华工科技 20250622 摘要 科技股估值修复：经历十年消化，科技公司估值已显著降低，市盈率普 遍较低，与 2015 年前后高估值情况形成鲜明对比，具备投资吸引力。 AI 产业迎来 20 年来一遇的机遇：海外算力需求预计今年增长 50%以上， 北美科技巨头 800G 和 1.6G 需求大幅增长，国内端侧 AI 应用如折叠屏 手机和自动驾驶等亦将推动行情发展。 华工科技在 AI 产业集群中表现突出：公司业务涵盖激光设备、光模块及 消费电子光学产品，在算力领域领先，积极开拓海内外市场，并受益于 改制后的制度优势。 光模块业务高速增长：400G 以上光模块月订单达 90 万支，销售收入约 6 亿元，海外大客户突破顺利，800G D28 LPO 及 1.6T 型号性能领先， 预计三季度获得首发订单。 传感器业务市场份额提升：国内比亚迪市场份额显著增加，赛力斯全面 采用公司热管理系统，预计热管理系统增量保持 40%增速，并积极拓展 欧洲市场。 从 2022 年下半年开始，A 股市场进入了一个以科技风格为主导的三年周期。 过去十年间，虽然科技股有一定表现，但并未形成整体板块式的主导行情。 2013 至 2015 年的科 ...

Group 1: Yangjie Technology - Yangjie Technology maintains a positive outlook on future gross margin trends, driven by high-margin industry layout, technological R&D for value-added upgrades, and systematic cost reduction strategies [1] - The company expects to enhance operational efficiency through continuous cost control and aims to capitalize on the domestic substitution of low-power chips in the automotive electronics sector [1] - Emerging sectors such as clean energy (solar and wind) will provide diverse growth opportunities for power semiconductors, while overseas business remains a core part of the company's globalization strategy [1] Group 2: Haiguang Information - The merger between Haiguang Information and Zhongke Shuguang aims to enhance the core competitiveness of the computing power industry through a share swap absorption merger [2] - The share swap ratio is based on the average stock price over the previous 120 trading days, with Zhongke Shuguang shareholders receiving 0.5525 shares of Haiguang Information for each share held [2] - The integration will create a closed-loop layout from high-end chip design to complete high-end computer systems, enhancing technological and application synergy [2] Group 3: Huydian Co., Ltd. - Huydian Co., Ltd. focuses on a differentiated product competition strategy, with core applications in communication equipment, data center infrastructure, and automotive electronics [3] - The company anticipates revenue of approximately 10.093 billion yuan from the enterprise communication market in 2024, primarily from servers, HPC, and high-speed network switches [3] - The Thai factory has begun small-scale production, aiming to improve production efficiency and yield stability [3] Group 4: Huazhu High-Tech - The institutional research covers various aspects, including the application of titanium alloys in consumer electronics and the recovery of the aerospace sector [4] - The company indicates that 3D printing can address heat dissipation issues through unique structural designs and may utilize alternative materials [4] - The major shareholder's reduction in holdings is aimed at recovering investment costs and optimizing the shareholder structure [4]

在特朗普政府"加征关税"并大力呼吁"复兴美国制造业"背景下，"Made in USA"的搜索量在谷歌、亚马逊等渠道持续飙升。 在流量奔涌而来之际，许多美国本土卖家顺势推出了"美国制造"专卖店，而中国卖家虽然很难切到"美国制造"的蛋糕，但也行动起来，通过按需打印 （Print on Demand）等方式，推出"美国组装"(Assembled In USA)的商品，以捕捉这一波商机。 01 "Made in USA"搜索量飙升 近期以来，美国消费者对"美国制造"的兴趣陡然上升。据一份调查数据显示， 与"made in USA"相关的搜索量上升了220%，而"made in America products only"（仅限美国制造）的搜索量增长了130%。 一批美国卖家嗅到了机会，纷纷推出自己的"美国制造商店"。通过谷歌搜索，我们可以看到许多高举"美国制造""美国制造商店""美国商品"等旗帜的 独立网站。 图 /一家域名为made in USA的独立站 这些商店里销售杯子、厨具、桌布、服装、玩具、饰品等，甚至还单列一个"flag"的分类，用来专门销售"美国造"的国旗，以回应"美国总统大选时国 旗由中国义乌造"的被 ...

人形机器人、3D打印、航空航天等先进制造领域不断取得新进展，高性能金属材料运用场景日益丰 富，工业金属行业迎来快速发展，营收、净利润分别增长6.92%、29.22%。创新药与医疗器械领域上市 公司营收均取得正增长，其中创新药板块净利润增长13.31%。 数据显示，2024年，全市场上市公司实现营业收入71.98万亿元，第四季度营收同比增长1.46%，环比增 长8.11%，上市公司业绩边际向好，近六成公司实现营收正增长。 此外，2025年上市公司一季报数据显示，消费市场持续升温，发展动能逐步释放。全市场上市公司实现 净利润1.49万亿元，同比增长3.55%，环比增长89.71%。4084家公司一季度实现盈利，回升向好态势进 一步巩固。 上市公司发展质量持续提升 数据显示，上市公司群体以创新驱动为核心，扎实推进产业优化升级，以稳健经营应对风险挑战，以深 化改革激发内生动力，发展质量和投资价值持续提升。 2024年，高技术制造业上市公司全年营收增长6.66%。受"两重""两新"政策催化，多个细分行业业绩增 幅明显。 ● 本报记者 昝秀丽 中国上市公司协会5月8日发布的中国上市公司2024年经营业绩报告显示，截至5月 ...

转自：国际商报 □ 本报记者 王旭光 珠江水拍岸，琶洲潮正兴。在广交会展馆，中国外贸的新优势与韧实力展现得淋漓尽致。 扬帆出海正当时 "这款面料不仅能抗菌，还能自我净化异味，穿上它就像给身体装上隐形防护盾！"在江苏五龙针织有限 公司展位，泛着微光的"银本康"面料样品吸引着众多采购商上前触摸体验。 谈及市场反响，展位负责人张珉笑逐颜开："尚未开展就有30多位采购商通过广交会线上平台表达合作 意向，我们已收获近200万元的意向订单。"从实验室到广交会展位，"银本康"的科技基因与市场需求碰 撞出火花。 在江苏科木贸易有限公司展位，一款斜支撑可折叠免充气水池引发一众采购商围观。这款专利产品承重 能力提升200%，收纳体积却缩小60%，独创折叠收纳系统实现10秒速开速收。"创新的斜支撑设计彻底 解决了充气水池的安全隐患，模块化组件让仓储物流成本降低40%，还方便使用，真是一举两得的设 计。"一位俄罗斯采购商现场达成300万美元的意向成交订单。 本届广交会，来自齐鲁大地的外贸弄潮儿在全球贸易的舞台上踏浪而歌。 在孚日集团股份有限公司展位，一款竹纤维华夫格毯子吸引众人目光，成为全场的焦点。一位韩国采购 商急切地表示："我要 ...

丨证券研究报告丨 公司研究丨点评报告丨鸿日达（301285.SZ） [Table_Title] 鸿日达 2024 年报及 2025 年一季报点评： 短期业绩承压，看好散热片及 3D 打印业务拓展 报告要点 [Table_Summary] 4 月 23 日，鸿日达发布 2024 年年报及 2025 年一季报。2024 年公司实现营收 8.30 亿元，同 比增长 15.22%；归母净利润-0.08 亿元，同比下滑 124.43%由盈转亏；2025Q1 公司实现营收 1.62 亿元，同比增长 7.60%；归母净利润-0.12 亿元，同比下滑 376.67%。2024 年毛利率 19.01%，同比下滑 0.58pct；归母净利率-0.91%，同比下滑 5.21pct。2025Q1 毛利率 18.94%， 同比下滑 7.38pct；归母净利率-7.50%，同比下滑 10.42pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% 2、新业务拓展不及预期。 research.95579.com 1 鸿日 ...

Core Viewpoint - Anker Innovations reported strong financial performance for 2024, with significant revenue and profit growth despite a slowing consumer electronics industry, highlighting its resilience and strategic focus on R&D and new business areas [2][4]. Financial Performance - The company achieved a total revenue of 24.71 billion yuan in 2024, representing a year-on-year increase of 41.14% [3][8]. - Net profit reached 2.11 billion yuan, up 30.93% from the previous year [3][8]. - In Q1 2025, revenue was 59.93 billion yuan, a 36.91% increase year-on-year, with net profit at 4.96 billion yuan, growing 59.57% [2]. R&D Investment - Anker Innovations significantly increased its R&D investment to 2.11 billion yuan in 2024, a 49.13% rise, marking a historical high [4]. - The R&D team expanded to 2,672 members, focusing on robotics, embodied intelligence, and energy storage [4]. Product Performance - Charging and energy storage products generated 12.67 billion yuan in revenue, accounting for 51.26% of total revenue, with a growth of 47.23% [6][8]. - Smart innovation products contributed 6.64 billion yuan, representing 25.64% of total revenue, with a year-on-year increase of 39.53% [6][8]. - Smart audio products achieved 5.69 billion yuan in revenue, up 32.84%, making up 23.04% of total revenue [6][8]. Sales Channels - Amazon remained the primary revenue channel, contributing 13.42 billion yuan, a 34.23% increase, accounting for 54.30% of total revenue [7]. - Other third-party platforms generated 1.68 billion yuan, growing 57.33%, while six independent sites collectively achieved 2.50 billion yuan, a 101.34% increase [7]. Market Dynamics - Anker Innovations demonstrated strong resilience in a challenging consumer electronics market, but faces increased competition and geopolitical uncertainties [2][4]. - The company is adapting to cost fluctuations and shifting production capacities while focusing on business innovation [2][4]. Strategic Focus - Anker Innovations is transitioning from a charging accessory company to a broader technology player, emphasizing energy storage, robotics, and AI [10]. - The company has initiated a strategic shift, closing or adjusting several product lines, including lawn mowers and electric bicycles, to streamline operations [10][11].