, projections indicate continued revenue growth through 2027, with a "buy" rating maintained based on strong market positioning [12][14] - The report suggests that companies like 容知日新 (688768.SH) are well-positioned for growth due to successful strategic initiatives and improved profitability metrics [27][28]

山西证券股份有限公司叶中正,冯瑞近期对维峰电子（301328）进行研究并发布了研究报告《不利因素 预期逐渐消散，2025Q1公司业绩迎来关键拐点》，给予维峰电子买入评级。 维峰电子 事件描述 公司发布2024年报及2025年一季报，2024年公司实现营业收入5.34亿元，同比增长9.77%；实现归母净 利润8546.64万元，同比下降34.44%；实现扣非归母净利润8438.37万元，同比下降19.60%；实现基本每 股收益0.78元，同比下降34.45%。2025Q1公司实现营业收入1.45亿元，同比增长44.61%；实现归母净利 润2544.74万元，同比增长39.99%；实现扣非归母净利润2519.57万元，同比增长40.17%；实现基本每股 收益0.23元，同比增长35.29%。事件点评 2024年公司营收小幅增长而净利润有所下降，伴随不利因素逐渐消散2025Q1公司营收及净利润迎来快 速增长。2024年公司实现营业收入稳步增长，分产品来看，工业控制连接器、汽车连接器、新能源连接 器分别实现收入2.58、1.39、1.31亿元，同比分别变动-3.51%、15.71%、39.67%，其中工业控制连接器 ...

Group 1 - The core viewpoint of the article highlights the recent divorce of the controlling shareholders of Zhu Cheng Technology, Zhang Jianchun and Shi Lefen, and the subsequent stock transfer arrangement, which does not affect the company's control structure [1][4]. - As of May 8, the stock price of Zhu Cheng Technology was 43.49 yuan per share, with a total market capitalization of 5.949 billion yuan [1]. - Zhu Cheng Technology, founded in 1994, is a service provider for the full supply chain system solutions in the connector industry, focusing on providing wiring harness connector solutions for the global home appliance and automotive manufacturing sectors [4]. Group 2 - In 2024, Zhu Cheng Technology reported a revenue of 1.603 billion yuan, representing a year-on-year growth of 31.77%, and a net profit attributable to shareholders of 186 million yuan, reflecting a year-on-year increase of 26.38% [4]. - Zhang Jianchun serves as the chairman and general manager of Zhu Cheng Technology, with a pre-tax salary of 933,600 yuan for 2024, while Shi Lefen holds the position of director with a pre-tax salary of 463,900 yuan for the same year [4].

Core Viewpoint - Zhu Cheng Technology (301280) announced the divorce of its controlling shareholders, Zhang Jianchun and Shi Lefen, along with the arrangement for the division of assets, which includes the transfer of 8.7675 million shares valued at approximately 381 million yuan [1][4]. Shareholding Structure - Before the equity change, Zhang Jianchun and Shi Lefen were among the controlling shareholders of the company. After the transfer, Zhang Jianchun will hold 17.535 million shares (12.82% of total shares), while Shi Lefen will also hold 17.535 million shares (12.82%) [4][5]. - Zhang Jiandao will hold 26.145 million shares (19.11%), and Shi Shile will hold 23.1 million shares (16.89%) [4][5]. Company Performance - In Q1 2025, Zhu Cheng Technology reported revenue of 448 million yuan, a year-on-year increase of 24.51%, and a net profit of 53.9242 million yuan, up 12.49% [6]. - For the year 2024, the company achieved revenue of 1.603 billion yuan, representing a 31.77% increase, and a net profit of 186 million yuan, up 26.38% [7]. Market Activity - As of May 8, the stock price of Zhu Cheng Technology was 43.49 yuan, with a market capitalization of 5.949 billion yuan. The stock experienced a 4.04% increase on that day [1][7].

Group 1 - The company, Zhucheng Technology (301280.SZ), announced on May 8 that its controlling shareholders, Zhang Jianchun and Shi Lefen, have mutually agreed to divorce and made arrangements for the division of marital property, which includes the transfer of 8.7675 million shares to Shi Lefen [1] - Following this equity change, the controlling shareholders remain Zhang Jianchun, Shi Lefen, Zhang Jiandao, and Shi Shile, indicating that the control of the company has not changed [1] - As of May 8, the stock price of Zhucheng Technology was reported at 43.49 yuan per share, with a total market capitalization of 5.949 billion yuan [2] Group 2 - Zhang Jianchun serves as the chairman and general manager of Zhucheng Technology, with a pre-tax salary of 933,600 yuan for 2024, while Shi Lefen is a board member with a pre-tax salary of 463,900 yuan for the same year [2] - Zhucheng Technology, established in 1994, is a service provider for the full supply chain system solutions in the connector industry, focusing on providing wiring harness connector solutions for the global home appliance and automotive manufacturing sectors [2] - In 2024, Zhucheng Technology reported an operating revenue of 1.603 billion yuan, representing a year-on-year growth of 31.77%, and a net profit attributable to shareholders of 186 million yuan, reflecting a year-on-year increase of 26.38% [2]

【导读】珠城科技实控人离婚，拟分割股份市值约3.81亿元 5月8日晚间，珠城科技发布公告称，公司控股股东、实控人张建春和施乐芬已解除婚姻关系，张建春拟将直接持有的876.75万股公司股份分割过户给施乐 芬。 截至5月8日收盘，珠城科技股价报43.49元/股，总市值为59.49亿元。以此计算，上述拟分割股份的市值约为3.81亿元。 实控人之间拟转让876.75万股股份 公告显示，近日，珠城科技收到张建春和施乐芬的通知，二人经协商一致已解除婚姻关系，并就离婚财产分割事宜作出相关安排。 具体来看，张建春拟将直接持有的珠城科技876.75万股股份分割过户给施乐芬。 完成上述权益变动后，张建春、施乐芬直接持有珠城科技的股份的比例均为12.82%，张建春通过乐清九弘投资管理中心（有限合伙）（以下简称乐清九 弘）间接持有珠城科技2.31%的股份。 官网显示，珠城科技创建于1994年，是连接器行业全供应链系统解决方案服务商，致力于为全球家电和汽车制造领域提供线束配套连接器解决方案。 上述权益变动前，张建春直接持有珠城科技19.23%的股份，并通过乐清九弘间接持有珠城科技2.31%的股份；施乐芬直接持有珠城科技6.41%的股份 ...

Company and Industry Summary Company:珠城科技 (Zhu Cheng Technology, Stock Code: 301280) Key Financial Performance - **2024 Revenue**: 16.0 billion yuan, up 31.8% year-on-year [1] - **Q1 2025 Revenue**: 4.5 billion yuan, up 24.5% year-on-year [1] - **Net Profit for 2024**: 1.86 billion yuan, up 26.4% year-on-year [1] - **Q1 2025 Net Profit**: 0.54 billion yuan, up 12.5% year-on-year [1] - **Deducted Non-Recurring Net Profit for 2024**: 1.75 billion yuan, up 25.8% year-on-year [1] - **Q1 2025 Deducted Non-Recurring Net Profit**: 0.51 billion yuan, up 8.8% year-on-year [1] Profitability Metrics - **2024 Gross Margin**: 24.97%, down 0.73 percentage points year-on-year [2] - **2024 Net Margin**: 12.30%, down 0.92 percentage points year-on-year [2] - **Q1 2025 Gross Margin**: 24.45%, down 2.04 percentage points year-on-year and down 1.36 percentage points quarter-on-quarter [2] - **Q1 2025 Net Margin**: 12.91%, down 1.31 percentage points year-on-year and up 1.40 percentage points quarter-on-quarter [2] Growth Drivers - Growth primarily driven by the increase in home appliance connectors [1] - Future benefits expected from the rise in domestic production rates of home appliance connectors, as well as the expansion in robot and automotive connector markets [1] Strategic Initiatives - Strengthening the automotive and robot connector segments to create a second growth curve [2] - Acquired 20% stake in Wuxi Deweijia to accelerate entry into the automotive connector market [2] - Collaborations established with major players: - Partnership with UBTECH for product samples [2] - Supplier code obtained from KUKA Robotics for small batch supply [2] - Formation of a specialized team to deepen existing customer collaborations and enhance customized product development [2] Future Projections - Projected EPS for 2025-2027: 2.52 yuan, 3.22 yuan, and 4.36 yuan respectively [2] - Target price raised to 75 yuan based on a 30x PE ratio for 2025 [2]