中邮证券研报指出，硕贝德业绩高增，盈利修复动能强劲。公司聚焦主业，深化与客户合作，天线、线 束及连接件、散热模组、智能传感模组发展持续向好。2025H1，天线业务多赛道发力，终端天线受益 于消费电子市场回暖实现出货量与净利润双增，笔电天线与核心客户深化协同并稳定交付高价值订单以 维持高毛利率，车载天线通过优化客户结构、推进新项目量产及实现4D毫米波雷达波导天线批量出 货，推动车载天线净利润同比倍数级增长；散热器件及模组业务，依托高价值SOC散热项目量产并持续 稳定交付，且处于快速上量阶段释放规模效应，同时前瞻布局两相流、液冷产品为长期发展奠定基础； 线束及连接件业务，紧抓新能源汽车产业发展契机，叠加内部精细化管理深化，客户认可度提升并实现 新获订单快速增长；智能传感模组业务，完成指纹模组业务剥离以聚焦核心赛道，越南工厂量产交付进 一步推动整体业务规模显著增长。首次覆盖给予"买入"评级。 ...

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2025-01 2025-03 2025-05 2025-08 2025-10 2025-12 -15% 1% 17% 33% 49% 65% 81% 97% 113% 129% 145% 硕贝德 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） | 27.29 | | --- | --- | | 总股本/流通股本（亿股）4.60 | / 4.40 | | 总市值/流通市值（亿元）126 | / 120 | | 52 周内最高/最低价 | 29.45 / 10.16 | | 资产负债率(%) | 66.4% | | 第一大股东 | 西藏硕贝德控股有限公 | | 司 | | 硕贝德(300322) 主业协同提效，成长动能充沛 l 投资要点 业绩高增，盈利修复动能强劲。2 ...

12月25日，硕贝德盘中下跌2.04%，截至09:54，报25.49元/股，成交5.78亿元，换手率5.12%，总市值 117.26亿元。 资金流向方面，主力资金净流出7997.88万元，特大单买入4453.76万元，占比7.70%，卖出8609.23万 元，占比14.88%；大单买入1.16亿元，占比20.05%，卖出1.54亿元，占比26.69%。 硕贝德今年以来股价涨94.43%，近5个交易日涨12.29%，近20日涨18.83%，近60日涨5.20%。 今年以来硕贝德已经4次登上龙虎榜，最近一次登上龙虎榜为8月7日，当日龙虎榜净买入5.33亿元；买 入总计7.14亿元 ，占总成交额比18.47%；卖出总计1.81亿元 ，占总成交额比4.68%。 硕贝德所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：先进封装、传感 器、无人机、无人驾驶、6G概念等。 截至9月30日，硕贝德股东户数8.80万，较上期增加49.30%；人均流通股5005股，较上期减少33.14%。 2025年1月-9月，硕贝德实现营业收入19.90亿元，同比增长50.25%；归母净利润5070.76万元，同比增长 ...

格隆汇12月22日丨硕贝德(300322.SZ)在投资者互动平台表示，公司主要提供天线（含卫通天线）、散 热器件模组、线束及连接件、智能传感模组等产品，产品广泛应用于消费电子、汽车、通信及AI等领 域。暂无太空相关计划。 ...

格隆汇12月22日丨硕贝德(300322.SZ)在投资者互动平台表示,公司主要提供天线（含卫通天线）、散热 器件模组、线束及连接件、智能传感模组等产品，产品广泛应用于消费电子、汽车、通信及AI等领 域。公司暂未给火箭及发射提供产品。 ...

Group 1 - The company, ShuoBeide (300322.SZ), primarily provides products such as antennas (including satellite antennas), thermal management modules, wiring harnesses and connectors, and smart sensor modules [1] - The products are widely used in various sectors including consumer electronics, automotive, telecommunications, and artificial intelligence [1]

Company Overview - Shuo Bei De Wireless Technology Co., Ltd. is located in Huizhou, Guangdong Province, established on February 17, 2004, and listed on June 8, 2012. The company specializes in the research, production, and sales of wireless communication terminal antennas [1][2] - The main business revenue composition includes antennas (50.50%), wiring harnesses and connectors (26.34%), smart sensor modules (13.73%), heat dissipation devices and modules (8.86%), and others (0.57%) [1] Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 1.99 billion yuan, a year-on-year increase of 50.25%, and a net profit attributable to shareholders of 50.71 million yuan, a year-on-year increase of 1290.66% [2] - Since its A-share listing, the company has distributed a total of 116 million yuan in dividends, with no dividends distributed in the past three years [3] Stock Market Activity - As of November 18, the company's stock price decreased by 2.04%, trading at 22.09 yuan per share, with a total market capitalization of 10.162 billion yuan [1] - The stock has increased by 68.50% year-to-date, but has seen a decline of 2.69% over the last five trading days, 3.20% over the last twenty days, and 22.46% over the last sixty days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 7, where it recorded a net purchase of 533 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 49.30% to 88,000, with an average of 5,005 circulating shares per person, a decrease of 33.14% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder, holding 3.0145 million shares, a decrease of 8.4168 million shares compared to the previous period [3]

Core Viewpoint - The stock of ShuoBeide has experienced fluctuations, with a year-to-date increase of 81.08% and a recent decline over the past 20 days, indicating volatility in its market performance [1][2]. Company Overview - ShuoBeide Wireless Technology Co., Ltd. is located in Huizhou, Guangdong Province, and was established on February 17, 2004. It was listed on June 8, 2012. The company specializes in the research, development, production, and sales of wireless communication terminal antennas [1]. - The main revenue components of the company include antennas (50.50%), wiring harnesses and connectors (26.34%), smart sensor modules (13.73%), heat dissipation devices and modules (8.86%), and others (0.57%) [1]. Financial Performance - For the period from January to September 2025, ShuoBeide achieved a revenue of 1.99 billion yuan, representing a year-on-year growth of 50.25%. The net profit attributable to the parent company was 50.71 million yuan, showing a significant increase of 1290.66% [2]. - Since its A-share listing, ShuoBeide has distributed a total of 116 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders of ShuoBeide reached 88,000, an increase of 49.30% compared to the previous period. The average number of circulating shares per shareholder decreased by 33.14% to 5,005 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder, holding 3.01 million shares, a decrease of 8.42 million shares from the previous period [3]. Market Activity - On October 28, ShuoBeide's stock price fell by 2.02%, trading at 23.74 yuan per share with a total transaction volume of 509 million yuan and a turnover rate of 4.81%. The total market capitalization is 10.92 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 7, where it recorded a net purchase of 533 million yuan [1].

Core Viewpoint - The company ShuoBeide (300322) reported significant growth in its Q3 2025 financial results, indicating strong performance in its core business areas [1] Financial Performance - Q3 2025 revenue reached 782 million yuan, representing a year-on-year increase of 53.05% [1] - Net profit for Q3 2025 was 17.17 million yuan, showing a remarkable year-on-year growth of 3052.98% [1] - For the first three quarters of 2025, total revenue amounted to 1.99 billion yuan, with a year-on-year growth of 50.25% [1] - Net profit for the first three quarters was 50.71 million yuan, reflecting a year-on-year increase of 1290.66% [1] Business Focus - The company has concentrated on its core business and deepened collaboration with clients [1] - Key product areas such as antennas, wiring harnesses and connectors, thermal modules, and intelligent sensor modules have shown continuous positive development [1]

Core Insights - On October 22, ShuoBeide's stock fell by 3.07%, with a trading volume of 420 million yuan [1] - The company experienced a net financing outflow of 532.19 million yuan on the same day, with a total financing balance of 616 million yuan, representing 6.05% of its market capitalization [1] - ShuoBeide's main business includes the development, production, and sales of wireless communication terminal antennas, with revenue contributions from antennas at 50.50%, harnesses and connectors at 26.34%, smart sensor modules at 13.73%, and heat dissipation components at 8.86% [1] Financial Performance - As of June 30, ShuoBeide reported a revenue of 1.208 billion yuan for the first half of 2025, marking a year-on-year growth of 48.50% [2] - The net profit attributable to the parent company reached 33.53 million yuan, showing a significant increase of 981.11% compared to the previous period [2] - The company has distributed a total of 116 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 58,900, with an average of 7,485 circulating shares per person, a decrease of 2.45% from the previous period [2] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 11.4313 million shares, an increase of 9.1216 million shares from the previous period [2]