恒铭达今年以来股价涨30.07%，近5个交易日涨7.63%，近20日涨24.24%，近60日涨37.92%。 资料显示，苏州恒铭达电子科技股份有限公司位于江苏省昆山市巴城镇石牌塔基路1568号，成立日期 2011年7月27日，上市日期2019年2月1日，公司主营业务涉及消费电子功能性器件、消费电子防护产 品、消费电子外盒保护膜的设计、研发、生产与销售。主营业务收入构成为：精密柔性结构件 82.85%，精密金属结构件15.69%，材料及其他1.46%。 8月25日，恒铭达盘中上涨2.16%，截至09:47，报42.59元/股，成交1.49亿元，换手率1.85%，总市值 109.12亿元。 分红方面，恒铭达A股上市后累计派现5.04亿元。近三年，累计派现3.33亿元。 资金流向方面，主力资金净流入144.72万元，特大单买入720.20万元，占比4.83%，卖出842.54万元，占 比5.65%；大单买入2663.06万元，占比17.87%，卖出2395.99万元，占比16.08%。 机构持仓方面，截止2025年6月30日，恒铭达十大流通股东中，香港中央结算有限公司位居第七大流通 股东，持股197.83万股，相比 ...

公司研究 证 券 研 究 报 告 恒铭达（002947）2025 年半年报点评 强推（维持） 大客户模切主业驱动 25Q2 高速增长，数通业务成 长可期 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,486 | 4,130 | 5,605 | 7,152 | | 同比增速(%) | 36.7% | 66.1% | 35.7% | 27.6% | | 归母净利润(百万) | 457 | 700 | 945 | 1,229 | | 同比增速(%) | 62.4% | 53.2% | 35.0% | 30.1% | | 每股盈利(元) | 1.78 | 2.73 | 3.69 | 4.80 | | 市盈率(倍) | 23 | 15 | 11 | 9 | | 市净率(倍) | 3.4 | 2.9 | 2.4 | 2.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 20 日收盘价 消费电子组件 2 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [5][23]. Core Views - The company is expected to achieve a net profit of 2 to 2.5 billion yuan in the first half of 2025, representing a year-on-year increase of 22.06% to 52.58%, with a median estimate of 2.25 billion yuan, which is a 37.32% increase year-on-year [2]. - The growth is driven by strong performance in the precision flexible structural components for consumer electronics and the precision metal components from Huayang Tong, with significant contributions from major clients [8]. - The company has established a solid partnership with major clients, including Apple and Google, and is well-positioned to benefit from the growing demand in the AI hardware sector [8]. Financial Summary - Total revenue is projected to grow from 2,486 million yuan in 2024 to 7,152 million yuan in 2027, with a compound annual growth rate (CAGR) of 36.7% to 27.6% [4]. - Net profit is expected to increase from 457 million yuan in 2024 to 1,223 million yuan in 2027, with a CAGR of 62.4% to 30.3% [4]. - Earnings per share (EPS) is forecasted to rise from 1.78 yuan in 2024 to 4.77 yuan in 2027, reflecting strong profitability growth [4]. Market Position and Growth Drivers - The company is entering a harvest period for its consumer electronics business, with significant growth expected from its subsidiary Huayang Tong, which is expanding into new markets such as charging piles and energy storage [8]. - The report highlights the company's strategic positioning in the AI hardware market, benefiting from the increasing demand for servers and related components [8]. - The company has built a flexible production network that allows it to adjust production schedules according to client needs, enhancing its cost structure [8].

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit in Q1 2025, driven by its strong technological capabilities and strategic market positioning in the consumer electronics, communication, and new energy sectors [1][1][1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 649 million yuan, representing a year-on-year increase of 52.59% [1] - The net profit attributable to shareholders was 108 million yuan, reflecting a growth of 53.69% compared to the same period last year [1] Group 2: Business Development and Strategy - The company is expanding its production capacity globally, with investments in a wholly-owned subsidiary in Hong Kong and production bases in Kunshan, Huizhou, and Vietnam [1][1] - The company is actively exploring opportunities in emerging fields such as humanoid robots and AI glasses, leveraging its extensive experience and stable customer network [1][1] Group 3: Operational Resilience - The company maintains stable relationships with major clients, and its order delivery schedule has not been significantly affected by external factors such as tariff events [1][1] - The company emphasizes a multi-dimensional approach to drive steady growth, including technological innovation, efficient supply chain management, and a diversified business layout in key sectors [1][1]

Group 1 - The core viewpoint of the article highlights the recent research conducted by a well-known private equity firm, Fusheng Asset, on a listed company, Hengmingda, which reported significant revenue and profit growth in Q1 2025 [1] - Hengmingda achieved an operating income of 649 million yuan, representing a year-on-year increase of 52.59%, and a net profit of 108 million yuan, up 53.69% year-on-year [1] - The company focuses on precision flexible structural components, utilizing multi-layer composite technology and innovative design to meet the demands of upgrading terminal equipment [1] Group 2 - Hengmingda has established production bases in Hong Kong, Kunshan, Huizhou, and Vietnam, creating a multi-regional capacity collaboration network [1] - The company is actively monitoring trends in robotics and AI glasses, aiming to seize opportunities and expand new growth points [1] - Details regarding the implementation of share buybacks will be arranged based on future business development needs and compliance requirements [1] Group 3 - The company's stock incentive targets remain unchanged, and it maintains a positive attitude towards achieving these goals [1] - Hengmingda has stable cooperative relationships with major clients, and the order delivery rhythm has not been significantly affected [1] - The growth in performance is attributed to the company's technological research and development capabilities, supply chain management, diversified business layout, and a stable core management team [1]

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 649 million CNY, representing a 52.59% increase compared to the same period last year [2] - The net profit attributable to shareholders was 108 million CNY, reflecting a 53.69% year-on-year growth [2] Group 2: Product Development and Innovation - The company focuses on precision flexible structural components, addressing technical challenges through multi-layer composite technology and innovative design [2] - Continuous investment in R&D drives technological innovation, enabling product upgrades and the exploration of new business growth points [3] Group 3: Business Expansion and Capacity Planning - The company has established a global strategic layout with subsidiaries in Hong Kong and production bases in Kunshan, Huizhou, and Vietnam [4] - A flexible production capacity network allows the company to adjust production rhythms based on customer demand [4] Group 4: Market Opportunities and Future Plans - The company is exploring opportunities in humanoid robots, AI glasses, and new materials, leveraging its extensive industry experience and stable customer network [5] - The company maintains a stable relationship with major clients, with no significant impact on order delivery due to external tariff events [8] Group 5: Strategic Goals and Risk Management - The company has not adjusted its stock incentive targets and remains confident in achieving them through product structure optimization and deepening customer cooperation [7] - The company emphasizes risk management by optimizing capacity allocation and enhancing long-term strategic partnerships with clients [8]