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研报掘金丨华鑫证券:首予亨通股份“买入”评级,铜箔业务开始好转
Ge Long Hui A P P· 2025-08-27 05:38
格隆汇8月27日|华鑫证券研报指出,亨通股份2025年上半年实现归母净利润1.27亿元,同比+8.91%。 分季度来看,2025Q2实现归母净利润0.57亿元,同比+6.49%,环比-18.90%。2025H1公司围绕转型升级 发展战略,聚焦主责主业,加大研发力度,持续开展电解铜箔高端产品、生物合成产品的技术研发与项 目建设,拓展国内外市场,提升公司经营能力和可持续发展能力。公司加强自主研发,铜箔业务转好, 该行预测公司2025-2027年归母净利润分别为2.78、3.47、4.34亿元,当前股价对应PE分别为36.7、 29.4、23.5倍,首次覆盖公司,给予"买入"投资评级。 ...
亨通股份(600226):公司事件点评报告:铜箔业务开始好转,构造业绩增长核心驱动力
Huaxin Securities· 2025-08-26 15:39
2025 年 08 月 26 日 铜箔业务开始好转,构造业绩增长核心驱动力 市场表现 资料来源:Wind,华鑫证券研究 -20 0 20 40 60 80 (%) 亨通股份 沪深300 相关研究 —亨通股份(600226.SH)公司事件点评报告 亨通股份发布 2025 年半年报:公司 2025 年上半年实现营业 收入 8.18 亿元,同比+45.80%;实现归母净利润 1.27 亿元, 同比+8.91%。 分季度来看,2025Q2 公司实现营业收入 4.36 亿元,同比 +22.43%,环比+14.00%;实现归母净利润 0.57 亿元,同比 +6.49%,环比-18.90%。 投资要点 ▌ 铜箔业务好转,营收同步增长 买入(首次) 事件 | 分析师:张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人:覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | | 基本数据 | 2025-08-26 | | --- | --- | | 当前股价(元) | 3.43 | | 总市值(亿元) ...
亨通股份股东苏州亨通永旭创业投资企业(有限合伙)质押1.93亿股,占总股本6.5%
Zheng Quan Zhi Xing· 2025-08-13 17:30
证券之星消息,亨通股份(600226)8月14日公开信息显示,股东苏州亨通永旭创业投资企业(有限合伙)向 中国农业银行股份有限公司苏州长三角一体化示范区分行合计质押1.93亿股,占总股本6.5%。质押详情 见下表: | 苏州亨通永旭创业投资 中国农业银行股份有限公司苏 | | 19333.87 60.00% 6.50% 2025-08-12 | | --- | --- | --- | | 出质股东 企业(有限合伙) | 质权方 州长三角—体化示范区分行 | 质押数量(万股)|占持股比%|占总股本比%|质押开始日 | 亨通股份(600226)主营业务:化工行业产品:兽药、饲料添加剂、农药,化工业务经营模式,热电联供:热电 联产、集中供热,电解铜箔:锂电池电极、集成电路板等产品的生产。 截止本公告日,股东亨通集团有限公司已累计质押股份2.7亿股,占其持股总数的53.61%,股东苏州亨 通永旭创业投资企业(有限合伙)已累计质押股份1.93亿股,占其持股总数的60.0%,股东张家港市朴鑫企 业管理咨询合伙企业(有限合伙)已累计质押股份1.56亿股,占其持股总数的100.0%。本次质押后亨通股 份十大股东的累计质押股份 ...
看多亦做多 私募信心指数与满仓比例齐升
Shang Hai Zheng Quan Bao· 2025-08-03 19:14
Group 1 - The private equity market shows increasing confidence, with the private equity confidence index rising to 125.52 in August, up 2.04% from July [3] - The A-share market trend expectation confidence indicator reached 134.05 in August, a 3.8% increase from July, indicating a positive outlook among fund managers [3] - A significant portion of fund managers, 6.9%, hold an extremely optimistic view, while 56.9% are optimistic, reflecting a shift in sentiment [3] Group 2 - The proportion of private equity funds fully invested or using leverage increased by 1.4 percentage points to 26.4%, marking two consecutive months of growth [4] - Among large private equity firms, the average position was 78.47% as of July 25, with 62.24% of these firms holding over 80% of their capital in the market [4] - The focus of investment strategies is shifting towards sectors like technology and pharmaceuticals, with significant research activity in these areas [5] Group 3 - In July, 657 private equity managers participated in A-share research activities, covering 358 stocks across 28 industries, with a total of 1,763 research instances [5] - The computer industry led in research frequency with 260 instances, followed by power equipment, pharmaceuticals, and electronics, each exceeding 200 instances [5] - Investment strategies are increasingly targeting growth stocks in new consumption and technology sectors, particularly in AI and innovative pharmaceuticals [5]
一天迎144家机构调研!这家公司,股价创年内新高!
Zheng Quan Shi Bao· 2025-08-03 04:10
Group 1: Market Overview - The A-share market experienced fluctuations last week, with the Shanghai Composite Index declining by 0.94% to close at 3559.95 points, while the Shenzhen Component and ChiNext Index fell by 1.58% and 0.74%, respectively [1] - Most sectors entered a correction phase, with notable declines in coal, non-ferrous metals, and real estate, while the biopharmaceutical, communication, and media sectors showed overall gains [1] - 125 listed companies disclosed institutional research reports, with nearly 40% of the surveyed stocks achieving positive returns [1] Group 2: Individual Company Highlights - Defu Technology (301511) attracted 144 institutional investors for research, the highest number last week, due to its plan to acquire 100% of Luxembourg Copper Foil for €174 million, which is expected to enhance its production capacity from 175,000 tons/year to 191,000 tons/year, making it the world's largest producer of electrolytic copper foil [3] - The acquisition targets high-demand applications in AI servers, 5G base stations, and mobile terminals, with Defu Technology aiming to leverage the acquired company's brand and product advantages to expand into emerging markets [3] - Victory Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities, aiming to enhance its financing capabilities and risk resilience [4] Group 3: Financial Performance - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of approximately 90% [5] - BOE Technology indicated a continued trend of inventory reduction among manufacturers, with slight price declines in certain LCD TV sizes, but expects stabilization in panel prices as demand recovers in August [5]
这些个股,险资重点关注
Zhong Guo Zheng Quan Bao· 2025-08-02 14:44
Group 1 - Insurance capital has shown significant interest in the technology growth sector, particularly in the computer, electronics, and biopharmaceutical industries, with over 800 investigations conducted in July involving more than 280 stocks [1][3] - The computer industry led the investigations with a total of 88 times, followed closely by electronics and biopharmaceuticals, each exceeding 80 investigations [3] - Notable companies such as Defu Technology and Shijia Photon received the highest attention, each being investigated 16 times [4] Group 2 - Defu Technology, a leader in power equipment, announced plans to acquire 100% of a Luxembourg copper foil company for €1.74 billion, which is expected to increase its annual production capacity from 175,000 tons to 191,000 tons [6] - Shijia Photon, a leader in optical chips, is focused on the optical communication industry and has been under scrutiny regarding its business progress and expansion plans [6] - In July, stocks like Dongxin Co. saw significant price increases, with a rise of over 110%, while Defu Technology's stock increased by over 70% [6] Group 3 - Insurance capital has accelerated its market entry, with 21 instances of stake acquisitions reported this year, surpassing the total for the entire previous year [8] - The insurance asset management industry has shown a rebound in investment confidence, with the index rising from 50.12 in Q2 to 56.11 in Q3 [8] - The current market is viewed as reasonably undervalued, with expectations of continued policy support and a focus on growth stocks and large-cap stocks [8]
明星公司机构调研热度高 头部企业频频释放暖意
Zheng Quan Shi Bao· 2025-08-01 20:29
Market Overview - A-shares experienced fluctuations this week, with the Shanghai Composite Index peaking at 3636.17 points before closing down 0.94% at 3559.95 points. The Shenzhen Component Index fell 1.58%, and the ChiNext Index decreased by 0.74% [1] - Most sectors entered a correction phase, with notable declines in coal, non-ferrous metals, and real estate, while sectors like biomedicine, communication, and media saw overall gains [1] - 125 listed companies disclosed institutional research reports this week, with nearly 40% of the surveyed stocks achieving positive returns [1] Company Highlights - Defu Technology received the highest number of institutional visits this week, with 144 institutions participating, primarily due to its plan to acquire 100% of Luxembourg Copper Foil for €1.74 billion. This acquisition is expected to enhance its production capacity from 175,000 tons/year to 191,000 tons/year, making it the world's largest producer of electrolytic copper foil [2] - The end-use applications for copper foil include AI servers, 5G base stations, and mobile terminals, indicating significant growth potential in these sectors [2] - Victory Technology, another company that saw substantial gains, announced plans for a Hong Kong IPO to capitalize on global AI opportunities. The funds raised will support high-end capacity expansion and advanced PCB technology development [3] - CIMC reported optimistic demand for its container business, with orders currently scheduled through Q3. The industry anticipates a total production of no less than 3 million TEUs for the year, exceeding initial expectations [4] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of approximately 90% [4] - BOE Technology indicated a slight decline in LCD TV prices due to ongoing inventory destocking, but expects a recovery in demand and stabilization of prices in August [4]
私募7月调研超1700次 计算机等领域受青睐
Zheng Quan Shi Bao Wang· 2025-08-01 04:05
Group 1: Market Overview - The A-share market is experiencing a fluctuating rise, with private equity institutions maintaining high levels of research activity [1] - As of July 31, 2025, 657 private equity managers participated in A-share research activities, covering 358 stocks across 28 primary industries, with a total of 1,763 research instances [1] Group 2: Industry Focus - The top ten industries attracting private equity research include Computer, Electric Equipment, Pharmaceutical Biology, Electronics, Machinery, Automotive, Basic Chemicals, Communication, Agriculture, Forestry, Animal Husbandry, and Environmental Protection, with research instances of 260, 213, 206, 205, 155, 136, 90, 78, 76, and 60 respectively [1] Group 3: Company Spotlight - Defu Technology - Defu Technology (301511) in the Electric Equipment sector received the highest number of research instances at 74, attracting significant interest from major private equity firms [1] - Following the acquisition of a Luxembourg copper foil company, Defu Technology's total production capacity for electrolytic copper foil increased from 175,000 tons/year to 191,000 tons/year, making it the world's largest producer [2] - The company aims to leverage its resources and brand advantages to enhance profitability and market presence in high-end IT copper foil products [2] Group 4: Company Spotlight - Funeng Technology - Funeng Technology received a total of 42 research instances from private equity firms, focusing on its role as a comprehensive energy solution provider [2] - The company is a leading player in the global market for ternary soft-pack power batteries, primarily for new energy vehicles [2] - Funeng Technology has made significant progress in solid-state battery development, with plans to scale production capacity to GWh levels by 2026 [3]
【机构调研记录】银华基金调研德福科技、晶科能源等4只个股(附名单)
Zheng Quan Zhi Xing· 2025-08-01 00:11
Group 1: Defu Technology - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production. Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons. The core products include HVLP and DTH [1] - The projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000. In Q1 2025, the expected revenue is €45 million, with a net profit of €1.67 million, indicating a quarterly turnaround [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally. The company plans to enhance its profitability through technology resource integration and has allocated ¥183 million for R&D in 2024, resulting in 17 new invention patents [1] Group 2: JinkoSolar - JinkoSolar aims to address the intense competition in the photovoltaic industry by strictly controlling new capacity and guiding prices back to rational levels while promoting technological innovation [2] - The company has made significant progress in upgrading its high-power products, with 640W and above products partially delivered in Q3 this year, and expects most orders to switch to these products next year. The anticipated TOPCon capacity will reach 670W by next year, with a potential for 680-700W in the next 2-3 years, and battery mass production efficiency is expected to exceed 28% [2] - The global photovoltaic market demand remains robust, with a return to normal demand in China and rapid growth in emerging overseas markets, leading to stable component prices. JinkoSolar's overall production in Q3 is expected to remain stable due to the growth in emerging markets in the Asia-Pacific and Middle East regions [2] Group 3: Yahua Group - Yahua Group is a leading producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and equipment. The company has established itself as a core supplier for major global automotive and battery manufacturers, with 90% of revenue coming from long-term agreements with top clients like Tesla and CATL [3] - The company has diversified its lithium ore sourcing through self-controlled and external procurement channels, including lithium mines in Zimbabwe and Sichuan [3] - Yahua Group's civil explosives business covers over 20 provinces in China and extends to countries like Australia, New Zealand, and Zimbabwe. In 2024, the company plans to hedge against price fluctuations in lithium salt products through futures contracts [3] Group 4: Medicy - Medicy has launched its Boston laboratory for overseas operations, covering chemical, biological, and animal testing, which enhances revenue and strengthens the business development team in Europe [4] - The company possesses comprehensive preclinical new drug development capabilities, having assisted 520 new drug and generic drug projects in obtaining clinical trial approvals [4] - Medicy emphasizes talent development, with 83.61% of employees holding at least a bachelor's degree and 29.63% holding master's or doctoral degrees. The company is also advancing new technology platforms and has seen a 13.70 percentage point increase in gross margin to 22.03% in Q1 2025, attributed to cost control and efficiency improvements [4]
【机构调研记录】长城基金调研德福科技、佳驰科技等3只个股(附名单)
Zheng Quan Zhi Xing· 2025-08-01 00:11
Group 1: 德福科技 (DeFu Technology) - DeFu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production. Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons. Its core products include HVLP and DTH [1] - The projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000. In Q1 2025, the expected revenue is €45 million, with a net profit of €1.67 million, indicating a quarterly turnaround [1] - DeFu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally. The company plans to enhance its profitability through technology resource integration and has allocated ¥183 million for R&D in 2024, resulting in 17 new invention patents [1] Group 2: 佳驰科技 (Jiachi Technology) - Jiachi Technology is focusing on YS functional structural components in the structural parts sector, with clients including the Aviation Industry Corporation of China. The fundraising projects are aimed at supporting capacity expansion [1] - The company has established the largest YS functional coating material production base in China, meeting current and future demand. It emphasizes technology and customer focus, increasing R&D investment to maintain technological leadership [1] - Jiachi Technology has won multiple significant awards for its research projects and has secured several contracts in the EMMS field, enhancing its testing service capabilities [1] Group 3: 日月股份 (Riyue Co., Ltd.) - Riyue Co., Ltd. employs a pricing framework based on "material cost + processing fee + profit," adjusting prices according to market dynamics. The company is actively expanding into deep-sea wind power and exploring new technologies like floating platforms [2] - The company is also working on the industrialization of nuclear fuel transfer and storage tanks and developing new materials such as high-temperature alloys to optimize its product line and enhance risk resilience [2] - Riyue Co., Ltd. plans to accelerate its overseas market expansion to increase its global market share. The establishment of a joint venture with Zhejiang Ningbo Zhuhai Wind Port Equipment Development Co., Ltd. will enhance its influence and competitiveness in the wind power and casting industries [2] - The company anticipates a positive trend in the wind power industry, projecting that by June 2025, the cumulative installed capacity of wind power in the country will reach 573 million kilowatts [2] Group 4: 长城基金 (Great Wall Fund) - Great Wall Fund, established in 2001, has an asset management scale of ¥347.694 billion across all public funds, ranking 29th out of 210. For non-monetary public funds, the scale is ¥139.427 billion, ranking 37th [3] - The fund manages 235 public funds, ranking 27th, with 37 fund managers, ranking 32nd. The best-performing public fund in the past year is the Great Wall Health Mixed A, with a net value of 1.21 and a growth of 97.6% [3] - The latest public fund product launched is the Great Wall National Index Free Cash Flow A, which is an index-type equity fund, with a subscription period from July 14, 2025, to August 1, 2025 [3]