2025 年上半年，公司在内生变革和加大研发投入方面取得了一些进展，营收 稳中有升，行业整体处于温和复苏状态。稼动率保持较高水平，并且公司持续 扩产，包括电容、电阻、电感等产品的新产能释放。营收同比增长 15%，但归 母净利润有所下滑，主要原因包括研发费用增加、部分金属材料价格上涨以及 前几年大项目的折旧分摊压力。此外，还有一些存货跌价准备影响了利润表现。 总体来看，公司基本面和行业表现仍然稳中向好。 关税政策对国内元器件市场有何影响？ 风华高科 20250825 摘要 风华高科营收稳健增长，2025 年上半年营收同比增长 15%，但归母净 利润因研发投入、材料成本及折旧压力有所下滑，存货跌价准备也带来 影响。公司基本面和行业表现整体保持稳中向好态势。 关税政策短期影响有限，2025 年一季度订单增加，二季度趋于平稳。 长期来看，国产替代和国内市场份额提升的趋势不变，为公司发展提供 机遇。 汽车板块成为增长亮点，2025 年上半年占比提升至 15%，家电和通信 领域占比分别为 35%和 25%，工控领域占比 10%。各板块需求端平稳， 下半年整体预计保持平稳。 被动元件仍是核心业务，电容、电阻和电感分别占比超 ...

2025 年 08 月 22 日 风华高科(000636.SZ) 主营产品 25H1 产销量历史新高，新兴 市场持续突破 事件：8 月 21 日公司发布 2025 年半年度报告 1）2025H1 公司实现营业收入 27.72 亿元，同比+15.92%；实现归母 净利润 1.67 亿元，同比-19.5%；实现扣非后归母净利润 1.7 亿元， 同比-22.41%。 2）利润端：公司通过深化极致降本及精益生产降低新增固定资产折 旧、原材料价格上涨等不利因素的负面影响，25Q2 毛利率环比 +0.84pcts ； 1H25 公 司 销 售 / 管 理 / 研 发 费 用 率 分 别 为 1.66%/4.71%/4.47%,同比-0.04/-1.44/+0.28pcts；公司净利率为 6.04%，同比-2.63pcts。 车规/材料领域实现多项技术突破，为业绩增长注入可持续动能 1）6 款高端车规 MLCC 产品完成战略客户认证；01005 超微型高频电 感、车规一体成型电感等多款电感产品完成研发并推进量产；车规大 一体成型和车规共模电感产品研发成功，有效填补公司在该领域的产 品空白；精密厚膜电阻完成研发打破日系厂商垄 ...

Core Viewpoint - The transformation of Guangdong Fenghua High-tech Co., Ltd. (Fenghua High-tech) is attributed to strong leadership from Guangsheng Holdings Group and a focus on innovative management practices, which have positioned the company as a leader in the new component industry in China and among the top global manufacturers of chip components [1][2]. Organizational Changes - Fenghua High-tech has undergone significant organizational restructuring to enhance efficiency and responsiveness to market challenges, including the implementation of a dynamic management mechanism that allows for competitive recruitment and rotation of middle management [3][5]. - The company has initiated a "Successor Plan" to identify and train young talent for middle management roles, promoting a younger and more dynamic leadership team [5][8]. - A comprehensive training program for team leaders has been established, with a focus on optimizing departmental responsibilities and reducing the number of departments by 33% [5][6]. Financial Performance - Fenghua High-tech is projected to achieve a 17% increase in revenue and a 130.43% increase in net profit attributable to shareholders in 2024, with record production and sales volumes for its main products, showing growth of 29.02% and 28.2% respectively [6]. Innovation and R&D - The company has launched several key projects aimed at cost reduction and innovation, including the "P1 Extreme Cost Reduction" and "P2 Efficient Innovation" initiatives, which have led to significant improvements in management processes and innovation capabilities [9][11]. - Fenghua High-tech has standardized its R&D processes and increased investment in high-end product development, achieving breakthroughs in product specifications that compete with leading industry players [11][12]. Market Orientation - The company focuses on market-driven R&D, aligning product development with industry demands, particularly targeting emerging sectors such as AI computing, low-altitude economy, robotics, and new energy vehicles [12]. - Sales in the automotive electronics segment, communications segment, and industrial control segment have seen year-on-year growth of 66%, 24%, and 16% respectively, with new product categories like supercapacitors also experiencing significant revenue growth [12].

Group 1: Company Performance - In 2024, the company achieved a total revenue of approximately 8.744 billion RMB, representing a year-on-year growth of 15.85% [3] - The net profit attributable to shareholders was around 662 million RMB, with a year-on-year increase of 26.89% [3] - R&D investment reached about 708 million RMB, accounting for 8.10% of the total revenue in 2024 [3] Group 2: Business Growth Drivers - Growth was primarily driven by domestic consumer electronics major clients, satellite communications, and newly launched acoustic business [3] - The company is focusing on developing its second growth curve, which includes new products, new industries, and new clients [4][5] Group 3: Strategic Focus - The company has a clear strategic layout, aiming to strengthen existing business advantages while expanding the second growth curve, including commercial satellite communication, smart vehicles, energy storage, AI, and robotics [5] - The company is optimistic about completing its performance targets for the year, projecting a 50% increase in net profit compared to 2023 [6] Group 4: R&D and Innovation - R&D efforts are concentrated on foundational materials and technologies, including high polymer materials, magnetic materials, ceramic materials, and thermal materials [6] - The company is actively involved in the application of technologies in flexible reconfigurable antennas, satellite communication phased array antennas, and millimeter-wave radar gap waveguide antennas [6] Group 5: Market Outlook and Challenges - The satellite business is considered a significant part of the second growth curve, with positive expectations for its development [6] - The company has made significant progress in high-precision connectors, particularly in high-speed connectors and magnetic connectors, expanding into commercial satellite communication and automotive sectors [7][8] Group 6: Financial Management - The company has adjusted its share repurchase plan, increasing the total amount from 200-400 million RMB to 300-600 million RMB, with a maximum price adjustment to 30 RMB per share [10] - Inventory management has improved, with a reduction in inventory turnover days from 141 days in 2023 to 94 days in 2024, leading to a decrease in inventory impairment provisions [11]

Core Viewpoint - The article identifies the top ten industries with growth potential for 2025 based on the analysis of A-share listed companies' salary increases and employee numbers, indicating a positive outlook for these sectors [4][5]. Industry Summaries Lithium Battery Industry - The lithium battery industry has a favorable outlook index of 48.4%, with 15 out of 31 companies meeting the criteria of a salary increase over 5% and a decrease in employee numbers not exceeding 2% [9][10]. - In 2024, the industry is projected to have a revenue of 636.5 billion yuan, a decrease of 2.84% year-on-year, but a positive trend is expected in 2025 with a revenue increase of 12.5% in Q1 [11]. - The global lithium battery shipment is expected to reach 1,545 GWh in 2024, with a compound annual growth rate of 22.1% from 2024 to 2030 [10][11]. Electric Motor Industry - The electric motor industry has a favorable outlook index of 50%, with 12 out of 24 companies meeting the criteria [17][20]. - In Q1 2025, the industry revenue is projected to be 17.2 billion yuan, an increase of 11% year-on-year, indicating a positive trend [21]. - The industry is evolving towards smart, digital, lightweight, efficient, and new types of motors [19]. Discrete Devices Industry - The discrete devices industry has a favorable outlook index of 52.9%, with 9 out of 17 companies meeting the criteria [28][31]. - In Q1 2025, the industry revenue is expected to be 8.9 billion yuan, a year-on-year increase of 20.3% [34]. - The industry is experiencing a period of adjustment, but inventory turnover days have significantly decreased for 11 out of 17 companies, indicating a positive trend [32]. Printed Circuit Board (PCB) Industry - The PCB industry has a favorable outlook index of 53.5%, with 23 out of 43 companies meeting the criteria [40][42]. - In Q1 2025, the industry revenue is projected to be 62.8 billion yuan, a year-on-year increase of 24.6% [43]. - The industry is expected to continue its growth trajectory, supported by increasing demand for high-end PCBs [41]. Chip Packaging and Testing Industry - The chip packaging and testing industry has a favorable outlook index of 53.8%, with 7 out of 13 companies meeting the criteria [48][50]. - In Q1 2025, the industry revenue is expected to be 21.9 billion yuan, a year-on-year increase of 23.7% [51]. - The industry is recovering from an adjustment period, with a steady increase in R&D expenses [52]. Chip Manufacturing Equipment Industry - The chip manufacturing equipment industry has a favorable outlook index of 55%, with 11 out of 20 companies meeting the criteria [58][62]. - In Q1 2025, the industry revenue is projected to be 17.9 billion yuan, a year-on-year increase of 34.6% [63]. - The industry is experiencing rapid growth, with significant increases in both revenue and net profit [62]. Power Transmission and Transformation Equipment Industry - The power transmission and transformation equipment industry has a favorable outlook index of 55.2%, with 16 out of 29 companies meeting the criteria [68][71]. - In Q1 2025, the industry revenue is expected to be 47.8 billion yuan, a year-on-year increase of 3.9% [72]. - The industry is supported by increasing demand for renewable energy integration and smart grid upgrades [70]. Digital Chip Design Industry - The digital chip design industry has a favorable outlook index of 56.3%, with 27 out of 48 companies meeting the criteria [78][81]. - In Q1 2025, the industry revenue is projected to be 38 billion yuan, a year-on-year increase of 20.3% [82]. - The industry is expected to benefit from the growing demand for GPUs and storage technologies [80]. Precious Metals Industry - The precious metals industry has a favorable outlook index of 58.3%, with 7 out of 12 companies meeting the criteria [88][92]. - In Q1 2025, the industry revenue is expected to be 162.8 billion yuan, a year-on-year increase of 13.4% [92]. - The industry is experiencing a positive trend due to rising gold and silver prices driven by market concerns [89].

Core Viewpoint - The company aims to achieve annual revenue and profit growth targets while managing costs and inventory, expanding through acquisitions, and increasing its presence in high-end markets and niche products [1][2] Group 1: Operational Strategies - The company has outlined four main operational strategies for 2025, focusing on achieving annual revenue and profit goals, expanding in high-end markets, and deepening long-term customer relationships [1] - Effective cost control and inventory management are prioritized, with strategies aligned to revenue targets and flexible procurement and capacity planning to enhance inventory efficiency [1] Group 2: Market Expansion and Acquisitions - The company plans to integrate recent acquisitions in high-end temperature sensors and continue pursuing organic growth and strategic acquisitions to expand its platform scale [2] - There is a focus on expanding high-end markets and increasing the proportion of niche products, optimizing product mix and customer structure, and enhancing global strategic partnerships [2]