杰普特 20250723 摘要 公司二季度营收和利润创新高，传统业务仍是主要驱动力，同时受益于 C 公司扩产项目带来的激光器订单，以及被动元件设备和苹果设备的部 分增量。 消费级激光器市场需求旺盛，6 月下旬开始密集出货，大客户追加订单， 预计 7 月订单达 5,000-6,000 万，年化出货额可达 6-7 亿，高端 MOPA 激光器渗透率提升空间大。 软板激光盲孔设备研发取得突破，与国内龙头企业及台系客户合作，为 海外 GPU 大厂定制设备，预计明年开始贡献订单，该设备自 2018 年开 始投入研发，每年投入 1,000-2000 万。 光通信器件业务以数据中心光连接产品为核心，获得北美方案解决商 V 客户认证，下半年开始起量，预计全年收入约 1 亿元，惠州和泰国工厂 预计三季度末完成建设。 独家供应核心客户折叠屏 Face ID Meta Lens 检测设备，明年将大批量 出货，市场空间预计达 20-30 亿，并独家服务该客户 AR/MR 产品的光 学视觉及对焦设备。 Q&A 公司上半年（2025 年）的整体经营情况如何？ 上半年，公司在多个业务领域取得了显著的收入增长。首先，工业激光器的渗 透率持续提 ...

Core Viewpoint - Jiaxing City is advancing the construction of a strong manufacturing innovation city by focusing on the high-end, intelligent, and green development paths, establishing a modern industrial structure through the "135N" advanced manufacturing cluster system [1][14]. Group 1: New Quality Productive Forces - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality, aligning with the new development concept [2]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [2]. Group 2: Economic Performance of Jiaxing City - Jiaxing's GDP reached 756.95 billion yuan in 2024, with a year-on-year growth of 5.6%, surpassing the national average [4]. - The industrial structure is optimized, with the primary, secondary, and tertiary industries contributing 2.0%, 49.5%, and 48.5% respectively [4]. Group 3: Industrial Development and Innovation - Jiaxing has implemented a strong manufacturing strategy, achieving a 6.5% year-on-year increase in industrial added value, contributing 45.2% to economic growth [6]. - In 2024, 24 out of 33 major industrial sectors experienced growth, with advanced manufacturing sectors like electrical machinery and equipment manufacturing showing significant increases of 19.8% and 17.7% respectively [7]. Group 4: Technological Innovation and Intellectual Property - Jiaxing saw a total of 39,500 patent authorizations in 2024, with a notable 5,953 invention patents, marking a 22.2% increase [9]. - The city has recognized 579 new national high-tech enterprises, bringing the total to 4,509, and 1,500 new provincial technology-based SMEs, totaling 10,694 [9]. Group 5: Policy Framework for New Quality Productive Forces - The "New Quality Productive Forces" strategy was included in the State Council's work report, guiding the construction of a modern industrial system [11]. - Jiaxing has established a "1+N" policy system to support the development of new quality productive forces, with various policies targeting emerging industries and traditional industry upgrades [11]. Group 6: Modern Industrial System - Jiaxing's modern industrial system is supported by three major industries: chemical new materials, intelligent photovoltaics, and high-end equipment, with emerging industries like integrated circuits and hydrogen energy as growth drivers [22]. - The city aims to create a significant impact in the Yangtze River Delta region through its advanced manufacturing clusters [14][15]. Group 7: Future Development Trends - Jiaxing is expected to see a rise in strategic emerging industries, with a target of over 45% by 2027, and aims to establish 2-3 globally leading technology standard clusters [26]. - The city plans to enhance digital transformation, with 80% of large-scale enterprises expected to complete intelligent upgrades [27].

Core Viewpoint - The report highlights the contrasting performance of Zhongci Electronics, with a slight revenue decline but a significant profit increase, reflecting the challenges and potential breakthroughs in the domestic semiconductor industry driven by domestic substitution efforts [1][3]. Company Overview - Zhongci Electronics was established in August 2009, evolving from the China Electronics Technology Group Corporation's 13th Research Institute, which has been a key supplier in China's core electronic components and has participated in major national projects [2]. - The company initially focused on electronic ceramic packaging technology and has become the largest domestic manufacturer of high-end electronic ceramic shells, breaking foreign monopolies in the field [2][6]. Financial Performance - In 2024, Zhongci Electronics reported a revenue of 2.648 billion yuan, a decrease of 1.01% year-on-year, while net profit increased by 10.04% to 539 million yuan [3][4]. - The company achieved a revenue of 612 million yuan in Q1 2025, representing a year-on-year increase of 12.01%, with net profit soaring by 48.81% to 123 million yuan, significantly exceeding market expectations [5]. Strategic Developments - In 2023, Zhongci Electronics completed three strategic acquisitions for a total consideration of 3.831 billion yuan, enhancing its capabilities in GaN RF chip design and manufacturing, and establishing a complete third-generation semiconductor industry chain [3][4]. - The company has committed to significant R&D investments, maintaining a research expense ratio above 10% for three consecutive years, with 290 million yuan allocated for 2024, focusing on GaN RF chips and SiC modules [9]. Market Position and Product Development - Zhongci Electronics has established itself as a leader in the domestic market for GaN RF devices, with its products widely used in 5G communication systems [8]. - The company has developed advanced ceramic components for semiconductor equipment, achieving significant sales growth in precision ceramic parts [7]. Industry Context - The electronic ceramics industry is characterized by high competition, with 90% of profits concentrated in 10% of high-end materials, where Zhongci Electronics is making strides against established players like Kyocera [6]. - The rapid development of AI has spurred growth in the domestic optical communication sector, benefiting companies like Zhongci Electronics that innovate in materials and technology [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's revenue and net profit growth in 2024 are primarily driven by the synergistic development in the television and LED industries, alongside advancements in optical communication and video network sectors [2][9] - The company has successfully expanded its television business, achieving a revenue of 14.996 billion yuan in 2024, a year-on-year increase of 18.43%, with a shipment volume of 12.5 million units, up 14% year-on-year [3] - The report highlights the company's focus on cost control and enhancing product value, contributing to its profitability despite a slight decline in gross and net profit margins [2][9] Financial Summary - For 2024, the company achieved a revenue of 20.326 billion yuan, a year-on-year growth of 18.4%, and a net profit of 1.602 billion yuan, a year-on-year increase of 0.89% [1] - The projected revenues for 2025 to 2027 are 21.465 billion yuan, 24.083 billion yuan, and 27.527 billion yuan, respectively, with corresponding net profits of 1.732 billion yuan, 2.029 billion yuan, and 2.493 billion yuan [1][9] - The company's gross margin for 2024 was 17.17%, a decrease of 1.66 percentage points year-on-year, while the net margin was 8.52%, down 1.09 percentage points year-on-year [2]

Core Viewpoint - Zhongci Electronics is a leading domestic supplier of electronic ceramics and third-generation semiconductors, focusing on self-controlled core sectors and addressing critical supply issues, which is expected to enhance its valuation [1] Group 1: Business Overview - Zhongci Electronics has achieved mass production of precision ceramic components, addressing key supply chain challenges in the industry [1] - The company has a compound annual growth rate (CAGR) of 34% in revenue and 35% in net profit from 2016 to 2021, indicating strong growth potential [1] - The company completed significant asset restructuring in 2023, acquiring Bowei and Guolian Wanzhong, which opens new market opportunities in the third-generation semiconductor sector [1][3] Group 2: Market Potential - The Chinese electronic ceramics market is projected to reach a scale of 100 billion yuan, with a current localization rate of only 23%, indicating substantial room for growth [1] - The advanced structural ceramics market in China is expected to reach approximately 28.6 billion yuan by 2025, with a localization rate of only 20% in 2021 [2] Group 3: Product Development - The company has made breakthroughs in the localization of precision semiconductor ceramic components, achieving international-level core technology in products like electrostatic chucks and ceramic heaters [2] - Zhongci Electronics has successfully mass-produced 800G optical communication device housings, comparable to foreign products, and continues to invest in production line expansion [1] Group 4: Strategic Acquisitions - The acquisition of Bowei focuses on GaN RF chips, with the domestic RF chip localization rate currently at around 30%, indicating significant growth potential in the RF electronics market, projected to be approximately 10.3 billion yuan in 2023 [3] - Guolian Wanzhong is primarily engaged in SiC automotive chips, with the power electronics market expected to reach about 15.3 billion yuan in 2023, benefiting from the rapid growth of the new energy vehicle sector [3] Group 5: Financial Projections - The company forecasts net profits of 538 million yuan, 701 million yuan, and 876 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 10%, 30%, and 25% [3] - The current market capitalization corresponds to price-to-earnings ratios of 38x, 29x, and 23x for 2024, 2025, and 2026, respectively, reflecting the company's strategic positioning in electronic ceramics and semiconductors [3]