中报业绩披露，进入高峰期！ 8月25日晚间，长城军工、涛涛车业、天孚通信、大元泵业、舒泰神、华通线缆、拓维信息等多只大牛股披露了中报业 绩。 此外，高德红外、阳光电源、立讯精密、安集科技、纳睿雷达、沃尔核材、 新易盛、 凯莱英等多个行业的龙头公司，也 纷纷披露了上半年业绩。其中，高德红外上半年净利同比增长超900%。 来看详细报道！ 多只大牛股披露半年报 长城军工 25日晚披露半年报，公司上半年实现营业收入6.99亿元，同比增长29.55%，归母净利润亏损2740万元，上年同 期亏损3963万元。报告期，公司主要产品结构变化及销售规模有所上升，军品营业收入同比增长33.07%，产品综合毛利 率比上年同期提升 2.71个百分点。二级市场上，长城军工的股价今年以来大涨428%。 涛涛车业 发布半年报，公司上半年实现营业收入17.13亿元，同比增长23.19%。其中，智能电动低速车销售收入为11.52亿 元，同比增长30.65%；特种车销售收入为4.90亿元，同比增长8.22%。上半年，公司的归母净利润为3.42亿元，同比增长 88.04%。公司拟每10股派发现金红利15元（含税）。报告期内，公司优化资源配置，拓展 ...

证券研究报告 | 公司动态点评 2025 年 08 月 25 日 天承科技（688603.SH） 25H1 营收稳健增长，持续受益下游 AI PCB 扩产 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 339 | 381 | 480 | 600 | 751 | | 增长率 yoy（%） | -9.5 | 12.3 | 26.0 | 25.0 | 25.2 | | 归母净利润（百万元） | 59 | 75 | 80 | 120 | 170 | | 增长率 yoy（%） | 7.3 | 27.5 | 6.7 | 50.9 | 41.7 | | ROE（%） | 5.3 | 6.7 | 6.8 | 9.5 | 12.1 | | EPS 最新摊薄（元） | 0.47 | 0.60 | 0.64 | 0.96 | 1.37 | | P/E（倍） | 183.8 | 144.1 | 135.1 | 89.5 | 63.2 | | P/B（倍） | 9.8 | 9.6 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Anji Technology, which has seen a price increase and a notable premium rate [1] - Anji Technology's convertible bond has a credit rating of "AA-", a maturity of 6 years, and a structured interest rate that increases over the years, starting from 0.30% in the first year to 2.50% in the sixth year [1] - The conversion price for the bond is set at 128.73 yuan, with the conversion period starting on October 13, 2025 [1] Group 2 - Anji Technology is a high-tech semiconductor materials company that focuses on independent innovation, integrating R&D, production, sales, and technical services [2] - The company has successfully broken the foreign monopoly in the field of chemical mechanical polishing liquids and certain functional wet electronic chemicals, achieving technological breakthroughs in three core products [2] - For the first quarter of 2025, Anji Technology reported a revenue of 545.3 million yuan, a year-on-year increase of 44.08%, and a net profit of 168.8 million yuan, up 60.66% year-on-year [2] - The concentration of shareholding in Anji Technology is high, with the top ten shareholders holding a combined 52.23% of the shares, and the average holding amount per shareholder is 1.6382 million yuan [2]

Core Viewpoint - Jiangfeng Electronics has emerged as a leading player in the global sputtering target market, achieving significant revenue growth and market share through technological advancements and strategic efforts in R&D and production capabilities [1][4][19]. Financial Performance - In 2024, Jiangfeng Electronics reported revenue of 3.619 billion yuan, a year-on-year increase of 39.11%, with net profit reaching 401 million yuan, up 56.9% [4]. - The company's core businesses, ultra-pure sputtering targets and semiconductor precision components, experienced rapid growth, with the former generating 2.333 billion yuan in revenue and maintaining a global market share of 38% [4][19]. R&D and Innovation - Jiangfeng Electronics invested 217 million yuan in R&D in 2024, resulting in a total of 784 domestic patents, breaking foreign monopolies in high-end fields [6][21]. - The company has developed core production technologies for sputtering targets, particularly in the 3nm advanced process, positioning itself as the only domestic company with such capabilities [14][24]. Market Position and Strategy - Jiangfeng Electronics has established itself as the second-largest supplier of sputtering targets globally, with a sales network covering Europe, North America, and Asia [19]. - The company has successfully entered the supply chains of major international manufacturers such as TSMC and SK Hynix, demonstrating its compliance with stringent quality and service standards [16]. Historical Context and Challenges - Founded in a time when China lacked domestic sputtering target production, Jiangfeng Electronics faced significant challenges, including financial crises and market skepticism regarding product quality [8][10]. - The founder, Yao Lijun, rejected acquisition offers during tough times, focusing instead on technological development and maintaining employee welfare [12][14]. Future Outlook - With ongoing investments in technology and talent acquisition, Jiangfeng Electronics is poised to enhance its competitive edge in the semiconductor materials market, potentially challenging international giants [21][24].

Core Viewpoint - Company focuses on the three key processes of "polishing, cleaning, and deposition," with some technologies reaching international advanced levels, benefiting significantly from the continuous expansion of wafer capacity and high utilization rates in mainland China [1][3]. Group 1: Product Development and Market Position - The company is committed to achieving a full product line layout for chemical mechanical polishing (CMP) slurries, with copper and copper barrier slurries seeing continuous volume production and sales as preferred suppliers for multiple new clients [1]. - Multiple silicon nitride slurries are undergoing client validation, and customized silicon nitride slurries have achieved sales, while the sales of oxide slurries using domestic grinding particles are gradually increasing [1]. - Tungsten slurries have passed validation for advanced processes in storage and logic chips, with sales continuing to increase [1]. - In advanced packaging, the company is making progress with slurries for 2.5D, 3D TSV, hybrid bonding, and polymer polishing, serving as a preferred supplier for domestic clients [1]. Group 2: Functional Wet Electronic Chemicals - The company is focused on overcoming challenges at leading technology nodes, providing a range of products including post-etch cleaning solutions, photoresist stripping solutions, post-polishing cleaning solutions, and etching solutions, widely used in logic circuits, 3D NAND, DRAM, CIS, and heterogeneous packaging [2]. - The development and industrialization of advanced process post-etch cleaning solutions are progressing smoothly, with increasing volumes and expansion into overseas markets [2]. - The local supply of electroplating solutions is progressing well, with continuous volume growth, and the development and validation of advanced packaging tin-silver electroplating are on schedule [2]. Group 3: Core Raw Materials - The company has achieved mass production and sales of multiple silica sol applications in its polishing slurry products, with continuous volume growth [2]. - The testing and validation of self-produced cerium oxide abrasives in the company's products are progressing well, with several products passing client validation and achieving mass production supply [2]. - Some products have achieved breakthroughs in new technology paths, significantly improving client yield rates [2]. Group 4: Financial Projections - Revenue projections for the company are estimated at 2.382 billion, 3.009 billion, and 3.606 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 758 million, 959 million, and 1.177 billion yuan for the same years [3]. - The company is initiating coverage with a "strong buy" rating based on its growth potential and market position [3].

Strategy Overview - The market in June is expected to remain in a state of waiting for a breakthrough, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, although April's industrial profits showed a decline in both volume and price, with cost reductions being the main driver for profit growth. The PMI for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, continuing the trend of weak inventory replenishment in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a volatile consolidation pattern in the market. Key areas to monitor for a breakthrough include overseas tariff developments and the implementation of domestic growth-stabilizing policies in June. [5][7] June Stock Recommendations - The June stock selection by Zhongyin Securities includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Healthcare) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [14][16] Performance Review of May Stock Selection - The stock selection for May outperformed the market, with notable performances from Jiemian Express-W and Yiwei Lithium Energy, both achieving over 10% monthly returns. The absolute return of the May stock selection was 3.87%, outperforming the market benchmark (CSI 300) by 2.02 percentage points. Three stocks achieved excess returns of over 5% compared to the CSI 300. [9] Company-Specific Insights SF Express (Transportation) - In Q1 2025, SF Express reported a net profit of 2.234 billion yuan, reflecting a stable growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The net profit increased by 16.87% year-on-year, driven by continuous improvement in product matrix and service competitiveness. The gross profit margin was 13.3%, slightly up by 0.1 percentage points. [16][17] Anji Technology (Chemicals) - Anji Technology is expected to see rapid growth in revenue and net profit in 2024, driven by increased market coverage and new product introductions. The gross margin for 2024 is projected at 58.45%, up 2.64 percentage points year-on-year. The company’s polishing liquid revenue reached 1.545 billion yuan in 2024, a year-on-year increase of 43.73%. The global semiconductor CMP polishing materials market is expected to grow from 3.42 billion USD in 2024 to 3.62 billion USD in 2025. [19][20] Bairen Medical (Healthcare) - Bairen Medical reported rapid growth in Q4 2024 and Q1 2025, with significant increases in revenue across all three major business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The approval of the TAVR product in August 2024 is expected to drive further growth in 2025. [24][25] Lingnan Holdings (Social Services) - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, with a net profit of 150 million yuan, up 116.08%. The travel agency and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism. [29][30] Qingdao Beer (Food and Beverage) - Qingdao Beer faced challenges in 2024 with a volume decline of 7.0% and a slight price increase of 0.5%. The company’s gross margin improved due to lower raw material costs, but net profit margin slightly decreased. Future growth is anticipated as restaurant demand recovers. [34][35] Suochen Technology (Computers) - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. [38][39][40]

Core Viewpoint - The article discusses the recent performance of the A-share market, highlights key companies undergoing institutional research, and provides insights into their business developments and market outlooks. Group 1: A-share Market Performance - From May 12 to May 16, the A-share market showed stable performance, with the Shanghai Composite Index rising by 0.76% to close at 3367.46 points, the Shenzhen Component Index increasing by 0.52%, and the ChiNext Index gaining 1.38% [2]. Group 2: Institutional Research and Key Companies - A total of 163 listed companies disclosed institutional research records, with Anji Technology being the most popular among institutions, attracting 241 institutions for research on May 12 [3]. - Anji Technology, established in 2006, has a market capitalization exceeding 20 billion yuan and focuses on high-end semiconductor materials. Its main products include chemical mechanical polishing liquids and electronic chemical products, which are widely used in integrated circuit manufacturing [3]. - Anji Technology's executives noted that they have completed the platform construction for their electroplating liquids and additives, with significant growth in functional wet electronic chemicals, particularly in post-etching and post-polishing cleaning liquids [3]. - The company expressed a cautious outlook for market demand in the second half of the year, citing a mismatch between its revenue and the performance of some downstream wafer factory clients [4]. Group 3: New Times and Haier Group - New Times received secondary research from 82 institutions, with the focus on the progress of Haier Group's acquisition. In February, Haier Group signed agreements to gain control of New Times for 1.3 billion yuan [4][5]. - New Times specializes in elevator control, robotics, and control systems, ranking second globally in elevator controllers and fourth globally in SCARA robots [4]. - New Times indicated that the transaction with Haier Group has not yet been officially completed, but post-completion, both companies will enhance collaboration to leverage each other's strengths in industrial automation [5]. Group 4: Focus on Obsidian Technology - Obsidian Technology, a key player in the humanoid robot supply chain, has achieved a high market share in the service robot sector and has established partnerships with several leading companies [6]. - The company highlighted the high barriers to entry in the 3D vision perception industry, which ensures a stable competitive landscape. It plans to increase investments in the downstream market over the next three to five years to maintain its technological and market leadership [6].

Group 1 - The A-share market showed stable performance during the week of May 12 to May 16, with the Shanghai Composite Index rising by 0.76% to close at 3367.46 points, the Shenzhen Component Index increasing by 0.52%, and the ChiNext Index up by 1.38% [1] - A total of 163 listed companies disclosed institutional research records, with Anji Technology being the most popular among institutions, attracting 241 institutions for research on May 12 [1] - Anji Technology, established in 2006, has a market capitalization exceeding 20 billion yuan and focuses on high-end semiconductor materials, including chemical mechanical polishing liquids and functional wet electronic chemicals [1] Group 2 - Anji Technology's executives indicated that the company has completed the platform construction for its electroplating liquids and additives, continuously investing in R&D and promoting localized production [1] - The functional wet electronic chemicals business is experiencing significant growth, particularly in post-etching and post-polishing cleaning liquids [1] - Anji Technology expressed a cautious outlook for market demand in the second half of the year, noting that its revenue may not align with the performance of some downstream wafer fabrication clients due to a broad business scope and reduced customer concentration [2] Group 3 - New Timesda received attention from 82 institutions for a second round of research, with the focus on the progress of Haier's acquisition [2] - Haier Group, through its subsidiary, signed a share transfer agreement to gain control of New Timesda for 1.3 billion yuan, which specializes in elevator control and robotics [2] - New Timesda's elevator controller business ranks second globally, while its SCARA robots rank fourth globally and second domestically [2] Group 4 - New Timesda confirmed that the transaction with Haier Group has not yet been officially completed, and post-completion, both parties will enhance collaboration to promote mutual development [3] - New Timesda aims to leverage Haier's industrial internet platform to strengthen collaboration across the industrial automation supply chain [3] - Other popular research targets included Haida Group, Obsidian Technology-UW, Sunshine Nuohe, and Shijia Photon, with Obsidian Technology-UW being a key player in the humanoid robot supply chain [3][4] Group 5 - Obsidian Technology-UW has achieved a high market share in the Chinese service robot sector and has established partnerships with several leading service robot clients [4] - The company highlighted the high barriers to entry in the 3D vision perception industry, which requires significant technology, funding, and talent [4] - Obsidian Technology-UW plans to increase investments in the downstream market over the next three to five years to maintain its technological and market leadership [4]

Core Viewpoint - Anji Technology (688019) reported a significant increase in revenue and profit for Q1 2025, driven by its focus on the "3+1" technology platform and continuous product innovation [1][2] Group 1: Financial Performance - The company achieved a 44.08% year-on-year increase in revenue for Q1 2025 [1] - Net profit and net profit excluding non-recurring items grew by 60.66% and 53.03% respectively [1] - The growth in revenue was supported by effective internal management and operational efficiency, with the increase in operating expenses being lower than revenue growth [1] Group 2: Business Strategy and Expansion - The company is actively pursuing new orders, clients, and applications to enhance its market presence [1] - Plans for new production facilities are in place to meet the growing demand from domestic and international wafer fabs [1] - The strategic positioning of the company emphasizes "rooted in China, serving globally" [2]

Core Viewpoint - Anji Technology is focusing on enhancing the self-sufficiency of core raw materials through research and development, aiming to improve product performance and ensure long-term supply reliability [1][2] Group 1: Company Strategy - The company is accelerating the establishment of self-controllable supply capabilities for core raw materials, optimizing product performance to enhance competitiveness [1] - Anji Technology is committed to high-tech barrier, high growth rate, and high-function materials research and industrialization, adhering to a strategy of "rooted in China, serving globally" [2] Group 2: Product Development - The company has successfully developed multiple silicon sol applications that are now in mass production and contributing to sales growth [1] - Through self-research and construction, Anji Technology has strengthened its capability in the preparation of cerium oxide particles, with several products passing client verification and achieving mass supply [1]