8月27日，歌尔股份盘中上涨2.03%，截至09:39，报34.75元/股，成交20.17亿元，换手率1.92%，总市值 1213.30亿元。 资金流向方面，主力资金净流出5825.10万元，特大单买入3.18亿元，占比15.76%，卖出3.94亿元，占比 19.52%；大单买入3.50亿元，占比17.38%，卖出3.33亿元，占比16.50%。 歌尔股份今年以来股价涨35.41%，近5个交易日涨19.83%，近20日涨48.89%，近60日涨64.68%。 今年以来歌尔股份已经3次登上龙虎榜，最近一次登上龙虎榜为8月26日，当日龙虎榜净买入3.89亿元； 买入总计15.14亿元 ，占总成交额比19.22%；卖出总计11.25亿元 ，占总成交额比14.28%。 歌尔股份所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：TOF概念、智 能音箱、智能家居、增强现实、无线耳机等。 截至7月31日，歌尔股份股东户数35.75万，较上期增加4.86%；人均流通股8627股，较上期减少4.63%。 2025年1月-6月，歌尔股份实现营业收入375.49亿元，同比减少7.02%；归母净利润14.17亿 ...

证券研究报告 | 2025年08月25日 歌尔股份（002241.SZ） 优于大市 2Q25 盈利能力显著改善，收、并购押注 AR 赛道 盈利能力持续改善，新老产品过渡影响声学整机收入。1H25 公司实现营收 375.5 亿元(YoY -7.0%)，归母 14.2 亿元(YoY +15.7%)，扣非归母 10.3 亿元 (YoY -12.7%)，毛利率 13.5%(YoY +2.0pct)，净利率 3.7%(YoY +0.8pct)。 非经常性损益中外汇衍生品业务合约交割及按公允价值重新计量产生的收 益约 4.2 亿元，公司业务多为美元结算，一般通过套保减少汇率变动影响， 因此归母净利润更能反映公司经营性利润表现。分产品来看，1H25 智能硬件 /智能声学整机/精密零组件收入分别为 203.4/83.2/76.0 亿元，同比 -2.5%/-34.9%/+20.5% ； 毛 利 率 分 别 为 11.5%/9.9%/23.5% ， 同 比 +2.3/+0.1/+1.0pct。智能声学整机收入下滑主因耳机处于新老产品过渡期， 随着后续新品发布份额提升，相关业务有望重回增长。 与舜宇通过股权置换强强联合，增强光波导 ...

| 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 98,574 | 100,954 | 101,156 | 115,773 | 131,529 | | 增长率 yoy（%） | -6.0 | 2.4 | 0.2 | 14.5 | 13.6 | | 归母净利润（百万元） | 1,088 | 2,665 | 3,456 | 4,212 | 5,038 | | 增长率 yoy（%） | -37.8 | 144.9 | 29.7 | 21.9 | 19.6 | | ROE（%） | 3.2 | 7.6 | 9.1 | 10.0 | 10.8 | | EPS 最新摊薄（元） | 0.31 | 0.76 | 0.99 | 1.21 | 1.44 | | P/E（倍） | 95.2 | 38.9 | 30.0 | 24.6 | 20.6 | | P/B（倍） | 3.4 | 3.1 | 2.9 | 2.6 | 2.3 | 资料来源：公司财报，长城证券产业金融研究院 证券研究 ...

受智能声学整机业务拖累，歌尔股份上半年营收小幅下降，尽管如此，产品结构优化和精益运营使其净利润实现了两位数增长。歌尔股份正 处于从传统消费电子制造商向AI时代智能硬件解决方案提供商转型的关键期，盈利能力的提升和新兴业务的布局为其长期发展奠定了基础， 但仍需密切关注行业变化和技术演进节奏。 现金流充裕：经营性现金流净流入18.71亿元，期末货币资金201.79亿元 股东回报：计划不派发现金红利，不送红股，不以公积金转增股本 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 37.549.493.518.17 | 40,382,313,526.48 | -7.02% | | 归属于上市公司股东的净利润(元) | 1,416,856,449.67 | 1,225,071,766.15 | 15.65% | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 1.033.454.659.84 | 1.184.113.968.69 | -12.72% | | 经营活动产生的现金流量净额(元) | 1,870,809,91 ...

Core Viewpoint - Luxshare Precision Industry Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities, Goldman Sachs, and CICC as joint sponsors [1] Company Overview - Luxshare Precision is a global leader in precision manufacturing and innovative technology, providing integrated development and manufacturing solutions across various fields including consumer electronics, automotive electronics, and communication and data centers [3] - The company has a unique full-stack development and manufacturing platform, deeply involved in product design, R&D, production, and after-sales service, empowering over 100 Fortune Global 500 clients [3] - By 2024, it is estimated that one in every two smartphones, one in every three wearable devices, and one in every five smart cars will use Luxshare's products [3] Market Position - According to Frost & Sullivan, Luxshare ranks fourth globally and first in mainland China in the precision manufacturing solutions (PIMS) industry by revenue in 2024, maintaining a leading position across major business lines [3] Market Growth - The global precision manufacturing solutions market is expected to grow from RMB 9.47 trillion in 2025 to RMB 12.18 trillion in 2029, with a compound annual growth rate (CAGR) of 6.5% [4] - Growth is driven by increasing demand for high-precision products in end markets such as automotive electronics and communication/data centers, as well as advancements in technologies like AI, 3D printing, and robotics [4] Financial Performance - Revenue for Luxshare in 2022, 2023, and 2024 is projected to be RMB 214.03 billion, RMB 231.91 billion, and RMB 268.79 billion respectively, with a profit of RMB 104.91 billion, RMB 122.43 billion, and RMB 145.79 billion for the same years [5][6] - The automotive electronics and communication/data center business lines are experiencing rapid revenue growth, with CAGRs of 49.6% and 19.6% respectively from 2022 to 2024 [5]

Core Viewpoint - The stock price of Kaizhong Precision has shown an upward trend, reflecting positive market sentiment and strong performance expectations for the company in the precision components sector [1] Company Performance - As of August 4, 2025, Kaizhong Precision's stock price is 14.89 yuan, up 1.85% from the previous trading day [1] - The company reported an expected net profit for the first half of the year between 101 million yuan and 120 million yuan, indicating a year-on-year growth of 30.63% to 55.21% [1] Market Activity - The opening price on August 4 was 14.53 yuan, with a high of 14.90 yuan and a low of 14.48 yuan, and a trading volume of 58,100 hands, resulting in a transaction amount of 85 million yuan [1] - The number of shareholders decreased by 5.30% to 31,800 as of July 31, indicating a trend towards concentration of shares [1] Capital Flow - On August 4, the net inflow of main funds was 540,400 yuan, while the net outflow over the past five days amounted to 10.1252 million yuan [1]

Group 1 - The core viewpoint of the article highlights the recent performance and financial activities of Xingrui Technology, including stock price movements and share buyback actions [1] - As of August 1, 2025, Xingrui Technology's stock price closed at 16.79 yuan, reflecting a slight increase of 0.01 yuan or 0.06% from the previous trading day [1] - The company reported a revenue of 420 million yuan and a net profit attributable to shareholders of 40.18 million yuan for the first quarter of 2025 [1] Group 2 - Xingrui Technology completed its first share buyback on July 31, acquiring 50,000 shares, which represents 0.02% of its total share capital, at a price range of 16.739 to 16.889 yuan per share, totaling 840,000 yuan [1] - On August 1, the net outflow of main funds was 10.7092 million yuan, accounting for 0.21% of the circulating market value, with a cumulative net outflow of 47.6873 million yuan over the past five trading days, representing 0.96% of the circulating market value [1]

Core Viewpoint - The strategic dual approach of GoerTek Inc. is highlighted through its significant acquisition and subsidiary listing efforts, aiming to enhance its competitiveness in the precision structural components sector [2][3]. Acquisition Details - GoerTek plans to acquire 100% equity of two wholly-owned subsidiaries of Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (RMB 9.5 billion) [2][3]. - The two target companies, Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd., have a combined unaudited revenue of HKD 9.11 billion for 2024, indicating substantial business scale [3]. Financial Performance - In 2024, GoerTek's precision component products generated revenue of RMB 15.05 billion, a year-on-year increase of 15.85%, with a gross margin of 21.51% [4]. - The total revenue for GoerTek in 2024 reached approximately RMB 100.95 billion, reflecting a 2.41% increase from 2023 [5]. Business Segmentation - The revenue breakdown for 2024 shows that electronic components accounted for 97.61% of total revenue, while precision components contributed 14.90% [5]. - The company’s revenue from domestic sales increased by 30.63% year-on-year, while overseas sales remained relatively stable with a slight increase of 0.20% [5]. Market Position and Challenges - GoerTek has been significantly tied to Apple’s supply chain, which has driven its rapid growth since 2010, but also poses risks due to over-reliance on a single client [6][7]. - The company is undergoing a transformation to diversify its business, which now includes precision components, smart acoustic devices, and smart hardware [6]. Subsidiary Listing Efforts - GoerTek's subsidiary, GoerTek Microelectronics, has submitted a second listing application to the Hong Kong Stock Exchange, aiming to raise funds for its operations [8]. - The subsidiary has faced challenges in its previous IPO attempts, including a withdrawal of its application in May 2024 after two and a half years of efforts [9]. Competitive Landscape - GoerTek Microelectronics is positioned as the fifth largest globally and the largest in China in the smart sensor interaction solutions market, but it faces intense competition [11]. - The company’s revenue from its top five clients has shown increasing concentration, with Apple being the largest contributor, indicating a potential vulnerability [13].

Group 1 - The company plans to apply for a credit limit of RMB 35 million from Shenzhen High-tech Investment Micro-loan Co., Ltd. to broaden financing channels and reduce financing costs [2][10] - Shenzhen Panhai Tonglian Precision Mould Co., Ltd. will pledge a patent as collateral for a loan of RMB 20 million, while Shenzhen Panhai Tonglian Intelligent Manufacturing Co., Ltd. will apply for a loan of RMB 15 million [2][9] - The financing will be used for the company's daily business operations, with a loan term of 360 days [2][10] Group 2 - The controlling shareholder and actual controller, Yang Hu, and his spouse, Wang Xiaolin, will provide counter-guarantees for the financing, which constitutes a related party transaction [3][10] - The company has obtained approval from its board and shareholders for the credit limit application, which falls within the previously approved total credit limit [3][10] - The related party transaction is exempt from further review and disclosure as it is classified as a transaction where the listed company receives benefits unilaterally [3][10] Group 3 - The company’s debtors include its subsidiaries, which are engaged in the design, research, and sales of precision molds and components [4][9] - The company’s financial structure is deemed reasonable, and the application for credit is expected to have a positive impact on its operations [10] - The underwriting institution has confirmed that the counter-guarantees provided by Yang Hu and Wang Xiaolin do not require the company to pay any fees, benefiting the company without incurring additional costs [10]

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. has received approval for its IPO on the ChiNext board, aiming to raise 1.951 billion yuan for various projects, despite facing declining revenues and profits in recent years [2][4]. Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 3.146 billion yuan, 2.727 billion yuan, and 2.525 billion yuan, respectively, with net profits attributable to shareholders of 476 million yuan, 412 million yuan, and 293 million yuan [2]. - The comprehensive gross margins for the same years were 50.28%, 53.49%, and 44.27% [2]. - For 2023, the company experienced a revenue decline of 13.33% and a net profit decline of 13.43%, while for 2024, the expected declines are 7.38% in revenue and 28.82% in net profit [2]. Balance Sheet Highlights - As of December 31, 2024, total assets are reported at 5.399 billion yuan, with equity attributable to shareholders at 2.607 billion yuan [3]. - The asset-liability ratio for the parent company is 63.97%, while the consolidated asset-liability ratio is 35.00% [3]. - The net profit for 2024 is projected to be 417.71 million yuan, down from 598 million yuan in 2023 [3]. IPO Fund Utilization - The IPO proceeds will be allocated to eight major projects, including the industrialization of high-energy pulse capacitors and the production of new electronic components and integrated circuits [4][5]. - Approximately 450 million yuan, or 23% of the total fundraising, will be used to supplement working capital [4]. Dividend Distribution - The company has distributed cash dividends of 107 million yuan, 100 million yuan, and 72.93 million yuan from 2022 to 2024, totaling approximately 280 million yuan [5].