[Table_Title] 研究报告 Research Report 24 Jul 2025 中国电子 China (Overseas) Technology 全球科技业绩快报：意法半导体 2Q25 Global Semiconductor Earnings Snapshot: STMicroelectronics 2Q25 姚书桥 Barney Yao barney.sq.yao@htisec.com 事件 意法半导体 2Q25 业绩低迷，核心指标大幅低于市场预期：收入为 27.7 亿美元，符合市场一致预期 27.7 亿美元；EPS 为$-0.11，大幅低于市场一致预期$0.09。对于 3Q25，公司收入指引为 30.7-32.7 亿美元，中 位数为31.7亿美元，14.6% QoQ 增长（市场一致预期为 32.1 亿美元）；公司毛利润指引为31.5%-35.5%， 中位数为 33.5%（市场一致预期为 35.5%）。 点评 公司 2Q25 收入实现 9.9% 环比增长，-14.4% 同比下降：公司所有终端收入均实现增长，其中：1）汽车 市场收入同比下降 24%，环比增长 14%，主要由亚太区（不含中国）和 ...

Core Viewpoint - Guokewai plans to acquire 94.366% equity of Zhongxin Integrated Circuit (Ningbo) Co., Ltd. through a combination of issuing shares and cash payment, alongside raising supporting funds [1][2] Group 1: Transaction Details - Guokewai's stock resumed trading at 85.50 yuan, reflecting a 5.48% increase [1] - The acquisition involves 11 counterparties, including Ningbo Yongxin Integrated Circuit Equity Investment Co., Ltd. [1] - The issuance price for the shares is set at 57.01 yuan per share, which is not less than 80% of the average trading price over the last 20 trading days [2][3] Group 2: Financial Information of Zhongxin Ningbo - As of December 31, 2023, total assets of Zhongxin Ningbo were 560.09 million yuan, with total liabilities of 307.49 million yuan, resulting in equity of 252.61 million yuan [4] - The company reported revenues of 21.32 million yuan in 2023, 45.38 million yuan in 2024, and a net loss of 84.29 million yuan in 2023 [4][5] - Cumulative losses for Zhongxin Ningbo from 2023 to Q1 2025 amount to 180.61 million yuan [5]

Group 1 - The global semiconductor market is projected to reach $700.9 billion in 2025, with a year-on-year growth of 11.2% driven by demand in AI, cloud infrastructure, and advanced consumer electronics [1] - The growth in the semiconductor market will be led by logic and memory segments, both expected to see double-digit growth, while sensors and analog segments will contribute positively albeit at a moderate pace [1] - Certain product segments, such as discrete semiconductors, optoelectronic devices, and micro-integrated circuits, are expected to experience a decline due to ongoing trade tensions and negative economic developments affecting supply chains and demand [1] Group 2 - The global semiconductor market is forecasted to grow by 8.5% to $760.7 billion by 2026, with memory again leading the growth alongside contributions from logic and analog devices [2] - All major markets are expected to expand, with the Americas and Asia-Pacific regions continuing to lead growth, while Europe and Japan are anticipated to see enhanced growth [2] - The semiconductor industry is currently in a down cycle, with sales expected to decline by approximately 11% in 2023, but a strong rebound of 19% is anticipated in 2024, reaching $628 billion [2] Group 3 - Three major trends are reshaping the global semiconductor landscape: significant geopolitical changes, disruption of global trade order, and the AI revolution [3] - Geopolitical developments in Europe and the Middle East are increasing uncertainty and accelerating the regional restructuring of semiconductor supply chains [3] - The AI revolution, driven by advanced chip capabilities, is expected to be a new engine for the semiconductor industry, pushing it towards a trillion-dollar milestone [3]

如果您希望可以时常见面，欢迎标星收藏哦~ 从SIA的2025年半导体Factbook中所包含的数据，我们看到了美国半导体产业的强大实力与 发展潜力，并说明了为什么政策制定者应当采取有力措施，推动行业增长、促进技术创新。 美国半导体产业是推动美国经济实力、国家安全、全球竞争力和技术领导力的关键动力。半导体技 术支撑着我们工作、通信、出行、娱乐、能源开发、疾病治疗以及科学探索所使用的各类系统与产 品。 半导体技术诞生于美国，而美国企业至今仍在全球市场中处于领先地位，占据了全球芯片销售额近 一半的份额。 为了推动技术创新、确保美国在全球科技领域的持续领先地位，政策制定者应当采取一项全面战 略，协同推进产业创新与竞争力，同时保护国家经济与安全。具体行动方向包括： 芯片制造激励与研发投资 推进美国芯片制造激励政策，增强对本土创新的投资。 税收政策 确保美国在半导体研发、设计与制造方面仍具备全球竞争力的税收环境。 科研支持 支持现有研发计划，扩大联邦对半导体研究及物理科学基础研究的投资，以确立美国在未来关键技 术领域的领先地位。 人才与移民政策 通过人才培养、引进与保留，扩大高技能人才储备。 经济安全 —— 贸易与供应链 ...

资金流向方面，5月23日，中电港主力资金净流出1637.32万元，近5日总体呈流出状态，5日共流出 3668.83万元。 深圳中电港技术股份有限公司的主营业务是电子元器件分销、设计链服务、供应链协同配套和产业数据 服务。公司的主要产品是存储器、处理器、模拟器件、射频与无线连接。 最新一期业绩显示，2025年一季报，公司实现营业收入174.70亿元，同比49.01%；净利润8455.51万 元，同比64.99%，销售毛利率2.66%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)29中电港51.1058.282.60138.15亿行业平均 42.5476.632.7986.66亿行业中值34.4149.261.9269.97亿1三态股份-3928.56471.595.0767.76亿2天音控 股-760.27323.473.41100.87亿3凯瑞德-301.51-965.9735.2817.24亿4*ST沪科-204.26-208.3330.9111.84亿5赫 美集团-88.99-89.157.0338.94亿6利尔达-76.65-56.468.7160.88亿7南极电商-37.98-47.832 ...

Group 1: Sales Performance - In 2024, the sales revenue for memory products reached 20.685 billion CNY, accounting for 42.53% of total sales; processor revenue was 14.972 billion CNY, making up 30.78%; analog devices generated 4.990 billion CNY, representing 10.16%; and RF and wireless connection products contributed 2.979 billion CNY, which is 6.13% [1] - The significant sales growth in 2024 was primarily driven by increased demand from consumer terminals and AI server-related customers for memory and processor products [1] Group 2: Financial Growth - In Q1 2025, the company achieved an operating revenue of 17.470 billion CNY, a year-on-year increase of 49.01%; the net profit attributable to shareholders was 84.555 million CNY, up 64.99% [2] - The growth in revenue and profit was mainly due to the company seizing opportunities in the electric vehicle, AI computing, and robotics sectors [2] Group 3: Design Chain Services - The design chain services rely on the application innovation platform "Firefly Workshop," focusing on technical services and application innovation to support the growth of distribution business and innovation in upstream and downstream enterprises [3] Group 4: Industry Role - The company serves as a leading platform for electronic component application innovation and modern supply chain services, acting as a crucial link between electronic component manufacturers and downstream electronic information manufacturers [4] - It helps upstream manufacturers promote new products and expand customer bases while reducing marketing costs, and provides technical support and application solutions to downstream customers, enhancing value and service innovation [4] Group 5: Currency Risk Management - Currency fluctuations impact the company's foreign currency assets and liabilities, affecting exchange gains and losses [5] - To mitigate currency risk, the company implements measures such as adjusting inventory and accounts receivable structures, expanding domestic transaction volumes, and increasing credit limits with foreign banks to reduce foreign exchange costs [5] Group 6: Key Suppliers - As of the end of 2024, the company authorized 139 product lines, with key domestic semiconductor suppliers including Cambrian, OmniVision, Jiangbo Long, Shengbang Micro, and Aiwei, representing 11 out of the top 20 domestic semiconductor brands [6]

本文源自：金融界 作者：行情君 深圳中电港技术股份有限公司的主营业务是电子元器件分销、设计链服务、供应链协同配套和产业数据 服务。公司的主要产品是存储器、处理器、模拟器件、射频与无线连接。 最新一期业绩显示，2025年一季报，公司实现营业收入174.70亿元，同比49.01%；净利润8455.51万 元，同比64.99%，销售毛利率2.66%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)29中电港53.2960.782.71144.08亿行业平均 44.8869.382.9089.00亿行业中值34.4743.921.9473.85亿1三态股份-4253.28510.575.4973.36亿2天音控 股-768.76327.083.45102.00亿3凯瑞德-298.29-955.6734.9017.06亿4*ST沪科-199.16-203.1230.1311.54亿5赫 美集团-89.29-89.457.0539.08亿6利尔达-83.71-61.669.5166.49亿7南极电商-36.91-46.482.61109.98亿8跨境 通-17.38-16.899.4680.86亿9中成股份-16 ...

Financial Performance - The company's operating revenue increased by 28.27% year-on-year in 2024 and by 35.96% in Q1 2025, driven by the expansion of new and existing customers and deeper product line promotion [2][3]. - Cash flow has significantly decreased over the past two quarters due to substantial revenue growth, with measures in place to improve cash flow, including enhancing operating performance and optimizing debt structure [2][4]. Debt Management - The company plans to balance debt financing and financial risk by dynamically adjusting strategies, including increasing net profit to strengthen net assets and reduce the debt-to-asset ratio [4][5]. - As of the end of 2024, the credit line utilization rate was 40.35%, indicating a sufficient safety margin [4][5]. Inventory Management - The company increased inventory reserves to meet sales growth trends and supply chain tightening, with inventory turnover days reduced to 63.5 days, a decrease of 7.1 days year-on-year [5][6]. - A dynamic safety inventory system has been established to ensure inventory quality and value, minimizing related loss risks [5][13]. Supplier Relationships - The company maintains stable partnerships with major suppliers like TDK and Samsung, with collaboration lasting over ten years [5][6]. - Strategies to mitigate risks from high supplier concentration include expanding agency brands and optimizing the supply chain system [5][6]. Market Strategy - The company aims to enhance its market share in the electronic components distribution market, leveraging global economic recovery and emerging technologies like 5G and AI [6][10]. - Plans to improve market share include strengthening upstream and downstream cooperation, optimizing product structure, and enhancing customer service [6][10]. Digital Transformation - The company is accelerating its digital transformation, implementing SAP-ERP systems to improve business processes and operational efficiency [12][13]. - Digital tools are expected to automate processes, reduce labor costs, and enhance collaborative efficiency [12][13]. Corporate Social Responsibility - The company actively engages in social welfare activities, focusing on student support and community contributions [10][19]. - Initiatives include donations and fundraising for educational institutions, enhancing the company's image and long-term development prospects [10][19]. International Trade - The company's products are primarily exported to Japan, Taiwan, Hong Kong, and Southeast Asia, with no additional tariffs due to existing trade agreements [10][20].

4月24日，中电港今日收盘18.59元，下跌1.85%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到51.57倍，总市值141.27亿元。 从行业市盈率排名来看，公司所处的贸易行业行业市盈率平均61.22倍，行业中值43.47倍，中电港排名 第27位。 最新一期业绩显示，2024年三季报，公司实现营业收入379.60亿元，同比57.65%；净利润1.49亿元，同 比33.45%，销售毛利率2.85%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)27中电港51.5759.702.77141.27亿行业平均 61.2265.242.7386.14亿行业中值43.4747.682.0266.34亿1凯瑞德-7399.29870.1632.2816.36亿2天音控 股-401.24117.393.2998.20亿3利尔达-53.51-53.517.8858.82亿4赫美集团-52.31-76.956.4536.32亿5ST沪 科-44.98-45.2622.809.96亿6汇鸿集团-26.77-66.151.2357.85亿7*ST龙宇-26.2725.500.4716.82亿8中成股 份 ...

4月16日，中电港今日收盘19.12元，下跌4.21%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到53.04倍，总市值145.29亿元。 从行业市盈率排名来看，公司所处的贸易行业行业市盈率平均49.23倍，行业中值35.10倍，中电港排名 第27位。 截至2024年三季报，共有53家机构持仓中电港，其中基金53家，合计持股数445.80万股，持股市值0.91 亿元。 深圳中电港技术股份有限公司的主营业务是电子元器件分销业务、设计链服务、供应链协同配套服务和 产业数据服务。深圳中电港技术股份有限公司的主要产品为处理器、存储器、射频与无线连接、模拟器 件、分立器件、传感器件、可编程逻辑器件。公司连续二十二年获评"十大中国品牌分销商"，近几年一 直稳居本土电子元器件分销商首位，2023年在全球元器件分销行业中排名第六。 最新一期业绩显示，2024年三季报，公司实现营业收入379.60亿元，同比57.65%；净利润1.49亿元，同 比33.45%，销售毛利率2.85%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)27中电港53.0461.402.85145.29亿行业平均 49.2358 ...