2025 年 11 月 4 日 行业研究 25Q3 电子行业卫星电子、半导体、AI 供应链等归母净利润同比增速较快 ——电子行业 2025 年三季报总结 要点 25Q3 电子行业中卫星电子、半导体、AI 供应链等归母净利润同比增速较快。2025 年 Q3 全行业（A 股）650 家公司归母净利润为 1637.0 亿元，同比+40%，环比 +20%。我们把电子行业分为 23 个子行业，其中，25Q3 归母净利润同比增速排 名前 3 的子行业为卫星电子（25Q3 归母净利润为 2.0 亿元，同比+113%，下同）、 半导体（221.1 亿元，+89%）、AI 供应链（220.6 亿元，+84%）。 细分领域中，LED-LED 电源、LED-LED 显示屏、显示-设备、半导体-数字 GPU 和 CPU、半导体-模拟等子行业 25Q3 归母净利润同比增速较快。74 个细分领域 中 25Q3 归母净利润增速排名前 5 的细分领域为：LED-LED 电源（25Q3 归母净 利润为 0.08 亿元，同比+644%，下同）、LED-LED 显示屏（1.93 亿元，+431%）、 显示-设备（2.02 亿元，+250%）、半导 ...

Investment Rating - The electronic industry is rated as "Buy" [5] Core Insights - In Q3 2025, the electronic industry saw a significant increase in net profit, with a total of 650 companies reporting a net profit of 163.7 billion yuan, representing a year-on-year growth of 40% and a quarter-on-quarter growth of 20% [1][11] - The top three sub-industries in terms of year-on-year net profit growth were satellite electronics (+113%), semiconductors (+89%), and AI supply chain (+84%) [1][11] - Among 74 sub-sectors, the fastest-growing segments included LED power supplies (+644%), LED displays (+431%), and display equipment (+250%) [2][13] Summary by Sections Sub-industry Performance - The semiconductor sub-industry reported a net profit of 22.11 billion yuan, with a year-on-year increase of 89% [1][12] - The AI supply chain achieved a net profit of 22.06 billion yuan, reflecting an 84% increase year-on-year [1][12] - The top five sub-industries by net profit growth in Q3 2025 were: 1. Satellite Electronics: 0.2 billion yuan, +113% 2. Semiconductors: 22.11 billion yuan, +89% 3. AI Supply Chain: 22.06 billion yuan, +84% [12] Leading Companies - The top five companies in the electronic industry by net profit in Q3 2025 were: 1. Industrial Fulian: 10.373 billion yuan, +62% 2. Cambricon Technologies: 0.567 billion yuan, turning profitable 3. Haiguang Information: 0.760 billion yuan, +13% 4. Luxshare Precision: 4.874 billion yuan, +32% 5. Hikvision: 3.662 billion yuan, +20% [2][17] Investment Recommendations - The report suggests focusing on North American AI leaders such as Industrial Fulian, Zhongji Xuchuang, Shenghong Technology, and Xinyi Sheng [4] - It also highlights the importance of domestic computing power companies like Cambricon Technologies and Haiguang Information [4]