| | Trivest Advisors Limited Wang,Sunkey | | --- | --- | | | United Super Pty Wu,Xia | | | Y2 Capital Xiao,Robin | | 时间 | 2025年7月9日-10日 | | 地点 | 广东省惠州市东江高新科技产业园上霞北路1号华阳工业园 | | | A区集团办公大楼 | | 形式 | 现场调研、电话会议 | | 上市公司接待人员 | 董事会秘书 李翠翠 | | 姓名 | 证券专员 邱晓彤 | | | 一、参观华阳集团展厅 | | | 二、问答交流主要内容 | | | 1、公司汽车电子业务合资、国际车企客户开拓进展？ | | | 答：今年以来公司汽车电子业务相继获得Stellantis集团、 | | | 福特、大众安徽、一汽大众捷达、上汽大众、上汽奥迪、长安福 | | | 特、北京现代、东风悦达起亚等客户定点项目并有多个合资及国 | | | 际车企客户竞标中。屏显示、HUD、座舱域控、数字声学、车载 | | | 手机无线充电等多类汽车电子产品均取得合资、国际车企客户项 | | | 目定点。 | | | 2、 ...

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（港币） | 39.40 | | --- | --- | | 总股本/流通股本（亿股）11.99 / 11.75 | | | 总市值/流通市值（亿港 | 430 / 422 | | 币） | | | 52 周内最高/最低价 | 54.80 / 24.40 | | 资产负债率(%) | 50.50% | | 市盈率 | 24.69 | | 第一大股东 | Sapphire Hill Holdings | | | Limited | 瑞声科技(2018.HK) 携手初光，构建"感知-处理-输出"闭环生态 ⚫ 投资要点 收购初光 53.74%股权，开启车载感知技术发展新篇章。2025 年 3 月 28 日，瑞声科技间接全资附属公司瑞声（中国）投资集团有限公 司（瑞声投资）与河北初光汽车部件有限公司（初光汽车）、袁长作先 生及郑现杰先生（合称创始人）签署《股权转让及增资协议》，以人民 币 2.88 亿元收 ...

2025 年 07 月 06 日 美芯晟 (688458) ——光传感器芯片放量，dToF 突破扫地机器人 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 07 月 04 日 | | --- | --- | | 收盘价（元） | 45.86 | | 一年内最高/最低（元） | 48.25/20.00 | | 市净率 | 2.7 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 3,901 | | 上证指数/深证成指 | 3,472.32/10,508.76 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 16.72 | | 资产负债率% | 4.83 | | 总股本/流通 A 股（百万） | 112/85 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-04 08-04 09-04 10-04 11-04 12-04 01-04 02-04 03-04 04-04 05-04 ...

证券研究报告 | 策略点评 投资策略研究 粤开市场日报-20250703 2025年07月03日 投资要点 分析师:孟之绪 执业编号:S0300524080 邮箱: mengzhixu(a)ykzq.com 今日关注 指数涨跌情况:今日 A 股主要指数多数收涨。截止收盘,沪指涨 0.18%,收报 3461.15点;深证成指涨 1.17%,收报 10534.58点;科创 50 涨 0.24%,收报 984.95 点;创业板指涨 1.90%,收报 2164.09 点。总体上,全天个股涨多跌 少,Wind 数据显示,全市场 3270 只个股上涨,1863 只个股下跌,282 只个股 收平。沪深两市今日成交额合计 13097亿元,较上个交易日缩量 672.34亿元。 行业涨跌情况:今日申万一级行业涨多跌少,电子、电力设备、医药生物、 通信、建筑材料、纺织服饰等行业领涨,煤炭、交通运输、钢铁、石油石化、 银行、房地产等行业领跌。 板块涨跌情况:今日涨幅居前概念板块为电路板、万得预增、消费电子代工、 射频及天线、苹果、AI 手机、TWS耳机、创新药、无线充电、服务器、仿制 药、锂电电解液、生物科技等权、光模块(CPO)、 ...

Summary of the Conference Call for 英集芯 Company Overview - 英集芯 is focused on high-performance, high-quality analog-digital mixed chips, primarily in power management and fast charging protocol sectors [3][4]. Financial Performance - In 2020, 英集芯 achieved revenue of 1.43 billion CNY and a net profit of 124 million CNY [2][3]. - For Q1 2025, revenue was 306 million CNY with a net profit of 20 million CNY, with expectations for Q2 revenue to grow both year-on-year and quarter-on-quarter, targeting an annual growth rate of around 20% [2][3]. Product Structure - The product structure includes: - Mobile power products: ~30% - Fast charging protocol chips: ~26%-27% - TWS wireless Bluetooth earphone cases: ~10% - Automotive-grade products: ~11%-12% - BMS: ~7%-8% - Wireless charging: ~5%-6% [2][6]. Market Trends and Regulations - The new 3C certification for power banks is expected to drive a significant market refresh, enhancing average selling prices (ASP) and sales volume [5][10][26]. - The market for power banks is projected to see a surge in demand due to the new regulations, with a potential increase in orders and a shift towards higher-priced products [11][26]. Competitive Position - 英集芯 holds a competitive edge in the TWS earphone charging case market and is exploring opportunities in the AI glasses sector, although the market is not yet fully developed [4][12]. - The company has made significant progress in automotive-grade products, with revenue exceeding 100 million CNY and partnerships with major automotive brands [14][15]. Future Outlook - The company is optimistic about performance in the second half of 2025, driven by new product launches and increased production capacity expected to come online by Q3 or Q4 [27][28]. - 英集芯 is not migrating production overseas but is expanding domestic capacity to reduce costs and improve margins [28]. Industry Dynamics - The smartphone industry is undergoing changes, with fast charging technology and power management being critical areas for user experience improvement [25]. - The 3C certification is expected to enhance consumer focus on safety and quality in the power bank market, potentially leading to a shift towards higher-quality products [26]. Investment Considerations - 英集芯 is positioned as a leader in its niche market, with a positive outlook for future growth amid improving semiconductor demand [29]. Investors are encouraged to monitor the company's developments closely.

编号：2025-002 浙江万安科技股份有限公司 投资者关系活动记录表 | | ☑特定对象调研□分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访□业绩说明会 | | 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 | 山西证券贾国琛，中广云投资俞晓拯、李曙光，东方财富唐硕， | | | 华创证券李昊岚，上海昱奕资产马李仪 | | 及人员姓名 | | | 时间 | 2025 年 7 月 1 日 14:00-15:00 | | 地点 | 公司会议室 | | 上市公司接待 | 董事、财务总监、董事会秘书江学芳，证券事务代表何华燕 | | 人员姓名 | | | | 公司情况交流 | | | 1、问：公司副车架新增产能情况？ | | | 答:公司在安徽宁国新增的副车架生产基地已经投产，同时在广 | | | 西柳州扩建了厂房，也是用于副车架生产。后续将根据客户订 | | | 单情况，陆续投产。 | | 投资者关系活 | 2、问：公司海外布局情况？ | | 动主要内容介 | 答:公司在匈牙利设有研发中心， ...

6月25日下午，惠州市证券期货业协会会长黄珂亲自带队，携手部分会员单位，开启了上市公司参观交 流之旅的首站——华阳集团（002906）。此次活动吸引了兴业证券惠州分公司、国信证券惠州分公司、 中信建投（601066）惠州营业部、瑞达期货（002961）惠州营业部等17家会员单位的积极参与。同时， 惠州市政府办公室金融一科蔡锋博士也亲临现场，带领两位清华大学实习生一同出席，为活动增添了浓 厚的学术与专业氛围。华阳集团高度重视此次交流，董事会秘书李翠翠女士与财务负责人彭子彬先生热 情接待了到访嘉宾，并全程参与了交流活动。 在正式参观华阳集团展厅前，双方进行了简短而富有成效的交流。华阳集团董事会秘书李翠翠对协会及 会员的到来表示热烈欢迎，并对公司概况及本次参观活动流程进行了简要介绍。她指出，近年来公司重 点围绕汽车智能化，轻量化进行产品布局，汽车电子业务涵盖智能座舱、智能驾驶、智能网联三大领 域，并已成为国内智能座舱领域产品线最丰富的企业之一。精密压铸业务拥有汽车关键零部件、精密 3C电子部件及工业控制部件等产品线，已成为国内压铸行业最具竞争力的企业之一。 随后，惠州市证券期货业协会会长黄珂发言。他首先对华阳集团的 ...

起因是日前北京多所高校提醒学生禁用有爆炸隐患的罗马仕充电宝。此后罗马仕、安克创新（300866.SZ）宣布主动召回了部分批次的充电宝。 近期以来，充电宝安全问题正在引发市场关注。 "暂停的原因会比较复杂。因为牵扯到供应链上很多供货的厂商。"接近安克创新供应链人士向信风表示，"3C认证是一个发生变动的过程，在整个 环节中如果有其中一个环节的某个相关方有问题，都可能会导致产品的认证证书出现变化。" 此外，另据安克创新向信风表示，所有面向消费者端的产品都具有3C认证。 除此之外，近期小米、绿联科技的部分充电宝3C认证资格亦处于暂停状态。 多个市场消息指出，充电宝的安全问题与电芯供应商安普瑞斯（无锡）有限公司（下称"安普瑞斯"）有关。 国家市场监督总局官网显示，目前安普瑞斯的产品3C认证均已被暂停或撤销。 这意味着，安普瑞斯旗下涉及需要3C认证的产品均已无法出厂销售。 据行业媒体差评硬件部消息，或是因为安普瑞斯把两个批次的电芯外包给了江西某代工厂生产。 但外包工厂违规替换了电池阴极与阳极间隔膜的原材料，导致电池正负极隔膜存在失效风险，最终引发移动电源爆炸。 安克创新在声明中承认部分电芯材料出现问题。 "因我们近期发现 ...

中国代表团圆满完成国际电信联盟无线电通信部门第一研究组及下设工作组会议参会任务 智通财经6月21日电，据工信部消息，6月9日至19日，国际电信联盟无线电通信部门（ITU-R）第一研 究组（SG1）及下设WP1A、WP1B、WP1C工作组会议在瑞士日内瓦召开。本次会议是2027年世界无线 电通信大会（WRC-27）研究周期内SG1及下设工作组的第三次会议。SG1主要负责频谱管理相关事 宜，下设频谱工程技术、频谱管理方法和经济策略、频谱监测三个工作组。本次会议重点围绕可见光通 信、无线充电、频谱可用性评估、频谱监测手册修订等热点议题开展讨论，审议并通过了3项建议书修 订和2项报告修订。我国代表团围绕无线充电对无线电通信业务的影响、频谱管理的经济问题、总辐射 功率外场测算等报告修订，以及频谱监测手册修订等事项提交了10篇文稿，全部被会议采纳，形成多项 输出成果，持续为国际频谱管理工作贡献中国力量。 ...

Company Overview - The company, Sensata Technologies, is a global leader in automotive exterior and body structural components, operating in 14 countries with 77 factories and 4 product lines (plastic parts, aluminum parts, metal trims, battery boxes) [1] - It serves over 70 automotive brands, including BMW, Mercedes-Benz, and Tesla, and has undergone three development phases: initial nurturing, lightweight transformation and globalization, and innovative development [1] - In 2020, the company restructured into four major business units and has become one of the largest suppliers of battery boxes and body structural components globally [1] Operational Turning Point - Capital expenditure is slowing down, indicating a clear trend of profit recovery [2] - The traditional main business has solidified its technical and customer advantages [3] - The metal trim segment is projected to generate revenue of 5.49 billion yuan in 2024, with a gross margin of 27.8% [3] New Business Development - The company has formed a strategic partnership with Zhiyuan Robotics, focusing on smart exteriors, electronic skin, integrated joint assemblies, and wireless charging, which may create new revenue growth opportunities [1] Financial Forecast - Revenue is expected to reach 27.1 billion yuan in 2025, 32.1 billion yuan in 2026, and 38.0 billion yuan in 2027, with net profit projected at 2.72 billion yuan, 3.19 billion yuan, and 3.74 billion yuan respectively [2] Capital Expenditure and Profitability - Capital expenditure as a percentage of revenue is expected to drop to 8% in 2024, the lowest in a decade, leading to positive free cash flow of 778 million yuan [3] - Gross margin is forecasted to rise to 28.94% in 2024, with net margin at 10.26% and ROE at 11.97%, benefiting from improved capacity utilization and cost control [3] Business Structure Optimization - Battery box revenue is projected at 5.34 billion yuan in 2024, accounting for 23.1% of total revenue, while traditional businesses (metal trims, plastics, aluminum) will maintain a combined revenue share of 70.3% [3] - The plastic segment is expected to generate 5.87 billion yuan in revenue with a gross margin of 25.1%, expanding into smart exterior integrated products [3] - The aluminum segment is projected to achieve revenue of 4.92 billion yuan with a gross margin of 33.3%, recognized by major clients like BMW and Tesla [3] Key Growth Drivers - The battery box business is expected to experience significant growth, particularly in the European market, with projected revenue of 5.338 billion yuan in 2024, driven by EU carbon emission policies [3] - The company has a competitive advantage in technology with its extrusion molding solution, which offers better airtightness and lower iteration costs compared to integrated die-casting [3] - Domestic market share is expected to rise to 15%-19% in 2023, positioning the company in the first tier, with localized operations reducing costs and fostering deep collaborations with clients like BMW and Daimler [3] - The gross margin for battery boxes is anticipated to improve to 21.43% in 2024, as capacity utilization increases, further enhancing profitability [3]