证券代码：002396 证券简称：星网锐捷 福建星网锐捷通讯股份有限公司 2025 年 8 月 22 日投资者关系活动记录表 Q4：升腾的金融信创业务，下半年的展望？ 编号： 2025-07 | 投资者关系活动类 | √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 | | --- | --- | | 别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 百嘉基金管理有限公司 陆家嘴国际信托有限公司 | | | 敦和资产管理有限公司 民生基金管理有限公司 | | | 富安达基金管理有限公司 诺安基金管理有限公司 | | | 国寿安保基金管理有限公司 上海峰岚资产管理有限公司 | | | 国泰海通证券股份有限公司 上海聆泽私募基金管理有限公司 | | | 国元证券股份有限公司 上海世诚投资管理有限公司 | | | 和泰人寿保险股份有限公司 上海世诚投资管理有限公司 | | 参与单位名称 | 华富基金管理有限公司 深圳泽兴资产管理有限公司 | | | 华泰证券股份有限公司北京分公司 泰康基金管理有限公司 | | | 华夏久盈资产管理有限责任公司 西部利得基金管理有 ...

Company Overview - 威铖国际集团有限公司 is a comprehensive manufacturing service provider, primarily engaged in mold design and manufacturing, production of injection products, and electronic assembly components [4] - The company emphasizes customer satisfaction, quality, precision, and technological innovation, aiming to establish strong trade partnerships globally [4] - The service range has expanded from plastic molding and electronic assembly to high-end multimedia and high-tech communication products [4] Financial Performance - As of July 31, 2024, 威铖国际 reported total revenue of 56.044 million yuan, a year-on-year decrease of 26.69% [2] - The net profit attributable to the parent company was -9.502 million yuan, showing a year-on-year increase of 57.43% [2] - The gross profit margin stood at 12.15%, with a debt-to-asset ratio of 42.27% [2] Stock Performance - Over the past month, 威铖国际 has experienced a cumulative decline of 10.71%, and a year-to-date decline of 32.43%, underperforming the Hang Seng Index, which has increased by 22.22% [2] - The stock closed at 0.056 HKD per share on July 17, with a trading volume of 584,000 shares and a turnover of 30,800 HKD, reflecting a volatility of 12.0% [1] Valuation Metrics - Currently, there are no institutional investment ratings for 威铖国际 [3] - The company's price-to-earnings ratio is -12.07, ranking 137th in the industrial engineering sector, where the average TTM P/E ratio is 16.6 and the median is 3.41 [3] - Comparatively, other companies in the sector have P/E ratios such as 中国航天万源 at 0.32, 谊砾控股 at 0.35, and 亿都(国际控股) at 0.65 [3]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [4]. Core Insights - In June 2025, the total retail sales in China reached 4.2 trillion yuan, with a year-on-year growth of 4.8%, which is below market expectations of 5.6% [4]. - The online retail sales growth slowed down due to the preemptive timing of the 618 shopping festival, while offline retail continues to show stable growth [4]. - The service consumption sector is experiencing rapid growth, supported by government policies, although restaurant revenue growth has declined [4]. - The "trade-in" policy continues to show effectiveness, with basic necessities demonstrating resilience, while gold and silver sales growth has slowed down due to seasonal factors [4]. - The report anticipates that the upcoming summer tourism season and the third round of trade-in subsidies will further stimulate domestic consumption [4]. Summary by Sections Retail Sales Performance - June retail sales grew by 4.8% year-on-year, with a total of 4.2 trillion yuan, reflecting a decrease of 1.6 percentage points from the previous month [4]. - Excluding automobiles, retail sales also grew by 4.8%, with a month-on-month decline of 2.2 percentage points [4]. Online and Offline Consumption - Online retail sales for the first half of 2025 increased by 8.5%, outpacing the overall retail growth by 3.5 percentage points [4]. - The online penetration rate remained stable at 26.8% in June, unchanged from the previous year [4]. Service Consumption - The service sector's production index rose by 6.0% year-on-year in June, with retail sales in the service sector growing by 5.3% [4]. - Restaurant revenue in June was 470.8 billion yuan, showing a year-on-year increase of only 0.9% due to seasonal factors [4]. Policy Impact - The government has introduced measures to enhance consumer capacity and stimulate spending, with urban retail sales reaching 3.7 trillion yuan, a year-on-year increase of 4.8% [4]. - The trade-in policy has led to significant sales in consumer electronics, with related sales exceeding 1.4 trillion yuan by late June [4]. Investment Recommendations - The report suggests focusing on e-commerce and instant retail sectors, particularly companies like Alibaba, JD.com, and Meituan, as well as quality jewelry brands benefiting from gold demand recovery [4]. - It also highlights opportunities in the travel industry and retail sectors that enhance in-store experiences [4].

Core Viewpoint - China's GDP growth in the first half of the year reached 5.3%, exceeding last year's 5.0% and market expectations, laying a solid foundation for achieving the annual target of around 5% [1] Group 1: Economic Growth Contributions - Final consumption expenditure contributed 52% to economic growth, capital formation contributed 16.8%, and net exports contributed 31.2% in the first half of the year [1] - In Q2, final consumption expenditure's contribution rose to 52.3%, while capital formation's contribution was 24.7% and net exports contributed 23% [1] Group 2: Consumer Spending and Policies - Social retail sales reached 24.55 trillion yuan, growing by 5% year-on-year, with Q2 growth accelerating to 5.4% [1] - A series of policies aimed at expanding domestic demand and promoting consumption, particularly the "trade-in" policy, significantly boosted sales in appliances, automobiles, and communication products [1][2] Group 3: Export Performance - In the first half of the year, China's goods trade reached 21.79 trillion yuan, with exports growing by 7.2% year-on-year, marking a historical high of over 13 trillion yuan [2] - Imports totaled 8.79 trillion yuan, down 2.7% year-on-year, but the decline narrowed compared to the first five months of the year [2] Group 4: Investment Trends - Investment growth showed fluctuations, with real estate investment declining further and manufacturing investment growth slowing to 5.1% in June [3] - Fixed asset investment nominal growth was 2.8%, while the actual growth rate, adjusted for price changes, was 5.3% [3] Group 5: Industrial Production Challenges - Industrial producer prices fell by 2.8% year-on-year in the first half, with a 3.6% decline in June [4] - The capacity utilization rate for major industries was 74.0%, down 0.1 percentage points from the previous quarter and 0.9 percentage points from the same period last year [4] Group 6: Market Confidence and Future Outlook - International institutions have raised their growth forecasts for China, reflecting the economy's resilience against external shocks and the growth potential of domestic consumption [4] - The market anticipates continued policy support in the second half of the year to stabilize expectations and confidence, promoting sustainable economic development [4]

Economic Growth - China's GDP grew by 5.3% year-on-year in the first half of the year, surpassing last year's growth of 5.0% and market expectations, laying a solid foundation for achieving the annual target of around 5% [1] - The contribution rates of the three main drivers of the economy were: final consumption expenditure at 52%, capital formation at 16.8%, and net exports at 31.2% [1] Consumption - Final consumption expenditure has become the main driving force for economic growth, with a contribution rate of 52.3% in the second quarter, slightly up from the first quarter [1] - The total retail sales of consumer goods reached 24.55 trillion yuan, growing by 5% year-on-year, with a second-quarter growth of 5.4%, an acceleration of 0.8 percentage points from the first quarter [1] - Various policies to expand domestic demand and promote consumption, particularly the "trade-in" policy, significantly boosted sales in appliances, automobiles, and communication products [1][2] Investment - Investment growth and contribution rates showed fluctuations, with real estate investment continuing to decline and manufacturing investment facing saturation and pressure [3] - Fixed asset investment nominally grew by 2.8%, while the actual growth rate, after adjusting for price effects, was 5.3% [3] - The manufacturing sector's investment growth fell to 5.1% year-on-year in June, indicating challenges in industrial production despite strong consumption and net exports [3] Trade and Exports - Net exports contributed significantly to economic growth, with total goods trade reaching 21.79 trillion yuan, a year-on-year increase of 2.9% [2] - Exports broke the historical record of 13 trillion yuan, growing by 7.2% year-on-year, while imports decreased by 2.7% [2] Market Sentiment - International institutions have raised their growth forecasts for China, reflecting the resilience of the economy against external shocks and the growth potential of domestic consumption [4] - The Shanghai Composite Index surpassed 3,500 points, driven by restored investor confidence and expectations of continued policy support in the second half of the year [4]

Manufacturing PMI Insights - June manufacturing PMI slightly improved by 0.2 percentage points to 49.7%, remaining below the expansion threshold[2] - New export orders index rose by 0.2 percentage points to 47.7%, indicating ongoing export challenges despite temporary easing in US-China trade tensions[3] - New orders index increased by 0.4 percentage points to 50.2%, with consumer goods PMI improving by 0.2 percentage points to 50.4%[3] Inventory and Production Trends - Finished goods inventory index surged by 1.6 percentage points to 48.1%, but annualized index fell by 0.1 percentage points to a low of 47.6%[4] - Production index rose by 0.3 percentage points to 51.0%, reflecting a temporary improvement in production driven by consumption and export demand[4] Economic Outlook and Risks - The rebound in manufacturing PMI is attributed to subsidies stimulating durable consumption and a second wave of export efforts[4] - Future uncertainties hinge on the domestic real estate market's recovery and the potential impact of the US tax reduction plan on local production and consumption[4] - There is a risk of additional interest rate cuts if the real estate market continues to struggle, with potential for increased subsidies for durable goods[4]

Core Viewpoint - The economic data for May indicates a slight decline in industrial production, a rebound in consumption, and a comprehensive drop in investment, with real estate continuing to decline [1][15]. Demand Side Analysis - External demand is significantly impacted by tariff fluctuations, leading to a continued decline in exports to the U.S., while transshipment trade and European recovery support exports in a mid-high range [1][2]. - Domestic investment is broadly declining, influenced by weak real estate and infrastructure investments, while consumption is showing signs of recovery due to trade-in programs and consumption festivals [1][2]. Production Side Analysis - Industrial production growth rate fell to 5.8% year-on-year in May, primarily due to tariff disruptions affecting export strength [3]. - The service production index increased by 0.2 percentage points to 6.2% year-on-year, benefiting from the recovery in consumption [3]. Investment Trends - Fixed asset investment growth rate decreased by 0.8 percentage points to 2.7% year-on-year, with real estate investment continuing to decline significantly [5][14]. - High-tech industry investments performed well, with information services and aerospace manufacturing seeing substantial year-on-year growth [9]. Consumption Trends - Retail sales growth rose to 6.4% in May, indicating enhanced consumption momentum, with significant contributions from home appliance and communication sectors benefiting from trade-in programs [10]. - Service consumption also showed recovery, with tourism-related growth accelerating and restaurant income increasing [10]. Real Estate Market - Real estate sales area growth rate fell to -3.3% year-on-year, with new housing sales declining while prices continue to rise [14]. - The construction area growth rate rebounded significantly, although new construction area growth remains negative [14]. Employment and Future Outlook - The urban unemployment rate remained stable at 5.0%, indicating a stable employment situation despite external disruptions [15]. - There is cautious optimism regarding external demand, with potential benefits from future tariff negotiations and European recovery efforts [15].

Group 1 - The core viewpoint of the news highlights that Zhengyuan Investment has conducted research on a listed company, Shengyi Electronics, which has shown promising financial performance and strategic developments [1] Group 2 - Shengyi Electronics achieved an operating income of 1.579 billion yuan and a net profit of 200 million yuan in Q1 2025, driven by product structure optimization and cost reduction [1] - The company has made breakthroughs in communication products, particularly in the 800G high-end switch and satellite communication sectors, with mass production expected in 2025 [1] - Server products accounted for 48.96% of sales, and the company plans to increase investment in technology research and production capacity in 2025 [1] - Shengyi Electronics is steadily advancing bulk orders in automotive electronics for smart driving assistance, power energy, and smart cockpit applications, with plans to increase investment in automotive dedicated lines [1] - The company has seen a slight increase in bulk material prices but has managed to keep overall raw material prices stable through dynamic supply strategy adjustments [1] - Investment in a factory in Thailand has increased to 170 million USD, with construction expected to start in November 2024 and trial production anticipated in 2026 [1] - The smart computing center's high-density interconnect circuit board construction project will start in December 2024, implemented in two phases, with trial production for the first phase in 2025 and the second phase in 2027 [1]

Group 1: Research and Development Investment - In 2024, the company invested 25.82 million yuan in technology research and development, resulting in 2 invention patents and 18 utility model patents [2][3]. Group 2: Business Growth and Financial Performance - In Q1 2025, the company achieved operating revenue of 79,499,368.25 yuan, a year-on-year increase of 98.45%, and a net profit attributable to shareholders of -3,779,585.78 yuan, an increase of 55.14% compared to the previous year [3][4]. - The company aims to stabilize its overseas market while aggressively expanding its domestic market and developing new customer applications [3]. Group 3: Strategic Focus and Market Expansion - The company plans to focus on its second main business—core components for new energy, which accounted for over 25% of its business by 2024 [3]. - The construction of overseas production bases in Hungary and Vietnam is a priority, with the goal of reducing losses and enhancing the overseas business framework [3]. Group 4: Cost Control Measures - The company has implemented several cost control measures, including locking in prices for key raw materials, centralized procurement, and optimizing production processes to improve efficiency [4]. Group 5: Future Profit Growth Drivers - Future profit growth will be driven by the demand for mobile data traffic in the telecommunications industry and the growth of the new energy business, which is expected to enhance profitability through economies of scale [5].

Company Overview - 威铖国际集团有限公司 is a comprehensive manufacturing service provider, primarily engaged in mold design and manufacturing, production of injection-molded products, and electronic assembly components [3] - The company emphasizes customer satisfaction, quality, continuous improvement, and technological innovation, while also focusing on team spirit and a people-oriented management philosophy [3] - 威铖国际 aims to expand its business and provide higher quality products and services to its clients, offering integrated supply chain solutions through its one-stop manufacturing services and logistics systems [3] Financial Performance - As of July 31, 2024, 威铖国际 reported total revenue of 56.044 million yuan, a year-on-year decrease of 26.69% [1] - The company recorded a net profit attributable to shareholders of -9.502 million yuan, representing a year-on-year increase of 57.43% [1] - The gross profit margin stood at 12.15%, with a debt-to-asset ratio of 42.27% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for 威铖国际 [2] - The company's price-to-earnings (P/E) ratio is -14.97, ranking 128th in the industrial engineering sector, which has an average P/E ratio of 10.06 [2] - Comparatively, other companies in the sector have P/E ratios ranging from 0.32 to 2.18 [2]