证券代码：001389 证券简称：广合科技 公告编号：2025-049 广州广合科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 需要通过招拍挂公开出让方式竞拍取得，土地使用权能否竞得、土地使用权的最 终成交价格及取得时间存在不确定性。 度等均为预估值，尚存在不确定性，公司将根据经营计划、资金情况及协议条款 分步实施。 环境、行业发展趋势及国家或地方政策变化等不确定性因素影响，从而导致项目 开工建设、竣工及正式投产能否按照预计期限完成存在不确定性。 的初步规划，不代表公司对未来业绩的预测，亦不构成对投资者的业绩承诺。公 司后续将根据项目进展情况，按照相关法律法规的规定及时履行信息披露义务， 敬请广大投资者注意投资风险。 一、概述 为把握行业发展机遇，扩大优势产品产能，提升智能制造水平，根据公司中 长期战略发展规划，公司拟通过招拍挂方式购买广州开发区规划和自然资源局 （广州市规划和自然资源局黄埔区分局）出让的位于广州市黄埔区东江大道以东 的土地使用权并投资建设云擎智造基地项目。本项目投资金额约 26 亿元人民币 （含购买土地使用权款） ...

AI算力需求驱动PCB业绩高增，盈利能力显著提升。 25Q2业绩接近此前指引区间上限，持续受益 于AI算力对高端PCB产品的结构性需求，盈利能力大幅提升。单看Q2季度，收入44.6亿同比 +56.9% 环 比 +10.4% ， 归 母 净 利 9.2 亿 同 比 +48.1% 环 比 +20.7% ， 扣 非 归 母 净 利 9.0 亿 同 比 +46.1%环比+20.6%，毛利率37.3%同比-1.5pcts环比+4.6pcts，净利率20.6%同比-1.2pcts环 比 +1.8pcts； 费 用 率 方 面 ， 销 管 研 财 费 率 2.74%/2.33%/6.03%/-1.15% ， 同 比-0.08/-0.04/-0.37/+1.07pct，整体费用率增加0.58pct至9.95%。收入同比高速增长源于公 司AI服务器及HPC相关高端PCB产品的下游客户需求旺盛，公司整体稼动率以及产品ASP持续提 升。毛利率及净利率环比大增，盈利能力进一步提升，得益于用于高阶交换机、AI算力服务器等高 价值量产品出货量占比继续增加。 通讯板业务快速增长，汽车板新兴产品表现亮眼 。1）企业通讯板收入65.32亿同比 ...

当前股价：55.63 元 基础数据 | 总股本（百万股） | 1924 | | --- | --- | | 已上市流通股（百万股） | 1922 | | 总市值（十亿元） | 107.0 | | 流通市值（十亿元） | 106.9 | | 每股净资产（MRQ） | 6.6 | | ROE（TTM） | 24.6 | | 资产负债率 | 47.7% | | BIGGERING(BVI) 主要股东 | | | 主要股东持股比例HOLDINGS CO., LTD. 19.33% | | 沪电股份（002463.SZ） Q2 延续高增趋势，加速产能扩张&客户导入打开向上空间 TMT 及中小盘/电子 事件：公司公告 25 年中报，25H1 营收 84.94 亿元同比+56.59%，归母净利 16.83 亿元同比+47.50%，扣非归母净利 16.44 亿元同比+47.90%。结合公司中报内 容，我们点评如下：营收利润双增长，经营现金流显著提升。AI 算力需求驱动 PCB 业绩高增，盈利能力显著提升。通讯板业务快速增长，汽车板新兴产品表 现亮眼。子公司业绩分化，资源整合初见成效。持续完善激励体系，绑定核心 团队助战略深耕 ...

改善盈利能力举措优化销售结构：淘汰亏损订单，降低低利率订单比例，与重点客户加强新产品联合研 发，培育高附加值订单，针对工控等重点领域开发目标客户。提升销售能力：扩充优化海外销售团队， 建立科学绩效考核与激励机制。强化成本管控：构建成本分析模型，精准管理成本，优化采购策略，合 理制定价格调整方案。保障订单交付：加强部门协作，优化生产计划，确保高价值订单按时高质量交 付。创新驱动产品：针对高价值客户需求，加快新技术研发应用，提升高端PCB产品占比。扩充产能： 推进大连厂、珠海厂产能提升，加快泰国工厂建设，规划在江门新建HDI工厂。 可转债规划 公司将提升经营业绩推动股价上升，为"崇达转2"转股退出创造条件。同时凭借稳健财务状况和充裕现 金流，制定资金运用计划，保障到期还本付息。公司将关注市场动态及持有人需求，灵活调整退出策 略，触发赎回条款时及时披露信息。 成本压力应对措施 8月22日10:00-11:00，崇达技术举办线上业绩交流会，接受了山西证券、上海睿郡资产、华泰证券等39 家机构调研。公司证券事务代表朱琼华出席会议，就公司经营情况、发展策略等与投资者进行交流。以 下为本次投资者关系活动要点： 经营情况：上 ...

据悉，在汽车电子领域，满坤科技旗下产品广泛应用于智能驾驶、车身舒适系统、视觉系统、动力系统 等汽车零部件。报告期内，满坤科技前期开发的汽车电子领域头部客户陆续进入产量爬坡阶段和大量产 阶段，公司还同时持续引进老客户新的定点项目及导入汽车电子领域新客户，为汽车电子领域业务增长 注入源源不断的活力。 满坤科技方面还介绍，在消费电子领域，高端消费电子产品广泛应用于电视液晶屏幕、笔记本电脑/手 写板屏幕、户外LED显示屏等。随着三厂IPO募投项目稳步爬坡，公司前期在HDI技术相关的产品储备 也开始批量出货。 尤为值得关注的是，在AI算力需求强劲驱动下，满坤科技中高端服务器电源产品也是订单激增。满坤 科技方面介绍，公司一方面深度贴合客户技术规格与交付周期要求，已实现规模化批量出货，稳固现有 市场份额；同时前瞻性布局下一代产品技术路线，与核心客户联合开展架构创新与性能迭代攻关，同步 推进高功率密度、低能耗方案的研发储备，持续提升产品竞争力，实现市场份额的稳步扩容。 就市场聚焦的三厂IPO募投项目，据满坤科技方面披露，该项目聚焦高多层、HDI等高端PCB产品订 单，截至2025年6月末，三厂通过客户体系认证20多家，覆盖高 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to experience stable growth, with significant opportunities in the server and AIPC sectors, which will drive future growth [4][10] - The company has a diversified product matrix in the PC sector, leveraging its HDI technology to strengthen its competitive position [8] - The automotive electronics sector is being targeted for expansion, focusing on key components for smart vehicles, particularly in the new energy vehicle market [8] - In the data center and server fields, the company is advancing its technology and product offerings to maintain its industry position [8] Financial Summary - The company reported a revenue of 2.565 billion yuan in H1 2025, a year-on-year increase of 19.43%, while the net profit attributable to the parent company was 196 million yuan, a decrease of 11.96% [6] - For Q2 2025, the revenue was 1.401 billion yuan, reflecting a year-on-year increase of 19.65% and a quarter-on-quarter increase of 20.33% [6] - The projected revenue for 2025 is 5.631 billion yuan, with a year-on-year growth rate of 23% [4] - The projected net profit for 2025 is 475 million yuan, with a year-on-year growth rate of 34% [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 27.9, 18.5, and 14.6 respectively [4] - The projected P/B ratios for the same years are 2.8, 2.5, and 2.2 respectively [4] Growth Potential - The company is expected to achieve a net profit of 4.75 billion yuan in 2025, 7.17 billion yuan in 2026, and 9.09 billion yuan in 2027 [10] - The company is focusing on enhancing its production capabilities and technological advancements in its Thailand base, which is crucial for its global expansion strategy [9]

Core Viewpoint - Puxin Technology is positioned as a leading player in the satellite internet sector, backed by strong state-owned enterprise support, and is focused on enhancing its core competencies through continuous research and development in AI and satellite internet technologies [2][4]. Company Overview - Puxin Technology is a state-controlled listed company under China Electronics Technology Group Corporation, focusing on information communication, including public and private network communications, smart applications, and intelligent manufacturing [2]. - The company serves as a key platform for the Guangdong-Hong Kong-Macao Greater Bay Area and plays a significant role in national cybersecurity infrastructure development, benefiting from comprehensive support in resource allocation and industry integration [2]. Industry Development - The domestic satellite internet industry is rapidly growing, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 7% [3]. - Puxin Technology is actively involved in the development of industry standards and has made significant advancements in product offerings, including high-end PCB products and satellite communication technologies [3]. Strategic Initiatives - The company is enhancing its competitive positioning by participating in the formulation of industry standards and advancing its product lineup, including the development of a portable satellite communication terminal that connects directly to low-orbit satellites [3]. - Puxin Technology is also focusing on applications in emergency communication and other specialized sectors, leveraging its research in direct satellite communication technologies [3]. Investment Outlook - Puxin Technology is expected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 143X, 107X, and 77X [4]. - The company is recognized as a "national team" in the satellite internet field, with a commitment to advancing communication technology and exploring new growth opportunities in AI and low-altitude economies [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][40]. Core Viewpoints - The company is positioned as a leader in the satellite internet sector and is recognized as a "national team," focusing on advancing satellite internet communication technology and developing multiple solutions in the Beidou navigation application [3][40]. - The domestic satellite internet industry is expected to grow significantly, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate of 7% [2][14]. - The company has established a strong competitive position through deep research and development efforts, actively participating in industry standard-setting and enhancing its product offerings [2][24]. Summary by Sections Company Overview - The company is a state-controlled listed enterprise under the China Electronics Technology Group Corporation, focusing on information communication and involved in public network communication, private network communication, and smart applications [1][10]. Industry Development - The satellite internet industry is rapidly evolving, with significant advancements in technology and infrastructure, including successful satellite launches that enhance network capabilities [2][17]. - The company is actively involved in the development of standards for satellite communication and has made substantial progress in product innovation, including high-end PCB products and satellite communication terminals [2][24][25]. Financial Forecast and Investment Suggestions - The company is projected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 143X, 107X, and 77X [3][40]. - The report emphasizes the company's potential for long-term growth through its strategic positioning in emerging industries such as AI computing and low-altitude economy [3][40]. Business Segments - The company operates in three main business segments: public network communication, private network communication and smart applications, and intelligent manufacturing, each with specific growth strategies and market opportunities [33][34][35].