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铭利达20250709
2025-07-11 01:13
铭利达 20250709 摘要 铭利达早期依赖光伏领域,特别是 Solaredge 和 Enphase 两大客户, 2022 年业绩高速增长,但 2023 年底受逆变器去库存影响,业绩和股 价承压,与主要客户股价呈现强相关性。 2024 年,铭利达面临国内市场竞争加剧、海外光储逆变器去库存、海 外汽车客户放量不足等多重挑战,导致营收大幅下滑,毛利率下降,并 计提 1.8 亿元资产减值损失,整体亏损达 4.7 亿元。 公司积极拓展汽车领域客户,但国内市场竞争激烈导致汽车业务毛利率 大幅下滑至 12.1%,同比下降 7.8 个百分点,对整体盈利能力造成负面 影响。 铭利达为应对产能受限,在国内和海外大幅扩产,但海外基地建设周期 长,前期成本费用高,导致 2024 年仍处于亏损状态,资本开支压制了 2022-2024 年的盈利水平。 公司通过关停并转国内生产基地,计提资产减值损失,并重点拓展新能 源汽车领域的国内外客户,2024 年新能源汽车营收占比已达 56%,预 计 2025 年仍将是最高营收占比行业。 Q&A 铭利达公司在 2023 年面临哪些主要挑战? 2023 年铭利达公司面临三重压力。首先,海外光储市场 ...
蓝思科技、峰岹科技登陆港股,今年的上市“A+H”公司增至10家
Zheng Quan Shi Bao Wang· 2025-07-10 11:18
峰岹科技发行价为120.5港元,募资总额为22.59亿港元。峰岹科技的基石投资者包括泰康人寿、保银、 3WFund、华夏基金(香港)、三花智能等,合计认购1.12亿美元。 峰岹科技是一家芯片设计公司,专注于BLDC电机驱动控制芯片的设计与研发,并在BLDC电机主控及 驱动芯片行业建立了强大的市场地位。根据弗若斯特沙利文的资料:公司是中国首家专注于BLDC电机 驱动控制芯片设计的芯片设计厂商;截至2023年12月31日,公司在中国BLDC电机主控及驱动芯片市场 的份额达到4.8%(按收入计),排名第六,且峰岹科技为该市场前十大企业中唯一的中国企业。 值得一提的是,截至7月9日收盘,在目前160只A+H股中,有3只出现价格倒挂,均为所在领域龙头公 司,其中恒瑞医药(600276)、宁德时代(300750)均于今年在港股上市。恒瑞医药H股在上市以来累 计涨幅为58%,目前恒瑞医药A股已较H股折价9.83%。而5月20日上市的宁德时代,A股较H股折价 22.82%,其H股上市以来累计涨幅为46.39%。此外,药明康德(603259)也出现价格倒挂,A股较H股 折价2.88%。 毕马威预测,A+H上市趋势将持续升温,2 ...
国证国际港股晨报-20250703
Guosen International· 2025-07-03 05:58
Group 1: Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index closing at 24,221 points, up 149 points or 0.62% [2] - The Hang Seng Technology Index declined by 0.64%, while the main board turnover exceeded HKD 240.2 billion, a decrease of 0.8% from the previous day [2][3] - Northbound trading continued to show a net inflow trend, with a net inflow of HKD 5.036 billion, down 3.5% from the previous day [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, only the Information Technology sector declined by 0.51%, while the other 11 sectors reported gains, with Materials, Real Estate & Construction, and Financials leading with increases between 1.13% and 2.72% [3] - The Materials sector surged due to market expectations of improved operating conditions from the "anti-involution" initiatives, with major reductions in production announced in the photovoltaic, steel, and cement industries [3] Group 3: Company Analysis - Lens Technology - Lens Technology, established in 2003 and listed in 2015, is a leading provider of precision manufacturing solutions across the entire supply chain for smart terminals, covering materials, functional components, and assembly [9] - The company holds a market share of 13.0% in the global consumer electronics precision components and module solutions industry, and 20.9% in the smart automotive interaction systems sector [9][10] - Revenue projections for 2022-2024 are HKD 467.0 billion, HKD 544.9 billion, and HKD 699.0 billion, with a compound annual growth rate (CAGR) of 22.3% [10] Group 4: Industry Outlook - The global market for consumer electronics precision components and module solutions is expected to reach USD 66.3 billion by 2024, with a CAGR of 53.4% for AI glasses/XR headsets from 2025 [11] - The smart automotive interaction systems market is projected to grow from USD 4 billion in 2024 to USD 9.3 billion by 2029, with a CAGR of 18.2% [11] Group 5: Competitive Advantages - Lens Technology's vertical integration capabilities across the entire supply chain, along with strong customer relationships with leading brands, position it favorably in the market [12] - The company has robust R&D capabilities, focusing on new materials and technologies, which enhances its competitive edge [12] Group 6: IPO Details - The IPO subscription period is from June 30 to July 4, 2025, with trading expected to commence on July 9 [14] - The company anticipates net proceeds of approximately HKD 4.59 billion from the global offering, with funds allocated for product expansion, overseas business growth, and enhancing manufacturing capabilities [17]
铭利达: 深圳市铭利达精密技术股份有限公司相关债券2025年跟踪评级报告
Zheng Quan Zhi Xing· 2025-06-29 16:17
深圳市铭利达精密技术股份有限 公司相关债券 2025 年跟踪评级报 告 中鹏信评【2025】跟踪第【789】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外,本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务,有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则,但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断,不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见,不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效,有效期为被评证券的存续期。同时,本评级机构已对受 评对象的跟踪评级事项做出了明确安排,并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所 ...
【私募调研记录】明盛资产调研贝隆精密
Zheng Quan Zhi Xing· 2025-06-26 00:07
Group 1 - Ming Sheng Asset Management recently conducted research on a listed company, Beilong Precision, which is recognized as a national manufacturing champion in the field of precision structural components for mobile phone cameras [1] - Beilong Precision has a strong market position and serves major clients such as Sunny Optical, Amphenol, Samsung Electro-Mechanics, and TDK Group, with products widely used in various smartphone brands [1] - The company is actively involved in supplying precision structural components for VR glasses through Sunny Optical and is engaged in the R&D and development of related components for R glasses [1] Group 2 - Beilong Precision's sales revenue typically peaks in the third and fourth quarters due to seasonal industry effects, with sales usually exceeding the first half of the year [1] - The company's product range includes components for both smart and non-smart mobile phones, covering camera modules, motor structural components, wearable devices, smart home products, and automotive electronics [1] - In 2024, Beilong Precision's sales revenue from VCM motors is projected to reach 68.8771 million, representing a year-on-year growth of 235.70% [1]
科达利拟5000万欧元加码海外产能 四年投21亿研发驱动业绩高速增长
Chang Jiang Shang Bao· 2025-06-23 23:34
长江商报消息 ●长江商报记者 汪静 科达利(002850.SZ)加速拓展海外业务。 日前,科达利发布公告,公司拟使用自有资金不超过5000万欧元在匈牙利投资建设动力电池精密结构件 三期项目,全部达产后将实现年产值约1亿欧元。 长江商报记者注意到,科达利持续开拓海外市场,在德国、瑞典和匈牙利设立了海外生产基地,满足海 外客户的需求。2024年,科达利海外地区营收5.74亿元,同比增长7.37%。 同时,科达利持续加码研发,2021—2024年累计投入研发费用约21亿元。随着新能源行业的迅速发展, 公司市场竞争力的提升,2021年以来,科达利业绩持续高速增长。 持续加码海外布局 日前,科达利发布公告,公司拟使用自有资金不超过5000万欧元在匈牙利投资建设动力电池精密结构件 三期项目,资金来源全部为公司自有资金。项目实施主体为公司全资子公司Kedali Hungary Kft.,项目 建设期约24个月。项目经济效益方面,全部达产后将实现年产值约1亿欧元。 科达利表示,该投资旨在提升公司匈牙利生产基地的生产能力,满足客户对产能配套的更高要求,加速 拓展海外业务,符合公司的发展战略和实际需求。 此外,公司还拟使用自有资 ...
科达利: 第五届董事会第十九次(临时)会议决议公告
Zheng Quan Zhi Xing· 2025-06-20 14:11
债券代码:127066 债券简称:科利转债 证券代码:002850 证券简称:科达利 公告编号:2025-034 《公司关于不向下修正科利转债转股价格的公告》详见 2025 年 6 月 21 日的 《证券时报》《中国证券报》《上海证券报》和《证券日报》及巨潮资讯网 (http://www.cninfo.com.cn),供投资者查阅。 表决结果:赞成 7 票、反对 0 票、弃权 0 票、回避 0 票。 (二)审议通过了《关于投资建设匈牙利动力电池精密结构件三期项目的 议案》。 深圳市科达利实业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市科达利实业股份有限公司(以下简称"公司")第五届董事会第十九 次(临时)会议通知于 2025 年 6 月 13 日以电子邮件、书面形式送达全体董事、 监事和高级管理人员;会议于 2025 年 6 月 20 日在会议室以现场与通讯表决相结 合的方式举行。会议由董事长励建立先生主持,应到董事七名,实到董事七名, 其中,董事胡殿君先生、张玉箱女士、赖向东先生、张文魁先生通讯表决;公司 监事 ...
震裕科技(300953):精密制造为翼,人形机器人黑马迎风起
Soochow Securities· 2025-06-19 09:25
证券研究报告·公司深度研究·电池 震裕科技(300953) 精密制造为翼,人形机器人黑马迎风起 2025 年 06 月 19 日 买入(首次) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 6,019 | 7,129 | 9,262 | 11,536 | 14,097 | | 同比(%) | 4.63 | 18.45 | 29.92 | 24.56 | 22.19 | | 归母净利润(百万元) | 42.77 | 253.95 | 413.10 | 575.09 | 785.13 | | 同比(%) | (58.73) | 493.77 | 62.67 | 39.21 | 36.52 | | EPS-最新摊薄(元/股) | 0.25 | 1.46 | 2.38 | 3.32 | 4.53 | | P/E(现价&最新摊薄) | 384.57 | 64.77 | 39.81 | 28.60 | 20.95 | [Table_Ta ...
震安科技实控人欲2.72亿元转卖控制权,新主“卖身”失败存“借壳”预期
Tai Mei Ti A P P· 2025-06-18 11:57
Core Viewpoint - The announcement of a change in control at Zhenan Technology (震安科技) following the signing of a share transfer agreement between its controlling shareholder Huachuang Sanxin and Shenzhen Dongchuang Technology Co., Ltd. has led to significant market reactions, including a 20% increase in stock price despite the company's declining performance and revenue [2][3][4]. Group 1: Company Performance - Zhenan Technology has raised over 840 million yuan through three rounds of fundraising since its IPO, but these investments have not yielded expected returns, resulting in a cumulative loss of 22.95 million yuan from its six major projects by the end of 2024 [3][4]. - The company's revenue has halved from 897 million yuan in 2022 to 417 million yuan in 2024, with a record net loss of 144 million yuan, attributed to adjustments in sales and collection policies [4][5]. - The stock price has shown a "V" shaped decline, dropping from a peak of 105.62 yuan in October 2021 to around 10 yuan in recent months, reflecting ongoing financial struggles [4][5]. Group 2: Share Transfer and Control Change - The share transfer involves Shenzhen Dongchuang acquiring 100% of Huachuang Sanxin for 616 million yuan, while the current actual controller Li Tao relinquishes voting rights on 12% of his shares, retaining 5.28% voting rights [3][4]. - Following the transaction, Shenzhen Dongchuang will indirectly control 18.12% of Zhenan Technology, with new controllers Ning Huaxiang and Zhou Jianqi taking over [3][4]. Group 3: Market Reactions and Expectations - The market has reacted positively to the news of the control change, with Zhenan Technology's stock hitting the daily limit up, indicating investor optimism about potential restructuring or revitalization under new management [2][5]. - There are strong expectations of a "backdoor listing" as Shenzhen Dongchuang enters Zhenan Technology, given its previous failed attempts to sell itself and the lack of success in its IPO efforts [5][6].
未知机构:【公告全知道】固态电池+可控核聚变+半导体+飞行汽车+军工+华为!公司在可控核聚变领域有核心产品布局-20250612
未知机构· 2025-06-12 01:55
新能源方面,据2024年年报,公司开发新一代Y系列车载高压直流接触器及400-900kW系列化储能高压大电流接触器,产品性能 优异,已在新能源领域客户的新一代系统中推广使用,实现批量交付。此外,据公司在问答平台回复,公司在eVTOL领域已有 收入,目具备相关研发团队与技术基础。华西证券5月8日研报指出,低空载人是未来低空经济发展最重要的应用场景,eVTOL 是最具增长潜力的环节。公司同时在汽车、航空领域有系列产品及技术积累,拓展eVTOL市场优势极大,其预计新能源版块将持 续提供有力的业绩支撑。 【公告全知道】固态电池+可控核聚变+半导体+飞行汽车+军 工+华为! 公司在可控核聚变领域有核心产品布局 公告全知道 2025.06.11 22:32 星期三 国力股份:在可控核聚变、固态电池等新型领域布局未来新的业务增长点 国力股份(688103.SH)今日在业绩说明会上表示,公司以电子真空制造平台为基础,围绕客户在可控核聚变、第四代半导体、金 刚石、低空飞行、反无人机、固态电池等新型领域的需求开展研究,布局未来公司新的业务增长点。 点评:资料显示,国力股份专注于电子真空制造领域的工艺技术和产品设计,自主研发能力和 ...