同惠电子 20250912 同惠电子业务分为元件参数测试仪器（占比近 45%）、安规线材测试仪 器、微弱信号检测仪、电力电子产品和系统集成测试设备五大板块。系 统集成测试设备增速快，体现公司向综合解决方案提供商转型方向。 公司关键器件国产化程度高，降低进口依赖和关税影响。2024 年毛利 率达 57.69%，净利率提升至 29.14%。2024 年营收接近 2 亿元，今 年上半年营收 1 亿元，显示良好增长势头，负债率仅 11%，财务结构稳 健，并坚持高比例分红。 中国电子测量仪器市场规模预计将从 2020 年的 48 亿美元增至 2025 年 的 66 亿美元，复合年均增长率（CAGR）为 6.54%，高于全球市场同 期预测增速。同惠电子募投项目结项后将形成 65,000 台各类仪器产能， 为未来业绩提升提供支持。 取得关键突破，如 TH521 系列半导体参数分析仪，将成为 2025 年下半年业 绩的重要增长点。同时，公司加快海外扩张步伐，德国子公司即将设立完成， 开拓欧洲市场。 同惠电子在产品创新和市场拓展方面有哪些具体举措？ 同惠电子在产品创新和市场拓展方面采取了多项举措。首先，公司推出了 TH521 ...

Summary of Tonghui Electronics Conference Call Company Overview - **Company**: Tonghui Electronics - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 1.058 billion CNY, a year-on-year increase of 16.8% [4] - **Net Profit**: 29.3 million CNY, a year-on-year increase of 55.4% [4] - **Gross Margin**: 57.69%, an increase of approximately 1 percentage point [2][4] - **Total Assets**: Slight decline due to dividend distribution of 40.1 million CNY [4] - **Debt Ratio**: Decreased to 11.07%, indicating a healthy financial status [4] - **R&D Expenses**: 13.64 million CNY, a year-on-year increase of 15% [4] Revenue Growth by Product Categories - **Component Parameter Testing Instruments**: Over 40% of revenue, year-on-year growth of approximately 9%, driven by consumer electronics and home appliance sectors [2][5] - **Weak Signal Instruments**: Revenue growth of 37.6%, primarily benefiting from the semiconductor industry [2][6] - **Power Semiconductor Testing Equipment**: Expected to replace many imported devices, with the 521 series set for small-scale market launch in the second half of the year [2][12] - **High-end Impedance Testers (2,851 Series)**: Sales doubled, benefiting from increased acceptance of domestic products and the concept of self-sufficiency [2][16] Market Dynamics - **Semiconductor Industry**: Demand recovery is evident, particularly in East China, with a revenue increase of approximately 50% [2][8] - **New Product Categories**: Semiconductor teaching experimental platforms showed a growth rate of 154.88%, indicating strong future potential [2][7] - **Customer Structure**: Corporate clients account for about 66%, while research and education clients make up approximately 32% [19] Strategic Insights - **Market Demand**: Anticipated recovery in the instrument market starting from 2024, with strong demand in consumer electronics, new energy vehicles, and photovoltaic sectors [28] - **Domestic Substitution**: Accelerated in mid-to-high-end instruments, with significant growth in the 520 and 510 series [33][34] - **Future Outlook**: Cautiously optimistic for the remainder of 2025, focusing on product development and market expansion to address uncertainties [35] Industry Trends - **Power Electronics Sector**: Expected to grow due to the development of new energy industries, with a positive outlook driven by policies supporting the sector [27] - **Third-Generation Semiconductors**: Increasing demand for testing equipment due to the rise of MOSFETs and IGBTs in various applications [29] Customer Engagement - **Large Client Department**: Contributed approximately 40% of sales, focusing on top-tier clients [25][22] - **Client Growth**: Notable growth from BYD and Xin Kailai, with the latter showing nearly 200% year-on-year growth [23][22] Conclusion - **Overall Performance**: Tonghui Electronics demonstrated strong financial performance in the first half of 2025, with significant growth across various product lines, particularly in the semiconductor and power electronics sectors. The company is well-positioned to capitalize on market trends and customer demands while navigating potential external challenges.

公司标识图片 证券简称 证券代码 公 司 全 称 （ 中 英 文 ） 图片（如有） 半年度报告 公司半年度大事记 功率半导体器件精密检测测量设备通过江苏省关键核心技术（装备）工 程化攻关项目验收。 配股数为基数，向参与分配的股东每 10 股派发人民币现金 2.50 元，所 分配红利金额占当期净利润的 80%。 目 录 常州同惠电子股份有限公司 2025 年半年度报告 公告编号：2025-049 董事、监事、高级管理人员保证本报告所载资料不存在任何虚假记载、误导性陈述或者重大遗漏，并对 其内容的真实性、准确性和完整性承担个别及连带责任。 公司负责人赵浩华、主管会计工作负责人唐玥及会计机构负责人（会计主管人员）沈雯保证半年度 报告中财务报告的真实、准确、完整。 本半年度报告未经会计师事务所审计。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者及相关人士 均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 事项 是或否 是否存在董事、监事、高级管理人员对半年度报告内容存在异议或无法保证其真实、 □是 √否 准确、完整 是否存在未出席董事会审议半年度报告的董事 □是 √ ...

Investment Rating - The report maintains a "Recommended" investment rating for Tonghui Electronics [1] Core Views - The company has shown a significant recovery in performance with a net profit growth of 125.39% year-on-year in Q1 2025, driven by the recovery in consumer electronics demand [3] - The company is focusing on high-intensity R&D investments, launching multiple new products, and has a rich patent reserve, which is expected to enhance its market competitiveness [3] - The forecasted net profits for 2025-2027 are projected to grow by 21.81%, 20.42%, and 21.96% respectively, indicating a strong growth trajectory [3] Financial Performance Summary - In 2024, the company achieved a revenue of 193.95 million yuan, a year-on-year increase of 14.54%, and a net profit of 50.34 million yuan, up 30.46% [4][6] - For Q1 2025, the company reported a revenue of 39.09 million yuan, reflecting a 23.84% increase year-on-year, and a net profit of 9.92 million yuan, marking a 125.39% growth [3] - The gross margin for Q1 2025 was 56.82%, and the net margin was 25.12%, indicating stable profitability levels [3] Product and Market Development - The company has launched several new products targeting the fields of new energy and third-generation semiconductor power device testing, which are expected to diversify its product matrix and enhance competitiveness [3] - The main products contributing to revenue growth include component parameter testing instruments and safety wire testing instruments, with significant sales growth in the South China region [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 239 million yuan, 291 million yuan, and 352 million yuan respectively, with corresponding growth rates of 23.23%, 21.76%, and 20.96% [4][6] - The projected net profit for 2025, 2026, and 2027 is 61.33 million yuan, 73.84 million yuan, and 90.05 million yuan, with growth rates of 21.81%, 20.42%, and 21.96% respectively [4][6]