证券日报网讯中熔电气（301031）11月14日在互动平台回答投资者提问时表示，公司E-fuse产品还在研 发进程中。固态断路器未来并不会形成对熔断器的替代。在现有电路系统之中，机械式断路器和熔断器 是相互配合的作用。而固态断路器功能本质上是替代机械式断路器。固态断路器虽然有一定优点，但在 体积、成本、通流发热等方面都高于机械式断路器，更远高于熔断器，且短路耐受能力较机械式断路器 弱，短路分断能力不如熔断器。熔断器为一次性保护元件，它是在应对短路等极端故障时的最后防线。 在数据中心电源中，有很多级保护存在，从高压交流到多级直流支路，储能回路等，固态断路器可能在 一定位置应用是有一些优势的，而在一些位置并不适合。熔断器因其与生俱来的被动式、高可靠的保护 特性、高分断能力、小体积等优势，其作为安全底线的价值不仅不会消失，反而可能更加重要。中熔电 气将持续巩固和深化在传统电力熔断器市场的领先地位，同时积极拓展其他新兴产品，并紧密跟踪固态 断路器等前沿技术。 ...

格隆汇11月14日丨中熔电气(301031.SZ)在投资者互动平台表示,公司E-fuse产品还在研发进程中。固态断 路器未来并不会形成对熔断器的替代。在现有电路系统之中，机械式断路器和熔断器是相互配合的作 用。而固态断路器功能本质上是替代机械式断路器。固态断路器虽然有一定优点，但在体积、成本、通 流发热等方面都高于机械式断路器，更远高于熔断器，且短路耐受能力较机械式断路器弱，短路分断能 力不如熔断器。熔断器为一次性保护元件，它是在应对短路等极端故障时的最后防线。在数据中心电源 中，有很多级保护存在，从高压交流到多级直流支路，储能回路等，固态断路器可能在一定位置应用是 有一些优势的，而在一些位置并不适合。熔断器因其与生俱来的被动式、高可靠的保护特性、高分断能 力、小体积等优势，其作为安全底线的价值不仅不会消失，反而可能更加重要。 中熔电气将持续巩固 和深化在传统电力熔断器市场的领先地位，同时积极拓展其他新兴产品，并紧密跟踪固态断路器等前沿 技术。 ...

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]

Core Viewpoint - Junwei Electronics experienced a slight decline in stock price, with a trading volume of 174 million yuan and a net financing outflow of 11.87 million yuan on October 29, 2023 [1] Group 1: Financial Performance - As of September 30, 2023, Junwei Electronics reported a revenue of 573 million yuan for the first nine months of 2025, representing a year-on-year growth of 18% [2] - The net profit attributable to the parent company for the same period was 114 million yuan, reflecting a year-on-year increase of 25.27% [2] - Cumulative cash dividends since the A-share listing amount to 52.8 million yuan [2] Group 2: Shareholder and Market Activity - The number of shareholders for Junwei Electronics decreased by 18.87% to 20,100 as of September 30, 2023, while the average circulating shares per person increased by 23.25% to 3,215 shares [2] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 746,900 shares to 898,200 shares [2] - The company had a total financing balance of 180 million yuan, accounting for 7.3% of its market capitalization [1]

Group 1 - The company, Zhongrong Electric (301031.SZ), is currently engaged in discussions and collaborations with major manufacturers of solid-state transformers [1] - The main applications of the company's fuses are in low-voltage DC ports, high-voltage AC ports, and within power modules of solid-state transformers [1]

Investment Rating - The report maintains an "Overweight" rating for the company [6] Core Views - The company reported Q3 revenue of 595 million RMB, a year-over-year increase of 60.08% and a quarter-over-quarter increase of 32.76%. The net profit attributable to shareholders was 105 million RMB, up 91.62% year-over-year and 36.27% quarter-over-quarter. For the first three quarters of 2025, the company achieved a revenue of 1.434 billion RMB, a year-over-year increase of 48.47%, and a net profit of 242 million RMB, up 101.77% year-over-year [1][6] - The company is optimistic about accelerating the expansion of new products and overseas markets, with AI data center product reserves expected to inject new growth vitality [1][6] Summary by Sections Q3 Performance - In Q3 2025, the company's gross margin was 41.14%, a year-over-year increase of 2.08 percentage points, primarily due to product structure optimization and cost reduction efforts. The net profit margin was 17.49%, with a year-over-year increase of 2.82 percentage points [2] - The company expects share-based payment expenses to decrease significantly in 2026, further reducing their impact on performance [2] Business Growth - The significant revenue growth in Q3 was driven by product upgrades and the expansion of new products in the electric vehicle sector. The company anticipates that projects with European luxury brand clients will enter the new car release phase in October-November, gradually moving to mass production [3] - The company is investing in new production lines in Thailand and planning capacity expansion in Europe based on customer demand [3] Data Center Products - The company has long-term partnerships with leading firms in the data center sector. As AI data centers transition to 800V DC architecture, the demand for the company's products is expected to increase, leading to both volume and price growth [4] Profit Forecast and Valuation - The company has raised its net profit forecasts for 2025-2027 by 9.45%, 11.03%, and 11.54%, respectively, to 346 million, 460 million, and 597 million RMB, with a three-year compound growth rate of 47.30%. The target price has been adjusted to 130.90 RMB, corresponding to a 32 times PE for 2025 [5][6]

Company Overview - The company specializes in the design, research and development, manufacturing, and sales of precision resistors and fuses for current sensing, with a strong market presence in both domestic and international markets [2][3]. - The brand names "华德", "Walter", "TFT", and "YED" have gained a good reputation among customers, establishing the company as a global leader in the precision current sensing resistor sector [2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of ¥573,429,389.35, representing a year-on-year growth of 18.00% [4]. - The net profit attributable to shareholders was ¥114,174,886.97, reflecting a year-on-year increase of 25.27% [4]. - Growth was driven by seasonal demand in consumer electronics and significant orders from industrial and AI-related sectors [4]. Profitability and Market Position - The company maintains a high gross margin due to its strategic focus on high-tech segments, continuous R&D investment, and collaboration with leading industry clients [5]. - By targeting top-tier clients, the company achieves premium pricing and drives technological advancements, while also benefiting from economies of scale [5]. Product and Business Strategy - The core products include current sensing resistors and fuses, with a focus on deepening market penetration in traditional sectors like consumer electronics and home appliances [6]. - Future growth strategies involve expanding existing products into high-value sectors such as AI, industrial applications, automotive, and renewable energy [6]. M&A Strategy - The company adopts a cautious and synergistic approach to mergers and acquisitions, focusing on targets with similar business and technology profiles to minimize integration risks [7]. - The acquisition of Japan's Flat Electronics Co., Ltd. exemplifies this strategy, enhancing overseas market presence and adding value through complementary products and customer resources [7]. Overall Development Strategy - The company aims for growth through both organic and inorganic means, emphasizing R&D and product innovation while strategically pursuing acquisitions and partnerships [8]. - Recent acquisitions, such as that of Flat Electronics, are intended to enhance technology and product offerings while accumulating high-end customer resources [8].

Core Viewpoint - Junwei Electronics (301458.SZ) has shown strong operational performance, with significant growth in both revenue and net profit for the first three quarters of 2025, indicating a positive trajectory for the company in the global electronic components market [1][2]. Financial Performance - For the first three quarters of 2025, Junwei Electronics achieved revenue of 573 million yuan, representing an 18.00% year-on-year increase, and a net profit of 114 million yuan, reflecting a 25.27% increase [1][2]. - In Q3 2025, the company reported revenue of 219 million yuan, up 20.02% year-on-year, and a net profit of approximately 45.93 million yuan, which is a 26.89% increase [2]. - The gross margin for the first three quarters of 2025 reached a historical high of 50.69%, an increase of 2.42 percentage points compared to the same period in 2024 [2][4]. Business Operations - Junwei Electronics specializes in the design, research, development, manufacturing, and sales of precision resistors and fuses, with applications in smartphones, laptops, lithium battery protection boards, and emerging markets such as AI servers and energy storage [2][3]. - The company has expanded its global presence by establishing subsidiaries and sales teams in regions like the United States and Japan, while maintaining production bases in mainland China [3][4]. Market Position and Clientele - The company has a diverse client base, including major global companies such as Samsung, Xiaomi, Lenovo, and NVIDIA, which enhances its market competitiveness [3][4]. - As of 2025, the proportion of revenue from overseas markets has steadily increased, reaching 36.24% in the first half of 2025, with higher gross margins compared to domestic operations [4]. Research and Development - Junwei Electronics has consistently increased its R&D investment, with expenditures of 25.92 million yuan, 27.33 million yuan, and 23.24 million yuan for the years 2023 to the first three quarters of 2025, respectively [4]. - The company holds 126 patents, including 26 invention patents, which underscores its commitment to innovation and technology advancement [4]. Financial Health - As of September 2025, Junwei Electronics reported cash and cash equivalents of 729 million yuan and trading financial assets of 205 million yuan, indicating a strong liquidity position [5].

Group 1 - Yangjie Technology announced the termination of the cash acquisition of 100% equity in Dongguan Better Electronics Technology Co., Ltd. due to a proposal from Better Electronics' actual controller and major shareholders [2][3] - The decision to terminate the acquisition was approved by the company's board of directors and supervisory board after reviewing the matter [2] - The termination was attributed to differences in business types, management styles, and corporate cultures between the two companies, leading to significant disagreements on future operational philosophies [2] Group 2 - Dongguan Better Electronics Technology Co., Ltd. specializes in the research, production, and sales of power electronic protection components, established on August 25, 2003 [4] - The company’s main products include overcurrent protection components and over-temperature protection components, with applications in various fields such as consumer electronics, home appliances, new energy vehicles, photovoltaic power generation, energy storage, and rail transportation [4] - Better Electronics is recognized as a leader in the domestic industry, focusing on high-end electronic and power circuit protection components, and has achieved multiple management system certifications [4]