索通发展 20251114 摘要 索通发展已成为全球最大的商用预备阳极供应商，截至 2025 年 7 月， 预备阳极在产产能达 346 万吨，目标年底签约产能 500 万吨，并积极 拓展负极材料业务，目前负极产能约为 8 万吨，薄膜电容器生产规模超 过 20 亿只。 公司前三大股东为朗光辉、王平和凝聚映山红 3 号私募证券投资基金， 朗光辉与王平为一致行动人，合计持股 25.8%。2025 年 3 月，公司通 过全资子公司收购创新索通部分股权，合计持股比例增至 62.74%。 2020 年至 2024 年，索通发展营业收入从 59 亿元增至 137 亿元，年 复合增速 23.8%；归母净利润从 2.1 亿元增至 2.7 亿元，年复合增速 6.2%。2025 年前三季度，受益于预备阳极价格上涨，归母净利润同比 增长 202%至 6.5 亿元，预备阳极业务占比达 90.75%。 公司通过石油焦混配系统降低成本，豫北阳吉公司单吨成本较行业平均 低 816 元。该系统将在所有生产基地推广，有望进一步扩大成本优势。 负极业务方面，2025 年上半年产量同比增长 85%，全年计划产量 8 万 吨，薄膜电容器业务稳步增长。 ...

科研人员研发"闪速退火"工艺 一秒"炼"就晶圆级高性能储能薄膜 近日，中国科学院金属研究所沈阳材料科学国家研究中心胡卫进研究员团队携手合作者，开发出一种热处理升降温速率可达每秒1000摄氏度的"闪速退 火"工艺，成功制备出晶圆级高性能储能薄膜。相关成果于11月15日凌晨发表在《科学进展》期刊上，为下一代高性能储能电容器件的制造开辟了一条新 路径。 科研人员介绍，在脉冲激光器、新能源汽车等应用的功率电子器件中，有一类名为"电介质储能电容器"的元件至关重要，它们以极高的功率快速充放电， 并且极其耐用。然而，科学家们一直面临一个难题：如何让这些电容器在保持强大储能能力的同时，还能经受住从极寒到酷热的极端温度考验，并且易于 大规模生产。 此次研究中，利用"闪速退火"工艺，研究人员可仅用1秒钟，就能在硅晶圆上制备出一种名为锆酸铅的弛豫反铁电薄膜。据介绍，这项工艺技术可以将材 料在高温下的特殊结构"冻结"在室温，形成了尺寸不到3纳米的纳米微畴。这些微小的结构如同一个精密的迷宫，是诱导弛豫反铁电行为，实现高效率储 能的关键。同时，"闪速退火"还让薄膜的"肌理"更加致密均匀，并有效锁住了容易挥发的铅元素，从根源上减少了材料缺 ...

此次研究中，利用"闪速退火"工艺，研究人员可仅用1秒钟，就能在硅晶圆上制备出一种名为锆酸铅的 弛豫反铁电薄膜。据介绍，这项工艺技术可以将材料在高温下的特殊结构"冻结"在室温，形成了尺寸不 到3纳米的纳米微畴。这些微小的结构如同一个精密的迷宫，是诱导弛豫反铁电行为，实现高效率储能 的关键。同时，"闪速退火"还让薄膜的"肌理"更加致密均匀，并有效锁住了容易挥发的铅元素，从根源 上减少了材料缺陷，显著降低了漏电流。 利用该工艺制造出的薄膜电容器展现出了卓越的环境适应性。实验表明，经过低至零下196摄氏度（液 氮温度）的极寒，到高达400摄氏度的酷热循环后，其储能密度和效率的衰减很微弱（低于3%）。这意 味着，无论是在冰冷的外太空，还是在火热的地下油气勘探井，它都能稳定可靠地工作。 科研人员研发"闪速退火"工艺一秒"炼"就晶圆级高性能储能薄膜 目前，研究人员已经初步能在2英寸的硅晶圆上成功制备出均匀的高性能薄膜，为芯片级集成储能提供 了具备工业化潜力的解决方案。 近日，中国科学院金属研究所沈阳材料科学国家研究中心胡卫进研究员团队携手合作者，开发出一种热 处理升降温速率可达每秒1000摄氏度的"闪速退火"工艺，成功制备 ...

科研人员介绍，在脉冲激光器、新能源汽车等应用的功率电子器件中，有一类名为"电介质储能电容 器"的元件至关重要，它们以极高的功率快速充放电，并且极其耐用。然而，科学家们一直面临一个难 题：如何让这些电容器在保持强大储能能力的同时，还能经受住从极寒到酷热的极端温度考验，并且易 于大规模生产。 此次研究中，利用"闪速退火"工艺，研究人员可仅用1秒钟，就能在硅晶圆上制备出一种名为锆酸铅的 弛豫反铁电薄膜。据介绍，这项工艺技术可以将材料在高温下的特殊结构"冻结"在室温，形成了尺寸不 到3纳米的纳米微畴。这些微小的结构如同一个精密的迷宫，是诱导弛豫反铁电行为，实现高效率储能 的关键。同时，"闪速退火"还让薄膜的"肌理"更加致密均匀，并有效锁住了容易挥发的铅元素，从根源 上减少了材料缺陷，显著降低了漏电流。 新华社沈阳11月15日电（记者王莹）近日，中国科学院金属研究所沈阳材料科学国家研究中心胡卫进研 究员团队携手合作者，开发出一种热处理升降温速率可达每秒1000摄氏度的"闪速退火"工艺，成功制备 出晶圆级高性能储能薄膜。相关成果于11月15日凌晨发表在《科学进展》期刊上，为下一代高性能储能 电容器件的制造开辟了一条新路径 ...

艾华集团（603989.SH）11月14日在投资者互动平台表示，公司目前主要生产的产品为铝电解电容器、 薄膜电容器、电极箔、金属化膜，暂未有MLCC。公司正高效推进现有市场产品的迭代研发，并扎实开 展各类前瞻技术的预研工作。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问公司前三季度MLCC产品相比于去年同期，销售额 有怎样变化？ ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [6]. Core Insights - The company is the world's largest commercial prebaked anode supplier, with a dual-driven strategy of "prebaked anode + negative electrode" [1][14]. - The company has achieved significant cost reductions in prebaked anodes, with a cost of 3,573 RMB per ton in the first half of 2025, which is 816 RMB lower than the industry average [2]. - The company is focusing on lithium resources and has successfully implemented lithium extraction technology from aluminum industrial solid waste, establishing a comprehensive material system for solid-state batteries [2][3]. - The overseas market for prebaked anodes is expected to expand, with projected new aluminum electrolysis capacity of 1,272 million tons from 2025 to 2027, leading to increased demand for prebaked anodes [3]. Summary by Sections Company Overview - The company has developed a high-end carbon material product supply and service system, focusing on green energy supply integrated with wind, solar, and hydrogen [1][14]. - As of July 2025, the company has a prebaked anode production capacity of 3.46 million tons, with plans to reach approximately 5 million tons by the end of 2025 [1][14]. Financial Performance - The company's revenue is projected to grow from 15,311 million RMB in 2023 to 20,893 million RMB in 2027, with a CAGR of 23.8% [5]. - The net profit attributable to the parent company is expected to increase significantly from -723 million RMB in 2023 to 1,596 million RMB in 2027 [5]. - The company's earnings per share (EPS) is forecasted to rise from -1.45 RMB in 2023 to 3.21 RMB in 2027 [5]. Market Dynamics - The demand for prebaked anodes is expected to grow steadily due to the increasing production of electrolytic aluminum, with a projected increase in demand of 572 million tons from overseas markets [3][21]. - The company is well-positioned to benefit from the rising concentration in the prebaked anode industry, as leading companies enjoy enhanced advantages [3][21]. Strategic Initiatives - The company is actively expanding its lithium battery material segment, with a focus on solid-state battery materials and advanced negative electrodes [2][3]. - The company has established a demonstration line capable of processing 1,000 tons of aluminum solid waste annually for lithium extraction [2].

Core Insights - Copper Peak Electronics experienced a stock price decline of 2.06% on November 12, trading at 8.08 CNY per share with a total market capitalization of 5.096 billion CNY [1] - The company has seen a year-to-date stock price increase of 23.36%, with a 0.62% rise over the last five trading days and a 9.93% increase over the last 20 days [1] Financial Performance - For the period from January to September 2025, Copper Peak Electronics reported a revenue of 1.072 billion CNY, reflecting a year-on-year growth of 11.37%, and a net profit attributable to shareholders of 79.91 million CNY, which is a 28.88% increase compared to the previous year [2] - The company has cumulatively distributed 96.93 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Copper Peak Electronics was 42,400, a decrease of 8.03% from the previous period, with an average of 14,676 circulating shares per shareholder, an increase of 8.73% [2] - The top ten circulating shareholders include major funds, with notable changes in holdings, such as Dazhong Growth Progress Mixed A reducing its stake by 714,900 shares [3]

Core Viewpoint - The company has shown steady growth in revenue and profit, particularly in the new energy sector, while maintaining a strong commitment to shareholder returns through cash dividends [3][4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.944 billion yuan, a year-on-year increase of 14.69%, and a net profit attributable to shareholders of 888 million yuan, up 14.58% year-on-year [3]. - In Q3 2025, the company reported revenue of 1.445 billion yuan, a year-on-year increase of 9.31% and a quarter-on-quarter increase of 11.52% [3]. - The gross margin for Q3 2025 was 32.53%, down 1.63 percentage points year-on-year, while the net margin was 21.98%, a slight decrease of 0.15 percentage points year-on-year [3]. Market Position and Strategy - The company is focusing on its core business and actively expanding its market presence, particularly in the new energy sector, by enhancing cooperation with high-end clients and improving its market competitiveness through innovation and cost efficiency [4]. - The product range includes various types of capacitors that cater to industries such as industrial control, photovoltaic, energy storage, wind power, and electric vehicles [4]. Shareholder Returns - The company emphasizes shareholder returns, implementing a cash dividend distribution plan for the first half of 2025, distributing 20 yuan per 10 shares, totaling 450 million yuan, which accounts for 43.31% of the net profit attributable to shareholders for 2024 [5]. - Cumulatively, the company has distributed 4.38 billion yuan in cash dividends since its listing [5]. Technological Innovation - The company prioritizes technological innovation, holding 7 invention patents, 154 utility model patents, and 3 international patents as of mid-2025 [6]. - It has participated in the formulation of numerous international and national standards, showcasing its leadership in technology within the industry [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 3.944 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 14.69%. The net profit attributable to shareholders was 888 million yuan, also up by 14.58% year-on-year [1]. - The company is focusing on its core business and actively expanding its market presence, particularly in the new energy sector, which has led to a steady increase in sales revenue and market share in areas such as electric vehicles, photovoltaics, and energy storage [2]. - The company emphasizes shareholder returns, having distributed a cash dividend of 20 yuan per 10 shares in the first half of 2025, totaling 450 million yuan, which accounts for 43.31% of the net profit attributable to shareholders for the year [2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.445 billion yuan, a year-on-year increase of 9.31% and a quarter-on-quarter increase of 11.52%. The net profit attributable to shareholders was 318 million yuan, up 8.69% year-on-year and 4.31% quarter-on-quarter [1]. - The gross margin for Q1-Q3 2025 was 32.88%, a decrease of 1.23 percentage points year-on-year, while the net margin was 22.53%, a slight decrease of 0.01 percentage points [1]. - The company has a comprehensive product range that meets the demands of various industries, including industrial control, smart grids, and household appliances [2]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downwards due to delays in wind and solar construction and a slowdown in the automotive electronics sector. The net profit estimates for 2025 and 2026 are now 1.308 billion yuan and 1.601 billion yuan, respectively [3]. - The estimated price-to-earnings (P/E) ratios for 2025-2027 are projected to be 20X, 16X, and 14X, respectively, reflecting the company's position as a leader in the film capacitor market with significant growth potential [3].

Group 1 - The core point of the news is that Farah Electronics has experienced a decline in stock price, dropping 1.29% to 116.96 yuan per share, with a total market value of 26.316 billion yuan and a cumulative drop of 11.21% over the last four days [1] - Farah Electronics, established on December 12, 1998, and listed on December 10, 2002, specializes in the research, production, and sales of film capacitors, with 94.28% of its revenue coming from capacitors [1] - The trading volume for Farah Electronics reached 408 million yuan, with a turnover rate of 1.54% [1] Group 2 - The Huisheng Fund has a significant holding in Farah Electronics, with the Huisheng Huicheng Stable One-Year Holding Mixed A Fund holding 7,400 shares, representing 1.17% of the fund's net value [2] - The fund has incurred a floating loss of approximately 11,300 yuan today and a total floating loss of 109,200 yuan during the four-day decline [2] - The Huisheng Huicheng Stable One-Year Holding Mixed A Fund was established on November 30, 2021, with a current scale of 75.9828 million yuan and a year-to-date return of 4.93% [2]