丨证券研究报告丨 公司研究丨点评报告丨电连技术（300679.SZ） [Table_Title] 中报符合预期，静待季度拐点 报告要点 [Table_Summary] 电连技术披露 2025 年半年度报告。报告期内，公司实现营业收入 25.24 亿元，同比增长 17.71%； 公司实现归属于上市公司股东的净利润 2.43 亿元，同比减少 21.1%；公司实现归属于上市公 司股东的扣除非经常性损益的净利润 2.39 亿元，同比减少 19.07%。消费电子和汽车连接器领 域公司均与头部客户深度绑定，未来公司将继续加强技术研发和市场拓展，有望依托汽车连接 器、消费电子双轮驱动实现业绩增长。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 电连技术（300679.SZ） cjzqdt11111 [Table_Title2] 中报符合预期，静待季度拐点 资料来源：Wind -5% 37% 79% 121% 2024/ ...

编号：2025-06 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （ ） 参与单位名称 线上参与公司 2025 年半年度业绩说明会的投资者 时间 2025 年 08 月 26 日 15:00-17:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人 员姓名 董事长兼首席执行官 沈庆芳先生 独立董事 张沕琳女士 独立董事 张建军先生 独立董事 魏学哲先生 副总经理兼财务总监 萧得望先生 副总经理兼董事会秘书 周红女士 投资者关系活动 主要内容介绍 Q：请问公司在AI服务器市场有什么具体的布局规划？泰国工厂什么时 候可以进入量产？当地PCB工厂密集开工，请问建厂以及产能爬坡是否 顺利？ A：公司积极投入AI服务器及光模块市场，以实现AI云-管-端全链条布 局，目前公司在淮安园区具备相关产能，同时，公司泰国园区第一期 已于2025年5月竣工并开始试产，预计今年四季度部分投产，产品主要 服务于AI服务器、车载与光通讯等领域，目前公司服务器及光模块等 产品已通过部分客户的认证。泰国二期厂房的建 ...

消费电子：规模下降影响稼动率，2025H1 毛利率承压 事件 公司发布2025 年中报，实现营收25.2 亿元，同比+17.7%，实现归母净利润2.4 亿元，同比-21.1%。其中 Q2 实现营收13.3 亿元，同比+20.3%，环比+11.0%，实现归母净利润1.2 亿元，同比-18.1%，环 比-3.2%。 汽车：产业趋势加速，公司高速连接器保持高增长 2025H1 公司汽车连接器收入8.1 亿元，同比+35.8%，我们将搭载可实现城区NOA硬件的车型定义为 L2+，根据高工智能汽车数据，2025H1 国内L2+车型累计销量238.3 万辆，渗透率达到22.5%，同比 +11.2pct，带动汽车高速连接器需求释放，公司有望持续受益。2025H1 公司汽车连接器毛利率为 37.5%，同比-3.3pct，我们认为主要系客户结构调整及年降影响。2025 年H2 随着行业进入旺季叠加更 多智驾新车型上市，公司汽车收入规模有望进一步向上，有望带动汽车业务毛利率相比2025H1 回升。 投资建议 结合公司2025H1 实际经营情况，我们预计公司2025-2027 年营业收入分别为56/72/83 亿元，同比分别 +2 ...

根据 MarketsandMarkets 最新报告显示，2024 年全球汽车连接器市场规模已达 920 亿美元，并预计以 7.8% 的复合年增长率，在 2029 年突破 1350 亿美元大关。在汽车电动化与智能化浪潮的双重驱动下， 汽车连接器已成为"主动支撑"智能场景的核心力量。 8月21日晚间，电连技术（300679.SZ）发布2025年半年度报告，上半年实现营业收入为25.24亿元，同 比增长17.71%。其中汽车连接器实现营收8.11亿元，同比增长35.84%，汽车连接器业务表现颇为亮眼。 此外，值得注意的是，软板业务实现营收4.11亿元，同比增长58.11%。 汽车电子业务爆发式增长，国产化替代加速推进 电连技术拥有较强的研发能力，建立了完善的研发体系，能够实现对新产品设计的快速响应。另外，公 司专业的自动化设备开发团队，已在大部分产品的生产上开发出全自动组装设备，并在冲压及注塑流程 上对标国际领先的连接器企业对现有设备及自动机进行了升级，拥有了业内较好的自动化设备开发实 力。电连技术在模具加工及设计方面不断加大高、精、 尖加工设备的研发投入，大力提升了精密模具 的设计、开发、制造水平，适应了模具微型 ...

Core Viewpoint - Pengding Holdings (002938) announced an investment of 8 billion yuan to build the Huai'an Industrial Park, aiming to expand production capacity for SLP, high-end HDI, and HLC products to cater to the growing AI application market [1] Investment Details - The investment project will take place from the second half of 2025 to 2028, funded entirely by the company's own capital [1] - The purpose of the investment is to leverage the AI trend and utilize the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI [1] Market Positioning - The investment is expected to enhance the company's technical strength and mass production capabilities in the AI computing power field, thereby expanding operational scale and improving operational efficiency [1] - The company is focusing on the development of AI server products and has established production capacity in both Huai'an and Thailand [2] Financial Performance - In the first half of the year, the company achieved revenue of 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion yuan, up 57.22% year-on-year [2] - The company is actively developing AI endpoint products, such as AI glasses, to capitalize on the recovery cycle in consumer electronics [2] Production Capacity and Client Engagement - The first phase of the Thailand project has been completed and is currently undergoing client certification and sampling, with small-scale production expected in the second half of the year [3] - The company's capital expenditure plan for this year primarily targets high-end HDI and SLP projects, including investments in the Thailand and Huai'an parks [3]

Core Viewpoint - The stock price of Dianlian Technology closed at 48.93 yuan on August 19, reflecting a 1.16% increase from the previous trading day, with a total market capitalization of 20.786 billion yuan and a price-to-earnings ratio of 42.15 times [1] Group 1: Company Overview - Dianlian Technology specializes in the research, development, production, and sales of connectors and related components [1] - The company's products are widely used in consumer electronics, automotive electronics, and industrial control sectors [1] - Subsidiary Henghedingfu focuses on the production of flexible boards, rigid-flex boards, and LCP products, possessing roll-to-roll processing capacity and SMT processing capabilities [1] Group 2: Financial Performance - On August 19, the net outflow of main funds for Dianlian Technology was 9.8933 million yuan, with a cumulative net outflow of 35.0784 million yuan over the past five days [1]

Core Viewpoint - The company has approved an investment plan of 8 billion yuan to establish and integrate the Huai'an Industrial Park, aiming to enhance its capabilities in the rapidly growing AI application market [1] Investment Plan - The investment will focus on constructing the Huai'an Industrial Park and expanding production capacity for products such as SLP, high-end HD, and HLC [1] - The construction period for this investment is set from the second half of 2025 to 2028 [1] Strategic Goals - The investment is intended to leverage the AI trend and utilize the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI, enhancing overall competitiveness [1] - The project aims to improve the company's technical strength and mass production capabilities in the AI computing power sector, thereby expanding operational scale and promoting technological and product upgrades across various product lines [1]

Core Viewpoint - The company, Pengding Holdings, has approved an investment plan totaling 8 billion RMB to develop an industrial park in Huai'an, focusing on expanding production capacity for various PCB solutions to cater to the growing AI application market [1] Investment Plan - The investment plan includes a total of 80 billion RMB allocated for the construction of the Huai'an Industrial Park [1] - The investment period is set from the second half of 2025 to 2028 [1] Product Expansion - The company will enhance production capacity for products such as SLP, high-end HDI, and HLC [1] - The expanded production will support a wide range of applications including servers, optical communications, humanoid robots, smart vehicles, and AI edge products [1]

Summary of Dongshan Precision's Conference Call Company Overview - Dongshan Precision has entered the Apple supply chain through the acquisition of Weixin, leading to a fivefold increase in revenue after a three-year capital expenditure cycle, establishing a duopoly in the flexible circuit board (FPC) industry alongside Pengding, capturing a significant portion of the global market share [2][5] Financial Performance - Since 2019, Dongshan Precision's operating cash flow has surged, indicating strong profitability [2][6] - The company has improved overall profitability by scaling back unprofitable segments such as LED packaging and LCM modules [2][6] - The flexible circuit board business is expected to maintain a profit growth rate of around 25% annually, driven by increased demand for foldable screens [2][6] Strategic Acquisitions - The acquisition of Solstice has positioned Dongshan Precision favorably in the 800G optical module sector, with plans to expand production to 400,000 units per month [2][7] - Solstice's capability to self-supply optical chips mitigates potential supply bottlenecks, enhancing its prospects of becoming an industry leader [2][7] - A $1 billion investment plan for expanding rigid board production includes the acquisition of Cat Tech, which has decades of experience in high-end PCB manufacturing [2][8] Market Position and Future Outlook - The rigid board factory, acquired in 2018, has undergone significant transformation and maintains solid profitability despite the time required for heavy asset integration [2][9] - The focus on AI PCB technology is expected to drive substantial growth, with investments of 1-2 billion RMB already made for technological upgrades [3][11] - Dongshan Precision is projected to become a key player in the PCB industry by 2026, with potential incremental demand of $10 billion and the establishment of over $500 million in new fixed asset production capacity [4][12] Challenges and Competitive Landscape - The company faces profit pressure from high-end capacity investments made by competitors during the industry's peak in 2021, which will impact profits from 2022 to 2024 [4][10] - Despite historical valuation challenges due to shareholder structure, the market is expected to recognize the company's value as it aligns with the growing demand for AI hardware [4][13] Conclusion - Dongshan Precision is strategically positioned for growth in the flexible and rigid PCB markets, with strong financial performance, strategic acquisitions, and a focus on emerging technologies like AI PCB, setting the stage for significant future expansion and market leadership [2][12][13]

Group 1 - The core viewpoint is that Sors Technology, a leading player in the global optical communication module industry, has established a strong competitive edge through its vertically integrated product line and IDM model [1] - Sors Technology's business encompasses the entire process of optical chip design and manufacturing, optical device production, and optical module assembly, showcasing robust R&D capabilities and vertical integration [1] - The company has achieved mass production of high-speed optical modules for data centers, specifically 400G and 800G applications, and has a stable order reserve [1] Group 2 - The company aims to complete the acquisition by the third quarter of this year, with all parties actively promoting the necessary approvals [1] - Financial data for the first half of the year indicates a significant improvement in operational performance, with detailed results expected post-acquisition [1] - Key profit-contributing businesses for the year include flexible circuit board, rigid circuit board, touch display, and precision manufacturing, while the LED business is currently operating at a loss [1] Group 3 - The Thai factory is primarily focused on module board production, with expected production commencement in the fourth quarter of this year [1]