2025年，环旭电子市值管理与投资者关系管理成效显著，截至2025年12月25日，股价全年上涨 88.34%，总市值增长至685.25亿元，创历史新高。公司通过技术创新SiP（System in Package，系统级封 装）应用领域扩展、AI加速卡、光通信、服务器电源等，驱动价值创造，以规范信息披露与主动投资 者沟通强化价值传递，叠加稳定分红与股份回购实现价值维护，ESG评级维持AA级，整体达成"市值增 长、投资者认可、可持续发展"三大核心目标。但需关注营收微降、传统业务承压及新业务量产进度风 险。 一、年度市值管理总体概况与目标达成 1.1 市场表现与目标达成 2025年，公司股价从年初16.02元上涨至年末30.60元，涨幅88.34%，显著跑赢大盘及行业指数；总市值 从350.93亿元增至685.25亿元，翻倍增长；全年换手率284.52%，成交额1178.08亿元，市场流动性充 裕。 ●目标达成情况： ●业务结构：消费电子类收入同比+13.82%（智能穿戴设备需求驱动），通讯类收入同比-7.43%（客户 自研芯片降低物料采购成本及销售价格），汽车电子同比-22.72%（子公司出售、客户需求波动和业务 ...

Core Insights - The Shanghai Stock Exchange has seen 1866 companies hold Q3 earnings briefings, indicating a strong focus on new development and transformation towards AI and energy storage sectors, with a strong desire to find a second growth curve for 2026 [1] Group 1: New Quality Production Power - New quality production power has become a prominent discussion topic among Shanghai-listed companies, with many industries witnessing new markets and opportunities driven by technology [2] - Industrial Fulian reported strong demand for AI computing power, with expectations for AI server shipments to exceed previous forecasts due to increased capital expenditure from cloud service providers [2] - Silicon Microelectronics has developed several power chip solutions for AI servers, achieving performance levels that meet international standards [2] Group 2: Energy Storage and Clean Energy - Trina Solar highlighted significant market opportunities for the energy storage industry driven by AI technology and global industrial upgrades, with expectations for North American shipments to exceed 1 GWh by 2025 [3] - Jinko Technology emphasized its focus on energy storage, with ongoing projects totaling 10 GWh and plans to expand its project scale [3] - Sany Heavy Energy reported over 2 GW of new overseas orders in the offshore wind power sector, indicating substantial growth compared to the previous year [3] Group 3: Transformation and Second Growth Curve - Companies are actively seeking transformation and integration through mergers and acquisitions to create new business platforms or second growth curves [4] - Nanwang Storage plans to expand its business layout around the energy storage value chain, aiming to develop strategic emerging businesses and international operations [4] - Several companies, including Olay New Materials, are looking to broaden their business into high-performance metals and key materials in cutting-edge technology fields [4] Group 4: Mergers and Acquisitions - Mergers and acquisitions are frequently discussed as a means of transformation, with Haier Smart Home indicating a focus on enhancing global competitiveness through strategic investments [5] - Xiamen Tungsten plans to conduct mergers and acquisitions to strengthen and extend its industrial chain [5] - Companies like Hidi Micro are actively seeking high-quality chip targets for potential mergers and collaborations, considering various factors such as technical team strength and product competitiveness [5][6]

格隆汇11月24日｜华金证券研报指出，环旭电子是全球电子设计制造服务领导厂商，在SiP(System-in- Package)模组领域居行业领先地位。2020年底，公司设立微小化研发创新中心（MCC），围绕微小化技 术和SiP 模组的应用推广，服务国内外客户对微小化、模组化的产品需要，提供从设计到制造的"一站 式服务"。光模块、智能眼镜、AI加速卡等多维度开拓，新一轮成长可期。认为公司多条产品线预计有 新增量业务落地，新一轮成长曲线可期。考虑到公司是SiP微小化技术的行业领导者，多业务线预计将 进入新一轮成长周期，首次覆盖，给予"买入"评级。 ...

Core Insights - The company, Huanxu Electronics, reports strong demand for new smart glasses products, with opportunities to provide solutions and manufacturing value to more leading clients in the coming years [2] - The company aims to enhance profit margins through a JDM model, which offers more value in design, development, and solutions compared to the traditional EMS business model [2] - Huanxu Electronics plans to invest in capital expenditures (Capex) to support the smart glasses business and maintain significant market share [2] Business Development - Since August, the company has begun mass production and shipment of WiFi modules, with expectations for increased shipment volumes for client glasses products by 2026 [3] - The company anticipates accelerating shipment schedules, potentially starting mass production of MLB modules as early as December this year or January next year [3] - By 2026, a mainstream model is expected to feature both an MLB and a WiFi module, with another model incorporating only the WiFi module [3] Market Opportunities - The company identifies unique opportunities for SiP module applications in smart glasses, driven by the demand for "light, thin, short, and small" designs, which differ from other consumer electronics [3] - Beyond MLB and WiFi modules, additional applications for SiP modules include power management, audio, display (RGB, waveguide), eye tracking, and biometric sensing in control bands [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][22]. Core Insights - The company achieved a revenue of 43.641 billion yuan in the first three quarters of 2025, a year-over-year decrease of 0.83%. The gross margin was 9.67%, down by 0.14 percentage points year-over-year. The net profit attributable to shareholders was 1.263 billion yuan, a decrease of 2.60% year-over-year, while the net profit excluding non-recurring items was 1.131 billion yuan, an increase of 7.23% year-over-year. In Q3 2025, the company reported a revenue of 16.427 billion yuan, a year-over-year decrease of 1.16%, and a net profit attributable to shareholders of 625 million yuan, a year-over-year increase of 21.98% [1][2]. Financial Performance Summary - The company is projected to have total revenue of 60.691 billion yuan in 2024, with a year-over-year growth rate of -0.2%. By 2025, revenue is expected to increase to 63.750 billion yuan, reflecting a growth rate of 5.0%. The net profit attributable to shareholders is forecasted to be 1.652 billion yuan in 2024, with a significant recovery to 2.057 billion yuan in 2025, representing a growth rate of 24.5% [2][8]. - The earnings per share (EPS) is expected to rise from 0.75 yuan in 2024 to 0.93 yuan in 2025, with a price-to-earnings (P/E) ratio projected to decrease from 35 times in 2024 to 28 times in 2025 [2][8]. Market Position and Growth Potential - The company is positioned as a leading global manufacturer in the System in Package (SiP) module sector, with significant growth potential in the AI and consumer electronics markets. The report highlights the company's strategic partnerships and product innovations, particularly in AI glasses and ASIC server boards, which are expected to drive future revenue growth [7][8]. - The target price for the company's stock is set at 37.5 yuan, based on a comparison with similar companies and a projected P/E ratio of 30 times for 2026 [3][7].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 32.7 CNY, maintaining the rating [5]. Core Insights - The company reported a revenue of 16.427 billion CNY in Q3 2025, a year-on-year decrease of 1.16%, while the net profit attributable to shareholders was 625 million CNY, an increase of 21.98% [1]. - The company is expected to benefit from the AI-driven demand in the market, particularly in the SiP (System in Package) business, as it supplies modules for Apple products and has entered the North American AI glasses market [2]. - The AI accelerator card segment is experiencing significant growth due to increased production capacity and new product developments, which are expected to drive overall demand for the company's solutions [3]. Financial Performance - The company forecasts revenues of 62.846 billion CNY, 67.644 billion CNY, and 72.310 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 1.962 billion CNY, 2.398 billion CNY, and 2.823 billion CNY for the same years [9]. - The projected compound annual growth rate (CAGR) for the global SiP market is 7.2%, with the market size expected to grow from 13.34 billion USD in 2025 to 24.56 billion USD by 2034 [2]. - The company’s earnings per share (EPS) is projected to be 0.89 CNY in 2025, increasing to 1.28 CNY by 2027 [10]. Market Position and Strategy - The company is positioned as a leading participant in the SiP module and advanced packaging technology sectors, benefiting from the trends of smart consumer electronics and integrated connectivity [2]. - The collaboration with ASE Group on server power modules is a strategic move to enter the more valuable advanced packaging market [3]. - The company is actively developing new product lines, including power modules and AI server motherboards, to enhance its product matrix [3].

Group 1 - Alibaba's first self-developed AI glasses, Quark AI glasses, are available for pre-sale at a price of 3,699 yuan for 88VIP members and 3,999 yuan for regular consumers [1] - The glasses are equipped with dual flagship chips, Qualcomm AR1 and Hengxuan BES2800, and feature various functions such as Gaode near-eye navigation, Alipay "Look and Pay" secure payment, Taobao price comparison, and Fliggy travel reminders [1] - According to Guotai Junan Securities, AI glasses are expected to reshape the smart glasses industry logic, pushing the industry into an explosive growth phase, with a projected 188% increase in sales in the Chinese market by 2025 [1] Group 2 - The success of Meta globally has validated the feasibility of lightweight design, scenario-based demand, and consumer-level pricing, driving the industry into a growth period [1] - Domestic manufacturers like Huawei, Rokid, and Xiaomi are reducing hardware costs through HarmonyOS integration, waveguide technology, and supply chain optimization while expanding B/C-end scenarios [1] - The future of AI glasses is anticipated to unlock a market space worth hundreds of billions, evolving from single-function devices to platform-type terminals [1] Group 3 - Hengxuan Technology specializes in the research, design, and sales of smart audio and video SoC chips, with Alibaba as one of its clients [1] - Huanxu Electronics produces products for smart glasses and other smart head-mounted devices, including WiFi modules and multifunctional or specific function SiP modules [1]

Group 1 - Alibaba's first self-developed AI glasses, Quark AI glasses, began pre-sale on the Tmall flagship store for Quark smart devices at midnight on the 24th, with a price of 3,699 yuan for 88VIP members and 3,999 yuan for regular consumers [1] - The glasses are equipped with dual flagship chips, Qualcomm AR1 and Hengxuan BES2800, and feature functions such as Gaode near-eye navigation system, Alipay "Look and Pay" secure payment, Taobao price comparison, and Fliggy travel reminders [1] - According to Guotai Junan Securities, AI glasses are expected to reshape the smart glasses industry logic, pushing the industry into an explosive growth phase, with a projected 188% increase in sales in the Chinese market by 2025 [1] Group 2 - Hengxuan Technology focuses on the research, design, and sales of smart audio and video SoC chips, with Alibaba as one of its clients [2] - Huanxu Electronics produces products for smart glasses and other smart head-mounted devices, including WiFi modules and multifunctional or specific function SiP modules [2]

Core Viewpoint - The report highlights that AI is gradually being implemented at the edge, driving upgrades in consumer electronics, and maintains a "buy" rating for Huanxu Electronics [1][2]. Financial Performance - In the first half of 2025, Huanxu Electronics reported revenue of 27.214 billion yuan, a slight decrease of 0.63% year-on-year, and a net profit attributable to shareholders of 638 million yuan, down 18.66% year-on-year [1][2]. - For Q2 2025, the company achieved revenue of 13.565 billion yuan, a year-on-year decline of 2.37%, and a net profit of 303 million yuan, down 32.60% year-on-year and 9.51% quarter-on-quarter [1][2]. Business Segment Performance - Revenue from the communications segment was 4.37 billion yuan, down 3.2% year-on-year; consumer electronics revenue was 4.12 billion yuan, up 1.7% year-on-year; industrial segment revenue was 1.93 billion yuan, down 0.5% year-on-year; cloud and storage revenue was 1.5 billion yuan, up 1.1% year-on-year; automotive electronics revenue was 1.3 billion yuan, down 16.7% year-on-year; and medical electronics revenue was 98 million yuan, up 14.3% year-on-year [2][3]. Market Trends - Major consumer electronics brands are launching "AI+" products, enhancing user experience through local AI models that ensure data privacy and security [3]. - Emerging products like AI Glass, AI PCs, and smart home devices are gaining consumer attention, while traditional categories like smartwatches and TWS earbuds continue to evolve [3]. Technological Advancements - Huanxu Electronics is a leader in SiP miniaturization technology, which is crucial for meeting the demand for compact and integrated electronic components in new consumer electronics [3][4]. - The company’s miniaturization technology addresses challenges in robotics, such as heat dissipation and weight reduction, enhancing reliability and stability [4]. Global Expansion Strategy - Huanxu Electronics has been implementing a global localization strategy since 2018, with multiple acquisitions and new factory openings in various countries, including Poland, Vietnam, and Mexico [4]. - The company currently operates 30 production sites across 12 countries, including China, the U.S., and several European nations [4]. Investment Outlook - The projected net profits for Huanxu Electronics from 2025 to 2027 are 1.92 billion yuan, 2.40 billion yuan, and 3.00 billion yuan, respectively, with corresponding EPS of 0.87 yuan, 1.09 yuan, and 1.37 yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in revenue and net profit for the first half of 2025, with total revenue of 27.214 billion yuan, down 0.63% year-on-year, and a net profit attributable to shareholders of 638 million yuan, down 18.66% year-on-year [5][9] - The company is benefiting from the gradual implementation of AI technology in consumer electronics, which is driving product upgrades and creating new market opportunities [5][6] - The company has a diversified global presence, with production facilities in 12 countries, which enhances its operational resilience and market reach [7][8] Financial Performance Summary - For the second quarter of 2025, the company achieved revenue of 13.565 billion yuan, a year-on-year decrease of 2.37%, and a net profit of 303 million yuan, down 32.60% year-on-year [5] - The company expects a slight year-on-year decline in revenue for the third quarter of 2025, similar to the second quarter's performance, with operating profit margins remaining stable [5] - The projected net profits for 2025, 2026, and 2027 are 1.92 billion yuan, 2.40 billion yuan, and 3.00 billion yuan, respectively, with corresponding EPS of 0.87 yuan, 1.09 yuan, and 1.37 yuan [9][11] Market Trends and Opportunities - The introduction of AI-enhanced consumer electronics products by major brands is expected to drive demand for high-integration SiP modules, which the company specializes in [6] - Emerging fields such as robotics are creating demand for miniaturized electronic modules, where the company's technology can address challenges related to heat dissipation and weight [7] - The company has made strategic acquisitions and expansions, including the acquisition of a major EMS company and the establishment of new production facilities, positioning it well for future growth [8]