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 | ...

聚星科技(920111.BJ)发布2025年半年报显示，2025年上半年，在公司董事会的有效管理下，经过全体员 工的不懈努力，公司实现营业收入53,716.30万元，较上年增长了23.32%，实现归属于上市公司股东的 净利润5,404.28万元，较上年同期增长了11.11%。报告期内，公司继续深耕电接触行业，在维护好客户 需求的同时，提升产品性能和质量，降本增效，实现业务的持续增量。 公司主营业务为电接触产品的研发、生产和销售，主要产品为电触头和电接触元件。自成立以来，公司 围绕电接触产品不断进行技术开发及工艺改进，形成了规格系列齐全、应用场景丰富的产品结构，产品 主要用于生产继电器、开关、接触器和断路器等各类低压电器，广泛应用于家用电器、工业控制、汽 车、智能电表、充电桩、储能设备、楼宇建筑、电动工具、配电系统等行业领域。公司目前拥有粉体高 效混合技术、三复合铆钉型电触头冷镦技术、电接触元件模内铆接技术等10项核心技术。 从产品分类来看，2025年上半年，聚星科技电触头收入324.02万元，同比增长12.91%，电接触元件收入 105.21万元，同比增长12.91%，电接触材料收入91.94万元，同比增长1 ...

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].

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on May 15, 2025, via an online platform [4] - Participants included the company's chairman, general manager, financial director, and a representative from Guotou Securities [4] Group 2: Key Financial Highlights - In 2024, the company's main business revenue increased by 66.33% compared to the previous period [12] - Other business revenue rose by 62.63%, attributed to sales of raw materials to meet customer demand [12] - Net profit increased by ¥39,072,185.33, representing a year-on-year growth of 51.87% [12] Group 3: Dividend Policy - The cash dividend plan for 2024 is ¥2.00 per 10 shares (tax included), reflecting considerations of profitability, capital expenditure, and debt repayment [6] Group 4: Raw Material Cost Control - The company has a dedicated team monitoring silver and copper prices for procurement [7] - Pricing strategies allow for passing cost fluctuations to downstream customers based on contract terms [7] Group 5: R&D Investment and Product Development - Significant increases in R&D investment have been noted since the company went public, focusing on home appliances, industrial control, and building construction [9] - The conversion rate of R&D into products for 2024 was discussed, emphasizing the application of patents in production [9] Group 6: Market Strategy and Sustainability - The company is expanding its overseas market presence, particularly through its Singapore subsidiary established in 2022 [7] - Future plans include evaluating the disclosure of ESG reports to align with sustainable development goals [7] Group 7: Competitive Advantages - The company differentiates itself from competitors through innovative materials and integrated solutions for electrical contact products [11] - The impact of low-price competition is acknowledged as a complex issue requiring strategic evaluation [11] Group 8: Clientele and Partnerships - Major clients include Hongfa Technology, Bull Group, and others in the low-voltage electrical appliance sector [16] Group 9: Future Development Strategy - The company aims to become a leader in the domestic electrical contact product industry, focusing on integrity, innovation, and efficiency [17]

Group 1 - The company, Juxing Technology, reported a total operating revenue of 1 billion CNY in 2024, representing a year-on-year growth of 66.17% [1] - The total profit reached 130 million CNY, with a year-on-year increase of 52.27%, and the net profit attributable to shareholders was 116 million CNY, up by 51.12% [1] - The company announced a dividend plan, proposing a cash dividend of 2 CNY per 10 shares, totaling approximately 31 million CNY to be distributed to shareholders [1] Group 2 - Juxing Technology focuses on the research, production, and sales of electrical contact products, primarily producing electrical contacts and components used in various low-voltage electrical appliances [1] - The company has established strong partnerships with well-known enterprises in the industry, enhancing its market presence [1] - The company has a complete technology chain centered around electrical contacts, with 10 core technologies that provide a unique competitive advantage [2] Group 3 - The company’s R&D investment reached 37.73 million CNY in 2024, marking a 74.58% increase, and it holds 46 patents, including 9 invention patents [2] - The demand for electrical contact products is increasing due to the growing electrification in China, benefiting from rapid developments in new energy, smart homes, and 5G industries [2] - National policies and construction plans, such as "China Manufacturing 2025," are further driving the growth of electrical contact materials [3] Group 4 - The company plans to increase production capacity by 200 tons of electrical contacts and 400 tons of electrical contact components after the completion of its fundraising projects [4] - Juxing Technology aims to position itself as a provider of integrated electrical contact solutions, focusing on expanding capacity and optimizing production processes [4] - The company is expected to maintain a high growth rate as the penetration of electrical contact materials in new energy and smart grid sectors continues to rise [4]