据证券之星公开数据整理，近期英杰电气（300820）发布2025年中报。截至本报告期末，公司营业总收 入7.22亿元，同比下降9.42%，归母净利润1.19亿元，同比下降32.71%。按单季度数据看，第二季度营 业总收入3.97亿元，同比下降5.98%，第二季度归母净利润6900.12万元，同比下降29.32%。本报告期英 杰电气公司应收账款体量较大，当期应收账款占最新年报归母净利润比达114.54%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率36.57%，同比减13.4%，净利率16.91%， 同比减27.86%，销售费用、管理费用、财务费用总计5389.71万元，三费占营收比7.46%，同比减 3.59%，每股净资产11.0元，同比增7.49%，每股经营性现金流0.79元，同比减31.33%，每股收益0.54 元，同比减33.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.97亿 | 7.22亿 | -9.42% | | 归母净利润（元） | 1.78亿 | 1.19亿 | -32. ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 27.92 [1][5] Core Views - The company reported a revenue of RMB 552 million for H1 2025, representing a year-on-year increase of 12.93%, but a net loss attributable to shareholders of RMB 95.14 million, a decrease of 39.82% year-on-year [1] - The company is experiencing a significant recovery in downstream demand, particularly in the defense sector, which is expected to lead to a performance turning point in the future [1][2] - The company has successfully advanced its server power supply projects and is expanding into low-orbit satellite products, indicating substantial growth potential [1][2] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of RMB 319 million, a year-on-year increase of 10.29% and a quarter-on-quarter increase of 36.62% [1] - The gross margin for the high-end equipment business was 39.10%, down 3.99 percentage points year-on-year due to changes in product mix [2] Business Segments - The high-end equipment business generated RMB 546 million in revenue, up 13.69% year-on-year, driven by increased sales due to recovering downstream demand [2] - The communication power supply business has shown steady growth, supported by the ongoing construction of 5G base stations, which totaled 4.549 million as of June 2025, an increase of 298,000 from the end of the previous year [3] Cost and Liabilities - The company's expense ratio decreased slightly to 54.30%, with a notable increase in contract liabilities by 529.23% year-on-year, indicating strong downstream demand [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 has been revised down by 18.80% to RMB 119.21 million, with a compound annual growth rate (CAGR) of 65.04% expected from 2025 to 2027 [5][8] - The target price has been adjusted to RMB 27.92, based on a 68 times price-to-earnings (PE) ratio for 2026 [5]

Core Viewpoint - The company, China Electronics Technology Group Corporation's subsidiary, is seeking to raise 1.5 billion RMB for the industrialization of aerospace power systems through its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][3]. Company Background - The company, known as Electric Power Blue Sky Technology Co., Ltd., was established in 1992 and has undergone several transformations, including a change from a state-owned enterprise to a limited liability company in 2014, and then to a joint-stock company in 2022 [3][5]. - The current registered capital of Electric Power Blue Sky is approximately 1.563 billion RMB, with major shareholders including China Electronics Technology Group [5][7]. Financial Performance - Projected revenues for the years 2022, 2023, and 2024 are approximately 2.521 billion RMB, 3.524 billion RMB, and 3.127 billion RMB, respectively, with net profits of about 215 million RMB, 190 million RMB, and 339 million RMB for the same years [8]. - The company’s total assets are expected to reach approximately 727.76 million RMB by the end of 2024, with a debt-to-asset ratio of 46.40% for the parent company [9]. Business Segments - Electric Power Blue Sky operates in three main business segments: aerospace power, special power, and new energy applications and services [9]. - Revenue from aerospace power systems accounted for approximately 53.96%, 48.23%, and 63.42% of total revenue in 2022, 2023, and 2024, respectively [9]. Competitive Landscape - The company faces potential competition in the photovoltaic power station construction sector from subsidiaries of China Electronics Technology Group, which has led to strategic decisions to avoid overlapping business areas [10]. - Future operations in the lithium-fluorocarbon battery sector will be limited to existing projects, with no plans for new business expansion in this area [10].

Group 1 - The core focus of Yingjie Electric is on the research and manufacturing of industrial power supplies, covering areas such as photovoltaic, semiconductor, charging piles, energy storage, and research institutions [1] - The photovoltaic industry previously held a significant share of the company's business but is currently undergoing a downward adjustment cycle, prompting the company to actively pursue business transformation [1] - Progress has been made in the semiconductor and charging pile sectors, with the company having a strong technical foundation in controlled nuclear fusion power supplies, establishing long-term partnerships with top domestic research institutions [1] Group 2 - Orders related to nuclear fusion power supplies are expected to exceed 10 million yuan in 2024, indicating a broad market potential [1] - The company possesses experience in the research and development of high-power power supplies and has the capability for mass production, forming a technological advantage [1] - In the charging pile business, the company is developing new products for industry leaders and anticipates obtaining high-value-added orders, with breakthroughs in overseas market expansion expected to lead to significant growth by 2025 [1] Group 3 - The company emphasizes the importance of receivables in its photovoltaic business, with most of the goods shipped but not yet recognized as sales having their payments already collected, indicating manageable financial risks [1]

Group 1: Company Overview - China Electronics Technology Blue Sky Technology Co., Ltd. (referred to as "Blue Sky Technology") has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.5 billion yuan [1] - Blue Sky Technology specializes in the research, production, sales, and service of electric energy products and systems, offering comprehensive solutions from power generation to energy storage and control [1] - The company has a significant historical contribution to China's space exploration, having provided power products for over 700 satellites, spacecraft, and space stations since 1970 [1] Group 2: Industry Position - Jiangxi Hongban Technology Co., Ltd. (referred to as "Hongban Technology") has also submitted its IPO application to the Shanghai Stock Exchange's main board, with a fundraising target of 2.057 billion yuan [2] - Hongban Technology focuses on the research, production, and sales of printed circuit boards (PCBs), targeting the mid-to-high-end application market with high precision, density, and reliability [2] - The company has established a comprehensive product structure, including HDI boards, rigid boards, flexible boards, and IC carrier boards, and is recognized for its competitive advantage in consumer electronics and automotive electronics [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but the semiconductor RF power supply is expected to create new growth drivers [1] - The company is a leader in domestic semiconductor industrial power supply, with increasing domestic substitution rates in photovoltaic and semiconductor products [7] - The company has maintained high R&D investment, with R&D expenses reaching 137 million yuan in 2024, up 40.18% year-on-year [7] Financial Performance Summary - In 2024, the company achieved total revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, with a net profit attributable to the parent company of 322.76 million yuan, down 25.19% year-on-year [7] - The gross profit margin for 2024 was 38.50%, an increase of 1.28 percentage points year-on-year [7] - The company forecasts net profit attributable to the parent company of 401 million yuan in 2025 and 498 million yuan in 2026, with a projected net profit of 634 million yuan in 2027 [1][8] Market Data Summary - The closing price of the company's stock is 39.49 yuan, with a market capitalization of 8.75 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 27.62 based on the latest diluted earnings per share [5][8] Growth Drivers - The company is focusing on the photovoltaic industry, semiconductor etching, and charging pile manufacturing as key growth areas [7] - The company has made significant progress in the production of RF power supplies for advanced semiconductor processes, including 5nm etching [7]

Core Viewpoint - The company demonstrated stable revenue growth in 2024, with a notable increase in profit margins in Q1 2025, despite some declines in specific product segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.78 billion, a year-on-year increase of 0.59%, with power control systems revenue at 1.184 billion, down 12.03% year-on-year, and special power revenue at 423 million, up 53.90% year-on-year [1]. - The net profit attributable to the parent company was 323 million, a decrease of 25.19% year-on-year, while the net profit excluding non-recurring items was 307 million, down 27.87% year-on-year [1]. - For Q1 2025, the company reported a revenue of 325 million, a year-on-year decrease of 13.30% and a quarter-on-quarter decrease of 28.03% [1]. Profitability and R&D Investment - The gross profit margin for 2024 was 38.50%, an increase of 1.28 percentage points year-on-year, while the special power margin was 60.81%, up 13.30 percentage points year-on-year [2]. - R&D expenses reached 137 million in 2024, a year-on-year increase of 40.18%, indicating a sustained high level of investment in research and development [2]. Inventory and Cash Flow - As of Q4 2024, the company's inventory was 1.556 billion, down 15.35% year-on-year, while contract liabilities were 1.147 billion, up 1.00% year-on-year [3]. - The net cash flow from operating activities for Q4 was 256 million, an increase of 38.50% year-on-year [3]. Industry Outlook - The company is positioned as a leader in the domestic semiconductor power supply market, with increasing domestic substitution rates in photovoltaic and semiconductor products [4]. - The company is focusing on key processes in semiconductor etching and thin film deposition, with several RF power supply models already in mass production [4]. - The subsidiary is dedicated to developing and manufacturing electric vehicle charging stations, with plans for expansion into European and Asian markets [4]. Profit Forecast and Investment Rating - The net profit forecast for 2025-2026 has been revised down to 401 million and 498 million, respectively, with an expected net profit of 634 million in 2027 [5]. - The current market capitalization corresponds to a price-to-earnings ratio of 22.2/17.9/14.0 for the respective years, maintaining a "buy" rating based on growth potential [5].

股票简称：爱科赛博 股票代码：688719 首次公开发行股票科创板上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区世纪大道1198号28层） 二零二三年九月二十七日 特别提示 西安爱科赛博电气股份有限公司（以下简称"发行人"、"爱科赛博"、"公 司"或"本公司"）股票将于2023年9月28日在上海证券交易所科创板上市。本 公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 西安爱科赛博电气股份有限公司 Xi'an Actionpower Electric Co., Ltd. （西安市高新区新型工业园信息大道 12 号） 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 ...

慎作出投资决定。 西安爱科赛博电气股份有限公司 Xi'an Actionpower Electric Co., Ltd. （西安市高新区新型工业园信息大道 12 号） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创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。 首次公开发行股票并在科创板上市 招股说明书 中国（上海）自由贸易试验区世纪大道 1198 号 28 层 保荐人（主承销商） 西安爱科赛博电气股份有限公司 招股说明书 中国证监会、交易所对本次发行所做的任何决定或意见，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》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 | 发行股票类型： | 人民 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创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。 慎作出投资决定。 西安爱科赛博电气股份有限公司 Xi'an Actionpower Electric Co., Ltd. （西安市高新区新型工业园信息大道 12 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） 中国（上海）自由贸易试验区世纪大道 1198 号 28 层 西安爱科赛博电气股份有限公司 招股意向书 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 | 发行股票类型： | 人民币普通股（A股） | | --- | --- | | 发行股数： | 本次公开发行股票2,062万股，占发行后总股本的比例为 | | | 25%。本次发行股份全部为新股，不涉及原股东公开发售 | | | 股份。 | | 每股面值： | 人民币 ...