格隆汇9月12日｜中邮证券研报指出，瑜欣电子上半年业绩同比高增。2025H1实现营收3.83亿元，同比 增长52%；实现归母净利润0.51亿元，同比增长102%。营业收入及净利润增长一方面是因为公司所处行 业景气度提升，另一方面公司加强了新客户和存量客户的新业务开拓，导致公司订单数量增长。从几个 主要的营收板块来看：2025H1，发电机电源系统配件营收2.01亿元，同比增长75%；通机配件营收1.25 亿元，同比增长15%；新能源产品0.44亿元，同比增长136%，公司非道路新能源动力装备电驱动系统项 目为公司募投项目，已完成募投项目结项及产品研发，目前已与部分行业头部客户完成小批量供货。维 持"增持"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [5][10]. Core Insights - The company reported a significant increase in performance for the first half of 2025, achieving revenue of 383 million yuan, a year-on-year growth of 52%, and a net profit attributable to shareholders of 51 million yuan, up 102% year-on-year [3][4]. - The growth in revenue and net profit is attributed to the overall improvement in industry conditions and the company's efforts in expanding new and existing customer orders [3]. - The company's various business segments are performing well, with the renewable energy sector leading growth, showing a 136% increase in revenue [4]. - Strong demand from overseas markets is evident, with revenue from international markets growing by 91.26% year-on-year [4]. Financial Performance and Forecast - The company is projected to achieve revenues of 735 million yuan, 899 million yuan, and 1.025 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 34.01%, 22.28%, and 14.00% [5][8]. - The net profit attributable to shareholders is expected to reach 92 million yuan, 127 million yuan, and 149 million yuan for the same years, reflecting growth rates of 73.36%, 38.63%, and 16.90% [5][8]. - The report indicates a decrease in expense ratios due to scale effects, leading to an overall improvement in profitability, with a net profit margin of 13.30%, up 3.25 percentage points year-on-year [4].

Company Overview - Yuxin Electronics, established on May 29, 2003, is located in Jiulongpo District, Chongqing, and was listed on May 24, 2022 [1] - The company specializes in the research, production, and sales of general gasoline engines and core electronic control components for terminal products [1] - The revenue composition includes: 52.49% from generator power system accessories, 32.64% from general gasoline engine electrical components, 11.57% from new energy products, and 1.97% from other supplementary products [1] Stock Performance - As of September 2, Yuxin Electronics' stock price decreased by 2.04% to 30.25 CNY per share, with a total market capitalization of 3.098 billion CNY [1] - The stock has increased by 69.39% year-to-date, but has seen a decline of 3.57% over the last five trading days and a slight decrease of 0.10% over the last 20 days [1] Financial Performance - For the first half of 2025, Yuxin Electronics reported a revenue of 383 million CNY, representing a year-on-year growth of 52.27% [2] - The net profit attributable to shareholders reached 50.93 million CNY, marking a significant increase of 101.61% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 18.28% to 9,138, with an average of 6,519 circulating shares per person, up by 135.23% [2] - The company has distributed a total of 120 million CNY in dividends since its A-share listing [3] Institutional Holdings - As of June 30, 2025, the fifth largest circulating shareholder is Dazhong Zhongzheng 360 Internet + Index A, holding 554,900 shares, an increase of 108,500 shares from the previous period [3] - The eighth largest circulating shareholder is the newly entered招商量化精选股票发起式A, holding 316,200 shares [3]

Core Viewpoint - Yuxin Electronics experienced a decline of 1.29% in stock price on August 29, with a trading volume of 85.32 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On August 29, Yuxin Electronics had a financing buy-in amount of 6.79 million yuan and a financing repayment of 9.41 million yuan, resulting in a net financing buy of -2.62 million yuan [1]. - The total financing and securities balance for Yuxin Electronics as of August 29 was 50.39 million yuan, which accounts for 1.57% of the circulating market value, indicating a high financing balance exceeding the 80th percentile over the past year [1]. - The company had no short-selling activity on August 29, with a short-selling balance of 0.00 yuan, placing it in the 90th percentile over the past year [1]. Business Performance - As of June 30, Yuxin Electronics reported a total of 9,138 shareholders, an increase of 18.28% from the previous period, with an average of 6,519 circulating shares per person, up by 135.23% [2]. - For the first half of 2025, Yuxin Electronics achieved a revenue of 383 million yuan, representing a year-on-year growth of 52.27%, and a net profit attributable to shareholders of 50.93 million yuan, reflecting a significant increase of 101.61% [2]. Dividend and Shareholding - Since its A-share listing, Yuxin Electronics has distributed a total of 120 million yuan in dividends [3]. - As of June 30, 2025, among the top ten circulating shareholders, Dazheng Zhongzheng 360 Internet + Index A held 554,900 shares, an increase of 108,500 shares from the previous period, while the newly entered shareholder,招商量化精选股票发起式A, held 316,200 shares [3].

8月28日，瑜欣电子涨1.02%，成交额1.57亿元。两融数据显示，当日瑜欣电子获融资买入额1604.74万 元，融资偿还1360.11万元，融资净买入244.63万元。截至8月28日，瑜欣电子融资融券余额合计5301.07 万元。 融资方面，瑜欣电子当日融资买入1604.74万元。当前融资余额5301.07万元，占流通市值的1.63%，融 资余额超过近一年90%分位水平，处于高位。 融券方面，瑜欣电子8月28日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，重庆瑜欣平瑞电子股份有限公司位于重庆市九龙坡区高腾大道992号，成立日期2003年5月29 日，上市日期2022年5月24日，公司主营业务涉及通用汽油机及终端产品核心电子控制部件的研发、生 产及销售。主营业务收入构成为：发电机电源系统配件52.49%，通用汽油机电装品配件32.64%，新能 源产品11.57%，其他(补充)1.97%，其他产品1.08%，农用机械产品0.24%。 截至6月30日，瑜欣电子股东户数9138.00，较上期增加 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 380 million yuan, a year-on-year growth of 52.3%, and a net profit of 50 million yuan, up 101.6% [1] - The company's core products, particularly in the general power machinery sector, are experiencing high growth due to favorable industry trends and increased demand in emerging markets such as landscaping and agricultural machinery [2] Financial Performance - In Q2 2025, the company achieved revenue of 200 million yuan, a 26.6% increase year-on-year, and a net profit of 30 million yuan, growing by 40.1% [1] - The company's revenue from generator power system components reached 200 million yuan, up 74.8%, accounting for 52.5% of total revenue, with a gross margin of 23.9% [2] - Revenue from general machinery components was 120 million yuan, a 15.2% increase, representing 32.6% of total revenue, with a gross margin of 29.7%, up 1.6 percentage points [2] - Revenue from new energy products surged to 44.31 million yuan, reflecting a 136.3% increase [2] - The overall gross margin for the first half of 2025 was 25.3%, a slight decrease of 0.3 percentage points, while the net profit margin improved to 13.3%, an increase of 3.3 percentage points [2] Cost Management and Profitability - The company demonstrated strong cost control, with a period expense ratio of 10.5%, down 1.8 percentage points year-on-year, and reductions in sales, management, and R&D expense ratios [2] - The financial forecast indicates a compound annual growth rate (CAGR) of 35% for net profit from 2025 to 2027, with projected net profits of 90 million, 110 million, and 130 million yuan for those years [3] Strategic Initiatives - The company is actively expanding into new fields such as direct current generators, new energy systems, lithium storage, hydrogen energy, and smart robotics [3] - Recent developments include the completion of projects in non-road new energy power equipment and the initiation of mass production for agricultural drone charging products [3] Investment Outlook - The company is expected to benefit from high industry growth and rapid expansion into new sectors, with a target price of 38.25 yuan based on a 45 times price-to-earnings ratio for 2025 [3]