8月28日晚间，通业科技（300960.SZ）披露2025年半年度报告，上半年公司实现营业收入1.88亿元，同 比增长11.58%；归母净利润1888.32万元，同比增长32.84%。受益于国内外市场需求稳步增长，上半年 公司订单效率提升，产品结构持续优化，智能控制类产品毛利率同比提升13.47个百分点，带动公司整 体毛利率提升，实现营收与利润双增长。 目前公司正筹划以支付现金的方式，收购思凌科100%的股权，交易价格不高于6.70亿元。交易对手方 承诺思凌科2026—2028年累计净利润不低于1.6亿元。公司表示，思凌科主营业务为电网通信芯片及模 块，主要客户是国家电网等大型国央企，公司可以利用自身在轨道交通市场的优势，将高速电力载波通 信芯片技术运用在轨道交通电网系统当中，有效推动公司的战略布局，形成新的业务增长极。 下一步通业科技将借势中国产业链出海浪潮，积极拓展国际市场，努力构建双向驱动增长路径。一方 面，深度协同中车等战略合作伙伴，紧密追踪主机厂海外项目动态，推动公司优势产品协同出口，深 化"产品出海"模式；另一方面，着力强化自主国际营销能力，已成立海外营销中心并加速推进市场深 耕。同时，依托与德国 ...

下一步通业科技将借势中国产业链出海浪潮，积极拓展国际市场，努力构建双向驱动增长路径。一方 面，深度协同中车等战略合作伙伴，紧密追踪主机厂海外项目动态，推动公司优势产品协同出口，深 化"产品出海"模式；另一方面，着力强化自主国际营销能力，已成立海外营销中心并加速推进市场深 耕。同时，依托与德国领军企业的长期稳定合作，持续积累国际市场经验与本土化服务能力，为国际业 务的高质量拓展提供坚实支撑。(文穗) 8月28日晚间，通业科技（300960）(300960.SZ)披露2025年半年度报告，上半年公司实现营业收入1.88 亿元，同比增长11.58%；归母净利润1888.32万元，同比增长32.84%。受益于国内外市场需求稳步增 长，上半年公司订单效率提升，产品结构持续优化，智能控制类产品毛利率同比提升13.47个百分点， 带动公司整体毛利率提升，实现营收与利润双增长。 目前公司正筹划以支付现金的方式，收购思凌科100%的股权，交易价格不高于6.70亿元。交易对手方 承诺思凌科2026—2028年累计净利润不低于1.6亿元。公司表示，思凌科主营业务为电网通信芯片及模 块，主要客户是国家电网等大型国央企，公司可以利用自 ...

证券研究报告 | 2025年08月27日 立讯精密（002475.SZ） 优于大市 汽车和通信业务高增，前期收并购项目已完成 长期稳健成长，3Q25 业绩预告稳健成长。公司发布 1H25 业绩，实现营收 1245.03 亿(YoY +20.18%)，归母净利润 66.44 亿(YoY +23.13%)，毛利率 11.61%(YoY -0.1pct)，净利率 5.86%(YoY +0.3pct)。对应 2Q25 营收 627.15 亿(YoY +22.51%，QoQ +1.50%)，归母净利润 36.01 亿(YoY +23.09%，QoQ +18.30%)，毛利率 12.04%(YoY -0.65pct，QoQ +0.86pct)，净利率 6.25%(YoY +0.02pct，QoQ +0.78pct)。公司发布了 3Q25 业绩预告，预计实现归母净利 润 42.46~46.99 亿元(YoY +15.41%~27.74%)，增速中值为 22%。 完成闻泰科技 ODM 和 OEM 业务收购。7 月公司已完成对闻泰科技旗下产品集 成业务相关 9 家标的公司和资产收购。1 月 26 日立讯通讯完成收购闻泰通讯 持 ...

立讯精密（002475）今日晚间发布2025年上半年财报及前三季度业绩预告，各个板块都有亮点，业绩实 现稳健上扬。 热管理业务预计在2025年将实现营收和利润的翻倍增长，电源管理模块的电源产品已通过北美核心客户 认证并进入量产阶段，具备了一次、二次、三次电源能力，全方位提升了公司在通讯业务领域的综合实 力。 汽车业务延续了强劲的增长势头。汽车线束在高压、高速线束领域持续发力，2024年获得多个新项目定 点，并在2025年陆续实现量产；汽车连接器方面，高压产品稳定供货，低压、高速产品在主流车厂项目 中取得突破；智能控制领域除了EMS模式项目，自主研发产品也获得头部客户定点，预计在2025年第 四季度实现批量供货；2024年新布局的智能底盘产品线，在2025年有望实现从0到1的营收突破；动力系 统已实现批量稳定供货，并在2025年启动JDM合作模式，不断拓宽业务边界，提升市场份额。 展望2025年前三季度，立讯精密业绩增长预期依旧强劲。公司预计前三季度归母净利将达108.9亿元至 113.44亿元，同比增长20%至25%。其中，第三季度净利润预计为42.46亿元至46.99亿元，同比增长 15.41%至27.74 ...

资料来源：Wind 股价强势演绎的背后，通业科技2025年还将以6.7亿元收购思凌科半导体，剑指轨道交通电网通信芯片 的战略高地，有望打开从"设备供应商"到"系统解决方案商"的第二增长空间。在行业政策红利与技术升 级的双重驱动下，公司正迎来业绩与估值的双击窗口。 基于此，通业科技近年来业绩增长呈现加速趋势。 在轨道交通装备国产化的浪潮中，通业科技以"产品+服务+技术"的铁三角构建了独特的竞争壁垒。这家 深耕轨交电气领域20余年的企业，不仅实现了从电源供电到终端执行部件的全链条覆盖，更通过智能控 制产品的爆发式增长和高毛利率业务的稳定贡献，走出了"营收18.3%增长+净利润37.1%增长"的加速曲 线。 二级市场方面，通业科技股价2024年初以来的上升趋势未中断过，近期2025年4月8日至8月18日的一波 强势行情的累计增幅已经超过了140%，期间参与资金接近120亿元，目前股价虽有所调整，但呈明显缩 量态势，下跌势能接近尾声，上升大趋势并未受到影响。 多竞争壁垒成型的轨交稀缺标的 2024业绩增长提速成立于2000年12月的通业科技，是一家集轨道交通 机车车辆电气产品研发、设计、制造、销售及售后、维保服务于一 ...

Group 1: Mergers and Acquisitions Overview - During the period from August 15 to August 21, 2025, three listed companies announced new mergers and acquisitions: Zhenyang Development, Tongye Technology, and ST Jinggu, involving three M&A events across the basic chemicals, machinery equipment, and agriculture, forestry, animal husbandry, and fishery industries [1][9]. Group 2: Zhenyang Development - Zhenyang Development primarily engages in the research, production, and sales of chlor-alkali related products, with core products including chlor-alkali products, MIBK products, and PVC products. The chlor-alkali products are widely used in agriculture, electricity, petrochemicals, pharmaceuticals, metallurgy, new energy materials, light industry, textiles, and dyeing [2][10]. - In 2024, Zhenyang Development achieved a main business revenue of 2.898 billion yuan, representing a year-on-year growth of 37.06%, primarily driven by the production and sales of PVC products [2][10]. - The company is undergoing a stock swap merger with Zhejiang Huhangyong Expressway Co., Ltd., which plans to issue A-shares to Zhenyang Development's shareholders [2][10]. Group 3: Tongye Technology - Established in 2000, Tongye Technology specializes in the rail transit industry, with three core product lines: power products, intelligent control products, and motors and fans, covering various rail transit scenarios such as locomotives, subways, and high-speed trains [3][11]. - The company has a nationwide after-sales service network, providing regular maintenance and repair services to ensure the normal operation of equipment. It serves domestic clients like China Railway Corporation and China CRRC, while also exporting products to countries including Kazakhstan, Uzbekistan, Belarus, and South Africa [3][11]. - Tongye Technology plans to acquire 100% of Beijing Silingke Semiconductor Technology Co., Ltd. through a cash payment, aiming to enhance its overall layout and expand its scale and operational performance [3][11]. Group 4: ST Jinggu - ST Jinggu is primarily engaged in the manufacturing of engineered wood products, chemical products from forest resources, and forestry operations. Its engineered wood products include plywood, fiberboard, particleboard, and veneer, widely used in furniture manufacturing and construction [4][12]. - The company operates through self-procurement, production, and sales, utilizing both direct sales and distribution channels to meet diverse customer needs. Its forestry operations focus on land resource management through cooperative afforestation, timber harvesting, and sales [4][12]. - ST Jinggu plans to transfer 51% of its stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., in a cash transaction, aiming to divest underperforming assets and optimize its asset structure [4][12].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [1]. Core Views - The company is expected to benefit from improvements in its traditional business and significant growth potential in emerging sectors such as laser technology and nuclear fusion [6][11]. - The report highlights the company's deep technical expertise in high-temperature superconducting magnets, which positions it well to capitalize on future industry developments [7][8]. Financial Summary - Projected total revenue for 2024 is 31.04 billion, with a year-on-year decrease of 4.2%. Revenue is expected to grow to 35.96 billion in 2025, 40.02 billion in 2026, and 45.06 billion in 2027, with respective growth rates of 15.8%, 11.3%, and 12.6% [2][11]. - The company's net profit attributable to shareholders is projected to be 2.41 billion in 2024, down 27.9% year-on-year, but expected to rebound to 5.83 billion in 2025, 7.21 billion in 2026, and 8.75 billion in 2027, with growth rates of 141.6%, 23.7%, and 21.3% respectively [2][11]. - The earnings per share (EPS) is forecasted to be 0.53 in 2024, increasing to 1.29 in 2025, 1.59 in 2026, and 1.93 in 2027 [2]. Business Segments - The company divides its operations into traditional and emerging businesses. Traditional business includes smart control products and backlight source products, while emerging business encompasses high-temperature superconducting magnets and laser products [6][10]. - The smart control products are expected to account for approximately 60% of revenue in 2024, with a focus on improving efficiency and profitability [10][34]. - The backlight source business is undergoing structural adjustments, shifting from low-margin consumer electronics to higher-margin applications in larger displays [10][34]. Growth Potential - The nuclear fusion market is projected to reach 10.5 billion by 2030, with a compound annual growth rate (CAGR) of 53.9% from 2024 to 2030. The company is actively involved in the construction of the "Spark One" project, which is expected to generate future orders [8][11]. - The global commercial space launch market is also expected to grow significantly, with the company having secured a project for electromagnetic launch magnets, positioning it to enter a market worth hundreds of billions [8][11]. - The laser weapon market is anticipated to grow from 5 billion in 2023 to 24 billion by 2030, with the company's "Blade" series expected to benefit from this expansion [9][11].

2024年1至12月份，联创光电的营业收入构成为：智能控制产品占比60.44%，背光源及应用产品占比 30.17%，光电通信缆和智能装备缆及金属材料占比5.12%，半导体激光系列及航天微电子元器件占比 2.54%，其他业务占比1.72%。 （文章来源：每日经济新闻） 联创光电（SH 600363，收盘价：55.35元）8月4日晚间发布公告称，截至2025年7月31日，公司通过上 海证券交易所交易系统以集中竞价交易方式累计回购公司股份约11.34万股，占公司当前总股本比例为 0.0376%，购买的最高价为54元/股，最低价为53.44元/股，已支付的总金额为人民币约609万元。 ...

Core Viewpoint - The article discusses the upcoming IPOs of two companies, Huazhi Jie and Xin Heng Hui, highlighting their business focus, market position, and financial projections. Group 1: Huazhi Jie - Huazhi Jie focuses on the smart control sector and is a key supplier of essential components for electric tools, having established long-term partnerships with major companies like Baide Group and TTI Group [1][3]. - The company aims to provide effective power management and drive solutions for lithium battery electric tools and consumer electronics, with products including smart switches, controllers, and brushless motors [2][3]. - Huazhi Jie has developed a comprehensive business layout in response to industry trends, with 32 core technologies that can be extended to smart home and new energy vehicle sectors [2][3]. - The company plans to use the funds raised from the IPO to expand its production capacity for electric tool components and to supplement working capital [4]. Group 2: Xin Heng Hui - Xin Heng Hui is an integrated circuit company specializing in chip packaging materials, with a focus on smart card business and related technologies [5][6]. - The company has established long-term partnerships with notable chip design firms and smart card manufacturers, with its products widely used in communications, finance, and identity verification [6]. - Xin Heng Hui has invested significantly in developing core technologies for its etching lead frame and IoT eSIM chip testing businesses, which are becoming new growth points for the company [6]. - The funds raised from the IPO will be allocated to the industrialization of high-density QFN/DFN packaging materials and the expansion of its R&D center [7].

Financial Performance - In 2024, the company achieved revenue of CNY 268.795 billion, a year-on-year increase of 15.91% [3] - Net profit attributable to shareholders was CNY 13.366 billion, up 22.03% from the previous year [3] - The gross profit margin for 2024 was 10.41%, down 1.17 percentage points from 11.58% in 2023 [3] - In Q1 2025, revenue reached CNY 61.788 billion, a 17.90% increase year-on-year [6] - Q1 2025 net profit was CNY 3.377 billion, a 31.25% increase compared to the same period last year [6] Operational Efficiency - Operating expense ratio for 2024 was 5.94%, down from 6.30% in 2023, indicating improved operational efficiency [3] - The company’s cash flow from operating activities in 2024 was CNY 27.117 billion, slightly down from the previous year [4] - Inventory turnover days decreased to 45.94 days in 2024, down 12.98 days year-on-year, reflecting better inventory management [5] Business Segments Consumer Electronics - The consumer electronics segment saw significant growth, with a focus on "scene ecology, AI empowerment, and global collaboration" [7] - The wearable device market is projected to reach 190 million units in 2024, with a focus on health monitoring features [8] - The company plans to reduce the carbon footprint of health monitoring products by 30% by 2025 [9] Communication - The communication segment's revenue for 2024 was CNY 18.359 billion, a 26.29% increase year-on-year [14] - The company is positioned to benefit from the growing demand for AI infrastructure, with expected GPU server penetration increasing from 7% in 2023 to 30% by 2028 [15] Automotive - Automotive sales reached CNY 13.7 billion in 2024, nearly a 50% increase from 2023 [20] - The automotive wiring harness segment accounted for 60% of automotive business revenue, with significant growth in high-voltage and high-speed harnesses [20] - The company is the only domestic firm capable of fully developing automotive connectors, with high-voltage connectors now in stable supply to major manufacturers [21] Strategic Outlook - The company aims to enhance its technology capabilities and expand its market presence in the automotive sector, particularly in smart driving and intelligent cockpit products [22] - Future capital expenditures are expected to focus on upgrading facilities in Vietnam and Indonesia, with a projected capacity contribution of nearly 30% from the Vietnam plant by 2025 [26] - The company plans to maintain a growth target of 20%-25% despite fluctuating tariff policies, indicating resilience in its operational strategy [30]