| 投资者关系活 | 特定对象调研 | 分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 动类别 | □业绩说明会 | 新闻发布会 | □路演活动 | | | 现场参观 | 其他 | | | | 东北证券、野村东方证券、南方基金、博时基金、富国基金、中欧基金、万 家基金、创金合信基金、长盛基金、太平资管、同泰基金、九泰基金、上银 | | | | 参与单位 | | | | | 名称 | 基金、远信投资、中信期货、国信资管、正圆基金、仁桥资产、国联安基金、 | | | | | 浙商资管、诺安基金、中金公司、西南证券、财通证券、国海证券、中海基 | | | | | 金等。 | | | | | 2025 年 8 月 25 日 11:00-12:00 | | | | 时间 | 2025 年 8 月 25 日 15:00-16:00 | | | | 地点 | 线上会议 | | | | 形式 | 电话会议 | | | | 公司接待人员 | | | | | 姓名 | 董事会秘书殷健、证券事务代表张志辉、董事会办公室（证券事务部）人员 | | | | | 一、投资者问答交流 | ...

August 21, 2025 02:36 PM GMT Investor Presentation | Japan M Foundation Electronic Components: Monitoring Demand Shifts from Oct–Dec Onward Apr–Jun results broadly exceeded our forecast; strong demand expected in Jul–Sep. To expand earnings in 2026, a solid foundation must be laid from year-end through New Year. Key Takeaways Morgan Stanley MUFG Securities Co., Ltd.+ Shoji Sato Equity Analyst Shoji.Sato@morganstanleymufg.com +81 3 6836-8404 Sota Harashima Equity Analyst Sota.Harashima@morganstanleymufg.com ...

August 21, 2025 02:36 PM GMT Apr–Jun results broadly exceeded our forecast; strong demand expected in Jul–Sep. To expand earnings in 2026, a solid foundation must be laid from year-end through New Year. Key Takeaways Morgan Stanley MUFG Securities Co., Ltd.+ Shoji Sato Equity Analyst Shoji.Sato@morganstanleymufg.com +81 3 6836-8404 Sota Harashima Equity Analyst Sota.Harashima@morganstanleymufg.com +81 3 6836-8897 Investor Presentation | Japan M Foundation Electronic Components: Monitoring Demand Shifts from ...

2025 年 08 月 22 日 风华高科(000636.SZ) 主营产品 25H1 产销量历史新高，新兴 市场持续突破 事件：8 月 21 日公司发布 2025 年半年度报告 1）2025H1 公司实现营业收入 27.72 亿元，同比+15.92%；实现归母 净利润 1.67 亿元，同比-19.5%；实现扣非后归母净利润 1.7 亿元， 同比-22.41%。 2）利润端：公司通过深化极致降本及精益生产降低新增固定资产折 旧、原材料价格上涨等不利因素的负面影响，25Q2 毛利率环比 +0.84pcts ； 1H25 公 司 销 售 / 管 理 / 研 发 费 用 率 分 别 为 1.66%/4.71%/4.47%,同比-0.04/-1.44/+0.28pcts；公司净利率为 6.04%，同比-2.63pcts。 车规/材料领域实现多项技术突破，为业绩增长注入可持续动能 1）6 款高端车规 MLCC 产品完成战略客户认证；01005 超微型高频电 感、车规一体成型电感等多款电感产品完成研发并推进量产；车规大 一体成型和车规共模电感产品研发成功，有效填补公司在该领域的产 品空白；精密厚膜电阻完成研发打破日系厂商垄 ...

（文章来源：每日经济新闻） 华源证券8月21日发布研报称，给予三环集团（300408.SZ）买入评级。评级理由主要包括：1）燃料电 池市场前景广阔，SOFC陶瓷隔膜板成为增长新动能；2）MLCC持续技术投入，开拓国产替代空间； 3）光通信市场扩大，陶瓷产品作为公司传统优势产品有望持续贡献营收。风险提示：数据中心发展不 及预期风险，下游需求乏力风险，国际局势动荡风险。 ...

证券研究报告 hyzqdatemark 2025 年 08 月 22 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 白宇 SAC：S1350525030002 baiyu@huayuanstock.com 联系人 市场表现： 三环集团(300408.SZ) 投资评级： 买入（首次） ——先进陶瓷平台龙头，三轮驱动开启成长新篇章 电子 | 元件 非金融|首次覆盖报告 投资要点： 风险提示。数据中心发展不及预期风险，下游需求乏力风险，国际局势动荡风险 | 基本数据 | | | 2025 年 | 08 月 21 日 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 42.25 | | 2023 | 2024 | 2025E | 2026E | 2027E | | 一 年 内 最 最 低 | 高 | / | | 45.68/28.87 | 营业收入（百万元） | 5,727 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of platinum and palladium futures and options meets the hard - demand of China's platinum and palladium industry, and is significant for the futures market to serve China's green development strategy and improve the global pricing mechanism of platinum and palladium [2]. - The price curves of platinum and palladium reflect the comprehensive game of automobile technology iteration, supply shocks, and macro - sentiment. The future price difference between them depends on fuel cell penetration, mine supply recovery speed, and the expansion rhythm of the recycling system [66][71]. - Gold acts as a "ballast stone" in asset allocation, while platinum is a high - elasticity gaming chip for the automotive industry and hydrogen economy [74]. Summary According to the Directory 1. Platinum and Palladium Concept and Industry Chain Overview - **Concept and Characteristics** - Platinum is a silver - white, high - density, ductile, and chemically stable precious metal with high melting and boiling points, excellent catalytic performance, and strong corrosion resistance. It is used in electronics, automotive catalysts, jewelry, etc. [6][10] - Palladium is also a platinum - group metal, with lower density than platinum, excellent ductility, and chemical stability. It has unique strong hydrogen - absorption ability and is mainly used in automotive catalysts (especially for gasoline vehicles), electronics, etc. [11][14] - **Industry Chain Characteristics** - Supply: Platinum has an Russia - South Africa duopoly supply pattern, while palladium is dominated by South Africa. Platinum mining has high costs due to deep - mining, while palladium is a by - product of nickel mining with lower costs [20]. - Demand: Platinum has rigid jewelry demand in the Asian market, so its demand elasticity is low. Palladium has no substitutes in automotive catalysts, so its demand elasticity is high [20]. - Pain Points: The industry chain faces problems such as single - origin supply risk, low demand elasticity for platinum in jewelry, and high demand elasticity and low secondary - supply recovery rate for palladium [20]. - **Industry Chain Structure** - Upstream: It is mainly the supply of primary minerals from South Africa, Russia, etc. The key challenges include high - cost mining, ESG risks, and geopolitical issues [23]. - Mid - stream: It involves refining and processing, using complex hydrometallurgy. Core participants include mining giants' refineries, professional refiners, traders, and banks [25]. - Downstream: It is the manufacturing and distribution of products, with applications in automotive catalysts, jewelry, MLCCs, etc. Key manufacturers come from different industries [27]. - Recycling: Secondary supply mainly comes from waste automotive catalysts, electronic waste, etc., accounting for about 25% of platinum supply and 30% of palladium supply [34]. 2. Platinum and Palladium Supply - Demand Conditions - **Supply - side Factors** - Mineral Supply: It is highly concentrated in South Africa and Russia. Supply is affected by factors such as the COVID - 19 pandemic, power crises, and geopolitical issues, leading to significant fluctuations [37]. - Recycling Supply: It accounts for an increasing proportion, buffering supply - side fluctuations. However, the recycling volume is affected by precious - metal price fluctuations [38]. - **Demand - side Factors** - Automotive Catalysts: Palladium is the core material for gasoline - vehicle exhaust catalysts, accounting for 84% of global palladium demand in 2023. Platinum is mainly used in diesel - vehicle catalysts, with a 45% demand share in 2023. There is a substitution effect between them, but short - term substitution is limited [42]. - Industrial and Investment Demand: China is the largest platinum - demand country, using it for jewelry, chemical catalysts, and the hydrogen - energy industry. Europe is the largest palladium - demand country, with strong demand in the automotive industry. Emerging fields such as hydrogen fuel cells and 5G electronics are long - term demand growth points [43]. - **Inventory - side Factors** - Global platinum and palladium reserves have shown a trend of "first decline, then rise, and then stability" in the past 30 years. The sharp increase in 2024 is due to resource re - evaluation and large - scale resource upgrades in South Africa and Zimbabwe [48]. - **Import - Export Factors** - China's platinum - group metal resources are scarce, and the industry depends on imports. Import and export are affected by geopolitical, policy, and production - capacity factors. China encourages recycling technology R & D and hydrogen - energy industry investment to reduce import risks [51]. - Seasonal Patterns: Platinum imports peak from November to January and in September - October, and are low in February. Palladium imports peak from December to February and may have small peaks in July - August [54]. 3. Platinum and Palladium Spot and Futures Market Prices - **Futures Market Prices** - From 2011 to 2025, the futures prices of platinum and palladium can be divided into three stages. The price difference between them is mainly affected by automotive technology changes, supply - demand imbalances, and economic expectations [66]. - **Spot Market Prices** - From 2007 to 2025, the spot prices of platinum and palladium can also be divided into three stages. The price difference is mainly due to the "technology change" in automotive catalysts and the development of the recycling system [70]. - **Platinum - Gold Price Comparison** - In terms of price, gold is rarely surpassed by platinum. In terms of trend rhythm, gold shows a "step - by - step slow - bull" trend, while platinum has large fluctuations. In terms of divergence, the gold - platinum price ratio has reached a historical extreme, reflecting the dual discount of platinum [73][74]. 4. Platinum and Palladium Futures and Options Introduction - **Futures Contracts** - Platinum and palladium futures contracts have a trading unit of 1000 grams/hand, a minimum price change of 0.05 yuan/gram, a daily price limit of 4%, and a minimum margin of 5%. They use physical delivery, and the delivery months are February, April, June, August, October, and December [78]. - **Options Contracts** - Platinum and palladium options contracts are based on their respective futures contracts. They have a trading unit of 1 hand (1000 grams) of the underlying futures contract, a minimum price change of 0.05 yuan/gram, and an American - style exercise method [100].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, driven by strong performance in electronic ceramics and automotive electronics sectors [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 246 million yuan, a year-on-year decrease of 17.66%, while net profit attributable to shareholders was a loss of 99.94 million yuan, widening from the previous year [2]. - Excluding the impact of the deconsolidation of Chizhou Yunsan, the revenue decline was narrowed to 8.96% [2]. - In Q2 2025, the company generated revenue of 146 million yuan, a quarter-on-quarter increase of 45.37%, reversing the downward trend from Q1 [2]. - The sales revenue from the consumer electronics business in Q2 increased by approximately 48% compared to Q1, with significant growth in core products CMI and CCMI [2]. Business Segments - The electronic ceramics business experienced a remarkable growth, with revenue rising from 12.16 million yuan in the same period last year to 66.75 million yuan, a year-on-year increase of 448.91% [3]. - The MLCC business is entering a capacity ramp-up phase, with products covering various fields including consumer electronics and automotive electronics [3]. - The automotive electronics segment achieved revenue of 38.44 million yuan, a year-on-year growth of 30.95%, with successful certifications from major clients like BYD and JAC [3]. Strategic Initiatives - The company is addressing risks related to high initial investments in MLCC projects and increasing competition in the consumer electronics market by diversifying financing methods and enhancing operational efficiency [4]. - A subsidiary, Chizhou Yunzhu, has introduced local state-owned capital to accelerate MLCC project progress, receiving an investment of 55 million yuan [4]. - The company is deepening collaborations with industry leaders and actively expanding into overseas markets to support business growth [4]. - The rapid growth in electronic ceramics and automotive electronics is helping the company build a diversified development structure, with plans to enhance product technology barriers and increase the sales proportion of new and high-margin products [4].

此外，昀冢科技上半年经营活动产生的现金流量净额由去年同期的-5349.52万元缩窄至-2422.64万元。 对于现金流改善原因，昀冢科技解释称，公司积极贯彻长远战略规划，聚焦主业，优化半导体引线框架 业务，去年同期放弃池州昀钐的优先增资权及实际控制权，从而有效改善了公司经营性现金流指标；同 时，公司强化资金日常管控，进一步提升了资金使用效率。 同时，凭借在消费电子领域拥有的成熟工艺和技术，昀冢科技近年来积极开拓电子陶瓷市场，布局 MLCC及DPC（直接镀铜陶瓷基板）业务。报告期内，公司该部分业务协同发力，营业收入由去年同期 的1215.97万元增长至6674.57万元，同比大幅增长448.91%，伴随后续产能的逐渐释放，将对公司整体 业务发展带来积极影响。 报告期内，昀冢科技MLCC业务顺利进入产能爬坡期，主要产品包括0402、0603等尺寸系列产品，覆盖 消费电子、汽车电子、通信及其他工业等多领域市场应用。该业务是公司中长期发展策略的重要组成部 分，目前已建立了完善的工艺流程、全面品质管理体系，正持续加速高容量、小尺寸等重点产品的研 发，不断提升MLCC相关产品的工艺及技术水平，有序推进产品市场化进程。 在 ...

Core Insights - The article highlights the impact of early consumption and inventory accumulation on the demand for MLCCs, indicating potential fluctuations in back-to-school season consumption in Q3 2023 [1] - There is a noticeable polarization in industry demand, with ODM orders for mid-to-low-end consumer products showing only a slight increase, reflecting a conservative approach to order placements [1] - The demand for AI servers is surging, driven by the simultaneous release of NVIDIA's GB200 and GB300 platforms, positively affecting the revenue of major ODMs [1] Group 1 - TrendForce reports that MLCC order demand may be affected by the diminishing early consumption and inventory accumulation, leading to uncertainties in the Q3 back-to-school season [1] - ODM orders for mid-to-low-end consumer products are expected to remain flat or increase by only about 5% in Q3, indicating a shift towards a more cautious order strategy [1] - Many companies have preemptively shipped products in the first half of the year to adapt to international market changes, which has depleted traditional demand for the second half of the year [1] Group 2 - The supply chain's operational rates are polarized, with Japanese and Korean manufacturers focusing on high-end AI applications achieving an average capacity utilization rate of 90%, while Chinese manufacturers are around 75% [2] - MLCC suppliers are accelerating the establishment of testing and packaging lines in Southeast Asia to localize production and supply [2] - OEMs are expected to face cost pressures, leading to potential price increases for end products as they release RFQ for 2026 mobile phones and laptops [2]