证券研究报告 | 公司点评 | 通信设备 美利信(301307) 报告日期：2025 年 12 月 07 日 控股股东增持彰显发展信心，公司"液冷+半导体"有望超预期 ——美利信点评报告 投资要点 ❑ 近期公司催化密集： 1）控股股东拟增持公司股份 0.5~1 亿元。2025 年 12 月 5 日，公司发布公告： 公司控股股东美利信控股有限公司计划在未来 6 个月内增持 0.5~1 亿元。 2）公司拟定向增发不超过 12 亿元，投入可钎焊压铸（液冷）、半导体等项目。 2025 年 12 月 4 日，公司发布公告，拟向特定对象募集资金总额不超过 12 亿 元，计划分别用于半导体装备精密结构件建设项目（5 亿元）、通信及汽车零部 件可钎焊压铸产业化项目（5 亿元）、补充流动资金（2 亿元）。 3）公司通过合资方式正式布局服务器液冷。2025 年 11 月 22 日，公司与钜量创 新绿能股份有限公司（中国台湾）签署合作协议，双方拟新设立合资公司，共同 开拓服务器液冷关键零部件市场，为国内、国际优质客户提供高效水冷板设计、 相关液冷服务器套件的开发量产服务。 ❑ 点评：未来公司在液冷、半导体设备板块的业绩释放均有望超 ...

Key Insights - The report highlights the recovery of the consumer electronics cycle and the expansion into new fields as key growth drivers for the company, which is recognized as a leader in 3C equipment [4][5] - The manufacturing sector is showing signs of improvement, with PMI figures gradually approaching the growth line, indicating a potential recovery in the manufacturing industry [4][5] - The company is actively expanding into emerging fields such as humanoid robots and low-altitude economy, which are expected to drive demand for general equipment [5] Company Summaries 1. Genesis (300083) - The company is positioned as a leader in the 3C equipment sector, with a focus on expanding its product matrix into various fields, including general equipment and humanoid robots [4] - Revenue projections for 2025-2027 are estimated at 5,244 million, 5,731 million, and 6,262 million CNY, with corresponding growth rates of 14%, 9%, and 9% [5] - Net profit forecasts for the same period are 404 million, 548 million, and 659 million CNY, with growth rates of 70%, 36%, and 20% [5] 2. Weishi Jiajie (00856) - The company is transitioning from traditional distribution to becoming a provider of intelligent solutions, driven by cloud computing and AI [6] - Revenue forecasts for 2025-2027 are 1,029.52 million, 1,184.25 million, and 1,349.97 million HKD, with growth rates of 15.57%, 15.03%, and 13.99% [6] - Net profit estimates for the same period are 11.91 million, 14.13 million, and 16.30 million HKD, with growth rates of 13.26%, 18.63%, and 15.35% [6] 3. Huaya Intelligent (003043) - The company is a leading supplier of precision metal structural components for semiconductor equipment and is expanding into solid-state battery equipment [7] - Revenue projections for 2025-2027 are 1,313 million, 1,571 million, and 1,794 million CNY, with growth rates of 109.3%, 19.6%, and 14.2% [7] - Net profit forecasts for the same period are 157 million, 188 million, and 211 million CNY, with growth rates of 94.9%, 19.7%, and 11.9% [7] Industry Insights - The macroeconomic analysis indicates that the manufacturing PMI has decreased to 49.3% in July, suggesting a weakening recovery momentum [8] - The overall market sentiment remains optimistic, with expectations of a "slow bull" market despite recent adjustments [9][10] - The bond market is experiencing a new normal characterized by slow declines and rapid increases, with investors advised to remain patient for further rate decline catalysts [11]