Core Viewpoint - The stock of Dianzhi Technology has shown a recent upward trend, with significant fluctuations in trading volume and a mixed performance in financial results, indicating potential investment opportunities and market interest [1][2]. Company Overview - Dianzhi Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on November 20, 2006, with its listing date on July 31, 2017. The company specializes in the research, design, manufacturing, and sales of micro connectors and interconnection systems [1]. - The main revenue composition includes automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1]. Financial Performance - As of January to June 2025, Dianzhi Technology achieved a revenue of 2.524 billion yuan, representing a year-on-year growth of 17.71%. However, the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [2]. - Since its A-share listing, the company has distributed a total of 889 million yuan in dividends, with 430 million yuan distributed over the past three years [3]. Shareholder Information - As of September 10, 2025, the number of shareholders for Dianzhi Technology reached 29,600, an increase of 1.82% from the previous period. The average circulating shares per person decreased by 1.78% to 12,113 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited as the fourth-largest shareholder, holding 13.5468 million shares (a decrease of 2.1482 million shares), and new entrants like E Fund's ChiNext ETF holding 6.7165 million shares [3]. Market Activity - On September 19, the stock price of Dianzhi Technology rose by 2.04% to 58.53 yuan per share, with a trading volume of 553 million yuan and a turnover rate of 2.68%. The total market capitalization reached 24.865 billion yuan [1]. - Year-to-date, the stock price has decreased by 1.18%, but it has seen a significant increase of 13.12% over the last five trading days, 16.87% over the last 20 days, and 29.98% over the last 60 days [1].

Core Viewpoint - The stock of Dianzhi Technology has shown a significant increase in recent trading days, with a notable rise of 13.80% over the last five trading days, despite an overall decline of 8.83% since the beginning of the year [1] Financial Performance - For the first half of 2025, Dianzhi Technology reported a revenue of 2.524 billion yuan, representing a year-on-year growth of 17.71%. However, the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [2] - Cumulatively, since its A-share listing, Dianzhi Technology has distributed a total of 889 million yuan in dividends, with 430 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Dianzhi Technology was 29,100, a decrease of 5.60% from the previous period. The average number of tradable shares per shareholder increased by 5.94% to 12,333 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 13.5468 million shares, a decrease of 2.1482 million shares from the previous period. New entrants among the top shareholders include E Fund's ChiNext ETF, holding 6.7165 million shares [3] Market Activity - On September 16, Dianzhi Technology's stock price reached 54.00 yuan per share, with a trading volume of 336 million yuan and a turnover rate of 1.77%. The total market capitalization stood at 22.94 billion yuan [1] - The stock experienced a net inflow of 7.9661 million yuan from main funds, with significant buying activity from large orders, indicating positive market sentiment [1]

Core Insights - The stock of Delian Technology increased by 5.23% on September 4, reaching a price of 49.28 yuan per share, with a trading volume of 211 million yuan and a turnover rate of 1.20%, resulting in a total market capitalization of 20.935 billion yuan [1] Company Overview - Delian Technology Co., Ltd. is located in the Guangming District of Shenzhen, Guangdong Province, and was established on November 20, 2006, with its listing date on July 31, 2017 [1] - The company's main business involves the research, design, manufacturing, and sales of micro-connectors and interconnection systems [1] - The revenue composition of the company includes: automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1] Shareholder Information - E Fund's Chuangye ETF (159915) entered the top ten circulating shareholders of Delian Technology in the second quarter, holding 6.7165 million shares, which accounts for 1.88% of the circulating shares [2] - The estimated floating profit for E Fund's Chuangye ETF today is approximately 16.4555 million yuan [2] - The fund was established on September 20, 2011, with a latest scale of 85.537 billion yuan, and has achieved a year-to-date return of 36.86% [2] Fund Manager Performance - The fund managers of E Fund's Chuangye ETF are Cheng Xi and Liu Shurong [3] - Cheng Xi has a tenure of 9 years and 123 days, managing assets totaling 195.312 billion yuan, with the best fund return during his tenure being 120.62% and the worst being -67.9% [3] - Liu Shurong has a tenure of 8 years and 51 days, managing assets totaling 112.299 billion yuan, with the best fund return during his tenure being 183.72% and the worst being -47.96% [3]

Group 1 - The core viewpoint of the news is that Dianlian Technology's stock has experienced a decline of 5.07%, with a current price of 47.23 CNY per share and a total market capitalization of 20.064 billion CNY [1] - Dianlian Technology, established on November 20, 2006, and listed on July 31, 2017, specializes in micro-connectors and interconnection systems, with its main revenue sources being automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1] Group 2 - From the perspective of major fund holdings, the Green Fund has a significant position in Dianlian Technology, with the Green Innovation Growth Mixed A Fund (007533) holding 5,600 shares, accounting for 5.44% of the fund's net value, making it the second-largest holding [2] - The Green Innovation Growth Mixed A Fund was established on September 2, 2019, with a current size of 2.6802 million CNY, achieving a year-to-date return of 17.06% and a one-year return of 60.07% [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 2.524 billion yuan for the first half of 2025, representing a year-on-year growth of 17.71%. However, the net profit attributable to shareholders decreased by 21.1% to 243 million yuan, and the net profit after deducting non-recurring gains and losses fell by 19.07% to 239 million yuan [3][10]. - The company is deeply integrated with leading clients in the consumer electronics and automotive connector sectors. It aims to enhance its technology research and market expansion, potentially achieving performance growth driven by both automotive connectors and consumer electronics [10][11]. Summary by Sections Financial Performance - In the first half of 2025, the automotive connector business generated revenue of 811 million yuan, a year-on-year increase of 35.84%, with a gross margin of 37.49%, down 3.29% year-on-year. The RF connector and cable assembly business saw revenue of 467 million yuan, a decrease of 5.78%, with a gross margin of 40.15%, down 4.89% year-on-year. The electromagnetic compatibility components business reported revenue of 448 million yuan, a slight decrease of 0.32%, with a gross margin of 29.14%, down 4.26% year-on-year. The soft board business achieved revenue of 411 million yuan, an increase of 58.11%, with a gross margin of 12.42%, down 5.08% year-on-year. Other businesses generated revenue of 387 million yuan, a year-on-year increase of 14.07%, with a gross margin of 17.89%, down 0.67% year-on-year [10][11]. - The company experienced revenue growth but lower-than-expected net profit due to increased operational costs from capacity expansion, product structure adjustment costs, and price fluctuations leading to a decline in gross margin [10][11]. Market Position and Future Outlook - The company has established a comprehensive R&D system, achieving industry-leading levels in product development and manufacturing. It has entered the supply chains of major global smartphone brands and domestic automotive manufacturers, enhancing its market competitiveness [10][11]. - The company is expected to continue strengthening its technology research and market expansion, with projections for net profit attributable to shareholders of 754 million yuan, 906 million yuan, and 1.1 billion yuan for 2025, 2026, and 2027, respectively [10][11].

Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth but a decline in net profit, indicating challenges in certain segments while showing potential in automotive connectors [1][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.52 billion yuan, a year-on-year increase of 17.7%, but the net profit attributable to shareholders was 240 million yuan, down 21.1% year-on-year [1]. - Q2 2025 revenue reached 1.33 billion yuan, reflecting a year-on-year growth of 20.3% and a quarter-on-quarter increase of 11.0%, while net profit was 120 million yuan, down 18.1% year-on-year and 3.2% quarter-on-quarter [1]. Group 2: Automotive Sector - The company's automotive connector revenue in H1 2025 was 810 million yuan, up 35.8% year-on-year, driven by the increasing demand for L2+ vehicles, which saw cumulative sales of 2.383 million units in H1 2025, with a penetration rate of 22.5%, up 11.2 percentage points year-on-year [2]. - The gross margin for automotive connectors in H1 2025 was 37.5%, down 3.3 percentage points year-on-year, primarily due to customer structure adjustments and annual declines [2]. - The company anticipates further revenue growth in the automotive sector in H2 2025 as the industry enters a peak season and more intelligent driving models are launched [2]. Group 3: Consumer Electronics Sector - The consumer electronics segment remains the largest revenue contributor, with RF connectors and cable components generating 470 million and 450 million yuan, respectively, in H1 2025, reflecting year-on-year declines of 5.8% and 0.3% due to decreased industry demand [3]. - The domestic smartphone shipment volume in H1 2025 was 140 million units, showing a slight year-on-year decline, with Q2 shipments at 68.96 million units, down 4% year-on-year and quarter-on-quarter [3]. - The gross margins for RF connectors and cable components were 40.2% and 29.1%, down 4.9 and 4.3 percentage points year-on-year, attributed to product mix impacts [3]. Group 4: Operational Challenges and Future Outlook - The overall gross margin for H1 2025 was 29.4%, down 4.4 percentage points year-on-year, with Q2 gross margin at 28.2%, down 4.3 percentage points year-on-year and 2.5 percentage points quarter-on-quarter [4]. - The company’s expense ratio for H1 2025 was 19.0%, down 0.2 percentage points year-on-year, with management expenses increasing significantly due to business expansion and rising operational costs [4]. - The company is optimistic about Q3 2025 as a potential turning point for performance, anticipating improved demand and the gradual production of new capacities [4]. Group 5: Investment Outlook - Based on the company's operational performance in H1 2025, projected revenues for 2025-2027 are 5.6 billion, 7.2 billion, and 8.3 billion yuan, representing year-on-year growth rates of 21%, 28%, and 15% respectively [5]. - Expected net profits for the same period are 710 million, 1.04 billion, and 1.22 billion yuan, with year-on-year growth rates of 14%, 47%, and 18% respectively, indicating a strong CAGR of 25% [5]. - The company maintains a "buy" rating, driven by the anticipated continued growth in the automotive sector due to the acceleration of smart technology [5].

点击招商研究小程序查看PDF报告原文 事件： 公司发布 2024 年及 25Q1 业绩， 24 全年营收 46.6 亿元，同比 +49.0% ，归母净利润 6.2 亿元，同比 +74.7% 。 25Q1 公司营收 11.96 亿元，同比 +15.0%/ 环比 -9.9% ；归母净利润 1.23 亿元，同比 -23.8%/ 环比 -24.7% 。我们点评如下： 24 全年收入及净利润同比高增，汽车、软板等业务贡献业绩增量。 24 全年营收 46.6 亿元，同比 +49.0% ，归母净利润 6.2 亿元，同比 +74.7% ，扣非归母净利润 6.1 亿元，同比 +75.6% ；毛利率 33.64% ，同比 +1.26pct 。分业务看， 24 全年公司汽车连接器 / 射频连接器及线缆组件 / 电磁兼容 件 / 软板 / 其他主营业务营收分别为 14.6/10.4/9.1/5.4/7.1 亿元，同比 +77.4%/30.1%/14.8%/73.1%/ 77.4% ；毛利率 39.4%/43.2%/30.8%/12.6%/27.6% ，同比 -0.7/+0.8/+1.7/+6.5/ +3.9pct 。其中 1 ） 汽 ...