超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于超越 J Curve ，作者宋梓翔 更令人意外的是， 边缘城市也开始 进入并购市场，黄山、衢州、曲靖等 GDP不足4000亿元的三四 线城市也纷纷出手， 更有县级国资拿下上市公司控制权。这 显示 了 并购的参与者正在从 一二线或 省会 城市 扩展到更 低线城市 。 01.地方国资在买 28家 上市公司 自 2025年1月1日起至今， 地方国资共参与了 28起 上市公司的控制权收购 ，其中已完成的交易 16起，仍在进行中的交易12起（见下表）。 | 企业名称 | 行业 | 交易金额(万元) | 参自国资 | 省份-城市 | | --- | --- | --- | --- | --- | | 江海股份 | 未含体 | 323, 247. 00 | 浙江省经济建设投资有限公司 | 浙江-杭州 | | 雪峰科技 | 化工制品 | 220, 554. 36 | 广东宏大控股集团股份有限公司 | 广东-广州 | | 通用股份 | 汽车零部件 | 211, 847. 33 | 江苏省苏豪控股集团有限公司 | 江苏-南京 ...

截至2025年8月21日15时，江海股份股价报27.58元，较前一交易日下跌2.89%。当日开盘价为28.30元， 最高触及28.50元，最低下探至27.20元，成交量为389931手，成交金额达10.82亿元。 江海股份主营业务为铝电解电容器、薄膜电容器等电子元器件的研发、生产和销售。公司产品广泛应用 于消费电子、工业控制、新能源等领域。 8月21日盘中11时25分，江海股份出现快速反弹，5分钟内涨幅超过2%，股价最高升至28.40元。当日主 力资金净流出13236.06万元，近五日主力资金净流入7971.44万元。 风险提示：股市有风险，投资需谨慎。 ...

Group 1 - The latest stock price of Aihua Group is 17.57 yuan, up 0.80% from the previous trading day [1] - The stock experienced a rapid increase, reaching 17.69 yuan at 13:17, with a rise of over 2% within 5 minutes and a transaction amount exceeding 1 billion yuan [1] - The company operates in the electronic components industry, focusing on the research, production, and sales of aluminum electrolytic capacitors [1] Group 2 - Aihua Group's products are widely used in energy-saving lighting, consumer electronics, and industrial control sectors [1] - On August 19, the net inflow of main funds was 2.33 million yuan, with a cumulative net inflow of 49.11 million yuan over the past five trading days [1] - The trading volume on that day was 117,300 hands, with a total transaction amount of 205 million yuan [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company is actively developing key materials and technologies for three major capacitor types, extending the aluminum electrolytic capacitor supply chain, and has become a leading player in the global power electronics application field [4] - The business is expected to grow significantly in various sectors, including consumer electronics, electric vehicles, and charging stations, with solid-state capacitors achieving over 50% growth potential [5] - Strategic collaborations with Japanese companies and academic institutions are enhancing the company's technological capabilities and market position [6] Financial Projections - Projected revenues for 2025, 2026, and 2027 are estimated at 57.6 billion, 67.7 billion, and 78.2 billion yuan respectively, with net profits of 8.3 billion, 10.0 billion, and 11.8 billion yuan [7] - The company is expected to see a revenue growth rate of 19.84% in 2025, followed by 17.48% in 2026 and 15.58% in 2027 [9] - Earnings per share (EPS) is projected to increase from 0.77 yuan in 2024 to 1.39 yuan by 2027 [10]

Core Viewpoint - Dongyangguang (stock code: 600673.SH) expects a net profit of 583 million to 663 million yuan for the first half of 2025, representing a year-on-year growth of 157.48% to 192.81, driven by strong performance in both traditional and strategic transformation sectors [1] Group 1: Chemical Refrigerants - The chemical refrigerant business has experienced historic growth due to tightened environmental policies and rebounding consumer demand, becoming a core engine for the company's performance [2] - The full implementation of production quotas has reshaped the supply landscape of the refrigerant industry, with the third-generation refrigerants (HFCs) becoming the market's mainstay during the transition period [2] - Dongyangguang secured approximately 60,000 tons of third-generation refrigerant quotas in 2025, ranking among the top tier in China, which translates into pricing power for the company [2][3] Group 2: Electronic Components - The electronic components segment is a significant support for Dongyangguang's performance, with a comprehensive supply chain covering from basic materials to end products [4] - The company has established partnerships with over 50 target customers for its new generation of electrode foil products, with production lines steadily releasing capacity [4] - Future strategies include focusing on core areas such as consumer electronics and data centers while implementing differentiated marketing strategies for its products [4] Group 3: Liquid Cooling Technology - Liquid cooling technology is positioned as a mainstream solution for data center cooling, with Dongyangguang's proprietary cooling liquid achieving international leading levels in thermal conductivity and material stability [5] - The company has formed strategic partnerships to create a comprehensive liquid cooling ecosystem, enhancing its competitive advantage in the industry [6] - Plans include establishing a manufacturing base for liquid cooling equipment and supercapacitor research in collaboration with local government, leveraging the concentration of major tech firms [6] Group 4: Intelligent Robotics - The intelligent robotics business is a key direction for Dongyangguang's strategic transformation, focusing on data-driven applications in various sectors [7] - The company has signed a 70 million yuan humanoid robot procurement agreement, marking the initial commercial success in this field [7] - Future goals include achieving an annual production capacity of over 10,000 units and generating substantial revenue within five years [8] Group 5: Strategic Outlook - Dongyangguang emphasizes continuous technological innovation to drive industry upgrades and sustainable development [8] - The company is committed to international expansion and enhancing its global market share while optimizing resource allocation through strategic mergers and acquisitions [9]

Group 1 - The computing hardware sector is showing strong momentum, with Shenghong Technology's stock price rising over 4% and its market capitalization surpassing 120 billion yuan [1] - Industrial Fulian's stock also performed well, increasing nearly 8%, alongside other related stocks such as Dekeli, Guanghe Technology, Zhongjing Electronics, Xinya Electronics, and Luxshare Precision, indicating a collective strength in the sector [1] - Nvidia's GB200 chip has entered a critical stage of mass production, with the next-generation AI server core chip GB300 expected to launch in the second half of 2025 [1] Group 2 - Quanta Computer has confirmed that the GB300 project is progressing according to plan, with testing and client validation processes underway [1] - The GB300 product is expected to start shipping in September, providing clear development expectations for the entire industry chain [1] - The GB300 chip boasts significant improvements over its predecessor, with a 1.7 times increase in inference performance, 1.5 times more memory, and doubled network bandwidth, achieving a computing power of 40 petaflops per node [1] Group 3 - The GB300 AI server is anticipated to adopt a supercapacitor BBU solution due to the limitations of traditional lead-acid battery solutions in meeting higher power density demands, presenting new growth opportunities for the related industries [1] - Defu Technology has independent R&D capabilities in multi-layer copper foil products, applicable in solid-state batteries and supercapacitors [2] - Jianghai Co.'s aluminum electrolytic capacitors and supercapacitors are compatible with the performance requirements of the GB300, and they are currently in technical discussions with relevant server manufacturers [2]

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained as "Buy" [1][4] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is actively advancing its AI server supercapacitor projects, indicating a robust long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026 to 821 million yuan and 993 million yuan, respectively, while introducing a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027, suggesting a favorable valuation given the growth prospects in the supercapacitor business [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a slight increase of 0.74 percentage points year-on-year, and a net profit margin of 13.21%, which is stable compared to the previous year [4][8] - The company expects steady growth in its main business areas, particularly in aluminum electrolytic capacitors and film capacitors, driven by recovering demand in downstream sectors such as photovoltaics and automotive [5][6] - The financial projections indicate a revenue increase from 4.845 billion yuan in 2023 to an estimated 7.921 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.8% [8][10]

Investment Rating - The investment rating for Jianghai Co., Ltd. is "Buy" (maintained) [1] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is continuing to advance its supercapacitor projects for AI servers, indicating a broad long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 821 million yuan and 993 million yuan respectively, with a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027 [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a net margin of 13.21%, and a year-on-year increase in gross margin of 0.74 percentage points. The company is expected to maintain steady growth in its main business due to recovering demand in downstream sectors such as photovoltaics and automotive [4][5] - The company’s revenue and profit are projected to grow steadily, with expected revenues of 5.778 billion yuan in 2025, 6.842 billion yuan in 2026, and 7.921 billion yuan in 2027, reflecting year-on-year growth rates of 20.2%, 18.4%, and 15.8% respectively [8][10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to the benchmark index [7]. Core Views - The company experienced a revenue decline of 0.76% year-on-year in 2024, with total revenue reaching 4.808 billion yuan and a net profit attributable to shareholders of 655 million yuan, down 7.41% year-on-year [1][5]. - In Q4 2024, the company showed signs of recovery with a revenue increase of 18.99% year-on-year and a net profit increase of 0.48% year-on-year, indicating a positive trend [2]. - The company is positioned as a platform-type company in the capacitor industry, with a comprehensive product range including aluminum electrolytic capacitors, film capacitors, and supercapacitors, which are expected to drive growth [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.808 billion yuan, with a gross profit margin of 24.90% and a net profit margin of 13.73% [1]. - The Q4 2024 results showed a revenue of 1.269 billion yuan and a net profit of 160 million yuan, reflecting a recovery in performance [2]. - The company forecasts a revenue growth of 14.4% in 2025, reaching 5.503 billion yuan, with net profits expected to grow to 817 million yuan [6]. Product and Market Insights - The company is the only domestic player and one of the few globally to offer a full range of capacitors, with aluminum electrolytic capacitors accounting for 81.99% of revenue in 2024 [3]. - The solid-liquid hybrid capacitors are expected to see over 50% growth, particularly in the automotive sector [3]. - The supercapacitor market is anticipated to expand significantly due to its applications in AI servers and data centers, where it can provide rapid power compensation [4]. Investment Outlook - The company is expected to achieve net profits of 817 million yuan in 2025, 1.060 billion yuan in 2026, and 1.311 billion yuan in 2027, with corresponding PE ratios of 17, 13, and 11 [5][6]. - The traditional markets for new energy and industrial control are recovering, while AI applications are expected to open new growth avenues for supercapacitor products [5].