立讯精密(002475.SZ) 业绩符合预期，三季报预增 推荐 ( 维持) 股价:42.95元 主要数据 公 司 报 告 电子 2025年08月26日 | 行业 | 电子 | | --- | --- | | 公司网址 | www.luxshare-ict.com | | 大股东/持股 | 立讯有限公司/37.67% | | 实际控制人 | 王来胜,王来春 | | 总股本(百万股) | 7,252 | | 流通A股(百万股) | 7,239 | | 流通B/H股(百万股) | | | 总市值(亿元) | 3,115 | | 流通A股市值(亿元) | 3,109 | | 每股净资产(元) | 10.23 | | 资产负债率(%) | 62.9 | 行情走势图 证券分析师 | 徐勇 | 投资咨询资格编号 | | --- | --- | | | S1060519090004 | | | XUYONG318@pingan.com.cn | | 杨钟 | 投资咨询资格编号 | | | S1060525080001 | | | yangzhong035@pingan.com.cn | 事项： 公 司 公 布 2025 年 ...

沪光股份 20250822 摘要 2025 年上半年，沪光股份新增一汽和东风两大国资企业合作，获得红 旗高压线束订单并完成东风供应商审核准入，连接器业务营收达 3,000 万至 4,000 万元，覆盖赛力斯、小米、上汽等客户。 沪光股份在低空经济领域与风飞合作，为其载人和载物飞行器提供线束， 并与宝时德合作，为其割草车提供线束，预计 2025 年第四季度量产。 沪光股份在人形机器人领域与智源和傅立叶合作，为智源的远征 A2、A3 及灵犀项目提供线束，并与京东建立联系，为其无人物流车项 目进行技术准备。 沪光股份 2025 年营收目标为 95 亿元，上半年净利率约为 7.6%，二季 度已达 8%以上，预计全年净利率可达 8%以上，目标净利润约为 8 亿 元。 沪光股份成立全资子公司全能巨升智能科技苏州有限公司，计划建立创 新中心，并建设制造、重大零部件公关、人才培养及服务与运行四大平 台，预计未来总投资额达 20 亿元。 Q&A 2025 年上半年，沪光股份的整体业绩表现如何？ 2025 年上半年，沪光股份实现了 36.29 亿元的营收，同比增长约 8%。毛利 率为 15.67%，净利率为 7.62%，净利润达 ...

Investment Rating - The report maintains a "Buy" rating for the company, projecting significant profit growth over the next few years [5][44]. Core Insights - The company reported a revenue of 2.934 billion RMB for H1 2025, a slight increase of 0.4% year-on-year, but the net profit attributable to the parent company dropped by 77.4% to 86 million RMB [3][15][16]. - The decline in net profit is attributed to price reductions on certain products and extended acceptance periods affecting revenue recognition in the defense sector [4][16]. - Despite challenges, the company has seen rapid growth in orders within the defense, new energy, and data communication sectors, with a year-on-year increase of over 30% in new project orders [4][16]. Performance Summary - H1 2025 revenue: 2.934 billion RMB (YoY +0.4%), net profit: 86 million RMB (YoY -77.4%) [3][15]. - Q2 2025 revenue: 1.469 billion RMB (YoY +12.3%, QoQ +0.2%), net profit: 40 million RMB (YoY -74.9%, QoQ -13.8%) [3][15]. - The company’s gross margin for H1 2025 was 31.9%, down 15.6 percentage points, while the net profit margin was 3.0%, down 10.2 percentage points [4][21]. Business Analysis - The company’s connector business generated revenue of 2.065 billion RMB, up 9.96%, while the motor segment saw a revenue decline of 12.47% to 660 million RMB [4]. - The company has a robust order backlog, with contract liabilities increasing by 25.45% to 161 million RMB and inventory rising by 22.64% to 2.171 billion RMB [4][34]. - Capital expenditures for Q2 2025 reached 116 million RMB, a significant increase of 94.96% from the previous quarter, indicating ongoing capacity expansion [4][28]. Profit Forecast and Valuation - The company is expected to achieve net profits of 710 million RMB, 900 million RMB, and 1.12 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 105.4%, 26.8%, and 23.4% [5][44]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 33, 26, and 21 times, respectively [5][44].

Summary of the Conference Call for AVIC Optoelectronics Industry and Company Overview - The conference call focuses on AVIC Optoelectronics, a leading company in the connector industry, particularly in the fields of liquid cooling technology and military applications [2][3][4]. Key Points and Arguments Liquid Cooling Technology - AVIC Optoelectronics is actively developing liquid cooling technology to address the limitations of traditional air cooling systems, driven by increasing chip power consumption and the growing number of chips in cabinets [2][5]. - The company provides complete cabinet solutions and individual components for data centers, supercomputing, and energy storage applications [3][4]. - The domestic liquid cooling market is driven by demand for computing power and procurement from overseas system integrators, with AVIC participating in industry standard formulation and expanding into Southeast Asia and Japan [2][6]. AI Power Sector - The company is expanding its presence in the AI power sector, having participated in the Global Computing Alliance launch conference to enhance its market influence [7]. - AVIC aims to innovate in AI data centers and technology, transitioning from a single component supplier to a system integrator to capture domestic and international market opportunities [2][7]. Military Business Growth - The military segment benefits from stable growth in defense budgets, projected at 6%-7%, with the military connector market expanding significantly [2][13]. - AVIC Optoelectronics holds a substantial market share in military connectors, supported by accelerated information technology construction [2][13]. System Interconnection Technology - The company has invested approximately 2.3 billion yuan in a foundational component factory, enhancing its capabilities in system interconnection and transitioning from a single component supplier to an integrated interconnection provider [2][14]. - AVIC's technology is being applied in various military aircraft projects, including the C919, indicating potential for further market expansion [14]. Financial Performance and Projections - From 2019 to 2023, the company's revenue grew from approximately 9.2 billion yuan to 20.1 billion yuan, with a compound annual growth rate (CAGR) of 21% [11]. - Future revenue projections for 2025 to 2027 are 27.17 billion yuan, 28 billion yuan, and 31.04 billion yuan, with corresponding net profits of 4.113 billion yuan, 4.821 billion yuan, and 5.4 billion yuan [16]. Employee Growth and Cost Control - The workforce increased from 13,300 in 2019 to 17,700 in 2023, with a CAGR of 7.3%, indicating effective control over employee growth relative to revenue [12]. - The company has maintained stable operating expenses, with a notable decrease in stock incentive amortization expected in the coming years, positively impacting operational capacity [12]. Additional Important Insights - The liquid cooling industry is driven by three main factors: increasing chip power consumption, the significant rise in the number of chips per cabinet, and the overall value of liquid cooling systems [4][5]. - AVIC Optoelectronics has a long history of development, evolving through four stages since its establishment in 1970, focusing on innovation and market expansion [8]. - The company has implemented a long-term equity incentive plan to align the interests of shareholders, investors, and the company, promoting sustainable development [9][10].

Group 1 - The latest stock price of Weifeng Electronics is 47.18 yuan, an increase of 2.05% compared to the previous trading day [1] - The stock reached a high of 47.47 yuan and a low of 46.24 yuan during the trading session, with a total transaction amount of 112 million yuan [1] - Weifeng Electronics operates in the electronic components industry, focusing on the research, production, and sales of connector products [1] Group 2 - The company's products are widely used in consumer electronics, automotive electronics, and industrial control sectors [1] - Weifeng Electronics has indicated that some of its products are already applied in the control systems of medical surgical robots [1] - The company clarified that it currently does not have a direct partnership with Tesla [1] Group 3 - On the same day, the net outflow of main funds for Weifeng Electronics was 12.06 million yuan, with a cumulative net outflow of 16.27 million yuan over the past five days [1]

Group 1 - The stock price of Tongling Co., Ltd. closed at 38.72 yuan on August 14, 2025, down 2.25% from the previous trading day, with a trading volume of 70 million yuan [1] - Tongling Co., Ltd. specializes in the manufacturing of photovoltaic equipment, focusing on the research, production, and sales of photovoltaic junction boxes and connectors [1] - On August 14, Tongling Co., Ltd. announced that its second extraordinary general meeting of shareholders in 2025 approved a proposal regarding the termination of certain fundraising projects and the addition of new implementation locations for some fundraising projects [1] Group 2 - Recently, Tongling Co., Ltd. jointly established Sichuan Jinglan Technology Co., Ltd. with a registered capital of 150 million yuan, with business operations covering mechanical equipment research and sales [1] - On August 14, the net outflow of main funds for Tongling Co., Ltd. was 6.2171 million yuan, with a cumulative net outflow of 12.1240 million yuan over the past five days [2]

Core Viewpoint - Yonggui Electric has established a diverse application landscape for its connector products, focusing on three main business segments: rail transportation and industrial, automotive and energy information, and special equipment [1] Group 1: Business Segments - The company has developed its industrial products, which include connectors, motor encoders for industrial robots, power circular connectors, control cabinets for industrial robot bases, pitch control cabinets, and main control cabinets [1] - The primary applications of these industrial products are in industrial robots and wind power products [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The copper price is expected to continue the pattern of being stronger in the domestic market and weaker in the international market, as well as being weaker in the near - term and stronger in the far - term. Currently, the macro - environment is favorable for copper prices, while the industrial side shows a neutral - to - bearish trend [2][3][4]. 3. Summary According to Related Content Impact of US Tariff Policy - On July 30, the US President announced a 50% tariff on imported copper semi - products and copper - intensive derivatives starting from August 1. The New York copper price dropped by over 18% on the same day, and the spread between COMEX copper and LME copper quickly narrowed to the pre - tariff - expectation level. Copper ores and cathode copper were exempted from the tariff, which is beyond market expectations. This exemption is bullish for copper prices from a global supply - demand perspective. After the spread convergence, US copper imports may decline in the second half of the year, increasing non - US copper supply and being bearish for LME and SHFE copper [2]. Macroeconomic Factors - The current high global market risk appetite and the good performance of domestic and foreign equity markets are bullish for copper prices. The unexpectedly weak US non - farm data and lower - than - expected non - manufacturing PMI at the beginning of the month increased the expectation of a US economic slowdown and Fed rate - cut expectations, causing the US dollar index to fall. The market expects the Fed to cut rates three times this year, with a cumulative cut of 75 basis points [2]. - There is a risk of a macro - environment shift. If the US economy continues to weaken, copper prices will be under pressure; if the US economy stabilizes and the Fed cuts rates, it will be bullish for copper prices [3]. Domestic Market Conditions - In July, the domestic macro - environment was positive. With the "anti - involution" policy, domestic - priced commodities generally rose. The strong trend continued in late July but cooled down at the end of the month, and commodities entered an adjustment phase. The current spot industry is in the off - season, with limited impact on copper prices. Supported by the macro - environment, far - month copper contracts are stronger than near - month contracts. Domestic electrolytic copper inventory de - stocking has slowed down, while overseas copper inventory has been accumulating at a high level, resulting in the pattern of stronger domestic and weaker international copper prices. Domestic upstream smelters maintain high production, and refined copper imports are expected to increase, putting pressure on the domestic industry [3]. Trade Agreement and Its Impact - In August, the new US tariff policy was implemented, and the US reached new trade agreements with major global economies, possibly extending the current tariff policy for 90 days. This reduces global economic uncertainty and is expected to keep the market risk - appetite high, which is bullish for copper prices [3]. - The joint statement of the Sino - US Stockholm economic and trade talks on August 12, 2025, involving a 90 - day tariff extension and non - tariff measure adjustment, indicates an improvement in Sino - US trade relations and is also bullish for copper prices [4].

Core Viewpoint - Luxshare Precision's stock price increased by 0.42% to 38.17 yuan as of August 12, 2025, indicating positive market sentiment towards the company [1] Group 1: Company Overview - Luxshare Precision specializes in the research, production, and sales of connectors, cables, motors, and wireless charging products, serving various sectors including consumer electronics, communications, and automotive [1] - The company is a significant supplier within the consumer electronics supply chain [1] Group 2: Financial Performance - On August 11, 2025, Luxshare Precision announced adjustments to the exercise prices of its stock option incentive plans for the years 2019, 2021, 2022, and 2025, with new prices set at 12.85 yuan, 35.13 yuan, 29.72 yuan, and 25.15 yuan per share respectively [1] - On August 12, 2025, the net outflow of main funds for Luxshare Precision was 48.49 million yuan, accounting for 0.02% of its circulating market value [1] - Over the past five days, the net inflow of main funds was 565.72 million yuan, representing 0.2% of its circulating market value [1]

证券日报网讯维峰电子（301328）8月12日在互动平台回答投资者提问时表示，公司目前已在东莞、昆 山等多地建立连接器生产基地。暂未投建机器人产业基地。 ...