证券研究报告 | 浙商早知道 报告日期：2026 年 04 月 01 日 浙商早知道 2026 年 04 月 01 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 资金：3 月 31 日全 A 总成交额为 20059 亿元，南下资金净流入 7.05 亿港元。 重要推荐 浙商早报 1 市场总览 1、大势 【浙商大制造中观策略 邱世梁/周艺轩】上海沿浦（605128）公司深度：具身智能行业星辰大海，公司与权威机构 合作、加速布局——20260331 重要观点 【浙商计算机 刘雯蜀/童非/郑毅/刘静一/张致远】计算机 季度行业策略报告：推理需求爆发下的机会——20260331 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：3 月 31 日上证指数下跌 0.8%，沪深 300 下跌 0.93%，科创 50 下跌 2.59%，中证 1000 下跌 1.91%，创业板 指下跌 2.7%，恒生指数上涨 0.15%。 行业：3 月 31 日表现最好的行业分别是家用电器（+1.57%)、 ...

股份的股东、公司董事、高级管理人员不存在关联关系，亦不存在《中华人民共和国公司法》 《上海证券交易所股票上市规则》等法律、行政法规、规范性文件规定的不得担任董事会秘 书的情形。 证券代码：605128 证券简称：上海沿浦 公告编号：2026-007 上海沿浦精工科技（集团）股份有限公司 关于公司聘任财务总监及董事会秘书的公告 本公司董事会及全体董事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个别及连带责任。 上海沿浦精工科技（集团）股份有限公司（以下简称"公司"）于 2026 年 3 月 4 日召开 了公司第五届董事会第二十八次会议，会议审议通过了《关于聘任公司财务总监的议案》和 《关于聘任公司董事会秘书的议案》。详细内容请见公司于上海证券交易所（www.sse.com.cn） 及指定媒体披露的《上海沿浦精工科技（集团）股份有限公司关于第五届董事会第二十八次 会议决议的公告》（公告编号：2026-006）。 经公司总经理提名并经董事会提名委员会第六次会议和董事会审计委员会第十一次会议 及董事会第二十八次会议审议通过，同意聘任谌祖单先生为公司财务总监，任期自 ...

公司董事会同意聘任谌祖单先生为公司财务总监，任期自本议案经董事会审议通过之日 起至本届董事会任期届满之日止。本议案已经公司董事会提名委员会第六次会议和董事会审 计委员会第十一次会议审议通过。 上海沿浦精工科技（集团）股份有限公司 关于第五届董事会第二十八次会议决议的公告 本公司董事会及全体董事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个别及连带责任。 一、董事会会议召开情况 上海沿浦精工科技（集团）股份有限公司（以下简称"公司"）于 2026 年 3 月 4 日上午 9 点在公司会议室召开第五届董事会第二十八次会议。会议通知于 2026 年 3 月 2 日以专人送 达、电话及电子邮件方式发出。本次会议由公司董事长周建清先生召集和主持，会议应出席 董事 9 人，实际出席董事 9 人。本次会议的召集和召开符合《中华人民共和国公司法》和《上 海沿浦精工科技（集团）股份有限公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 全体与会董事以记名投票表决方式审议并通过了以下议案： 1、《关于聘任公司财务总监的议案》； 证券代码：605128 证券简称：上海 ...

Group 1 - Shanghai Yanpu Precision Technology Co., Ltd. announced the resignation of its board secretary and CFO, Qin Yanfang, due to internal job adjustments [1] - Until a new board secretary is appointed, the company's chairman, Zhou Jianqing, will temporarily assume the duties of the board secretary [1] Group 2 - In February, China's AI usage surpassed that of the United States for the first time, with four major models ranking among the top five globally [1] - The demand for domestic computing power is experiencing exponential growth [1]

上海沿浦精工科技（集团）股份有限公司（以下简称"公司"）董事会秘书、 财务总监秦艳芳女士因公司内部岗位调整，于近日依据有关规定向公司董事会提 交了书面辞职报告，申请辞去公司董事会秘书、财务总监职务。 | | | | | | 是否继续 | | 是否存 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时 间 | 原定任期 到期日 | 离任原因 | 在上市公 司及其控 | 具体职务（如 适用） | 在未履 行完毕 | | | | | | | 股子公司 | | 的公开 | | | | | | | 任职 | | 承诺 | | 秦艳芳 | 董事会秘 | 2026年2 | 2026 年 10 | 因公司内部岗 | 是 | 1）公司董事长 | 是 | | | 书、财务 | 月 27 日 | 月 26 日 | 位调整 | | 助理； | | | | 总监 | | | | | 2）公司的子公 | | | | | | | | | 司的董事，监 | | | | | | | | | 事，详见下表 | | 秦艳芳女士继续在公司全资子公司、控股子公司担 ...

Core Viewpoint - The company announced the resignation of its board secretary and CFO, Qin Yanfang, due to internal position adjustments, effective February 27, 2026, with her term originally set to end on October 26, 2026 [1] Group 1 - Qin Yanfang will continue to serve the company in other roles, including assistant to the chairman, supervisor of the subsidiary Kunshan Yanpu, and director of the controlling subsidiary Shanghai Sinatek [1] - She holds 4,548,225 shares of the company, representing 2.15% of the total share capital, and has outstanding commitments that remain unfulfilled [1] - The chairman, Zhou Jianqing, will temporarily assume the responsibilities of the board secretary until a new appointment is made, with the company aiming to complete the selection process promptly [1]

Company and Industry Summary Company: 浙商大制造 (Zhejiang Merchants Manufacturing) Key Events - The company is set to launch its first automated production line for joint modules, marking a significant milestone in its operations [1] - The registration of the robotics subsidiary, XinaTech, has been completed, indicating the commencement of industrialization in the robotics sector [1] Robotics Business - XinaTech, in which the company holds a 51% stake, will focus on the research and production of core components for humanoid robots, complete robots, and embodied intelligent robots for manufacturing and retail industries [1] - The company has obtained the business license for XinaTech as of October 9, 2025, signaling progress in its robotics business [1] - The collaboration with Shanghai Electric Science and Technology Research Institute (上电科) is noteworthy, as it is a recognized authority in the robotics field and is involved in the CR certification system [1] - The Shanghai Electric Science and Technology Research Institute is tasked with establishing national standards for robot testing and quality inspection [1] Seating Business - The company has achieved small-scale deliveries of high-speed rail seating, with plans to extend this technical expertise to automotive seating, indicating a nearing inflection point [2] - The company is directly engaging with original equipment manufacturers (OEMs), and its platform capabilities are gradually being realized [2] Performance Insights - The company has shown signs of a performance inflection point in Q2 2025, with the robotics business beginning to take shape and automotive seating expansion ongoing [2] - The joint venture's first automated production line is expected to be operational soon, with both parties committed to advancing technology iterations and industry standards [2] Risk Considerations - Potential risks include delays in the progress of the seating and humanoid robotics businesses, which could impact overall performance [2]

证券代码：605128 证券简称：上海沿浦 公告编号：2026-004 2026 年 1 月 21 日，公司已经将用于暂时补充流动资金的人民币 500.00 万元向特定对象 发行股票的闲置募集资金提前归还至对应的募集资金专用账户，并已及时将上述向特定对象 发行股票募集资金的归还情况告知保荐机构国泰海通证券股份有限公司及保荐代表人。 2026 年 2 月 2 日，公司已经将用于暂时补充流动资金的人民币 2,000.00 万元公开发行 可转换公司债券闲置募集资金提前归还至对应的募集资金专用账户，并已及时将上述公开发 行可转换公司债券募集资金的归还情况告知保荐机构国泰海通证券股份有限公司及保荐代表 人。截至 2026 年 2 月 2 日，公司尚未归还的使用闲置公开发行可转换公司债券的募集资金暂 时补充流动资金的总额是人民币 500.00 万元, 公司尚未归还的使用闲置向特定对象发行股 票的募集资金暂时补充流动资金的总额是人民币 7,300.00 万元。 1 特此公告。 上海沿浦精工科技（集团）股份有限公司 上海沿浦精工科技（集团）股份有限公司 关于提前归还暂时补充流动资金的闲置募集资金的公告 本公司董事会及全体董事 ...

Core Viewpoint - The company anticipates a temporary decline in gross margin due to normal cost increases associated with the ramp-up of new projects, which is expected to recover as production stabilizes [1] Group 1: Financial Performance - The gross margin decline reported in the Q3 2025 is attributed to the initial costs of new projects entering mass production [1] - The company expects gross margins to return to normal levels after a period of stable production from these new projects [1] Group 2: Customer Relationships - The top five customers account for a significant portion of the company's revenue, but the long development cycle for new automotive parts projects mitigates risks [1] - The company has established a strong technical moat in automotive seat frame assemblies, ensuring stable and high-speed development in collaboration with major clients [1] Group 3: Export and Sales Strategy - The company's direct export sales are relatively low, primarily involving products sold to domestic clients' global affiliates [1]

Core Viewpoint - The company expects significant growth in its 2025 performance, with projected net profit attributable to shareholders ranging from 186 to 212 million yuan, representing a year-on-year increase of 35.44% to 55.00% [2] Group 1: 2025 Performance Expectations - The company anticipates a net profit of 60 to 86 million yuan in Q4 2025, reflecting a year-on-year increase of 108.68% to 199.72% and a quarter-on-quarter increase of 22.63% to 76.13% [3] - The growth in 2025 is attributed to several factors: refined cost control, increased market orders leading to higher sales, and enhanced production efficiency through lean manufacturing and technological upgrades [3] Group 2: Market Expansion and Client Base - The company has established long-term partnerships with major players in the automotive seating industry, including collaborations with Dongfeng Lear and others, expanding its client base to cover mainstream Tier 1 suppliers [4] - The company is leveraging its expertise in seat frame production to develop complete seating solutions, with ongoing negotiations for customized projects with leading automotive manufacturers [4] Group 3: Diversification into New Markets - The company is diversifying its business into railway and robotics sectors, having successfully passed the bidding process for railway container projects and obtained supply qualifications for high-speed rail seating [5] - In robotics, the company has completed the first phase of key component development and is building a specialized team for industrial robot research and production [5] Group 4: Financial Projections - Revenue projections for 2025 to 2027 are 3.134 billion, 4.091 billion, and 5.114 billion yuan, respectively, with net profits expected to be 201 million, 289 million, and 382 million yuan [7] - The projected earnings per share (EPS) for the same period are 0.95, 1.37, and 1.81 yuan, with corresponding price-to-earnings (PE) ratios of 43, 30, and 23 [7]