(产品代码：159869) ★ 跟踪：中证动漫游戏指数 近五日涨跌: -4.99% （原标题：宏发股份(600885.SH)：具备高档线圈产线及四轴、六轴工业机器人的研发生产能力) 格隆汇9月4日｜宏发股份(600885.SH)在投资者互动平台表示，公司目前能够为工业机器人提供丰富的产品组合及元器件解决方案，在工业机器人 中的运动控制层，公司能够提供开关电器（断路器、接触器）、功率继电器、接线端子等产品；在机器人的安全监测方面，公司能够提供高质量 的工业继电器产品；在伺服驱动层，工业继电器及插座、继电器模组、分线器也有所应用。此外，公司旗下的厦门宏发工业机器人有限公司是一 家集研发、制造于一体的智能机器人以及高端自动化装备制造企业，已入选我国专精特新"小巨人"企业，2025年度福建省数字经济核心产业创新 名单"瞪羚"企业。公司具备高档线圈产线及四轴、六轴工业机器人的研发生产能力。人形机器人方面，目前技术路线仍在快速发展送代中，继电 器在电路中主要起着自动调节、安全保护、转换电路等作用，公司也积极关注相关市场的应用机遇。 相关ETF | 食品饮料ETF | | --- | | (产品代码:515170) | | ...

Core Viewpoint - The company, Hongfa Technology (600885.SH), is actively involved in providing a comprehensive range of products and component solutions for industrial robots, highlighting its capabilities in various layers of robotics technology [1] Group 1: Product Offerings - The company offers a variety of products for the motion control layer of industrial robots, including circuit breakers, contactors, power relays, and terminal blocks [1] - In terms of safety monitoring for robots, the company provides high-quality industrial relay products [1] - For the servo drive layer, the company’s products include industrial relays, sockets, relay modules, and splitters [1] Group 2: Company Achievements - Hongfa Technology's subsidiary, Xiamen Hongfa Industrial Robot Co., Ltd., is recognized as a "little giant" enterprise in China, focusing on specialized and innovative sectors [1] - The company has been included in the 2025 Fujian Province Digital Economy Core Industry Innovation List as a "gazelle" enterprise [1] - The company possesses advanced production capabilities for high-end coil production lines and the research and development of four-axis and six-axis industrial robots [1] Group 3: Market Focus - The company is actively monitoring market opportunities related to humanoid robots, with ongoing rapid development and iteration of its technology [1] - Relays play a crucial role in circuits for automatic regulation, safety protection, and circuit conversion, indicating the company's focus on enhancing its product applications in these areas [1]

Core Viewpoint - The report by China Galaxy Securities on Hongfa Technology indicates a positive outlook for the company's performance, driven by improving demand across various sectors, leading to stable growth in revenue and profits. The company is rated as a "buy" for the first time. Financial Performance - In the first half of 2025, the company achieved revenue of 8.35 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 960 million yuan, up 14.2% year-on-year. The net profit excluding non-recurring items was 930 million yuan, reflecting a 17.9% increase year-on-year. The gross margin was 34.2%, down 0.54 percentage points year-on-year, while the net margin remained stable at 15.3% [2]. - In the second quarter of 2025, the company reported revenue of 4.36 billion yuan, with year-on-year and quarter-on-quarter increases of 15.5% and 9.6%, respectively. The net profit attributable to shareholders was 550 million yuan, showing a year-on-year increase of 13.3% and a quarter-on-quarter increase of 34.5%. The gross margin improved to 34.7%, remaining stable year-on-year and increasing by 0.9 percentage points quarter-on-quarter [2]. Market Demand and Growth Drivers - The overall demand in downstream sectors is improving, leading to a return to revenue growth for the company. In the consumer electronics sector, products like power relays and signal relays are benefiting from consumption promotion policies, resulting in rapid growth. The industrial equipment sector is experiencing a recovery in demand as major clients deplete their inventories, with expectations for continued recovery in the second half of the year [3]. - In the electric power sector, the demand for power relays is stable year-on-year, although it is expected to decline in the second half of 2025 due to a cyclical drop in smart meter installations in North America. The automotive sector is seeing rapid growth in low-voltage automotive relays, driven by domestic market expansion and increased market share of domestic brands [3]. Strategic Initiatives - The "75+ strategy" is being steadily advanced, with new growth areas being cultivated. In the first half of 2025, the low-voltage electrical market faced slight declines due to a downturn in the domestic construction distribution market and tariff impacts on overseas shipments. However, film capacitors grew by 31%, current sensors increased by 36%, and the ceramic DC fast fuse HPE509 received UL certification, with efforts to onboard benchmark clients and new customers [3]. Investment Recommendations - As a leading global player in the relay industry, the company has significant strategic advantages, with promising growth in high-voltage DC relays and strong cash flow from power relays. The company is also actively exploring new product categories and markets, indicating potential for future growth. Revenue projections for 2025-2027 are 16.2 billion, 18.4 billion, and 19.9 billion yuan, with net profits of 1.8 billion, 2.1 billion, and 2.7 billion yuan, respectively. The expected EPS for these years is 1.3, 1.4, and 1.8 yuan per share, corresponding to PE ratios of 19x, 16x, and 13x [4].

智通财经APP讯，宏发股份(600885.SH)发布2025年半年度报告，报告期内，公司实现营业收入83.47亿 元，同比增长15.43%。实现归属于上市公司股东的净利润9.64亿元，同比增长14.19%。实现归属于上市 公司股东的扣除非经常性损益的净利润9.27亿元，同比增长17.85%。基本每股收益0.6605元。 报告期内，主要应用于消费电子领域的功率继电器业务整体较上年同期实现良好增长，其中与家电领域 相关业务中，公司与头部品牌合作关系不断巩固，发货实现稳定增长;报告期内，信号继电器主要应用 领域的市场需求均有所提升，同比实现快速增长，预计消费电子相关下游全年维持稳健增长态势。 ...