丨证券研究报告丨 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨鸿日达（301285.SZ） [Table_Title] 鸿日达 2025 年中报点评： 业绩短期承压，散热片与光通信拥抱未来 报告要点 [Table_Summary] 8 月 25 日，鸿日达发布 2025 年中报。2025H1 公司实现营收 4.38 亿元，同比增长 12.41%； 归母净利润-0.07 亿元，同比由盈转亏；扣非归母净利润-0.12 亿元，同比由盈转亏。2025H1 公 司毛利率 20.89%，同比下滑 5.42pct；归母净利率-1.63%。 分析师及联系人 1 鸿日达（301285.SZ） cjzqdt11111 [Table_Title 鸿日达 20252]年中报点评： 业绩短期承压，散热片与光通信拥抱未来 [Table_Summary2] 事件描述 8 月 25 日，鸿日达发布 2025 年中报。2025H1 公司实现营收 4.38 亿元，同比增长 12.41 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The consumer electronics industry is recovering, leading to steady growth in the company's core business, with a year-on-year revenue increase of 12.41% in H1 2025 [4] - The company has made significant progress in developing new products and expanding its customer base, particularly in the semiconductor thermal management solutions sector [5] - The company is expected to improve its profitability as it expands its domestic and international business [4][5] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 438 million yuan, with a year-on-year increase of 12.41% [4] - The sales revenue from connector products was approximately 285 million yuan, up 6.78% year-on-year, while the revenue from structural components reached about 105 million yuan, up 13.51% year-on-year [4] Product Development - The company is focusing on the research and development of semiconductor packaging thermal management solutions, aiming to capture new growth opportunities [5] - The semiconductor metal heat sink business is gradually achieving mass shipments, with efforts to expand both domestic and international markets [5] Profit Forecast - The profit forecasts for 2025-2027 have been adjusted to 14 million yuan, 29 million yuan, and 49 million yuan respectively, with corresponding EPS of 0.07, 0.14, and 0.23 yuan [6] - The estimated P/E ratios for the same period are 778, 361, and 217 times [6] Market Comparison - The company's stock performance has shown a significant increase compared to the CSI 300 index over the past year, indicating strong market positioning [3]

Core Viewpoint - The company, Jiangxin Home, is experiencing growth driven by its focus on smart home products and its expansion into the health and wellness sector, benefiting from the depreciation of the RMB and its significant overseas revenue. Company Overview - Jiangxin Home is engaged in the research, design, production, and sales of smart electric sofas and beds, with its main products including single chairs, combination sofas, mechanisms, motors, and control devices [2][7]. - The company was established on May 31, 2002, and went public on September 13, 2021. Its main business revenue composition is 76.73% from smart electric sofas, 13.56% from smart electric beds, 8.84% from accessories, and 0.86% from other sources [7]. Financial Performance - For the first quarter of 2025, Jiangxin Home achieved a revenue of 773 million yuan, representing a year-on-year growth of 38.16%, and a net profit attributable to shareholders of 194 million yuan, up 60.41% year-on-year [7]. - The company has distributed a total of 519 million yuan in dividends since its A-share listing, with 423 million yuan distributed over the past three years [8]. Market Position and Trends - The company has a significant overseas revenue share of 99.49%, benefiting from the depreciation of the RMB [2]. - Jiangxin Home is advancing into the health and wellness industry with products such as smart beds for rehabilitation and home care [3]. Shareholder and Institutional Holdings - As of March 31, 2025, Jiangxin Home had 5,493 shareholders, with an increase of 0.90% from the previous period. The average number of circulating shares per person rose by 160.31% [7]. - Notable institutional shareholders include Hong Kong Central Clearing Limited and several new entrants among the top ten circulating shareholders [9]. Technical Analysis - The average trading cost of the stock is 64.36 yuan, with the stock price approaching a resistance level of 95.00 yuan, indicating potential for upward movement if this level is surpassed [6]. Capital Flow Analysis - The stock experienced a net inflow of 243,700 yuan today, with no significant trends in major capital movements observed [4][5].

Group 1 - The CFS 2025 14th Financial Summit and 2025 New Quality Productivity Entrepreneur Conference is scheduled to be held in July this year in Shanghai, focusing on "Navigating the Waves of Change, Building Economic Resilience" [1] - The summit aims to gather industry leaders to analyze global challenges and opportunities for China's economy, promoting long-term high-quality economic development [1][3] - Established in 2012, the CFS Financial Summit has become one of the most influential platforms for economic thought exchange in China, attracting over 1,000 representatives from various sectors annually [3] Group 2 - Foxconn Technology Group, founded in 1974 in Taiwan, is the world's largest electronic manufacturing services (EMS) provider, holding over 40% market share in the sector [4] - The company operates globally across three continents, with production and service bases in over 20 countries, including China, India, Japan, and the United States [4] - In 2024, Foxconn ranked 32nd on the Fortune Global 500 list and has been recognized as one of the top 100 global innovators for seven consecutive years [7][10] Group 3 - Foxconn is actively investing in three emerging industries: electric vehicles, digital health, and robotics, along with three core technology areas: artificial intelligence, semiconductors, and next-generation communications [7][8] - The company has applied for a total of 82,942 global patents as of 2023, with over 20% related to its "3+3" technology strategy [10] - Foxconn has been awarded eight "Lighthouse Factory" titles by the WEF, showcasing its leadership in integrating advanced technologies in manufacturing [8] Group 4 - The company collaborates with NVIDIA to optimize production processes through various AI solutions, enhancing operational efficiency and safety monitoring [11] - Foxconn is involved in national green manufacturing pilot projects and has contributed to the development of three national standards for green supply chain management [12] - The company aims to lead not only in the business world but also as a social leader, adhering to the principle of sustainable management [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 830 million yuan for 2024, representing a year-on-year growth of 15.22%. However, it experienced a net profit loss of 8 million yuan, a decline of 124.43% compared to the previous year [2][4]. - In Q1 2025, the company achieved a revenue of 162 million yuan, with a year-on-year growth of 7.60%, but the net profit was a loss of 12 million yuan, down 376.67% year-on-year [2][4]. - The gross profit margin for 2024 was 19.01%, a decrease of 0.58 percentage points year-on-year, while the net profit margin was -0.91%, down 5.21 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 830 million yuan, with a gross profit of 158 million yuan, resulting in a gross margin of 19% [14]. - The company’s operating costs were 673 million yuan, leading to a net profit of -8 million yuan for the year [14]. - For Q1 2025, the revenue was 162 million yuan, with a gross profit margin of 18.94% [2][4]. Business Segments - The connector business generated revenue of 617 million yuan in 2024, a year-on-year increase of 9.11%, while the component business reached a record high of 174 million yuan, growing 48.77% year-on-year [9]. - The company is focusing on expanding its semiconductor heat sink and 3D printing businesses, which are expected to drive future growth [9]. Future Outlook - The company anticipates significant growth in its semiconductor heat sink business, with plans to expand production lines from 2 to 4-7 by 2025, supported by strong order demand [9]. - The 3D printing segment is expected to enter small-scale production in 2025, contributing to revenue for the first time [9]. - Forecasted net profits for the company are projected to be 94 million yuan in 2025, 200 million yuan in 2026, and 446 million yuan in 2027 [9].

费用分析：多项费用增长，侵蚀利润销售费用：2024年销售费用为25,850,925.55元，较2023年的 18,485,667.40元增长39.84%，主要因公司实行股权激励计划导致股份支付金额增加。管理费用：管理费 用70,018,632.72元，较2023年的42,069,813.07元增长66.43%，源于管理人员薪酬增加、股权激励计划下 股份支付金额增加以及厂房折旧增加。财务费用：财务费用8,107,042.20元，较2023年的4,519,795.66元 增长79.37%，主要是公司支付的利息支出增加。研发费用：研发费用58,396,482.24元，较2023年的 46,947,149.36元增长24.39%，体现了公司对技术创新的持续投入，但短期内对利润造成了一定压力。 鸿日达2024年年报显示，公司营业收入增长15.22%，但净利润却暴跌124.43%。这一增一降背后，隐藏 着怎样的经营状况与潜在风险？ 营业收入：稳步增长，结构优化 鸿日达2024年营业收入为830,331,289.65元，较2023年的720,674,938.04元增长了15.22%。从业务构成来 看，连接器业务收入616, ...