证券研究报告 | 公司深度报告 2026 年 02 月 25 日 永臻股份（603381.SH） 现有海外边框产能具备稀缺性，有望带来超额回报 中游制造/电力设备及新能源 公司是光伏铝边框领先企业，相较同行有较明显的成本优势。公司较早就前瞻布局 越南、美国产能，主要面向印度、美国等海外市场，其加工费和利润显著高于国内。 考虑 Tesla 将在北美本土扩产，而海外边框产能存在缺口，公司海外产能具备稀缺 性，未来几年现有的海外产能有望带来较大业绩弹性。 ❑ 风险提示：行业需求不及预期、海外基地管理风险，新的贸易政策风险。 财务数据与估值 | 会计年度 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营 业 总 收 入 ( 百 万 | | 5391 | 8183 | 12029 | 13713 | 17621 | | 元) | 同比增长 | 4% | 52% | 47% | 14% | 28% | | 营业利润(百万元) | | 413 | 216 | (234) | 485 | 874 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," aiming to establish a unified electricity market by 2030, with market transactions accounting for about 70% of total electricity consumption [4][40] - The report highlights the performance of the power equipment sector, which has seen a year-to-date increase of 9.76%, outperforming the CSI 300 index by 7.82 percentage points [11][14] - The report emphasizes the importance of new operational entities like virtual power plants and smart microgrids in participating flexibly in the electricity market [45] Summary by Sections Market Review - As of February 12, 2026, the power equipment sector rose by 4.97% over the past two weeks, ranking third among 31 sectors [11] - The wind power equipment sector decreased by 3.07%, while the photovoltaic equipment sector increased by 3.93% [18][20] Valuation and Industry Data - As of February 12, 2026, the price-to-earnings (PE) ratio for the power equipment sector is 36.66 times, with sub-sectors like the battery sector at 33.19 times and the photovoltaic sector at 34.99 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to their historical averages [25] Industry News - The report discusses the significant growth in renewable energy installations, with a total installed capacity of 2.34 billion kilowatts by the end of 2025, accounting for 60% of the national power generation capacity [40] - It also notes the government's focus on upgrading traditional industries and promoting new energy sectors, including hydrogen energy [40] Company Announcements - The report includes recent announcements from companies in the sector, such as government subsidies received by various firms, indicating ongoing support for the industry [43]

Summary of Yongzhen Co., Ltd. Conference Call Company Overview - Yongzhen Co., Ltd. has established a comprehensive domestic and international production capacity, with a total capacity of 640,000 tons across three domestic bases in Changzhou, Chuzhou, and Wuhu, and an overseas base in Vietnam with a capacity of 180,000 tons, which is currently operating at full capacity [2][5]. Key Points and Arguments Production Capacity and Profitability - The Vietnam base has a strong profitability despite having costs approximately 1,000 RMB/ton higher than domestic production, maintaining a profit margin of 2,000-3,000 RMB per ton through cost reduction in the melting and casting process [2][6]. - Major clients include Indian companies such as Reliance, Renew Power, Tata, and American companies like Illuminate, SEG, DSIQ, and T1 [2][9]. Collaboration with Tesla - Yongzhen is actively expanding its collaboration with Tesla, having conducted multiple sample tests and is expected to achieve bulk supply by March or April [2][7]. - The current suppliers for Tesla are facing bankruptcy risks, presenting a market opportunity for Yongzhen [2][7]. Market Trends and Pricing - Domestic processing fees for frames have fluctuated, decreasing from 2,800 RMB/ton at the beginning of the year to 1,800 RMB/ton by year-end, and have now rebounded to over 2,000 RMB/ton [2][8]. - Overseas processing fees are approximately 800-900 USD/ton in India and 1,000-1,200 USD/ton in the U.S. [2][8]. Financial Guidance and Performance Expectations - For 2026, Yongzhen projects revenue of 16 billion RMB and total shipments of 800,000 tons, with domestic shipments expected to exceed 600,000 tons [2][13]. - The company aims to reduce losses in domestic operations and strive for breakeven, with the primary profit contribution still relying on the Vietnam base [2][13]. Expansion Plans - Yongzhen's expansion plans in Vietnam will be based on customer demand, with a commitment to rapid and efficient growth compared to competitors [2][10]. - The company is also considering potential adjustments to its expansion plans based on large orders from Tesla [2][11]. Challenges and Strategic Positioning - Domestic supply to overseas markets is not feasible due to traceability and high tax issues [2][18]. - Yongzhen has a strategic advantage in building overseas plants faster than competitors due to established experience in complex processes like melting and casting [2][19]. Local Partnerships and Future Outlook - Yongzhen has a 24.9% stake in a U.S. company with an annual production capacity of 40,000-50,000 tons, which plans to procure frames from Vietnam for further processing [2][20]. - Tesla is expected to become a client of this U.S. subsidiary, enhancing Yongzhen's market position [2][21]. Additional Important Information - The company is not currently involved in the space photovoltaic materials sector but is open to future opportunities depending on demand from Tesla [2][14]. - The expected investment for the Vietnam base's 180,000 tons capacity was approximately 120 million USD [2][17].

Core Viewpoint - The announcement details the equity changes of major shareholders in Yongzhen Technology Co., Ltd., specifically regarding the reduction of shareholding by Shenzhen Ruiheheng Investment Consulting Center (Limited Partnership) and other related entities [2][3]. Group 1: Shareholder Information - Shenzhen Ruiheheng Investment Consulting Center (Limited Partnership) plans to reduce its shareholding by up to 7,117,689 shares, representing 3% of the total share capital, within three months following the announcement of the reduction plan [2]. - As of February 3, 2026, Shenzhen Ruiheheng has reduced its holdings by 1,927,600 shares, decreasing its ownership from 11.72% to 10.91% [2][3]. Group 2: Reduction Plan Implementation - The reduction plan was initially disclosed on December 27, 2025, and the actual reduction occurred between January 27 and February 3, 2026 [2]. - The reduction does not lead to a change in the controlling shareholder or actual controller of the company [2][3]. Group 3: Other Major Shareholders - Suzhou Junlian Xiangdao Equity Investment Partnership (Limited Partnership) and Zhuhai Junlian Jiamao Equity Investment Enterprise (Limited Partnership) collectively held 22,242,778 shares, accounting for 9.38% of the total share capital before the reduction [5][6]. - The reduction results in Junlian Xiangdao holding 7,532,169 shares and Junlian Jiamao holding 7,592,989 shares, totaling 15,125,158 shares or 6.38% of the total share capital after the reduction [7].

Core Viewpoint - The photovoltaic equipment sector experienced a significant increase of 4.87% on February 4, with Zhonglai Co., Ltd. leading the gains, reflecting strong market interest in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up by 0.85%, while the Shenzhen Component Index closed at 14156.27, up by 0.21% [1]. - Key stocks in the photovoltaic equipment sector showed substantial gains, with Zhonglai Co., Ltd. and JinkoSolar both rising by 20% to close at 10.32 and 8.40 respectively [1]. Group 2: Trading Volume and Capital Flow - The trading volume for Zhonglai Co., Ltd. reached 191.09 million shares, with a transaction value of 1.838 billion yuan [1]. - The photovoltaic equipment sector saw a net inflow of 7.313 billion yuan from institutional investors, while retail investors experienced a net outflow of 4.855 billion yuan [2][3]. Group 3: Individual Stock Performance - Other notable performers included Shichuang Energy and Zerun New Energy, both also increasing by 20%, with closing prices of 18.54 and 89.47 respectively [1]. - The stock of Jingsheng Mechanical & Electrical rose by 12.97%, closing at 62.21, with a trading volume of 1.2475 million shares [1].

证券代码：603381 证券简称：永臻股份 公告编号：2026-014 永臻科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度 的提示性公告 公司股东深圳睿和恒投资咨询中心（有限合伙）保证向本公司提供的 信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 11.72% | | | | 权益变动后合计比例 | 10.91% | | | | 本次变动是否违反已作出的承 | 是□ | 否☑ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 ☑其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人 ...

证券代码：603381 证券简称：永臻股份 公告编号：2026-013 永臻科技股份有限公司 公司于 2025 年 11 月 3 日披露了君联相道、君联嘉茂本次减持计划，详见《关 于合计持股 5%以上股东减持股份计划公告》（公告编号：2025-059）。 关于合计持股 5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，苏州君联相道股权投资合伙企业（有限合伙）（以下 简称"君联相道"）持有永臻科技股份有限公司（以下简称"公司"）无限售条 件流通股 11,121,389 股，约占公司总股本的 4.69%；珠海君联嘉茂股权投资企业 （有限合伙）（以下简称"君联嘉茂"）持有公司无限售条件流通股 11,121,389 股，约占公司总股本的 4.69%。 上述股东构成一致行动关系，合计持有公司股份 22,242,778 股，占公司总股 本的 9.38%。 减持计划的实施结果情况 减持计划实施完毕 | 股东名称 | 苏州君联相道股权投资合伙企业（ ...

Summary of Key Points Core Viewpoint - On February 3, Yongzhen Co., Ltd. executed a block trade of 604,200 shares, amounting to 11.6131 million yuan, which represented 3.57% of the total trading volume for the day. The transaction price was 19.22 yuan, reflecting a discount of 17.16% compared to the market closing price of 23.20 yuan [1]. Group 1: Trading Details - The block trade involved multiple transactions with a consistent price of 19.22 yuan per share [2]. - The total transaction amount for the block trade was 1,161.31 thousand yuan [1]. - The trading volume of 604,200 shares indicates significant institutional interest, as evidenced by the involvement of specialized institutional buyers [2].

Core Viewpoint - Yongzhen Co., Ltd. (603381.SH) anticipates a net loss attributable to shareholders of the parent company ranging from 175 million to 235 million yuan for the fiscal year 2025, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The company expects a substantial net loss for 2025, contrasting with the previous year's statutory disclosure [1] - The increase in production and sales volume is attributed to the enhanced capacity at the Wuhu base and the Vietnam base [1] - The gross profit margin has declined year-on-year due to pressure on domestic aluminum frame processing fees, influenced by a phase adjustment in the photovoltaic industry [1] Group 2: Asset Management and Financing - The company has conducted impairment tests on assets showing signs of impairment and has made provisions for asset impairment in accordance with accounting standards [1] - There has been an expansion in the scale of bank financing, leading to increased interest expenses [1] - The amount of government subsidies received during the reporting period has decreased compared to the same period last year [1]

Core Viewpoint - The company Yongzhen Co., Ltd. (603381.SH) forecasts a net loss attributable to shareholders of the parent company for the year 2025, estimated between 175 million to 235 million yuan, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The company expects a net loss for 2025, contrasting with the previous year's performance [1] - The increase in production and sales volume is attributed to the enhancement of capacity at the Wuhu and Vietnam bases [1] - The gross profit margin has declined year-on-year due to pressure on domestic aluminum frame processing fees, influenced by a phase adjustment in the photovoltaic industry [1] Group 2: Asset Management and Financing - The company has conducted impairment tests on assets showing signs of impairment and has made provisions for asset impairment in accordance with accounting standards [1] - There has been an expansion in the scale of bank financing, leading to increased interest expenses [1] - The amount of government subsidies received during the reporting period has decreased compared to the same period last year [1]