[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 领益智造(002600)公司点评报告 2025 年 10 月 31 日 [Table_Title] Q3 业绩动能充沛，持续受益 AI 硬件创新 周期 ——领益智造三季报点评 [Table_Summary] 报告要点： 领益智造 2025 年 Q3 营收及利润创上市以来新高。公司前三季度实现 营收375.9亿元，同比增长19.3%；实现归母净利润19.4亿元，同比+37.7%。 前三季度毛利率 16.6%，同比+0.74pct；净利率为 5.2%，同比+0.77pct。 从单季度来看，25Q3 收入 139.7 亿元，同比+12.9%，环比+15.1%；归母 净利润 10.1 亿元，同比+39.3%，环比+177.4%。 AI 终端领域，电池、散热、快充显著受益于 AI 创新周期，"人眼折服" 前瞻业务进展乐观，有望重构业绩增长结构。公司布局大客户全系列产品， 深度受益于大客户产品创新周期及新机型的热销，在电池、散热、快充上新 品的量产及份额的提升带动 ASP 及稼动率的走强。 1）机器人方面，公司已形成丰富的硬件产品矩阵，目前已在机 ...

深华发A成立于1981年12月8日，1992年4月28日在深圳证券交易所上市，注册地址和办公地址均位于广东 省深圳市。该公司是一家多元化电子企业，在物业经营和电子制造领域有一定优势。 公司主营业务包括物业经营、液晶显示器整机组装业务、注塑件业务、泡沫件业务等，所属申万行业为电 子 - 光学光电子 - 面板，涉及小盘核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第30，净利润第23 2025年三季度，深华发A营业收入6.83亿元，行业排名30/38，远低于行业第一名京东方A的1545.48亿元和 第二名TCL科技的1359.43亿元，也低于行业平均数116.37亿元和中位数18.83亿元。当期净利润2126.69万 元，行业排名23/38，与第一名京东方A的44.05亿元和第二名康冠科技的5.03亿元差距明显，低于行业平均 数6680.87万元和中位数3317.39万元。 资产负债率低于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度深华发A资产负债率为43.59%，去年同期为42.16%，低于行业平均的 45.77%，显示出相对较好的偿债能力。从盈利能力看，当期毛利率为12.26%，去年同 ...

Core Viewpoint - Guangdong Hongtu is a leading domestic die-casting enterprise, focusing on die-casting and automotive interior and exterior parts, with a strong position in integrated die-casting [1] Group 1: Business Performance - In Q3 2025, Guangdong Hongtu achieved revenue of 6.653 billion yuan, ranking 3rd in the industry, surpassing the industry average of 4.503 billion yuan [2] - The main business composition includes aluminum die-casting at 3.161 billion yuan (74.02%), injection molding parts at 1.038 billion yuan (24.30%), and other components at 42.982 million yuan (1.01%) [2] - The net profit for the same period was 197 million yuan, ranking 11th in the industry, above the industry average of 68 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 43.97%, higher than the previous year's 41.73% and above the industry average of 40.56% [3] - The gross profit margin for the period was 13.34%, down from 15.62% year-on-year and below the industry average of 21.56% [3] Group 3: Executive Compensation - The total compensation for President Song Xuanpeng was 2.2456 million yuan in 2024, an increase of 860,500 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.88% to 51,700, while the average number of circulating A-shares held per household increased by 8.56% to 12,800 [5] - Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 4.9766 million shares, a decrease of 2.2507 million shares from the previous period [5] Group 5: Market Outlook - According to CICC, the company's performance in the first half of 2025 met expectations, driven by clients like Xiaopeng and BYD, but profitability is under pressure [5] - CITIC Securities expects stable operations in 2024 with revenue exceeding 8 billion yuan, although profits may decline due to client price reductions and rising raw material costs [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high revenue and profit in Q3 2025, with revenue of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.941 billion yuan, up 37.66% year-on-year [1] - The growth is driven by innovations in AI hardware, particularly in cooling, battery, and fast-charging technologies, with significant potential in robotics, AI glasses, foldable screens, and servers [1][2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 375.90 billion yuan and a net profit of 19.41 billion yuan, with a gross margin of 16.61% and a net margin of 5.23% [1] - In Q3 2025 alone, revenue reached 139.65 billion yuan, marking a 12.91% year-on-year increase and a 15.12% quarter-on-quarter increase, while net profit was 10.12 billion yuan, up 39.28% year-on-year and 177.37% quarter-on-quarter [1] Business Segments - The company is expanding its AI terminal hardware offerings, focusing on battery, thermal management, and fast-charging solutions, which are expected to drive new growth [9] - The automotive business is transitioning from Tier 2 to Tier 1, with a recent acquisition aimed at enhancing its position in the electric vehicle market [3] - The company is also making strides in humanoid robots, AI glasses, foldable devices, and server power supply solutions, positioning itself well in these emerging markets [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are 510 billion yuan, 610 billion yuan, and 728 billion yuan, respectively, with expected year-on-year growth rates of 15.5%, 19.6%, and 19.2% [9] - Net profit is projected to reach 2.4 billion yuan, 3.5 billion yuan, and 4.4 billion yuan for the same years, with growth rates of 37.3%, 45.5%, and 26.8% [9]

Core Viewpoint - Jinsong New Materials is a leading domestic supplier of cosmetic plastic packaging containers, with strong R&D and production capabilities, and has been publicly listed since July 2020 [1] Group 1: Business Performance - For Q3 2025, Jinsong New Materials reported revenue of 238 million, ranking 7th among 7 companies in the industry, with the industry leader, Qingsong Co., achieving 1.553 billion in revenue [2] - The main business revenue composition includes injection molded products at 144 million (95.42%), glass bottles at 3.9189 million (2.60%), and molds at 3.0023 million (1.99%) [2] - The net profit for the same period was -9.4719 million, ranking 6th in the industry, with the industry leader's net profit at 107 million [2] Group 2: Financial Ratios - As of Q3 2025, Jinsong New Materials had a debt-to-asset ratio of 15.99%, down from 18.42% year-on-year, significantly lower than the industry average of 36.05%, indicating good solvency [3] - The gross profit margin for the period was 19.75%, up from 18.83% year-on-year, but still below the industry average of 21.95% [3] Group 3: Executive Compensation - The chairman, Ruan Rongtao, received a salary of 579,800, an increase of 5,500 from the previous year [4] - The general manager, Ruan Qijiang, earned 497,300, up by 5,900 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 13.27% to 8,200, while the average number of circulating A-shares held per household increased by 15.30% to 14,800 [5]

Core Viewpoint - Zhejiang Jinsheng New Materials Co., Ltd. faces regulatory penalties for failing to disclose related party transactions involving the chairman's nephew, coinciding with a recent share reduction plan by the second-largest shareholder [1][3][5] Group 1: Regulatory Issues - The company received an administrative penalty notice from the Zhejiang Securities Regulatory Bureau for not disclosing a related party transaction involving its chairman's nephew, who was awarded a construction contract worth 1.18 billion yuan [3][5] - The contract was later amended to a total of 1.50 billion yuan, with significant transaction amounts occurring in 2022, which constituted 18.6% of the company's audited net assets for that year [4][5] - The regulatory body plans to impose a fine of 1.5 million yuan on the company and additional fines on four responsible individuals, totaling 5.5 million yuan [5][6] Group 2: Financial Performance - Since its IPO in July 2020, the company has experienced a decline in revenue and profits, with a 24.3% drop in revenue to 260 million yuan in 2020 and a 47.46% decrease in net profit [7][8] - The company has reported consecutive losses over the past three years, with net profits of -22.51 million yuan in 2022 and -22.64 million yuan in 2024 [8] - In the first half of 2025, the company continued to report losses, with a revenue of 151 million yuan, down 9.33% year-on-year [8] Group 3: Shareholder Actions - The second-largest shareholder, Ningbo Liyi Venture Capital Center, announced a plan to reduce its holdings by up to 300,000 shares, representing 2% of the total share capital [9][10] - This shareholder had previously faced penalties for violating reduction commitments, having sold shares below the promised minimum price [11]

富荣福锦混合A（005164）基金经理为李延峥、毛运宏。 10月24日，唯科科技涨5.12%，截至发稿，报92.80元/股，成交1.18亿元，换手率1.06%，总市值116.24 亿元。 资料显示，厦门唯科模塑科技股份有限公司位于福建省厦门火炬高新区(翔安)产业区春光路1152号-1156 号(双号)，成立日期2005年4月4日，上市日期2022年1月11日，公司主营业务涉及从事精密注塑模具、 注塑件以及健康产品的研发、设计、制造和销售业务。主营业务收入构成为：注塑产品47.25%，健康 产品31.33%，精密模具18.24%，其他3.19%。 从基金十大重仓股角度 数据显示，富荣基金旗下1只基金重仓唯科科技。富荣福锦混合A（005164）二季度持有股数3.71万股， 占基金净值比例为5.65%，位居第三大重仓股。根据测算，今日浮盈赚取约16.77万元。 富荣福锦混合A（005164）成立日期2018年3月16日，最新规模731.7万。今年以来收益9.08%，同类排 名5890/8154；近一年收益8.72%，同类排名5701/8025；成立以来收益132.35%。 截至发稿，李延峥累计任职时间4年130天， ...

Group 1 - The core point of the news is that Weike Technology's stock price increased by 5.08% to 92.30 CNY per share, with a trading volume of 185 million CNY and a turnover rate of 1.63%, resulting in a total market capitalization of 11.561 billion CNY [1] - Weike Technology, established on April 4, 2005, and listed on January 11, 2022, is located in Xiamen, Fujian Province, and specializes in precision injection molding, injection products, and health product development, design, manufacturing, and sales [1] - The revenue composition of Weike Technology includes injection products at 47.25%, health products at 31.33%, precision molds at 18.24%, and others at 3.19% [1] Group 2 - Among the top circulating shareholders of Weike Technology, Qianhai Kaiyuan Fund's Qianhai Kaiyuan Jiaxin Mixed A (001765) reduced its holdings by 507,600 shares in the second quarter, now holding 946,800 shares, which is 1.4% of the circulating shares [2] - The Qianhai Kaiyuan Jiaxin Mixed A fund has achieved a year-to-date return of 79.68%, ranking 167 out of 8160 in its category, and a one-year return of 78.53%, ranking 146 out of 8026 [2] - The fund manager, Wu Guoqing, has been in position for 10 years and 31 days, with the fund's total asset size at 5.333 billion CNY and a best return of 399.41% during his tenure [3]

Group 1 - The core point of the news is that Weike Technology's stock price increased by 5.02% to 88.28 CNY per share, with a total market capitalization of 11.058 billion CNY as of the report date [1] - Weike Technology, established on April 4, 2005, is located in Xiamen, Fujian Province, and was listed on January 11, 2022. The company specializes in the research, design, manufacturing, and sales of precision injection molds, injection products, and health products [1] - The revenue composition of Weike Technology includes injection products at 47.25%, health products at 31.33%, precision molds at 18.24%, and others at 3.19% [1] Group 2 - From the perspective of major fund holdings, Guotai Fund has a significant position in Weike Technology, with the Guotai Jinma Stable Return Mixed A Fund (020005) holding 421,100 shares, accounting for 3.66% of the fund's net value [2] - The Guotai Jinma Stable Return Mixed A Fund reduced its holdings by 6,800 shares in the second quarter, and the estimated floating profit from this investment is approximately 1.777 million CNY [2] - The fund has a total scale of 776 million CNY and has achieved a year-to-date return of 32.54%, ranking 2,124 out of 8,162 in its category [2]

Group 1 - The core viewpoint of the news is that Weike Technology's stock has experienced a significant decline, with a 5.05% drop on October 14, leading to a cumulative decline of 9.56% over four consecutive days [1] - As of the report, Weike Technology's stock price is at 83.30 yuan per share, with a trading volume of 196 million yuan and a turnover rate of 1.81%, resulting in a total market capitalization of 10.434 billion yuan [1] - Weike Technology, established on April 4, 2005, specializes in precision injection molding, injection products, and health products, with revenue contributions of 47.25% from injection products, 31.33% from health products, 18.24% from precision molds, and 3.19% from others [1] Group 2 - Among the top ten circulating shareholders of Weike Technology, Qianhai Kaiyuan Fund's Qianhai Kaiyuan Jiaxin Mixed A (001765) reduced its holdings by 507,600 shares, now holding 946,800 shares, which accounts for 1.4% of the circulating shares [2] - The estimated floating loss for Qianhai Kaiyuan Jiaxin Mixed A today is approximately 4.1943 million yuan, with a total floating loss of 8.7768 million yuan during the four-day decline [2] - Qianhai Kaiyuan Jiaxin Mixed A has achieved a year-to-date return of 83.94%, ranking 120 out of 8,162 in its category, and a one-year return of 84.23%, ranking 220 out of 8,015 [2]