根据披露的机构调研信息2025年11月1日，泉果基金对上市公司立讯精密进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得39.42%。 截至2025年10月31日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A39.422022年10月18日 赵诣 016710泉果旭源三年持有期混合C38.882022年10月18日赵诣 018329泉果思源三年持有期混合 A33.302023年6月2日刚登峰 018330泉果思源三年持有期混合C32.782023年6月2日刚登峰 022223泉果消 费机遇混合发起式A30.952024年9月27日孙伟 019624泉果嘉源三年持有期混合A23.342023年12月5日钱 思佳 019625泉果嘉源三年持有期混合C22.842023年12月5日钱思佳 020855泉果泰然30天持有期债券 A3.712024年 ...

Investment Rating - Strongly recommended (maintained) with a target price of 90.0 CNY and a current stock price of 63.0 CNY [1] Core Insights - The company reported a revenue of 220.9 billion CNY for the first three quarters of 2025, a year-on-year increase of 24.69%, and a net profit attributable to shareholders of 11.52 billion CNY, up 26.92% year-on-year [1][20] - The company expects a full-year net profit range of 16.52-17.19 billion CNY, corresponding to a growth range of 23.59%-28.59% [1] - The third quarter saw a significant acceleration in revenue and profit growth, driven by strong performance in the Apple business and the integration of acquired assets [1][20] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 96.4 billion CNY, with a year-on-year increase of 31.03% and a quarter-on-quarter increase of 53.57% [1] - The gross profit margin for Q3 was 12.84%, reflecting improvements in business structure and profitability [1][20] - The company’s net profit margin increased to 5.63%, up 0.18 percentage points year-on-year [21] Business Segments - The company is focusing on three main business segments: consumer electronics, automotive, and data centers, with a strategy of "internal growth and external expansion" [7][9] - The automotive segment is expanding its market share in smart and electric vehicle components, with multiple new projects entering mass production [9][15] - The data center segment is experiencing explosive growth in demand for AI computing power, with significant progress in product development and customer acquisition [8][17] Strategic Outlook - The company is optimistic about the growth potential in AI-related hardware and plans to increase investments in emerging fields such as AI edge computing, data centers, and smart vehicles [1][8] - The integration of acquired companies, Leoni and Wenti, is progressing better than expected, enhancing operational efficiency and market competitiveness [15][31] - The company aims to leverage its vertical integration capabilities and global production layout to meet the increasing demand for high-precision components in the consumer electronics and automotive sectors [7][11] Future Projections - Revenue projections for 2025-2027 are set at 341.4 billion CNY, 440.0 billion CNY, and 560.9 billion CNY, respectively, with net profits expected to reach 17.0 billion CNY, 21.7 billion CNY, and 27.7 billion CNY [5] - The company anticipates that the AI computing segment will have the highest growth elasticity among its business units in the coming years [27]

Core Viewpoint - Linyang Intelligent Manufacturing is strategically expanding its automotive business by acquiring a 96.15% stake in Zhejiang Xianglong for 2.404 billion yuan, indicating a shift towards becoming a Tier 1 supplier in the automotive sector [1][2][3] Group 1: Acquisition Details - The acquisition involves Linyang Technology, a wholly-owned subsidiary, purchasing the stake for 2.404 billion yuan, which represents 12.09% of the company's audited net assets from the previous year [2] - Post-transaction, Zhejiang Xianglong will be included in Linyang's consolidated financial statements, with an assessed value of 2.51 billion yuan, reflecting a 203.55% increase in equity value [2] - Zhejiang Xianglong specializes in automotive components, serving major clients like Volkswagen, Toyota, BYD, and NIO, with projected revenues of 1.994 billion yuan and net profits of 127 million yuan for 2024 [2] Group 2: Strategic Intent - The transaction aims to deepen Linyang's presence in the automotive industry, enhancing its product matrix to align with trends in electrification and intelligence in vehicles [3] - The acquisition is part of a broader strategy to transition from a Tier 2 to a Tier 1 supplier, leveraging synergies with other recent acquisitions like Jiangsu Kedas [3] - Linyang has previously entered the automotive sector through acquisitions, including Zhejiang Jintai in 2021, indicating a long-term commitment to this market [3] Group 3: Diversification Efforts - Linyang has been diversifying its business beyond automotive, with significant investments in photovoltaic energy storage, thermal management, and robotics [5][6] - The company has established partnerships in the robotics sector, including collaborations with Hanson and Zhiyuan Innovation, aiming to become a key player in robot assembly [6] - Linyang's revenue from AI terminals constitutes about 90% of its income, while automotive and low-altitude economy sectors are emerging growth areas, contributing only 4.79% of total revenue in 2024 [10] Group 4: Financial Performance - Linyang reported a revenue of 37.59 billion yuan in the first three quarters of 2025, marking a 19.25% year-on-year increase, with a net profit of 1.941 billion yuan, up 37.66% [9] - Despite revenue growth, net profits have shown fluctuations from 2019 to 2024, indicating potential challenges in maintaining profitability amidst expanding operations [9][10] - The company’s reliance on a few major clients has increased, with sales to the top five clients rising from 36.62% in 2018 to 56.04% in 2024, highlighting a risk in customer concentration [8]

Core Insights - The company reported strong performance growth in Q3 2025, with significant increases in both quarterly and cumulative core financial metrics, supported by a strategic private placement of shares to fuel long-term development [1][3] Financial Performance - In Q3 2025, the company's revenue reached 285 million yuan, a year-on-year increase of 36.79% from 208 million yuan in the same period last year [1] - Cumulative revenue for the first nine months of 2025 rose to 670 million yuan, a substantial year-on-year growth of 57.93% from 425 million yuan [1] - The net profit attributable to shareholders for Q3 2025 was 32.99 million yuan, a remarkable year-on-year surge of 75.37% [2] - Cumulative net profit for the first nine months of 2025 reached 63.49 million yuan, reflecting a year-on-year increase of 52.21% [2] - The company's non-recurring net profit for Q3 2025 was 33.76 million yuan, with a year-on-year growth rate of 87.66% [2] - Cumulative non-recurring net profit for the first nine months of 2025 was 61.83 million yuan, up 56.54% year-on-year [2] - The net cash flow from operating activities improved significantly, turning from -37.16 million yuan in the previous year to 3.88 million yuan in the current year, an improvement of 110.45% [2] Investment and Strategic Initiatives - The company is progressing steadily with its strategic private placement, aiming to raise up to 466 million yuan, which will be allocated to four key areas: a cooling product project in Vietnam (369 million yuan), a liquid cooling R&D center (31.59 million yuan), an information system construction project (3.02 million yuan), and working capital (35 million yuan) [3] - The strategic placement aims to enhance overseas production capabilities, improve service efficiency, and capitalize on the growing demand in data centers and electric vehicles [3] Future Outlook - The company aims to become a global leader in reliable electronic system protection and thermal control technology, focusing on collaborative design in thermal management and waterproof sealing [4] - With the implementation of the private placement projects, the company expects to enhance its production capacity and R&D capabilities, positioning itself as a top-tier provider of cooling solutions in the rapidly growing thermal management materials industry [4]

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。 ①液冷服务器+人形机器人，散热产品供货国际知名客户，已形成AI服务器核心硬件的全流程服务能力， 这家公司产品可用于人形机器人； ②光刻胶+固态电池，光刻胶树脂产品、固态电池材料批量销售，这家 公司电子特气供应台积电。 ...

（文章来源：证券日报） 证券日报网讯苏州天脉10月15日在互动平台回答投资者提问时表示，公司暂未布局服务器市场液冷散热 件。凭借在热管理领域多年的技术积累，公司现有部分散热产品可应用于服务器场景。公司持续关注服 务器市场液冷散热件的技术动向与市场需求，未来将根据行业发展趋势灵活调整研发策略。 ...

格隆汇10月15日丨苏州天脉(301626.SZ)在互动平台表示，公司暂未布局服务器市场液冷散热件。凭借 在热管理领域多年的技术积累，公司现有部分散热产品可应用于服务器场景。公司持续关注服务器市场 液冷散热件的技术动向与市场需求，未来将根据行业发展趋势灵活调整研发策略。 ...

Group 1 - The core viewpoint of the articles highlights the positive impact of the ongoing AI wave on the performance of several listed companies, with significant revenue and profit growth expected in the third quarter of 2025 [1][2][3] Group 2 - Lingyi Technology (领益智造) forecasts a net profit of 1.89 billion to 2.12 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 34.1% to 50.42%, driven by new AI terminal products and increased overseas factory revenue [1] - The company emphasizes its focus on AI server opportunities, collaborating with global clients on cooling products for GPUs, CPUs, and AI applications, showcasing a comprehensive range of cooling solutions [1] Group 3 - Yuchip Technology (炬芯科技) anticipates a revenue of 721 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 54.5%, and a net profit of 151 million yuan, up 112.94% [2][3] - The company attributes its growth to the strong empowerment of AI technology, focusing on the AI transformation of edge products and increasing R&D investment [2] Group 4 - Yuchip Technology's product matrix is expanding due to the AI trend, with significant sales growth in edge AI processors and low-latency audio products, enhancing market penetration and collaboration with leading audio brands [3] - The company plans to continue enhancing its product competitiveness through increased R&D and market demand alignment [3] Group 5 - Feirongda (飞荣达) expects revenue of approximately 4.617 billion yuan for the first three quarters of 2025, a year-on-year growth of about 29.95%, and a net profit between 275 million and 300 million yuan, representing a growth of 110.8% to 129.96% [4] - The company attributes its revenue increase to the orderly advancement of AI server cooling-related business and strategic R&D investments in high-value products [4]

10月9日，鸿富瀚跌3.29%，成交额3.62亿元。两融数据显示，当日鸿富瀚获融资买入额6111.14万元， 融资偿还5129.42万元，融资净买入981.72万元。截至10月9日，鸿富瀚融资融券余额合计2.17亿元。 融资方面，鸿富瀚当日融资买入6111.14万元。当前融资余额2.17亿元，占流通市值的3.01%，融资余额 超过近一年90%分位水平，处于高位。 分红方面，鸿富瀚A股上市后累计派现2.91亿元。近三年，累计派现2.31亿元。 机构持仓方面，截止2025年6月30日，鸿富瀚十大流通股东中，大成中证360互联网+指数A（002236） 位居第六大流通股东，持股33.30万股，相比上期增加6.84万股。 责任编辑：小浪快报 融券方面，鸿富瀚10月9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，深圳市鸿富瀚科技股份有限公司位于广东省深圳市龙岗区宝龙街道宝龙社区拓新路11号鸿富 瀚科技大楼，成立日期2008年2月13日，上市日期2021年10月20日，公司主营业务涉及消费电子功能性 ...

Group 1 - The core viewpoint of the news highlights the significant trading activity and financial performance of Hongfuhuan Technology Co., Ltd. on September 25, with a notable increase in stock price and trading volume [1] - On September 25, Hongfuhuan's stock price rose by 7.75%, with a trading volume of 790 million yuan, and a net financing purchase of 21.36 million yuan [1] - As of September 25, the total margin balance for Hongfuhuan was 213 million yuan, accounting for 2.79% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Hongfuhuan was 12,400, a decrease of 7.25% from the previous period, while the average circulating shares per person increased by 57.06% to 3,817 shares [2] - For the first half of 2025, Hongfuhuan reported a revenue of 355 million yuan, representing a year-on-year growth of 9.37%, but the net profit attributable to shareholders decreased by 52.41% to 22.73 million yuan [2] - Since its A-share listing, Hongfuhuan has distributed a total of 291 million yuan in dividends, with 231 million yuan distributed over the past three years [2]