电子 | 证券研究报告 — 行业专题报告相关研究报告《中美“对等关税”跟踪系列三》20250414《中美“对等关税”跟踪系列二》20250414《中美关税政策对电子行业影响点评》20250406中银国际证券股份有限公司具备证券投资咨询业务资格电子证券投资咨询业务证书编号：S1300525110002证券投资咨询业务证书编号：S1300525080001电子行业2025 年报及2026一季报综述行业增长动能分化，关注AI 受益细分行业2026Q1 电子各细分板块增长动能差异较大，半导体设备/材料、数字芯片设计、模型芯片设计、被动元件、印制电路板、消费电子零部件及组装、品牌消费电子、其他电子行业营业收入维持较高速增长；分立器件、LED、面板行业营业收入增长动能相对较弱。支撑评级的要点半导体设备行业营收较快增长。半导体设备行业2026Q1 营业收入255.0 亿元，YoY+39%，QoQ-16%；毛利率40.6%，YoY-1.1pcts，QoQ+2.9pcts。半导体材料行业营收较快增长。半导体材料行业2026Q1 营业收入142.5 亿元，YoY+38%，QoQ+3%；毛利率18.9%，YoY-1.6pcts，QoQ+3.6pcts。电子化学品行业营收维持稳健增长。电子化学品行业2026Q1 营业收入178.5 亿元，YoY+23%，QoQ-2%；毛利率28.7%，同比持平，QoQ+0.7pct。集成电路制造行业营收维持稳健增长。集成电路制造行业2025Q4 营业收入314.2亿元，YoY+14%，QoQ+6%；毛利率18.2%，YoY-2.6pcts，QoQ-5.5pcts。集成电路封测行业营收维持稳健增长。集成电路封测行业2026Q1 营业收入249.5亿元，YoY+14%，QoQ-7%；毛利率14.5%，YoY+1.3pcts，QoQ-1.6pcts。数字芯片设计行业维持高景气度，毛利率大幅提升。数字芯片行业2026Q1 营业收入686.3 亿元，YoY+81%，QoQ+20%；毛利率47.5%，YoY+14.8pcts，QoQ+10.8pcts。模拟芯片设计行业营收维持较快增长，毛利率环比复苏。模拟芯片行业2026Q1营业收入139.0 亿元，YoY+27%，QoQ-8%；毛利率33.9%，YoY-1.4pcts，QoQ+0.5pct。分立器件行业维持下行趋势。分立器件行业2026Q1 营业收入116.8 亿元，YoY-47%，QoQ-5%；毛利率26.5%，YoY+7.1pcts，QoQ+2.6pcts。光学元件行业营收小幅下行。行业光学元件行业2026Q1 营业收入128.2 亿元，YoY-5%，QoQ-21%；毛利率20.3%，YoY+1.4pcts，QoQ+1.6pcts。面板行业景气度趋稳。面板行业2026Q1营业收入1416.9亿元，YoY+3%，QoQ-7%；毛利率13.5%，YoY-0.4pct，QoQ-1.4pcts。LED 行业营收小幅下行。LED 行业2026Q1 营业收入220.8 亿元，YoY-2%，QoQ-17%；毛利率20.8%，YoY-0.2pct，QoQ+2.3pcts。被动元件行业营收较快增长。被动元件行业2026Q1 营业收入154.0 亿元，YoY+33%，QoQ+9%；毛利率26.5%，YoY+0.2pct，QoQ+0.2pct。印制电路板行业营收较快增长。印制电路板行业2026Q1 营业收入825.3 亿元，YoY+32%，QoQ-5%；毛利率24.0%，YoY+3.0pcts，QoQ+1.5pcts。消费电子零部件及组装行业营收较快增长。消费电子零部件及组装行业2026Q1营业收入5032.1 亿元，YoY+36%，QoQ-17%；毛利率10.4%，YoY+0.4pct，QoQ+0.5pct。品牌消费电子行业营收较快增长。品牌消费电子行业2026Q1 营业收入380.4 亿元，YoY+32%，QoQ-8%；毛利率29.0%，YoY+3.1pcts，QoQ+1.2pcts。其他电子行业维持高景气度。其他电子行业2026Q1 营业收入862.3 亿元，YoY+98%，QoQ+54%；毛利率9.0%，YoY-0.8pct，QoQ-0.9pcts。评级面临的主要风险全球经济下行，下游需求不及预期。竞争格局恶化，行业盈利能力不及预期。AI产业迭代放缓，技术突破不及预期。电子行业2025 年报及2026 一季报综述半导体设备半导体设备行业2026Q1 营业收入255.0 亿元，YoY+39%，QoQ-16%；毛利率40.6%，YoY-1.1pcts，QoQ+2.9pcts。半导体设备行业具有一定的季节性。整体而言，半导体设备行业2026Q1 营业收入同比较快增长；毛利率同比小幅下滑，环比有所回升。考虑到半导体设备国产替代的持续推进，我们预计半导体设备行业未来营业收入依然会保持同比较快增长。图表1. 申万电子三级子行业半导体设备季度营收和毛利率131.0158.1200.0236.8184.1205.1287.7304.9255.043.4%45.1%43.2%39.3%41.6%41.9%39.5%37.6%40.6%32%34%36%38%40%42%44%46%0.050.0100.0150.0200.0250.0300.0350.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述以下为申万电子三级子行业半导体设备涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表2. 申万电子三级子行业半导体设备2026Q1 业绩明细公司代码公司简称营业收入（亿元） QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）002371.SZ
北方华创103.23-14.3525.8016.35317.403.42688012.SH
中微公司29.15-32.5634.139.303.36197.20688082.SH
盛美上海14.76-9.9613.061.04-19.69-57.66688072.SH
拓荆科技11.12-51.6156.975.7154.13488.29300604.SZ
长川科技13.78-8.8769.093.53-24.34217.60688729.SH
屹唐股份10.37-18.97-10.581.592.71-26.76688120.SH
华海清科12.01-17.4031.662.47-15.395.95688409.SH
富创精密10.4328.2036.840.58225.71361.52301297.SZ
富乐德7.585.122.690.97-49.5146.26603690.SH
至纯科技6.2127.18-14.70-0.7990.85-232.76688361.SH
中科飞测3.96-53.5034.63-0.68-192.65-354.28688037.SH芯源微3.31-65.5020.080.04-95.71-24.70688652.SH
京仪装备3.9221.3716.130.46139.2229.45688200.SH
华峰测控2.72-33.2337.520.94-36.8552.12920186.BJ
中科仪2.56-42.6338.901.72-41.79938.68688605.SH
先锋精科2.845.36-5.460.25-8.45-41.00688809.SH
强一股份2.85-21.97229.391.12-22.83697.60003043.SZ
华亚智能1.73-24.45-24.760.08-78.03-54.60603061.SH
金海通2.8431.09120.770.8360.06221.54603991.SH至正股份8.96124.101649.930.51398.22458.10688785.SH
恒运昌1.24-2.92-12.080.18-21.02-49.81301629.SZ
矽电股份0.31-75.86-66.03-0.10-137.45-190.39301369.SZ
联动科技0.94-22.8544.560.03-82.12229.55688419.SH
耐科装备0.69-7.970.510.141.62-37.19688478.SH
晶升股份0.03103.98-95.73-0.0967.64-245.79图表3. 申万电子三级子行业半导体设备2025Q4 业绩明细公司代码公司简称营业收入（亿元） QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）002371.SZ北方华创120.527.9926.293.92-79.63-66.06688012.SH中微公司43.2239.3321.489.0078.1828.12688082.SH盛美上海16.40-12.83-0.081.30-77.23-67.12688072.SH拓荆科技22.991.4625.933.70-19.91-11.20300604.SZ长川科技15.13-6.1736.754.666.30361.21688729.SH屹唐股份12.80-2.62-1.791.55-7.5628.56688120.SH华海清科14.5416.9052.352.922.20-3.44688409.SH富创精密8.13-19.1912.23-0.46-282.86-456.85301297.SZ富乐德7.21-57.70-1.811.9225.84175.23603690.SH至纯科技4.88-35.69-49.45-8.62-1,998.54-162.19688361.SH中科飞测8.5270.4749.940.731,906.4081.74688037.SH芯源微9.58240.8347.650.82414.76-14.10688652.SH京仪装备3.23-12.2827.190.19-49.58-16.02688200.SH华峰测控4.070.5543.271.49-21.9623.47920186.BJ中科仪4.4765.1214.632.95-28.26302.94688605.SH先锋精科2.69-14.290.860.27-51.37-30.39688809.SH强一股份3.6533.8745.281.4529.7142.28003043.SZ华亚智能2.29-32.4815.870.3658.34143.81603061.SH金海通2.1724.3444.060.525.2453.62603991.SH至正股份4.00761.75133.25-0.17-149.02-10.54688785.SH恒运昌1.2831.7711.610.220.163.73301629.SZ矽电股份1.3021.22-9.910.28649.202.41301369.SZ联动科技1.2257.9940.840.19713.93273.09688419.SH耐科装备0.75-6.625.410.14-42.69124.92688478.SH晶升股份-0.76-329.47-176.24-0.27-610.54-4,185.31电子行业2025 年报及2026 一季报综述半导体材料半导体材料行业2026Q1 营业收入142.5 亿元，YoY+38%，QoQ+3%；毛利率18.9%，YoY-1.6pcts，QoQ+3.6pcts。整体而言，半导体材料行业2026Q1 营业收入同比快速增长，环比小幅增长；毛利率同比小幅下滑，环比提升。考虑到半导体材料国产替代的持续推进，我们预计半导体材料行业未来营业收入依然会同比保持稳健增长。图表4. 申万电子三级子行业半导体材料季度营收和毛利率以下为申万电子三级子行业半导体材料涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表5. 申万电子三级子行业半导体材料2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）600206.SH
有研新材29.576.6760.720.88354.3831.00002409.SZ
雅克科技19.73-8.02-6.852.6730.612.47300666.SZ
江丰电子13.06-0.5730.492.10112.4133.42688126.SH
沪硅产业10.840.8335.22-4.8344.87-131.67605358.SH
立昂微9.995.0421.810.07120.95108.92688783.SH
西安奕材7.230.9410.57-1.5812.21-9.31688146.SH
中船特气7.017.4636.001.011.2616.86002119.SZ
康强电子6.563.2149.310.2526.98-1.74688234.SH
天岳先进3.663.58-10.41-0.6171.11-810.36300706.SZ阿石创4.2627.5941.610.18172.18572.39688584.SH上海合晶2.80-8.41-0.040.13-38.94-34.66688138.SH清溢光电3.306.1110.670.5627.857.64688401.SH路维光电3.27-0.5125.560.68-14.9638.81301611.SZ珂玛科技2.71-3.209.130.462.96-47.31688432.SH有研硅3.1421.3518.040.50-5.61-1.24301678.SZ新恒汇2.7322.4613.540.1057.36-80.72688661.SH和林微纳1.63-13.23-21.69-0.13-83.56-148.32688727.SH恒坤新材1.52-12.620.100.267.07-9.41688720.SH艾森股份1.625.4628.070.09-43.8224.50688530.SH欧莱新材2.7655.77215.860.41307.193,407.26688535.SH华海诚科2.2324.58165.580.14221.9487.65688233.SH神工股份1.12-7.856.220.25-17.76-10.96920012.BJ创达新材1.03-4.773.110.1624.842.76003026.SZ中晶科技1.189.3718.500.1453.6995.93920179.BJ凯德石英0.7324.46-15.010.05153.77-51.51688721.SH龙图光罩0.62-2.2514.000.10137.59-41.07920526.BJ凯华材料0.281.273.700.055.6432.9889.799.0103.5108.1103.6116.6125.1138.2142.517.5%18.9%20.2%16.3%20.5%20.3%20.0%15.3%18.9%0%5%10%15%20%25%0.020.040.060.080.0100.0120.0140.0160.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述图表6. 申万电子三级子行业半导体材料2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）600206.SH有研新材27.723.6516.170.19-83.14-41.32002409.SZ雅克科技21.45-1.3315.112.04-25.3066.26300666.SZ江丰电子13.139.7434.010.99-33.33-13.18688126.SH沪硅产业10.7513.9218.25-8.76-230.97-101.86605358.SH立昂微9.51-2.3016.63-0.34-280.8883.69688783.SH西安奕材7.1713.684.20-1.8017.11-21.38688146.SH中船特气6.5315.0418.371.0047.8340.41002119.SZ康强电子6.367.2933.120.20-45.69431.94688234.SH天岳先进3.5310.90-27.53-2.09-2,045.83-681.89300706.SZ阿石创3.34-20.3931.70-0.24-1,753.2031.08688584.SH上海合晶3.06-19.6415.780.21-54.41-50.95688138.SH清溢光电3.111.659.060.44-15.75-15.50688401.SH路维光电3.2815.9920.240.8022.8014.93301611.SZ珂玛科技2.792.1615.840.45-38.66-47.67688432.SH有研硅2.591.1816.080.536.1539.09301678.SZ新恒汇2.23-1.13-10.560.06-79.64-87.48688661.SH和林微纳1.88-21.35-3.56-0.07-214.67-470.10688727.SH恒坤新材1.73-9.3110.600.24-26.07-11.09688720.SH艾森股份1.53-3.9527.790.17-5.2773.75688530.SH欧莱新材1.7716.7826.62-0.20-46.18-207.33688535.SH华海诚科1.7978.5194.390.04-33.05-18.36688233.SH神工股份1.2213.5237.670.3138.22125.89920012.BJ创达新材1.09-2.68-11.260.13-34.38-28.27003026.SZ中晶科技1.084.766.320.098.21-8.97920179.BJ凯德石英0.58-9.74-21.690.02-61.61-44.24688721.SH龙图光罩0.63-5.846.490.04-74.29-78.78920526.BJ凯华材料0.28-0.021.240.0428.27-26.04电子化学品电子化学品行业2026Q1 营业收入178.5 亿元，YoY+23%，QoQ-2%；毛利率28.7%，同比持平，QoQ+0.7pct。整体而言，电子化学品行业2026Q1 营业收入同比实现稳健增长，环比小幅下降；毛利率同比持平，环比小幅回升。考虑到电子化学品国产替代的持续推进，我们预计电子化学品行业未来营业收入依然会保持同比稳健增长。图表7. 申万电子三级子行业电子化学品季度营收和毛利率141.9159.0151.9149.6145.3160.8177.0183.0178.527.4%28.6%28.6%28.4%28.7%29.8%29.7%28.0%28.7%26%27%27%28%28%29%29%30%30%31%0.020.040.060.080.0100.0120.0140.0160.0180.0200.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述以下为申万电子三级子行业电子化学品涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表8. 申万电子三级子行业电子化学品2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）002584.SZ西陇科学18.23-9.175.730.12187.7038.68300285.SZ国瓷材料10.64-18.079.151.4217.704.79002643.SZ万润股份10.1514.0417.890.88515.159.96300054.SZ鼎龙股份10.206.0623.822.5124.9977.99300398.SZ飞凯材料8.73-1.2524.561.3131.859.57600330.SH天通股份8.058.6112.70-0.4281.19-187.25603002.SH宏昌电子9.896.1276.810.00-95.68-92.74002741.SZ光华科技9.705.4064.900.41204.5063.19688106.SH金宏气体6.63-11.066.530.05-69.49-88.93300346.SZ南大光电6.62-5.655.451.24554.7529.97688019.SH安集科技7.244.6032.762.0818.4523.01688548.SH广钢气体6.06-13.8010.590.927.9062.63300236.SZ上海新阳5.776.3233.051.0415.79102.59300684.SZ中石科技3.89-27.4611.550.65-25.434.94688550.SH瑞联新材3.791.0110.100.4453.35-4.34300655.SZ晶瑞电材4.19-0.8313.390.07-68.11-84.62688035.SH德邦科技4.06-11.1528.480.34-9.1026.78301319.SZ唯特偶3.94-11.0427.440.30221.3536.72688545.SH兴福电子4.478.4336.720.6454.5120.22688268.SH华特气体3.842.5513.700.34106.88-23.70300481.SZ濮阳惠成3.533.45-0.850.18-18.98-49.25603078.SH江化微3.22-0.6316.880.2910.557.31688549.SH中巨芯3.6610.6135.330.06115.25638.66301630.SZ同宇新材3.339.7620.470.4583.0935.88300576.SZ容大感光2.71-5.0312.060.2739.67-22.43300429.SZ强力新材2.50-6.9715.21-0.2972.11-412.48688683.SH莱尔科技3.13-4.2089.380.1429.7931.28301489.SZ思泉新材2.600.8441.740.27920.0449.67603931.SH格林达1.481.90-8.860.29-3.00-7.88688150.SH莱特光电1.332.99-8.200.4617.00-24.47688371.SH菲沃泰0.75-53.66-28.40-0.21-1,820.62-435.96300537.SZ广信材料1.14-14.427.000.0752.57-23.21688603.SH天承科技1.455.5742.410.3012.2657.79688359.SH三孚新科1.5835.6425.740.06128.903.01电子行业2025 年报及2026 一季报综述图表9. 申万电子三级子行业电子化学品2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）002584.SZ西陇科学20.072.579.91-0.14-201.28-466.17300285.SZ国瓷材料12.9914.9820.211.21-23.38-1.40002643.SZ万润股份8.90-6.91-4.34-0.21-124.1957.41300054.SZ鼎龙股份9.62-0.495.482.01-3.6439.07300398.SZ飞凯材料8.840.4818.361.0034.36144.37600330.SH天通股份7.41-15.3345.25-2.22-4,823.57-526.94603002.SH宏昌电子9.3214.0177.440.1132.71-21.84002741.SZ光华科技9.2020.6821.760.14-60.40106.38688106.SH金宏气体7.463.9911.690.16-52.74272.66300346.SZ南大光电7.016.9819.230.19-79.60253.31688019.SH安集科技6.923.1932.391.75-24.6524.28688548.SH广钢气体7.0415.9816.280.852.4127.62300236.SZ上海新阳5.439.2533.030.9015.0894.90300684.SZ中石科技5.36-2.5114.070.87-33.2925.32688550.SH瑞联新材3.75-24.282.640.28-75.19-57.14300655.SZ晶瑞电材4.230.9712.880.21-64.20111.64688035.SH德邦科技4.5714.3819.510.3856.602.37301319.SZ唯特偶4.4311.9224.230.09-66.15-43.16688545.SH兴福电子4.125.5038.340.41-32.0554.53688268.SH华特气体3.751.9111.320.16-60.13-68.57300481.SZ濮阳惠成3.41-2.044.330.23-40.30-45.45603078.SH江化微3.24-1.6616.130.26-15.25110.31688549.SH中巨芯3.315.4318.01-0.42-344.88-112.00301630.SZ同宇新材3.03-7.5427.240.25-32.53-26.18300576.SZ容大感光2.863.148.810.19-35.8112.35300429.SZ强力新材2.692.5519.25-1.03-1,389.1233.80688683.SH莱尔科技3.2722.54104.120.11-1.0110.56301489.SZ思泉新材2.58-9.4511.24-0.03-109.81-130.11603931.SH格林达1.45-12.170.030.30-2.19-14.41688150.SH莱特光电1.29-1.6111.750.39-26.404.61688371.SH菲沃泰1.6217.3321.710.01-89.95-93.11300537.SZ广信材料1.3316.371.080.05202.93107.22688603.SH天承科技1.3713.3327.340.2714.5852.27688359.SH三孚新科1.161.51-39.30-0.19-186.03-540.68集成电路制造集成电路制造行业2025Q4 营业收入314.2 亿元，YoY+14%，QoQ+6%；毛利率18.2%，YoY-2.6pcts，QoQ-5.5pcts。集成电路制造行业具有一定的季节性。整体而言，集成电路制造行业2025Q4 营业收入保持同比正增长；毛利率同比下滑，环比也有所下降。我们认为受国产替代驱动，集成电路制造行业营业收入有望保持稳健增长。电子行业2025 年报及2026 一季报综述图表10. 申万电子三级子行业集成电路制造季度营收和毛利率以下为申万电子三级子行业集成电路制造涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表11. 申万电子三级子行业集成电路制造2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）688396.SH华润微28.57-4.2821.343.30144.38296.56688249.SH晶合集成29.125.6713.410.51-67.11-62.61688469.SH芯联集成19.62-28.8413.19-0.8832.9851.53300456.SZ赛微电子0.99-30.70-62.68-0.4952.04-1,958.32688691.SH灿芯股份1.71-33.1923.39-0.29-80.26-10.52图表12. 申万电子三级子行业集成电路制造2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）688981.SH中芯国际178.133.7911.9112.23-19.4123.19688347.SH华虹公司47.083.1221.151.25-29.17163.51688396.SH华润微29.854.7112.771.35-27.67-48.68688249.SH晶合集成27.56-5.9911.381.54-29.36-39.33688469.SH芯联集成27.5843.1340.58-1.3254.9652.57300456.SZ赛微电子1.4227.16-62.53-1.02-106.49-96.01688691.SH灿芯股份2.5637.6212.94-0.1652.9124.35集成电路封测集成电路封测行业2026Q1 营业收入249.5 亿元，YoY+14%，QoQ-7%；毛利率14.5%，YoY+1.3pcts，QoQ-1.6pcts。集成电路封测行业具有一定的季节性。整体而言，集成电路封测行业2026Q1 营业收入保持同比稳健增长；毛利率同比小幅增长，环比有所下降。我们认为集成电路封测行业作为集成电路制造行业的下游，其营业收入同比增长趋势和集成电路制造行业的营业收入同比增长趋势基本一致，同时受季节性因素影响，集成电路封测行业毛利率还有提升空间。222.0239.9266.8274.9272.7278.6297.3314.215.8%16.0%22.7%20.8%21.9%20.2%23.7%18.2%0%5%10%15%20%25%0.050.0100.0150.0200.0250.0300.0350.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述图表13. 申万电子三级子行业集成电路封测季度营收和毛利率以下为申万电子三级子行业集成电路封测涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表14. 申万电子三级子行业集成电路封测2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）600584.SH长电科技91.71-10.11-1.762.90-52.5342.74002156.SZ通富微电74.82-4.1422.803.29-8.14224.55002185.SZ华天科技48.00-0.7234.490.87-48.30568.39688820.SH盛合晶微16.980.0013.141.9134.1451.55688362.SH甬矽电子11.72-4.5823.970.2743.028.15688352.SH颀中科技4.20-28.22-11.37-2.93-460.72-1,095.27688403.SH汇成股份4.11-15.769.70-0.13-142.02-131.56688372.SH伟测科技4.90-0.4371.790.71-29.68173.39603005.SH晶方科技3.34-18.1214.860.65-31.740.12688216.SH气派科技2.23-6.2169.77-0.04-389.9188.42301348.SZ蓝箭电子1.76-9.3626.64-0.0826.08-10.22688135.SH利扬芯片1.66-5.0427.870.03134.35145.07002077.SZ大港股份1.0522.9460.210.38623.19145.63920139.BJ华岭股份0.74-12.8816.08-0.1353.54-30.30图表15. 申万电子三级子行业集成电路封测2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）600584.SH长电科技102.021.38-7.116.1126.6114.68002156.SZ通富微电78.0510.2714.783.58-20.11186.41002185.SZ华天科技48.345.1022.991.68-46.90-35.24688820.SH盛合晶微0.000.000.001.43-58.66-33.41688362.SH甬矽电子12.285.9316.150.19-43.29-22.24688352.SH颀中科技5.86-3.8111.750.81-4.80-4.27688403.SH汇成股份4.8813.6613.190.308.09-48.26688372.SH伟测科技4.929.7646.241.01-0.5852.19603005.SH晶方科技4.082.3035.860.96-11.9640.37688216.SH气派科技2.3816.4239.230.01107.14103.12301348.SZ蓝箭电子1.948.28-6.71-0.1129.87-172.39688135.SH利扬芯片1.7510.0136.74-0.10-227.3379.86002077.SZ大港股份0.85-22.22-11.70-0.07-125.5654.29920139.BJ华岭股份0.8516.42-0.55-0.27-79.92-13,661.09175.9209.1223.2249.7218.3238.7254.4267.4249.512.7%15.8%14.9%15.1%13.2%15.9%16.6%16.1%14.5%0%2%4%6%8%10%12%14%16%18%0.050.0100.0150.0200.0250.0300.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述数字芯片设计数字芯片行业2026Q1 营业收入686.3 亿元，YoY+81%，QoQ+20%；毛利率47.5%，YoY+14.8pcts，QoQ+10.8pcts。数字芯片行业营业收入具有一定的季节性。整体而言，数字芯片行业2026Q1 营业收入同比呈现较高增长；毛利率同比大幅上升，环比大幅上升。我们预计随着半导体行业景气度的延续，数字芯片行业营业收入有望持续增长。图表16. 申万电子三级子行业数字芯片设计季度营收和毛利率以下为申万电子三级子行业数字芯片设计涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表17. 申万电子三级子行业数字芯片设计2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）603501.SH豪威集团64.14-9.31-0.905.03-39.78-41.92301308.SZ江波龙99.0964.27132.7938.62443.472,644.05688041.SH海光信息40.34-17.4668.066.8717.7735.82688525.SH佰维存储68.1444.14341.5328.99252.411,567.85001309.SZ德明利75.3882.53502.0833.46367.734,943.39603986.SH兆易创新41.8876.58119.3814.61158.72522.79688213.SH思特威21.12-22.2020.682.37-21.5523.66688728.SH格科微18.81-8.6623.400.01340.01102.73688099.SH晶晨股份18.9510.0723.911.73-1.14-7.95688256.SH寒武纪28.8552.65159.5610.13122.89185.04002049.SZ紫光国微14.9920.7646.113.3491.77180.27688008.SH澜起科技14.614.4419.518.4740.4661.30300223.SZ北京君正15.6019.5747.123.19164.75331.61603893.SH瑞芯微12.05-4.3836.223.2926.4357.15688385.SH复旦微电10.327.7516.231.48251.418.91688608.SH恒玄科技6.6913.15-32.720.89-3.64-53.26688521.SH芯原股份8.36-6.92114.47-3.41-88.19-54.69301536.SZ星宸科技9.9423.3249.352.20107.39330.29300458.SZ全志科技9.1234.6647.122.031,344.69121.77688018.SH乐鑫科技6.48-0.7716.161.3612.0344.76299.4365.5386.9403.5379.7491.6526.4573.1686.333.8%35.0%33.6%31.9%32.7%33.0%34.3%36.7%47.5%0%5%10%15%20%25%30%35%40%45%50%0.0100.0200.0300.0400.0500.0600.0700.0800.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述续 图表17. 申万电子三级子行业数字芯片设计2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）688766.SH普冉股份14.4763.21256.082.5169.131,259.87301666.SZ大普微13.100.00340.953.701,023.06398.88688252.SH天德钰5.369.07-3.280.4620.15-34.76688332.SH中科蓝讯4.07-24.6410.80-0.06-100.49-113.07300672.SZ国科微6.332.30107.460.55122.836.67300613.SZ富瀚微5.591.8075.530.8535.21481.14688802.SH沐曦股份5.6237.7275.37-0.9977.7457.49688795.SH摩尔线程7.382.31155.350.29110.59126.10300077.SZ国民技术3.95-1.7729.86-0.1662.2226.34688449.SH联芸科技3.55-12.5547.380.09-82.99135.73300327.SZ中颖电子3.272.842.420.20557.1631.66002213.SZ大为股份4.0518.0320.010.16293.02926.91688123.SH聚辰股份2.80-2.947.250.31-29.46-69.00688702.SH盛科通信2.48-22.1111.40-0.1789.31-12.05688380.SH中微半导3.25-6.8657.470.51-61.1448.89688591.SH泰凌微2.34-6.031.580.08166.78-76.79688049.SH炬芯科技2.3818.6223.740.49-8.0117.49688110.SH东芯股份4.7937.39236.951.38384.48333.42688595.SH芯海科技1.77-23.9612.07-0.398.19-62.19688279.SH峰岹科技2.5015.8446.200.8870.7675.09688709.SH成都华微1.03-57.37-33.64-0.67-173.74-406.66688047.SH龙芯中科1.35-52.607.96-1.14-85.8424.66688593.SH新相微1.51-14.570.440.05489.40145.69688486.SH龙迅股份1.28-28.4017.570.38-19.6833.57688620.SH安凯微1.50-19.5247.08-0.2066.2211.19688262.SH国芯科技1.57-42.6779.50-0.4961.62-40.04688107.SH安路科技1.669.1077.46-0.4149.7532.43688807.SH优迅股份1.387.3117.570.2775.0020.04688416.SH恒烁股份2.1930.07192.080.491,267.82284.71688259.SH创耀科技0.71-1.24-19.600.101.20-11.94688589.SH力合微0.70-20.49-28.39-0.04-103.62-129.31300053.SZ航宇微0.60-18.78-32.32-0.1993.04-1,611.48图表18. 申万电子三级子行业数字芯片设计2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）603501.SH豪威集团70.72-9.643.668.35-29.36-11.89301308.SZ江波龙60.32-7.7543.777.111.831,319.83688041.SH海光信息48.8721.3961.525.83-23.2343.96688525.SH佰维存储47.2777.54183.088.23221.071,329.94001309.SZ德明利41.3061.96251.337.15687.291,105.46603986.SH兆易创新23.72-11.5439.005.6511.23108.85688213.SH思特威27.147.2454.163.02-0.27152.54688728.SH格科微20.59-1.2912.580.00-98.43-99.82688099.SH晶晨股份17.22-1.0733.891.75-12.92-23.19688256.SH寒武纪18.909.4491.054.55-19.7667.03002049.SZ紫光国微12.41-33.16-0.541.74-69.462.93688008.SH澜起科技13.99-1.8030.956.0327.4939.10300223.SZ北京君正13.059.8628.981.20128.9495.01603893.SH瑞芯微12.6115.0829.072.604.817.08688385.SH复旦微电9.58-19.215.65-0.98-171.67-167.39688608.SH恒玄科技5.91-40.58-25.150.92-53.04-46.07688521.SH芯原股份8.98-29.8933.63-1.81-574.5111.66301536.SZ星宸科技8.065.6049.011.0629.1076.91电子行业2025 年报及2026 一季报综述续 图表18. 申万电子三级子行业数字芯片设计2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）300458.SZ全志科技6.77-17.7712.39-0.16-113.91-203.54688018.SH乐鑫科技6.53-2.0519.401.214.8337.26688766.SH普冉股份8.8668.33102.811.48710.62119.42301666.SZ大普微0.000.000.00-0.4053.8565.64688252.SH天德钰4.920.33-20.480.38-10.51-53.77688332.SH中科蓝讯5.4010.26-5.4312.041,403.751,189.55300672.SZ国科微6.1943.76-20.20-2.41-1,792.62-987.06300613.SZ富瀚微5.4921.3612.500.636.63-12.59688802.SH沐曦股份4.0827.04-21.50-4.44-178.1529.23688795.SH摩尔线程7.21770.29349.94-2.7738.7461.93300077.SZ国民技术4.0223.1415.98-0.42-12.7751.53688449.SH联芸科技4.0630.5616.560.5253.5916.11300327.SZ中颖电子3.181.02-13.170.03-80.50-92.94002213.SZ大为股份3.4355.8538.92-0.08-294.7963.08688123.SH聚辰股份2.88-19.4111.300.44-61.88-44.59688702.SH盛科通信3.19-1.4616.27-1.59-581.92-2,108.86688380.SH中微半导3.4929.7733.151.32100.39417.32688591.SH泰凌微2.49-5.40-3.15-0.12-132.14-137.45688049.SH炬芯科技2.00-26.668.120.53-12.1648.41688110.SH东芯股份3.4951.9979.88-0.49-38.03-32.09688595.SH芯海科技2.33-3.2324.21-0.42-75.8526.65688279.SH峰岹科技2.1618.2029.000.521.8834.08688709.SH成都华微2.4248.9233.780.91238.49165.99688047.SH龙芯中科2.85165.5644.87-0.6138.2778.30688593.SH新相微1.7717.057.580.01-66.63-81.82688486.SH龙迅股份1.7925.8635.180.47-10.53-5.98688620.SH安凯微1.8659.7318.59-0.58-76.16-68.99688262.SH国芯科技2.73210.31161.18-1.27-209.78-137.95688107.SH安路科技1.524.73-2.46-0.81-66.28-72.06688807.SH优迅股份1.298.3018.630.15-41.56-2.54688416.SH恒烁股份1.6928.1855.36-0.0483.0392.62688259.SH创耀科技0.71-33.33-56.550.10-72.13-24.47688589.SH力合微0.8823.12-48.44-0.0226.47-105.33300053.SZ航宇微0.7416.60840.15-2.69-2,599.76-15.39模拟芯片设计模拟芯片行业2026Q1 营业收入139.0 亿元，YoY+27%，QoQ-8%；毛利率33.9%，YoY-1.4pcts，QoQ+0.5pct。整体而言，模拟芯片行业2026Q1 营业收入同比实现增长；毛利率同比小幅下滑，环比有所回升，但是尚未达到40%。电子行业2025 年报及2026 一季报综述图表19. 申万电子三级子行业模拟芯片设计季度营收和毛利率以下为申万电子三级子行业模拟芯片设计涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表20. 申万电子三级子行业模拟芯片设计2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）603160.SH汇顶科技9.69-20.22-8.951.17-26.98-40.01300661.SZ圣邦股份10.980.0639.081.24-39.31106.96688220.SH翱捷科技11.3020.6724.18-0.2855.4377.08300782.SZ卓胜微8.28-13.539.49-1.44-18.14-209.53688052.SH纳芯微11.4113.8859.17-0.3659.5730.39688484.SH南芯科技7.57-13.9810.480.03-92.96-94.74600171.SH上海贝岭6.04-37.1128.930.22-29.87-41.60688798.SH艾为电子6.46-4.521.020.5123.67-20.32688141.SH杰华特7.657.3244.80-2.76-7.38-143.54688153.SH唯捷创芯4.83-36.60-5.06-0.48-237.39-165.54688536.SH思瑞浦7.0214.8866.501.05124.34577.25688790.SH昂瑞微3.47-36.5810.81-0.67-19.18-35.89688209.SH英集芯3.77-14.4523.030.45-28.95129.80688368.SH晶丰明源6.0934.4386.350.37199.52650.37688508.SH芯朋微2.9410.66-2.570.1462.21-66.59600877.SH电科芯片1.57-58.55-20.62-0.01-103.60-109.72688173.SH希荻微2.5113.0341.50-0.0879.6671.98603068.SH博通集成3.115.7387.770.1625.64-1.57300671.SZ富满微2.693.1259.410.21116.58181.91688512.SH慧智微2.15-10.3356.87-0.6637.68-1,962.70688601.SH力芯微2.061.2025.71-0.01-116.69-113.97688045.SH必易微2.05-7.8066.380.14-8.33203.79688653.SH康希通信1.8216.0034.800.05137.20116.14688699.SH明微电子2.156.2794.910.24218.76171.15688061.SH灿瑞科技1.31-12.424.76-0.211.14-55.73688286.SH敏芯股份1.07-31.76-20.70-0.10-1,762.57-463.72688515.SH裕太微1.42-38.1174.83-0.43-594.6028.76688381.SH帝奥微1.05-0.39-31.40-0.2540.88-298.88688458.SH美芯晟1.17-12.71-6.85-0.0577.89-246.91688391.SH钜泉科技1.15-12.02-5.350.04332.74-56.36688582.SH芯动联科0.51-58.35-41.860.03-96.05-94.25688325.SH赛微微电1.07-26.0517.220.11-68.29-28.19603375.SH盛景微0.95-23.317.870.02127.02-40.85688270.SHST 臻镭1.21-6.2167.010.4035.3976.17688130.SH晶华微-8.5624.46-0.0460.9656.500.46101.1115.4115.4125.4109.2135.8140.9151.7139.035.6%36.0%35.2%34.1%35.3%35.4%34.1%33.5%33.9%32%33%33%34%34%35%35%36%36%37%0.020.040.060.080.0100.0120.0140.0160.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述图表21. 申万电子三级子行业模拟芯片设计2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）603160.SH汇顶科技12.15-4.315.421.60-34.763.15300661.SZ圣邦股份10.9711.7821.652.0443.14-5.35688220.SH翱捷科技9.36-4.6710.67-0.6323.3477.59300782.SZ卓胜微9.57-10.15-14.51-1.22-423.43-417.75688052.SH纳芯微10.0219.0568.65-0.88-41.48-1,931.80688484.SH南芯科技8.80-3.3131.730.47-30.7635.07600171.SH上海贝岭9.6111.051.310.32-54.40-79.63688798.SH艾为电子6.77-16.0819.460.41-65.37-46.36688141.SH杰华特7.13-5.6346.28-2.57-56.06-166.97688153.SH唯捷创芯7.6232.9624.600.3594.30317.24688536.SH思瑞浦6.115.1164.640.47-22.12147.70688790.SH昂瑞微5.4811.4830.89-0.56-150.63-6.69688209.SH英集芯4.40-5.728.300.641.5780.41688368.SH晶丰明源4.5317.408.930.1262.18-42.24688508.SH芯朋微2.659.963.110.08-90.31-75.18600877.SH电科芯片3.7892.4218.720.342,124.62246.20688173.SH希荻微2.22-11.2210.95-0.38-18.6260.52603068.SH博通集成2.9418.0016.530.13230.3238.47300671.SZ富满微2.6124.9440.31-1.24-422.3829.94688512.SH慧智微2.3912.2370.51-1.07-86.7023.88688601.SH力芯微2.04-4.2811.770.08-30.75-67.12688045.SH必易微2.2224.094.810.15146.92363.43688653.SH康希通信1.57-20.738.33-0.13-126.1869.00688699.SH明微电子2.0314.7623.13-0.20-325.54-1,397.84688061.SH灿瑞科技1.50-16.680.67-0.21-99.3827.47688286.SH敏芯股份1.57-1.79-7.25-0.01-104.90-104.33688515.SH裕太微2.2938.0575.89-0.0673.2789.91688381.SH帝奥微1.05-30.18-9.46-0.42-107.7236.25688458.SH美芯晟1.34-14.6614.80-0.24-559.0528.93688391.SH钜泉科技1.31-3.97-8.42-0.02-123.76-107.58688582.SH芯动联科1.23-17.03-7.770.65-23.43-23.11688325.SH赛微微电1.4515.1529.260.3555.9988.24603375.SH盛景微1.2411.30-22.91-0.09-287.30-334.82688270.SHST 臻镭1.2932.636.920.29-24.35583.75688130.SH晶华微0.5013.1732.30-0.11-43.40-263.04分立器件分立器件行业2026Q1 营业收入116.8 亿元，YoY-47%，QoQ-5%；毛利率26.5%，YoY+7.1pcts，QoQ+2.6pcts。整体而言，分立器件行业2026Q1 营业收入同环比均呈现下滑趋势；毛利率同环比均有所回升。我们认为在经历了2025 年一年的调整期后，分立器件行业在2026Q1 营收出现下滑，这表明下游家电、汽车、工控等行业的需求尚未企稳，依然存在一定的波动性；同时毛利率的回升可能意味着行业开始从规模竞争转向盈利考量。电子行业2025 年报及2026 一季报综述图表22. 申万电子三级子行业分立器件季度营收和毛利率以下为申万电子三级子行业分立器件涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表23. 申万电子三级子行业分立器件2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）600745.SH*ST 闻泰8.16-44.98-93.77-1.8998.16-172.41600460.SH士兰微35.195.4017.312.09322.0240.57300373.SZ扬杰科技21.3019.4834.873.8535.0741.01603290.SH斯达半导8.64-15.51-6.000.2713.82-74.32300623.SZ捷捷微电9.20-7.3431.411.00-22.76-10.32600360.SH*ST 华微6.6630.463.610.58146.885.44605111.SH新洁能5.175.1515.140.9559.94-12.68688172.SH燕东微4.00-39.9575.84-2.5934.32-22.99688711.SH宏微科技3.09-15.293.830.01-92.26-16.11688261.SH东微半导2.80-3.21-1.100.06337.55-28.80688689.SH银河微电2.67-12.3022.370.18-45.53200.15688167.SH炬光科技2.05-22.9721.15-0.1367.5358.68688498.SH源杰科技3.5562.83320.941.79111.031,153.07688048.SH长光华芯1.30-5.8437.810.04445.28159.73688230.SH芯导科技1.00-2.8734.710.30-7.8824.47300046.SZ台基股份0.914.8422.820.14279.79-20.12688693.SH锴威特0.65-6.7744.54-0.1857.10-40.37300831.SZ派瑞股份0.48-55.37339.060.16-59.692,218.85247.5276.6283.8301.1219.7226.5148.5122.4116.814.5%14.9%15.8%14.7%19.4%19.5%29.3%23.9%26.5%0%5%10%15%20%25%30%35%0.050.0100.0150.0200.0250.0300.0350.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述图表24. 申万电子三级子行业分立器件2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）600745.SH*ST 闻泰14.84-66.48-92.74-102.61-1,086.91-215.96600460.SH士兰微33.39-1.149.190.49-41.28-74.09300373.SZ扬杰科技17.82-5.8310.732.85-23.45-14.51603290.SH斯达半导10.23-2.964.790.23-78.01-72.27300623.SZ捷捷微电9.9310.1618.351.3029.67-7.58600360.SH*ST 华微5.112.716.790.23-44.70-9.84605111.SH新洁能4.927.914.010.59-40.53-42.26688172.SH燕东微6.6731.29-6.89-3.94-179.71-603.57688711.SH宏微科技3.6520.373.670.12392.13163.48688261.SH东微半导2.89-16.89-10.42-0.02-111.16-124.38688689.SH银河微电3.0513.6412.480.3476.2524.77688167.SH炬光科技2.6720.8864.73-0.41-249.5466.98688498.SH源杰科技2.1822.37194.870.8542.601,622.84688048.SH长光华芯1.3810.1097.350.01-93.14102.26688230.SH芯导科技1.03-4.784.290.3338.8312.10300046.SZ台基股份0.87-5.81-10.76-0.08-144.77-212.57688693.SH锴威特0.70-6.1284.65-0.42-169.8729.27300831.SZ派瑞股份1.08500.06175.180.39486.07801.76光学元件光学元件行业2026Q1 营业收入128.2 亿元，YoY-5%，QoQ-21%；毛利率20.3%，YoY+1.4pcts，QoQ+1.6pcts。整体而言，光学元件行业2026Q1 营业收入同比有所下滑；但是毛利率同比有所上升。我们认为在光互联需求的推动下，光学元件行业部分和光互联相关的子赛道或存在结构性机会。图表25. 申万电子三级子行业光学元件季度营收和毛利率121.3131.6146.4148.2134.3143.7164.5161.5127.815.5%18.1%20.8%17.9%18.9%19.2%19.7%18.8%20.4%0%5%10%15%20%25%0.020.040.060.080.0100.0120.0140.0160.0180.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述以下为申万电子三级子行业光学元件涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表26. 申万电子三级子行业光学元件2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）002456.SZ欧菲光37.29-41.12-23.60-2.47-325.60-319.75002036.SZ联创电子16.51-6.72-24.14-0.9790.89-3,066.81002273.SZ水晶光电17.21-4.6816.082.4730.4411.69300566.SZ激智科技5.061.515.520.5755.80-3.21300489.SZ光智科技5.68-10.7720.490.15163.5560.81300331.SZ苏大维格5.21-2.3315.000.30155.4073.16301479.SZ弘景光电3.13-36.6412.390.26-50.20-26.33600071.SH凤凰光学3.52-22.07-0.55-0.02-135.56-132.74688127.SH蓝特光学4.51-6.9676.531.30-6.73184.40605588.SH冠石科技3.17-6.31-5.84-0.2257.39-134.24002962.SZ五方光电3.1331.8615.060.04392.36-63.54002222.SZ福晶科技3.242.7935.630.657.6530.70603297.SH永新光学2.64-9.4120.130.46-32.96-17.10688322.SH奥比中光2.03-10.526.190.3155.8327.48301183.SZ东田微2.06-14.2732.150.2836.5339.64688502.SH茂莱光学1.83-2.6028.63-0.11-1,838.67-166.75688010.SH福光股份1.10-44.69-3.85-0.18-130.289.17003015.SZ日久光电1.28-23.28-7.710.10-62.50-63.06688079.SH美迪凯1.69-20.3713.27-0.4144.52-159.43688195.SH腾景科技1.716.7151.170.14111.8310.74688378.SH奥来德2.3525.1353.550.8095.62214.86001373.SZ翔腾新材1.565.1612.85-0.0942.23-326.01920438.BJ戈碧迦1.519.0021.390.1246.4931.16301421.SZ波长光电0.98-17.92-1.360.06-33.45-0.60300701.SZ森霸传感0.86-22.79-4.250.08-37.2610.94002808.SZ*ST 恒久0.44-67.1211.98-0.0943.16-93.93图表27. 申万电子三级子行业光学元件2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）002456.SZ欧菲光63.345.946.181.10168.68873.87002036.SZ联创电子17.70-21.96-28.28-10.62-4,059.77-109.67002273.SZ水晶光电18.05-14.1515.141.89-60.8212.36300566.SZ激智科技4.98-10.08-7.110.37-27.7676.14300489.SZ光智科技6.3750.4127.39-0.2426.63-164.44300331.SZ苏大维格5.331.6119.76-0.54-1,180.1344.36301479.SZ弘景光电4.94-0.4363.590.51-22.4331.22600071.SH凤凰光学4.5210.81-2.680.05-35.60-85.00688127.SH蓝特光学4.852.3495.691.39-5.24135.60605588.SH冠石科技3.391.21-6.59-0.51-676.32-89.43002962.SZ五方光电2.38-27.5910.280.01-90.57-5.17002222.SZ福晶科技3.16-2.3249.860.61-32.5319.31603297.SH永新光学2.9125.1020.820.6961.030.72688322.SH奥比中光2.27-18.596.160.20-58.41864.91301183.SZ东田微2.40-7.6031.110.21-29.9531.40688502.SH茂莱光学1.881.9547.350.01-95.06-94.21688010.SH福光股份1.9810.8322.870.60427.2936.39003015.SZ日久光电1.67-16.0519.430.28-11.71147.93688079.SH美迪凯2.1332.5647.85-0.75-140.21-99.90688195.SH腾景科技1.60-1.1441.590.07-74.96-50.93688378.SH奥来德1.8873.88172.200.41840.89478.43001373.SZ翔腾新材1.481.4910.04-0.16-148.74-1,554.92920438.BJ戈碧迦1.38-14.5816.410.08-15.74-32.10301421.SZ波长光电1.19-2.24-14.130.10-15.6358.34300701.SZ森霸传感1.11-1.93-11.650.13-59.06406.13002808.SZ*ST 恒久1.3555.97192.35-0.16-341.0346.25电子行业2025 年报及2026 一季报综述面板面板行业2026Q1 营业收入1416.9 亿元，YoY+3%，QoQ-7%；毛利率13.5%，YoY-0.4pct，QoQ-1.4pcts。面板行业具有一定的季节性。整体而言，面板行业2026Q1 营业收入同比实现小幅增长；毛利率同环比有所下滑。我们认为2026Q2 面板行业的景气度尚待观察。图表28. 申万电子三级子行业面板季度营收和毛利率以下为申万电子三级子行业面板涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表29. 申万电子三级子行业面板2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）000725.SZ京东方A510.011.920.8017.0735.985.78000100.SZTCL 科技434.78-9.708.3715.565.8853.71000727.SZ冠捷科技126.00-17.992.76-2.83-54.78-66.57000050.SZ深天马A77.29-19.18-7.01-1.394.49-244.38001308.SZ康冠科技34.92-5.4511.141.555,762.76-27.64300088.SZ长信科技24.64-5.74-11.780.48158.51-39.88600707.SH彩虹股份27.473.50-7.390.06208.40-98.28002845.SZ同兴达21.92-7.324.32-0.43-174.51-3.39002387.SZ维信诺18.72-10.563.14-6.2618.23-18.06002106.SZ莱宝高科14.5111.60-1.500.35170.48-53.49600552.SH凯盛科技14.55-7.3215.070.28273,754.8417.07688538.SH和辉光电12.23-18.391.25-4.7021.957.41002876.SZ三利谱9.41-9.9416.870.331,491.9412.43301321.SZ翰博高新9.278.6627.190.05105.24112.81000045.SZ深纺织A7.891.691.480.22147.496.44002955.SZ鸿合科技6.16-21.2620.68-0.36-19.59-723.86300120.SZ经纬辉开6.762.1015.050.03100.66-75.71603773.SH沃格光电5.94-8.788.48-0.5144.12-112.07003019.SZ宸展光电5.84-10.82-6.020.28-26.79-44.24688055.SH龙腾光电4.52-24.12-24.84-0.70-145.62-21.77605218.SH伟时电子5.37-26.9416.85-0.26-1,122.54-287.30301379.SZ天山电子4.25-5.227.600.20-34.98-45.011,340.81,408.31,469.01,487.31,381.21,491.01,567.21,515.51,416.912.1%14.2%14.1%11.2%13.9%13.0%12.9%15.0%13.5%0%2%4%6%8%10%12%14%16%1,200.01,250.01,300.01,350.01,400.01,450.01,500.01,550.01,600.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述续 图表29. 申万电子三级子行业面板2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）002217.SZ合力泰3.96-6.938.350.01-83.15-79.74300909.SZ汇创达3.77-4.0028.570.11124.49100.28000536.SZ华映科技2.90-14.60-15.18-2.2228.374.66300939.SZ秋田微2.94-7.279.780.14-9.36-25.73300545.SZ联得装备2.9524.72-19.420.2786.94-36.49688299.SH长阳科技2.39-16.05-10.270.11108.06-21.32002952.SZ亚世光电2.36-8.0221.200.09592.61100.28301106.SZ骏成科技2.20-1.7312.960.08-33.88-67.49688181.SH八亿时空2.459.7314.270.25-30.292.93000020.SZ深华发A1.53-12.71-28.050.05-63.29-12.16000509.SZ华塑控股1.50-10.38-21.32-0.03-194.49-402.97301045.SZ天禄科技1.32-1.49-9.420.1034.3976.45688781.SH视涯科技1.76-20.10247.21-0.460.6238.57600666.SH奥瑞德1.212.8022.69-0.1093.51-16.34002289.SZ*ST 宇顺2.6596.38480.440.491,893.994,202.23920001.BJ纬达光电0.53-3.4922.18-0.0680.81-190.55300076.SZGQY 视讯0.2856.8740.60-0.0982.137.74图表30. 申万电子三级子行业面板2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）000725.SZ京东方A500.42-6.06-8.4312.55-7.32-37.65000100.SZTCL 科技481.46-4.4815.1014.7026.363,689.39000727.SZ冠捷科技153.6510.158.47-1.83-67.07-1,450.49000050.SZ深天马A95.644.090.88-1.46-235.9325.63001308.SZ康冠科技36.93-3.97-11.980.03-97.77-99.04300088.SZ长信科技26.15-9.108.01-0.82-220.49-228.27600707.SH彩虹股份26.54-10.78-0.25-0.0592.94-147.08002845.SZ同兴达23.65-15.86-8.940.57319.59243.07002387.SZ维信诺20.938.450.55-7.66-36.46-8.10002106.SZ莱宝高科13.00-15.75-12.270.13-74.40-80.28600552.SH凯盛科技15.701.6219.000.00-100.01-100.04688538.SH和辉光电14.9912.5018.84-6.02-13.6520.33002876.SZ三利谱10.458.4545.860.02-70.32-37.57301321.SZ翰博高新8.53-1.9428.46-0.88-598.2823.95000045.SZ深纺织A7.76-10.21-4.530.09-62.94-14.29002955.SZ鸿合科技7.82-25.992.81-0.31-181.18-32.10300120.SZ经纬辉开6.623.373.23-4.75-1,934.75-973.86603773.SH沃格光电6.51-8.2912.65-0.91-615.19-25.39003019.SZ宸展光电6.55-2.0788.490.38-13.9951.63688055.SH龙腾光电5.95-3.06-23.19-0.2851.66-27.75605218.SH伟时电子7.3410.7031.77-0.02-143.53-108.51301379.SZ天山电子4.48-7.197.010.30-19.08-33.53002217.SZ合力泰4.26-0.1637.460.05-24.55-99.82300909.SZ汇创达3.92-1.51-13.92-0.43-268.80-270.62000536.SZ华映科技3.406.75-19.66-3.10-26.45-10.25300939.SZ秋田微3.17-7.9414.570.1627.98-8.74300545.SZ联得装备2.37-20.34-39.530.15-38.15-69.69688299.SH长阳科技2.850.52-14.37-1.38-4,406.09-188.27002952.SZ亚世光电2.578.6428.82-0.02-125.48-1,360.31301106.SZ骏成科技2.24-0.560.680.12-50.38-29.51688181.SH八亿时空2.23-2.8418.090.36141.56137.12000020.SZ深华发A1.75-22.86-16.860.14104.62-36.99000509.SZ华塑控股1.67-5.96-47.32-0.0188.0946.80301045.SZ天禄科技1.34-10.97-14.940.07-28.910.43688781.SH视涯科技2.2054.85142.65-0.46-5.4125.21600666.SH奥瑞德1.17-8.5256.33-1.49-165.13-3.86002289.SZ*ST 宇顺1.35133.9557.94-0.0362.79-35.72920001.BJ纬达光电0.55-1.1611.85-0.29-9,554.49-417.36300076.SZGQY 视讯0.18-23.46-67.93-0.50-462.17-55.68电子行业2025 年报及2026 一季报综述LEDLED行业2026Q1营业收入220.8 亿元，YoY-2%，QoQ-17%；毛利率20.8%，YoY-0.2pct，QoQ+2.3pcts。整体而言，LED 行业2026Q1 营业收入同比实现小幅下滑；毛利率同比有所下滑。回顾2024~2025年，LED 行业季度营业收入相对平稳，行业毛利率处于较低水位。我们认为LED 行业竞争格局和行业景气度的变化尚待进一步观察。图表31. 申万电子三级子行业LED 季度营收和毛利率以下为申万电子三级子行业LED 涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表32. 申万电子三级子行业LED 2026Q1 业绩明细证券代码证券名称营业收入（亿元） QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）600703.SH三安光电29.07-29.65-32.590.67115.28-68.15002745.SZ木林森47.20-10.2821.454.19124.83193.26300232.SZ洲明科技14.00-43.31-11.17-0.83-31.70-252.00300296.SZ利亚德13.04-25.97-21.600.17-40.14-77.78002654.SZ万润科技12.31-33.363.71-0.05-223.26-192.43300323.SZ华灿光电22.2173.67109.740.51120.90151.90300219.SZ鸿利智汇9.71-18.966.740.10-53.1263.46300389.SZ艾比森8.88-30.977.520.39-41.117.87300303.SZ聚飞光电7.45-13.81-4.440.51-45.64-27.68300102.SZ乾照光电4.09-37.13-47.270.3011.016.59002449.SZ国星光电6.16-21.16-19.66-0.3423.89-301.10300708.SZ聚灿光电4.19-33.27-42.710.30-7.51-51.83300582.SZ英飞特6.309.7411.120.08102.01200.93300241.SZ瑞丰光电4.76-8.5923.610.2997.285.78300752.SZ隆利科技3.68-22.657.930.167.07-49.08002992.SZ宝明科技2.53-17.99-17.54-0.14-182.7120.30300889.SZ爱克股份2.97-16.6590.03-0.1860.84-15.82603685.SH晨丰科技2.42-5.03-6.380.10510.84304.75300162.SZ雷曼光电2.3016.91-12.27-0.1472.79-716.92002983.SZ芯瑞达2.26-11.75-12.550.30-2.20-33.78213.5239.6235.8260.5224.6256.8260.9267.4220.821.8%19.6%19.8%19.3%20.9%19.5%19.0%18.5%20.8%16%17%18%19%20%21%22%23%0.050.0100.0150.0200.0250.0300.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述续 图表32. 申万电子三级子行业LED 2026Q1 业绩明细证券代码证券名称营业收入（亿元） QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）603703.SH盛洋科技2.39-11.6029.600.06120.03-2.43300632.SZ光莆股份1.912.61-7.870.01101.48-95.69300940.SZ南极光1.41-20.63-24.330.06128.90-78.99002587.SZ奥拓电子2.5010.9235.620.15408.9911.85002137.SZ实益达1.77-8.5026.180.134.520.84688496.SHST 清越1.40-27.62-18.57-0.3241.52-102.95300269.SZ联建光电0.71-45.72-32.96-0.17-77.70-285.40603679.SH华体科技1.4451.4464.65-0.1479.55-521.25300301.SZST 长方1.0625.34-9.81-0.2167.579.45300808.SZ久量股份0.70-6.936.94-0.17-25.12-41.15图表33. 申万电子三级子行业LED 2025Q4 业绩明细证券代码证券名称营业收入（亿元） QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）600703.SH三安光电41.32-14.45-2.80-4.42-402.69-7,881.48002745.SZ木林森52.6123.5411.45-16.86-3,132.83-15,645.35300232.SZ洲明科技24.7025.654.97-0.63-1,359.61-126.55300296.SZ利亚德17.62-1.654.560.28-73.44102.65002654.SZ万润科技18.4758.341.260.04-64.36-85.20300323.SZ华灿光电12.79-19.909.00-2.42-202.093.65300219.SZ鸿利智汇11.986.081.610.22-64.38314.90300389.SZ艾比森12.8622.1336.160.67-3.418,334.09300303.SZ聚飞光电8.64-6.932.250.948.28-15.43300102.SZ乾照光电6.51-35.3717.480.2742.67-43.51002449.SZ国星光电7.82-4.50-0.37-0.44-773.92-190.58300708.SZ聚灿光电6.28-30.65-14.820.32-42.91-11.17300582.SZ英飞特5.74-8.18-12.53-4.18-1,048.55-1,015.35300241.SZ瑞丰光电5.208.4619.400.15-27.43212.96300752.SZ隆利科技4.7524.3925.450.15616.74-50.29002992.SZ宝明科技3.09-8.70-30.220.17112.70685.84300889.SZ爱克股份3.5722.8332.60-0.46-142.25-25.59603685.SH晨丰科技2.55-13.12-24.27-0.02-122.8937.31300162.SZ雷曼光电1.97-34.82-35.67-0.51-1,372.22-5.02002983.SZ芯瑞达2.566.06-38.900.3112.24-28.34603703.SH盛洋科技2.7018.834.99-0.31-1,554.9330.24300632.SZ光莆股份1.86-14.4114.83-0.57-335.98-191.98300940.SZ南极光1.77-18.63-19.03-0.22-158.02-197.47002587.SZ奥拓电子2.264.14-12.33-0.05-165.5173.68002137.SZ实益达1.9410.3735.930.13-13.77125.41688496.SHST 清越1.9331.65-4.38-0.55-340.80-169.11300269.SZ联建光电1.30-6.79-33.54-0.10-147.54-173.32603679.SH华体科技0.95-47.5920.86-0.69-118.34-93.10300301.SZST 长方0.85-14.15-33.13-0.64-95.27-1,813.18300808.SZ久量股份0.7511.80-33.95-0.1433.80-268.88被动元件被动元件行业2026Q1 营业收入154.0 亿元，YoY+33%，QoQ+9%；毛利率26.5%，YoY+0.2pct，QoQ+0.2pct。整体而言，被动元件行业2026Q1 营业收入同比实现较快增长；毛利率同比小幅回升，环比亦略有回升。被动元件作为电子行业的基础零部件，有望受益于整个半导体行业的增长。电子行业2025 年报及2026 一季报综述图表34. 申万电子三级子行业被动元件季度营收和毛利率以下为申万电子三级子行业被动元件涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表35. 申万电子三级子行业被动元件2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）300408.SZ三环集团26.817.2946.257.9119.8648.48300975.SZ商络电子37.9360.82106.112.5758.91600.35002138.SZ顺络电子16.85-1.6615.341.78-29.39-23.71000636.SZ风华高科15.15-8.0918.900.8961.4737.14002484.SZ江海股份13.841.2019.521.6215.936.57600563.SH法拉电子12.84-7.106.722.68-12.071.30603989.SH艾华集团9.89-3.804.760.6957.39-0.87300319.SZ麦捷科技8.64-3.0310.710.47-33.84-24.38600237.SH铜峰电子3.06-5.19-16.000.25-38.58-9.74603738.SH泰晶科技2.4910.2724.310.2333.97165.22301458.SZ钧崴电子2.00-2.5820.130.37117.187.38920491.BJ奥迪威1.43-21.09-8.620.13-41.53-42.66920981.BJ晶赛科技1.9026.2646.850.04130.63288.71300460.SZST 惠伦1.29-0.954.24-0.0890.7543.64920128.BJ胜业电气1.455.059.530.02311.82-81.30688539.SH高华科技0.51-61.26-21.13-0.04-145.90-195.91301566.SZ达利凯普1.1549.5813.880.5464.314.75002199.SZ*ST 东晶1.52-11.49198.51-0.0283.5087.8095.8114.1118.3121.3115.7137.7139.4141.5154.026.7%28.3%27.8%25.1%26.3%27.3%27.6%26.3%26.5%24%24%25%25%26%26%27%27%28%28%29%29%0.020.040.060.080.0100.0120.0140.0160.0180.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述图表36. 申万电子三级子行业被动元件2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）300408.SZ三环集团24.995.9025.306.60-8.5312.38300975.SZ商络电子23.594.7125.141.61185.64832.73002138.SZ顺络电子17.13-5.230.682.52-11.0421.12000636.SZ风华高科16.4823.2820.570.55-11.03-23.69002484.SZ江海股份13.67-3.947.721.40-20.76-12.82600563.SH法拉电子13.83-4.313.753.04-4.3315.15603989.SH艾华集团10.284.627.400.44-40.561,020.31300319.SZ麦捷科技8.91-19.4716.500.71-25.60-22.57600237.SH铜峰电子3.23-6.11-0.740.4086.3918.55603738.SH泰晶科技2.26-12.6811.070.1732.51444.11301458.SZ钧崴电子2.06-6.0118.440.17-62.9618.08920491.BJ奥迪威1.826.006.550.237.4611.85920981.BJ晶赛科技1.51-2.3810.140.02-67.19166.86300460.SZST 惠伦1.30-16.1120.40-0.90-847.4052.62920128.BJ胜业电气1.3814.26-24.46-0.01-144.13-107.67688539.SH高华科技1.3349.9834.930.08-62.37-24.05301566.SZ达利凯普0.77-15.216.210.33-11.7228.42002199.SZ*ST 东晶1.71154.97222.05-0.11-39.5062.34印制电路板印制电路板行业2026Q1 营业收入825.3 亿元，YoY+32%，QoQ-5%；毛利率24.0%，YoY+3.0pcts，QoQ+1.5pcts。整体而言，印制电路板行业2026Q1 营业收入同比实现较快增长；毛利率同环比均有上升。我们认为以英伟达为代表的AI 产业链升级将继续支持高端PCB 细分市场的增长。图表37. 申万电子三级子行业印制电路板季度营收和毛利率491.8557.1621.8676.3624.5702.5789.3864.3825.319.2%19.5%20.5%19.3%21.0%22.9%23.5%22.5%24.0%0%5%10%15%20%25%30%0.0100.0200.0300.0400.0500.0600.0700.0800.0900.01,000.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述以下为申万电子三级子行业印制电路板涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表38. 申万电子三级子行业印制电路板2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）002384.SZ东山精密131.380.6452.7211.10581.80143.47002938.SZ鹏鼎控股79.86-35.03-1.254.63-65.21-5.21600183.SH生益科技81.414.1445.0911.5830.01105.47002916.SZ深南电路65.96-4.3137.908.50-10.4973.01300476.SZ胜宏科技55.196.6627.9912.8820.7339.95002463.SZ沪电股份62.1414.3853.9112.4212.4462.90603228.SH景旺电子38.92-7.8916.412.33-17.74-28.37688183.SH生益电子24.11-9.5452.624.4524.06122.16002815.SZ崇达技术19.49-0.0719.920.32212.53-71.87300657.SZ弘信电子16.16-8.311.850.38-33.14457.57002436.SZ兴森科技18.18-0.1915.100.19442.60100.00000823.SZ超声电子15.67-5.456.850.33-25.40-21.01603920.SH世运电路13.22-11.778.630.37-37.70-79.63002913.SZ奥士康13.13-12.3312.830.17-31.45-84.46001389.SZ广合科技19.1415.9871.353.9334.4563.31688519.SH南亚新材18.3217.1192.361.5082.58610.83600601.SH方正科技15.641.4364.312.3248.86195.16603175.SH超颖电子13.50-1.7927.56-0.96-584.82-233.72002636.SZ金安国纪12.602.5131.362.0257.91763.91603186.SH华正新材12.345.1819.840.31-85.5668.04603328.SH依顿电子9.36-3.75-1.130.38-61.97-67.60300903.SZ科翔股份9.54-4.009.39-0.5258.93-56.33603459.SH红板科技9.530.0022.881.24-2.1914.36603936.SH博敏电子8.18-19.79-0.60-0.1167.62-139.72002579.SZ中京电子6.99-5.43-5.880.06219.68-16.87603386.SH骏亚科技6.07-1.622.53-0.2028.49-235.45301282.SZ金禄电子5.46-8.7933.320.09-69.20-42.64300852.SZ四会富仕5.747.1341.230.291,148.752.71300814.SZ中富电路5.20-0.9037.810.191,364.4789.32300739.SZ明阳电路5.198.5423.370.1573.0821.73301176.SZ逸豪新材5.8416.2962.130.09123.92709.75301132.SZ满坤科技4.07-4.2219.380.183.94-35.71301251.SZ威尔高4.291.5438.480.07373.71-69.53002134.SZ天津普林4.2419.9142.390.12211.972,187.33605058.SH澳弘电子3.594.836.140.33-27.31-9.62920060.BJ万源通2.61-15.127.710.18-24.91-35.09301366.SZ一博科技3.04-8.5628.160.12-3.45272.69605258.SH协和电子1.99-23.841.610.05-76.76-57.16301628.SZ强达电路2.522.0625.340.23-7.88-14.51300964.SZ本川智能2.35-10.2938.060.12999.9015.46301041.SZ金百泽1.764.1015.700.00-101.3692.63688655.SH迅捷兴2.136.0372.74-0.0512.38-10.22920821.BJ则成电子0.80-10.40-15.86-0.03-810.21-158.46688020.SH方邦股份0.80-10.53-9.92-0.1769.59-1,305.94300936.SZ中英科技0.63-8.8352.83-0.01-111.87-871.69电子行业2025 年报及2026 一季报综述图表39. 申万电子三级子行业印制电路板2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）002384.SZ东山精密130.5429.0526.691.63-65.01790.16002938.SZ鹏鼎控股122.9217.285.4713.3013.26-19.19600183.SH生益科技78.18-1.4638.528.91-12.38143.10002916.SZ深南电路68.939.4041.899.50-1.65143.87300476.SZ胜宏科技51.751.7470.5810.67-3.14173.76002463.SZ沪电股份54.338.2625.4511.056.7549.52603228.SH景旺电子42.255.9717.982.83-5.266.90688183.SH生益电子26.65-12.9276.803.58-38.64146.46002815.SZ崇达技术19.51-5.2914.540.10-88.73326.01300657.SZ弘信电子17.63-14.2523.610.5755.292,581.19002436.SZ兴森科技18.22-6.4524.270.03-96.63102.07000823.SZ超声电子16.571.757.450.44-30.24-35.33603920.SH世运电路14.99-0.0211.300.59-75.60-69.35002913.SZ奥士康14.982.1019.050.25-70.61-65.82001389.SZ广合科技16.5017.0156.632.9225.7259.02688519.SH南亚新材15.6415.1870.590.8215.971,474.13600601.SH方正科技15.4222.5749.351.568.04227.88603175.SH超颖电子13.7515.2528.130.20-62.65-44.20002636.SZ金安国纪12.292.3411.721.2824.76304.88603186.SH华正新材11.746.6312.732.14973.76335.84603328.SH依顿电子9.72-4.559.670.99-6.5139.59300903.SZ科翔股份9.947.918.10-1.27-119.5624.94603459.SH红板科技0.000.000.001.27-27.0212.66603936.SH博敏电子10.2014.939.88-0.34-1,599.9888.32002579.SZ中京电子7.39-5.60-13.780.02-76.00-71.78603386.SH骏亚科技6.17-5.884.12-0.29-74.2179.47301282.SZ金禄电子5.9913.4637.270.29218.0724.46300852.SZ四会富仕5.36-0.1842.76-0.03-105.06-116.05300814.SZ中富电路5.243.6927.820.01-88.34-81.36300739.SZ明阳电路4.78-4.5929.340.08-74.36137.38301176.SZ逸豪新材5.026.8423.32-0.39-826.79-59.17301132.SZ满坤科技4.25-8.2718.990.17-55.06-49.92301251.SZ威尔高4.223.5949.15-0.02-110.10-128.44002134.SZ天津普林3.53-3.7918.29-0.10-223.30-453.79605058.SH澳弘电子3.423.09-2.290.4674.0210.89920060.BJ万源通3.07-7.557.240.25-30.55-17.81301366.SZ一博科技3.3313.1934.690.12-9.89142.77605258.SH协和电子2.61-2.036.040.2239.64-10.88301628.SZ强达电路2.47-1.3918.820.25-34.63-25.53300964.SZ本川智能2.6212.2256.77-0.01-111.42-151.65301041.SZ金百泽1.69-12.63-7.750.13264.18-25.58688655.SH迅捷兴2.012.9258.11-0.0654.78-79.83920821.BJ则成电子0.89-2.42-21.190.00-88.77-92.52688020.SH方邦股份0.89-6.91-13.28-0.57-1,915.24-9.46300936.SZ中英科技0.6914.67-7.770.091,113.00156.44消费电子零部件及组装消费电子零部件及组装行业2026Q1 营业收入5032.1 亿元，YoY+36%，QoQ-17%；毛利率10.4%，YoY+0.4pct，QoQ+0.5pct。消费电子零部件及组装行业营业收入具有一定的季节性。整体而言，消费电子零部件及组装行业2026Q1 营业收入同比实现正增长，毛利率同比亦有所回升。电子行业2025 年报及2026 一季报综述图表40. 申万电子三级子行业消费电子零部件及组装季度营收和毛利率以下为申万电子三级子行业消费电子零部件及组装涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表41. 申万电子三级子行业消费电子零部件及组装2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）601138.SH工业富联2510.78-16.0256.52105.95-17.22102.55002475.SZ立讯精密838.88-24.7235.7736.60-27.9820.24603296.SH华勤技术407.46-4.2516.4210.6110.9725.96002241.SZ歌尔股份186.59-34.4014.445.03-62.827.28300433.SZ蓝思科技141.40-31.85-17.13-1.50-112.73-134.88601231.SH环旭电子133.49-14.17-2.194.17-29.3124.57002600.SZ领益智造126.43-8.649.993.9213.08-30.70603341.SH龙旗科技75.64-29.92-19.350.15-80.21-90.00300115.SZ长盈精密51.31-3.3516.741.25-3.46-28.39000021.SZ深科技37.24-16.6910.672.42-36.2635.35600203.SH福日电子39.55-13.0497.260.46134.17215.23300857.SZ协创数据60.8555.82192.907.5060.87343.45002139.SZ拓邦股份26.44-8.64-1.010.52191.71-73.65002402.SZ和而泰28.1514.768.881.70180.830.34300735.SZ光弘科技22.23-18.8385.860.17-81.03-51.91300136.SZ信维通信19.92-18.6014.311.05-52.7935.35002993.SZ奥海科技14.77-24.852.430.47-26.89-62.60300602.SZ飞荣达16.44-13.9139.150.77-1.3233.92300679.SZ电连技术11.92-12.85-0.390.87184.46-29.32002635.SZ安洁科技11.55-8.746.330.35226.1311.80001314.SZ亿道信息11.34-34.58106.890.43-26.492,822.25002055.SZST 得润10.79-12.915.440.25123.74-21.23603890.SH春秋电子11.08-7.3327.670.6112.6750.69002925.SZ盈趣科技11.37-8.9232.370.93-76.6321.68605277.SH新亚电子9.98-4.9013.250.44-28.24-5.91002426.SZ胜利精密8.34-9.50-1.22-0.7588.17-217.45600363.SH联创光电6.12-27.08-23.630.833.66-28.80603629.SH利通电子9.9718.0741.612.71253.95821.08300787.SZ海能实业8.520.7025.52-0.10-243.23-149.37300976.SZ达瑞电子8.02-11.8321.750.7240.7725.803,026.33,456.54,208.94,474.93,711.64,406.25,423.76,079.75,032.110.9%10.6%10.6%9.9%10.0%10.0%10.9%9.9%10.4%9%10%10%10%10%10%11%11%11%0.01,000.02,000.03,000.04,000.05,000.06,000.07,000.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述续 图表41. 申万电子三级子行业消费电子零部件及组装2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）603626.SH科森科技6.25-8.05-9.513.85263.13512.78300709.SZ精研科技5.72-11.1521.92-0.5049.99-184.18002947.SZ恒铭达7.14-20.2510.041.5122.0739.91300322.SZ硕贝德7.47-4.2444.300.10-25.39-28.21002681.SZ奋达科技5.61-22.29-26.15-0.1683.45-139.25603327.SH福蓉科技7.622.5435.840.4831.05134.07603380.SH易德龙5.30-6.39-3.450.31-33.92-26.92301123.SZ奕东电子6.090.2438.300.09109.93254.66300956.SZ英力股份4.44-25.58-0.52-0.06-269.93-280.47002866.SZ传艺科技5.38-2.7715.860.15-9.79-60.82300793.SZ佳禾智能4.80-2.13-1.54-0.0995.28-154.95603595.SHST 东尼6.08-6.5041.970.24148.38118.59688678.SH福立旺5.40-9.4959.630.46113.50223.03301383.SZ天键股份3.987.02-8.59-0.34-47.94-1,089.91301491.SZ汉桑科技3.61-36.0043.790.29-56.62-22.53002981.SZ朝阳科技3.691.73-6.99-0.0387.61-114.77300843.SZ胜蓝股份4.92-1.1046.090.36299.0119.63002369.SZ卓翼科技3.71-16.55-12.99-0.2179.7535.60002855.SZ捷荣技术3.13-22.77-17.29-0.1891.0878.76301051.SZ信濠光电2.99-10.84-29.03-0.5574.3548.08300916.SZ朗特智能3.53-7.06-10.470.01-92.63-96.04301387.SZ光大同创4.33-0.1424.67-0.0284.30-108.88300686.SZ智动力2.69-31.82-22.94-0.5226.30-116.30300032.SZ金龙机电2.58-30.12-26.45-0.2012.25-222.08300256.SZ星星科技2.88-9.79-12.30-0.1928.71-154.25603633.SH徕木股份3.32-11.40-5.05-0.3677.79-290.20002655.SZ共达电声2.87-28.18-1.340.05-52.83-74.72300951.SZ博硕科技2.94-30.688.88-0.20-30,365.68-137.80301180.SZ万祥科技3.507.1925.04-0.0190.80-126.57300968.SZ格林精密3.04-7.2546.14-0.45-13.60-300.98301326.SZ捷邦科技3.09-9.5786.33-0.1556.22-32.79002660.SZ茂硕电源2.893.24-4.16-0.2983.51-4,964.79301626.SZ苏州天脉2.63-11.945.080.122.70-77.10301285.SZ鸿日达2.52-22.6955.17-0.1764.34-42.19301486.SZ致尚科技2.666.77-0.06-0.0691.22-125.74603052.SH可川科技2.23-13.8910.23-0.12-26.71-207.61301086.SZ鸿富瀚2.827.9662.750.3996.03107.74301329.SZ信音电子2.8528.4445.270.29128.21106.66920701.BJ豪声电子1.74-17.92-1.770.03-81.62-67.79688210.SH统联精密1.64-23.89-5.89-0.20-89.88-826.13002861.SZ瀛通通讯2.07-2.7725.87-0.2721.81-55.22300822.SZ贝仕达克1.78-5.18-17.920.22209.59108.53301067.SZ显盈科技1.26-27.98-24.10-0.0688.52-225.87300647.SZ超频三2.82282.760.390.09105.8671.49300868.SZ杰美特1.41-25.89-6.06-0.0874.04-120.35300812.SZ易天股份1.32-45.79-5.490.09155.80-55.52920357.BJ雅葆轩1.52-15.5656.470.2121.2371.89688260.SH昀冢科技1.57-4.1356.28-0.53-19.62-1.31920876.BJ慧为智能1.17-25.47-13.91-0.03-160.65-219.91300784.SZ利安科技1.12-22.68-3.800.08-25.69-46.74920267.BJ鑫汇科1.09-29.69-18.70-0.0476.18-162.65301389.SZ隆扬电子1.67-21.73127.300.2722.03-12.24920212.BJ智新电子1.07-30.087.940.01-71.27-88.31600130.SH波导股份1.22-14.0727.770.0347.2923.07920005.BJ鼎佳精密1.14-2.5914.280.13139.01-35.96301567.SZ贝隆精密0.95-4.1511.190.04116.26-49.04920857.BJ泓禧科技0.967.00-8.79-0.18-45.37-753.39920346.BJ威贸电子0.70-16.47-3.730.09-35.17-13.76电子行业2025 年报及2026 一季报综述图表42. 申万电子三级子行业消费电子零部件及组装2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）601138.SH工业富联2,989.5622.9473.04127.9923.3858.49002475.SZ立讯精密1,114.3015.5821.6250.814.2618.43603296.SH华勤技术425.55-5.3125.659.56-20.999.04002241.SZ歌尔股份284.44-6.92-9.1513.5315.57322.99300433.SZ蓝思科技207.470.22-12.3411.75-30.90-6.23601231.SH环旭电子155.54-5.32-6.775.90-5.5966.00002600.SZ领益智造138.39-0.918.643.46-65.760.41603341.SH龙旗科技107.93-5.52-5.830.78-48.6810.77300115.SZ长盈精密53.089.009.751.30-19.88-26.85000021.SZ深科技44.7026.3212.433.8025.0241.26600203.SH福日电子45.4813.4962.50-1.36-308.1445.69300857.SZ协创数据39.0515.3093.774.6675.44246.15002139.SZ拓邦股份28.957.803.32-0.57-162.61-147.46002402.SZ和而泰24.53-13.14-6.360.61-75.71578.31300735.SZ光弘科技27.38-6.7860.750.90-9.82-29.22300136.SZ信维通信24.47-11.304.172.22-31.5673.10002993.SZ奥海科技19.66-1.614.690.64-47.85-61.17300602.SZ飞荣达19.0910.1113.710.78-34.72-19.55300679.SZ电连技术13.68-9.742.94-1.03-179.29-163.02002635.SZ安洁科技12.66-2.245.260.11-72.32-73.59001314.SZ亿道信息17.3330.2295.810.581,417.33346.36002055.SZST 得润12.397.66-4.93-1.06-619.7090.32603890.SH春秋电子11.95-5.9624.120.54-60.86-23.42002925.SZ盈趣科技12.4917.6120.773.99894.58401.77605277.SH新亚电子10.5013.17-0.170.624.2719.63002426.SZ胜利精密9.22-0.5627.07-6.38-1,980.1810.00600363.SH联创光电8.39-1.9625.120.80-41.86184.60603629.SH利通电子8.45-10.7311.640.77-53.51372.90300787.SZ海能实业8.47-6.7428.850.07-37.11-73.64300976.SZ达瑞电子9.094.1114.540.51-48.32-14.19603626.SH科森科技6.80-21.90-10.55-2.36-2,370.912.70300709.SZ精研科技6.44-24.4410.31-0.99-242.06-595.27002947.SZ恒铭达8.9524.6613.721.24-28.55-15.08300322.SZ硕贝德7.80-0.1846.400.14-18.63120.52002681.SZ奋达科技7.22-1.07-8.67-0.96-2,129.10-71.05603327.SH福蓉科技7.431.6811.960.37-8.06111.37603380.SH易德龙5.662.66-7.000.46-24.871.88301123.SZ奕东电子6.07-6.6327.12-0.96-521.23-23.38300956.SZ英力股份5.972.771.970.03-4.35-18.54002866.SZ传艺科技5.54-5.481.320.17-36.55114.18300793.SZ佳禾智能4.90-20.94-8.26-1.84-5,055.99-496.12603595.SHST 东尼6.505.2019.36-0.49-284.87-190.88688678.SH福立旺5.97-10.9254.820.21-58.70300.53301383.SZ天键股份3.72-37.69-32.35-0.23-58.49-152.91301491.SZ汉桑科技5.651.2991.250.678.758.26002981.SZ朝阳科技3.63-37.61-30.85-0.25-154.19-167.90300843.SZ胜蓝股份4.975.8736.660.09-52.05-40.19002369.SZ卓翼科技4.4414.72-6.33-1.02-31.52-8.96002855.SZ捷荣技术4.05-11.108.30-2.07-140.09-70.21301051.SZ信濠光电3.35-20.71-26.03-2.13-268.39-45.27300916.SZ朗特智能3.79-9.272.870.16-43.69-67.55301387.SZ光大同创4.345.9113.73-0.10-303.40-177.00300686.SZ智动力3.94-8.37-4.58-0.70-197.836.11300032.SZ金龙机电3.69-11.96-14.94-0.23-218.1562.30300256.SZ星星科技3.19-37.00-7.15-0.26-801.4194.71603633.SH徕木股份3.75-2.22-9.65-1.61-718.93-4,835.85电子行业2025 年报及2026 一季报综述续 图表42. 申万电子三级子行业消费电子零部件及组装2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%）YoY（%）归母净利润（亿元）QoQ（%）YoY（%）002655.SZ共达电声3.993.0716.650.11-44.69-41.71300951.SZ博硕科技4.249.7518.330.00-99.86-99.87301180.SZ万祥科技3.26-21.3114.07-0.11-246.3270.46300968.SZ格林精密3.27-28.6916.01-0.40-311.73-781.75301326.SZ捷邦科技3.41-34.9171.43-0.34-234.01-69.62002660.SZ茂硕电源2.80-4.37-25.70-1.76-398.37-698.74301626.SZ苏州天脉2.99-3.7118.700.12-74.78-73.06301285.SZ鸿日达3.2627.4775.06-0.49-319.83-30.66301486.SZ致尚科技2.496.640.25-0.69-272.58-1,013.28603052.SH可川科技2.584.9913.59-0.09-2,900.13-199.22301086.SZ鸿富瀚2.61-11.2820.790.20-66.386,560.56301329.SZ信音电子2.22-6.3022.240.13-22.04-40.60920701.BJ豪声电子2.11-21.03-3.370.15-27.18-0.02688210.SH统联精密2.15-10.20-3.14-0.10-1,286.52-146.46002861.SZ瀛通通讯2.13-9.78-3.00-0.35-278.14-179.22300822.SZ贝仕达克1.87-21.27-6.58-0.20-233.29-357.30301067.SZ显盈科技1.76-1.94-29.72-0.54-798.72-2,335.32300647.SZ超频三0.74-52.87-52.95-1.49-1,529.8959.95300868.SZ杰美特1.9027.15-7.09-0.31-104.06-931.47300812.SZ易天股份2.44205.25373.28-0.16-438.8083.22920357.BJ雅葆轩1.806.4666.270.17-12.0135.84688260.SH昀冢科技1.646.5111.43-0.443.650.02920876.BJ慧为智能1.5733.0846.960.04932.57219.00300784.SZ利安科技1.455.508.340.10-13.22-49.06920267.BJ鑫汇科1.5539.89-19.19-0.15-175.05-357.09301389.SZ隆扬电子2.1355.69168.780.22-18.77-25.41920212.BJ智新电子1.5317.9733.130.03-48.333.40600130.SH波导股份1.4238.50-5.380.02502.0473.24920005.BJ鼎佳精密1.17-0.656.400.05-66.55-69.70301567.SZ贝隆精密0.99-15.47-5.12-0.25-457.43-312.09920857.BJ泓禧科技0.90-9.46-20.32-0.13-7.92-525.20920346.BJ威贸电子0.8437.5515.590.1555.934.74品牌消费电子品牌消费电子行业2026Q1 营业收入380.4 亿元，YoY+32%，QoQ-8%；毛利率29.0%，YoY+3.1pcts，QoQ+1.2pcts。整体而言，品牌消费电子行业2026Q1 营业收入同比显著增长，毛利率同比亦显著上升。电子行业2025 年报及2026 一季报综述图表43. 申万电子三级子行业品牌消费电子季度营收和毛利率以下为申万电子三级子行业品牌消费电子涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表44. 申万电子三级子行业品牌消费电子2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）688036.SH传音控股162.000.9524.587.0061.8742.90300866.SZ安克创新76.08-19.8826.934.72-22.99-4.87002841.SZ视源股份62.03-1.0223.952.4768.7552.45688775.SH影石创新24.81-20.7483.110.85-38.32-52.02301606.SZ绿联科技27.98-10.5253.422.38-0.0558.14002045.SZ国光电器15.33-5.77-11.66-0.2680.49-179.34002351.SZ漫步者5.79-21.87-12.121.02-22.030.05688007.SH光峰科技2.32-34.80-49.67-0.3772.98-74.53301189.SZ奥尼电子3.5416.66164.510.16124.47160.25002888.SZ惠威科技0.48-41.86-14.37-0.02-120.52-683.38920183.BJ海菲曼0.64-15.0615.760.19-23.15-0.17图表45. 申万电子三级子行业品牌消费电子2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）688036.SH传音控股160.48-21.59-8.104.33-53.73-73.71300866.SZ安克创新94.9516.4714.936.12-20.04-4.75002841.SZ视源股份62.67-16.6819.401.46-68.83261.79688775.SH影石创新31.306.4793.281.37-49.55-10.30301606.SZ绿联科技31.2724.7367.752.3823.7469.22002045.SZ国光电器16.27-32.29-26.15-1.32-191.68-1,591.31002351.SZ漫步者7.415.24-7.141.3131.3218.14688007.SH光峰科技3.56-9.10-49.05-1.38-2,874.95-820.25301189.SZ奥尼电子3.03-14.6767.35-0.67-158.22-28.78002888.SZ惠威科技0.8329.60-17.020.11899.0161.77920183.BJ海菲曼0.7531.47-8.020.2456.37-11.47288.7312.9363.7368.2288.7364.2455.0411.8380.425.7%25.6%26.3%26.0%25.9%28.2%26.5%27.8%29.0%23%24%25%26%27%28%29%30%0.050.0100.0150.0200.0250.0300.0350.0400.0450.0500.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述其他电子其他电子行业2026Q1 营业收入862.3 亿元，YoY+98%，QoQ+54%；毛利率9.0%，YoY-0.8pct，QoQ-0.9pcts。整体而言，其他电子行业趋势尚不好判断。图表46. 申万电子三级子行业其他电子季度营收和毛利率以下为申万电子三级子行业其他电子涵盖的具体公司及其2026Q1、2025Q4 业绩明细：图表47. 申万电子三级子行业其他电子2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）001287.SZ中电港298.62100.06144.361.58494.9087.38300475.SZ香农芯创237.65168.49200.6013.27616.537,835.06000062.SZ深圳华强77.016.2147.282.0197.2290.28300184.SZ力源信息28.3518.8152.011.37756.18240.58002130.SZ沃尔核材20.32-14.2015.522.31-28.18-7.63001298.SZ好上好31.5440.6477.990.59118.22235.36301099.SZ雅创电子22.1713.2963.580.6857.94642.29300131.SZ英唐智控13.40-8.986.020.041,083.36-76.60002782.SZ可立克12.25-14.208.870.25-62.18-63.63002922.SZ伊戈尔12.76-12.3817.710.69209.7963.53000670.SZ盈方微9.33-28.5024.28-0.1270.0010.30301275.SZ汉朔科技14.765.2650.441.8131.5820.68002885.SZ京泉华8.4212.666.110.31149.3269.22301563.SZ云汉芯城11.4913.8979.460.52196.33152.00688800.SH瑞可达7.52-9.42-1.280.59-10.84-22.09300493.SZ润欣科技5.94-19.901.380.1784.1632.69300650.SZ太龙股份9.7356.9970.430.08390.5019.45603933.SH睿能科技6.9517.3830.490.35695.16163.18301031.SZ中熔电气6.32-14.4861.921.14-30.1487.43002859.SZ洁美科技5.07-11.6722.520.488.7941.59002388.SZ新亚制程4.51-18.6417.900.05119.16-65.75600353.SH旭光电子3.73-17.918.770.33-44.8310.72469.5550.7463.0443.1434.9583.6558.3559.4862.38.4%9.1%9.2%10.1%9.8%9.8%9.7%9.8%9.0%8%8%9%9%10%10%11%0.0100.0200.0300.0400.0500.0600.0700.0800.0900.01,000.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1单位：亿元营业收入（左）毛利率（右）电子行业2025 年报及2026 一季报综述续 图表47. 申万电子三级子行业其他电子2026Q1 业绩明细证券代码证券名称营业收入（亿元）QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）688103.SH国力电子3.07-20.4833.280.07-54.32-42.98688093.SH世华科技2.39-0.97-6.450.853.48-2.07301328.SZ维峰电子1.72-13.8718.500.197.81-27.00300991.SZ创益通1.36-35.39-18.15-0.06-36.28-202.56300516.SZ久之洋0.48-85.30-28.35-0.15-726.19-156.01002161.SZ远望谷1.06-42.7616.10-0.3870.37-58.16920181.BJ赛英电子1.47-9.117.670.2745.6314.72688662.SH富信科技1.171.204.330.0710.535.06002729.SZ好利科技0.97-5.74-4.130.103.69-44.63300736.SZ百邦科技0.9113.20-17.06-0.0560.33-0.04301359.SZ东南电子0.70-30.210.730.05-52.32-53.43300656.SZ民德电子0.65-17.0621.31-0.2671.00-178.49图表48. 申万电子三级子行业其他电子2025Q4 业绩明细证券代码证券名称营业收入（亿元）QoQ（%） YoY（%） 归母净利润（亿元） QoQ（%）YoY（%）001287.SZ中电港207.7521.6894.540.27-65.27-69.81300475.SZ香农芯创88.51-4.5814.051.85-8.06284.82000062.SZ深圳华强72.519.6927.801.02-18.81291.17300184.SZ力源信息23.86-2.467.770.16-73.17971.42002130.SZ沃尔核材23.6810.8412.463.2222.0967.33001298.SZ好上好22.42-0.0819.290.2774.1516,246.53301099.SZ雅创电子19.578.1945.810.433.27102.12300131.SZ英唐智控14.73-0.1010.750.00107.38-97.54002782.SZ可立克14.28-0.691.540.67-17.49-13.52002922.SZ伊戈尔14.568.574.270.22-69.85-73.05000670.SZ盈方微13.05-13.8713.09-0.39-253.05-53.27301275.SZ汉朔科技14.0268.025.551.3748.44-24.44002885.SZ京泉华7.47-14.74-18.270.12-59.62399.54301563.SZ云汉芯城10.0927.8638.130.17-36.74-46.82688800.SH瑞可达8.304.190.560.66-13.09-4.67300493.SZ润欣科技7.41-5.9810.060.09-43.321,297.75300650.SZ太龙股份6.20-17.46-1.320.02-92.20-90.36603933.SH睿能科技5.9216.1822.90-0.06-212.3875.48301031.SZ中熔电气7.3824.0462.251.6355.84143.42002859.SZ洁美科技5.741.9320.820.44-43.3175.52002388.SZ新亚制程5.5411.50-10.64-0.24-393.6489.88600353.SH旭光电子4.5414.59-2.950.6062.43179.55688103.SH国力电子3.864.7557.500.15-26.34281.63688093.SH世华科技2.42-21.765.790.82-33.13-1.93301328.SZ维峰电子2.0013.7133.400.17-35.39-1.19300991.SZ创益通2.1125.81-5.53-0.05-301.83-119.71300516.SZ久之洋3.27105.9426.730.02-80.39-77.69002161.SZ远望谷1.8535.899.09-1.29-277.68-264.49920181.BJ赛英电子1.628.2114.980.19-27.83-12.62688662.SH富信科技1.16-22.59-6.220.07-46.00-40.28002729.SZ好利科技1.031.522.490.0935.97255.35300736.SZ百邦科技0.81-25.66-1.38-0.12-55.25-3,294.04301359.SZ东南电子1.0116.067.560.1134.58-13.31300656.SZ民德电子0.79-16.12-47.22-0.91-320.9412.66电子行业2025 年报及2026 一季报综述风险提示全球经济下行，下游需求不及预期。全球贸易争端加剧，宏观经济面临不确定性。如果全球经济进入通缩周期，电子行业下游需求可能下滑，进而影响产业链上游的业绩。竞争格局恶化，行业盈利能力不及预期。电子产业链比较复杂，行业竞争者较多。如果竞争者恶意价格战，行业盈利能力可能面临下滑的风险。AI 产业迭代放缓，技术突破不及预期。AI 属于新兴产业，产业不确定性强。如果AI 产业进步速度不及预期，行业可能面临技术升级放缓的风险。电子行业2025 年报及2026 一季报综述披露声明本报告准确表述了证券分析师的个人观点。该证券分析师声明，本人未在公司内、外部机构兼任有损本人独立性与客观性的其他职务，没有担任本报告评论的上市公司的董事、监事或高级管理人员；也不拥有与该上市公司有关的任何财务权益；本报告评论的上市公司或其它第三方都没有或没有承诺向本人提供与本报告有关的任何补偿或其它利益。中银国际证券股份有限公司同时声明，将通过公司网站披露本公司授权公众媒体及其他机构刊载或者转发证券研究报告有关情况。如有投资者于未经授权的公众媒体看到或从其他机构获得本研究报告的，请慎重使用所获得的研究报告，以防止被误导，中银国际证券股份有限公司不对其报告理解和使用承担任何责任。评级体系说明以报告发布日后公司股价/行业指数涨跌幅相对同期相关市场指数的涨跌幅的表现为基准：公司投资评级：买 入：预计该公司股价在未来6-12 个月内超越基准指数20%以上；增 持：预计该公司股价在未来6-12 个月内超越基准指数10%-20%；中 性：预计该公司股价在未来6-12 个月内相对基准指数变动幅度在-10%-10%之间；减 持：预计该公司股价在未来6-12 个月内相对基准指数跌幅在10%以上；未有评级：因无法获取必要的资料或者其他原因，未能给出明确的投资评级。中 性：预计该行业指数在未来6-12 个月内表现基本与基准指数持平；未有评级：因无法获取必要的资料或者其他原因，未能给出明确的投资评级。沪深市场基准指数为沪深300 指数；新三板市场基准指数为三板成指或三板做市指数；香港市场基准指数为恒生指数或恒生中国企业指数；美股市场基准指数为纳斯达克综合指数或标普500 指数。本报告发布的特定客户包括：1) 基金、保险、QFII、QDII 等能够充分理解证券研究报告，具备专业信息处理能力的中银国际证券股份有限公司的机构客户；2) 中银国际证券股份有限公司的证券投资顾问服务团队，其可参考使用本报告。中银国际证券股份有限公司的证券投资顾问服务团队可能以本报告为基础，整合形成证券投资顾问服务建议或产品，提供给接受其证券投资顾问服务的客户。中银国际证券股份有限公司不以任何方式或渠道向除上述特定客户外的公司个人客户提供本报告。中银国际证券股份有限公司的个人客户从任何外部渠道获得本报告的，亦不应直接依据所获得的研究报告作出投资决策；需充分咨询证券投资顾问意见，独立作出投资决策。中银国际证券股份有限公司不承担由此产生的任何责任及损失等。本报告内含保密信息，仅供收件人使用。阁下作为收件人，不得出于任何目的直接或间接复制、派发或转发此报告全部或部分内容予任何其他人，或将此报告全部或部分内容发表。如发现本研究报告被私自刊载或转发的，中银国际证券股份有限公司将及时采取维权措施，追究有关媒体或者机构的责任。所有本报告内使用的商标、服务标记及标记均为中银国际证券股份有限公司或其附属及关联公司（统称“中银国际集团”）的商标、服务标记、注册商标或注册服务标记。本报告及其所载的任何信息、材料或内容只提供给阁下作参考之用，并未考虑到任何特别的投资目的、财务状况或特殊需要，不能成为或被视为出售或购买或认购证券或其它金融票据的要约或邀请，亦不构成任何合约或承诺的基础。中银国际证券股份有限公司不能确保本报告中提及的投资产品适合任何特定投资者。本报告的内容不构成对任何人的投资建议，阁下不会因为收到本报告而成为中银国际集团的客户。阁下收到或阅读本报告须在承诺购买任何报告中所指之投资产品之前，就该投资产品的适合性，包括阁下的特殊投资目的、财务状况及其特别需要寻求阁下相关投资顾问的意见。尽管本报告所载资料的来源及观点都是中银国际证券股份有限公司及其证券分析师从相信可靠的来源取得或达到，但撰写本报告的证券分析师或中银国际集团的任何成员及其董事、高管、员工或其他任何个人（包括其关联方）都不能保证它们的准确性或完整性。除非法律或规则规定必须承担的责任外，中银国际集团任何成员不对使用本报告的材料而引致的损失负任何责任。本报告对其中所包含的或讨论的信息或意见的准确性、完整性或公平性不作任何明示或暗示的声明或保证。阁下不应单纯依靠本报告而取代个人的独立判断。本报告仅反映证券分析师在撰写本报告时的设想、见解及分析方法。中银国际集团成员可发布其它与本报告所载资料不一致及有不同结论的报告，亦有可能采取与本报告观点不同的投资策略。为免生疑问，本报告所载的观点并不代表中银国际集团成员的立场。本报告可能附载其它网站的地址或超级链接。对于本报告可能涉及到中银国际集团本身网站以外的资料，中银国际集团未有参阅有关网站，也不对它们的内容负责。提供这些地址或超级链接（包括连接到中银国际集团网站的地址及超级链接）的目的，纯粹为了阁下的方便及参考，连结网站的内容不构成本报告的任何部份。阁下须承担浏览这些网站的风险。本报告所载的资料、意见及推测仅基于现状，不构成任何保证，可随时更改，毋须提前通知。本报告不构成投资、法律、会计或税务建议或保证任何投资或策略适用于阁下个别情况。本报告不能作为阁下私人投资的建议。过往的表现不能被视作将来表现的指示或保证，也不能代表或对将来表现做出任何明示或暗示的保障。本报告所载的资料、意见及预测只是反映证券分析师在本报告所载日期的判断，可随时更改。本报告中涉及证券或金融工具的价格、价值及收入可能出现上升或下跌。部分投资可能不会轻易变现，可能在出售或变现投资时存在难度。同样，阁下获得有关投资的价值或风险的可靠信息也存在困难。本报告中包含或涉及的投资及服务可能未必适合阁下。如上所述，阁下须在做出任何投资决策之前，包括买卖本报告涉及的任何证券，寻求阁下相关投资顾问的意见。中银国际证券股份有限公司及其附属及关联公司版权所有。保留一切权利。中银国际证券股份有限公司中国上海浦东银城中路200 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