公司动态跟踪 | 中熔电气 激励熔断器快速放量，新业务、新产品打开成长空间 证券研究报告 2025 年 11 月 21 日 中熔电气（301031.SZ）动态跟踪点评 公司 2025Q3 季报业绩亮眼。公司 2025 年前三季度实现营收 14.34 亿元， 同比+48.47%，实现归母净利润 2.42 亿元，同比+101.77%，实现扣非归母 净利润 2.39 亿元，同比+102.55%。其中，25Q3 公司实现营收 5.95 亿元， 同环比 +60.08%/+32.76% ； 实 现 归 母 净 利 润 1.05 亿 元 ， 同 环 比 +91.62%/+36.27% ，实现扣非归母净利润 1.04 亿元，同环比 +91.83%/+36.90%；实现销售毛利率 41.14%，同环比+2.08pct/-0.21pct， 销售净利率 17.49%，同环比+2.82pct/+0.56pct。 新能源汽车业务保持快速增长，激励+海外逐步放量。25H1 公司新能源汽车 业务收入同比增长约 52%，增速高于行业平均，主要系产品升级及激励熔断 器新品拓展。公司激励熔断器上半年已实现收入 1.07 亿元，同比+116%， ...

11月14日，中熔电气涨0.91%，成交额3.68亿元。两融数据显示，当日中熔电气获融资买入额3464.26万 元，融资偿还3391.11万元，融资净买入73.15万元。截至11月14日，中熔电气融资融券余额合计2.86亿 元。 机构持仓方面，截止2025年9月30日，中熔电气十大流通股东中，广发多因子混合（002943）位居第四 大流通股东，持股239.96万股，相比上期减少10.19万股。香港中央结算有限公司位居第九大流通股东， 持股118.89万股，为新进股东。景顺长城新能源产业股票A类（011328）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，中熔电气当日融资买入3464.26万元。当前融资余额2.85亿元，占流通市值的2.70%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，中熔电气11月14日融券偿还0.00股，融券卖出1300.00股，按当日收盘价计算，卖出金额 13.95万元；融券余量8488.00股，融券余额91.05万元，超过近一年50%分位水平，处于较高位。 截至11月10日，中熔电气股东户数1.46万，较上期减少1.67%；人均流通股4714股，较上期增加1.70 ...

Group 1 - The core point of the news is the decline in the stock price of Zhongrong Electric, which fell by 5.12% to 118.49 CNY per share, with a trading volume of 201 million CNY and a turnover rate of 2.42%, resulting in a total market capitalization of 11.65 billion CNY [1] - Zhongrong Electric, established on April 20, 2007, and listed on July 15, 2021, is located in Xi'an, Shaanxi Province, and specializes in the research, production, and sales of fuses and related components [1] - The company's main business revenue composition includes 86.93% from power fuses and accessories, 12.77% from incentive fuses, and 0.30% from electronic fuses [1] Group 2 - From the perspective of fund holdings, one fund under ICBC Credit Suisse holds a significant position in Zhongrong Electric, with 27,000 shares, accounting for 1.02% of the fund's net value, making it the fifth-largest holding [2] - The ICBC CSI 1000 Index Enhanced A fund, established on March 28, 2023, has a latest scale of 209 million CNY and has achieved a year-to-date return of 45.91%, ranking 872 out of 4216 in its category [2] - The fund manager, He Shun, has a tenure of 2 years and 20 days, with a total asset scale of 8.558 billion CNY, achieving the best fund return of 60.36% and the worst return of 7.57% during his tenure [2]

Summary of Zhongrong Electric's Conference Call Company Overview - **Company**: Zhongrong Electric - **Industry**: Electric components, specifically focusing on new energy vehicles and energy storage solutions Key Financial Performance - **Q3 2025 Financials**: - Revenue: 5.95 billion CNY - Net Profit: 1.04 billion CNY - Gross Margin: Approximately 41% - Year-to-date Revenue: 14.3 billion CNY, up 48.4% YoY - Year-to-date Net Profit: 2.42 billion CNY, up 101% YoY - Sales Expenses: Over 79 million CNY, up 39% YoY - R&D Expenses: 1.3 billion CNY, up 35.6% YoY [3][4][31] Business Segments and Growth Drivers - **New Energy Vehicles**: - Contributes over 60% of total revenue - **Energy Storage**: - Accounts for approximately 20% of total revenue, with rapid growth and multiple project applications [2][4][7][8] - **Incentive Fuses**: - Expected to exceed 250 million CNY in revenue for the year, with significant growth in energy storage applications [2][6] Market Expansion and Production Capacity - **Production Capacity**: - Average monthly sales of approximately 2 billion CNY in Q3, with expectations to maintain high production levels in Q4 [10] - **International Market**: - Anticipated significant growth in overseas markets next year, with direct exports expected to increase by several tens of percent [12][13] - **Thailand Factory**: - Gradual production ramp-up to support U.S., European, and domestic export demands [12][32] Strategic Initiatives - **Revenue Target**: - Revised upward to exceed 18.18 billion CNY, with expectations to approach 20 billion CNY for the year [5][31] - **Product Development**: - Focus on new products like sensors and relays to meet market demand, although traditional products still dominate revenue [9][23][35] - **Cost Management**: - Efforts to stabilize gross margins despite rising raw material costs through internal efficiency improvements [20][27] Future Outlook - **Market Trends**: - Positive growth in sectors like rail communication and industrial control, with communication industry growth around 55% YoY [26] - **Long-term Goals**: - Aim for overseas markets to account for 40%-50% of total revenue, with ongoing product expansion in both domestic and international markets [5][33] - **Investment Plans**: - Capital expenditures expected to focus on production line enhancements and technology improvements, with a projected investment of around 140 million CNY this year [30] Additional Insights - **Stock Incentives**: - Q3 stock incentive expenses were approximately 6 million CNY, with no significant impact on profit margins [11][36] - **Competitive Landscape**: - Increased market share in the domestic market, with major competitors being foreign firms like BASF [22] - **Data Center Initiatives**: - Ongoing preparations for HVDC-related products, with plans to expand offerings in the data center sector [23][25] This summary encapsulates the key points from Zhongrong Electric's conference call, highlighting financial performance, market dynamics, strategic initiatives, and future outlook.

Core Viewpoint - Zhongrong Electric has shown significant stock performance with a year-to-date increase of 52.43%, despite a recent decline of 13.06% over the past five trading days [1] Group 1: Stock Performance - As of October 15, Zhongrong Electric's stock price reached 106.50 CNY per share, with a trading volume of 1.37 billion CNY and a turnover rate of 1.90% [1] - The company's market capitalization stands at 10.471 billion CNY [1] - Year-to-date stock performance shows a 52.43% increase, with a 6.57% rise over the past 20 days and a 31.92% increase over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, Zhongrong Electric reported a revenue of 839 million CNY, reflecting a year-on-year growth of 41.20% [2] - The net profit attributable to shareholders for the same period was 138 million CNY, marking a substantial year-on-year increase of 110.25% [2] Group 3: Shareholder Information - As of September 30, the number of shareholders for Zhongrong Electric increased by 35.52% to 15,700 [2] - The average number of circulating shares per shareholder decreased by 26.21% to 4,390 shares [2] - The company has distributed a total of 176 million CNY in dividends since its A-share listing, with 136 million CNY distributed over the past three years [3] Group 4: Institutional Holdings - As of June 30, 2025, the fourth largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 2.5015 million shares, an increase of 880,200 shares from the previous period [3] - In the same period, Invesco Great Wall New Energy Industry Fund held 2.2909 million shares, increasing by 461,000 shares [3]

Core Viewpoint - Zhongrong Electric experienced a slight decline of 0.16% on October 9, with a trading volume of 617 million yuan, indicating a high level of trading activity and investor interest in the stock [1] Financing and Margin Trading - On October 9, Zhongrong Electric had a financing buy-in amount of 110 million yuan, with a net financing buy of approximately 43.82 million yuan after repayments [1] - The total margin trading balance for Zhongrong Electric reached 447 million yuan, with the financing balance accounting for 3.70% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of leverage [1] - In terms of securities lending, 800 shares were repaid while 3,200 shares were sold short, with a total short selling amount of approximately 391,400 yuan [1] Company Overview - Zhongrong Electric, established on April 20, 2007, and listed on July 15, 2021, is located in Xi'an, Shaanxi Province, and specializes in the research, production, and sales of fuses and related components [1] - The company's main business revenue composition includes 86.93% from power fuses and components, 12.77% from incentive fuses, and 0.30% from electronic fuses [1] Shareholder Information - As of August 29, Zhongrong Electric had 11,600 shareholders, an increase of 9.68% from the previous period, with an average of 5,950 circulating shares per shareholder, a decrease of 8.83% [2] - For the first half of 2025, Zhongrong Electric reported a revenue of 839 million yuan, representing a year-on-year growth of 41.20%, and a net profit attributable to shareholders of 138 million yuan, reflecting a significant increase of 110.25% [2] - Since its A-share listing, Zhongrong Electric has distributed a total of 176 million yuan in dividends, with 136 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Zhongrong Electric, Guangfa Multi-Factor Mixed Fund ranked as the fourth largest shareholder with 2.5015 million shares, an increase of 880,200 shares from the previous period [2] - In the same period, Invesco Great Wall New Energy Industry Stock A Class ranked as the sixth largest shareholder with 2.2909 million shares, an increase of 461,000 shares [2]

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on Zhongrong Electric, highlighting the company's strategic developments and market expansion plans. Group 1: Company Overview - Zhongrong Electric's General Manager Liu Zhuxi shared insights on the company's development history, strategic layout, technological advantages, and future prospects during the meeting with investors [4]. - The company has upgraded the strategic positioning of its Thailand factory, which now serves as a core production base supporting global strategies, not just North American clients [3]. Group 2: Market Expansion - The company is accelerating its overseas market expansion, with a growing number of client projects across various regions and customer types, indicating a stable and long-term partnership with overseas clients [2][3]. - Zhongrong Electric aims to increase the proportion of overseas revenue to be closer to domestic revenue in the coming years, with plans to establish production capacity in Europe [3]. Group 3: New Business Areas and Product Development - The company is focusing on the data center business, responding to the growing demand driven by AI computing, and is conducting specialized research to adapt to industry needs [4]. - The incentive fuse product has transitioned from concept to mass application, particularly in the electric vehicle sector, with expectations for increased adoption due to stricter safety regulations [5]. - Zhongrong Electric is transforming from a single component supplier to a system solution provider, with advancements in relay products and integrated solutions [6][7]. Group 4: Future Strategic Vision - The company's long-term vision is to become an excellent energy protection system solution provider, developing both high-voltage and low-voltage distribution system protection solutions [8]. - Zhongrong Electric plans to enhance its technical expert team and develop advanced equipment to provide flexible solutions that meet diverse customer needs [8].

Group 1: Overseas Market Expansion - The company is accelerating its overseas market expansion, with a continuous increase in customer projects across different regions and types [2] - The Thai factory's strategic role has evolved from primarily serving North American clients to becoming a core production base supporting global strategies [2] - The company plans to add 5-6 new production lines in the Thai factory by 2026 to meet growing customer demand [2] Group 2: New Business Areas and Product Development - The data center business is experiencing rapid growth due to increasing AI computing power, with the market for fuses in this sector expected to have significant potential [3] - The incentive fuse product has transitioned from concept to mass application, with increasing adoption in high-end electric and hybrid vehicles due to stricter safety regulations [3] - The company is shifting from a single component supplier to a system solution provider, with a focus on integrated products that combine fuses, relays, and sensors [3] Group 3: Future Strategic Vision - The long-term vision is to become an excellent energy protection system solution provider, developing protection schemes for both high and low voltage distribution systems [3] - The company aims to provide flexible solutions that meet diverse customer needs at different development stages, enhancing its competitiveness in the market [3]

Group 1: Company Performance - The company's gross margin improved year-on-year in the first half of 2025, driven by product structure optimization, particularly the promotion of the 800V platform for electric vehicles, and a significant increase in sales of the incentive fuses, which grew by 116% year-on-year [2][3][5] - The revenue from the incentive fuses reached 107 million yuan in the first half of 2025, with an optimistic outlook for achieving the annual target of 250 million yuan [5][10] - The company has maintained a strategy of focusing on high-quality customers in the photovoltaic industry, resulting in a revenue growth of 13.94% year-on-year, although this is below the industry average [7][8] Group 2: Market Analysis - The electric vehicle industry experienced a revenue growth of approximately 52% year-on-year in the first half of 2025, outpacing the industry average due to product upgrades and the expansion of new incentive fuse products [3][4] - The company is expanding its overseas market presence, with dedicated projects for luxury European brands expected to enter the new car release phase in October-November 2025 [4][8] - The company is actively promoting the application of incentive fuses in the renewable energy storage sector, aiming to enhance competitiveness through product performance upgrades rather than engaging in price competition [7][8] Group 3: Strategic Developments - The new general manager's appointment is part of the company's strategy to advance its internationalization efforts, bringing extensive international experience and management skills [9] - The company plans to enhance its production capacity in Thailand, with four production lines expected to be ready for mass production by the end of September 2025, and additional lines planned for 2026 [8][9] - The company is establishing a research and development center in Shanghai to focus on microelectronic technologies, including efuse, targeting the automotive low-voltage market [11][12]

Group 1: Financial Performance - The company's gross margin improved year-on-year in the first half of 2025, driven by product structure optimization, particularly the promotion of the 800V platform for electric vehicles, and a 116% increase in sales of the incentive fuse business [2] - The revenue from the electric vehicle industry grew approximately 52% year-on-year, surpassing the industry average, due to product upgrades and the expansion of new incentive fuse products [2] Group 2: Market Expansion - The company is increasing its overseas client projects, with specific projects for European luxury brands expected to enter the new car release phase between October and November 2025 [2] - The Thai factory is a key base for the company's overseas promotion strategy, with plans to have 4 production lines ready for mass production by the end of September 2025 and an additional 2 lines entering the testing phase by the end of 2025 [3] Group 3: Product Development - Revenue from incentive fuses reached 107 million yuan in the first half of 2025, with an optimistic outlook for achieving the annual target of 250 million yuan [3] - The company is actively promoting the application of incentive fuses in the wind and solar storage sector, aiming to enhance product competitiveness and market strategy [3] Group 4: Management and Strategy - The change in the general manager is part of the company's strategy to advance its internationalization efforts, with the new appointee bringing extensive international experience [3] - Share-based payment expenses for the first half of 2025 are estimated at 22 million yuan, with a projected total for the year between 36 million and 37 million yuan [3] Group 5: Research and Development - The company has established a research center in Shanghai for the development of efuse and related microelectronic technologies, currently in the early stages of research and testing [3] - The company is prepared to provide supporting products for the HVDC architecture in data centers, with a focus on the growing market potential in this area [3]