电连技术（300679.SZ）2025 年半年报点评 25H1 核心业务稳步增长，多维度布局巩固未来 2025 年 08 月 25 日 ➢ 事件：8 月 21 日，电连技术发布 2025 年半年度报告，公司 25H1 实现收 入 25.24 亿元，同比增长 17.71%；实现归母净利润 2.43 亿元，同比减少 21.10%； 实现扣非归母净利润 2.39 亿元，同比减少 19.07%。 其中，公司 2Q25 实现收入 13.28 亿元，同比增长 20.26%，环比增长 11.04%； 实现归母净利润 1.19 亿元，同比减少 18.11%，环比减少 3.25%。 ➢ 聚焦核心业务，营业收入稳步向好。2025 年上半年，公司凭借在微型电连 接器、互连系统及 POGOPIN 等领域的长期战略布局优势，受益于汽车电子市场 的发展以及消费电子行业的弱复苏态势，同时成功进入全球主流智能手机品牌供 应链，25H1 营收实现增长。但受运营成本增加、产品结构变化等因素影响，整 体毛利率下降至 29.42%，同比减少 4.43pcts。 展望后续，公司将继续深耕汽车电子和消费电子等各应用领域，作为国内领先的 微型射频连接器及 ...

Core Viewpoint - The LED connector industry in China is experiencing significant growth, driven by the expansion of the LED lighting market and increasing demand for high-performance connectors in various applications [1][14]. Group 1: Industry Overview - LED connectors are essential components for electrical circuit connectivity and insulation protection, directly impacting the stability of LED lighting [4][14]. - The connectors must possess excellent electrical characteristics, mechanical properties, and durability, while also being compact, cost-effective, easy to install, and long-lasting [14]. - The market size for LED connectors in China is projected to reach approximately 13.494 billion yuan in 2024, with a year-on-year growth of 8.3%, primarily due to the continuous expansion of the LED lighting market [1][14]. Group 2: Industry Development History - The Chinese LED connector industry has evolved through several stages: from its inception (1940-1978), initial application (1979-1989), rapid growth (1990-2000), to the current phase of technological innovation and diversification (2001-present) [6]. - The industry has transitioned from relying on imported technologies to establishing a complete domestic supply chain, with a wide variety of products now available [6]. Group 3: Industry Chain - The upstream of the LED connector industry chain includes raw materials such as copper, aluminum, steel, and plastics, while the midstream involves the manufacturing of connectors, and the downstream encompasses applications in LED lighting, displays, and automotive lighting [8]. Group 4: Market Trends - The demand for LED connectors is expected to grow as applications expand beyond traditional lighting to include electric vehicles, outdoor displays, and high-end commercial lighting [24]. - The industry is focusing on technological upgrades and innovations, with an emphasis on high-performance and reliability, as well as the integration of smart features into connectors [23]. Group 5: Key Companies - Major domestic companies in the LED connector sector include Shenzhen Changying Precision Technology Co., Ltd., Shenzhen Derun Electronics Co., Ltd., and Leyard Optoelectronic Co., Ltd., among others [2][16]. - These companies are leveraging their strengths in cost, supply capability, and service responsiveness, although there remains a technological gap compared to international competitors [16].

Core Points - Shenglan Technology Co., Ltd. is issuing convertible bonds to unspecified investors, with Dongguan Securities as the lead underwriter [1][2] - The company specializes in the research, production, and sales of electronic connectors and precision components, particularly for consumer electronics and new energy vehicles [4][8] - The company has a strong focus on R&D, with significant investments in core technologies and a dedicated team of researchers [4][11] Company Overview - Company Name: Shenglan Technology Co., Ltd. [2] - Legal Representative: Pan Hao [2] - Stock Code: 300843.SZ [2] - Established: December 14, 2007 [2] - Listed on: Shenzhen Stock Exchange on July 2, 2020 [2] - Main Products: Electronic products, new energy components, connectors, charging modules, and related products [2][4] Business Operations - The company has maintained stable operations in its main business areas since its establishment [4] - It has developed several core technologies in connector manufacturing, including crimping technology and precision injection molding [4][10] - R&D expenses for the first quarter of 2025 were approximately 16.49 million yuan, accounting for 4.90% of revenue [11] Financial Performance - Total assets as of March 31, 2025, were approximately 2.22 billion yuan, with total liabilities of about 651.41 million yuan [6] - Revenue for the first quarter of 2025 was approximately 336.69 million yuan, with a net profit of about 30.48 million yuan [6][7] - The company has shown fluctuations in revenue and net profit over the years, with a notable increase in R&D investment [11][12] Market Position and Risks - The company faces risks related to customer concentration, with a significant portion of revenue derived from a few major clients [8][9] - There is a risk of core technical personnel turnover, which could impact the company's innovation capabilities [10] - The company is also exposed to market competition and fluctuations in raw material prices, which could affect profitability [14][15]

Financial Performance - In Q1 2025, the company achieved a net profit of approximately 32 million yuan, marking a turnaround from previous losses [4][11] - The company reported a net loss of about 1.2 billion yuan for the fiscal year 2024 due to significant asset impairment related to the subsidiary Meta [4][11] - The total revenue for 2024 was approximately 5.1 billion yuan, with Q1 2025 revenue around 1 billion yuan [11] Business Strategy and Development - The company aims to focus on the development of high-speed connectors and optimize its business and asset structure to enhance overall profitability [2][3] - The exit of the Italian subsidiary Meta from the consolidated financial statements is expected to alleviate the company's operational losses and facilitate a return to healthy growth [3][8] - The company plans to concentrate resources on businesses with strong market prospects and profitability, while also seeking to improve its debt structure and diversify financing channels [7][8] Market Position and Competitiveness - The company has over 10 years of experience in the R&D and manufacturing of high-speed connectors, which provides a competitive edge in the market [3] - It is actively participating in the domestic replacement process for mid-to-high-end connector products, with a focus on increasing market share [3] - The company maintains long-term strategic partnerships with well-known clients in various sectors, including automotive and consumer electronics [6][7] Investor Relations and Concerns - The company has faced challenges related to shareholder equity and ongoing investigations by regulatory authorities, but it assures investors of its commitment to transparency and risk management [5][8] - There are ongoing discussions regarding potential restructuring and strategic adjustments following the exit of Meta, with a focus on core business development [8][9] - The company acknowledges the need for improved investor confidence and is considering measures such as employee stock incentives to align interests [11]

Core Viewpoint - The announcement regarding the divorce and asset division between the controlling shareholders of Zhu Cheng Technology has led to significant market reactions, including a notable drop in stock price despite assurances that there would be no change in control or ownership structure [2][3]. Shareholder Changes - The divorce resulted in Zhang Jianchun transferring 8,767,500 shares to Shi Lefen, reducing his direct holding from 19.23% to 12.82%, while Shi Lefen's holding increased from 6.41% to 12.82% [5][4]. - Following the announcement, Zhu Cheng Technology's stock price fell to 40.55 yuan per share, representing a decline of 6.76% and a total market capitalization of approximately 55.46 billion yuan [2][5]. Company Background - Zhu Cheng Technology was established from Wenzhou Zhu Cheng Electric Co., Ltd., with Zhang Jianchun as the founder and current chairman, and Shi Lefen serving as a board member and secretary [5][6]. - The company specializes in the research, production, and sales of electronic connectors, with applications in consumer electronics, automotive, and renewable energy sectors [8][9]. Financial Performance - Zhu Cheng Technology has shown consistent revenue growth since its listing, with revenues of approximately 10.44 billion yuan in 2022, projected to reach 16.03 billion yuan by 2024. Net profits are expected to grow from 1.1 billion yuan in 2022 to 1.86 billion yuan in 2024 [9]. - The company plans to pursue mergers and acquisitions to expand production capacity and enhance its product offerings, aiming for a dual-driven strategy in its core and new business areas over the next 3 to 5 years [9]. Shareholder Structure - As of the latest data, the direct and indirect shareholding of the four main shareholders (Zhang Jianchun, Shi Lefen, Zhang Jiandao, and Shi Shile) collectively accounts for a significant portion of Zhu Cheng Technology's equity [6][4].

Core Viewpoint - The announcement by Zhu Cheng Technology regarding the divorce and asset division between controlling shareholders Zhang Jianchun and Shi Lefen has led to significant market reactions, including a drop in stock price despite assurances that there would be no change in control or ownership structure [2][3][7]. Shareholder Structure - The actual controlling shareholders of Zhu Cheng Technology include Zhang Jianchun, Shi Lefen, Zhang Jiandao, and Shi Shile, with Zhang Jianchun being the founder [5][7]. - Following the divorce, the direct shareholding percentages of the controlling shareholders are as follows: Zhang Jianchun 12.82%, Shi Lefen 12.82%, Zhang Jiandao 19.11%, and Shi Shile 16.89% [6]. Stock Market Reaction - On May 9, the stock price of Zhu Cheng Technology opened lower, with intraday declines exceeding 7%. The closing price was 40.55 yuan per share, reflecting a drop of 6.76% and a total market capitalization of approximately 55.46 billion yuan [4]. Financial Impact of Share Transfer - The transfer of 8,767,500 shares from Zhang Jianchun to Shi Lefen, due to the divorce, resulted in a market value of approximately 3.81 billion yuan for these shares [9][8]. Company Performance - Zhu Cheng Technology has shown stable revenue growth since its listing, with revenues of approximately 10.44 billion yuan in 2022, 12.16 billion yuan in 2023, and projected 16.03 billion yuan in 2024. Net profits for the same years were approximately 1.1 billion yuan, 1.47 billion yuan, and 1.86 billion yuan respectively [18]. Future Plans - The company plans to cautiously pursue mergers and acquisitions in related industries to enhance production capacity, improve R&D capabilities, and expand market share over the next 3 to 5 years [19].