Company Overview - Meishuo Technology, established on February 6, 2007, is located in Leqing Economic Development Zone, Zhejiang Province, and was listed on June 28, 2023 [1] - The company specializes in the research, production, and sales of relay control components and fluid electromagnetic valve products, with main revenue sources being relays (90.71%), fluid electromagnetic valves (8.04%), and others (1.25%) [1] Financial Performance - For the first half of 2025, Meishuo Technology achieved operating revenue of 380 million yuan, representing a year-on-year growth of 27.58% [2] - The net profit attributable to shareholders for the same period was 17.44 million yuan, showing a year-on-year decrease of 13.62% [2] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Meishuo Technology was 8,241, a decrease of 0.57% from the previous period, while the average circulating shares per person increased by 0.57% to 3,567 shares [2] - The company has distributed a total of 60.19 million yuan in dividends since its A-share listing [3] Financing and Trading Activity - On September 23, Meishuo Technology's stock price fell by 0.60%, with a trading volume of 52.05 million yuan [1] - The financing buy-in amount for the same day was 5.30 million yuan, while the financing repayment was 5.55 million yuan, resulting in a net financing outflow of 250,300 yuan [1] - The total financing and securities lending balance as of September 23 was 202 million yuan, accounting for 23.06% of the circulating market value, indicating a high level of financing activity [1]

Company Overview - Meishuo Technology Co., Ltd. is located in Leqing Economic Development Zone, Zhejiang Province, established on February 6, 2007, and listed on June 28, 2023 [1] - The company specializes in the research, production, and sales of relay control components and fluid electromagnetic valve products, with applications in home appliances, smart homes, automotive manufacturing, smart meters, industrial control, and communication facilities [1] - The main business revenue composition includes relays at 90.71%, fluid electromagnetic valves at 8.04%, and others at 1.25% [1] Stock Performance - On September 18, Meishuo Technology's stock fell by 5.03%, closing at 30.02 CNY per share, with a trading volume of 69.16 million CNY and a turnover rate of 7.61%, resulting in a total market capitalization of 3.026 billion CNY [1] Fund Holdings - Huian Fund has a significant holding in Meishuo Technology, with its Huian Multi-Strategy Mixed A Fund (005109) holding 85,600 shares, accounting for 1.42% of the fund's net value, ranking as the fourth largest holding [2] - The fund has reported a floating loss of approximately 136,100 CNY as of the latest data [2] Fund Performance - The Huian Multi-Strategy Mixed A Fund (005109) was established on November 22, 2017, with a current scale of 87.655 million CNY [2] - Year-to-date, the fund has achieved a return of 43.34%, ranking 1,419 out of 8,172 in its category; over the past year, it has returned 74.08%, ranking 1,495 out of 7,980; and since inception, it has returned 98.55% [2]

Group 1: Company Overview - The company is a high-tech enterprise specializing in the R&D, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2] - The product range includes six major categories of relays and transformers, with plans to strengthen core areas while exploring diversification based on market demand [2] Group 2: Financial Guidance for 2025 - The company aims for high-quality growth driven by technology, focusing on increasing market share in core businesses and expanding into high-value overseas markets [3] - Specific financial targets will be dynamically optimized based on market conditions and reported regularly [3] Group 3: Revenue Planning and Strategic Focus - The company plans to enhance its core business while breaking into emerging sectors like new energy and smart grids, aiming for sustainable organic growth across all divisions [3] - The "42+" strategy focuses on four core businesses, deepening engagement in inductors and signal relays, and exploring horizontal mergers to create more value [4] Group 4: International Expansion and Production - The company has established subsidiaries in North America, South Korea, Germany, and Vietnam, with the Vietnam base already in production for magnetic relays [3][4] - Future production increases are planned for general power relays and transformers at the Vietnam facility [3] Group 5: Raw Material Management - Raw materials constitute a significant portion of production costs, and the company faces challenges from price fluctuations in commodities like copper and silver [4] - Strategies to mitigate risks include cost-sharing through scale effects, optimizing supply chain management, and engaging in futures hedging to control market risks [4]

Group 1: Company Overview - The company is a high-tech enterprise specializing in the research, development, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2] - The product range includes six major categories: general power relays, magnetic latching relays, automotive relays, new energy relays, photovoltaic relays, and signal relays, along with inductors and transformers [2] Group 2: Financial Performance - In the first half of 2025, the company achieved total revenue of ¥1,152,421,830.47, an increase of 8.48% year-on-year [3] - The net profit attributable to shareholders was ¥42,885,668.81, reflecting a growth of 5.64% compared to the same period last year [3] - The growth was driven by expanding market demand and increased overseas business [3] Group 3: Strategic Plans - Future strategies include strengthening core products such as general power relays and magnetic latching relays while developing new profit centers in signal relays and inductors [3] - The "42+" strategy focuses on four core businesses and deepening engagement in inductors and signal relays, with plans for acquisitions to enhance the ecosystem [3] - The company aims to enhance smart manufacturing through automation and digital upgrades, replicating successful experiences across the group [3] Group 4: International Expansion - As of mid-2025, overseas revenue reached ¥323,585,040, accounting for 28.08% of total revenue [4] - The company plans to increase its overseas market share by focusing on high-margin products like general power relays and transformers [4] - Future international efforts will target regions such as South America and Southeast Asia, emphasizing high-reliability and customized products [4]

Group 1 - The core viewpoint of the news is that Meishuo Technology has seen a significant increase in its stock price, reflecting positive market sentiment and investor interest [1] - As of September 4, Meishuo Technology's stock price rose by 5.39% to 31.30 CNY per share, with a trading volume of 1.06 billion CNY and a turnover rate of 12.00%, resulting in a total market capitalization of 31.55 billion CNY [1] - Meishuo Technology, established on February 6, 2007, specializes in the research, production, and sales of relay control components and fluid electromagnetic valves, with its main revenue sources being relays (90.71%), fluid electromagnetic valves (8.04%), and others (1.25%) [1] Group 2 - Among the top circulating shareholders of Meishuo Technology, the Nuoan Multi-Strategy Mixed A Fund (320016) has recently entered the list, holding 431,000 shares, which accounts for 1.47% of the circulating shares [2] - The Nuoan Multi-Strategy Mixed A Fund has achieved a year-to-date return of 54.4%, ranking 527 out of 8180 in its category, and a one-year return of 110.3%, ranking 244 out of 7978 [2] - The fund manager, Kong Xianzheng, has a tenure of 4 years and 283 days, with a total fund asset size of 46.07 billion CNY, while Wang Haichang has a tenure of 3 years and 45 days, managing assets of 25.29 billion CNY [3]

Company Overview - Meishuo Technology, established on February 6, 2007, is located in Leqing Economic Development Zone, Zhejiang Province, and was listed on June 28, 2023 [1] - The company specializes in the research, production, and sales of relay control components and fluid electromagnetic valve products, with main products including general relays, automotive relays, magnetic latching relays, communication relays, and fluid electromagnetic valves [1] - The revenue composition of the main business is as follows: relays account for 91.31%, fluid electromagnetic valves 7.37%, and others 1.33% [1] Stock Performance - On August 28, Meishuo Technology's stock fell by 5.01%, closing at 27.10 CNY per share, with a trading volume of 116 million CNY and a turnover rate of 13.83%, resulting in a total market capitalization of 2.732 billion CNY [1] Fund Holdings - Meishuo Technology is a significant holding in one fund managed by Huaxia Fund, specifically Huaxia Zhisheng New Star Stock A (018728), which held 234,600 shares, representing 0.62% of the fund's net value, ranking as the ninth largest holding [2] - The fund has experienced a floating loss of approximately 335,500 CNY as of the report date [2] Fund Manager Performance - The fund manager of Huaxia Zhisheng New Star Stock A is Sun Meng, who has a tenure of 5 years and 166 days, with the fund's total asset size at 10.461 billion CNY [3] - During Sun Meng's tenure, the best fund return was 125.95%, while the worst return was 15.67% [3]

Core Insights - The article reveals the new heavy stock positions of pension funds in the second quarter, highlighting the significant investments in 29 stocks that reflect the strategic trends in the industry, particularly in high-end manufacturing and technology [1] Fund Movement - Pension funds have invested in 11 stocks with a market value exceeding 100 million, with Satellite Chemical alone receiving an investment of 346 million [3] - The overlap rate between pension and social security funds is 57%, indicating a strong consensus on 29 stocks, which is rare in the past five years [3] Key Investment Themes 1. **Domestic Substitution in Deep Water**: - Shengyi Electronics was heavily purchased with 273 million, showing a 452% increase in net profit in the first half of the year. Its expansion in high-layer PCB boards is crucial for NVIDIA's H100 servers, especially as the U.S. tightens AI chip exports [3] 2. **Breakthroughs in Technology Blockades**: - Satellite Chemical invested 773 million in R&D for high-end new materials, aiming to break Dow Chemical's monopoly with POE photovoltaic adhesive raw materials and targeting NVIDIA's GPU liquid cooling solutions [3] 3. **True Leaders in Consumption Recovery**: - Hongfa Technology, despite a modest 14% growth, secured 80% of orders for automotive relays from Tesla and BYD, benefiting from the resurgence of Huawei smartphones with a 40% increase in quarterly shipments [4] Investment Strategy Insights - Pension funds typically hold positions for over three years, with Changhai Co. holding for 21 quarters. New investments in Huafeng Aluminum and Luxi Chemical are considered strong cyclical stocks, indicating potential volatility [5] - Key details for mid-to-long-term investment include: - **Shareholder List Importance**: Satellite Chemical's major shareholders include both pension funds and the Norwegian sovereign fund, indicating strong backing [6] - **R&D Investment as a Benchmark**: The average R&D expense ratio for heavily invested stocks is 6.2%, significantly higher than the A-share average of 3.1%, with Shengyi Electronics' R&D expenses increasing by 210% leading to a 452% profit growth [6] - **Caution Against Isolated Stocks**: The strength of institutional backing is crucial for resilience against market downturns, as seen with Spring Wind Power and Cambridge Technology [6]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7][8] Core Views - The company is a global leader in the relay industry, continuously increasing its global market share and achieving steady growth in performance. The report maintains the original profit forecast, expecting the company to achieve net profits of 1.939 billion, 2.121 billion, and 2.339 billion yuan for 2025-2027, representing year-on-year growth of 19%, 9%, and 10% respectively [3][7]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 8.35 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 964 million yuan, up 14.2% year-on-year. The gross margin was 34.2%, down 0.5 percentage points year-on-year, while the net margin remained flat at 15.3% [3][4]. - For Q2 2025, the company reported revenue of 4.36 billion yuan, a year-on-year increase of 26% and a quarter-on-quarter increase of 9.5%. The net profit for Q2 was 550 million yuan, up 13% year-on-year and 35% quarter-on-quarter. The gross margin for Q2 was 34.6%, up 0.9 percentage points quarter-on-quarter, and the net margin was 16.8%, up 3.1 percentage points quarter-on-quarter [3][4]. Business Segment Performance - The high-voltage direct current relay segment is expected to contribute a revenue growth rate of 35%-40% year-on-year in 2025, driven by the high demand in the new energy vehicle industry. The company currently holds a global market share of over 40% in this segment [4][5]. - The traditional relay segment is also expected to grow steadily, with household appliance relays projected to see a year-on-year shipment increase of 5%-10% in 2025. The new energy storage relay segment is anticipated to maintain a year-on-year growth rate of 35%-40% due to strong domestic and overseas demand [5]. - The automotive relay segment is expected to grow by 15%-20% year-on-year in 2025, benefiting from the rapid growth of the new energy vehicle industry and an increase in market share [5]. New Product Development - The company is promoting the development of new product categories, including low-voltage electrical appliances, film capacitors, connectors, current sensors, and fuses. Some of these products have already begun to be applied in various downstream applications and have passed certification, indicating potential for sustained growth in the future [6].

Macro Strategy - The meeting of the Political Bureau on July 30 acknowledged the economic growth of 5.3% in the first half of the year, laying a good foundation for achieving the annual growth target of around 5% [1][8] - The meeting emphasized the need for macro policies to continue to strengthen and improve efficiency, particularly if there are significant fluctuations in consumption, exports, or the real estate sector in the second half of the year [1][8] - Key policy goals include stabilizing employment, enterprises, markets, and expectations, while enhancing the flexibility and predictability of policies [1][8] Fixed Income - The issuance of secondary capital bonds totaled 109.9 billion yuan during the week of July 21-25, with a total trading volume of approximately 288.1 billion yuan, an increase of 45.4 billion yuan from the previous week [4][15] - The issuance of green bonds during the same period reached approximately 36 billion yuan, a rise of 27.4 billion yuan compared to the previous week, with a total trading volume of 61 billion yuan [4][16] - The market for convertible bonds is expected to see increased volatility, with high-priced bonds exhibiting high odds but low win rates, while low-priced bonds are showing increased marginal value [3][14] Company Analysis - Hongfa Co., Ltd. reported a revenue of 8.347 billion yuan for the first half of 2025, a year-on-year increase of 15.43%, and a net profit of 964 million yuan, up 14.19% [6][7] - Laopu Gold's adjusted net profit for the first half of 2025 is expected to increase by 282% to 292%, benefiting from the expansion of high-end channels domestically and internationally [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with significant growth in high-voltage direct current and industrial control sectors [8] - Revenue for the first half of 2025 reached 8.347 billion yuan, a year-on-year increase of 15.43%, while net profit attributable to shareholders was 0.964 billion yuan, up 14.19% year-on-year [8] - The company is expected to maintain a revenue growth rate of over 40% in the high-voltage direct current relay segment due to increased sales from domestic and international clients [8] - The industrial relay segment is also anticipated to see growth as overseas clients begin to replenish inventory, particularly in Europe [8] - The company is experiencing strong demand in the new energy, automotive, and signal relay markets, with expectations of continued growth in these areas [8] - The company's strategic focus on high-quality development and diversification is expected to drive long-term growth [8] - The financial outlook remains positive, with projected net profits of 1.985 billion yuan, 2.316 billion yuan, and 2.689 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.72%, 16.67%, and 16.12% [8] Financial Summary - Total revenue is projected to reach 16.679 billion yuan in 2025, with a year-on-year growth of 18.27% [1] - The latest diluted EPS is expected to be 1.36 yuan per share in 2025, with a corresponding P/E ratio of 17.36 [1] - The company's gross margin is expected to remain stable around 36.27% in 2025, with a net profit margin of 11.90% [9]