（编辑 袁冠琳） 证券日报网讯 风华高科8月26日发布公告，在公司回答调研者提问时表示，随着AI算力、机器人、储 能、新能源车等新兴领域快速发展持续落地应用，MLCC产品在容量密度、耐高温、高可靠性等方面要 求进一步提升。为满足高端产品需求，公司加快关键材料技术攻关，持续夯实底层材料基础，实现了极 限高容用MLCC配方粉、新型高可靠性MLCC瓷粉、高连续性辊印镍浆、致密铜浆等的开发与应用；突 破了1μm以下超薄膜片的流延、1000层以上超高层数的精密叠层、精密氛围高速烧结等核心技术。在此 基础上，极限高容产品容量突破220μF，达到行业标杆厂家同等水平，并应用于AI服务器等领域；高可 靠性车规产品温度和电压大幅提升，实现国内首发，产品温度特性和电压接近标杆厂家水平，并稳定供 应车载核心客户。公司产品技术能力实现全面升级，多款高容及高可靠性车规产品转量产，为高端消 费、工控、车规等领域供应链安全提供保障。 ...

Core Viewpoint - The company achieved significant recognition at the 45th "Double Conference" of the Chinese Electronic Information Industry and the "Nanyue Star Cup" competition, winning multiple awards for its quality management initiatives, marking a historic breakthrough in its achievements [1][9]. Group 1: Awards and Achievements - The company submitted three projects that won the "Excellent Achievement Award" in the electronic information industry and all received the highest award "Gold Diamond Award" at the "Nanyue Star Cup" [1]. - The project "Improving the Appearance Qualification Rate of N Products" received both the industry "Excellent Achievement Award" and the "Gold Diamond Award," qualifying for the "National Excellent Quality Management Group" evaluation [1]. - The project "Reducing the Defect Rate of MLCC Product Terminal A" also won both the industry "Excellent Achievement Award" and the "Gold Diamond Award" [2][5]. - The project "Reducing the Defect Rate of Chip Resistor Product C" received the industry "Excellent Achievement Award" [6][8]. - The project "Shortening the Production Cycle of N Slurry" won the "Gold Diamond Award" [8]. Group 2: Quality Management Practices - The inductive QC team focused on the key defect of glass shedding in N products, employing a systematic approach using PDCA cycle management and various quality tools to enhance the appearance qualification rate significantly [1][8]. - The MLCC QC team utilized layered analysis and the 5 Whys method to identify the root causes of defects, successfully implementing an improvement plan that significantly reduced the defect rate [5][9]. - The chip resistor QC team conducted a comprehensive investigation using quality management tools to identify key factors causing defects, leading to a substantial reduction in the defect rate after three months of experimentation and process optimization [8]. - The electronic engineering QC team analyzed production bottlenecks and implemented innovative technical improvements, resulting in a significant reduction in the production cycle of N slurry, enhancing production efficiency and economic benefits [8][9]. Group 3: Economic Impact - The company's QC activities have generated direct economic benefits exceeding 10 million yuan over the past three years, reflecting the effectiveness of its quality management initiatives [9].

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 1.833 billion CNY, a year-on-year increase of 17.24% [3] - The net profit attributable to shareholders for Q1 2025 was 533 million CNY, reflecting a year-on-year growth of 23.02% [3] - R&D investment for 2024 was 583 million CNY, an increase of 6.83% compared to the previous year, accounting for 7.91% of total revenue [7] Group 2: Business Strategy and Growth Drivers - The company aims to enhance its main business products through significant technological innovation and expansion [3][4] - Future growth is expected to be driven by the recovery in demand from consumer electronics, automotive, and optical communication sectors [3][4] - The company plans to strengthen its market position by optimizing technology routes and improving product quality [7] Group 3: Product Development and Market Applications - The company’s products are primarily used in electronics, communications, consumer electronics, industrial electronic devices, and new energy sectors [3] - The MLCC product line has diversified, with improvements in key production technologies, enhancing competitiveness and customer share [5] - The company is actively developing orthopedic prosthetic components, including ceramic hip joint parts, which have passed regulatory evaluations [4] Group 4: Research and Development Initiatives - The Shenzhen and Chengdu research institutes are operational, while the Suzhou research institute is progressing well [6] - The company is committed to increasing R&D investments to foster technological innovation and establish regional research centers [7] Group 5: Market Outlook - The electronic components sector is becoming a critical battleground for global high-tech competition, influenced by the integration of industrialization and information technology [8] - The rapid development of artificial intelligence and the demand for data processing capabilities are expected to drive the need for optical devices [8]

Group 1 - The company reported a revenue of 7.375 billion yuan for 2024, representing a year-on-year increase of 28.78% [1] - The net profit attributable to shareholders reached 2.190 billion yuan, up 38.55% year-on-year, while the net profit excluding non-recurring items was 1.932 billion yuan, reflecting a 58.22% increase [1] - The gross profit margin for 2024 was 42.98%, an increase of 3.15 percentage points year-on-year, and the net profit margin was 29.70%, up 2.05 percentage points year-on-year [1] Group 2 - In Q4 2024, the company achieved a revenue of 1.994 billion yuan, a year-on-year increase of 23.03% and a quarter-on-quarter increase of 2.09% [1] - The net profit for Q4 2024 was 0.587 billion yuan, up 33.79% year-on-year and 1.63% quarter-on-quarter [1] - The company slightly raised its profit forecasts for 2025 and 2026, now expecting net profits of 2.820 billion yuan and 3.294 billion yuan respectively, with a new forecast for 2027 at 3.879 billion yuan [1] Group 3 - The company has increased its R&D investment in MLCC products, achieving breakthroughs in key production technologies and enhancing product quality and stability [2] - The company is actively exploring new market potentials in data centers, automotive, mobile phones, and industrial control sectors, with significant sales growth in MLCC products driven by demand recovery [2] - The company is advancing the integration of advanced materials and ceramics, with products like the "TC-BIO ceramic hip joint component" successfully passing regulatory review [2]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 36.3 yuan, maintaining the rating for the next six months [6]. Core Views - The company reported a total revenue of 2.802 billion yuan for 2024, a decrease of 20.04% year-on-year, and a net profit attributable to shareholders of 195 million yuan, down 38.9% year-on-year. The decline in revenue is attributed to macroeconomic factors and a slow recovery in downstream market demand, particularly due to a significant reduction in demand from trade business clients. However, there is an expectation of a demand turning point in the future [1]. - The company’s self-produced components business generated sales revenue of 992 million yuan, accounting for 35.40% of total revenue, with a year-on-year decline of 11.77%. The company is expected to benefit from a new round of procurement cycles driven by military informationization and the release of previously delayed orders [2]. - The new materials segment achieved sales revenue of 141 million yuan, representing 5.02% of total revenue, with a year-on-year decline of 19.41%. The core products have made progress in downstream applications, and the demand for new materials is anticipated to recover as the aerospace equipment construction demand remains clear [3]. Financial Data and Valuation - The company’s financial projections indicate a recovery in net profit, with estimates of 502 million yuan, 722 million yuan, and 950 million yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 33.40, 23.22, and 17.64 [4][3]. - The company’s revenue is projected to grow significantly in the coming years, with expected growth rates of 33.98%, 33.24%, and 31.69% for 2025, 2026, and 2027 respectively [4]. - The company’s total assets are projected to reach 8.238 billion yuan by 2025, with a debt-to-asset ratio of 25.82% [13].