11月20日，炬华科技盘中下跌2.05%，截至14:02，报16.75元/股，成交2.01亿元，换手率2.37%，总市值 86.13亿元。 炬华科技所属申万行业为：电力设备-电网设备-电工仪器仪表。所属概念板块包括：小盘、虚拟电厂、 特高压、智能电网、电力物联网等。 截至11月10日，炬华科技股东户数2.95万，较上期增加1.20%；人均流通股16941股，较上期减少 1.18%。2025年1月-9月，炬华科技实现营业收入12.50亿元，同比减少19.14%；归母净利润4.80亿元，同 比减少11.45%。 分红方面，炬华科技A股上市后累计派现11.57亿元。近三年，累计派现6.64亿元。 机构持仓方面，截止2025年9月30日，炬华科技十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股756.74万股，相比上期减少780.31万股。南方中证1000ETF（512100）位居第九大流通股 东，持股328.86万股，相比上期减少4.57万股。华夏中证1000ETF（159845）位居第十大流通股东，持 股195.61万股，为新进股东。 责任编辑：小浪快报 资金流向方面，主力资金净流出2190.83万 ...

11月14日，炬华科技跌5.12%，截至发稿，报17.96元/股，成交4.91亿元，换手率5.39%，总市值92.35亿 元。 截至发稿，陆杨累计任职时间2年114天，现任基金资产总规模3.19亿元，任职期间最佳基金回报 57.44%， 任职期间最差基金回报45.79%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，鑫元基金旗下1只基金重仓炬华科技。鑫元专精特新混合A（015071）三季度持有股数43.62 万股，占基金净值比例为6.1%，位居第三大重仓股。根据测算，今日浮亏损失约42.31万元。 鑫元专精特新混合A（015071）成立日期2022年6月17日，最新规模9696.46万。今年以来收益35.99%， 同类排名2370/8140；近一年收益29.65%，同类排名2264/8056；成立以来亏损29.42%。 鑫元专精特新混合A（015071）基金经理为陆杨。 资料显示，杭州炬华科技股份有限公司位于浙江省杭州市余杭区仓前街道仓兴 ...

11月12日，炬华科技跌5.18%，截至发稿，报18.50元/股，成交18.63亿元，换手率18.57%，总市值95.12 亿元。 资料显示，杭州炬华科技股份有限公司位于浙江省杭州市余杭区仓前街道仓兴街1099号，成立日期2006 年4月6日，上市日期2014年1月21日，公司主营业务涉及智慧计量与采集系统、智能电力终端及系统、 物联网智能水表、智能配用电产品及系统、智能充电设备、物联网传感器及配件等物联网产品和综合能 源服务解决方案。主营业务收入构成为：智慧计量与采集系统80.26%，物联网通讯、传感器及配件 9.11%，智能电力终端及系统5.11%，智能流量仪表及系统3.38%，智能配用电产品及系统1.26%，其他 0.89%。 责任编辑：小浪快报 鑫元专精特新混合A（015071）基金经理为陆杨。 截至发稿，陆杨累计任职时间2年112天，现任基金资产总规模3.19亿元，任职期间最佳基金回报 54.38%， 任职期间最差基金回报45.18%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考， ...

11月12日，炬华科技跌5.18%，截至发稿，报18.50元/股，成交18.63亿元，换手率18.57%，总市值95.12 亿元。 华夏中证1000ETF（159845）基金经理为赵宗庭。 截至发稿，赵宗庭累计任职时间8年212天，现任基金资产总规模3558.65亿元，任职期间最佳基金回报 122.78%， 任职期间最差基金回报-32.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，杭州炬华科技股份有限公司位于浙江省杭州市余杭区仓前街道仓兴街1099号，成立日期2006 年4月6日，上市日期2014年1月21日，公司主营业务涉及智慧计量与采集系统、智能电力终端及系统、 物联网智能水表、智能配用电产品及系统、智能充电设备、物联网传感器及配件等物联网产品和综合能 源服务解决方案。主营业务收入构成为：智慧计量与采集系统80.26%，物联网通讯、传感器及配件 9.11%，智能电力终端及系统5.11%，智能流量仪表及系统3.38%，智能配用电 ...

Core Viewpoint - Juhua Technology is a leading provider of energy IoT solutions in China, focusing on smart metering and intelligent power terminals, with a strong technical and full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Juhua Technology achieved revenue of 1.25 billion yuan, ranking 4th in the industry, surpassing the industry average of 1.144 billion yuan and the median of 582 million yuan [2] - The main business segment, smart metering and collection systems, generated 710 million yuan, accounting for 80.26% of total revenue [2] - The net profit for the same period was 488 million yuan, also ranking 4th in the industry, exceeding the industry average of 230 million yuan and the median of 120 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 14.42%, down from 16.98% year-on-year and significantly lower than the industry average of 30.70%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 43.36%, a decrease from 47.96% year-on-year but still above the industry average of 34.67%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.74% to 28,200, while the average number of circulating A-shares held per shareholder increased by 0.74% to 17,700 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [5] Group 4: Executive Compensation - The chairman of the company, Yang Guang, received a salary of 1.5062 million yuan in 2024, an increase of 545,300 yuan compared to 2023 [4]

Core Insights - On October 22, Juhua Technology's stock fell by 1.52% with a trading volume of 127 million yuan, indicating a decline in investor confidence [1] - The company reported a net financing outflow of 274,900 yuan on the same day, with a total financing and securities balance of 461 million yuan, which is high compared to historical levels [1] Financing Summary - On October 22, Juhua Technology had a financing buy-in amount of 22.72 million yuan, with a current financing balance of 461 million yuan, representing 5.78% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] Securities Lending Summary - On the same day, Juhua Technology repaid 800 shares in securities lending and sold 900 shares, with a selling amount of 14,000 yuan based on the closing price [1] - The remaining securities lending volume was 39,400 shares, with a balance of 611,100 yuan, also exceeding the 90th percentile of the past year [1] Company Overview - Juhua Technology, established on April 6, 2006, and listed on January 21, 2014, specializes in smart metering and collection systems, smart power terminals, IoT smart water meters, and related products [2] - The company's revenue composition includes 80.26% from smart metering systems, 9.11% from IoT communications and sensors, and smaller contributions from other segments [2] Financial Performance - For the first half of 2025, Juhua Technology reported a revenue of 884 million yuan, a year-on-year decrease of 12.88%, while net profit attributable to shareholders increased by 1.00% to 344 million yuan [2] Shareholder Information - As of October 20, 2025, the number of shareholders increased by 1.58% to 28,700, with an average of 17,451 circulating shares per person, a decrease of 1.56% [2] - The company has distributed a total of 1.157 billion yuan in dividends since its A-share listing, with 664 million yuan distributed in the last three years [3]

Core Viewpoint - On October 20, Juhua Technology experienced a slight increase in stock price by 0.39%, with a trading volume of 118 million yuan, indicating active market participation and interest in the company's shares [1]. Financing Summary - On October 20, Juhua Technology had a financing buy-in amount of 17.43 million yuan and a financing repayment of 24.04 million yuan, resulting in a net financing outflow of 6.61 million yuan [1]. - As of October 20, the total financing and securities lending balance for Juhua Technology was 453 million yuan, which represents 5.65% of its circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company had a securities lending repayment of 0 shares and a securities lending sell-out of 800 shares on the same day, with a sell-out amount of 12,500 yuan, while the securities lending balance was 313,600 yuan, exceeding the 70th percentile level over the past year [1]. Business Overview - Juhua Technology, established on April 6, 2006, and listed on January 21, 2014, is based in Hangzhou, Zhejiang Province. The company specializes in smart metering and collection systems, smart power terminals and systems, IoT smart water meters, smart power distribution products and systems, smart charging equipment, IoT sensors and accessories, and comprehensive energy service solutions [2]. - The main revenue composition of Juhua Technology includes smart metering and collection systems (80.26%), IoT communications, sensors, and accessories (9.11%), smart power terminals and systems (5.11%), smart flow meters and systems (3.38%), smart power distribution products and systems (1.26%), and other sources (0.89%) [2]. Financial Performance - For the first half of 2025, Juhua Technology reported a revenue of 884 million yuan, reflecting a year-on-year decrease of 12.88%, while the net profit attributable to shareholders increased by 1.00% to 344 million yuan [2]. - Since its A-share listing, Juhua Technology has distributed a total of 1.157 billion yuan in dividends, with 664 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, the number of shareholders for Juhua Technology was 28,200, a decrease of 0.74% from the previous period, with an average of 17,727 circulating shares per person, which increased by 0.74% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 15.3705 million shares, a decrease of 3.3479 million shares from the previous period, while the Southern CSI 1000 ETF entered as a new shareholder with 3.3343 million shares [3].

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Juhua Technology, indicating a mixed sentiment in the market with a slight increase in stock price and notable financing activities [1][2] - On September 5, Juhua Technology's stock rose by 1.50%, with a trading volume of 154 million yuan. The net financing buy was negative at 780,800 yuan, indicating more repayments than new purchases [1] - As of September 5, the total margin balance for Juhua Technology was 424 million yuan, accounting for 5.29% of its market capitalization, which is above the 90th percentile of the past year, suggesting a high level of margin activity [1] Group 2 - As of August 29, the number of shareholders for Juhua Technology was 27,600, a decrease of 1.53% from the previous period, while the average circulating shares per person increased by 1.56% to 18,155 shares [2] - For the first half of 2025, Juhua Technology reported a revenue of 884 million yuan, a year-on-year decrease of 12.88%, while the net profit attributable to shareholders increased by 1.00% to 344 million yuan [2] - Since its A-share listing, Juhua Technology has distributed a total of 1.157 billion yuan in dividends, with 664 million yuan distributed over the past three years [3]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 18.15 [6][5]. Core Views - The company reported a revenue of RMB 884 million for H1 2025, a year-on-year decrease of 12.88%, while the net profit attributable to shareholders was RMB 344 million, an increase of 1.00% year-on-year. The decline in revenue is attributed to the impact of delivery schedules [1][2]. - The domestic smart meter market is currently experiencing a peak replacement cycle, with new standards expected to stabilize bidding volumes and potentially increase prices. The company is well-positioned to benefit from this trend [3][4]. - The company is actively expanding its overseas business, particularly in Europe, Africa, and Southeast Asia, which is expected to drive revenue growth. Additionally, the development of demand-side energy IoT business is anticipated to contribute to profit increments [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of RMB 451 million, a year-on-year decrease of 17.57%, while the net profit attributable to shareholders was RMB 170 million, down 25.93% year-on-year. The overall expense ratio decreased to 5.78% [2][5]. - The gross margin for H1 2025 was 43.08%, a decrease of 4.66 percentage points year-on-year, primarily due to price reductions in the domestic meter market [2]. Market Outlook - The report highlights that the new standards for smart meters are expected to lead to stable volumes and price increases, with larger companies likely to gain higher market shares during the initial phase of implementation [3][4]. - The demand for smart meters and related measurement and monitoring devices is projected to grow significantly due to the increasing reliance on flexible resource development [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted downwards by approximately 9.59%, 9.53%, and 8.27% respectively, with expected net profits of RMB 718 million, RMB 813 million, and RMB 907 million [5][9]. - The report assigns a PE ratio of 13 times for 2025, reflecting the company's higher elasticity in overseas markets [5][9].

Core Viewpoint - The company reported a revenue of 433 million yuan in Q1 2025, a year-over-year decrease of 7.40% and a quarter-over-quarter decrease of 10.29%, while net profit attributable to shareholders was 175 million yuan, showing a year-over-year increase of 56.05% and a quarter-over-quarter increase of 42.18% [1] Group 1: Financial Performance - The company achieved a gross profit margin of 42.52% and a net profit margin of 40.67% in Q1 2025, reflecting an increase of 1.13% and 17.36% year-over-year, indicating a significant improvement in profitability [2] - The company’s operating expenses ratio was 5.00%, with sales, management, financial, and R&D expense ratios at 2.67%, 3.01%, -5.76%, and 5.09% respectively, showing year-over-year changes of -0.23, -0.04, -2.98, and +1.47 percentage points [2] - Other income for the company was 40 million yuan, primarily due to an increase in government subsidies, and fair value changes resulted in a gain of 9.26 million yuan, a significant improvement from a loss of 40.62 million yuan in the same period last year [2] Group 2: Market Expansion - The company’s overseas market expansion has been successful, with exports of electric meters reaching 2.44 billion yuan in Q1 2025, a year-over-year increase of 8.4% [3] - The company has been actively developing markets in Africa, Southeast Asia, and Central Asia, which are expected to further drive revenue growth [3] - The domestic market is currently experiencing a peak in the replacement cycle for smart electric meters, with expectations that this cycle will continue until 2026 [3] Group 3: Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, estimating net profits of 794 million, 899 million, and 989 million yuan, with corresponding EPS of 1.54, 1.75, and 1.92 yuan, reflecting year-over-year growth rates of 19.49%, 13.21%, and 9.95% [4] - The company is assigned a target price of 18.48 yuan based on a 12x PE ratio for 2025, considering the accelerated breakthrough in overseas markets [4]