证 券 研 究 报 告 证券分析师：郑菁华 A0230525060001 刘靖 A0230512070005 研究支持：郑菁华 A0230525060001 联系人：郑菁华 A0230525060001 2026.03.17 www.swsresearch.com 证券研究报告 2 周期迎拐点，成长正当时 2026年春季北交所化工新材料行业投资策略 ◼ 风险提示：1）下游客户拓展不及预期；2）外部环境导致需求不及预期；3）新项目进展不及预期。 核心观点 ◼ 周期拐点明确，成长乘势而起。从成本端看，PPI迎来缓慢修复，形成支撑。从供给端看，国内反内卷政策持续加码， 出口退税取消，国内落后产能逐步出清，资本开支增速显著放缓，同时欧洲受能源成本高企影响产能逐步退出市场， 形成内外共振之势。从需求端看，传统需求如农药行业景气度回暖，更重要的是新兴需求带来增量，形成双轮驱动之 势。我们认为，本轮化工行情具备强持续性，周期板块拐点明确，成长板块乘势而起。 ◼ 主线1-周期板块：从普涨走向分化，寻找边际回暖赛道。北交所本轮化工行情始于2026年初，化工新材料行业标的 实现普涨，表现亮眼的主要为具有较高辨识度的化工股和近期受 ...

Core Insights - The report emphasizes the acceleration of unmanned and intelligent combat capabilities, improving military system efficiency, and promoting the standardization of military-civilian integration as outlined in the 14th Five-Year Plan [5][13] - The new quality forces are expected to accelerate during the 14th Five-Year Plan, with significant developments anticipated in large aircraft, low-altitude economy, satellite internet, and nuclear fusion [5][14] - The report identifies investment opportunities across various sectors, including supply chain reforms, military trade, and emerging industries such as commercial aerospace and AI [5][15] Section Summaries 1. Weekly Insights - The 14th Five-Year Plan highlights the need for modernization in defense and military, focusing on the development of new combat forces and improving resource efficiency [13] - It stresses the importance of integrating new quality production forces with combat capabilities to enhance national strategic systems [13] 2. Industry Trends - The report notes that the defense industry is poised for growth, particularly in areas like large aircraft production and low-altitude economic development [14] - It mentions the importance of commercial aerospace and the need for advancements in satellite internet and quantum technology as future growth points [14] 3. Investment Recommendations - The report suggests focusing on companies that are positioned well within the "S-curve" of industry evolution, particularly those involved in supply chain reforms and intelligent automation [15] - It highlights specific companies to watch, including those in military trade, large aircraft, and emerging technologies like AI and quantum computing [15] 4. Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies in the defense sector, including expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [6] - Companies such as航材股份, 铂力特, and 紫光国微 are highlighted for their growth potential and strategic positioning within the industry [6] 5. Market Dynamics - The report discusses the competitive landscape, noting the importance of technological advancements and market positioning for companies like 航发动力 and 中航重机 [23][27] - It emphasizes the need for companies to adapt to changing market demands and leverage their technological capabilities to maintain competitive advantages [25][26]

北交所信息更新 投资评级：买入（维持） | 日期 | 2026/3/10 | | --- | --- | | 当前股价(元) | 53.66 | | 一年最高最低(元) | 67.58/25.76 | | 总市值(亿元) | 78.48 | | 流通市值(亿元) | 77.90 | | 总股本(亿股) | 1.46 | | 流通股本(亿股) | 1.45 | | 近 3 个月换手率(%) | 122.46 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年预计营收 4.47 亿元（+9.58%），归母净利润 1.28 亿元（+27.49%） 公司发布 2025 年业绩快报，预计 2025 年公司营收 4.47 亿元同比增长 9.58%， 归母净利润 1.28 亿元同比增长 27.49%，扣非归母净利润 1.11 亿元，同比增长 20.73%。根据业绩快报，我们下调 2025 年盈利预测，维持 2026-2027 年盈利预 测，预计公司 2025-2027 年归母净利润分别为 1.28（原 1.40）/1.71/2.03 亿元， 对应 ...

2026 年 03 月 02 日 证券研究报告·北交所公司点评报告·造纸 民士达（920394） 2025 业绩快报点评：核心业务芳纶纸量利齐 升，全年业绩同比+27% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 340.47 | 407.95 | 447.02 | 518.31 | 624.12 | | 同比 | 20.70 | 19.82 | 9.58 | 15.95 | 20.41 | | 归母净利润（百万元） | 81.63 | 100.52 | 128.16 | 149.87 | 173.87 | | 同比 | 28.74 | 23.14 | 27.49 | 16.94 | 16.01 | | EPS-最新摊薄（元/股） | 0.56 | 0.69 | 0.88 | 1.02 | 1.19 | | P/E（现价&最新摊薄） | 99.32 | 80.66 | 63.27 | 54.10 | 46.6 ...

民士达（920394） 2025 业绩快报点评：核心业务芳纶纸量利齐 升，全年业绩同比+27% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 340.47 | 407.95 | 447.02 | 518.31 | 624.12 | | 同比 | 20.70 | 19.82 | 9.58 | 15.95 | 20.41 | | 归母净利润（百万元） | 81.63 | 100.52 | 128.16 | 149.87 | 173.87 | | 同比 | 28.74 | 23.14 | 27.49 | 16.94 | 16.01 | | EPS-最新摊薄（元/股） | 0.56 | 0.69 | 0.88 | 1.02 | 1.19 | | P/E（现价&最新摊薄） | 99.32 | 80.66 | 63.27 | 54.10 | 46.63 | [Table_Tag] [Table_Summary] 投资要点 ...

Core Insights - The report highlights the upward trend in commercial aerospace, particularly with AIDC's power supply and server sectors, military trade, and large aircraft [2][3] - The military trade, AI, and large aircraft sectors are expected to see significant growth, driven by geopolitical events and advancements in technology [5][14] - The report emphasizes the importance of the "S-curve" cycle evolution, focusing on supply chain reforms, military trade, and emerging industries such as commercial aerospace and AI [5][15] Industry Overview - The commercial aerospace sector is experiencing a boost, with the launch of the Qianfan constellation for commercial communication services in Brazil starting in 2026 [5][13] - Military trade is gaining momentum, with geopolitical tensions influencing demand, as seen in recent events involving Israel and Iran [5][14] - The report notes the strategic importance of large aircraft manufacturing, with a focus on enhancing competitiveness in the global market [5][14] Company Analysis - AIDC is positioned well in the power supply and server markets, with expectations of increased demand from military and aerospace sectors [5][14] - The report identifies key companies in the defense and aerospace sectors, such as航发动力 (Aero Engine Corporation), 中航高科 (AVIC High-tech), and 航天电器 (Aerospace Electric), highlighting their growth potential and market positioning [6][23][24] - The analysis includes financial projections for various companies, indicating expected earnings growth and valuation metrics, such as PE ratios and ROE [6][23][24] Investment Recommendations - The report suggests a focus on companies that are adapting to the "S-curve" cycle, emphasizing supply chain reforms and technological advancements [5][15] - Specific companies are recommended for investment based on their strategic positioning and growth potential in the defense and aerospace sectors [5][15][23][24] - The report encourages monitoring emerging industries, including commercial aerospace and AI, for potential investment opportunities [5][15]

Group 1 - The report highlights that the demand for gas turbines and power grid equipment is driven by the AI computing wave, presenting high growth opportunities for the power sector on the Beijing Stock Exchange [2][12] - Siemens Energy reported a significant increase in orders and revenue, with a 34% rise in order value to €17.609 billion, primarily due to strong demand in the gas turbine and power grid sectors [12][14] - The U.S. currently leads the world in natural gas power generation capacity under construction, with over one-third of this capacity planned to directly supply data centers [13] Group 2 - The report indicates that the chemical new materials sector experienced an average increase of 2.60% in stock prices over the week, with a median P/E ratio rising to 40.7X [3][29] - The technology new industries saw a median P/E ratio increase from 42.3X to 49.5X, with 95 out of 159 companies experiencing stock price increases [4][50] - The report emphasizes the performance of specific companies, such as Guangxin Technology, which achieved a 41.35% increase in revenue and a 91.95% increase in net profit for the first three quarters of 2025 [19][72] Group 3 - The report identifies key companies in the power sector, including Minshida, Guangxin Technology, and Hongyuan Co., with respective market capitalizations of ¥8.108 billion, ¥7.710 billion, and ¥4.323 billion [15][16] - Minshida specializes in the production of aramid paper and related products, while Guangxin Technology is one of the few domestic manufacturers capable of producing insulation materials for ultra/high voltage applications [20][21] - Hongyuan Co. focuses on electromagnetic wires used in high-voltage transformers and has established a leading position in the ultra/high voltage transformer wire market [24][27]

证券代码：920394 证券简称：民士达 公告编号：2026-003 烟台民士达特种纸业股份有限公司 2025 年年度业绩快报 一、2025 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 447,021,214.71 | 407,945,897.30 | 9.58% | | 利润总额 | 147,081,744.99 | 109,702,898.26 | 34.07% | | 归属于上市公司股 | 128,156,003.83 | 100,522,558.37 | 27.49% | | 东的净利润 | | | | | 归属于上市公司股 | 111,351,681.01 | 92,235,101.36 | 20.73% | | 东的扣除非经常性 | | | | | 损益的净利润 | | | | | 基本每股收益 | 0.88 | 0.69 | 27.54% | | 加权平均净资产收 | 16.44% | 14.79% | | | 益率%（扣非前） | | | - | | 加权平均净资产收 | 1 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [32]. Core Insights - The North Exchange A-share trading volume reached 16.95 billion yuan on February 11, a decrease of 2.38 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1525.49, down 0.44% [8][16]. - Among the 293 companies listed on the North Exchange, 73 saw an increase in stock prices, 9 remained flat, and 211 experienced declines [18]. - The top five gainers included Minshida (8.4%), Gebijia (8.0%), Lingge Technology (7.6%), Kebaier (6.9%), and Jinhua New Materials (6.5%) [18]. - The top five decliners were Kaide Quartz (-7.4%), Optoelectronics (-6.1%), Liujin Technology (-5.7%), Hengtong Light (-5.2%), and Kangle Guardian (-4.8%) [18]. Summary by Sections Market Review - On February 11, the North Exchange A-share trading volume was 16.95 billion yuan, a decrease of 2.38 billion yuan from the previous day, with the North Exchange 50 Index closing at 1525.49, down 0.44% [8][16]. - The North Exchange Specialized and New Index closed at 2552.04, up 0.08% [8]. Important News - The State Council aims to establish a unified national electricity market system by 2035, with market-based electricity transactions accounting for about 70% of total electricity consumption by 2030 [21]. - The national standard for vehicle solid-state batteries is expected to be released in July 2026 [22]. Key Company Announcements - Ximic Technology reported a revenue of 96,079,621.14 yuan for 2025, a decrease of 23.05% year-on-year, with a net profit of 4,670,419.54 yuan, down 76.74% [23]. - Lintai New Materials plans to raise up to 380 million yuan through a private placement, with funds allocated for projects related to automotive components and high-end equipment manufacturing [24].

证券代码：920394 证券简称：民士达 公告编号：2026-002 烟台民士达特种纸业股份有限公司高级管理人员任命公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、高级管理人员任命的基本情况 根据《公司法》、《公司章程》及《上市公司独立董事管理办法》等相关规定的要求， 经提名委员会全体成员过半数同意，公司于 2026 年 2 月 12 日召开了第六届董事会第十 三次会议，审议并通过了《关于聘任副总经理的议案》。 聘任牛文彬先生为公司分管市场部、信息化建设、项目管理、行业解决方案等工作 的副总经理，任职期限至第六届董事会任期届满之日止，自 2026 年 2 月 12 日起生效。 该人员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象。 （上述人员简历详见附件） （一）人员变动的合规性说明 本次高级管理人员聘任符合法律法规、部门规章、业务规则和公司章程等规定。本 次聘任未导致董事会中兼任高级管理人员的董事和由职工代表担任的董事人数超过公 司董事总数的二分之一。 （二）人员变动对公司的影 ...