| |  特定对象调研  分析师会议 | | | --- | --- | --- | | | 媒体采访 业绩说明会   | | | 投资者关系活 动类别 |  新闻发布会  路演活动 | | | | 现场参观 电话会议   | | | |  其他 （请文字说明其他活动内容） | | | 参与单位名称 及人员姓名 | 民生加银基金：范**；point72：秦**；天弘基金：申**；百川财 | | | | 富：唐*；上海人寿：方**；鑫然投资：庄**；浙商证券：翁**； | | | | 中信证券：周**；博道基金：罗*；兴业基金：刘**；莲鑫科技： | | | | 徐**；丞毅投资：胡**；长江证券：胡**；中邮保险：孟**；华夏 | | | | 未来：褚*；长城财富：杨**；磐厚动量：胡**；创金合信基金： | | | | 郭**；上海白犀私募：田**。 | | | 会议时间 | 年 8 月 25 日 | 2025 | | 会议地点 | 公司会议室、线上电话会议 | | | 上市公司接待 人员姓名 | 董事会秘书：刘雨田女士；证券事务代表：王家琪女士 | | | | 交流的主要问题与回复： | ...

本报讯 （记者李昱丞）8月23日，维峰电子（广东）股份有限公司（以下简称"维峰电子"）披露2025年 半年报。2025年上半年公司实现营收3.38亿元，同比增长40.19%；实现归母净利润5493.22万元，同比 增长16.52%。同时公司推出"每10股派现2元"的分红方案，既回报了股东，也传递出管理层对后续现金 流的信心。 2025年上半年，维峰电子工业控制连接器实现营业收入1.57亿元，同比增长16.48%。随着全球工业自动 化的逐步推进，公司积极把握市场机遇，从技术、市场、运营三大维度构建系统性战略。 上半年维峰电子汽车连接器实现营业收入8205.96万元，同比增长55.85%。公司通过控股子公司东莞市 维康汽车电子有限公司已完成汽车智能座舱系统、自动驾驶系统等高速连接器产品开发，上半年高频高 速连接器已有多款产品获客户定点并实现小批量出货，公司凭借在汽车连接器领域的技术优势，实现了 业务的有效协同，促进了汽车连接器业务的增长。 新能源板块，上半年实现营业收入9392.20万元，同比增长86.00%。在新能源领域，公司产品主要应用 在太阳能及风能逆变系统。公司战略性地设立控股子公司合肥维峰电子有限公司， ...

Core Viewpoint - The company, Shenglan Co., Ltd. (300843), has received approval from the China Securities Regulatory Commission to issue convertible bonds, aiming to raise up to 450 million yuan for the development of high-voltage connectors and components for new energy vehicles, as well as industrial control connectors [1] Company Summary - Shenglan Co., Ltd. specializes in the research, production, and sales of electronic connectors and precision components, particularly focusing on connectors for new energy vehicles [1] - In the first quarter of 2025, the company reported a total operating revenue of 337 million yuan and a net profit attributable to shareholders of 30.14 million yuan [1] Industry Summary - The high-voltage connector project is positioned within the upstream supply chain of the new energy vehicle industry, which is facing increasing market concentration, intensified competition, price pressures, and ongoing technological advancements that may affect future capacity absorption [1] - The competition in the industrial control connector sector is intensifying, with domestic manufacturers like Direction Electronics and Weifeng Electronics expanding their production scale in the industrial automation equipment sector, which may further squeeze market share for Shenglan's industrial control connector project [1]

Core Viewpoint - The Shenzhen Stock Exchange has expressed concerns regarding the reasonableness of the expected benefits from the fundraising projects of Shenglan Technology Co., Ltd. and whether previous fundraising efforts have met their expected outcomes [1][4]. Group 1: Fundraising and Project Details - Shenglan Technology plans to raise up to 450 million yuan through a public convertible bond issuance, aimed at two projects: "Research and Development of High Voltage Connectors and Components for New Energy Vehicles" and "Research and Development of Industrial Control Connectors" [5][6]. - The total investment for the "High Voltage Connector and Components for New Energy Vehicles" project is approximately 255.76 million yuan, with 255 million yuan expected to be funded from the raised capital. The project aims for an annual production capacity of 8 million pieces, with projected annual revenue of 428.62 million yuan and a gross profit margin of 28.62% [6][7]. - The "Industrial Control Connector Production R&D Project" has a total investment of 196.58 million yuan, with 195 million yuan from the fundraising. It aims for an annual production capacity of 48 million pieces, with projected annual revenue of 288.76 million yuan and a gross profit margin of 28.84% [7][9]. Group 2: Regulatory Scrutiny and Previous Fundraising Performance - The Shenzhen Stock Exchange has requested Shenglan Technology to clarify whether the current fundraising projects align with the main business and to justify the high gross profit margin predictions compared to existing products [8][11]. - Previous fundraising projects, such as the "New Energy Vehicle Battery Precision Structural Components Project," had a promised benefit of 16.27 million yuan, but actual benefits were 17.23 million yuan in 2023 and 2.46 million yuan in the first nine months of 2024, indicating that the expected benefits were met [11][12]. - The "High Frequency and High-Speed Connector Construction Project" had a promised benefit of 36.34 million yuan, with actual benefits of 7.06 million yuan in 2023 and 17.45 million yuan in the first nine months of 2024, while the "Automotive RF Connector Construction Project" had a promised benefit of 26.19 million yuan, with actual benefits of 2.02 million yuan and 2.34 million yuan in the same periods [11][12].

Core Viewpoint - The Shenzhen Stock Exchange's listing review committee has approved Shenglan Technology Co., Ltd.'s plan to issue convertible bonds, indicating compliance with issuance, listing, and information disclosure requirements [1] Group 1: Convertible Bond Issuance - Shenglan Technology plans to raise a total of up to RMB 450 million through the issuance of convertible bonds, which will be used for the research and development of high-voltage connectors and components for new energy vehicles, as well as industrial control connectors [1] - The convertible bonds will be issued to unspecified investors, including natural persons, legal entities, and qualified institutional investors, with a face value of RMB 100 per bond [2] - The interest rate for the bonds will be determined by the company's board of directors in consultation with the lead underwriter, based on national policies, market conditions, and the company's specific situation [2] Group 2: Underwriting and Management - Dongguan Securities Co., Ltd. is the lead underwriter for this issuance, with representatives Zhu Zeliang and Yang Guohui overseeing the process [2]

Group 1: Financial Performance - The company achieved steady revenue growth and rapid profit increase in 2024, driven by government policies and expansion in various business sectors, including consumer electronics and drones [2][3] - The projected total cash dividend for 2024 is approximately ¥21,281,632.19, with a distribution of ¥1.30 per 10 shares based on a total share capital of 163,704,863 shares [7] Group 2: Cost Control Measures - The company has implemented cost control measures through increased automation and comprehensive budget management, leading to improved economic operation quality [4] Group 3: Financing Plans - The company initiated a refinancing plan in 2024, aiming to raise up to ¥450 million through the issuance of convertible bonds, focusing on R&D and production of automotive and industrial connectors [5] Group 4: Overseas Operations - A production base has been established in Thailand to enhance support for overseas customers, with the first factory completed in January 2025 and the second factory expected to be operational soon [6]

Core Insights - The report highlights the coal industry facing weak demand and price declines, with a focus on the upcoming summer peak demand and potential recovery in non-electric coal usage [8][10][19] - The human-shaped robot industry is expected to enter a mass production phase in 2025, driven by advancements in AI and hardware, with significant investment opportunities emerging [10][13] - The container coating segment of the company has seen substantial growth, with revenue and sales reaching historical highs, indicating a positive trend in the market [12][14] Coal Industry Analysis - The coal market is experiencing a rise in inventory levels and a decline in prices, with the average price of thermal coal at 643 RMB/ton, down 2.13% week-on-week [8][10] - Metallurgical coal demand is expected to improve as the industry enters its traditional peak season, supported by recent monetary policy easing [8][10] - The report suggests that while coal prices are under pressure, the overall economic policies may stabilize the market, with a focus on companies with strong performance and attractive dividend yields [10][11] Company-Specific Insights - The report on 麦加芯彩 (603062.SH) indicates a significant increase in revenue and net profit for 2024, with container coatings and wind power coatings showing recovery in prices [12][14] - 淮北矿业 (600985.SH) reported a decline in revenue and net profit due to lower coal prices, but maintains a relatively high gross margin of 44.56% [16][19] - The company 晶升股份 (688478.SH) is facing challenges due to changes in product structure but is expanding into new application areas such as photovoltaics [20][21] Investment Recommendations - The report recommends focusing on undervalued companies with strong earnings support in the coal sector, particularly those with minimal non-coal business exposure [10][11] - For 麦加芯彩, projections indicate continued revenue growth through 2027, with a "buy" rating maintained based on strong market positioning [12][14] - The report suggests that companies like 容知日新 (688768.SH) are well-positioned for growth due to successful strategic initiatives and improved profitability metrics [27][28]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock's performance relative to the benchmark index [1][7]. Core Insights - The company is expected to experience a significant performance turnaround in Q1 2025 as adverse factors dissipate, leading to rapid growth in revenue and net profit [1][3]. - In 2024, the company achieved a revenue of 534 million yuan, a year-on-year increase of 9.77%, but the net profit decreased by 34.44% to 85 million yuan. However, Q1 2025 showed a strong recovery with a revenue of 145 million yuan, up 44.61%, and a net profit of 25.5 million yuan, up 39.99% [3][4]. Financial Performance Summary - For 2024, the company reported a revenue of 534 million yuan, with a slight increase in sales but a significant drop in net profit due to various adverse factors. The revenue from industrial control connectors, automotive connectors, and new energy connectors was 258 million yuan, 139 million yuan, and 131 million yuan respectively, with year-on-year changes of -3.51%, +15.71%, and +39.67% [3][4]. - The gross profit margin and net profit margin for 2024 were 41.06% and 16.57%, respectively, both showing a decline compared to the previous year. In Q1 2025, these margins improved to 40.17% and 18.62% [4][5]. - The company is projected to achieve revenues of 653 million yuan, 797 million yuan, and 963 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 123 million yuan, 145 million yuan, and 178 million yuan [7][9]. Production and Capacity Expansion - The company is actively advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center." The production capacity for precision connectors is expected to expand significantly, enhancing the company's ability to respond to market demand [5][6].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][7]. Core Views - The report highlights that unfavorable factors are gradually dissipating, leading to a key inflection point in the company's performance in Q1 2025 [1][3]. - The company experienced a significant revenue growth of 44.61% year-on-year in Q1 2025, alongside a 39.99% increase in net profit [3][4]. - The report anticipates steady revenue growth for the company, projecting revenues of 6.53 billion, 7.97 billion, and 9.63 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.23 billion, 1.45 billion, and 1.78 billion yuan [7][9]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 534 million yuan, a year-on-year increase of 9.77%, but a net profit decline of 34.44% to 85 million yuan [3][9]. - For Q1 2025, the company reported an operating revenue of 145 million yuan, with a basic earnings per share (EPS) of 0.23 yuan, reflecting a 35.29% year-on-year increase [3][4]. - The gross profit margin and net profit margin for 2024 were 41.06% and 16.57%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements in both margins [4][9]. Production and Capacity Expansion - The company is actively advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center" [5]. - The ongoing construction of the Kunshan Weikang high-end precision connector production project and the Thailand production base is expected to enhance production capacity and product line diversity [5]. Future Projections - The company is projected to achieve revenue growth rates of 22.2%, 22.0%, and 20.9% for the years 2025, 2026, and 2027, respectively [7][9]. - The expected EPS for the years 2025, 2026, and 2027 are 1.12 yuan, 1.32 yuan, and 1.62 yuan, with corresponding price-to-earnings (P/E) ratios of 35.4X, 30.1X, and 24.6X [7][9].