12月26日，钧崴电子跌1.36%，成交额6511.94万元。两融数据显示，当日钧崴电子获融资买入额691.74 万元，融资偿还748.35万元，融资净买入-56.61万元。截至12月26日，钧崴电子融资融券余额合计1.84 亿元。 截至9月30日，钧崴电子股东户数2.01万，较上期减少18.87%；人均流通股3215股，较上期增加 23.25%。2025年1月-9月，钧崴电子实现营业收入5.73亿元，同比增长18.00%；归母净利润1.14亿元，同 比增长25.27%。 分红方面，钧崴电子A股上市后累计派现5280.00万元。 机构持仓方面，截止2025年9月30日，钧崴电子十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股89.82万股，相比上期增加74.69万股。南方中证1000ETF（512100）位居第三大流通股 东，持股72.99万股，相比上期减少1.25万股。华夏中证1000ETF（159845）位居第八大流通股东，持股 43.50万股，相比上期增加2155.00股。广发中证1000ETF（560010）、国投瑞银中证500指数量化增强A （005994）退出十大流通股东之列。 融资 ...

振华科技（000733.SZ）12月25日在投资者互动平台表示，公司真空灭弧室及熔断器等电路保护元件、 电阻电容等被动元件可用于核电领域，已经进行相关应用配套。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司的新型元件器是否用于核电？有哪些产品，是否 独家供应？ ...

Group 1 - The core viewpoint of the article is that Zhenhua Technology (000733.SZ) has confirmed its circuit protection components, such as vacuum extinguishing chambers and fuses, can be applied in the nuclear power sector [1] - The company has already conducted relevant application support for these components in the nuclear power field [1]

点 击 蓝 字 关 注 我 们 本文全文共 5272 字，阅读全文约 17 分钟 关于征求《道路车辆 车载以太网 第4部分：1 Gbit/s光纤以太网组件的通用要求和测试方法》 | | | | 全国汽车标准化技术委员会电器分会 | | | --- | --- | --- | --- | --- | | | | | 2025 年 12月 02 日 | | | 序号 计划号/标准号 | 标准名称 | 征求意见稿 | 征求意见稿编制说明 发表意见 | | | 20253391-T-339 | 道路车辆 通信速率最高到100 Gbit/s车载光纤线束的通用要求和测试方法 | 17 | N | E | | 20251969-T-339 | 道路车辆 车载以太网 第8 部分：100 Mbit/s 电气以太网传输介质、组件和测试 | K | K | 트 | | 20251242-T-339 | 道路车辆 车载以太网 第4部分：1 Gbit/s光纤以太网组件的通用要求和测试方法 | F | E | E | 12月2日，全国汽车标准化技术委员会电器分会公布"关于征求《道路车辆 车载以太网 第4部分：1 Gbit/s 光纤以太网 ...

在新能源汽车飞驰的时代，一辆高端电动车里可能藏着上百个"安全卫士"，它们默默无闻，却在关键 时刻能够阻止灾难性后果。 熔断器就是其中之一，作为电力系统的"保险丝"，当电流异常时，它们会主动牺牲自己，切断电路， 保护整个系统免受损害。 作者 | 木鱼 编辑 | 小白 前三季度利润翻倍。 ...

Core Points - Junwei Electronics experienced a slight increase of 0.18% in stock price on November 27, with a trading volume of 60.55 million yuan [1] - The company reported a financing buy-in of 10.42 million yuan and a financing repayment of 12.02 million yuan on the same day, resulting in a net financing outflow of 1.61 million yuan [1] - As of November 27, the total balance of margin trading for Junwei Electronics was 181 million yuan, accounting for 8.60% of its market capitalization [1] Financing Summary - On November 27, Junwei Electronics had a financing buy-in of 10.42 million yuan, with a current financing balance of 181 million yuan [1] - The company repaid 1,000 shares in short selling on the same day, with no shares sold short, resulting in a short selling balance of 6532 yuan [1] Business Overview - Junwei Electronics, established on January 13, 2014, is located in Jiangmen City, Guangdong Province, and is set to be listed on January 10, 2025 [1] - The company's main business involves the design, research and development, manufacturing, and sales of precision resistors for current sensing and fuses [1] - The revenue composition of Junwei Electronics is as follows: precision current sensing resistors 64.82%, fuses 18.82%, and others 16.36% [1] Financial Performance - As of September 30, 2025, Junwei Electronics reported a total revenue of 573 million yuan, representing a year-on-year growth of 18.00% [2] - The net profit attributable to the parent company was 114 million yuan, showing a year-on-year increase of 25.27% [2] - The company has distributed a total of 52.8 million yuan in dividends since its A-share listing [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Junwei Electronics was 20,100, a decrease of 18.87% from the previous period [2] - The average number of circulating shares per shareholder increased by 23.25% to 3,215 shares [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 898,200 shares, an increase of 746,900 shares from the previous period [2]

Core Viewpoint - The company emphasizes that its E-fuse products are still in the development stage and that solid-state circuit breakers will not replace fuses in existing electrical systems [1] Group 1: Product Development - The company is currently developing its E-fuse products [1] - Solid-state circuit breakers are fundamentally designed to replace mechanical circuit breakers, not fuses [1] Group 2: Product Comparison - Mechanical circuit breakers and fuses work in a complementary manner within existing electrical systems [1] - Solid-state circuit breakers have advantages but are larger, more expensive, and have higher thermal current compared to mechanical circuit breakers, and significantly higher than fuses [1] - The short-circuit withstand capability of solid-state circuit breakers is weaker than that of mechanical circuit breakers, and their short-circuit interruption capacity is inferior to that of fuses [1] Group 3: Market Position and Strategy - Fuses serve as a last line of defense against extreme faults like short circuits, being a one-time protective component [1] - In data center power systems, multiple levels of protection exist, and while solid-state circuit breakers may have advantages in certain applications, they are not suitable for all positions [1] - The inherent passive, high-reliability protection characteristics, high interruption capacity, and small size of fuses ensure their value will not diminish but may become even more critical [1] - The company aims to strengthen its leading position in the traditional power fuse market while actively exploring other emerging products and closely monitoring cutting-edge technologies like solid-state circuit breakers [1]

Core Viewpoint - The company emphasizes that its E-fuse products are still in the research and development phase and that solid-state circuit breakers will not replace fuses in existing electrical systems [1] Group 1: Product Development - The company is currently developing E-fuse products [1] - Solid-state circuit breakers primarily serve to replace mechanical circuit breakers, not fuses [1] Group 2: Product Comparison - Solid-state circuit breakers have advantages but are larger, more expensive, and have higher thermal current compared to mechanical circuit breakers and fuses [1] - The short-circuit withstand capability of solid-state circuit breakers is weaker than that of mechanical circuit breakers, and their short-circuit breaking capacity is inferior to that of fuses [1] Group 3: Market Positioning - Fuses are considered a last line of defense against extreme faults like short circuits, due to their inherent passive, high-reliability protection characteristics, high breaking capacity, and small size [1] - The company aims to maintain and strengthen its leading position in the traditional electrical fuse market while actively exploring emerging products and closely tracking cutting-edge technologies like solid-state circuit breakers [1]

Core Insights - The company reported significant revenue growth in Q3 2025, achieving revenue of 595 million yuan, a year-on-year increase of 60.08% and a quarter-on-quarter increase of 32.76% [1] - The net profit attributable to shareholders reached 105 million yuan, reflecting a year-on-year increase of 91.62% and a quarter-on-quarter increase of 36.27% [1] - The company has solidified its leading position in key sectors such as new energy vehicles and energy storage, with high-margin new products driving revenue growth and margin improvement [1] Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 1.434 billion yuan, a year-on-year increase of 48.47%, and a net profit of 242 million yuan, a year-on-year increase of 101.77% [1] - The gross profit margin in Q3 was 41.14%, showing a year-on-year increase of 2.08 percentage points, indicating improved product mix and cost control [1] - R&D, sales, management, and financial expense ratios were 8.50%, 5.69%, 4.57%, and 0.91% respectively, with an overall declining trend in expense ratios contributing to enhanced profitability [2] Business Expansion - The company is steadily expanding its production capacity in Thailand, with plans to add two more production lines by the end of 2025 and further lines in 2026, aiming to support global strategic needs [3] - The company has secured a global exclusive project for high-voltage products in Europe, with a total sales amount of 110 million yuan, expected to enter mass production by late 2025 [3] - The company aims to increase its overseas revenue to approximately 2 billion yuan, aligning its overseas and domestic revenue proportions [3] Product Development - The company is transitioning from a single component supplier to a system solution provider, with new products like relays and BDU modules showing significant market potential [4] - The data center business is expected to grow, with partnerships with major clients and the capability to upgrade to higher voltage solutions [4] - The energy storage segment has seen improved margins, with a gross margin of 44.44% for wind and solar storage products, indicating further profitability enhancement [4] Investment Outlook - The company is projected to achieve revenues of 2.139 billion yuan, 2.918 billion yuan, and 3.729 billion yuan from 2025 to 2027, with corresponding net profits of 360 million yuan, 510 million yuan, and 661 million yuan [5] - The diluted EPS is expected to be 3.66 yuan, 5.19 yuan, and 6.72 yuan for the same period, with corresponding PE ratios of 31.18, 22.00, and 16.98 [5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved Q3 revenue of 4.567 billion RMB, representing a year-over-year increase of 25.54% and a quarter-over-quarter increase of 4.65%. The net profit attributable to shareholders was 506 million RMB, up 18.95% year-over-year but down 8.58% quarter-over-quarter. For the first three quarters of 2025, the company reported a total revenue of 12.914 billion RMB, a year-over-year increase of 18.82%, and a net profit of 1.470 billion RMB, up 15.78% year-over-year [1][7] - The growth in revenue is primarily attributed to the sustained demand in the relay sector and the acceleration of new product categories, with expectations for continued performance growth driven by overseas markets and data centers [1][3] Summary by Sections Financial Performance - In Q3 2025, the gross margin was 35.35%, showing a quarter-over-quarter increase of 0.69 percentage points despite rising raw material costs and competitive pricing pressures. The net profit margin was 14.63%, down 1.03 percentage points year-over-year and 2.20 percentage points quarter-over-quarter, mainly due to an increase in the expense ratio [2] - The company generated a net cash flow from operating activities of 1.573 billion RMB in the first three quarters of 2025, reflecting a year-over-year increase of 30.49% [2] Product Development and Market Position - The company is strengthening its core business in relays while actively expanding into new product categories such as fuses and film capacitors. A five-year plan has been established to guide the achievement of phased goals and drive order and revenue growth [3] - The company is also developing modular solutions, such as high-voltage control boxes, to enhance product value and increase the self-manufacturing ratio of new product categories [3] Growth Opportunities - The company has a rich reserve of components and solutions for data centers, including relays, connectors, and various power distribution solutions. The shift from AC to DC power supply architectures in AI data centers is expected to enhance demand for the company's products, providing new growth momentum [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upward by 1.30%, 2.10%, and 3.92% to 1.893 billion RMB, 2.195 billion RMB, and 2.590 billion RMB, respectively, with a three-year compound growth rate of 16.66%. The target price is set at 44.68 RMB, based on a PE ratio of 29.71 for 2026 [5]