证券代码：688103 证券简称：国力电子 公告编号：2026-006 转债代码：118035 转债简称：国力转债 昆山国力电子科技股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以昆山国力电子 科技股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 ■ 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1.经营情况：2025年度公司实现营业收入132,316.20万元，同比增长66.98%；归属于母公司所有者的净 利润7,060.89万元，同比增长133.51%；归属于母公司所有者的扣除非经常性损益的净利润6,158.74万 元，同比增长236.91%。 2.财务状况：2025年末公司总资产262,795.30万元，较期初增长18.71 %；归属于母公司的所有者权益 113,010.19 ...

国力电子(688103.SH)发布2025年度业绩快报，2025年度公司实现营业收入13.23亿元，同比增长66.98%; 归属于母公司所有者的净利润7,060.89万元，同比增长133.51%。 影响经营业绩的主要因素(1)新能源汽车行业高景气度：下游市场需求持续增长，带动公司产品订单量 显著提升;(2)核心产品收入快速增长：公司控制盒、继电器等核心产品销售收入同比增速较快，盈利能 力增强;同时，公司在大科学工程及其它新兴应用领域的核心器件业务实现较大突破，相关产品的顺利 交付成为利润增长的新增动力;(3)成本与费用管控优化：降本增效的效应显现，运营效率提升，进一步 推动净利润增长。 ...

智通财经APP讯，国力电子(688103.SH)发布2025年度业绩快报，2025年度公司实现营业收入13.23亿 元，同比增长66.98%;归属于母公司所有者的净利润7,060.89万元，同比增长133.51%。 影响经营业绩的主要因素(1)新能源汽车行业高景气度：下游市场需求持续增长，带动公司产品订单量 显著提升;(2)核心产品收入快速增长：公司控制盒、继电器等核心产品销售收入同比增速较快，盈利能 力增强;同时，公司在大科学工程及其它新兴应用领域的核心器件业务实现较大突破，相关产品的顺利 交付成为利润增长的新增动力;(3)成本与费用管控优化：降本增效的效应显现，运营效率提升，进一步 推动净利润增长。 ...

格隆汇2月27日丨国力电子(688103.SH)公布2025年度业绩快报，2025年度公司实现营业收入13.23亿元， 同比增长66.98%；归属于母公司所有者的净利润7060.89万元，同比增长133.51%；归属于母公司所有者 的扣除非经常性损益的净利润6158.74万元，同比增长236.91%。 (1)新能源汽车行业高景气度：下游市场需求持续增长，带动公司产品订单量显著提升；(2)核心产品收 入快速增长：公司控制盒、继电器等核心产品销售收入同比增速较快，盈利能力增强；同时，公司在大 科学工程及其它新兴应用领域的核心器件业务实现较大突破，相关产品的顺利交付成为利润增长的新增 动力；(3)成本与费用管控优化：降本增效的效应显现，运营效率提升，进一步推动净利润增长。 影响经营业绩的主要因素： ...

Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between 68 million and 80 million yuan, representing an increase of 37.76 million to 49.76 million yuan compared to the previous year, which is a year-on-year increase of 124.89% to 164.57% [1] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between 60 million and 72 million yuan, an increase of 41.72 million to 53.72 million yuan year-on-year, reflecting a growth of 228.22% to 293.87% [1] Previous Year Performance - In 2024, the net profit attributable to shareholders of the parent company was 30.24 million yuan, and the net profit excluding non-recurring gains and losses was 18.28 million yuan [2] Revenue Growth Factors - The company anticipates a revenue of approximately 1.327 billion yuan for 2025, which is a year-on-year increase of about 67.55% [4] - Key factors for the profit growth include: - High demand in the new energy vehicle industry, leading to a significant increase in product orders [5] - Rapid revenue growth from core products such as control boxes and relays, along with breakthroughs in core components for large scientific projects and emerging applications [5] - Optimization of cost and expense management, enhancing operational efficiency [5]

Core Viewpoint - Guokai Electronics has announced its 2025 annual performance forecast, expecting significant growth in net profit and revenue driven by strong demand in the new energy vehicle sector and effective cost management [4][5]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 68 million to 80 million yuan for 2025, representing an increase of 38 million to 50 million yuan compared to the previous year, which is a substantial year-on-year growth of 124.89% to 164.57% [4]. - The forecasted net profit after deducting non-recurring gains and losses is expected to be between 60 million to 72 million yuan, an increase of 42 million to 54 million yuan year-on-year, translating to a growth of 228.22% to 293.87% [4]. - The projected operating revenue for 2025 is approximately 1.327 billion yuan, reflecting a year-on-year increase of about 67.55% [4]. Business Strategy and Market Position - Guokai Electronics is focusing on a dual development strategy in special and civilian products, with stable delivery in special business and effective transformation in the new energy sector [4][5]. - The company has seen a significant increase in product orders due to the booming demand in the downstream new energy vehicle industry [5]. - Key products such as control boxes and relays have experienced rapid sales growth, contributing to enhanced profitability [5]. Production Capacity and Future Plans - The company is investing 142.5 million yuan in a project to expand the production capacity of high-end electronic vacuum devices and integrated systems, expected to be operational by 2027 [6]. - Guokai Electronics has received a notification from a well-known foreign automotive manufacturer for the supply of modular lightweight distribution devices, set to commence in the fourth quarter of 2025 [6]. Research and Development Focus - The company plans to increase R&D investment to enhance the performance of existing electronic vacuum devices in high voltage, high frequency, and high power applications [7]. - Future technological advancements will focus on three core areas: semiconductor equipment, new energy vehicles, and cutting-edge fields such as large scientific projects and commercial aerospace [7]. Legal Matters - Guokai Electronics is currently involved in a lawsuit regarding alleged patent infringement related to its DC contactor products, with a claim amounting to 60 million yuan. The company believes the patents in question are invalid and is preparing a defense [7]. Stock Performance - As of January 15, the stock price of Guokai Electronics closed at 68.4 yuan per share, reflecting a 2.86% increase, with a total market capitalization of 6.52 billion yuan [8].

Group 1 - The core viewpoint of the article is that Guokai Electronics (688103) expects a significant increase in net profit for the fiscal year 2025, projecting a profit of 68 million to 80 million yuan, which represents a year-on-year growth of 124.89% to 164.57% [1] - The growth in profit is attributed to the high demand in the new energy vehicle industry, which has led to a substantial increase in product orders for the company [1] - The sales revenue of core products such as control boxes and relays has seen rapid year-on-year growth, enhancing the company's profitability [1]

Core Viewpoint - Guokeli Electronics expects a significant increase in net profit for 2025, projecting a range of 68 million to 80 million yuan, representing a year-on-year growth of 124.89% to 164.57% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between 60 million and 72 million yuan, with a year-on-year increase of 228.22% to 293.87% [1] - Estimated total revenue for 2025 is approximately 1.327 billion yuan, reflecting a year-on-year growth of about 67.55% [1] Business Strategy - The company is pursuing a dual-line development strategy focusing on special business and civilian products, with stable delivery of special business control boxes and an expanding market share in the new energy sector [1] - The successful delivery of core components in large scientific projects and other emerging application areas has contributed to profit growth [1] Market Dynamics - The high demand in the new energy vehicle industry is driving a significant increase in product orders for the company [1] - Rapid revenue growth from core products such as control boxes and relays has enhanced profitability [1] Operational Efficiency - The company has optimized cost and expense management, leading to improved operational efficiency and further net profit growth [1]

Group 1 - The company reported a revenue of 937 million yuan for the first three quarters of 2025, representing a year-on-year increase of 71.23%, and a net profit attributable to shareholders of 56 million yuan, up 111.21% year-on-year [1] - In Q3 2025, the company achieved a revenue of 368 million yuan, reflecting a year-on-year growth of 72.38% and a quarter-on-quarter increase of 8.61%, with a net profit attributable to shareholders of 20 million yuan, up 71.45% year-on-year but down 16.52% quarter-on-quarter [1] - The growth in performance is attributed to strong demand in the new energy vehicle industry, significant revenue growth from core products, and effective cost and expense control [1] Group 2 - The company has made long-term technological accumulation and strategic layout in vacuum active devices for large scientific engineering applications, focusing on products like hydrogen thyristors and high-power fast-tuning tubes, which are in critical stages of R&D and customer validation [2] - The company is concentrating R&D resources on high-barrier products like cyclotron tubes and has established stable partnerships with leading domestic research institutions to advance the development and testing of engineering prototypes [2] - The company expects net profits attributable to shareholders to reach 91 million yuan, 193 million yuan, and 266 million yuan from 2025 to 2027, with corresponding EPS of 0.95, 2.03, and 2.79 yuan, and PE ratios of 68.8, 32.3, and 23.5 times [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown rapid growth in performance, with a focus on deepening its layout in large scientific projects [7] - The expected net profit for the company from 2025 to 2027 is projected to be 0.91 billion, 1.93 billion, and 2.66 billion respectively, with corresponding EPS of 0.95, 2.03, and 2.79 [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 937 million, a year-on-year increase of 71.23%, and a net profit attributable to shareholders of 56 million, up 111.21% year-on-year [7] - The gross profit margin for the first three quarters was 26.74%, a decrease of 1.13 percentage points year-on-year [7] - The company’s revenue for Q3 2025 was 368 million, representing a year-on-year increase of 72.38% and a quarter-on-quarter increase of 8.61% [7] - The net profit for Q3 2025 was 20 million, a year-on-year increase of 71.45% but a quarter-on-quarter decrease of 16.52% [7] Revenue and Profit Forecast - Revenue is forecasted to grow from 692 million in 2023 to 2.30 billion in 2027, with a compound annual growth rate (CAGR) of 24.8% [6] - The net profit is expected to increase from 64 million in 2023 to 266 million in 2027, with a significant growth rate of 199.9% in 2025 [6] - The company's EPS is projected to rise from 0.67 in 2023 to 2.79 in 2027 [6] Market Position and Strategic Initiatives - The company is actively involved in the booming electric vehicle industry, which has led to a substantial increase in product orders [7] - The company is focusing on the development of vacuum active components for large scientific projects, including controllable nuclear fusion applications [7] - The company has established stable partnerships with leading research institutions in the field to advance the development and testing of engineering prototypes [7]