股票代码：603045 股票简称：福达合金 福达合金材料股份有限公司 投资者关系活动记录表 编号：2026-002 | 投资者关系 | ☑特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 活动类别 | □业绩说明会 □新闻发布会 □路演活动 | | | □其他 ☑现场参观 | | 参与活动机 | 东财证券：张斯莹、蔡子慕 | | 构人员 | 博时基金：肖瑞瑾 | | | 鲲鹏资本：胡金力 | | 时间 2026 | 年 1 月 29 日 16:00-17:30 | | 地点 | 浙江省温州经济技术开发区滨海五道 308 号 | | 上市公司 接 | 副总经理、董事会秘书：蒙山 | | 待人员 | 证券事务经理：江建 | | | 公司董事会秘书向来访机构介绍了公司基本情况、未来战 | | | 略规划及新兴业务增长点，并与来访人员进行互动交流。 | | | 本次沟通交流主要内容如下： | | | 1.公司发布业绩预告 25 年业绩大幅增长，主要来源于哪 | | | 一块的增长？白银等贵金属的上涨对公司业绩贡献程度有多 | | 大？ | | | 投资者关系 | 答：2025 年以来黄金白银 ...

Core Viewpoint - The company expects significant growth in its 2025 performance, driven by the expansion of global power infrastructure investments and strong demand in emerging application areas such as data centers, renewable energy storage, and electric vehicles [2] Group 1: Business Growth Drivers - The company's growth is primarily attributed to the booming demand in downstream sectors, including data centers, wind and solar energy storage, and electric vehicles [2] - High-margin businesses, particularly in the "overseas + high-end" and data center application areas, are being further developed and expanded [2] - The establishment of a new subsidiary, Fuli Da, has achieved breakthroughs in high-voltage electrical materials, which are now applied in charging piles, energy storage systems, vehicle charging modules, and industrial power supplies, creating additional growth opportunities for 2025 [2] Group 2: Market Conditions - The increase in silver prices is also contributing to the enhancement of the company's operating profits [2]

Group 1 - The core point of the article highlights that Fuda Alloy's stock price dropped by 5.08% to 27.46 CNY per share, with a trading volume of 233 million CNY and a turnover rate of 6.05%, resulting in a total market capitalization of 3.719 billion CNY [1] - Fuda Alloy Materials Co., Ltd. is located in Wenzhou Economic and Technological Development Zone, Zhejiang Province, and was established on April 5, 1999, with its listing date on May 17, 2018. The company's main business involves the research, production, and sales of electrical contact materials [1] - The revenue composition of Fuda Alloy's main business includes: contact materials 56.37%, composite contacts 22.28%, contact components 14.65%, others 6.39%, high-voltage direct current contacts 0.16%, and automation equipment 0.15% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Huabao Fund has a significant position in Fuda Alloy. The Huabao Quantitative Stock Mixed Initiation A (017715) held 106,200 shares in the fourth quarter, accounting for 1.69% of the fund's net value, making it the second-largest holding [2] - The estimated floating loss for the Huabao Quantitative Stock Mixed Initiation A (017715) today is approximately 156,100 CNY. The fund was established on February 20, 2023, with a latest scale of 25.9009 million CNY, and has achieved a return of 9.75% this year, ranking 1914 out of 8861 in its category [2] - The fund manager Xu Linming has a cumulative tenure of 16 years and 125 days, with a total asset scale of 2.334 billion CNY, achieving a best fund return of 109.32% and a worst return of -43.03% during his tenure. Co-manager Yu Yinyou has a tenure of 3 years and 208 days, with a total asset scale of 475 million CNY, achieving a best return of 52.54% and a worst return of 15.94% during his tenure [2]

Market Overview - The metal new materials sector experienced a decline of 3.09% on January 26, with Tianli Composite leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers included: - Fuda Alloy (603045) with a closing price of 28.93, up 10.00% on a trading volume of 62,200 shares and a turnover of 180 million yuan [1] - Zhengke Materials (600255) closed at 4.22, up 1.69% with a trading volume of 1.6096 million shares [1] - Major decliners included: - Tianli Composite (920576) closed at 98.02, down 10.57% with a trading volume of 76,000 shares and a turnover of 770 million yuan [2] - Bowei Taijin (601137) closed at 21.33, down 10.00% with a trading volume of 358,400 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 1.163 billion yuan from institutional investors, while retail investors contributed a net inflow of 760 million yuan [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongke Magnetic (301141) had a net inflow of 36.56 million yuan from institutional investors, representing 9.49% of its total [3] - Fuda Alloy (603045) experienced a net inflow of 36.33 million yuan from institutional investors, accounting for 20.19% of its total [3] - Other stocks like Yuyuan Powder Materials (688456) saw a significant net inflow of 48.42 million yuan from retail investors, indicating strong retail interest despite overall sector declines [3]

Group 1 - The gold market has reached a historic moment, with both spot and futures prices surpassing $5000 per ounce for the first time, with COMEX futures at $5073.4 and London spot gold at $5077.32, reflecting increases of 1.88% and 1.79% respectively [1] - The A-share gold sector experienced a surge, with multiple stocks such as Hunan Gold, Xinye Silver, and Shengda Resources hitting the daily limit [2][3] - The price of gold jewelry continues to rise, with brands like Chow Sang Sang and Lao Miao reporting prices of 1574 RMB and 1575 RMB per gram respectively [5][6] Group 2 - International gold prices have been on a continuous rise, setting historical records at $4700, $4800, and $4900 per ounce amid geopolitical tensions and a declining US dollar index [9] - There is a growing interest in structured deposit products linked to gold prices, with banks launching various offerings that are quickly sold out, indicating strong demand [11] - The demand for gold investment and storage has increased, leading to a surge in bank safe deposit box rentals, with reports of boxes being fully booked in Beijing [12]

来源：上海证券报·中国证券网 上证报中国证券网讯 1月26日，A股三大指数集体高开，沪指涨0.21%，深成指涨0.37%，创业板指涨 0.48%。贵金属板块开盘领涨，湖南黄金、福达合金、豫光金铅一字涨停。光伏概念股延续涨势，钧达 股份3连板。 上证报中国证券网讯 1月26日，A股三大指数集体高开，沪指涨0.21%，深成指涨0.37%，创业板指涨 0.48%。贵金属板块开盘领涨，湖南黄金、福达合金、豫光金铅一字涨停。光伏概念股延续涨势，钧达 股份3连板。 来源：上海证券报·中国证券网 ...

湖南黄金、福达合金、豫光金铅一字涨停，四川黄金、恒邦股份、晓程科技、湖南白银等涨超5%。 (本文来自第一财经) 湖南黄金、福达合金、豫光金铅一字涨停，四川黄金、恒邦股份、晓程科技、湖南白银等涨超5%。 (本文来自第一财经) ...

Core Viewpoint - Fuda Alloy Materials Co., Ltd. is experiencing significant growth driven by the expansion of global power infrastructure investments and the booming demand in emerging sectors such as data centers and energy storage, leading to a projected net profit increase of 119.14% to 219.95% in 2025 compared to the previous year [1] Group 1: Business Transformation - The company is transitioning from traditional low-voltage electrical applications to new scenarios involving data centers and energy storage, capturing the growth opportunities presented by the AI-driven surge in power demand [2] - Fuda Alloy has expanded its business with North American data centers, achieving a revenue increase of 507% in the first half of 2025, driven by its robust technology and supply chain resilience [2] - The company’s high-performance electrical contact materials have successfully penetrated the supply chains of major tech giants like Microsoft and Meta, enhancing its market position [2] Group 2: Energy Storage Developments - Fuda Alloy's products, such as silver-tin oxide and silver-copper contact materials, are being supplied to major clients like Sungrow and Huawei for energy storage inverters, showcasing their high performance and reliability [3] - The company is actively engaged in R&D projects aimed at developing new materials for energy storage applications, which are critical for enhancing product value and profitability [3] Group 3: Anticipated Asset Injection - There is market anticipation regarding the potential asset injection from Zhejiang Guangda Electronics, which is under the same controlling shareholder as Fuda Alloy, following a previous attempt to acquire a 51% stake [4] - Guangda Electronics is a leading player in the photovoltaic silver paste sector, with a strong technical position and a diverse product portfolio, which could significantly enhance Fuda Alloy's performance upon integration [5] Group 4: Space Photovoltaics Opportunity - The photovoltaic industry is poised for growth in the space sector, with significant developments anticipated in space solar power, driven by increasing energy demands from satellite deployments [7] - Fuda Alloy and Guangda Electronics are well-positioned to capitalize on this emerging market, leveraging Guangda's advanced technology in low-temperature silver paste and conductive materials [7] - The synergy between Fuda Alloy's electrical contact materials for data centers and Guangda's future space photovoltaic silver paste business aligns with the broader AI-driven demand for computational power [8] Group 5: Future Outlook - Fuda Alloy is at a pivotal moment, balancing steady growth in traditional business with the potential for explosive growth in new sectors, particularly in data centers and energy storage [9] - The anticipated asset injection from Guangda Electronics could further enhance Fuda Alloy's capabilities in the burgeoning space photovoltaic market, marking a transformation into a key player in the AI era [9]

Group 1 - JunDa Co., Ltd. announced that the comprehensive cost-effectiveness of perovskite photovoltaic technology in extreme space environments remains to be verified [2][5] - The company has invested 30 million yuan to acquire a 16.67% stake in Starwing Chip Energy, but no formal business agreement has been signed for space photovoltaic projects [2][5] - The technology shows potential advantages in lightweight, low cost, and high radiation resistance, but long-term reliability and cost-effectiveness in space are still uncertain [2][5] Group 2 - Aotewei stated that the "space photovoltaic" sector is still in the early exploration and research phase, with significant uncertainties in the industrialization process [3] - The company emphasized that product development to commercial application requires a considerable period, and the impact of related positive expectations on actual operating performance is highly uncertain [3] Group 3 - Tongyu Communications announced its participation in the A1 round financing of Beijing Blue Arrow Hongqing Technology, investing 30 million yuan for a 1.8293% stake [3] - The company will transition from direct to indirect ownership of Hongqing Technology through a partnership agreement [3] Group 4 - Huajin Technology received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 101,573,100 shares [4] - Trina Solar announced a change in the use of remaining raised funds, reallocating 1.7 billion yuan to a new project for distributed smart photovoltaic power station construction [4][5] Group 5 - Yunnan City Investment plans to publicly transfer a 10.5% stake in Qicai Company with a base price of 293 million yuan [6] - Zijin Mining announced the completion of the second phase of the Giant Dragon Copper Mine, increasing production capacity to 350,000 tons per day [6] Group 6 - Shuaifeng Electric expects a net profit loss of 43 million to 62 million yuan in 2025, with potential delisting risk warnings for its stock [7] - Anqi Yeast plans to invest 222 million yuan in a green manufacturing project for yeast products with an annual output of 12,000 tons [7] Group 7 - Zhengzhou Coal and Electricity announced the cessation of production at the Chaohua Coal Mine due to resource depletion and safety risks, expecting a 311 million yuan impairment loss [8] - Oujing Technology announced partial production line shutdowns at its subsidiaries to reduce losses and operating costs [8] Group 8 - North Car Blue Valley plans to invest in the construction of a high-end platform model industrialization and digital upgrade project with a total investment of 1.991 billion yuan [9] - Jingzhida signed a significant contract worth 1.311 billion yuan for semiconductor testing equipment [9] Group 9 - Yanghe Co. announced a cash dividend plan for 2025-2027, committing to distribute no less than 100% of net profit each year [10] - Yanghe Co. also projected a net profit decline of 62.18% to 68.30% for 2025 due to market adjustments and increased channel inventory [10] Group 10 - Huitong Energy expects a net profit decrease of 69.51% to 75.82% for 2025, primarily due to the absence of non-recurring income from property relocation rewards [11] - Dahua Co. reported a net profit increase of 32.65% for 2025, driven by business optimization and cost control [12] Group 11 - Hangzhou Bank reported a net profit increase of 12.05% for 2025, maintaining a stable non-performing loan ratio [12] - Aotejia expects a net profit increase of 41.85% to 79.67% for 2025, supported by sales growth and cost control measures [12] Group 12 - Shenke Co. anticipates a net profit increase of 65.75% to 98.9% for 2025, benefiting from overseas strategy and revenue growth [13] - Pioneering Technology expects a net profit increase of 50.82% to 109.21% for 2025, driven by product technology iterations and market expansion [13] Group 13 - Shanchuang Technology expects a net profit increase of 81.77% to 134.78% for 2025, fueled by demand for enterprise-level storage products [14] - Anshuo Information anticipates a net profit increase of 52.44% to 98.83% for 2025, with government subsidies contributing to the growth [14] Group 14 - Zhongwei Company expects a net profit increase of 28.74% to 34.93% for 2025, driven by increased customer recognition of its plasma etching equipment [15] - Jingfang Technology anticipates a net profit increase of 44.41% to 52.32% for 2025, benefiting from the automotive industry's growth [16] Group 15 - Fuda Alloy expects a net profit increase of 119.14% to 219.95% for 2025, driven by strong demand in emerging applications [17] - Feirongda anticipates a net profit increase of 57.23% to 83.43% for 2025, supported by stable growth in communication and cooling business [17] Group 16 - Licheng Performing Arts expects a net profit decrease of 12.75% to 32.21% for 2025, impacted by regional travel environment fluctuations [22] - Lisheng Pharmaceutical anticipates a net profit increase of 116.77% to 138.44% for 2025, driven by market expansion and product sales [23] Group 17 - JMC reported a net profit decrease of 22.71% for 2025, despite a 2.07% increase in total revenue [27] - Daoshi Technology expects a net profit increase of 206.01% to 269.76% for 2025, driven by overseas business expansion [28] Group 18 - Jin Kai New Energy plans to repurchase shares worth 500 million to 600 million yuan, with a maximum repurchase price of 7.5 yuan per share [29] - Longyun Co. announced a stock suspension due to plans to acquire a 58% stake in Yuheng Film Industry [30]

Core Viewpoint - Several companies are projected to experience significant increases in net profit for 2025, with some showing growth rates exceeding 200% [1] Group 1: Company Projections - 永创智能 is expected to see a net profit increase of 721.57% to 894.86% in 2025 [1] - 福达合金 anticipates a net profit growth of 119.14% to 219.95% for 2025 [1] - 西菱动力 projects a net profit increase of 77.82% to 117.33% in 2025 [1] - 昊志机电 expects a net profit growth of 54.4% to 99.03% for 2025 [1] - 神工股份 forecasts a net profit increase of 119% to 167% in 2025 [1] - 联创光电 anticipates a net profit growth of 80.36% to 120.57% for 2025 [1] - 道氏技术 projects a substantial net profit increase of 206.01% to 269.76% in 2025 [1] - 香农芯创 expects a net profit growth of 82% to 135% for 2025 [1] - 奥特佳 anticipates a net profit increase of 41.85% to 79.67% in 2025 [1] - 双一科技 projects a net profit growth of 80% to 100% for 2025 [1] - 飞荣达 expects a net profit increase of 57.23% to 83.43% in 2025 [1] - 晶方科技 anticipates a net profit growth of 44.41% to 52.32% for 2025 [1] - 中微公司 projects a net profit increase of 28.74% to 34.93% in 2025 [1] - 派能科技 expects a net profit growth of 50.82% to 109.21% for 2025 [1]