9月10日，七一二涨5.2%，截至发稿，报22.06元/股，成交3.11亿元，换手率1.88%，总市值170.30亿 元。 资料显示，天津七一二通信广播股份有限公司位于天津开发区西区北大街141号，成立日期2004年10月 28日，上市日期2018年2月26日，公司主营业务涉及军民用无线通信终端及系统产品研发、生产和销 售。主营业务收入构成为：专用无线通信终端产品54.49%，系统集成产品39.98%，其他3.31%，材料销 售及维修等2.22%。 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓七一二。财通资管创新成长混合A（020075）二季度持有股 数21.43万股，占基金净值比例为4.67%，位居第七大重仓股。根据测算，今日浮盈赚取约23.36万元。 责任编辑：小浪快报 财通资管创新成长混合A（020075）成立日期2024年3月26日，最新规模5950.49万。今年以来收益 39.61%，同类排名1084/8177；近一年收益83.29%，同类排名629/7982；成立以来收益74.27%。 财通资管创新成长混合A（020075）基金经理为包斅文。 截至发稿，包斅文累计任职时间3年293 ...

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) increased by 5.2% to 22.06 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - Yongying Technology Driven A (永赢科技驱动A) fund holds a significant position in Qiyi, having increased its holdings by 985,700 shares to a total of 3.5231 million shares, representing 5.72% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 40.36%, ranking 1027 out of 8177 in its category, and a one-year return of 83.47%, ranking 621 out of 7982 [2] - The fund manager, Li Wenbin, has been in position for 8 years and 242 days, with the fund's total asset size at 1.451 billion CNY and a best return of 127.45% during his tenure [3]

Group 1 - The core viewpoint of the news is that Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) experienced a stock price increase of 5.2%, reaching 22.06 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company was established on October 28, 2004, and went public on February 26, 2018. Its main business involves the research, development, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - From the perspective of fund holdings, Changjiang Asset Management has one fund heavily invested in Qiyi, specifically the Changjiang Balanced Growth Mixed A (长江均衡成长混合A), which held 70,000 shares in the second quarter, accounting for 2.71% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a total scale of 50.4473 million CNY and has achieved a year-to-date return of 11.73%, ranking 5374 out of 8177 in its category, with a one-year return of 38.06%, ranking 3983 out of 7982 [2]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Kunshan Yongli Transmission System Co., Ltd., to implement an intelligent transmission system industrialization base project with a total investment of 300 million yuan [1] Group 1: Project Details - The project aims to enhance the company's production capacity to meet the industrialization mass production needs of intelligent single machines, synchronous belts, electric rollers, and other transmission equipment, core components, and system integration products [1] - The project is currently in the planning implementation stage and requires approval from relevant government departments before construction and production can commence [1] Group 2: Strategic Goals - The project will further diversify the company's product offerings and strengthen its research and development innovation, intelligent manufacturing, and market expansion capabilities in the industrial transmission sector [1] - The initiative is expected to consolidate and enhance the company's core competitiveness in the industry [1]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) fell by 5.07% on September 3, closing at 21.36 yuan per share, with a trading volume of 385 million yuan and a turnover rate of 2.28%, resulting in a total market capitalization of 16.49 billion yuan [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 56.74% from specialized wireless communication terminal products, 37.18% from system integration products, and 4.23% from other sources [1] Group 2 - Changjiang Asset Management holds a significant position in Qiyi, with its Changjiang Balanced Growth Mixed A Fund (010663) holding 70,000 shares, accounting for 2.71% of the fund's net value, ranking as the tenth largest holding [2] - The fund has experienced a floating loss of approximately 79,800 yuan today [2] - The Changjiang Balanced Growth Mixed A Fund was established on December 30, 2020, with a current scale of 50.4473 million yuan, yielding 14.7% year-to-date and 40.03% over the past year [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.32 RMB [6][4]. Core Views - The company experienced rapid revenue growth and improved profitability, with H1 2025 revenue at 631 million RMB, a year-over-year decrease of 47.49%, and a net loss of 114 million RMB, a year-over-year increase in loss of 270.67% [1]. - The report anticipates a gradual recovery in demand within the military industry, driven by ongoing information technology construction and the "14th Five-Year Plan" [1]. Summary by Sections Performance Overview - In H1 2025, the company reported revenue of 631 million RMB, a decrease of 47.49% year-over-year, and a net loss of 114 million RMB, which is a significant increase in loss compared to the previous year [1]. - Q2 2025 revenue was 415 million RMB, down 41.73% year-over-year but up 91.90% quarter-over-quarter [1]. Business Segments - The company’s specialized wireless communication terminals and system integration products generated revenues of 344 million RMB and 252 million RMB, respectively, reflecting declines of 41.95% and 56.98% year-over-year [2]. - The company is focusing on expanding its military and civilian wireless communication sectors, with new projects in aviation communication and satellite navigation [2]. Profitability and Costs - The comprehensive gross margin for H1 2025 was 33.88%, down 1.93 percentage points year-over-year, while the net profit margin was -18.11%, a decline of 23.68 percentage points year-over-year [3]. - The report notes an increase in R&D expenses, with the R&D expense ratio rising by 14.35 percentage points year-over-year [3]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 140 million RMB, 308 million RMB, and 379 million RMB, respectively [4]. - The target price for 2026 is set at 24.32 RMB, based on a price-to-earnings ratio of 61x, reflecting the company's growth potential and multi-sector collaboration [4].

Group 1 - The core viewpoint of the article highlights that Zhongyeda Electric Co., Ltd. reported a revenue of 5.458 billion yuan for the first half of 2025, representing a year-on-year growth of 4.79%, with a net profit attributable to shareholders of 130 million yuan [1] - The company is a professional distributor of industrial electrical products, focusing on distributing industrial electrical components from contracted suppliers and manufacturing integrated systems and complete products [1] - The demand in the industrial electrical market has shown a recovery growth driven by accelerated investment in the power grid, new energy, and new infrastructure sectors [1] Group 2 - Zhongyeda has established a comprehensive sales network with 53 subsidiaries and over 120 offices across major cities in China, providing stable, timely, and efficient products and services to customers [1] - The company has effectively shortened the supply cycle of products nationwide through seven logistics centers and 50 logistics distribution transfer warehouses, enabling timely delivery and warehouse management services [1] - To enhance its industrial electrical product distribution business, Zhongyeda has built a national industrial technology service network, integrating pre-sales technical support, industry solutions, personnel training, and after-sales technical services [2] Group 3 - The company's technical service platform, zydCARE, coordinates service demands and resources, gradually responding to the needs of industrial electrical brand manufacturers, large complete manufacturers, and end-users [2] - By leveraging digital applications, Zhongyeda integrates its distribution network, logistics network, and technical service network, creating a comprehensive industrial electrical distribution service platform that enhances its core competitiveness [2]

Financial Performance - The company projects a revenue of CNY 11.842 billion for 2025, representing a 7% year-on-year increase [1] - The net profit is expected to reach CNY 199 million, reflecting a 13.6% growth compared to the previous year [1] - In April 2025, the company disclosed a significant procurement target of CNY 3.449605 billion with Schneider Electric, although actual procurement may vary [2] Dividend Policy - The company plans to distribute a cash dividend of CNY 0.3 per 10 shares for 2024, which accounts for 96.49% of its net profit [3] - High dividend payout is aimed at continuously rewarding shareholders without adversely affecting future development funds [4] Market Challenges - In 2024, the company experienced a 7.12% decline in revenue and a 33.30% drop in net profit due to weakened market demand and inventory clearance issues [2] - The company aims to enhance coverage of core and small customers to reverse the negative revenue trend and improve gross margins [2] International Expansion - The company is actively pursuing international business development, with plans to establish sales teams in Southeast Asian countries such as Malaysia, Thailand, and Indonesia [4] - A local market survey in Vietnam has been completed, and the company has secured its first order there [4] Cash Flow Management - The company reported a 129.08% year-on-year increase in net cash flow from operating activities, indicating strong cash reserves [3] - Cash flow will be allocated for working capital needs, property acquisitions, and further investment in international operations [3] Digital Transformation - The company is focusing on digital initiatives to enhance customer development, operational efficiency, and service quality [5] - Investments in AI and digital platforms are aimed at improving customer acquisition and supply chain management [6] Talent Development - The company has implemented a "Star Program" for new employee training and is enhancing management capabilities through various training initiatives [7] - Plans are in place to attract and retain talent to support sustainable organizational growth [7]

Core Insights - The company achieved a revenue of 11.067 billion yuan and a net profit of 169 million yuan in 2024, with a significant increase in operating cash flow by 129.08% to 707 million yuan, indicating strong cash flow and a healthy financial structure [1] - The profit distribution plan for 2024 includes a cash dividend of 3 yuan per 10 shares, totaling 163 million yuan, which represents 96.49% of the net profit for the year [1] Company Overview - The company is the largest industrial electrical distribution service provider in China, offering a wide range of products and services to meet diverse customer needs across various regions and industries [2] - It distributes products from nearly 200 brands and over 1 million models, providing a one-stop procurement solution for industrial electrical products [2] - The company has established a national industrial technology service network and an integrated manufacturing center to deliver customized solutions through technical services, system integration, and complete manufacturing [2] Competitive Advantages - The company's core competitive advantage is encapsulated in its "3+1" network model, which includes distribution, logistics, and technical service networks, along with internet integration [2] - The distribution network consists of 53 subsidiaries and over 120 offices across major cities in China, with plans for further expansion into lower-tier cities and new product lines [2] - The logistics network features seven major logistics centers and 50 distribution hubs, aimed at reducing supply cycles nationwide [3] Technological Integration - The technical service network is designed to enhance the distribution business through an information system and service management framework, with a national service network led by a central technical hub [3] - The company is leveraging digital applications to integrate its distribution, logistics, and technical service networks, creating a comprehensive online and offline industrial electrical distribution service platform [3] International Expansion - The company is accelerating its international business development, with plans to explore markets in Vietnam, Thailand, Indonesia, Malaysia, and Japan by conducting macro-environment scans and industry surveys [3]

中能瑞新成立于2022年，为中国能建储能电芯项目的推手，其股东分别为中国能建、贝特瑞、安瑞创新，三者分别持股51%、15%、34%。 该公司重视研发，现有锂电池领域核心专利超110个，研发中心位于深圳，厦门、无锡分别设置生产基地。中能瑞新研发的储能电芯循环寿命 可达12000次，并顺利通过针刺测试及"全生命周期"热失控测试，容量也逐步从306Ah到314Ah迭代升级。 中能瑞新厦门生产基地计划打造30GWh年产能，项目分三期，一期产能为5GWh，投资19亿元，总建筑面积约29万平方米；无锡方面则主要 生产铝壳方形储能磷酸铁锂电池，投资约180亿元规划产能40GWh，除此之外中国能建还同无锡市惠山钱桥绿色航运产业园区和科教城产业片 区项目签约，总计约450亿元。 01 中国能建的储能大棋正稳步落子！ 起点锂电获悉，3月18日中国能建在投资者互动平台表示，旗下公司中能瑞新厦门储能项目正在顺利推进，其中一期项目投资17亿元用于研发 生产储能电芯、电池包、系统集成产品等；该公司的无锡项目同样计划生产储能电芯和集成产品业务，正在前期推进中。 投资建设运营一条龙，央国企的储能路线已经有了清晰规划。 这其中，中国能建尤为瞩 ...