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富士达
2025-10-09 02:00
富士达公司在射频连接器领域的市场表现如何? 富士达 摘要 富士达军工订单于 2025 年 3 月恢复增长,截至 4 月末在手订单约 3 亿 元,军工订单占比 65%~70%,预计下半年该业务将实现高增长,为全 年业绩提供有力支撑。 富士达深度参与国产星链项目,包括千帆星座和 G60 星链,配套市场份 额分别超过 70%和 60%,受益于中国商业卫星建设,商业航天发射提 速,预计四季度商业卫星相关业务加速放量。 富士达是航空航天射频连接器国家级专精特新小巨人,2024 年射频连 接器业务收入 4.39 亿元,占比 57.56%,2025 年上半年同比增长 24%,毛利率提升至 37.15%,为过去三年最高水平。 富士达与华为合作超过 20 年,是其重要合作伙伴,2024 年来自华为的 收入为 2.15 亿元,占总收入近 30%。双方合作正从通信基站向高端装 备制造、仪器仪表及卫星等新业务延伸。 富士达积极拓展新兴领域,如低空经济、工业无人机、医疗设备和量子 通信等,虽目前收入贡献较小,但未来增长空间巨大,高温共烧陶瓷 (HTCC)预计 2026 年实现批量生产。 Q&A 富士达公司在射频连接器领域表现突出,尤其 ...
陕西华达9月30日获融资买入1407.45万元,融资余额2.07亿元
Xin Lang Cai Jing· 2025-10-09 01:31
截至6月30日,陕西华达股东户数1.70万,较上期增加27.99%;人均流通股3498股,较上期增加9.38%。 2025年1月-6月,陕西华达实现营业收入2.54亿元,同比减少22.80%;归母净利润-1388.74万元,同比减 少156.20%。 分红方面,陕西华达A股上市后累计派现2236.15万元。 9月30日,陕西华达涨0.90%,成交额1.22亿元。两融数据显示,当日陕西华达获融资买入额1407.45万 元,融资偿还2230.26万元,融资净买入-822.81万元。截至9月30日,陕西华达融资融券余额合计2.07亿 元。 融资方面,陕西华达当日融资买入1407.45万元。当前融资余额2.07亿元,占流通市值的8.21%,融资余 额超过近一年50%分位水平,处于较高位。 融券方面,陕西华达9月30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80%分位水平,处于高位。 资料显示,陕西华达科技股份有限公司位于陕西省西安市高新区普新二路5号,成立日期2000年8月10 日,上市日期2023年10月17日,公司主营业务涉 ...
富士达20250918
2025-09-18 14:41
Summary of Fujida's Conference Call Company Overview - Fujida was established in 2002 and became one of the first companies listed on the Beijing Stock Exchange in 2021, recognized as a national-level specialized and innovative small giant enterprise [2][5] - The company operates in three main sectors: civil communication, military electronics, and aerospace satellites, with a high customer concentration where the top five customers account for 78% of sales [2][3] Financial Performance - In the first half of 2025, civil communication revenue accounted for approximately 40%, while military defense and aerospace satellites made up 60% [2][10] - Revenue from RF coaxial connectors grew by 24% year-on-year, with military defense growing over 20% and both aerospace and civil sectors exceeding 10% growth [2][10] Research and Development - Fujida maintains a research and development expense ratio of over 10%, focusing on key projects such as 5G/6G communication and aerospace connections [2][9] - The company has developed the MQ4/MQ series products, which support the development of new components in the industry [2][9] Market Position and Competition - Fujida is a leading player in the domestic RF coaxial connector industry, having participated in the establishment of numerous international and national standards [3][6] - The global market is dominated by foreign companies like Amphenol, Rosenberger, and Tyco Electronics, while domestic competitors include Huada and other firms [7][8] Business Expansion - The company is actively expanding into the low-altitude industrial drone sector, expecting order volumes to reach hundreds of millions by 2025 [4][17] - Fujida is also exploring quantum communication, medical equipment, and maritime sectors, with small revenue contributions currently [4][15] Future Outlook - The military defense sector is expected to see a recovery in orders in 2025, while the aerospace satellite sector is anticipated to benefit from a dense launch schedule and new bidding results [11][12] - In civil communication, the company focuses on 5G and 5G-A, primarily supplying Huawei, with a gross margin of about 15% [13] Emerging Technologies - The company has established a sample production line for 400G high-speed copper cable components, although market demand is primarily for 200G products [4][19] - The HTCC product line is in development, with potential applications in military protection systems, although mass production remains challenging [18] Conclusion - Fujida is well-positioned in its core markets with a strong focus on R&D and emerging technologies, while also navigating competitive pressures and expanding into new sectors. The outlook for growth in military and aerospace sectors appears promising, supported by government initiatives and market demand.
富士达(835640):2025H1归母净利润yoy+11%,防务需求回升的同时积极拓展医疗、低空应用
Hua Yuan Zheng Quan· 2025-09-16 06:14
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 11% in net profit attributable to shareholders in the first half of 2025, driven by a recovery in defense demand and active expansion into medical and low-altitude applications [5][8] - The company is expected to see a steady growth in revenue and profit, with a projected net profit of 1.00 billion, 1.45 billion, and 1.71 billion RMB for 2025-2027, corresponding to current price-to-earnings ratios of 53.4, 37.0, and 31.3 times respectively [8] Summary by Sections Market Performance - The closing price is 28.52 RMB, with a market capitalization of 5,354 million RMB and a circulating market value of 5,150.78 million RMB [3] Financial Data - In H1 2025, the company reported revenue of 408 million RMB (up 8% year-on-year) and a net profit of 37.18 million RMB (up 11% year-on-year) [8] - The company’s revenue for Q2 2025 was 219 million RMB (up 17% year-on-year and 15% quarter-on-quarter), with a net profit of 24.81 million RMB (up 22% year-on-year and 101% quarter-on-quarter) [8] Revenue and Profit Forecast - Revenue is projected to be 886 million RMB in 2025, with a year-on-year growth rate of 16.16% [7] - The net profit for 2025 is estimated at 100 million RMB, reflecting a significant recovery from a decline in 2024 [7] Business Expansion - The company is focusing on strategic emerging industries, with a notable increase in defense orders and expansion into medical, maritime, and low-altitude economic sectors [8] - The company’s revenue from overseas markets grew by 69.42% year-on-year, indicating progress in international expansion [8] R&D and Technological Development - The company maintains a high R&D expense ratio of 9%, focusing on key technologies such as high-frequency, high-speed, and lightweight solutions [8] - The company is actively developing quantum communication technologies and has made breakthroughs in the medical and maritime sectors [8]
陕西华达股价跌5.04%,长信基金旗下1只基金位居十大流通股东,持有55万股浮亏损失129.8万元
Xin Lang Cai Jing· 2025-09-04 06:34
Company Overview - Shaanxi Huada Technology Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on August 10, 2000. The company was listed on October 17, 2023. Its main business involves the research, production, and sales of electrical connectors and interconnection products [1]. Business Revenue Composition - The revenue composition of Shaanxi Huada is as follows: RF coaxial connectors account for 43.55%, low-frequency connectors 23.02%, RF coaxial cable assemblies 18.70%, other products 10.89%, electroplating services 3.07%, and other business income (sales of raw materials) 0.77% [1]. Stock Performance - On September 4, Shaanxi Huada's stock fell by 5.04%, closing at 44.42 CNY per share, with a trading volume of 208 million CNY and a turnover rate of 7.69%. The total market capitalization is 6.718 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Shaanxi Huada, Changxin Fund's Changxin Jinli Trend Mixed A (519994) reduced its holdings by 200,000 shares in the second quarter, now holding 550,000 shares, which represents 0.92% of the circulating shares. The estimated floating loss today is approximately 1.298 million CNY [2]. Fund Manager Information - The fund manager of Changxin Jinli Trend Mixed A is Gao Yuan, who has been in the position for 8 years and 247 days. The total asset scale of the fund is 5.821 billion CNY, with the best fund return during his tenure being 54.05% and the worst being 4.54% [3].
陕西华达(301517):2025年半年报点评:2Q25营收环比增长95%,盈利阶段性承压
Minsheng Securities· 2025-08-26 08:55
Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 250 million yuan in the first half of 2025, a year-over-year decline of 22.8%, with a net profit attributable to shareholders of -14 million yuan, compared to 25 million yuan in the first half of 2024. The performance aligns with expectations [1]. - In the second quarter of 2025, the company saw a significant quarter-on-quarter revenue increase of 95.4%, reaching 170 million yuan, with a year-over-year growth of 14.7%. However, the net profit decreased by 68.8% year-over-year, but turned positive from a loss in the first quarter [1]. - The company is one of the earliest manufacturers of electrical connectors in China, with over fifty years of experience, and has established a stable customer base. It is actively optimizing its industrial structure and expanding into new business areas such as quantum technology, semiconductors, and data centers [4]. Summary by Sections Financial Performance - The company's gross margin for the first half of 2025 decreased by 2.8 percentage points to 35.2%, while the net margin fell by 12.5 percentage points to -4.8%. In the second quarter, the gross margin was 33.1%, down 10.2 percentage points year-over-year, and the net margin was 4.1%, down 6.6 percentage points [1]. - The company experienced a significant increase in research and development expenses, with the R&D expense ratio rising by 3.1 percentage points to 10.0% and total R&D expenses increasing by 12.2% to 25 million yuan [3]. Product Performance - In the first half of 2025, the revenue breakdown by product showed that the RF coaxial connectors generated 110 million yuan (44% of total revenue, down 20.6% year-over-year), low-frequency connectors 60 million yuan (23%, down 25.2%), RF coaxial cable assemblies 50 million yuan (19%, down 33.0%), and electroplating services 10 million yuan (3%, up 90.3%) [2]. Future Outlook - The company is expected to achieve net profits of 67 million yuan, 151 million yuan, and 223 million yuan for the years 2025, 2026, and 2027, respectively. The current stock price corresponds to price-to-earnings ratios of 117x, 52x, and 35x for the same years [4][5].
陕西华达,披露重组预案,今起复牌
Group 1 - The company Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance, with the stock resuming trading on August 26 [2][4] - The acquisition aims to enhance the company's product offerings in high-reliability electronic components, including thick film hybrid integrated circuits and power modules [4][6] - The share issuance price is set at 34.75 yuan per share, which is 80% of the average trading price over the last 60 trading days [4][6] Group 2 - Shaanxi Huajing Microelectronics reported revenues of 241 million yuan and 175 million yuan for 2023 and 2024, respectively, with net profits of 40.55 million yuan and 20.76 million yuan [4] - The transaction is expected to create synergies in product categories, technology development, customer resources, and sales channels between Shaanxi Huada and Shaanxi Huajing [6][7] - The restructuring is part of a broader strategy by Shaanxi Electronic Information Group to optimize its industrial layout and support high-quality development of its listed companies [7]
北交所科技成长产业跟踪第三十九期:8月商业航天发射步入密集期,关注星图测控等北交所卫星产业链标的
Hua Yuan Zheng Quan· 2025-08-18 06:30
Group 1: Company Overview - The core business of Xingtou Measurement and Control is in the highly specialized field of aerospace measurement and control, which is crucial for the communication between ground and space after the launch of spacecraft [6][30]. - In 2024, Xingtou Measurement and Control achieved a revenue of 288 million yuan, representing a year-on-year growth of 25.90%, and a net profit attributable to the parent company of 84.97 million yuan, with a year-on-year increase of 35.68% [2][35]. - The company has maintained a stable and high gross margin, with gross margins of 56.92%, 52.16%, and 52.80% from 2022 to 2024 [35]. Group 2: Industry Insights - The global market for aerospace measurement and control systems is projected to reach 996.49 million USD in 2024, with a compound annual growth rate (CAGR) of 23% expected from 2025 to 2031 [30][32]. - In 2024, China is expected to account for approximately 21.47% of the global market, with a market size of 213.90 million USD, and this is projected to grow to 1.26 billion USD by 2031, potentially reaching a 30.56% share of the global market [30][32]. - The aerospace measurement and control industry is characterized by a competitive landscape, with key global players including Kongsberg Satellite Services, Swedish Space Corporation, GMV, and others, with the first-tier companies holding about 30.86% of the market share [31][32].
富士达(835640):公司深度报告:深耕射频同轴连接器,商业卫星需求广阔
Yin He Zheng Quan· 2025-03-14 15:20
Investment Rating - The report gives a "Recommended" rating for the company Fujida (835640.BJ) [5]. Core Views - Fujida is a high-tech enterprise specializing in the research, production, and sales of RF coaxial connectors and cables, with a strong position in the commercial satellite market and a focus on new product development [5][11]. - The company experienced a decline in revenue and net profit in 2024 due to fluctuations in defense market demand, but it is expected to recover as new projects are initiated [34]. - The company is actively pursuing new technologies and products to create a second growth curve, particularly in the commercial aerospace sector [5][34]. Company Overview - Fujida was established in 1998 and went public on the Beijing Stock Exchange in November 2021. It is recognized as a national-level specialized and innovative "little giant" enterprise [11][12]. - The company is controlled by AVIC Optoelectronics Technology Co., Ltd., which is part of the China Aviation Industry Corporation [14]. Business Performance - In 2024, Fujida's revenue was 762.80 million yuan, a decrease of 6.42% year-on-year, while net profit fell by 65.35% to 50.64 million yuan [34]. - The decline in profit was attributed to changes in revenue structure and a significant drop in defense-related business due to market fluctuations [34]. Industry Analysis - The RF coaxial connector market is characterized by high concentration and stable competition, with increasing demand driven by the rapid development of commercial satellites [5][34]. - Fujida is one of the few domestic companies qualified to supply defense satellite components, positioning it well to benefit from market growth [5][34]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 763 million, 883 million, and 1.096 billion yuan, with corresponding growth rates of -6.42%, 15.76%, and 24.12% [5][6]. - Net profit forecasts for the same period are 51 million, 108 million, and 156 million yuan, with growth rates of -65.35%, 112.49%, and 45.18% [5][6]. Investment Recommendations - The report highlights Fujida's strong position in the RF connector industry, its proprietary technology, and the broad market demand for its products, particularly in the commercial satellite sector [5][34]. - The company is expected to benefit from its ongoing product development and the recovery of the defense market, making it a promising investment opportunity [5][34].
陕西华达:首次公开发行股票并在创业板上市招股说明书
2023-10-10 12:44
本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因,审慎作出投资决定。 陕西华达科技股份有限公司 Shaanxi Huada Science Technology Co.,Ltd. (陕西省西安市高新区普新二路 5 号) 首次公开发行股票并在创业板上市 招股说明书 保荐人(主承销商) (广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座) 陕西华达科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定,股票依法发行后,发行人经营与收益的变化,由发行 人自行负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 ...