证券研究报告 | 公司动态点评 2025 年 06 月 30 日 台基股份（300046.SZ） 25Q1 归母同比扭亏为盈，高端市场收入占比稳步提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 320 | 354 | 402 | 478 | 537 | | 增长率 yoy（%） | -9.2 | 10.8 | 13.5 | 19.0 | 12.3 | | 归母净利润（百万元） | 31 | 25 | 46 | 55 | 61 | | 增长率 yoy（%） | 57.8 | -18.8 | 81.8 | 20.2 | 11.3 | | ROE（%） | 2.8 | 1.9 | 3.8 | 4.3 | 4.6 | | EPS 最新摊薄（元） | 0.13 | 0.11 | 0.19 | 0.23 | 0.26 | | P/E（倍） | 267.2 | 329.0 | 180.9 | 150.6 | 135.3 | | P/B（倍） | 7.6 | 7.5 ...

Group 1 - The core point of the news is the transfer of 32.0369% equity of Xinyiyuan by the actual controller of Taiji Co., Ltd. to Changjiang Industrial Group, which will become the controlling shareholder of Xinyiyuan and indirectly hold 8.43% of Taiji Co., Ltd. [1][2] - The transfer price for the equity is set at 74.59 yuan per share, totaling 430 million yuan, and after the transaction, Changjiang Industrial Group will hold 26.32% of the voting rights in Taiji Co., Ltd. [2] - Following the resumption of trading, Taiji Co., Ltd.'s stock opened 11% higher and later rose by 9.28%, reaching a market capitalization of approximately 8.22 billion yuan [2] Group 2 - Changjiang Industrial Group aims to integrate semiconductor industry resources in Hubei Province and build a semiconductor industry cluster through this acquisition [2] - Taiji Co., Ltd. focuses on the power semiconductor industry, with a full industrial chain capability in core products such as thyristors and IGBTs, and plans to develop new devices by 2025 [3] - In terms of performance, Taiji Co., Ltd. reported a revenue of 354 million yuan in 2024, a year-on-year increase of 10.76%, but a decline in net profit by 18.77% to 25.29 million yuan [3]

Core Viewpoint - The actual controller of Taiji Co., Ltd. has changed to the Hubei Provincial State-owned Assets Supervision and Administration Commission following the transfer of shares to Changjiang Industrial Group, which now holds control over the company through its stake in Xinyiyuan [2][3][4]. Group 1: Share Transfer and Control Change - On June 19, Taiji Co., Ltd. announced that its actual controller, Xing Yan, along with 29 other individuals, transferred 32.0369% of their shares in Xinyiyuan to Changjiang Industrial Group, while also entrusting the voting rights of the remaining shares to Changjiang [2][4]. - After the completion of this equity change, Changjiang Industrial Group became the controlling shareholder of Xinyiyuan, thus obtaining control over Taiji Co., Ltd. indirectly [2][4]. - The total transfer price for the shares was set at 4.3 billion yuan, with a per-share price of 74.59 yuan [4]. Group 2: Company Overview and Financial Performance - Taiji Co., Ltd. specializes in the research, manufacturing, and sales of power semiconductor devices, including products like thyristors, rectifiers, IGBTs, and power semiconductor modules [5]. - In 2024, the company reported revenue of approximately 354 million yuan, reflecting a year-on-year growth of 10.76%, while the net profit attributable to shareholders decreased by 18.77% to 25.29 million yuan [5]. Group 3: Strategic Goals of Changjiang Industrial Group - Changjiang Industrial Group aims to integrate semiconductor industry resources in Hubei Province through this acquisition, fostering the development of a semiconductor industry cluster [7]. - The group plans to enhance the competitive position of Taiji Co., Ltd. in the power semiconductor sector, focusing on expanding its product offerings in IGBT, MOSFET, and third-generation semiconductors like SiC and GaN [8]. - Following the acquisition, Changjiang Industrial Group will control six listed companies, diversifying its portfolio across various industries including biomedicine, optoelectronics, and new energy vehicles [8].

星标 ★ IPO日报 精彩文章第一时间推送 6月18日晚间，北京空港科技园区股份有限公司（下称"空港股份"，600463.SH）发布公告称，公司拟向 控股股东北京空港经济开发有限公司（下称"空港开发"）出售公司控股子公司北京天源建筑工程有限责 任公司（下称"天源建筑"）80%股权。 本次交易拟采用现金方式，交易完成后，公司将不再持有天源建筑股权。本次交易预计构成重大资产重 组。 受此消息影响，6月19日，公司股价涨停，收报10.95元。 AI制图 01/ 剥离建筑工程施工业务 公告显示，本次交易前，空港股份主营业务板块包括建筑工程施工、自持物业运营与物业管理以及在 2025年并入的园区供热服务。本次交易完成后，公司主营业务板块将不再包含建筑工程施工业务。 2024年，空港股份实现营业收入为4.82亿元，其中建筑施工板块营业收入约为3.51亿元，占公司整体营 业收入的70%以上，可以说是公司的核心业务。 2024年，空港股份归母净利润-0.96亿元，亏损主要是天源建筑经营亏损。 天源建筑2024年亏损9123.91 万元，经营活动现金流量-1743.02万元，亏损的主要原因为成本受市场、属地政府产业政策调整等因 ...

财报显示，2024年，台基股份实现营业总收入3.54亿元，同比增长10.76%；归母净利润2529.35万元，同比下降18.77%；扣非净利润4759.36万元，同比增长 88.94%；经营活动产生的现金流量净额为8391.96万元，同比增长17.52%。 此外，台基股份以网络远程的方式参加湖北辖区上市公司2025年投资者集体接待日时提及，于2025年5月19日成立了晶脉科技公司，晶脉科技由台基股份与 中国工程物理研究院流体物理研究所、湖北海普锐能企业管理合伙企业（有限合伙）、襄阳襄水云合企业管理合伙企业（有限合伙）共同投资设立，从事硅 基光触发多门极半导体开关科技成果产业化。 6月13日，湖北台基半导体股份有限公司（简称"台基股份"，300046）发布公告称，台基股份于6月12日收到控股股东襄阳新仪元半导体有限责任公司（简 称"新仪元"）及实际控制人邢雁通知，其近日正在筹划台基股份控制权变更相关事宜，该事项可能导致台基股份实际控制人发生变更。避免公司股价异常波 动，6月13日开市起停牌，预计停牌时间不超过2个交易日。 据公开信息，台基股份主营功率半导体器件的研发、制造、销售及服务，主要产品为大功率晶闸管、整 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 64.14% and a net profit increase of 157.84% compared to 2023 [20] - The first quarter of 2025 saw a revenue decline of 1.59%, with a net profit of 15.22 million, reflecting a year-on-year growth of 107.62% [4] - In 2024, government subsidies accounted for 68,000, representing a low proportion of net profit, indicating that the company does not overly rely on non-recurring gains [4] Group 2: Operational Efficiency - Employee count in 2024 increased by 8.5%, but revenue per employee decreased by 10.2%, prompting a need for better alignment of human resources with business transformation [2] - R&D expenses rose by 38% in 2024, but the capitalization rate fell to 15%, highlighting challenges in converting R&D investments into intangible assets [3] - The accounts receivable turnover days increased by 40 days, with 25% of accounts receivable aging over one year, raising concerns about customer credit risk [5] Group 3: Market Strategy - The sales expense ratio increased by 2.1 percentage points to 8.3% in 2024, with marketing efforts contributing positively to the growth of flexible DC product orders [6] - The company plans to enhance its market penetration for high-value products like IGBT modules, which currently account for less than 15% of revenue [19] - In 2024, related party transactions increased by 65%, but the overall proportion remains low, ensuring independence in transactions [8] Group 4: Debt and Cash Flow Management - Short-term borrowings increased by 90% in 2024, while long-term borrowings decreased by 50%, raising questions about short-term debt repayment pressure [13] - Operating cash flow decreased by 70% year-on-year, primarily due to changes in accounts receivable cycles, necessitating measures to stabilize cash flow [16] - Inventory turnover rate fell by 25%, with inventory levels rising by 35%, indicating potential issues with market demand or inventory management strategies [14] Group 5: Future Outlook and Innovation - The company is focusing on technology innovation, quality control, and market expansion to enhance overall competitiveness and achieve sustainable growth [7] - Plans to develop new products such as IGCT and FRD are underway, alongside market research for device products to meet market demands [19] - The company is committed to integrating ESG principles into its operations, aiming for sustainable high-quality development [22]

龙虎榜机构热股 今天机构龙虎榜上榜27只个股，净买入16只，净卖出11只。当日机构买入最多的个股前三位是：尤夫股 份（5209万）、三生国健（4350万）、长华化学（3222万）。 | 上榜热股 | | 实时涨跌幅 , 买/卖家数 , 机构净买额 , | | | --- | --- | --- | --- | | 尤夫股份 002427.SZ | +10.04% | 3/0 | +5209.34万 | | 3日 | | | | | 三生国健 688336.55 | +20.01% | 2/2 | +4350.28万 | | 长华化学 | +7.10% | 4/2 | +3222.82万 | | 301518 57 | | | | 尤夫股份 龙虎榜显示，今日3家机构净买入5209万。 公司超高分子量聚乙烯纤维项目设计产能为1600吨/年，目前尚处于建设初期阶段。据网传资料，超高 分子量聚乙烯纤维为人形机器人灵巧手潜在腱绳材料 龙虎榜知名游资 一、核聚变 百利电气 个股龙虎榜 核电公司的上游供应商，生产的阀门、焊材等产品已为中核、中广核、国核等核电设施配套；自由锻造 阀杆、阀瓣、热阀瓣应用于威海荣成石岛湾CAP1 ...

近年来，在全球能源转型与智能化浪潮快速发展的当下，功率半导体行业正经历着前所未有的 变革与机遇。 随着"双碳"目标的持续推进、可再生能源的大规模应用、新能源汽车的爆发式增长以及工业自动 化 和 大 数 据 中 心 的 快 速 发 展 ， 对 高 效 、 低 功 耗 、 可 靠 的 功 率 半 导 体 需 求 愈 发 迫 切 。 碳 化 硅 （SiC）、IGBT、MOSFET等关键产品与技术领域成为推动各行业转型升级的核心动力，迎来广 阔的发展空间。 瑞能半导体全球营销高级总监Daniel Lee向笔者强调，瑞能半导体致力于持续深耕高性能半导体 解决方案，以创新驱动产业升级，为市场和客户积极赋能，助力制造业智能化升级与碳中和目标 实现。 瑞能半导体携创新成果亮相2025慕展 据瑞能半导体大中华区销售总监于中豪介绍，瑞能始终专注于研发行业领先、广泛且深入的功率 半导体产品组合，公司主要产品包括SiC器件，可控硅整流器和晶闸管，快恢复二极管，TVS、 ESD，以及IGBT和模块等功率产品，广泛应用于消费电子、工业制造、新能源及汽车等领域， 在诸多产品类型和市场中均保持领先身位。 在此背景下，作为全球功率半导体领域的 ...

公司由西电所出资设立，继承了西电所多年来的技术累积。自1964年中国第一只整流管在西电所研发成 功后，西电所为我国电力半导体器件及其应用技术研究奠定了技术基础，我国七大整流器厂的技术基础 和发展都与西电所息息相关。 凭借先发优势，西电所在行业内建立起了较高的知名度与口碑，为客户资源的积累奠定了扎实的技术基 础。公司掌握了具有自主知识产权的高压晶闸管全压接技术、高压低温焊接技术以及终端结构设计等关 键技术，通过产品创新、技术创新，形成了特大功率电力半导体器件高端产品领域的核心竞争力。公司 拥有自主知识产权的特大功率电控晶闸管和特大功率光控晶闸管，成功应用于我国多个特高压直流输电 工程，并受到好评。 目前，公司已建成了世界一流水平的电力半导体器件研发生产基地，拥有一流的大功率半导体器件研 发、生产和测试试验设备。2024年公司研发投入946.72万元，占营业收入比重为4.94%。 4月14日晚间，派瑞股份（300831.SZ）发布2024年年度报告，公司2024年全年实现营业收入1.92亿元， 同比增长64.14%；实现归母净利润5677.52万元，同比增长157.84%；扣非净利润5225.60万元，同比增 长 ...