Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][12][13]. Core Insights - The company is positioned to benefit from stable growth in traditional businesses while also capitalizing on three key growth areas: special powders, amorphous materials, and controlled nuclear fusion [6][9][15]. - The company has shown continuous improvement in operational efficiency, with a notable decrease in the proportion of expenses relative to revenue, indicating effective cost management [7][40]. - The company has a comprehensive product portfolio, structured under a "2+3+4" business model, which includes two core industries, three key industries, and four incubating industries, allowing for diversified growth opportunities [9][27]. Summary by Sections 1. Business Structure and Market Position - The company operates as a core platform for metal new materials under China Steel Research, focusing on high-end applications in various strategic industries such as AI, new energy, and aerospace [21][24]. - The "2+3+4" structure includes two core industries (refractory tungsten and molybdenum, rare earth permanent magnets), three key industries (amorphous/nanocrystalline materials, high-alloy high-speed steel, superhard materials), and four incubating industries (special powders, injection molding, welding materials, controlled nuclear fusion) [27][28]. 2. Historical Performance and Financial Health - The company has experienced steady revenue and net profit growth from 2021 to 2023, with a two-year compound annual growth rate (CAGR) of 14.26% and 20.53%, respectively [32][35]. - In Q1 2025, the company reported a revenue of 1.782 billion yuan, a year-on-year decrease of 5.76%, while net profit increased by 4.95% to 83 million yuan, indicating resilience despite challenges [7][32]. 3. Growth Drivers - The special powders segment is expected to see sustained high growth due to increasing demand in the electric vehicle and AI sectors, with a projected compound annual growth rate of 10.5% in the global injection molding market from 2023 to 2030 [15][48]. - The amorphous materials segment is entering a high-growth cycle, with significant applications in energy-efficient transformers and electric motors, which are gaining traction in the market [61][74]. - The controlled nuclear fusion segment is accelerating towards commercialization, with the company positioned to benefit from advancements in this field [75]. 4. Profitability Forecast and Valuation - The company is projected to achieve net profits of 330 million yuan, 422 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively, with earnings per share (EPS) expected to be 0.31, 0.40, and 0.52 yuan [11][13]. - The report suggests a valuation premium for the company due to its multiple business segments entering growth phases, with a price-to-earnings (P/E) ratio forecasted at 40.38 for 2025 [12][13].

Group 1: Market Development in Communication Industry - The company has established itself as a key supplier of lightning protection products for major global communication equipment manufacturers such as Ericsson, ZTE, Nokia, and Samsung [1] - In 2024, the company's revenue from the communication sector was 26,360.28 million yuan, a year-on-year decrease of 16.86% due to a slowdown in the communication industry compared to the previous year [1] - The company maintains a significant market share in the lightning protection technology and products within the communication sector [1] Group 2: Expansion into Non-Lightning Protection Products - In 2024, the company achieved revenue of 9,212.93 million yuan from electronic components, a year-on-year decrease of 13.7% [2] - The company has gained supplier qualifications for magnetic components and RF devices from several international first-tier communication equipment manufacturers, achieving bulk sales [2] - The magnetic components are also supplied to various domestic and international manufacturers in the new energy vehicle and medical equipment sectors [2] Group 3: Development in New Energy Vehicles - The company supplies magnetic components to several well-known communication equipment manufacturers and has also passed component verification from multiple new energy vehicle manufacturers [2] - Products supplied include lightning protection devices for charging stations used by electric vehicle manufacturers like NIO [2] Group 4: Applications in Aerospace and Low-Altitude Economy - The company has developed lightning protection devices for aircraft and is exploring applications in flying cars and drones [2] - In the drone sector, the company has participated in electromagnetic protection for large agricultural and forestry drones [2] Group 5: Product Development and R&D - The company offers various specifications of integrated inductors, which are produced using metal powder die-casting technology, suitable for high-frequency, high-power applications [2] - The company is currently in the experimental phase of project development for magnetic components in intelligent computing centers and data centers [2] Group 6: Research and Development in 6G Technology - The company maintains close technical ties with clients in the communication industry and has developed technology samples that have passed system lightning strike tests for 6G prototypes [2] Group 7: Military Products - The company produces various military products, including lightning rods and specialized products for vehicles and portable applications, with some details kept confidential due to security requirements [2]

Group 1: Xunluo Electronics (顺络电子) - The company has a full order book and high capacity utilization in Q2 [1] - The automotive electronics business covers electrification and intelligent scenarios, with a broad product line and good development prospects [1] - The data center business shows significant sales growth, providing various products and solutions [1] - Increased demand for power inductors from AI smartphones enhances the value of individual components [1] - The company has a rich variety of integrated inductors with wide applications and a promising market outlook [1] - The industry has high barriers to entry, positioning the company as a leading player with multiple core advantages [1] - The company is continuously expanding production and investing in R&D, with no immediate financing plans [1] Group 2: San Aifu (三爱富) - The company primarily engages in the R&D, production, and sales of fluorinated chemicals, with a projected net profit of 275 million yuan in 2024 [2] - Growth is driven by an increase in product volume, with some production lines at the Shaowu base gradually starting operations [2] - Future growth will come from existing products, industrial transfer, and domestic substitution [2] - The company's products are widely used in downstream industries such as new energy, electronics, and aerospace, with some products holding leading market shares [2] - The expiration of refrigerant patents will lead to new production lines and processes being developed [2] - The PVDF market is expected to have sufficient supply in the coming years, with the company having advantages in the supply chain and cost [2] - The company has a diverse range of customized polymer products, with stable overall performance [2] - The company is actively seeking new applications and markets for existing products while developing new ones [2] - A valuation enhancement plan for 2025 has been established, with a focus on cash dividends to enhance investor returns [2] - The company plans to distribute a cash dividend of 0.18 yuan per share, increasing the cash dividend ratio to 41.96% [2] - The company is monitoring regulatory trends regarding B-shares and responding to market feedback [2]

2025年05月27日，麦捷科技2024年度和2025年第一季度网上业绩说明会在全景网顺利举行。出席本次业 绩说明会的人员有总经理张美蓉、董事会秘书、财务总监居济民、独立董事黄森、保荐代表人刘洋。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问50 个，公司嘉宾共回答问题50个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：资产增长主要驱动因素是什么？公司如何看待当前资产负债率水平？【征集问题】 回答：您好，公司已经制定市值管理办法。公司将根据股东要求和股价走势情况，积极做好市值管理工 作。谢谢！ 4、问：贵公司财务总兼任董秘，工作强度太大，应该聘请专业的董秘来给居总分担压力，尤其是贵公 司最近股价走势趋向行业末端的情况下，居总的压力是否太大？【征集问题】 回答：您好，公司经营情况良好，股价走势属于正常市场波动，敬请注意投资风险。感谢您的建议！ 5、问：贵公司多次提出加强市值管理，请问具体的市值管理方案什么时候出台，是否有确切的时间进 度安排？不能忽悠广大股民，以前网友也提过，你们门户网站更新信息太慢太陈旧，承诺整改 ...

证券代码：301577 证券简称：美信科技 广东美信科技股份有限公司 投资者关系活动记录表 【回复】公司 2025 年 4 月 30 日披露《关于特定股东减持股 份预披露公告》中所提及解禁股东为首发前持股 5%以上的机 构股东，公司股东的减持行为均严格遵守相关法律法规的规 定，确保合法合规。 4、对于公司使用到的原材料如铜这类大宗商品涨价，会给公 司带来成本压力吗？公司采取怎样措施避免压力？ 【回复】公司使用原材料主要为塑胶外壳、磁芯、漆包线、 锡条等。原材料价格上涨确实会对公司成本端带来一定压力， 其中铜的占比在公司产品成本中的比重相对较小，所以仅是 铜价的上涨构成的压力不会太大。针对于原材料的采购，公 司每半年或每季度会进行一次集中的招投标，采购部会根据 客户订单、生产计划、未来客户需求预测、库存物料、采购 周期等因素，尤其当预测原材料价格上涨时，会第一时间做 出管控，比如提前锁价等措施，以尽可能地去减少原材料上 涨对公司业绩的影响。 5、公司前五大客户的销售情况 【回复】2024 年度，前五名客户合计销售金额（元）15073.9 万元；前五名客户合计销售金额占年度销售总额比例35.70%。 6、2024 ...

的深厚技术沉淀与市场先发优势、自动化产线迭代升级以及 核心工艺的持续精进，将不断扩充产品品类，精准锚定新能 源汽车、5G 通信、人工智能、工业自动化等战略新兴领域， 全面布局高增长市场，带动公司整体业绩的持续提升。谢谢。 8、从地域来看，2024 年公司在国内和海外市场的营收占比 分别是多少？海外市场的拓展面临哪些挑战，公司如何应 对？ 广东美信科技股份有限公司 投资者关系活动记录表 编号：2025-002 证券代码：301577 证券简称：美信科技 | 投资者关系活动类别 | 特定对象调研 | 分析师会议 业绩说明会 | | --- | --- | --- | | | 媒体采访 |  | | | 新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | 参与单位名称及人员姓名 | 参与 | 2024 年年度业绩说明会的投资者 | | 时间 | 2025 年 5 月 8 日 | | | 地点 | 线上 | | | 上市公司接待人员姓名 | 董事长、总经理 | 张定珍 | | | 董事会秘书 | 王丽娟 | | | 财务总监 | 刘满荣 | | | 独立董事 | 李树永 | | | 保荐 ...

| 投 资 者 关 系 活 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参 与 单 位 名 称 | 部分投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 8 日下午 15:00-16:00 | | 地点 | 网络方式 | | 上 市 公 司 接 待 | 公司董事长、总经理 王雪颖女士 | | 人员姓名 | 公司董事、董事会秘书、副总经理 周辉先生 | | | 公司副总经理 李旭斌先生 | | | 公司董事、财务总监 汪建华先生 | | | 公司独立董事 邓博夫先生 | | | 1.请问贵公司与成飞集团是否有业务往来 | | | 答：谢谢您对公司的关注。公司目前不是成飞集团的直接供应商，仅为其直接 | | | 供应商的配套供应商。 | | | 2.请问公司目前一体成型电感的进展如何了？ | | | 答：谢谢您对公司的关注。公司可提供多种规格的一体成型电感，该类产品采 | | | 用金属粉末压铸而成，具有大电流、 ...

（校对/黄仁贵） 5月7日，麦捷科技发布公告，公司计划以自有资金1000万元完成对中科宏晶10%股权的认购，并已正式签署《投资协议》。该投资事项已于2024年12月30日 经公司第六届董事会第二十次会议审议通过，9票同意、0票反对，表决程序符合相关规定。本次交易不构成关联交易，亦不涉及重大资产重组。 麦捷科技表示，此次投资使得公司可充分利用中科宏晶目前性能达到国内头部水平、对标国际一流供应商的粉料开发与量产的能力，将材料端的优势传导至 产品和应用端，以更优异的产品性能、更稳定的供应链能力及更显著的成本优势给予下游厂商全方位的产品支持。 中科宏晶成立于2024年10月29日，注册资本1000万元，主营业务为磁性材料的生产与销售。本次投资完成后，中科宏晶注册资本将增至1282万元，其股权结 构变更为：宁波晶和创达科技发展合伙企业持股54.6%，宁波晶诚创达科技发展合伙企业持股17.16%，池强持股6.24%，麦捷科技持股10%。 麦捷科技指出，在公司的中长期战略发展规划中，磁性元件业务是坚定不移的核心战略产业。本次公司通过参与投资中科宏晶项目，将深化同中科宏晶在磁 性元件上游关键原材料领域的研发与合作，为后续公司 ...

Core Viewpoint - The company reported its Q1 2025 financial results, showing a revenue increase but a decline in net profit due to increased R&D investments. Financial Performance - In Q1 2025, the company achieved revenue of 1.274 billion yuan, a year-on-year increase of 20.41% [1] - The net profit attributable to shareholders was 65 million yuan, a year-on-year decrease of 11.44% [1] - The net profit excluding non-recurring items was 66 million yuan, a year-on-year decrease of 8.97% [1] - The gross margin for Q1 2025 was 17.49%, an increase of 0.70 percentage points year-on-year [3] Expense Management - The company's expense ratio for Q1 2025 was 11.60%, an increase of 1.40 percentage points year-on-year [4] - Breakdown of expense ratios: sales (1.96%), management (5.50%), R&D (4.95%), and financial expenses (-0.81%) with respective year-on-year changes of 0.14, -1.27, +0.42, and +2.12 percentage points [4] R&D and Market Expansion - The company is enhancing its R&D capabilities, solving key material challenges and achieving breakthroughs in high-end product technologies [5] - Significant advancements include the development of high-temperature, high-voltage ceramic powder for MLCCs and the domestic replacement of precious metal electrode paste [5] - The company is targeting emerging markets, with projected revenue growth in automotive electronics (+66%), communications (+24%), and industrial control (+16%) for 2024 [5] Investment Outlook - The company maintains its profit forecasts for 2025-2027, expecting revenues of 5.734 billion, 6.523 billion, and 7.295 billion yuan, representing year-on-year growth of 16.1%, 13.8%, and 11.8% respectively [6] - Projected net profits for the same period are 505 million, 711 million, and 920 million yuan, with year-on-year growth of 49.7%, 40.7%, and 29.4% respectively [6] - The expected EPS for 2025-2027 is 0.44, 0.61, and 0.79 yuan, with a current stock price of 13.48 yuan corresponding to PE ratios of 30.88x, 21.95x, and 16.96x [6]