在消费电子领域，公司产品已直接或间接进入三星、小米、OPPO、联想等全球知名手机品牌商的供应 链，应用于其主力手机机型及TWS耳机等产品。同时，公司也与贝尔金（Belkin）等国际一线手机配件 厂商建立了稳固的合作关系，提供从芯片、模组到定制化充电解决方案的全方位服务。 在汽车电子这一新兴增长极，伏达半导体已与华阳集团、有感科技、立讯精密、腾龙股份等多家知名汽 车一级供应商达成合作。其车规级充电产品已搭载于比亚迪、小米汽车、蔚来、小鹏、赛力斯、长城、 吉利、奇瑞，以及本田、大众等国内外主流汽车品牌的多款车型中，展现出强大的市场渗透力与客户认 可度。 作为国家级专精特新"小巨人"企业，伏达半导体始终将研发创新视为发展基石。截至报告期末，公司已 累计获得94项专利，其中含金量最高的发明专利达88项，同时拥有32项集成电路布图设计专有权和14项 计算机软件著作权。这一系列知识产权构成了公司在高性能电源管理领域的坚实技术壁垒。 凭借深厚的技术积累、优异的产品性能以及快速的市场响应能力，伏达半导体已成功打入全球主流消费 电子与汽车供应链体系。 12月28日，中国证监会网站披露了国泰君安证券与海通证券关于伏达半导体（合肥 ...

中邮证券研报指出，信维通信经营业绩持续向好，端侧复苏释放增量，商业卫星深耕赋能。公司受益于 手机、眼镜、智能可穿戴设备等AI终端出货量提升，天线、无线充电模组、精密结构件等核心产品线 实现持续增长。作为国内泛射频领域的领军企业，公司在商业卫星领域的布局已形成独特优势，不仅持 续为低轨星座项目提供关键支持，还成功构建了涵盖材料研发到产品制造的全链路技术能力。公司已成 功切入北美新客户AI硬件供应链，为其智能终端提供天线、无线充电、精密结构件一体化解决方案， 后续将持续巩固商业卫星领域领先地位，深化与北美两大核心客户的合作绑定，同时在国内市场积极拓 展新势力商业卫星通信客户，把握行业发展机遇。维持"买入"评级。 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 -30% -22% -14% -6% 2% 10% 18% 26% 34% 42% 50% 信维通信 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 37.92 | | --- | --- | | 总股本/流通股本（亿股）9.68 | / 8.25 | | 总市值/流通市值（亿元）367 | / 313 | | 52 周内最高/最低价 | 38.96 / 18.20 | | 资产负债率(%) | 45.1% | | 市盈率 | 55.24 | | 第一大股东 | 彭浩 | 研究所 端侧复苏释放增量，商业卫星深耕赋能 l 投资要点 经营业绩持续向好。2025 年前三季度，公司实现营业收入 64.62 亿元，同比增加 1.07%；实现归母净利润 4.86 亿元，同比减少 8.77%； 实现扣非归母净利润 4.29 亿元，同比增加 4.69%。Q3 单季，公司实 现营业收入27.59亿元，同比增加4.20%；实现归母 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company demonstrates resilient growth with impressive revenue and net profit performance. In the first three quarters of 2025, it achieved operating revenue of 53.663 billion yuan, a year-on-year increase of 16.08%, and a net profit attributable to shareholders of 2.843 billion yuan, up 19.91% [5]. - The company has established a comprehensive platform for vertical integration across various materials, including glass, metal, and ceramics, enhancing its collaboration with leading global consumer electronics and smart automotive brands [6]. - The company is expanding its product matrix in the smart automotive sector, focusing on multifunctional glass applications, which are increasingly integrated into vehicles [8]. - Emerging application scenarios such as humanoid robots and AI glasses are identified as strong growth engines, with significant breakthroughs in production capabilities [9]. - The company plans to strategically acquire PMG International Co., LTD to enhance its capabilities in AI computing hardware solutions, which will complement its existing manufacturing strengths [10]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 90.941 billion yuan, with net profits of 4.971 billion yuan, reflecting a growth rate of 37.17% [11]. - The company’s earnings per share (EPS) is expected to increase from 0.69 yuan in 2024 to 0.94 yuan in 2025, indicating a positive trend in profitability [11]. - The company maintains a healthy asset-liability ratio of 39.7%, with projections showing a gradual decrease to 35.3% by 2027 [14].

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有进入电动汽车无线充电领域吗？如果进 入了目前发展情况如何？ 奥海科技（002993.SZ）12月19日在投资者互动平台表示，您好，感谢您对公司的关注。公司已战略性 布局电动汽车无线充电领域，并取得了实质性技术突破。目前，公司的无线充电模组技术可应用于车载 内部场景。同时，在大功率无线充电技术研发方面，公司已成功实现650W的行业领先水平，为未来电 动车大功率无线充电应用奠定了坚实的技术基础。公司将持续深化相关技术研发与市场拓展。 ...

证券日报网讯12月19日，奥海科技（002993）在互动平台回答投资者提问时表示，公司已战略性布局电 动汽车无线充电领域，并取得了实质性技术突破。目前，公司的无线充电模组技术可应用于车载内部场 景。同时，在大功率无线充电技术研发方面，公司已成功实现650W的行业领先水平，为未来电动车大 功率无线充电应用奠定了坚实的技术基础。公司将持续深化相关技术研发与市场拓展。 ...

英伟达Rubin NVL144 迈向3.3 倍算力与全液冷时代 英伟达的服务器包括多种型号和平台，其中涵盖DGX 系列、HGX 模组服务器、使用GB200 芯片的液冷 服务器以及RTX PRO服务器等。2025 年9 月10 日，NVIDIA 宣布了专门用于大规模上下文处理的Rubin CPX，并披露了新一代AI 服务器。 " Vera Rubin NVL144 "定位于AI 训练与推理用途的旗舰产品，是英伟达Blackwell 架构的下一代产品， 计划于2026年下半年量产。其NVL144 型号算力可达前代产品的3.3 倍，且采用全液冷散热、无缆化设 计及M9 级覆铜板等尖端技术，单机柜产值实现翻倍增长。根据NVIDIA 最新公布的路线图，2027 年推 出升级版Rubin Ultra，其性能将是GB 300 NVL72的14 倍。 蓝思科技：从消费电子代工到AI 硬件生态构建者蓝思科技完成了其自成立以来最具颠覆性的业务重 构。作为以智能手机玻璃盖板代工闻名于全球供应链的企业，蓝思科技在其传统优势领域，通过技术升 级与价值提升，实现了智能汽车与消费电子业务的稳健增长与协同进化。在智能汽车方面，公司依托全 产 ...

筹划重要收购，完成AI 硬件赛道全面布局。2025 年12 月10 日，公司与吕松寿LEU，SONG-SHOW 签 订股权收购意向协议，拟以现金及其他合法方式购买其拥有的PMG International Co.,LTD.（裴美高国际 有限公司）100%股权，进而获得元拾科技95.12%股权。通过此次收购，公司将快速获得国内外特定客 户服务器机柜业务（涵盖机架、滑轨、托盘、Busbar 等组件）的成熟技术及客户认证，以及先进液冷 散热系统集成能力。这将与公司自身强大的精密结构件与"材料-模组-整机"垂直整合能力形成深度互补 协同，使得公司能够提供从核心部件到散热系统的更完整AI 硬件解决方案，大幅增强核心竞争力，为 公司开拓AI 算力基础设施新赛道、加速向全球AI 硬件创新平台转型注入强劲动能。 盈利预测与投资建议：公司作为智能终端全产业链一站式精密制造解决方案提供商，一方面具备以结构 件及功能模组核心技术为支撑的产业化能力体系，另一方面具备全产业链垂直整合能力，未来将深度受 益AI 技术发展，各条业务线预计全面增长。我们预计公司在2025/2026/2027 年分别实现营业收入 920/1164/1397 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [5]. Core Insights - The company is expanding into new business areas such as AI terminal hardware, commercial satellites, data centers, and robotics, which opens up significant growth potential [1][2]. - The company has successfully entered the North American AI hardware supply chain, providing comprehensive solutions for smart terminal products [2]. - The growth in AI technology is driving demand for the company's core products, including antennas and wireless charging modules [3]. - The company has adjusted its profit forecasts for 2025 and 2026, predicting a decline in net profit due to reduced government subsidies, but expects a recovery in 2027 [4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported revenue of 2.759 billion yuan, a year-on-year increase of 4.20%, and a net profit of 325 million yuan, a decrease of 1.77% [1]. - The gross margin for Q1-Q3 2025 was 21.53%, up 0.73 percentage points year-on-year, with Q3 showing a gross margin of 25.45%, an increase of 1.69 percentage points [1]. Revenue and Profit Forecast - The revenue forecast for 2025 is set at 9.618 billion yuan, with a growth rate of 10.00%, while the net profit is projected at 778 million yuan, reflecting a year-on-year decline of 11% [4]. - The company anticipates a net profit of 998 million yuan in 2027, corresponding to a price-to-earnings (P/E) ratio of 30X [4]. Product Development and Market Position - The company is focusing on high-strength R&D investments in core materials such as polymer, magnetic, ceramic, and thermal materials [3]. - It is actively developing various types of antennas and enhancing its capabilities in wireless charging technologies [3]. Market Dynamics - The global consumer electronics market is recovering, which supports the company's existing business while it explores new opportunities in AI and automotive sectors [1][2].

Core Insights - The company achieved a revenue of 53.663 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 16.08%, with a net profit attributable to shareholders of 2.843 billion yuan, up 19.91% [1] - The smartphone and computer business saw significant growth driven by the iPhone 17, with the company benefiting from its core glass cover and metal frame contributions [2] - The smart automotive sector is expanding with new product offerings, including ultra-thin laminated glass, and the company is enhancing its production capabilities [3] - The company is positioned as a leading platform in the smart terminal industry, integrating various components and embracing AI trends [4] - Profit forecasts indicate a net profit of 5.070 billion yuan in 2025, increasing to 8.182 billion yuan by 2027 [5] Smartphone and Computer Business - The iPhone 17 has seen a substantial increase in sales compared to the iPhone 16, solidifying the company's position in the supply chain [2] - The company’s metal frame business is benefiting from innovations in the iPhone 17 Pro series [2] - Future opportunities include the anticipated launch of the first foldable iPhone in 2026, where the company holds numerous patents in relevant technologies [2] Smart Automotive Business - The company has successfully expanded its product matrix in the smart automotive sector, introducing wireless charging modules and vehicle communication modules [3] - The introduction of ultra-thin laminated glass into domestic leading automotive manufacturers' production systems marks a significant achievement [3] - The company is relocating its Mexican factory to improve revenue and profit margins in the future [3] Other Innovative Businesses - The company is leveraging its full-chain integration capabilities in the emerging smart terminal market, covering various segments including AI glasses and intelligent retail [4] - Collaboration with Rokid for AI glasses has led to rapid sales growth and successful mass production [4] - The company is making substantial progress in the embodied intelligence sector, with core components being delivered in bulk [4]