鸿日达股价报49.36元，较前一交易日下跌1.56元，跌幅3.06%。盘中最高触及50.50元，最低下探48.00 元，成交量为73552手，成交金额3.62亿元。 8月26日，鸿日达主力资金净流出334.05万元，占流通市值的0.09%。近五日主力资金累计净流入861.10 万元，占流通市值的0.22%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 鸿日达属于电子元件行业，公司主要从事精密电子连接器及金属结构件的研发、生产和销售。2025年上 半年，公司新增了光缆、光纤、光通信设备及光电子器件的制造与销售业务。 公司2025年半年报显示，上半年实现营业收入4.38亿元，同比增长12.41%；归母净利润亏损714.17万 元，上年同期盈利1607.74万元；经营活动产生的现金流量净额为-1.02亿元。报告期内，公司在汽车连 接器产品方面取得突破，开始批量供货。 ...

Core Viewpoint - Lixun Precision (002475) reported strong financial performance for the first half of 2025, with revenue and net profit showing significant year-on-year growth, driven by collaboration across multiple business segments and accurate market trend analysis [1][2]. Financial Performance - In the first half of 2025, Lixun Precision achieved operating revenue of 124.503 billion yuan, a year-on-year increase of 20.18%, and net profit of 6.644 billion yuan, reflecting a substantial growth of 23.13% [1]. - For the first three quarters of 2025, the company expects net profit to reach between 10.89 billion yuan and 11.344 billion yuan, representing a year-on-year growth of 20% to 25% [2]. Business Segments - The communications segment demonstrated global competitiveness with the mass production of 224G high-speed cables and ongoing research for 448G products. The optical connection field also saw success with the mass production of 800G silicon optical modules [1]. - The automotive segment continued its strong growth, with high-voltage and high-speed wiring harnesses gaining traction. New projects are expected to enter mass production in 2025, and the intelligent control area is set to achieve significant supply milestones [2]. Strategic Outlook - The company is well-positioned to navigate global economic challenges and industry restructuring, leveraging its technological foundation and global manufacturing footprint across various countries [3]. - Lixun Precision aims to enhance cost control across the entire supply chain through smart manufacturing upgrades and innovation, while also expanding its diversified business strategy to create greater value for shareholders [3].

| |  特定对象调研  分析师会议 | | | --- | --- | --- | | | 媒体采访 业绩说明会   | | | 投资者关系活 动类别 |  新闻发布会  路演活动 | | | | 现场参观 电话会议   | | | |  其他 （请文字说明其他活动内容） | | | 参与单位名称 及人员姓名 | 民生加银基金：范**；point72：秦**；天弘基金：申**；百川财 | | | | 富：唐*；上海人寿：方**；鑫然投资：庄**；浙商证券：翁**； | | | | 中信证券：周**；博道基金：罗*；兴业基金：刘**；莲鑫科技： | | | | 徐**；丞毅投资：胡**；长江证券：胡**；中邮保险：孟**；华夏 | | | | 未来：褚*；长城财富：杨**；磐厚动量：胡**；创金合信基金： | | | | 郭**；上海白犀私募：田**。 | | | 会议时间 | 年 8 月 25 日 | 2025 | | 会议地点 | 公司会议室、线上电话会议 | | | 上市公司接待 人员姓名 | 董事会秘书：刘雨田女士；证券事务代表：王家琪女士 | | | | 交流的主要问题与回复： | ...

本报讯 （记者李昱丞）8月23日，维峰电子（广东）股份有限公司（以下简称"维峰电子"）披露2025年 半年报。2025年上半年公司实现营收3.38亿元，同比增长40.19%；实现归母净利润5493.22万元，同比 增长16.52%。同时公司推出"每10股派现2元"的分红方案，既回报了股东，也传递出管理层对后续现金 流的信心。 2025年上半年，维峰电子工业控制连接器实现营业收入1.57亿元，同比增长16.48%。随着全球工业自动 化的逐步推进，公司积极把握市场机遇，从技术、市场、运营三大维度构建系统性战略。 上半年维峰电子汽车连接器实现营业收入8205.96万元，同比增长55.85%。公司通过控股子公司东莞市 维康汽车电子有限公司已完成汽车智能座舱系统、自动驾驶系统等高速连接器产品开发，上半年高频高 速连接器已有多款产品获客户定点并实现小批量出货，公司凭借在汽车连接器领域的技术优势，实现了 业务的有效协同，促进了汽车连接器业务的增长。 新能源板块，上半年实现营业收入9392.20万元，同比增长86.00%。在新能源领域，公司产品主要应用 在太阳能及风能逆变系统。公司战略性地设立控股子公司合肥维峰电子有限公司， ...

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. (Tianhai Electronics) has applied for a listing on the Shenzhen Stock Exchange, with a fundraising target of 2.46042 billion yuan, focusing on automotive transmission systems, connection systems, and intelligent control solutions [1] Company Overview - Tianhai Electronics specializes in the research, production, and sales of automotive components, including automotive wiring harnesses, connectors, and electronic products, primarily serving both new energy vehicles and traditional fuel vehicles [1] - The main revenue source is automotive wiring harnesses, contributing over 80% from 2022 to 2024, followed by automotive connectors at approximately 10% [1] Market Position - The global automotive wiring harness and connector market is dominated by Europe, the United States, and Japan, while the domestic market in China has a low concentration of local manufacturers, indicating significant growth potential [2] - In 2024, the market size for automotive wiring harnesses in China is projected to be 119.6 billion yuan, with Tianhai Electronics holding an 8.45% market share [2] - The company is recognized as a leading domestic brand in automotive wiring harnesses and connectors, ranking first in revenue among A-share listed companies in the wiring harness sector and among the top three in the connector sector [2] Fundraising and Investment Plans - The funds raised will be allocated to several projects, including: - Connector technology upgrade and expansion project: 836.16 million yuan (33.98%) - Wiring harness production base project: 525.79 million yuan (21.37%) - Automotive electronics production base: 338.99 million yuan (13.78%) - Smart transformation and information construction: 251.58 million yuan (10.23%) - Tianhai Intelligent Connected Vehicle Industry Research Institute and supporting projects: 507.89 million yuan (20.64%) [3] Financial Performance - The projected operating revenues for Tianhai Electronics are approximately 8.215 billion yuan, 11.549 billion yuan, and 12.523 billion yuan for the years 2022, 2023, and 2024, respectively [3] - The net profits for the same years are estimated to be around 410 million yuan, 684 million yuan, and 616 million yuan [3] - Key financial metrics as of December 31 for 2024, 2023, and 2022 include: - Total assets: 116.47 billion yuan, 115.63 billion yuan, and 79.36 billion yuan - Net profit: 615.58 million yuan, 683.81 million yuan, and 410.28 million yuan - Basic earnings per share: 1.38 yuan, 1.63 yuan, and 1.00 yuan [4]

Core Viewpoint - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global financing capabilities and support its international expansion strategy [1][2]. Group 1: Company Strategy - The company aims to leverage Hong Kong's international financial center status to broaden its capital market financing channels, which will provide sufficient funding for overseas business expansion, new technology development, and global capacity layout [1]. - The issuance of H-shares will allow Luxshare Precision to attract and retain overseas high-end talent through flexible and diverse equity incentive tools, injecting innovative vitality and professional strength into its global development [1][2]. Group 2: Business Expansion - Luxshare Precision is actively advancing its global layout, particularly in the communication, data center, and automotive sectors, enhancing its business footprint [2]. - The company has identified automotive electronics as a new growth area, with products covering automotive wiring harnesses, connectors, smart cockpits, and advanced driver-assistance systems [2]. - In September 2024, Luxshare Precision acquired 50.1% of the German automotive wiring harness manufacturer Leoni and its wholly-owned subsidiary for €5.2541 billion (approximately RMB 4.4 billion), accelerating its global expansion in the automotive electronics sector [2]. Group 3: Market Context - Other well-known companies in the "fruit chain" are also applying for listings on the Hong Kong Stock Exchange, indicating a trend among industry peers [3].

Group 1 - The core viewpoint of the article is that Tianhai Automotive Electronics Group Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, aiming to raise 2.46 billion yuan [1][2] - Tianhai Electronics is a leading supplier of automotive electronic components in China, focusing on the research, production, and sales of automotive wiring harnesses, connectors, and electronic systems [1] - The company has established long-term stable partnerships with major automotive manufacturers such as Chery Automobile, SAIC Group, Geely Automobile, Changan Automobile, and General Motors, positioning itself as a primary supplier [1] Group 2 - The funds raised from the IPO will be allocated to projects including connector technology upgrades, wiring harness production base, automotive electronics production base, smart transformation and information technology construction, and the Tianhai Intelligent Connected Vehicle Industry Research Institute and supporting industrial park [2] - The company aims to enhance its research and development capabilities, improve the intelligence and informatization of production processes, and expand existing production capacity through these fundraising projects, thereby strengthening its core competitiveness and profitability [2] - Tianhai Electronics has maintained a steady growth in revenue and net profit, with projected revenues of 8.215 billion yuan, 11.549 billion yuan, and 12.523 billion yuan for the years 2022 to 2024, and net profits of 402 million yuan, 652 million yuan, and 614 million yuan respectively [1]

Group 1 - Tianhai Automotive Electronics Group Co., Ltd. has been accepted for IPO on June 26, 2025, with a fundraising target of 2.46 billion yuan [1][2] - The company specializes in providing automotive transmission systems, connection systems, and intelligent control solutions, focusing on the R&D, production, and sales of automotive wiring harnesses, connectors, and electronic components [2] - Tianhai has established long-term stable partnerships with major automotive manufacturers such as Chery, SAIC, Geely, and General Motors, and has also collaborated with leading new energy vehicle companies like Li Auto and NIO [2] Group 2 - Tianhai's revenue significantly exceeds the average and median revenue of listed automotive parts manufacturers, ranking first in the automotive wiring harness business and among the top three in the automotive connector business in A-share listed companies [3] - The estimated market size for China's automotive wiring harness industry in 2024 is 119.6 billion yuan, with Tianhai holding an 8.45% market share [3] - The projected market size for China's automotive connector market in 2024 is approximately 47.8 billion yuan, with Tianhai holding a 3.52% market share [3] Group 3 - Tianhai's revenue is projected to reach 8.215 billion yuan in 2022, 11.549 billion yuan in 2023, and 12.523 billion yuan in 2024, with net profits of 402 million yuan, 652 million yuan, and 614 million yuan respectively [4] - The funds raised from the IPO will be allocated to projects including connector technology upgrades, wiring harness production bases, automotive electronics production bases, and the establishment of an intelligent connected vehicle research institute [4] - The investment projects aim to enhance R&D capabilities, improve production intelligence and information levels, and expand existing production capacity, thereby increasing the company's core competitiveness and market share [4]

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. has submitted its prospectus for an initial public offering (IPO) on the Shenzhen Stock Exchange, aiming to raise funds for expansion and technological upgrades in the automotive electronics sector [1] Business Overview - Tianhai Electronics is a leading supplier of automotive electronic systems in China, with its main business divided into three segments: automotive wiring harnesses, automotive connectors, and automotive electronics, primarily serving both new energy vehicles and traditional fuel vehicles [1] - The company has maintained a dominant position in the automotive wiring harness market, with over 83% revenue contribution during the reporting period, and is projected to exceed 10.1 billion yuan in revenue by 2024 [1][3] - According to EV Wire, Tianhai Electronics holds an 8.45% market share in China's automotive wiring harness market, which is expected to reach 119.6 billion yuan in 2024 [1] Financial Performance - The company's revenue for the reporting period is approximately 8.215 billion yuan, 11.549 billion yuan, and 12.523 billion yuan, with net profits of about 402 million yuan, 652 million yuan, and 614 million yuan respectively [2][3] - The gross profit margin for the main business has shown a declining trend, recorded at 15.94%, 15.20%, and 14.59% over the reporting years [2][3] - The slowdown in growth is attributed to increased competition, price wars among manufacturers, and a challenging international trade environment [2] Risks and Challenges - The company faces risks related to accounts receivable, with the book value of accounts receivable at the end of each reporting period being 3.12 billion yuan, 4.49 billion yuan, and 4.77 billion yuan, representing 53.01%, 49.60%, and 53.71% of current assets respectively [4] - There is also a risk of inventory impairment, with inventory values at 1.43 billion yuan, 1.64 billion yuan, and 1.57 billion yuan, accounting for 24.21%, 18.17%, and 17.71% of current assets [5] Fundraising and Investment Plans - The company plans to raise 2.46 billion yuan through the IPO, which will be allocated to projects including connector technological upgrades, wiring harness production bases, automotive electronics production bases, smart transformation and information technology, and the Tianhai Intelligent Connected Vehicle Industry Research Institute [5][6]

Economic Performance - Dongguan's industrial added value above designated size grew by 6.4% year-on-year in the first four months of this year, indicating stable growth [1][4] - The total foreign trade import and export value reached 486.35 billion yuan, a year-on-year increase of 19.4%, showcasing robust performance despite external pressures [2][3] Trade and Export - The foreign trade performance of Dongguan is highlighted by the example of Humen Town, which achieved a foreign trade import and export total of 17.29 billion yuan in the first quarter, up 12.4% year-on-year [2] - The Dongguan Airport Center has facilitated cross-border logistics, with a cumulative import and export value exceeding 24 billion yuan since its operation began in April 2023, marking a significant increase of 121% year-on-year in the first quarter [3] Local Economic Growth - Three towns, Dongkeng, Xiegang, and Hongmei, reported double-digit GDP growth in the first quarter, with Dongkeng leading at 24% [6][7] - Xiegang Town's GDP reached 3.855 billion yuan, growing by 20.4% year-on-year, while Hongmei Town's GDP grew by 10% [7] Consumer Market - The total retail sales of social consumer goods in Dongguan reached 149.687 billion yuan in the first four months, with a year-on-year growth of 4% [8] - The automotive sector has become a key driver of consumption, with significant contributions from promotional activities and new vehicle launches [8][9]