Investment Rating - The report does not explicitly state an investment rating for the automotive parts industry, but it highlights significant growth opportunities driven by domestic substitution, smart technology, and lightweight materials. Core Insights - The automotive parts industry in China is experiencing accelerated domestic substitution due to the rise of independent vehicle manufacturers, with a focus on key components like automotive electronics and engine parts [1][16]. - The smart technology trend is pushing the iteration of automotive electronics, with a growing demand for sensors and wiring harnesses, particularly in the context of autonomous driving [1][32]. - Lightweight materials, such as aluminum and engineering plastics, are becoming increasingly important, with aluminum casting offering high cost-performance ratios [1][10]. Summary by Sections 1. Domestic Substitution, Smart Technology, and Lightweight Materials - The rise of independent vehicle manufacturers is driving the acceleration of domestic substitution in core automotive components [1.1][16]. - The automotive electronics sector is evolving due to advancements in smart driving technology, leading to increased demand for various sensors [1.2][32]. - Lightweight materials are gaining traction, with aluminum and engineering plastics extending their applications from decorative to functional components [1.3][10]. 2. Coordination Between Humanoid Robot Components and Automotive Parts - The humanoid robot industry is expected to transition from "0" to "1" in terms of industrialization starting in 2024, with significant overlap in technology and components with the automotive sector [2.1][22]. - Key components such as motors, sensors, and gear reducers are critical for both humanoid robots and automotive applications, indicating a potential growth area for automotive parts suppliers [2.2][27]. 3. Focus on High Scarcity Attributes and Industry Trends - The report emphasizes the importance of identifying high-scarcity and high-growth companies within the automotive parts sector, particularly those benefiting from domestic substitution and the rise of humanoid robots [3.1][35]. - Companies like Lintai New Materials, a leader in wet-type paper-based friction plates, are highlighted for their significant domestic substitution potential [3.1][36]. - Audiwei, a leader in ultrasonic sensors, is noted for its strategic expansion into the humanoid robot sector, showcasing the potential for cross-industry growth [3.2][39].

根据披露的机构调研信息2025年8月28日，泉果基金对上市公司鼎通科技进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为163.96亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得71.65%。 截至2025年9月22日，泉果基金近1年回报前8非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A71.652022年10月18日 赵诣 016710泉果旭源三年持有期混合C70.982022年10月18日赵诣 018329泉果思源三年持有期混合 A52.732023年6月2日刚登峰 018330泉果思源三年持有期混合C52.132023年6月2日刚登峰 019624泉果嘉 源三年持有期混合A36.552023年12月5日钱思佳 019625泉果嘉源三年持有期混合C36.012023年12月5日 钱思佳 020855泉果泰然30天持有期债券A2.762024年4月16日钱思佳 徐缘 020856泉果泰然30天持有期债 券C2.3520 ...

Core Viewpoint - The stock of Dianzhi Technology has shown a recent upward trend, with significant fluctuations in trading volume and a mixed performance in financial results, indicating potential investment opportunities and market interest [1][2]. Company Overview - Dianzhi Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on November 20, 2006, with its listing date on July 31, 2017. The company specializes in the research, design, manufacturing, and sales of micro connectors and interconnection systems [1]. - The main revenue composition includes automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1]. Financial Performance - As of January to June 2025, Dianzhi Technology achieved a revenue of 2.524 billion yuan, representing a year-on-year growth of 17.71%. However, the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [2]. - Since its A-share listing, the company has distributed a total of 889 million yuan in dividends, with 430 million yuan distributed over the past three years [3]. Shareholder Information - As of September 10, 2025, the number of shareholders for Dianzhi Technology reached 29,600, an increase of 1.82% from the previous period. The average circulating shares per person decreased by 1.78% to 12,113 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited as the fourth-largest shareholder, holding 13.5468 million shares (a decrease of 2.1482 million shares), and new entrants like E Fund's ChiNext ETF holding 6.7165 million shares [3]. Market Activity - On September 19, the stock price of Dianzhi Technology rose by 2.04% to 58.53 yuan per share, with a trading volume of 553 million yuan and a turnover rate of 2.68%. The total market capitalization reached 24.865 billion yuan [1]. - Year-to-date, the stock price has decreased by 1.18%, but it has seen a significant increase of 13.12% over the last five trading days, 16.87% over the last 20 days, and 29.98% over the last 60 days [1].

Core Viewpoint - The stock of Dianzhi Technology has shown a significant increase in recent trading days, with a notable rise of 13.80% over the last five trading days, despite an overall decline of 8.83% since the beginning of the year [1] Financial Performance - For the first half of 2025, Dianzhi Technology reported a revenue of 2.524 billion yuan, representing a year-on-year growth of 17.71%. However, the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [2] - Cumulatively, since its A-share listing, Dianzhi Technology has distributed a total of 889 million yuan in dividends, with 430 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Dianzhi Technology was 29,100, a decrease of 5.60% from the previous period. The average number of tradable shares per shareholder increased by 5.94% to 12,333 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 13.5468 million shares, a decrease of 2.1482 million shares from the previous period. New entrants among the top shareholders include E Fund's ChiNext ETF, holding 6.7165 million shares [3] Market Activity - On September 16, Dianzhi Technology's stock price reached 54.00 yuan per share, with a trading volume of 336 million yuan and a turnover rate of 1.77%. The total market capitalization stood at 22.94 billion yuan [1] - The stock experienced a net inflow of 7.9661 million yuan from main funds, with significant buying activity from large orders, indicating positive market sentiment [1]

Core Insights - The stock of Delian Technology increased by 5.23% on September 4, reaching a price of 49.28 yuan per share, with a trading volume of 211 million yuan and a turnover rate of 1.20%, resulting in a total market capitalization of 20.935 billion yuan [1] Company Overview - Delian Technology Co., Ltd. is located in the Guangming District of Shenzhen, Guangdong Province, and was established on November 20, 2006, with its listing date on July 31, 2017 [1] - The company's main business involves the research, design, manufacturing, and sales of micro-connectors and interconnection systems [1] - The revenue composition of the company includes: automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1] Shareholder Information - E Fund's Chuangye ETF (159915) entered the top ten circulating shareholders of Delian Technology in the second quarter, holding 6.7165 million shares, which accounts for 1.88% of the circulating shares [2] - The estimated floating profit for E Fund's Chuangye ETF today is approximately 16.4555 million yuan [2] - The fund was established on September 20, 2011, with a latest scale of 85.537 billion yuan, and has achieved a year-to-date return of 36.86% [2] Fund Manager Performance - The fund managers of E Fund's Chuangye ETF are Cheng Xi and Liu Shurong [3] - Cheng Xi has a tenure of 9 years and 123 days, managing assets totaling 195.312 billion yuan, with the best fund return during his tenure being 120.62% and the worst being -67.9% [3] - Liu Shurong has a tenure of 8 years and 51 days, managing assets totaling 112.299 billion yuan, with the best fund return during his tenure being 183.72% and the worst being -47.96% [3]

Group 1 - The core viewpoint of the news is that Dianlian Technology's stock has experienced a decline of 5.07%, with a current price of 47.23 CNY per share and a total market capitalization of 20.064 billion CNY [1] - Dianlian Technology, established on November 20, 2006, and listed on July 31, 2017, specializes in micro-connectors and interconnection systems, with its main revenue sources being automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1] Group 2 - From the perspective of major fund holdings, the Green Fund has a significant position in Dianlian Technology, with the Green Innovation Growth Mixed A Fund (007533) holding 5,600 shares, accounting for 5.44% of the fund's net value, making it the second-largest holding [2] - The Green Innovation Growth Mixed A Fund was established on September 2, 2019, with a current size of 2.6802 million CNY, achieving a year-to-date return of 17.06% and a one-year return of 60.07% [2]

Core Viewpoint - Weifeng Electronics experienced a decline in stock price and trading volume on September 1, with a net financing outflow, indicating potential investor caution [1]. Group 1: Stock Performance - On September 1, Weifeng Electronics' stock fell by 1.26%, with a trading volume of 115 million yuan [1]. - The financing buy-in amount for the day was 11.54 million yuan, while the financing repayment was 12.18 million yuan, resulting in a net financing outflow of 635,600 yuan [1]. - As of September 1, the total financing and securities lending balance was 82.91 million yuan, accounting for 5.01% of the circulating market value, which is above the 60th percentile level over the past year [1]. Group 2: Company Financials - For the first half of 2025, Weifeng Electronics reported a revenue of 338 million yuan, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 54.93 million yuan, up 16.52% year-on-year [2]. - Since its A-share listing, Weifeng Electronics has distributed a total of 124 million yuan in dividends [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Weifeng Electronics was 11,300, a decrease of 1.13% from the previous period [2]. - The top ten circulating shareholders include new entrants such as Noan Pioneer Mixed A and Dachen Zhongzheng 360 Internet + Index A, indicating changes in institutional holdings [2].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue of 124.5 billion and a year-on-year growth of 20.18%, while net profit reached 6.644 billion, growing by 23.13% [2][14]. Group 1: Financial Performance - The company's revenue for the first half of 2025 was 1245 billion, with a net profit of 66.44 billion, both exceeding initial expectations [2][14]. - The second quarter alone saw revenue of 627 billion, a year-on-year increase of 22.5% [2]. - The gross profit margin for the first half of 2025 was 11.61%, slightly down by 0.1 percentage points due to currency fluctuations and increased production costs [19][20]. Group 2: Business Segments - The consumer electronics segment generated 978 billion in revenue, growing by 14.3%, with strong performance from Apple-related products [3][4]. - The communications business experienced significant growth, with revenue of 111 billion, up 48.7%, driven by AI computing capabilities [5][6]. - The automotive segment saw remarkable growth, with revenue of 87 billion, increasing by 82.1%, supported by new projects and successful acquisitions [6][10]. Group 3: Future Outlook - The company anticipates a net profit range of 108.90 to 113.45 billion for the first three quarters of 2025, corresponding to a growth rate of 20-25% [8]. - The long-term growth drivers remain clear, with expectations for continued expansion in consumer electronics, communications, and automotive sectors [8][12]. - The company is well-positioned to leverage its global manufacturing advantages and customized services to enhance market competitiveness [8][18]. Group 4: Strategic Initiatives - The company is focusing on vertical integration and innovation in the ODM sector, aiming to enhance its product offerings across various applications [8][15]. - In the communications sector, the company is building a comprehensive technology matrix to support high-speed connectivity and AI applications [9][16]. - The automotive business is expected to achieve significant revenue growth, with plans to become a leading global supplier of automotive components [10][11].

Core Insights - The company participated in an investor event organized by the Shenzhen Stock Exchange, focusing on its automotive connector business, overseas factory progress, and R&D investment directions [1][2]. Automotive Connector Business Growth - The automotive connector business has shown significant growth, driven by the acceleration of smart technology in electric vehicles. In 2024, the company achieved major breakthroughs in product variety, quality, and production scale, resulting in substantial revenue growth. The company has increased its supply share with core domestic clients and deepened collaborations with leading international automotive TIER1 clients. The strategic focus on Ethernet products aligns with the high-level smart automotive development, enhancing automation production capabilities and technical accumulation, which is expected to further increase market share as the demand for high-frequency and high-speed connectors in the electric vehicle market expands [3]. Overseas Factory Progress - The company has made significant progress in its overseas factories in Thailand and Vietnam, achieving stable large-scale shipments to international clients. The ongoing expansion of other overseas clients is crucial for increasing revenue and improving international market share [4]. R&D Investment Focus - Future R&D investments will target multiple fields, including the development of 5G millimeter-wave products in the RF connection sector, enhancing collaboration with domestic 5G research institutions, and expanding modular product technology reserves. In the automotive electronics sector, the company will continue to strengthen its Ethernet product layout and improve automation production capabilities. Additionally, with advancements in AI technology, the company plans to collaborate with upstream chip and equipment manufacturers to enter the humanoid robot and AI data center markets, enhancing product competitiveness through R&D collaboration with clients [5]. Industry Competition Landscape - In the competitive landscape, the company has a strong position in the mobile RF connector market, with increasing market share against Japanese competitors. The cable components and electromagnetic compatibility products face intense competition primarily from domestic manufacturers. In the automotive sector, the company is a leading domestic player with products that are well-suited for performance compatibility with international manufacturers, which is expected to enhance its competitive advantage. In the server market, while overseas manufacturers dominate the high-end segment, the company's business scale remains small, prompting plans for increased R&D collaboration [6]. Production Equipment and Seasonal Performance - The company has achieved domestic substitution for some production equipment and will continue to evaluate options to reduce costs. Seasonal fluctuations in performance are noted, with peak sales for consumer electronics and automotive electronics concentrated in the second half of the year, leading to seasonal sales patterns influenced by product shipments and industry inventory characteristics [7].

Group 1: Automotive Connector Performance - The company achieved significant growth in automotive connectors in 2024, driven by the rapid development of electric vehicles and increasing demand for intelligent driving technologies [3] - The product categories, quality, production scale, and competitiveness of automotive connectors have all improved significantly, leading to a substantial increase in revenue [3] - The company has strengthened its relationships with both domestic and international Tier 1 automotive clients, enhancing its market presence [3] Group 2: Strategic Development and Market Expansion - The company is focusing on the strategic layout of Ethernet products related to automotive intelligence, enhancing collaboration with smart driving solution providers and lidar manufacturers [4] - The market for high-frequency and high-speed automotive connectors is expected to expand significantly in the coming years due to the electrification and intelligentization of vehicles [4] - The company aims to increase its market share in this segment by improving product iteration and customer loyalty [4] Group 3: International Operations and Market Penetration - The company is expanding its overseas operations, particularly in Thailand and Vietnam, to meet international customer demands and enhance service quality [5] - Stable large-scale shipments to overseas major clients are being maintained, while new client acquisitions are showing promising results [5] - This expansion is strategically significant for increasing overall revenue and improving international market share [5] Group 4: Research and Development Focus - Future R&D investments will focus on deepening collaborations with upstream chip manufacturers and addressing the needs of downstream end-users [6][7] - The company plans to enhance its technological capabilities in high-frequency and high-speed connectors, particularly in AI and data center applications [7] - Strengthening R&D cooperation with leading chip manufacturers and expanding into high-speed connection applications in data centers are key priorities [7] Group 5: Competitive Landscape - In the mobile sector, the company maintains a stable market share in RF connector products, with a consistent gross margin [7] - The automotive high-frequency and high-speed connector market is currently dominated by international players, but the company is positioned as a leading domestic manufacturer [7] - In the server market, the company aims to strengthen R&D collaboration to compete with established international connector manufacturers [7] Group 6: Seasonal Sales Trends - The company experiences seasonal sales fluctuations, with peak sales occurring in the second half of the year due to increased demand in consumer electronics and automotive sectors [8] - The concentration of new vehicle releases and smart technology iterations in the latter half of the year contributes to this seasonal pattern [8]