证券研究报告·北交所公司点评报告·电网设备 聚星科技（920111） 2025 中报点评：2025H1 盈利同增 11%，全 年有望稳健增长 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 602.74 | 1,001.59 | 1,281.84 | 1,619.64 | 1,992.79 | | 同比 | 22.54 | 66.17 | 27.98 | 26.35 | 23.04 | | 归母净利润（百万元） | 76.76 | 116.00 | 129.57 | 158.48 | 194.18 | | 同比 | 109.01 | 51.12 | 11.70 | 22.31 | 22.53 | | EPS-最新摊薄（元/股） | 0.49 | 0.75 | 0.84 | 1.02 | 1.25 | | P/E（现价&最新摊薄） | 58.24 | 38.54 | 34.50 | 28.21 | 23.02 | ...

Group 1: Company Performance - Wenzhou Hongfeng's stock price increased by 25.62% during the week of July 14-18, leading the electric equipment industry [1] - The company's stock price rose from a low of 5.54 yuan to 7.33 yuan, marking a cumulative increase of 32.31% over two months [1] Group 2: Copper Foil Business Development - Wenzhou Hongfeng's copper foil business is expected to see a significant sales revenue increase of 119.17% year-on-year in 2024, despite being in the ramp-up phase [2] - The company completed a capital increase for its subsidiary, Zhejiang Hongfeng Copper Foil Co., Ltd., bringing in strategic investors to enhance financial strength and support future development [2] - The copper foil production base project is progressing well, with production lines for high-performance lithium battery copper foil already operational [2][3] Group 3: Industry Growth Drivers - The commencement of the Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to create significant demand for electric equipment and related industries [4] - Wenzhou Hongfeng's hard alloy products are suitable for manufacturing key components of tunnel boring machines, which will benefit from the hydropower project [4] - The demand for electrical contact materials is anticipated to rise due to increased requirements for various electrical equipment in hydropower construction [4] Group 4: Data Center Demand - The growing demand for AI is driving the construction of data centers, presenting new growth opportunities for the electrical contact materials market [5] - Wenzhou Hongfeng's electrical contact materials are applicable in data center infrastructure, supporting efficient and stable operations [5] - The company is positioned to capitalize on the increasing market opportunities in the electrical and power sectors, aiming to enhance market share and improve performance [5]

Core Viewpoint - Dongwu Securities initiates coverage on Juxing Technology, highlighting the company's strong business development and potential for continued high growth due to sufficient production capacity and ongoing business expansion [1] Company Overview - Juxing Technology, established in November 1996, specializes in the research, production, and sales of electrical contact products, including electrical contacts, components, and materials [1] - The company successfully listed on the Beijing Stock Exchange on November 11, 2024, becoming the first company from Wenzhou to do so [1] - In 2024, Juxing Technology achieved a net profit attributable to shareholders of 116 million yuan, representing a year-on-year increase of 51.12%, and in Q1 2025, the net profit reached 23 million yuan, up 44.97% year-on-year [1] Industry Insights - The electrical contact products industry has seen a compound annual growth rate (CAGR) of 10.98% from 2015 to 2023, with expectations for the industrial total output value to reach new highs in 2024 [2] - The low-voltage electrical appliance sector is expanding due to increased fixed asset investments and growing downstream market demands, with household appliance retail expected to exceed 900 billion yuan in 2024 [2] - The global industrial control and factory automation market is projected to surpass 300 billion USD by 2029, while China's new energy vehicle sales are expected to exceed 10 million units [2] Competitive Advantages - Juxing Technology has developed a unique technological advantage through nearly 30 years of industry focus and continuous innovation, holding 46 patents, including 9 invention patents as of 2024 [2] - The company maintains a high gross margin compared to peers, with strong customer relationships characterized by high stickiness due to customized product features [3] - The company raised a net amount of 244 million yuan to invest in three projects aimed at reducing labor costs and enhancing product quality, including an intelligent production line upgrade to increase capacity and market competitiveness [3]

Macro Strategy - The report concludes that China's service sector employment and wage levels are not low compared to 43 economies, but there are three areas for improvement: the employment share in the service sector is still low compared to high-income economies, particularly in health and social work and real estate; the construction sector's employment is close to saturation, while the real estate sector has room for growth; and there is a significant income disparity across different service industries, with telecommunications and finance having higher wages compared to education and real estate [4][5][6]. Fixed Income Analysis - The report discusses the phenomenon of "deflation," characterized by a continuous decline in money supply and prices, leading to economic recession. It highlights that the main causes of deflation include supply-demand imbalances and a decrease in nominal money supply or circulation speed. Historical examples from Japan and the US illustrate how these countries responded to deflation through fiscal expansion and monetary easing [7][8]. - As of the first half of 2025, China's CPI showed a slight decline, averaging -0.07%, while PPI remained in negative territory, averaging -2.77%. The report attributes the low CPI to declines in food and transportation costs, while PPI is affected by weak real estate and infrastructure investment [7][8]. Company Analysis - 聚星科技 (Juxing Technology) is identified as a "small giant" in the electrical contact products sector, with a strong focus on technological innovation. The company was established in November 1996 and went public on the Beijing Stock Exchange in November 2024, becoming the first company from Wenzhou to list there. In 2024, it achieved a net profit of 116 million yuan, a year-on-year increase of 51.12%, and in Q1 2025, the net profit was 23 million yuan, up 44.97% year-on-year [2][10]. - The electrical contact products industry is expanding, with a compound annual growth rate of 10.98% from 2015 to 2023. The low-voltage electrical equipment market is also growing, driven by increasing fixed asset investments and rising demand in household appliances and industrial control sectors [10]. - 聚星科技 emphasizes core product focus and technological innovation, holding a competitive gross margin compared to peers. The company has established strong relationships with major low-voltage electrical manufacturers, enhancing customer loyalty [10]. - The report forecasts that the company's net profit will reach 130 million, 158 million, and 194 million yuan in 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 12%, 21%, and 23%. The company is rated as "overweight" due to its strong growth potential and sufficient production capacity [3][10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company, 聚星科技, is recognized as a "small giant" in the electrical contact products sector, with a strong emphasis on technological innovation that solidifies its industry position [1][12]. - The company has shown robust business development, with significant revenue growth projected in the coming years, driven by expanding market demand and effective cost management [1][30]. Summary by Sections Company Overview - 聚星科技 was established in November 1996, focusing on the R&D, production, and sales of electrical contact products, including contact tips, contact elements, and contact materials [12]. - The company became the first in Wenzhou to be listed on the North Exchange on November 11, 2024, marking a significant milestone [12]. Market Dynamics - The electrical contact products industry has been expanding, with a compound annual growth rate (CAGR) of 10.98% from 2015 to 2023, and the industrial output value is expected to reach new highs in 2024 [41]. - The low-voltage electrical appliance sector is also growing, driven by increasing fixed asset investments and rising household appliance market demands, with retail sales expected to exceed 900 billion yuan in 2024 [43][47]. Product Focus and Innovation - 聚星科技 emphasizes core product development and technological innovation, maintaining a leading gross margin in the industry and establishing strong customer relationships [1][21]. - The company has developed over ten types of electrical contact materials, enhancing its product performance and market competitiveness [22]. Financial Projections - The company forecasts a net profit of 1.30 billion yuan in 2025, 1.58 billion yuan in 2026, and 1.94 billion yuan in 2027, reflecting year-on-year increases of 12%, 21%, and 23% respectively [1][30]. - Revenue is projected to grow from 602.74 million yuan in 2023 to 1.86 billion yuan by 2027, with a significant year-on-year growth rate of 22.54% in 2023 and 66.17% in 2024 [1].

Core Viewpoint - Wenzhou Hongfeng has received a new utility model patent, enhancing its competitive edge in high-tech materials, particularly in the alloy materials sector, which is experiencing rapid growth due to emerging industries like new energy and 5G communication [1][2]. Group 1: Patent and Innovation - The company has obtained a total of four new utility model patents this year, with a focus on enhancing its independent intellectual property rights and fostering a continuous innovation mechanism [1]. - As of 2024, the company and its subsidiaries have accumulated 144 valid authorized patents, including 106 invention patents, showcasing its strong research and development capabilities [3]. Group 2: Business Performance - In 2024, the company's revenue from the electrical contact and functional composite materials segment reached 2.377 billion, a year-on-year increase of 17.04%, while the hard alloy segment saw a revenue of 319 million, up 58.24%, and the copper foil segment achieved 159 million, marking a 119.17% increase [3]. - The total revenue for the first quarter of 2025 reached 757 million, reflecting a year-on-year growth of 39.87% across all segments [3]. Group 3: Market Position and Strategy - The company has established itself as a key supplier in high-tech and high-value-added fields, including 5G communication and new energy vehicles, with its silver-copper composite materials being used in electric circuit protection systems for leading domestic electric vehicle manufacturers [2]. - The company plans to focus on its core business, emphasizing new technologies, products, and materials, while increasing R&D investment and talent acquisition to drive growth in the new materials industry [4].

Group 1: Business Performance - The main business revenue for the electrical contact and functional composite materials segment reached 2.377 billion CNY in 2024, a year-on-year increase of 17.04% [4] - The hard alloy segment achieved a revenue of 319 million CNY, growing by 58.24% compared to the previous year [4] - The copper foil segment reported a revenue of 159 million CNY, marking a significant increase of 119.17% year-on-year [4] Group 2: Product Development and Market Expansion - The company has successfully developed high-performance Ag/WC composite contact materials, which have been recognized in the market and are now in batch or small batch sales [3] - The lithium battery copper foil products are primarily produced by Jiangxi Hongfeng Copper Foil, contributing significantly to the revenue [4] - The company plans to continue increasing R&D investment in data centers and new energy sectors to enhance product offerings and market share [2] Group 3: Financial Management and Future Outlook - The company reported a comprehensive income of -107.4 million CNY for 2024, with measures in place to improve profitability and enhance earnings per share [5] - The company aims to reduce financial expenses through improved cash flow management and inventory reduction strategies [5] - The company is exploring the possibility of independent listings for its segments, particularly hard alloys and lithium battery copper foil, to unlock their value [8] Group 4: Investor Relations and Market Perception - The current market capitalization of the company is 2.37 billion CNY, with potential for higher valuations if segments are independently listed [8] - The management emphasizes the importance of enhancing corporate value and maintaining communication with investors to build market confidence [8] - The company is actively addressing concerns regarding its stock price, which has remained stagnant between 5 to 6 CNY, by focusing on operational improvements and market engagement [8]