分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 推进控股秦淮数据事宜，电算协同加速向 AI 领域布局 ——东阳光(600673)公司点评报告 证券研究报告-公司点评报告 买入(首次) 市场数据(2026-03-26) | 收盘价(元) | 30.54 | | --- | --- | | 一年内最高/最低(元) | 41.58/8.73 | | 沪深 300 指数 | 4,477.53 | | 市净率(倍) | 9.44 | | 流通市值(亿元) | 916.68 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 3.24 | | 每股经营现金流(元) | 0.16 | | 毛利率(%) | 20.75 | | 净资产收益率_摊薄(%) | 9.30 | | 资产负债率(%) | 65.52 | | 总股本/流通股(万股) | 300,955.51/300,155.79 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -10% 35% ...

工业金属 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 推进控股秦淮数据事宜，电算协同加速向 AI 领域布局 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共8页 ——东阳光(600673)公司点评报告 证券研究报告-公司点评报告 买入(首次) 市场数据(2026-03-26) | 收盘价(元) | 30.54 | | --- | --- | | 一年内最高/最低(元) | 41.58/8.73 | | 沪深 300 指数 | 4,477.53 | | 市净率(倍) | 9.44 | | 流通市值(亿元) | 916.68 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 3.24 | | 每股经营现金流(元) | 0.16 | | 毛利率(%) | 20.75 | | 净资产收益率_摊薄(%) | 9.30 | | 资产负债率(%) | 65.52 | | 总股本/流通股(万股) | 300,955.51/300,155.79 | | B 股/H ...

控股股东之一致行动人乳源阳之光铝业发展有限公司（以下简称"乳源 阳之光铝业"）持有本公司股份 128,058,819 股，占公司总股本 4.26%；截至本次 股份质押完成后，乳源阳之光铝业持有本公司股份累计质押数量为 109,000,000 股，占其持股数量的 85.12%。 截至本公告披露日，公司控股股东深圳市东阳光实业发展有限公司（以 下简称"深圳东阳光实业"）累计质押股数数量为 541,487,854 股，占其持股数 量的 87.36%；控股股东及其一致行动人累计质押股数数量为 1,252,137,854 股， 占合计持股数量比例为 78.74%。 一、本次股份质押基本情况 广东东阳光科技控股股份有限公司（以下简称"公司"）于近日收到控股股 东之一致行动人乳源阳之光铝业的通知，获悉其将其持有的公司部分无限售流通 股进行了质押，具体事项如下： | | 是 | 否 | | | 是 否 | 是 | 否 | | | | | 占 其 | 所 | 占公司 | 质 押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

2026 年 03 月 24 日 并购深化产业协同，增强公司核心 竞争优势 ——上市公司重大资产重组、股权激励计划月度跟踪 （2026 年 2 月） 相关研究 《重大资产重组助力产业链整合， 增强公司一体化优势——上市公司 重大资产重组、股权激励计划月度 跟踪（2026 年 1 月）》 2026/02/13 《系列政策协同加持，并购重组和 股权激励有望激发市场活力——上 市公司重大资产重组、股权激励计 划月度跟踪（2025 年 12 月）》 2026/01/20 证券分析师 牟瑾瑾 A0230524100002 mujj@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 牟瑾瑾 A0230524100002 mujj@swsresearch.com 联系人 牟瑾瑾 A0230524100002 mujj@swsresearch.com 证 券 研 究 报 告 请务必仔 ...

2026 年 03 月 24 日 并购深化产业协同，增强公司核心 竞争优势 ——上市公司重大资产重组、股权激励计划月度跟踪 （2026 年 2 月） 相关研究 《重大资产重组助力产业链整合， 增强公司一体化优势——上市公司 重大资产重组、股权激励计划月度 跟踪（2026 年 1 月）》 2026/02/13 《系列政策协同加持，并购重组和 股权激励有望激发市场活力——上 市公司重大资产重组、股权激励计 划月度跟踪（2025 年 12 月）》 2026/01/20 证券分析师 牟瑾瑾 A0230524100002 mujj@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 牟瑾瑾 A0230524100002 mujj@swsresearch.com 联系人 牟瑾瑾 A0230524100002 mujj@swsresearch.com 本研究报告仅通过邮件提供给 博时 ...

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, driven by supply constraints and rising demand [4][23] - The market for refrigerants is expected to experience a new round of price increases, despite short-term challenges posed by geopolitical factors in the Middle East [4][23] - The overall sentiment in the fluorochemical sector remains optimistic, with potential for significant growth across various segments, including high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - The average market price for wet fluorite (97%) is 3,393 CNY/ton, reflecting a 0.18% increase week-on-week, but a 9.25% decrease year-on-year [18] - The supply of fluorite is tight due to environmental inspections and production slowdowns in key regions, which is expected to support prices [19] 2. Refrigerant Pricing Trends - As of March 13, 2026, the prices for various refrigerants are as follows: - R32: 63,500 CNY/ton (domestic), 62,500 CNY/ton (export) - R125: 55,000 CNY/ton (domestic), 51,000 CNY/ton (export) - R134a: 58,500 CNY/ton (domestic), 58,000 CNY/ton (export) - R22: 17,500 CNY/ton (domestic), 15,500 CNY/ton (export) [20][21] - The market is witnessing a gradual recovery in prices for refrigerants, with R125 showing a 7.84% increase in domestic pricing [20][21] 3. Industry Dynamics - The fluorochemical index has decreased by 2.1% in the week of March 9-13, 2026, underperforming against major indices such as the Shanghai Composite and CSI 300 [36] - The overall market sentiment is positive, with expectations for a rebound in prices as demand from downstream sectors increases [22][23] 4. Recommended Stocks - Key stocks to watch include: - Jinshi Resources (fluorite) - Juhua Co. (refrigerants, fluororesins) - Sanmei Co. (refrigerants) - Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, indicating a potential upward trend in market conditions [4][23] - The demand for refrigerants remains resilient despite geopolitical tensions in the Middle East, suggesting that prices may see a new round of increases [4][23] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have shown a slight recovery, with the average market price for 97% wet fluorite at 3,393 CNY/ton as of March 13, 2026, reflecting a 0.18% increase from the previous week [18] - The average price for March 2026 is 3,339 CNY/ton, down 4.08% compared to the average price in 2025 [18] 2. Refrigerant Market Trends - As of March 13, 2026, the prices for various refrigerants are as follows: R32 at 63,500 CNY/ton, R125 at 55,000 CNY/ton (up 7.84%), and R134a at 58,500 CNY/ton [20][21] - The external trade prices for R32 and R125 are 62,500 CNY/ton and 51,000 CNY/ton, respectively, with R125 showing a stable trend [21] - The market is experiencing a mild recovery in demand, with companies maintaining normal inventory levels and focusing on essential purchases [22] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][23]

投资逻辑： 盈利预测、估值和评级 风险提示 AI 业务拓展不及预期的风险，市场竞争加剧的风险，技术更 新迭代的风险，政策性风险，大股东质押比例高的风险，投资 收益导致业绩大降的风险。 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 8.00 14.00 20.00 26.00 32.00 38.00 44.00 250314 250614 250914 251214 人民币(元) 成交金额(百万元) 成交金额 东阳光 沪深300 公司基本情况（人民币） | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 10,854 | 12,199 | 14,314 | 18,075 | 22,031 | | 营业收入增长率 | -7.23% | 12.40% | 17.34% | 26.27% | 21.89% | | 归母净利润(百万元) | -294 | 375 | 341 | 1,915 | 2,594 | | ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 50.90 RMB, based on a 2026 PE valuation of 80 times [2]. Core Insights - The company is positioned as a leader in the new chemical manufacturing sector, aiming to build a comprehensive AI computing power platform. It has a strong history of extending its industrial chain and is currently focusing on liquid cooling technology, AI computing, and smart robotics [8][15]. - The acquisition of Qinhuai Data, a leading AIDC company, is expected to create synergies in the AI computing sector, enhancing the company's capabilities in energy consumption and hardware support [8][15]. - The company has undergone a significant transformation, moving from traditional manufacturing to a focus on intelligent manufacturing, with a strategic emphasis on high-value materials and AI-related technologies [22][24]. Financial Forecasts, Valuation, and Ratings - The company is projected to achieve revenues of 143.14 billion RMB, 180.75 billion RMB, and 220.31 billion RMB for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 17.3%, 26.3%, and 21.9% [2]. - The net profit attributable to the parent company is expected to be 3.41 billion RMB, 19.15 billion RMB, and 25.94 billion RMB for the same years, with a significant increase of 460.88% in 2026 [2]. - The company’s main business is anticipated to enter a recovery phase starting in 2024, driven by the high demand for third-generation refrigerants and the recovery of the electronic components market [25][36]. Business Structure and Main Business Analysis - The company has five major business segments: electronic components, high-end aluminum foil, new chemical materials, energy materials, and liquid cooling technology. Each segment is expected to contribute to revenue growth, with high-end aluminum foil and new chemical materials being the primary revenue drivers [19][21][36]. - The company’s main business profit margins are projected to improve significantly starting in 2024, primarily due to the contribution from new chemical materials and the recovery of the energy materials sector [29][36]. Acquisition and Strategic Moves - The company completed a significant acquisition of 30% of Qinhuai Data for 34.5 billion RMB, with plans to acquire the remaining 70% through a share issuance [8][15]. - This acquisition is part of a broader strategy to integrate AI computing capabilities with energy efficiency, creating a closed-loop system that enhances operational performance [8][15]. Historical Performance and Future Outlook - The company has experienced a downturn in 2023 due to a decline in demand for electronic components and high-end aluminum foil, but is expected to recover in 2024 as market conditions improve [27][28]. - The third-generation refrigerant pricing is projected to rise significantly, contributing to the company's revenue recovery and overall profitability [28][36].

Core Viewpoint - The article discusses Guangdong Dongyangguang Technology Holdings Co., Ltd.'s acquisition of a 70% stake in Yichang Dongshu No. 1 Investment Co., Ltd., which will lead to Dongyangguang holding 100% of Qinhuai Data, a leading IDC company in China, marking a strategic shift towards large-scale computing infrastructure [2][12]. Group 1: Acquisition Details - Dongyangguang plans to acquire 70% of Yichang Dongshu No. 1 and raise supporting funds, which will allow it to fully control Qinhuai Data, thus extending its industrial chain from advanced manufacturing to computing technology and services [2]. - Concerns have been raised regarding the details of the acquisition, particularly the reliance on an older industry report from 2024 instead of the latest 2025 version, which does not list Qinhuai Data among the top ten service providers [2][9]. - The target company, Yichang Dongshu No. 1, has no actual operating business but holds 100% of Qinhuai Data through its subsidiary, Yichang Dongshu No. 3 [4]. Group 2: Market Position and Concerns - Qinhuai Data operates 37 data centers with a total IT capacity of 799 MW, positioning itself as a leading neutral third-party provider in the IDC sector [8]. - Despite its strong market presence, the latest report from the China Academy of Information and Communications Technology (CAICT) does not include Qinhuai Data in its top rankings, raising questions about its competitive standing [9]. - Dongyangguang's representatives assert that the omission from the latest report is due to Qinhuai Data's withdrawal from the evaluation process during its sale planning phase [9][10]. Group 3: Strategic Implications - The acquisition is expected to enhance Dongyangguang's asset and resource allocation, allowing it to enter the high-growth data center market and strengthen its core competencies in digital infrastructure [13]. - The integration with Qinhuai Data is anticipated to facilitate technological advancements in liquid cooling technology, electronic components, and AI applications, thereby reinforcing Dongyangguang's competitive edge in the digital economy [13]. - The transaction is seen as a step towards transforming Dongyangguang into a comprehensive digital infrastructure and computing service provider, creating a competitive barrier across multiple sectors including green energy and advanced manufacturing [13].