2025年上半年，广信科技的业绩呈现"量利双升"态势。营收规模较上年同期大幅增长，这背后是下游特高压、新能源领域需求旺盛， 公司产品销量与价格均得到有效提振。同时，净利润和毛利率也较上年同期明显提升，盈利空间进一步扩大。 毛利率改善，与公司产品结构优化密切相关。广信科技的核心业务包括绝缘纤维材料与绝缘成型件，其中绝缘成型件附加值更高，上 半年该业务增长迅猛，其占比提升直接带动公司整体盈利水平上升。 从财务结构来看，截至2025年6月末，公司资产总额与净资产均实现增长，主要得益于上市募集资金到账以及新项目投入。尽管资产 负债率较上年末略有上升，但仍处于行业较低水平，偿债能力稳定。值得一提的是，公司还同步推出了上市后的首份权益分派预案， 计划向股东派发现金红利，拟每10股派发现金红利6.56元（含税），预计派现近6000万元，占上半年归母净利润比例超62%。 业务高度依赖电网投资 8月22日晚间，北交所上市公司广信科技（920037.BJ，股价99.45元，市值90.96亿元）披露2025年半年度报告，公司实现营业收入3.75 亿元，同比增长44.57%；归属于上市公司股东的净利润为9648.63万元，同比增长9 ...

2025 年 08 月 23 日 广信科技 (920037) ——业绩符合预期，量价齐升+毛利率增厚，25H2 新产 能释放在即 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | | --- | --- | --- | | 收盘价（元） | | 99.45 | | 一年内最高/最低（元） | 108.97/50.00 | | | 市净率 | | 11.6 | | 股息率%（分红/股价） | | - | | 流通 A 股市值（百万元） | | 2,940 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.83 | | 资产负债率% | 19.04 | | 总股本/流通 A 股（百万） | 91/30 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 电力设备 -20% 0% 20% 40% 60% 80% 广信科 ...

8月22日晚间，北交所公司密集披露2025年半年报。其中"次新股"广信科技，上半年盈利大增近九成，同时其亮出了上市以来首份高分红计划。 广信科技最新公布的财报显示，公司今年上半年实现营收3.75亿元，同比增长44.57%；净利润为9649万元，同比增长91.52%，扣非净利润为9367万元，同 比增长89.32%；毛利率为39.13%，上年同期为32.19%。 资料显示，该公司所处行业为电气机械和器材制造业之绝缘制品制造子行业。公司是国内领先的纤维绝缘材料专业供应商，主要从事高压、超高压和特高 压交(直)流输电变压器以及轨道交通牵引变压设备用绝缘纤维材料和绝缘成型件产品研发、生产和销售。 广信科技表示，上半年营收增长主要是因为报告期内，下游需求持续旺盛，公司凭借产品质量优势、技术优势等实现量价齐升。同时，公司的原材料价格 未出现重大不利变化，公司的毛利率同比有所提升。 值得一提的是，广信科技还推出了其上市以来的首份权益分派预案，公司目前总股本为9146.2908万股，以未分配利润向全体股东每10股派发现金红利6.56 元(含税)。此次权益分派共预计派发现金红利约6000万元。 此外，视声智能、聚星科技、同力股 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][7]. Core Views - The company is recognized as a "small giant" in insulation fiber materials, rapidly expanding production to seize market opportunities, with significant potential for domestic substitution in ultra-high voltage applications [6][15]. - The company has a comprehensive product range covering all voltage levels, with non-adhesive materials reaching thicknesses of up to 30mm, which positions it favorably in the transformer market [6][15]. - The report forecasts robust revenue growth driven by increasing demand in both domestic and international markets, particularly in the context of ongoing power grid investments and the rise of renewable energy sources [6][55]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 578 million yuan in 2024, increasing to 1.428 billion yuan by 2027, with year-on-year growth rates of 37.5% and 24.5% respectively [6]. - The net profit attributable to shareholders is expected to grow from 116 million yuan in 2024 to 455 million yuan in 2027, reflecting a compound annual growth rate of 32.1% [6]. - The earnings per share are forecasted to rise from 1.70 yuan in 2024 to 4.98 yuan in 2027, indicating strong profitability [6]. Market Demand and Supply Dynamics - Domestic demand is expected to benefit from a recovery in ultra-high voltage transmission and ongoing upgrades in distribution networks, driven by increasing electricity consumption from emerging industries [6][55]. - Internationally, the company is poised to capitalize on strong global demand and tight supply conditions, with transformer exports projected to grow at an average annual rate of 19.7% from 2020 to 2024 [6][55]. - The report highlights that the company has achieved significant breakthroughs in domestic ultra-high voltage production, with increasing localization rates expected to enhance competitive positioning [6][55]. Product and Technology Advantages - The company’s unique selling propositions include a full voltage coverage strategy and the ability to produce ultra-thick, non-adhesive materials, which are critical for high-voltage applications [6][9]. - The company has established long-term partnerships with leading transformer manufacturers, securing a market share exceeding 30% in key product categories [6][15]. - The report emphasizes the high customer stickiness and business barriers in the industry, which are expected to widen the gap between the company and its competitors as it scales production [6][9]. Valuation and Investment Thesis - The company is expected to achieve net profits of 235 million yuan, 345 million yuan, and 455 million yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 41, 28, and 21 times [6][7]. - The report suggests that the company’s valuation is attractive compared to peers, with an average price-to-earnings ratio of 30 times for comparable companies in 2026 [7].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][7]. Core Views - The company is recognized as a "small giant" in insulation fiber materials, rapidly expanding production to seize market opportunities, with significant potential for domestic substitution in ultra-high voltage applications [6][7]. - The company has a comprehensive product range covering all voltage levels, with glue-free materials reaching thicknesses of up to 30mm, primarily used in transformers within the power system [18][19]. - The report forecasts substantial revenue growth driven by increasing demand in both domestic and international markets, with expected net profits of 235 million, 345 million, and 455 million yuan for 2025-2027, respectively [6][7]. Summary by Sections 1. Company Overview - The company specializes in insulation fiber materials and molded products, having developed ultra-high voltage insulation materials that break foreign monopolies since 2009 [18][19]. - It has established long-term partnerships with leading transformer manufacturers, ensuring a strong market position [18]. 2. Demand and Supply Dynamics - Domestic demand is expected to grow due to the recovery of ultra-high voltage transmission and high-level grid investments, alongside energy-saving renovations in distribution networks [6][7][61]. - Internationally, the company benefits from strong global demand and tight overseas supply, leading to a significant increase in transformer exports [6][7][19]. 3. Product Expansion and Competitive Advantage - The company is rapidly expanding its production capacity, with a focus on high-value-added molded products, which are expected to contribute significantly to revenue growth [6][7][8]. - Unique product features, such as full voltage coverage and ultra-thick glue-free materials, provide a competitive edge in the market [9][18]. 4. Financial Projections and Valuation - Revenue projections for 2025-2027 are set at 4.04 billion, 5.23 billion, and 6.22 billion yuan for insulation fiber materials, and 4.38 billion, 6.23 billion, and 8.04 billion yuan for molded products, respectively [7][8]. - The company is expected to maintain a strong gross margin, with forecasts of 39%, 40%, and 41% for insulation fiber materials from 2025 to 2027 [7][8]. 5. Market Trends and Catalysts - The report highlights that the company's performance is closely tied to the overall growth in power investment, with a lag of approximately six months to one year [46][63]. - Key catalysts for stock performance include ongoing rapid earnings growth, the announcement of major power and grid projects, and an increase in market share within the ultra-high voltage sector [10][66].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is a pioneer in insulation fiber materials and molded products, with capacity expansion supporting the acceleration of domestic and foreign business growth in ultra/high voltage applications [5]. - The company possesses production capabilities for insulation fiber materials above 750kV, which is significant for the development of national strategic emerging industries [6]. - The company has a market share of 7.91% in the insulation fiber materials segment, with sales prices expected to rise in 2025 compared to 2024 [6][7]. - The company is expected to achieve a net profit of 1.1617 billion yuan in 2024, representing a year-on-year growth of 135% [7]. Summary by Sections 1. Industry Overview - The insulation materials market in China is projected to reach approximately 130.5 billion yuan in 2024, with a year-on-year growth of 8.2% [18][20]. - The investment in China's power sector is expected to reach 1.777 trillion yuan in 2024, marking an 18.86% increase year-on-year, the highest in a decade [24][27]. 2. Company Business Focus - The company specializes in insulation fiber materials and molded products, with a projected revenue of 5.78 billion yuan in 2024, reflecting a 37.49% year-on-year increase [7][9]. - The company has a gross margin expected to rise above 30% in 2024 [9]. 3. Competitive Advantages - The company is one of the few in China capable of producing insulation fiber materials for ultra/high voltage applications, having broken the foreign monopoly in this field [12][43]. - The company has developed several core technologies and has been involved in setting national standards, enhancing its competitive position [12][43]. 4. Profitability Forecast and Valuation - The company is projected to achieve net profits of 225 million yuan, 309 million yuan, and 428 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 34.0, 24.7, and 17.8 [10][11]. - The revenue from insulation fiber materials is expected to grow rapidly, with projections of 4.72 billion yuan, 5.81 billion yuan, and 7.14 billion yuan for 2025 to 2027 [11].

Core Viewpoint - As of July 18, 2025, 1540 A-share listed companies have disclosed their half-year performance forecasts, with 674 companies expecting positive results, indicating a mixed performance outlook in the market [1] Group 1: Performance Forecasts - 43.77% of the companies forecast positive results, with 418 expecting an increase, 193 turning losses into profits, and 57 showing slight growth [1] - Companies like Enjie Technology are focusing on global capacity layout and product structure optimization to improve profitability [1] - Lianjian Technology aims to enhance performance through business structure optimization and international expansion [2] Group 2: Price Trends and Market Dynamics - Guangxin Technology reports a rising trend in the prices of insulation fiber materials since 2021, driven by increased demand and a higher proportion of direct sales [2] - Jin Dawei expects a net profit of 221 million to 260 million yuan for the first half of 2025, driven by sales growth in coenzyme Q10 and vitamins [3] - Jiantou Energy anticipates a net profit of 880 million yuan, with a focus on optimizing production and financing structures to enhance operational efficiency [3] Group 3: Recent Financial Disclosures - Shentong Technology reported a revenue of 816 million yuan for the first half of 2025, a 22.46% increase, with net profit rising by 111.09% [4] - Zhongyan Chemical's revenue decreased by 5.76% to 5.998 billion yuan, with a significant drop in net profit due to market pressures [4] - Upcoming disclosures include companies like Wohua Pharmaceutical and Ruihu Mould, expected to report on July 22 and 23, respectively [5]

Group 1 - The A-share market experienced a narrow fluctuation on June 26, 2025, with the defense and military industry sectors leading the gains, showing an increase of over 2% [4] - A new stock, Guangxin Technology, was listed on the A-share market, with its price surging over 500% during the trading session [5][6] - The Hong Kong stock market showed a lackluster performance, with the Hang Seng Index mostly declining, while several brokerage stocks exhibited significant volatility [10][12] Group 2 - Guotai Junan International's stock saw an astonishing rise of nearly 90% before unexpectedly dropping, with a trading range exceeding 100% [12] - On June 24, 2025, Guotai Junan International announced that its wholly-owned subsidiary, Guotai Junan Securities (Hong Kong) Limited, received approval from the Hong Kong Securities and Futures Commission to upgrade its license for providing virtual asset trading services [14] - Victory Securities in the Hong Kong market also experienced a sudden surge, with its price increasing by over 160% during the session [14] Group 3 - Guangxin Technology specializes in insulation fiber materials and their molded products, primarily used in power transmission systems, electrified railways, and military equipment [7][8] - The company has established long-term partnerships with leading transformer manufacturers, becoming a core supplier of insulation fiber materials and molded products [8]

Core Viewpoint - The article emphasizes the significance of high-voltage transmission technology in optimizing resource allocation and promoting renewable energy consumption in China, highlighting the role of Guangxin Technology as a leading domestic producer of insulation fiber materials essential for this technology [1][14]. Group 1: Company Overview - Guangxin Technology successfully developed high-voltage insulation fiber materials in 2009, breaking the foreign monopoly in this field and filling a technological gap in China [1][2]. - The company has expanded its product line to cover all voltage levels, becoming a key supplier for major transformer manufacturers in China [4][6]. Group 2: Market Performance - Guangxin Technology's insulation fiber material production is projected to grow from 27,914.68 tons in 2022 to 37,122.22 tons in 2024, with a CAGR of 15.3%, while the production of insulation fiber molded products is expected to grow at a CAGR of 54.2% during the same period [4][6]. - The company's revenue is forecasted to increase from 30,428.93 million yuan in 2022 to 57,754.18 million yuan in 2024, with a CAGR of 37.77% [6][12]. Group 3: Technological Advancements - Guangxin Technology has developed unique manufacturing techniques that eliminate the risks associated with traditional adhesive processes, enhancing product stability and insulation properties [10][12]. - The company has achieved international advanced levels in its insulation fiber board technology and is one of the few domestic producers capable of manufacturing insulation materials for ultra-high voltage applications [9][10]. Group 4: Industry Trends - The demand for insulation fiber materials is expected to accelerate due to the rapid development of renewable energy and the government's focus on high-voltage power grid construction [14][15]. - The market for insulation fiber materials is projected to expand significantly, driven by the increasing investment in power grid infrastructure and the growing need for specialized transformers and motors [14][16]. Group 5: Future Prospects - Guangxin Technology plans to raise 200 million yuan through its IPO to expand its production capacity and enhance its R&D capabilities, aiming to meet the growing market demand for high-end insulation materials [18][20]. - The company is focusing on developing applications for insulation fiber materials in emerging fields such as drones, high-speed rail, and wind power generation, indicating a broad growth potential in the future [20].

Investment Rating - The report assigns a favorable investment rating to Guangxin Technology, indicating high investment value due to its low valuation compared to industry peers [3][4]. Core Viewpoints - Guangxin Technology is recognized as a national-level specialized and innovative "little giant" in the field of insulation materials, with strong downstream demand and significant potential for domestic substitution [1][3]. - The company has broken foreign monopolies with its core technologies, filling domestic gaps in the production of high-voltage insulation materials [3][9]. - The booming demand for ultra-high voltage construction in China presents vast opportunities for domestic manufacturers, as over 80% of the high-end market is currently dominated by foreign companies [3][4][54]. Summary by Sections Company Overview - Guangxin Technology is a leading supplier of insulation fiber materials and their molded products, primarily used in power transmission and transformation systems, electrified railways, and military equipment [9][12]. - The company has established long-term partnerships with major transformer manufacturers, enhancing its market reputation and stability [4][9]. Financial Performance - In 2024, Guangxin Technology achieved a revenue of 578 million yuan, a year-on-year increase of 37.49%, and a net profit of 116 million yuan, up 135.14% [3][27]. - The company's net profit CAGR from 2021 to 2024 is 146.46%, driven by increased downstream demand and improved sales mix [26][27]. Market Demand and Growth - The insulation materials market in China reached 73.36 billion yuan in 2022, with a stable growth rate of 2.9% over the past five years [43][46]. - The demand for insulation materials is expected to grow significantly due to the ongoing investments in ultra-high voltage power grids and the expansion of renewable energy projects [53][57]. Production Capacity and Expansion - Guangxin Technology plans to build a new production line with an annual capacity of 14,000 tons of insulation fiber materials, which will increase its production capacity by approximately 30.90% [5][19]. - The company has been actively expanding its product applications into new areas such as electric motors and renewable energy, ensuring sustainable business development [8][19]. Competitive Landscape - Guangxin Technology faces competition from both domestic and international players, including Swiss companies like Weidmann and ABB, which currently dominate the high-end insulation materials market [66]. - The company is positioned as a key player in the domestic market, with a comprehensive product range covering all voltage levels in power transmission equipment [66].