立讯精密(002475.SZ) 业绩符合预期，三季报预增 推荐 ( 维持) 股价:42.95元 主要数据 公 司 报 告 电子 2025年08月26日 | 行业 | 电子 | | --- | --- | | 公司网址 | www.luxshare-ict.com | | 大股东/持股 | 立讯有限公司/37.67% | | 实际控制人 | 王来胜,王来春 | | 总股本(百万股) | 7,252 | | 流通A股(百万股) | 7,239 | | 流通B/H股(百万股) | | | 总市值(亿元) | 3,115 | | 流通A股市值(亿元) | 3,109 | | 每股净资产(元) | 10.23 | | 资产负债率(%) | 62.9 | 行情走势图 证券分析师 | 徐勇 | 投资咨询资格编号 | | --- | --- | | | S1060519090004 | | | XUYONG318@pingan.com.cn | | 杨钟 | 投资咨询资格编号 | | | S1060525080001 | | | yangzhong035@pingan.com.cn | 事项： 公 司 公 布 2025 年 ...

华阳集团 (002906 CH) Q2 营收增速强劲，毛利率环比+1.3pct | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 21 日│中国内地 | 汽车零部件 | 目标价(人民币): | 44.82 | 华阳集团发布半年报，2025 年 H1 实现营收 53.11 亿元（yoy+26.65%）， 归母净利 3.41 亿元（yoy+18.98%），扣非净利 3.23 亿元（yoy+16.53%）。 其中 Q2 实现营收 28.22 亿元（yoy+28.10%，qoq+13.36%），Q2 毛利率 环 比 +1.32pct 达 到 19.50% ， 归 母 净 利 1.86 亿元（ yoy+28.52% ， qoq+19.57%）。展望后续，公司或将持续受益于智能化浪潮并加快出海布 局，我们维持"买入"评级。 收入：增速持续跑赢大盘，新产品 VPD 率先量产 证券研究报告 1）Q2 公司营收同环比+28.10%/+13.36%，显著跑赢 Q2 国内乘用车产量 增速（同环比+1 ...

Core Viewpoint - Luxshare Precision's stock price increased by 0.42% to 38.17 yuan as of August 12, 2025, indicating positive market sentiment towards the company [1] Group 1: Company Overview - Luxshare Precision specializes in the research, production, and sales of connectors, cables, motors, and wireless charging products, serving various sectors including consumer electronics, communications, and automotive [1] - The company is a significant supplier within the consumer electronics supply chain [1] Group 2: Financial Performance - On August 11, 2025, Luxshare Precision announced adjustments to the exercise prices of its stock option incentive plans for the years 2019, 2021, 2022, and 2025, with new prices set at 12.85 yuan, 35.13 yuan, 29.72 yuan, and 25.15 yuan per share respectively [1] - On August 12, 2025, the net outflow of main funds for Luxshare Precision was 48.49 million yuan, accounting for 0.02% of its circulating market value [1] - Over the past five days, the net inflow of main funds was 565.72 million yuan, representing 0.2% of its circulating market value [1]

Core Viewpoint - Luxshare Precision is actively expanding its overseas capital market presence by planning an IPO in Hong Kong, reflecting a strategic move to enhance its market position in the consumer electronics sector [1]. Company Overview - As of August 4, 2025, Luxshare Precision's stock price closed at 36.24 yuan, down 1.09% from the previous trading day. The trading volume reached 2.891 billion yuan, with a turnover rate of 1.11% [1]. - The stock opened at 36.12 yuan, peaked at 36.39 yuan, and dipped to a low of 35.80 yuan, showing a volatility of 1.61% [1]. - Luxshare Precision is a significant player in the consumer electronics industry, focusing on the research, production, and sales of connectors, cables, motors, and wireless charging products. The company is headquartered in Guangdong and is part of the Shenzhen Special Economic Zone [1]. Market Activity - On August 4, 2025, the net outflow of main funds for Luxshare Precision was 124 million yuan, accounting for 0.05% of its circulating market value. Over the past five trading days, the cumulative net outflow reached 786 million yuan, representing 0.3% of its circulating market value [1]. - In July, a total of 17 A-share listed companies announced plans for their first IPOs in Hong Kong, marking a monthly record for the year. Luxshare Precision is among these companies, indicating its proactive approach to international market expansion [1].

Market Overview - Major A-share indices mostly closed higher, with the Shanghai Composite Index up 0.18% at 3461.15 points, and the Shenzhen Component Index up 1.17% at 10534.58 points[2] - The ChiNext Index rose 1.90% to close at 2164.09 points, while the STAR Market 50 Index increased by 0.24% to 984.95 points[2] - A total of 3270 stocks rose, while 1863 stocks fell, with 282 stocks remaining flat[2] Trading Volume and Sector Performance - The total trading volume for the Shanghai and Shenzhen markets was 13097 billion yuan, a decrease of 672.34 billion yuan compared to the previous trading day[2] - Leading sectors included electronics, electric equipment, pharmaceuticals, communications, and building materials, while coal, transportation, steel, oil and petrochemicals, banking, and real estate sectors lagged[2] Conceptual Sector Highlights - Top-performing concept sectors included circuit boards, expected growth in Wande, consumer electronics OEM, RF and antennas, Apple, AI mobile phones, TWS headphones, innovative drugs, wireless charging, servers, generic drugs, lithium battery electrolytes, and biotechnology[2]

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.

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]

Core Insights - Junsheng Electronics is experiencing a recovery in automotive safety profitability and has reached a new production cycle for automotive electronic technologies while actively expanding into robotics [1] - The company holds a leading market share in automotive safety and intelligent cockpit domain control, with record high orders ensuring future growth [1] Automotive Safety and Technology - Junsheng Electronics has a significant first-mover advantage in technology, ranking second globally in passive safety market share and fourth in intelligent cockpit domain control [1] - The company is expected to benefit from the EU's mandatory driver monitoring systems for new cars in 2024 and the evolution of China's cockpit monitoring solutions from single-function DMS to multi-functional and higher-value IMS systems [1] - Global human-machine interaction and cockpit domain control are projected to grow at annual rates of 14% and 22% respectively, reaching 357 billion and 148.3 billion by 2028 [1] - The global intelligent driving domain controller market is expected to grow at an annual rate of 38% to 63.5 billion from 2024 to 2028, while the global 5G T-Box market is projected to grow at 78% to 1.6 billion [1] Robotics and Strategic Partnerships - Junsheng Electronics is strategically positioning itself in the "automotive + robotics" sector by collaborating with companies like Zhiyuan to develop integrated hardware solutions [1] - The company has launched sensor kits, mechas, BMS, and wireless charging systems as part of its robotics initiatives [1] Financial Projections - Based on the value of its "automotive + robotics" moat and growth potential, Junsheng Electronics is projected to achieve net profits of 1.5 billion, 1.8 billion, and 2.2 billion for the years 2025 to 2027, with a compound annual growth rate of 31% [1]

Group 1: Company Performance - In 2024, the company achieved a total revenue of approximately 8.744 billion RMB, representing a year-on-year growth of 15.85% [3] - The net profit attributable to shareholders was around 662 million RMB, with a year-on-year increase of 26.89% [3] - R&D investment reached about 708 million RMB, accounting for 8.10% of the total revenue in 2024 [3] Group 2: Business Growth Drivers - Growth was primarily driven by domestic consumer electronics major clients, satellite communications, and newly launched acoustic business [3] - The company is focusing on developing its second growth curve, which includes new products, new industries, and new clients [4][5] Group 3: Strategic Focus - The company has a clear strategic layout, aiming to strengthen existing business advantages while expanding the second growth curve, including commercial satellite communication, smart vehicles, energy storage, AI, and robotics [5] - The company is optimistic about completing its performance targets for the year, projecting a 50% increase in net profit compared to 2023 [6] Group 4: R&D and Innovation - R&D efforts are concentrated on foundational materials and technologies, including high polymer materials, magnetic materials, ceramic materials, and thermal materials [6] - The company is actively involved in the application of technologies in flexible reconfigurable antennas, satellite communication phased array antennas, and millimeter-wave radar gap waveguide antennas [6] Group 5: Market Outlook and Challenges - The satellite business is considered a significant part of the second growth curve, with positive expectations for its development [6] - The company has made significant progress in high-precision connectors, particularly in high-speed connectors and magnetic connectors, expanding into commercial satellite communication and automotive sectors [7][8] Group 6: Financial Management - The company has adjusted its share repurchase plan, increasing the total amount from 200-400 million RMB to 300-600 million RMB, with a maximum price adjustment to 30 RMB per share [10] - Inventory management has improved, with a reduction in inventory turnover days from 141 days in 2023 to 94 days in 2024, leading to a decrease in inventory impairment provisions [11]