调研基本信息投资者活动关系类别：特定对象调研时间：2025年9月24日（周三）地点：河北省石家庄 市鹿泉经济开发区昌盛大街21号参与单位名称：光大证券、中国银河证券、信达澳亚基金、长江证券、 兴业证券、东北证券、国信证券、浙商证券、中信证券、海通通信上市公司接待人员姓名：副总经理邹 勇明；副总经理、财务总监、董事会秘书董惠；证券部相关工作人员 9月24日，河北中瓷电子科技股份有限公司（证券代码：003031，证券简称：中瓷电子）接待了包括光 大证券、中国银河证券等在内的10家机构的特定对象调研。公司副总经理邹勇明、副总经理兼财务总监 及董事会秘书董惠等相关人员参与接待。以下为本次调研的详细情况： 调研精彩要点上半年净利润增长原因：2025年上半年净利润增长得益于高端产品放量，同时降本增效成 果显著，公司盈利能力大幅提升。行业发展机遇：AI算力需求增长推动数字经济发展，带动半导体、 通信等行业持续增长，光模块等电子元器件和半导体设备市场规模上升。在第三代半导体氮化镓通信基 站射频芯片与器件领域，公司将进一步提升市场占有率；碳化硅功率模块领域，上半年碳化硅芯片晶圆 工艺线由6英寸升级为8英寸，已通线，处于产品升级 ...

Group 1: Company Overview and Market Position - Hebei Zhongci Electronic Technology Co., Ltd. is a leading competitor in the domestic electronic ceramics industry, recognized for its significant influence and market share in electronic ceramic shells [2][3] - The company has established strong partnerships with several world-renowned optical communication manufacturers, enhancing its market presence [2] - In the field of third-generation semiconductors, the company holds the top domestic market share for GaN RF chips and devices, achieving both domestic leadership and international advanced levels in product technology and reliability [3] Group 2: Future Development and Strategic Opportunities - The company aims to leverage the surge in AI technology and the resulting demand for computing power to expand its optical communication product advantages and increase market share in consumer electronics [3][4] - Plans include the construction of production lines for electronic ceramic shells to enhance production capacity and the development of ceramic components for semiconductor equipment [3][4] - The company is focusing on the low-altitude economy, targeting markets for UAV packaging and GaN power amplifier technology breakthroughs [5] Group 3: Value Management and Corporate Strategy - Value management is defined as maximizing company value and shareholder interests through effective management of intrinsic value, emphasizing "internal strength and external image" [6] - The company is committed to enhancing its core competitiveness through technological innovation and strategic acquisitions, particularly in AI computing, commercial aerospace, low-altitude economy, and new energy vehicles [6] - Efforts to improve information disclosure quality and investor relations management are underway to ensure transparent communication and stable market expectations [6]

Core Insights - The adoption of silicon carbide (SiC) power modules is transitioning from a high-performance option to a core hardware driving the energy revolution, evidenced by Tesla's Model 3 and BYD's cost reductions [2][4] - SiC's superior physical properties enable its application across various sectors, including electric vehicles, photovoltaic energy storage, and industrial motors, leading to a more efficient and reliable electronic power system [2][4] - The industry is on the brink of explosive growth, shifting focus from usability to cost-effectiveness and stability, with China leveraging its large renewable energy market and strong policy support [2][4] Group 1: Efficiency Revolution - SiC is redefining power electronics through its wide bandgap and superior thermal and electrical properties, allowing for higher efficiency and performance in applications like photovoltaic inverters [4][5] - SiC devices can operate at temperatures above 200°C and have a breakdown field strength ten times that of silicon, significantly enhancing system performance [4][5] Group 2: Multi-Scene Empowerment - SiC's influence extends beyond electric vehicles to include photovoltaic systems, energy storage, and AI data centers, showcasing its versatility and efficiency improvements [6][7] - In the electric vehicle sector, SiC MOSFETs can enhance driving range by approximately 5% and enable rapid charging capabilities [6][7] Group 3: Flywheel Model - The development of the SiC industry follows a flywheel model where technological advancements lead to cost reductions, which in turn promote application penetration and scale demand [9][10] - The transition from 6-inch to 12-inch wafers is a key driver for reducing manufacturing costs by 30-40%, facilitating broader market adoption [9][10] Group 4: Multi-Polar Application Demand - The growth of the SiC market is driven by diverse applications, including electric vehicles, photovoltaic energy systems, and industrial energy upgrades, creating a synergistic effect that accelerates technology iteration and cost reduction [21][22] - The penetration of SiC in electric vehicles is expected to reach 20% by 2025, with significant adoption across various vehicle models [22][24] Group 5: Global Landscape and Competitive Dynamics - The global SiC market is dominated by US, European, and Japanese companies, with significant market shares and competitive strategies focused on technology patents and price competition [34][35] - Chinese companies are rapidly advancing in the SiC industry, achieving notable progress in substrate materials and module packaging, although challenges remain in high-end chip design and manufacturing [37][38] Group 6: Future Outlook and Investment Strategies - The SiC industry is expected to continue its rapid growth, with a focus on technological breakthroughs, cost control, and ecosystem collaboration as key competitive factors [54][55] - Investment strategies should prioritize companies with established competitive advantages, strong customer relationships, and the ability to scale production effectively [51][52]

高速NOA方面，经纬恒润基于Mobileye方案及TI TDA4的方案均已量产；同时在海外的高速NOA上公司会推广48 发48收的4D毫米波雷达。 从宏观环境来看，中国市场的智驾竞争较为激烈，同时法规也在不断调整，政府加严了智驾相关的法规并严格控 制车企对于智驾的宣传。 过去几年经纬恒润研发投入较高，但目前投入的有效性已经得到了一定的验证，域控制器、底盘、新能源等方面 的投入已经转化成较好的产出。同时公司也在加强海外布局，包含马来西亚工厂、德国研发中心，该部分投入也 会陆续转化成实际产出。 近日，经纬恒润在接受机构调研时表示，公司目前正在开发基于英伟达Orin的方案，计划今年年底量产，其具备 城市NOA功能，同时在该项目上公司打包提供了11个摄像头以及雷达。 大总成业务方面，目前经纬恒润主要的总成产品包含电池包、电驱桥、集成热管理，其中电池包的布局相对较 早，目前部分型号已经实现了量产，应用于公司的特种载具平台，而集成热管理和电驱桥目前处于研发阶段，后 续也会率先在公司的特种载具平台和无人驾驶的运输工具上进行应用。同时，在研发大型总成的过程中，公司也 孵化了如碳化硅功率模块等的一些产品，目前也已经应用在公司电 ...

Core Viewpoint - Hebei Zhongci Electronic Technology Co., Ltd. has shown significant growth in its performance in the first half of 2025, with expectations for continued development in the second half, driven by advancements in high-end products and cost reduction efforts [2][4]. Financial Performance - The company reported a revenue of 1.398 billion yuan, representing a year-on-year increase of 14.37% - The net profit attributable to shareholders reached 278 million yuan, marking a year-on-year growth of 30.92% [2]. R&D Progress - In the electronic ceramics sector, the company is enhancing its advantages in communication devices and automotive electronics while developing consumer electronic ceramic shells and substrates [3]. - The production line for electronic ceramic shells is being accelerated to capture opportunities in the optical module market, with significant growth in aluminum nitride ceramic substrate products [3]. - The company is focusing on the third-generation semiconductor gallium nitride RF chips and devices, implementing a market-driven expansion strategy [3]. Business Outlook - The company maintains the top market share in the domestic gallium nitride communication base station RF device sector and is gaining recognition in the high-voltage field of silicon carbide power semiconductors [4]. - The company has four fundraising projects, with some projects experiencing delays in reaching the predetermined usable status until October 2027 [4]. Market Strategy - The company aims to enhance its investment value through quality development, industry chain layout, and governance system improvements [5].

Financial Performance - The company's revenue reached 1.398 billion CNY, a year-on-year increase of 14.37% [2] - The net profit attributable to shareholders was 278 million CNY, showing a year-on-year growth of 30.92% [2] - The growth in net profit outpaced revenue growth due to the increase in high-end product sales and effective cost reduction measures [6] Product Development and Market Strategy - The company is focusing on high-end products, particularly in the electronic ceramics and third-generation semiconductor sectors [3][4] - The upgrade of silicon carbide chip production from 6-inch to 8-inch wafers is expected to enhance market competitiveness [5] - The company aims to expand its market share in the semiconductor and electronic ceramics sectors by enhancing R&D capabilities and product quality [4][5] R&D Progress - Significant advancements in electronic ceramics include the development of ceramic shells for communication devices and precision ceramic components [4][8] - The company has established a comprehensive manufacturing process for precision ceramic components, achieving batch delivery for key semiconductor equipment [10] - The growth in AI computing demand is driving the expansion of the digital economy, benefiting the semiconductor and communication sectors [12] Market Position and Competition - The company holds the leading market share in domestic communication device sectors and has become a core supplier for major clients in the new energy vehicle market [6][12] - The company is actively exploring new market opportunities and expanding its product offerings to maintain competitive advantages [4][5] Future Outlook - The company anticipates continued growth in the semiconductor and electronic ceramics markets, driven by increasing demand in various industries [3][12] - The company is committed to enhancing its market presence and technological innovation to ensure sustainable development [3][4] Investor Relations and Corporate Governance - The company emphasizes high-quality development and efficient management to enhance investor value [17] - Ongoing projects are being adjusted to align with strategic goals, ensuring effective use of raised funds [7][12]

Core Insights - The company, Zhongci Electronics (003031.SZ), reported a revenue of 1.398 billion yuan for the first half of 2025, representing a year-on-year growth of 14.37% [1] - The net profit reached 278 million yuan, marking a 30.92% increase compared to the same period last year [1] - The non-recurring net profit saw a significant rise of 55.06%, amounting to 264 million yuan [1] - The net cash flow from operating activities was 338 million yuan, reflecting a 6.42% increase year-on-year [1] Business Segments - The company operates in two main segments: "Third Generation Semiconductor Devices and Modules" and "Electronic Ceramic Materials and Components" [1] - In the third-generation semiconductor segment, Zhongci Electronics is a leading supplier of GaN communication base station RF chips and devices, holding the largest market share domestically and achieving performance levels that are both nationally leading and internationally advanced [2] - The electronic ceramic products are recognized for their reliability and quality, establishing the company as a core supplier for numerous leading domestic and international electronics firms [2] Competitive Position - Zhongci Electronics is one of the few domestic manufacturers capable of competing with internationally renowned companies in the ceramic shell product category, making it a major representative in China's electronic ceramic industry [2] - The company has been recognized as a world-class professional leading enterprise by the State-owned Assets Supervision and Administration Commission and has been awarded the title of "Manufacturing Industry Single Champion" by the Ministry of Industry and Information Technology [2] Research and Development - During the reporting period, the company increased its R&D investment to 154 million yuan, which is an 11.87% increase from the previous year [3] - The company is focusing on accelerating domestic substitution in the electronic ceramic field and is actively expanding into the precision ceramic components sector and the high-growth third-generation semiconductor market (GaN, SiC) [3]

Financial Performance - In the first half of 2025, Zhongci Electronics reported revenue of 1,398,044,740.97 yuan, representing a year-on-year increase of 14.37% [3][4] - The net profit attributable to shareholders was 277,926,203.71 yuan, up 30.92% compared to the same period last year [3][4] - The net profit after deducting non-recurring gains and losses reached 264,113,095.07 yuan, marking a 55.06% increase year-on-year [3][4] - The net cash flow from operating activities was 338,130,206.72 yuan, reflecting a 6.42% increase from the previous year [4] - Basic and diluted earnings per share were both 0.62 yuan, a rise of 31.91% compared to the previous year [4] - The weighted average return on equity was 4.50%, an increase of 0.78% from the previous year [4] Asset Overview - As of the end of the first half of 2025, Zhongci Electronics had total assets of 7,714,545,249.42 yuan, which is a 1.63% increase year-on-year [3][4] - The net assets attributable to shareholders were 6,127,666,975.41 yuan, up 1.55% from the end of the previous year [3][4] Industry Position - Zhongci Electronics is a high-tech enterprise with core competencies in GaN communication base station RF chips and devices, SiC power modules, and electronic ceramics [3][4] - Guolian Wanzhong is one of the early domestic research and production units for SiC power semiconductors, holding multiple patents in third-generation semiconductor products [6] - Guolian Wanzhong's SiC power modules include series products of 650V, 1200V, and 1700V, primarily applied in new energy vehicles, industrial power supplies, and renewable energy inverters [6] - The company aims to advance in the high-voltage SiC power module sector to capture market share in high and ultra-high voltage fields, partially replacing IGBT power modules [6] - Beijing Guolian Wanzhong upgraded its SiC chip wafer process line from 6 inches to 8 inches, which is currently in the product upgrade and customer introduction phase [6]

Core Insights - The company reported a revenue of 3.495 billion yuan for the first half of 2025, representing a year-on-year growth of 21.38% [1] - The main revenue reached 3.457 billion yuan, with a year-on-year increase of 24.93% [1] - The company achieved a net profit of 12 million yuan in the second quarter, marking its first positive quarterly profit [1] - The gross margin for the first half was 3.54%, an increase of 7.79 percentage points year-on-year [1] - Operating cash flow net amount was 981 million yuan, up 77.10% year-on-year [1] - EBITDA exceeded 1.1 billion yuan [1] Business Performance - The company’s operational efficiency improved, with significant growth in the new energy and AI sectors [2] - Revenue from the automotive sector grew by 23% year-on-year, while the industrial control sector saw a 35% increase [2] - R&D investment reached 964 million yuan, a growth of over 10% [2] - The company has established over 10 new projects for 6-inch SiC MOSFETs and has entered mass production with five new automotive clients [2] - The first domestic 8-inch SiC production line has achieved mass production, with key performance indicators leading the industry [2] AI Business Development - AI business contributed 6% to the company's revenue [4] - The company provides a comprehensive chip system foundry solution for AI infrastructure, covering power devices, driver ICs, and more [4] - The second-generation high-efficiency power management chip platform for data centers was launched, with key customer adoption [4] - The company has developed China's first 55nm BCD integrated DrMOS chip, which has completed customer validation [4] Product Innovations - The company has established a complete series of wind-solar-storage products and has formed close collaborations with leading industry clients [3] - The industrial frequency conversion module using self-developed micro-groove field cutoff technology has entered mass production [3] - The number of analog IC foundry products increased by 140%, with a 25% growth in customer numbers [3] Market Position - The company ranks third in the national installation volume of silicon carbide power modules and fourth in the installation volume of main drive power modules for new energy vehicles [2]

根据NE时代发布数据，芯联集成碳化硅功率模块装机量位居全国第三，新能源汽车主驱功率模块装机 量位居全国第四。 据介绍，目前公司汽车业务正从单器件扩展到芯片系统解决方案，为动力域、底盘域等五大领域提供一 站式芯片系统代工解决方案。上半年，公司已导入客户15家，覆盖多个产业头部企业。部分客户项目预 计2025年下半年实现量产。 模拟IC方面，公司持续优化180纳米BCD40V/60V/120V平台工艺，推进技术迭代升级，不断完善下一代 更先进BCD工艺平台开发，以满足客户在音频、数字电源和协议芯片等数模混合产品的需求。 中证报中证网讯(王珞)8月4日晚间，芯联集成发布2025年半年度业绩报告。报告显示，上半年公司经营 质量提升，首次实现单季度归母净利润转正，整体盈利进一步向好。报告期内，公司实现营收34.95亿 元，同比增长21.38%；归母净利润同比减亏63.82%，二季度实现归母净利润0.12亿元；经营活动产生的 现金流净额9.8亿元，同比增长77%。 报告指出，上半年，全球半导体市场呈现"分化复苏"态势，新能源汽车、AI服务器等领域的芯片需求逆 势增长。上半年，公司车载领域营收同比增长23%，工控领域同比增 ...