8月18日晚间，《辟谣财知道》注意到，6天5板的同洲电子（002052）(002052.SZ)发布公告称，网传公司进入英伟达、Meta、谷 歌、华为、寒武纪等企业供应链相关信息均为不实信息。 同洲电子公告称，公司股票交易价格连续三个交易日内(2025年8月14日、2025年8月15日、2025年8月18日)收盘价格涨幅偏离值累计 达到20%，根据《深圳证券交易所交易规则》等的相关规定，公司股票交易属于异常波动的情况。 数据显示，在最近5个交易日内，同洲电子股价累计上涨52.63%。 | | | 此前，有投资者在深交所互动易平台发文提问："除英伟达外，同洲电子还进入了Meta、谷歌、华为、寒武纪等企业的供应链，但 前五大客户收入占比达70%，其中英伟达相关订单占比较高。请问上述消息是否属实？" 同洲电子在澄清公告称，公司近期关注到网上传播的关于公司进入了英伟达、Meta、谷歌、华为、寒武纪等企业的供应链的相关信 息，均为不实信息。公司目前未与上述任何企业签署合同，公司将积极进行市场拓展。公司目前正常经营，近期公司经营情况及内 外部经营环境未发生重大变化。敬请投资者理性决策，注意投资风险。 7月28日同洲电子发布 ...

Core Viewpoint - Shenzhen Tongzhou Electronics has shown a remarkable turnaround in its financial performance, achieving significant revenue and profit growth in the first half of 2025, primarily driven by its high-power power supply products and a strategic focus on the energy sector [1][3][10]. Financial Performance - The company reported total operating revenue of 540 million yuan, a year-on-year increase of 606.52% [1]. - The net profit attributable to shareholders reached 203 million yuan, up 662.77% compared to the previous year [1]. - The overseas business accounted for 90.23% of total revenue, with a staggering year-on-year growth of 14,579.41% [1][11]. - Despite the impressive revenue growth, the net cash flow from operating activities was -115 million yuan, compared to 2.03 million yuan in the same period last year, primarily due to investor compensation and supplier repayments [1][10]. Business Segments - The company's main business is divided into two segments: energy sector and set-top box sector. The energy sector includes high-power power supply products, lithium batteries, and energy storage solutions, while the set-top box sector includes satellite reception equipment and digital TV solutions [7]. - The energy sector performed exceptionally well, generating 508 million yuan in revenue, a year-on-year increase of 961.39%, while the set-top box sector saw a decline in revenue to 249,420 yuan, down 76.28% [7][8]. Market Trends and Strategic Focus - The high-power power supply business generated 487 million yuan in revenue with a gross margin of 45.78%, a new product line for the company [8]. - The global data center and cloud computing markets are driving demand for high-power power supplies, with the power supply industry in China expected to grow from 391 billion yuan in 2021 to 738.9 billion yuan by 2025, reflecting a compound annual growth rate of 13.72% [8]. - The company has shifted its revenue composition significantly, with the energy sector now accounting for 94.04% of total revenue, compared to 62.60% in the previous year [8]. Stock Performance - The stock price of Shenzhen Tongzhou Electronics has surged over sevenfold in the past year, closing at 10.99 yuan per share as of July 29, compared to 1.38 yuan per share a year ago [4][11]. - The company successfully removed its delisting risk warning and changed its stock name from "*ST Tongzhou" to "Tongzhou Electronics" on June 17, 2025, following improvements in financial performance [3][10]. Shareholder Activity - The current general manager increased his shareholding to 11.09%, while the largest shareholder holds 16.5% [11]. - The company is leveraging new shareholder resources to enhance its product development and market promotion in the high-power power supply sector [11]. Risks and Challenges - The company faces risks related to foreign exchange fluctuations, as it relies on imported raw materials for its overseas business, which could impact operating costs and profitability [11].

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 11.02 CNY for the next six months [6][4]. Core Views - The company is expected to achieve a net profit of 900 million to 1.14 billion CNY in the first half of 2025, representing a year-on-year growth of 31.57% to 66.66% [1][2]. - The company is actively increasing its investment in AI terminal hardware and has made significant progress in product innovation across multiple fields, including foldable screens and robotics [3][2]. - The automotive sector has shown substantial improvement in operational efficiency compared to the previous year, contributing positively to overall profitability [2]. Financial Summary - Revenue projections for 2025 to 2027 are estimated at 50.93 billion CNY, 59.23 billion CNY, and 68.12 billion CNY respectively, with net profits of 2.41 billion CNY, 3.06 billion CNY, and 3.56 billion CNY [4][9]. - The company’s net profit margin is projected to improve, with a net profit margin of 4.7% in 2025 and stabilizing at 5.2% in 2026 and 2027 [10]. - The company’s earnings per share (EPS) is expected to increase from 0.34 CNY in 2025 to 0.51 CNY in 2027 [10].

Core Viewpoint - *ST Tongzhou has announced the removal of delisting risk warning and other risk warnings, changing its stock name from "*ST Tongzhou" to "Tongzhou Electronics" effective June 17, 2023 [2][4]. Group 1: Company Overview - *ST Tongzhou was established in 1994 and listed on the Shenzhen Stock Exchange in June 2006. The company's main business includes energy sector operations and set-top box services [6]. - The energy sector operations primarily involve 18650 lithium batteries, various types of polymer soft-pack batteries, and high-power power supply products, with a total production capacity of 3 GWh across three production lines [6]. Group 2: Financial Performance - The company was subject to delisting risk warning due to a negative net profit and operating revenue below 100 million yuan for the fiscal year 2023 [6]. - In 2022, the company faced property preservation measures due to a contract dispute with Dazhu Holdings, resulting in the freezing of major bank accounts [6]. - The financial report for 2024 indicates that the lower of net profit before and after deducting non-recurring gains and losses is positive, eliminating uncertainties regarding the company's ability to continue operations [6]. - The company no longer has any major bank accounts frozen, meeting the conditions for applying to remove delisting risk warnings and other risk warnings [6].