2025 年 12 月 23 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 32 | | 基金 | 1.8% | | --- | --- | | 一般法人 | 21.7% | 股价相对大盘走势 亨通光电（600487） Buy 买进 公司基本资讯 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2025/12/22) | | | 26.14 | | 上证指数(2025/12/22) | | | 3917.36 | | 股价 12 个月高/低 | | 26.14/13.65 | | | 总发行股数(百万) | | | 2466.73 | | A 股数(百万) | | | 2445.18 | | A 市值(亿元) | | | 639.17 | | 主要股东 | | 亨通集团有限 | | | | | 公司(24.07%) | | | 每股净值(元) | | | 12.48 | | 股价/账面净值 | | | 2.10 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 37. ...

Core Viewpoint - Hengtong Optic-Electric experienced a decline in stock price by 2.15% on November 11, with a current price of 20.90 CNY per share and a total market capitalization of 51.555 billion CNY [1] Financial Performance - For the period from January to September 2025, Hengtong Optic-Electric reported a revenue of 49.621 billion CNY, representing a year-on-year growth of 17.03% [2] - The net profit attributable to shareholders for the same period was 2.376 billion CNY, showing a year-on-year increase of 2.64% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 191,800, up by 18.60% from the previous period [2] - The average number of circulating shares per shareholder decreased by 15.68% to 12,747 shares [2] Dividend Distribution - Hengtong Optic-Electric has cumulatively distributed dividends of 2.614 billion CNY since its A-share listing, with 1.121 billion CNY distributed over the last three years [3] Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 78.7403 million shares, an increase of 14.2357 million shares from the previous period [3] - Southern CSI 500 ETF is the fifth-largest circulating shareholder, holding 28.7342 million shares, a decrease of 600,500 shares from the previous period [3]

Core Insights - The stock price of Hengtong Optic-Electric fell by 2.01% to 21.45 CNY per share, with a market capitalization of 52.911 billion CNY as of October 28 [1] - The company reported a year-to-date stock price increase of 26.25% and a recent 5-day increase of 2.19%, while experiencing a 20-day decline of 6.21% [1] Financial Performance - For the period from January to September 2025, Hengtong Optic-Electric achieved a revenue of 49.621 billion CNY, representing a year-on-year growth of 17.03%, and a net profit attributable to shareholders of 2.376 billion CNY, up 2.64% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 2.614 billion CNY, with 1.121 billion CNY distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 18.60% to 191,800, while the average circulating shares per person decreased by 15.68% to 12,747 shares [2] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 14.2357 million shares to 78.7403 million shares [3]

Core Viewpoint - Yongding Co., Ltd. reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating robust growth in its core business segments [1]. Financial Performance - Total revenue reached 2.26 billion yuan, a year-on-year increase of 24.07% [1] - Net profit attributable to shareholders was 319 million yuan, up 917.66% year-on-year [1] - The second quarter alone saw total revenue of 1.38 billion yuan, a 37.49% increase year-on-year, and net profit of 28.75 million yuan, up 622.99% [1] - Gross margin was 13.59%, down 23.67% year-on-year, while net margin improved to 13.6%, a 321.43% increase [1] - Total operating expenses were 191 million yuan, accounting for 8.45% of revenue, a decrease of 17.18% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 30.37% year-on-year, reaching 1.46 billion yuan [1][2] - Cash and cash equivalents decreased by 10.33% to 1.5 billion yuan [1] - Total interest-bearing liabilities slightly decreased by 1.01% to 3.61 billion yuan [1] Cash Flow Analysis - Operating cash flow showed a significant improvement, with a net cash flow of -0.01 yuan per share, a 95.34% increase year-on-year [1] - The net cash flow from operating activities increased by 95.11%, attributed to improved settlement times for the Bangladesh national grid project [6] Investment and Financing Activities - Investment cash flow decreased by 23.6% due to increased cash payments for long-term asset acquisitions [7] - Financing cash flow dropped by 82.54% as a result of increased debt repayments and dividend payments [7] Market Position and Business Model - The company relies heavily on research and marketing to drive its performance, with a focus on expanding its automotive wiring harness and copper conductor markets [9] - The return on invested capital (ROIC) was reported at 2.08%, indicating a relatively weak capital return compared to historical averages [8] Fund Holdings - The largest fund holding Yongding shares is Chang'an Growth Preferred Mixed A, with 5.5 million shares, indicating strong institutional interest [11]

Core Viewpoint - Hengtong Optic-Electric has shown significant growth in both revenue and net profit since its listing in 2003, with a strong focus on smart grid and copper conductor products, indicating robust business performance and market potential [3][4][5]. Revenue Analysis - In 2020, Hengtong Optic-Electric achieved revenue of 32.384 billion yuan, which increased to 59.984 billion yuan by 2024, demonstrating a fluctuating upward trend, with notable growth rates in 2021 and 2024 [4]. Profit Analysis - The company reported a net profit attributable to shareholders of 1.062 billion yuan in 2020, which rose to 2.769 billion yuan in 2024, maintaining positive growth in all years except for a decline in 2020 [5]. Market Performance - Since its IPO, Hengtong Optic-Electric's market capitalization has increased by 26.34 times, peaking at 63.733 billion yuan on November 22, 2017, with a corresponding stock price of 46.87 yuan. As of August 21, the market cap was 44.969 billion yuan, reflecting a decrease of 18.764 billion yuan, or 29.44% from its peak [7]. Product Revenue Structure - The main business segments include smart grid and copper conductor products, with smart grid accounting for the highest revenue share at 36.98%, followed by copper conductors at 25.02% [3]. Profit Growth Consistency - Over the past 22 years, Hengtong Optic-Electric has not recorded any annual losses, achieving net profit growth in 17 of those years, which represents 77.27% of the time [3].

Group 1: Market Position and Growth Potential - Tian Niao High-tech is the only domestic enterprise producing carbon brake preforms for aircraft, supplying all military aircraft and commercial aircraft like C919 and ARJ21, indicating a strong market position and future growth potential [1] - The carbon brake market is expected to exceed 10 billion RMB as domestic aircraft production accelerates and C919 EU certification progresses, positioning the company to benefit from domestic substitution [2] Group 2: Competitive Advantages in New Energy Vehicles - The carbon-ceramic brake technology is gaining acceptance in the new energy vehicle market due to its high strength, high temperature resistance, corrosion resistance, lightweight, and long lifespan, indicating significant market potential [2] - Tian Niao High-tech has deep technical accumulation and leading advantages in carbon brake preforms, with successful batch sales of carbon-ceramic brake preforms and ongoing collaborations with domestic automotive manufacturers for testing [2] Group 3: New Product Development in Copper Conductors - The company is continuously launching new products such as braided tinned conductors and special-shaped conductors, which are applied in various sectors including high-speed copper cables, robotics, and new energy vehicles [2] Group 4: Core Advantages of Dingli Technology - Dingli Technology specializes in the development of large-scale thermal equipment for aerospace, overcoming key technological barriers in the field of thermal equipment and new materials, thus achieving independent control over critical equipment [3] - The company has developed a system for efficient recycling of waste lithium batteries, contributing to the high-quality development of the new energy industry [4] Group 5: Listing Progress of Dingli Technology - Dingli Technology's application for listing on the Beijing Stock Exchange was successfully accepted in December 2024, with ongoing work progressing in response to the review inquiries received in January 2025 [4]