Core Viewpoint - The company Feirongda (300602) expects its net profit to double in the first half of 2025, driven by market recovery and the return of key customers [1] Group 1: Financial Performance - Feirongda anticipates revenue of approximately 2.886 billion yuan and a net profit between 155 million and 170 million yuan for the first half of 2025, representing a year-on-year growth of 103.95% to 123.69% [1] - The company's non-recurring net profit is projected to be between 125 million and 140 million yuan, reflecting an increase of 82.34% to 104.22% compared to the same period last year [1] Group 2: Product and Market Development - Feirongda's main products include electromagnetic shielding materials, thermal management materials, and lightweight composite materials, which are widely used in communication, consumer electronics, and new energy sectors [1] - The company has strengthened its R&D capabilities and increased investment in R&D, enhancing its product structure and expanding into emerging markets [1] - The return of significant customers, particularly Huawei, has contributed to the company's market share growth in the smartphone sector [2] Group 3: Business Segments - In the communication sector, Feirongda reports successful business operations with increased sales revenue and profitability, particularly in AI server cooling solutions [2] - The company's new energy vehicle business is seeing a gradual increase in sales revenue, although profit margins remain relatively low due to fluctuations in raw material prices [3] - Feirongda's subsidiary completed the acquisition of Jiangsu Zhongyu Rubber and Plastic Technology Co., Ltd., which will be included in the consolidated financial statements [3] Group 4: Non-Recurring Gains - The company expects non-recurring gains to impact net profit by approximately 30 million yuan, primarily from government subsidies and the consolidation of Jiangsu Zhongyu [3]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -27% -13% 1% 15% 29% 43% 57% 71% 85% 99% 113% 隆扬电子 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 33.66 | | --- | --- | | 总股本/流通股本（亿股）2.83 | / 0.82 | | 总市值/流通市值（亿元）95 | / 28 | | 周内最高/最低价 52 | 33.66 / 11.65 | | 资产负债率(%) | 4.0% | | 市盈率 | 116.07 | | 第一大股东 | 隆扬国际股份有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 隆扬电子(301389) 引领布局 hvlp5 高频铜箔 l 投资要点 积极布局 hv ...

2025高分子产业年会 第三届高分子电磁屏蔽复合材料及应用论坛 2025年9月11-12日 安徽 · 合肥 电磁屏蔽材料能够对电子元器件及设备在电磁环境下提供有效防护，这也是解决电磁干扰、保障电子 器件稳定运行的重要技术手段。其中，高分子电磁屏蔽复合材料以其质轻价廉、耐腐蚀、易加工成型 和性能可调性好等特点备受关注。近年来，随着AI、5.5G/6G、低空经济、新能源汽车、机器人等行 业快速发展，电子设备正快速向集成化、小型化、高功率化发展，也对高分子电磁复合材料提出了新 的要求，研发具有 宽频化、高耐温、高导热、高屏蔽效能、多功能 性 的高分子电磁屏蔽复合材料成 为了行业最迫切的需求之一。 对此，"2025 DT新材料高分子产业年会"将同期举办" 2025（第三届）高分子电磁屏蔽复合材料及应 用论坛 "。本活动将邀约 电磁屏蔽、吸波导热、低介损、电子封装、高频高速PCB基板、天线、 5.5G/6G关键材料 等专家学者与企业共同探讨电磁功能材料的最新进展、设计与应用等重要话题，加 强产学研和上下游合作与交流，推动高分子电磁复合材料产业创新发展。 01 论坛信息 滕 超，深圳职业技术大学特聘教授 王 钦，信维通信 ...

Core Viewpoint - Longyang Electronics (Kunshan) Co., Ltd. plans to acquire 70% of Suzhou Deyou New Material Technology Co., Ltd. for a total price of 770 million yuan, with 488 million yuan sourced from the company's raised funds and interest [1][3] Group 1: Acquisition Details - The acquisition will be executed in two steps: first, the company will acquire 70% of Deyou New Material for cash; second, after the performance commitment period, the company will acquire the remaining 30% [3] - Upon completion of the first step, Deyou New Material will become a subsidiary of Longyang Electronics, and after the full acquisition, it will be a wholly-owned subsidiary [3] Group 2: Financial Performance of Deyou New Material - Deyou New Material specializes in the research, production, and sales of composite functional materials, primarily for consumer electronics [4] - Projected revenues for Deyou New Material are 236.36 million yuan in 2023, 418.91 million yuan in 2024, and 73.98 million yuan in early 2025, with net profits of 25.88 million yuan, 93.50 million yuan, and 18.29 million yuan respectively [4] Group 3: Performance Commitments - The seller has committed to a cumulative net profit of no less than 315 million yuan for the first three fiscal years (2025-2027) [4] - For the second phase (2028-2030), the cumulative net profit should also be no less than 315 million yuan, but not exceed the actual net profit achieved in the first phase [5] Group 4: Valuation and Goodwill - The valuation of Deyou New Material shows a significant increase, with a valuation of 1.104 billion yuan for 100% equity, resulting in a 453.32% increase over book value [6] - The transaction will create approximately 579.67 million yuan in goodwill on Longyang Electronics' consolidated balance sheet [7] Group 5: Longyang Electronics' Performance - Longyang Electronics has experienced declining performance since its IPO in October 2022, with revenue and net profit decreasing by 12.11% and 14.58% respectively in 2022, and further declines of 29.51% and 42.7% in 2023 [7] - In 2024, revenue showed a slight increase of 8.51%, but net profit still declined by 15.02% [7]

证券研究报告 | 投资策略研究*周报 2025 年 06 月 30 日 投资策略研究 并购重组周报（2025/06/23-2025/06/28） 2025/06/23-2025/06/28 期间，新增并购重组的上市公司有 4家，分别 为国投中鲁、邵阳液压、隆扬电子、建龙微纳，涉及的并购重组事件有 4个， 涉及的上市公司均为竞买方，涉及的行业有农林牧渔、机械设备、电子、基 础化工。 国投中鲁：该公司的主营业务是浓缩果蔬汁（浆）的生产和销售，主导产品 为浓缩苹果汁。公司产品广泛应用于食品饮料、果酒酿制、化妆品及药品等 行业，属于食品饮料行业的基础原材料。公司采用 B2B 销售模式，主要客户 为下游的食品饮料生产企业，并与世界知名饮料及食品公司保持长期稳定的 合作关系。本次交易标的公司为中国电子工程设计院股份有限公司，其注册 资本为 92,427.4508 万元，成立于 1992 年 8 月 27 日，注册地址位于北京市 海淀区。公司经营范围涵盖工程设计、施工、技术开发、软件服务、进出口 业务等多个领域。 邵阳液压：该公司专注于工业传动与高端制造领域，通过自主研发和技术创 新，实现了液压柱塞泵、液压缸和液压系统等产 ...

证券代码：300684 证券简称：中石科技 北京中石伟业科技股份有限公司 投资者关系活动记录表 编号：2025-06-26 二、问答环节 1、公司 2025 年第一季度利润率提升原因？ 答：一季度随着公司新项目上量、新产品的逐步导入，公司在 国内外主要大客户市场份额提升，收入增长下规模效应显现；同时 受益于产品结构优化、降本增效措施，盈利能力实现稳步提升。 2、关税政策对公司的影响？ 答：公司产品出口主要是通过国内保税区进行交付及结算，以 及销售至东南亚等地区，直接出口至美国区域的产品收入较低（占 整体营收比例不到 1%），加征关税事项对公司影响较小。 投资者关系活动 类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 ☑路演活动 □其他（电话会议） 形式 ☑现场 □网上 □电话会议 参与单位名称及 人员姓名 国海证券、兴业证券、民生证券、国投证券、南方基金、华商基金、 诺安基金、国联基金、中信建投基金、招商基金、新华基金、工银 瑞信基金、天弘基金、农银汇理基金、中信资管、渤海汇金、北京 金塔投资、北银理财等。 时间 2025 年 6 月 25 日-6 月 26 日 地点 ...

目提供各类产品，累计为国产航空发动机开发几十个品种，这家公司客户包括中核集团、中广核、中国商 发、赛峰、罗罗等。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 核电+航空发动机，拥有核柔性屏蔽材料和防护服产品，可控核聚变设备已通过验证，为我国所有核电项 ...

Summary of the Conference Call for Yingliu Technology Company Overview - Yingliu Technology is a leading domestic player in the fields of gas turbine blades, combustion chamber nozzle rings, and aircraft engine blades, supplying major global companies such as GE and Siemens [2][3] Financial Performance - The company reported a non-recurring net profit of 136 million yuan in Q1 2025, with full-year revenue expected to accelerate to between 440 million and 450 million yuan, and projected revenues for the next two years to reach 600 million and over 800 million yuan, maintaining a growth rate of over 40% [2][6] - The gross margin for the two-machine business segment has consistently remained above 40% [2][6] Investment and Asset Development - As of the end of 2024, fixed assets are expected to reach 4.086 billion yuan, with ongoing construction projects around 1.6 billion yuan, and a research and development expense ratio maintained above 12% [2][5] Market Dynamics - The global gas turbine market is dominated by Mitsubishi, Siemens, Baker Hughes, and GE, which together hold approximately 80% of the market share. These leading companies are experiencing significant order growth and are actively expanding production, indicating accelerated industry demand [2][12] - Orders from major manufacturers are booked until 2029, reflecting strong future demand [2][12] Strategic Initiatives - Yingliu Technology is advancing its two-machine projects, including blade and casing processing coating projects, with expected future output value increasing to 1.5 billion yuan. Combined with nuclear energy projects, total output value is anticipated to increase by 2.1 billion yuan, enhancing production capacity and growth potential [2][7] Nuclear Energy Sector - The company has made significant strides in the nuclear energy sector, with clients including Emerson and Schlumberger. It is one of the few domestic manufacturers with nuclear-grade pump equipment qualifications [4][24] - The approval of nuclear power projects in China has remained steady, with at least 10 units expected to be approved annually, driving demand for equipment [4][24] Aerospace Sector - Yingliu Technology has established strategic partnerships with major players in the aerospace sector, including airlines and engine manufacturers, indicating a strong competitive position in this market [4][18][22] - The company has developed over 80 product varieties, including blades and structural components, and is expected to see a continuous increase in new orders due to rising demand in the aerospace market [22][23] Domestic Market Trends - China's civil aviation market is projected to grow significantly, with the number of passenger aircraft expected to exceed 10,000 in the next 20 years, positioning China as the largest single aviation market globally [20] - The domestic push for the localization of gas turbines and aircraft engines is accelerating, supported by government policies and recent technological advancements [21] Valuation Insights - Yingliu Technology's current valuation has just surpassed 30 times earnings, which is still lower compared to international leaders like GE and Howmet, whose valuations are typically between 50 to 60 times earnings. The company is expected to maintain a profit growth rate of at least 40% over the next three years [27] Conclusion - Yingliu Technology is well-positioned for growth in the gas turbine and aerospace sectors, with strong financial performance, strategic investments, and a favorable market outlook. The company's valuation appears to have significant upside potential given its growth trajectory and industry dynamics [27]

证券代码：300684 证券简称：中石科技 北京中石伟业科技股份有限公司 投资者关系活动记录表 编号：2025-05-29 投资者关系活 动类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 ☑路演活动 □其他（电话会议） 形式 ☑现场 □网上 □电话会议 参与单位名称 及人员姓名 中信证券、民生证券、方正证券、博时基金、华商基金、华安基金、 诺德基金、Brilliance Capital、国君资管、浙商资管、健顺投资、 思晔投资、厚葳基金、利幄基金、上海合远私募基金、上海和途私募 基金、祐益峰资产等。 时间 2025 年 5 月 27 日-5 月 29 日 地点 上海 上市公司接待 人员姓名 董事会秘书：张伟娜女士 投资者关系活 动主要内容介 绍 一、公司介绍 公司是功能高分子材料及热管理解决方案全球领导者，以高成长 行业需求为依托，聚焦核心材料及组件，紧跟 AI+行业发展趋势，为 客户提供电子设备可靠性综合解决方案。 公司以技术研发为主导，是一家拥有大批量交付能力的电子设备 可靠性综合解决方案服务商。公司针对电子设备普遍存在的热管理、 电磁兼容、粘接与密封等问题，开发系 ...

Core Viewpoint - The termination of the share transfer agreement between the controlling shareholder and Yunnan International Trust is seen as a positive signal, indicating the controlling shareholder's confidence in the company's future development [2][10]. Group 1: Share Transfer Agreement - On May 9, Feirongda (300602.SZ) announced that the controlling shareholder, Ma Fei, reached an agreement with Yunnan International Trust to terminate the share transfer agreement, which involved the transfer of 29 million shares, accounting for 5% of the total share capital, at a price of 15.72 yuan per share, totaling nearly 460 million yuan [2]. - The purpose of the transfer was to introduce strategic investors who recognize the company's intrinsic value and future development potential, optimize the equity structure, and improve the financial structure of the actual controller [2]. - The agreement was originally proposed on November 25, 2024, but was terminated without any breach of contract responsibilities [2]. Group 2: Company Performance and Market Position - Feirongda has been a long-term supplier to Huawei since 1997, with sales to Huawei accounting for approximately 17% of the company's revenue in 2024 [15]. - The company's revenue has shown significant growth, with a compound annual growth rate (CAGR) of 13.9% from 2019 to 2024, and a 14.7% growth in Q1 2025, reaching 1.18 billion yuan [18][26]. - The main revenue contributors are thermal management materials, electromagnetic shielding materials, and lightweight materials, which accounted for 37%, 26%, and 14% of revenue in 2024, respectively [22]. Group 3: Financial Performance and Challenges - Despite revenue growth, the company's profit margins have not kept pace, with a significant drop in gross margins from 29.8% in 2019 to around 17% in recent years [34][41]. - The company has faced challenges such as rising raw material costs and increased competition, leading to a decline in profitability [37][68]. - Feirongda has been reliant on capital markets for funding, raising a total of 2.07 billion yuan through equity financing since its listing, indicating a struggle to generate sufficient cash flow from operations [86][90]. Group 4: Market Dynamics and Competition - The market for electromagnetic shielding and thermal management materials is growing, driven by increased demand in consumer electronics, telecommunications, and new energy sectors [17][68]. - However, the industry is characterized by low concentration and intense competition, with Feirongda holding less than 10% market share in the thermal management materials sector [69]. - The company faces pressure from larger international competitors and must navigate a landscape where pricing pressures are increasing due to the proliferation of manufacturers [72][74].