证券日报网讯美信科技（301577）9月30日在互动平台回答投资者提问时表示，公司信号类电感尤其是 片式电感产品在生产效率、产品良率及产能规模均稳居行业前列；功率类电感主要应用在新能源汽车、 服务器电源、工业电源等领域，出货量保持稳定；一体成型电感是公司新拓展的产品线，尚处于市场推 广阶段。 ...

格隆汇9月30日丨美信科技(301577.SZ)在投资者互动平台表示，公司信号类电感尤其是片式电感产品在 生产效率、产品良率及产能规模均稳居行业前列；功率类电感主要应用在新能源汽车、服务器电源、工 业电源等领域，出货量保持稳定；一体成型电感是公司新拓展的产品线，尚处于市场推广阶段。 ...

格隆汇9月30日丨美信科技(301577.SZ)在投资者互动平台表示，公司信号类电感尤其是片式电感产品在 生产效率、产品良率及产能规模均稳居行业前列；功率类电感主要应用在新能源汽车、服务器电源、工 业电源等领域，出货量保持稳定；一体成型电感是公司新拓展的产品线，尚处于市场推广阶段。 ...

Core Viewpoint - Meixin Technology's performance in the first half of 2025 showed revenue growth but profit pressure, with a focus on R&D investment and capacity expansion strategies [2][3][5]. Group 1: Financial Performance - In the first half of 2025, Meixin Technology reported revenue of 205 million yuan, a year-on-year increase of 2.98% [2] - The net profit attributable to shareholders was 10.51 million yuan, a decrease of 7.64% year-on-year, while the net profit after deducting non-recurring gains and losses was 9.95 million yuan, down 3.45% year-on-year [2] - The power magnetic components business faced pricing pressure and diverse customization demands, impacting profitability, while the signal magnetic components business performed well with revenue of 148 million yuan, up 8.71% year-on-year [2] Group 2: R&D Investment and Achievements - R&D investment for the reporting period was 12.50 million yuan, an increase of 1.5% year-on-year [3] - The company upgraded its production lines to automation, achieving significant breakthroughs in high-end products for 5G and data centers [3] Group 3: Gross Margin Situation - In the first half of 2025, the gross margin for signal magnetic components was 28.22%, while for power magnetic components it was 6.94% [4] - The overall gross margin improved due to a higher proportion of mid-to-high-end products in the signal magnetic components business [4] Group 4: Capacity Layout Planning - The new domestic factory is nearing completion with a project progress of 99%, set to release capacity soon [5] - The company is accelerating its overseas layout with a factory in Thailand, aiming to expand into the Southeast Asian market [5] Group 5: Customization and Quick Delivery Capability - Meixin Technology has established a rapid response mechanism through a technical service network and FAE teams, enhancing customer collaboration [6] - The company's "customization + quick delivery" capability has significantly improved the conversion rate of technical achievements compared to industry averages [6] Group 6: Cash Flow from Operating Activities - In the first half of 2025, the net cash flow from operating activities was 28.86 million yuan, maintaining a good level to support business expansion, R&D investment, and capacity construction [7]

Group 1: Financial Performance - In the first half of 2025, the company's revenue was 亿元, representing a year-on-year increase of 2.05% [2] - The net profit attributable to shareholders was 10.51 million yuan, a decrease of 7.64% year-on-year [2] - The net profit excluding non-recurring items was 9.95 million yuan, down 3.45% year-on-year [2] - Revenue from signal magnetic components reached 148 million yuan, an increase of 8.71% compared to the same period last year [2] Group 2: Research and Development - R&D investment during the reporting period was 12.50 million yuan, a year-on-year increase of 1.5% [2] - The company has upgraded to automated production lines, enhancing efficiency in manufacturing [2] - Several high-speed network transformers and power magnetic components have been certified by well-known enterprises [3] Group 3: Profitability and Margins - The gross margin for signal magnetic components was 28.22%, while for power magnetic components it was 6.94% [3] - The increase in gross margin is attributed to a higher proportion of high-end products in the signal magnetic components business [3] Group 4: Capacity and Market Strategy - The new factory construction, funded by the IPO, is 99% complete and will soon enter the capacity release phase [3] - The company is accelerating the establishment of a factory in Thailand to expand into the Southeast Asian market [3] - A "customization + fast delivery" strategy has been implemented to enhance competitiveness and customer collaboration [3] Group 5: Cash Flow and Operational Stability - The net cash flow from operating activities for the first half of 2025 was 28.86 million yuan, indicating a solid financial position [4] - Strong cash flow supports business expansion, R&D investment, and capacity construction, ensuring operational stability even under short-term pressures [4]

Core Viewpoint - The company reported a slight revenue increase in the first half of 2025, driven by strong performance in signal products despite challenges in power magnetic components [1][2]. Group 1: Financial Performance - The company achieved a revenue of 205 million yuan, representing a year-on-year growth of 2.98% [1]. - Net profit attributable to shareholders was 10.51 million yuan [1]. - Revenue from signal magnetic components reached 148 million yuan, accounting for 72.05% of total revenue, with an 8.71% growth [1]. Group 2: Product Performance - Signal products, including network transformers and BMS transformers, continued to perform well in the 5G communication and automotive Ethernet sectors, maintaining a high gross margin [1][2]. - Revenue from power magnetic components decreased by 7.99% to 54.15 million yuan due to increased customization demands and pricing pressures from clients [1]. Group 3: Research and Development - The company focused on production automation and improving yield rates, with R&D expenses reaching an industry-leading level [2]. - The R&D team expanded to 18% of total employees, an increase of 3 percentage points from the end of 2024 [2]. - New patents were granted for Ethernet interface modules and electronic devices, with core product yield rates improving by 2.3 percentage points [2]. Group 4: Market Outlook - The global magnetic components market is projected to reach 28.6 billion USD by 2025, with significant growth in the electric vehicle and AI infrastructure sectors exceeding 20% [2]. - The company is adjusting its production capacity, positioning its Shenzhen subsidiary as a research center for automotive products and focusing its Shanghai branch on communication device customer service [2]. Group 5: Strategic Initiatives - The company aims to strengthen its position in signal products while accelerating breakthroughs in power products for emerging applications, such as the 800V high-voltage platform [3]. - Management anticipates a performance trend of lower results in the first half of the year followed by improvement in the second half, supported by seasonal demand and favorable new energy policies [3].

Core Views - The company achieved record revenue of RMB 1.763 billion in Q2 2025 and RMB 3.224 billion in the first half of 2025, with a net profit of RMB 486 million, marking a historical high for both quarterly and semi-annual results [1][2] - The company is transitioning from a traditional "product provider" to a "value creator," focusing on emerging markets such as AI applications, automotive electronics, and data centers [1][6] - The company emphasizes innovation and has established multiple manufacturing technology platforms to support its product matrix and horizontal expansion capabilities [1][5] Financial Performance - Revenue for the first half of 2025 increased by 19.80% compared to the same period last year, while net profit attributable to shareholders rose by 32.87% [2][6] - The company reported a basic earnings per share of RMB 0.62, up 31.91% year-on-year [2] - Total assets increased by 5.13% year-on-year, reaching RMB 13.358 billion [2] Business Overview - The company specializes in the research, design, production, and sales of precision electronic components, with applications in communication, consumer electronics, automotive electronics, and data centers [6][9] - The company has developed a comprehensive product line, including magnetic devices, sensors, microwave devices, and precision ceramics, which are essential for signal processing and power management [6][9] - The company is recognized as a "demonstration enterprise of the first batch of manufacturing champions in China" and has been listed among the top 100 electronic component companies for 18 consecutive years [3][4] Market Trends - The electronic components industry is experiencing a shift towards miniaturization, high power density, and integration, driven by advancements in communication technology and the increasing demand for high-performance electronic devices [6][8] - The company is well-positioned to benefit from the growth in AI applications, automotive electronics, and data centers, with significant orders in the data center business during the first half of 2025 [1][6] Technological Development - The company has invested heavily in foundational technology research, establishing various manufacturing technology platforms to enhance production capabilities [5][6] - The company has developed advanced materials and manufacturing processes, enabling the production of high-performance components for various applications, including AI servers and automotive electronics [6][9] Product Strategy - The company offers a wide range of products tailored to meet the needs of different application scenarios, including precision inductors, transformers, and circuit protection components [9][10] - The company is actively developing new products to address market demands, particularly in the fields of AI, automotive electronics, and renewable energy [8][14]

市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 广东美信科技股份有限公司 Guangdong Misun Technology Co., Ltd. （广东省东莞市企石镇新南金湖一路 3 号 1 号楼） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行上市申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告 的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） （成都市青羊区东城根上街 95 号） 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定 性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 广东美信科技股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不 实陈述。 根据《证券法》的 ...

市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 广东美信科技股份有限公司 Guangdong Misun Technology Co., Ltd. （广东省东莞市企石镇新南金湖一路 3 号 1 号楼） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行上市申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告 的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） （成都市青羊区东城根上街 95 号） 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定 性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 广东美信科技股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不 实陈述。 根据《证券法》的 ...

市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 广东美信科技股份有限公司 Guangdong Misun Technology Co., Ltd. （广东省东莞市企石镇新南金湖一路 3 号 1 号楼） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行上市申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告 的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） （成都市青羊区东城根上街 95 号） 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定 性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 广东美信科技股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不 实陈述。 根据《证券法》的 ...