华光新材 20251217 摘要 华虹新材产品线覆盖中温、低温和高温钎焊材料，市场容量达 500 多亿 人民币，并拓展导电凝胶产品，尤其是银浆产品，总体市场容量约 800 亿人民币。公司拥有 6,400 多个品规的产品，具备定制化设计和柔性化 制造能力。 公司拥有 3,000 多家客户，包括美的、格力等国内外知名品牌，覆盖空 调制冷、电力电器、电子半导体、新能源汽车等领域，这些优质客户对 公司的新产品验证和客户拓展起到了重要作用。 在电力电器行业，华虹新材增长率超 30%，为东方电气、湘电集团等提 供钎焊材料，受益于 AI 产业对底层供电的需求增加，该行业收入占比达 22%。电子半导体行业 2025 年收入大幅提升至 25 亿元，新能源汽车 板块也是重要业务。 公司海外收入从 2020 年的 3,000 多万增长至 2024 年的 1.5 亿， 2025 年预计超 2 亿。目标是海外收入与国内收入各占一半，已在泰国 成立全资子公司，建立 4,500 吨产能的生产基地。 Q&A 华虹新材在钎焊材料领域的主要优势和市场地位是什么？ 华虹新材成立至今已有 30 年，专注于钎焊材料领域，已成为中国该行业的领 军企业， ...

每经AI快讯，有投资者在投资者互动平台提问：新能源汽车热管理、光伏储能等新兴领域对钎焊材料 需求增长较快，公司如何调整产能和研发方向以抓住市场机遇？预计未来3年这些领域营收占比将达到 什么水平？ （文章来源：每日经济新闻） 华光新材（688379.SH）12月11日在投资者互动平台表示，针对新能源汽车热管理、光伏储能等领域， 公司已布局相应的产品并开始实现收入，目前收入占比不大。 ...

格隆汇12月10日丨华光新材(688379.SH)在投资者互动平台表示，公司在钎焊材料领域深耕三十年，围 绕下游客户需求公司在持续开展新材料创新外已在积极布局智能激光钎焊、智能激光熔覆等高效焊接整 体解决方案技术，这部分业务已开始实现收入，起步阶段收入占比较小。针对胶粘技术公司已开始研发 应用于航空发动机的粘胶剂，还未实现收入。 ...

华光新材的三十年发展史，是一部以技术创新驱动进口替代、不断拓展应用边界的奋斗史。从1995年创 立之初聚焦钎焊材料，到2001年自主研发银钎料打破国外垄断，再到2007年登顶中国制冷产业链细分市 场，公司完成了从"追光者"到"领军者"的蜕变。此后，荣获国家科技进步二等奖、牵头制定国家《银钎 料》标准、获评"制造业单项冠军示范企业"，直至2020年成功登陆科创板，成为行业及余杭区首家科创 板上市企业，每一步都夯实了其在基础材料领域的领先地位。 更为关键的是，华光新材的创新从未止步于传统优势领域。近年来，公司敏锐捕捉产业变革信号，相继 通过IATF16949认证切入新能源汽车赛道，实现锡焊膏技术突破进军微电子领域，并成立电子连接事业 部。其产品线已从巩固中温钎料优势，发展为覆盖电子浆料、软钎料、高温钎料的全品类布局，深度融 入智能家居、电力电气、新能源汽车、航空航天乃至AI算力等经济主战场。这为拥抱智能化变革奠定 了坚实的产业基础和市场洞察力。 "AI智联"成为高峰论坛焦点，指明产业升级新路径 在制造业向高端化、智能化、绿色化转型的时代浪潮中，作为"工业筋骨"的连接材料与技术，其创新水 平直接关乎产业链的自主可控 ...

本报讯 （记者吴文婧）12月5日，以"AI智联 焊创新程"为核心主题的第九届绿色连接与制造高峰论坛暨 杭州华光焊接新材料股份有限公司30周年庆典在杭州顺利开幕。本次论坛由材料结构精密焊接与连接全 国重点实验室主办，杭州华光焊接新材料股份有限公司（以下简称"华光新材"）、杭州孚晶焊接科技有 限公司联合承办。 （编辑 李家琪 张昕） 焊接技术与人们的日常生活息息相关。小到眼镜架、冰箱阀门、自行车各个部件的焊接，大到工程盾构 机、航空发动机的制造都离不开焊接技术。因此，先进连接材料及技术，既是国计民生的可靠保证，更 是中国式现代化进程中制造业高质量发展的战略支撑。 历经八载深耕积淀，论坛始终聚焦行业前沿、锚定技术突破，不仅赢得了行业专家学者、产业链上下游 客户的广泛认可与深度参与，更获余杭区政府的悉心指导与鼎力支持，已成长为凝聚行业共识、推动技 术革新、促进产学研用协同的重要交流平台。 "回望中国制造30年，从规模扩张到质量跃升，华光新材深耕钎焊材料的三十年，正是从进口替代到行 业领军的生动缩影，充分彰显出中国制造的强大韧性。"科技部原高新技术司副司长曹国英表示。 展望未来，金李梅表示，华光新材将继续秉持创新初心， ...

Core Viewpoint - Huaguang New Materials is a leading enterprise in the domestic brazing materials sector, with advanced R&D technology and a comprehensive industrial chain layout, serving multiple high-end fields [1] Group 1: Business Performance - In Q3 2025, Huaguang New Materials achieved operating revenue of 1.826 billion yuan, ranking 17th among 82 companies in the industry, with the industry leader, CIMC, at 117.061 billion yuan [2] - The main business composition includes silver brazing materials with revenue of 509 million yuan (42.20%), copper-based brazing materials at 419 million yuan (34.77%), and other materials at 275 million yuan (22.81%) [2] - The net profit for the same period was 158 million yuan, ranking 18th in the industry, with the top performer, CIMC, at 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Huaguang New Materials was 59.10%, higher than the previous year's 57.44% and above the industry average of 39.81% [3] - The gross profit margin for Q3 2025 was 12.23%, down from 15.08% in the previous year and below the industry average of 22.64% [3] Group 3: Executive Compensation - The chairman, Jin Limei, received a salary of 691,000 yuan in 2024, an increase of 67,400 yuan from 2023 [4] - The general manager, Huang Weiqing, earned 749,100 yuan in 2024, up by 172,100 yuan from the previous year [4] Group 4: Shareholder Information - As of June 30, 2025, the number of A-share shareholders increased by 8.92% to 6,068, with an average holding of 14,800 circulating A-shares, a decrease of 8.19% [5] - The company’s performance in the first half of 2025 met expectations, with notable growth in cooling and power businesses, and a 37.96% year-on-year increase in overseas revenue [5] Group 5: Future Outlook - Analysts expect Huaguang New Materials to achieve revenues of 2.512 billion, 3.421 billion, and 4.356 billion yuan from 2025 to 2027, with net profits of 195 million, 190 million, and 244 million yuan respectively [5] - The company is focusing on expanding its market presence across various temperature ranges and sectors, including electronics and overseas markets, which is anticipated to drive growth [6]

Core Viewpoint - The company plans to invest approximately 300 million RMB in establishing a production base for brazing materials in Thailand, with the project approval and implementation being authorized to the management team [2] Group 1: Investment Details - The total planned investment for the Thailand production base is around 300 million RMB, which includes land purchase, construction of production facilities, and acquisition of fixed assets [2] - The actual investment amount will be subject to approval by local authorities in China and Thailand [2] Group 2: Management Authorization - The board of directors has authorized the management team to handle all aspects related to the establishment and investment in the Thailand production base, including project planning, investment registration, and signing relevant agreements [2] - This authorization is effective from the date of board approval until all related matters are completed [2] Group 3: Regulatory Compliance - As of the announcement date, the company has completed the registration of the Thailand entity and obtained necessary certificates from the Zhejiang Provincial Department of Commerce and the Zhejiang Provincial Development and Reform Commission [2]

Core Insights - Chengyang Asset recently conducted research on Huaguang New Materials, highlighting the company's efforts to enhance its core competitiveness and profitability [1] - The company expects over 50% revenue growth in Q1 2025, driven by the launch of smart manufacturing projects, new product development, and customer expansion [1] - Huaguang New Materials is planning to invest in a brazing materials production base in Thailand to expand its overseas market presence [1] Company Developments - The company has initiated a digital factory project aimed at upgrading production and management through digitalization, thereby improving operational efficiency [1] - AI liquid cooling server business has started mass supply, contributing 2.4% to Q1 revenue, with anticipated growth in demand [1] - The company is increasing R&D investment in welding materials for new energy vehicles and advancing electronic connection materials and welding technologies [1] Product Applications - Silver brazing materials are being applied in the aerospace sector, with ongoing validation for nickel-based materials in drone applications [1] - Sales of intelligent welding equipment have commenced, although revenue from this segment remains limited [1]

Core Viewpoint - Huaguang New Materials (688379.SH) plans to issue shares to specific investors through a simplified procedure, with a total fundraising amount not exceeding 199 million yuan, aimed at funding the second phase of its production base project in Thailand [1][2]. Group 1: Share Issuance Details - The share issuance will target no more than 35 specific investors, including qualified institutional investors and other eligible entities as per the China Securities Regulatory Commission (CSRC) regulations [1]. - The pricing for the shares will be based on the average trading price over the 20 trading days prior to the issuance date, set at no less than 80% of this average [1]. - The total number of shares to be issued will not exceed 30% of the total share capital prior to the issuance, amounting to a maximum of 27,025,656 shares [1]. Group 2: Fund Utilization - The total investment for the second phase of the Thailand Huaguang welding materials production project is 249.3 million yuan, with the raised funds of 199 million yuan allocated entirely to this project [2][3]. Group 3: Shareholder Structure - As of the announcement date, the controlling shareholder Jin Limei holds 36.54% of the shares directly and controls an additional 10.38% through investment companies, totaling 46.92% [2][4]. - The share issuance will not change the control of the company, and the share distribution will remain compliant with listing requirements [2][4]. Group 4: Financial Performance - For Q1 2025, the company reported a revenue of 586 million yuan, a year-on-year increase of 62.58%, and a net profit attributable to shareholders of 95.44 million yuan, up 1140.90% [4][5]. - The net profit after excluding non-recurring gains and losses was 18.81 million yuan, reflecting a 176.83% increase compared to the previous year [4][5]. - The company has faced negative cash flow from operating activities for several years, with a net cash flow of -87.82 million yuan in the latest quarter [4][5].

Group 1 - The company plans to issue shares to specific investors in 2025, raising a total of no more than 199 million yuan [1] - The funds raised will be used for the second phase of the production base project for welding materials in Thailand [1] - The number of shares to be issued will not exceed 27.0257 million shares, with the issue price set at no less than 80% of the average trading price over the last 20 trading days prior to the pricing benchmark [1] Group 2 - The issuance will target no more than 35 specific investors, with the final selection based on subscription bids [1]