[Table_Page] 公告点评|通用设备 证券研究报告 [Table_Title] 欧科亿（688308.SH） 如何看待周期向上的强度和持续性 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,026 | 1,127 | 1,446 | 2,516 | 3,458 | | ） 增长率（ % | -2.7% | 9.8% | 28.3% | 74.0% | 37.5% | | EBITDA | 274 | 200 | 296 | 795 | 968 | | 归母净利润 | 166 | 57 | 103 | 558 | 710 | | 增长率（ % ） | -31.4% | -65.5% | 80.5% | 440.0% | 27.1% | | EPS（元/股） | 1.05 | 0.36 | 0.65 | 3.52 | 4.47 | | 市盈率（P/E） | 2 ...

证 券 研 究 报 告 机械行业周报（20260323-20260329） 推荐（维持） 关注供给收缩下氦气及钨合金产业链机会 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 300124.SZ | 68.54 | 2.11 | 2.54 | 3.00 | 32.51 | 27.02 | 22.86 | 5.70 | 强推 | | 法兰泰克 | 603966.SH | 12.08 | 0.60 | 0.77 | 0.94 | 20.15 | 15.79 | 12.81 | 2.74 | 强推 | | 信捷电气 | 603416.SH | 49.17 | 1.83 | 2.30 | 2.78 | 26.83 | 21.40 | 1 ...

机床刀具研究：刀具的进击时刻 20260329 摘要 欧科亿 26Q1 业绩超预期，利润环比 25Q4 大幅增长，同比增幅超 20 倍，主因 25Q4 订单交付且价格传导顺畅，收入同比约翻倍。 预计 26Q2 业绩环比持续向好，受益于 Q1 高价新订单确认、无春节假 期影响、产能利用率提升及 25Q2 极低基数效应。 刀具板块呈现高景气共振，华锐精密、新锐 26Q1 业绩预期乐观；华锐 精密目前市场预期较低，存在显著预期差。 钨价自 25 年起累计涨幅超 6 倍，刀具提价空间仍存；下游成本占比仅 1%-2%且废料回收价同步上涨，价格传导阻力较小。 海外品牌供给收缩，日系品牌 4 月起对华供货将极度紧张，欧系品牌频 繁涨价，为国产品牌提价与国产替代腾挪空间。 低价原材料库存增值巨大，欧科亿、新锐 26 年利润有望达 8-10 亿元， 对应 20 倍 PE 下市值空间看至 160-200 亿元。 企业积极布局第二增长曲线：华锐精密涉足钨矿回收，新锐布局 PCB 钻 针，欧科亿预期开展横向外延布局。 Q&A 欧科亿 2026 年第一季度业绩预告的核心数据如何，市场对此有何反应，以及 该业绩表现反映了怎样的经营质量？ ...

证 券 研 究 报 告 机械行业周报（20260323-20260329） 推荐（维持） 关注供给收缩下氦气及钨合金产业链机会 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 300124.SZ | 68.54 | 2.11 | 2.54 | 3.00 | 32.51 | 27.02 | 22.86 | 5.70 | 强推 | | 法兰泰克 | 603966.SH | 12.08 | 0.60 | 0.77 | 0.94 | 20.15 | 15.79 | 12.81 | 2.74 | 强推 | | 信捷电气 | 603416.SH | 49.17 | 1.83 | 2.30 | 2.78 | 26.83 | 21.40 | 1 ...

随着2026年第一季度步入尾声，A股市场迎来了首批上市公司一季报业绩预告的密集披露期。 21快讯记者据同花顺iFinD统计，截至3月29日，已有18家上市公司抢先揭晓了一季度"成绩 单"。在市场整体向好的大背景下，业绩预喜成为主旋律， 其中业绩预增企业10家，略增企业 5家，扭亏企业1家，预喜企业合计占比达88.89%；仅有2家企业预计续亏，整体业绩预期向 好。 从增长幅度看， 业绩高增长标的主要集中在机械设备、医药生物及基础化工三大领域，量价 齐升成为这些企业业绩增长的核心逻辑。 其中，欧科亿与富祥药业以惊人的增速领跑全市 场。 受益于硬质合金刀具的量价齐升及去年同期的低基数效应，欧科亿预计一季度净利润为1.8亿 元至2.2亿元，与上年同期相比，将增加1.72亿元至2.12亿元。据此计算，2026年一季度净利 润同比增速将达2248.9%至2770.9%。 同样受益于业务量价齐升的还有电解液添加剂龙头股 富祥药业 ， 业绩预告显示，其2026年一 季度净利润预计为5200万元至7500万元，同比增长2222.67%至3250.01%，也是当前预增王。 受一季度业绩大幅预增消息刺激，富祥药业3月24日开盘后快 ...

若按照业绩预告的预告净利润同比增长下限来计，包括欧科亿、富祥药业、万邦德、福立旺、奥来德、坤彩科技、天山铝业、维尔利、山东赫达 等在内的多家公司预计2026年第一季度净利润同比增速超过100%，其中欧科亿、富祥药业预计2026年第一季度净利润同比增速超过1000%，即 预计同比增速超过10倍。 欧科亿披露的2026年第一季度业绩预告的自愿性披露公告显示，经财务部门初步测算，预计2026年第一季度实现归属于母公司所有者的净利润为 1.8亿元至2.2亿元，与上年同期相比，将增加1.72亿元至2.12亿元。据此计算，公司预计2026年第一季度实现归属于母公司所有者的净利润同比增 速将达2248.9%至2770.9%。 富祥药业披露的2026年第一季度业绩预告显示，公司预计2026年第一季度归属于上市公司股东的净利润为盈利5200万元～7500万元，比上年同期 增长2222.67%～3250.01%。 3月29日晚间，天山铝业披露的2026年第一季度业绩预告显示，公司预计2026年第一季度实现归属于上市公司股东的净利润22亿 元，同比增长107.92%。 天山铝业业绩预增，是近期A股市场上市公司2026年第一季度业绩 ...

1、经财务部门初步测算，预计 2026 年第一季度实现归属于母公司所有者 的净利润为 18,000 万元至 22,000 万元，与上年同期相比，将增加 17,233.68 万元至 21,233.68 万元。 证券代码：688308 证券简称：欧科亿 公告编号：2026-006 株洲欧科亿数控精密刀具股份有限公司 2026 年第一季度业绩预告的自愿性披露公告 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法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2026 年 1 月 1 日至 2026 年 3 月 31 日。 （二）业绩预告情况 四、风险提示 本次业绩预告是公司财务部门基于自身专业判断进行的初步核算，未经注册 会计师审计。公司尚未发现影响本次业绩预告内容准确性的重大不确定因素。 五、其他说明事项 以上预告数据仅为初步核算数据，具体准确的财务数据以公司正式披露的 2026 年第一季度报告为准，敬请广大投资者注意投资风险。 特此公告 2、预计 2026 年第一季度实现归属于母公司所有者的扣除非经常性损益的 净利润为 17,500 ...

证券研究报告 2026 年 03 月 22 日 湘财证券研究所 行业研究 机械行业周报 宇树科技 IPO 获受理，Space X 启动光伏设备采购 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 ——机械行业周报（2026.03.16~2026.03.20） 核心要点： ❑ 市场回顾：本周机械行业继续跑输大盘，光伏加工设备板块表现较好 本周，沪深 300 指数下跌 2.2%，机械行业下跌 6.3%，其中表现 靠前板块为光伏加工设备(1.7%)、半导体设备(0.2%)、其他专用设备(- 2.9%)，表现靠后板块为磨具磨料(-9.2%)、金属制品(-8.3%)、机床工具 (-8.0%)。截至 2026 年 3 月 20 日，沪深 300 指数今年累计下跌 1.4%， 机械行业累计上涨 1.4%，其中涨幅靠前板块为激光设备(39.7%)、光 伏加工设备(32.9%)、其他自动化设备(24.6%)，表现靠后的细分板块为 机器人(-12.8%)、印刷包装机械(-8.3%) ...

Investment Rating - The report rates the commercial aerospace industry as "Outperform" [2] Core Insights - The commercial aerospace index experienced a decline of 2.54% during the week of March 9 to March 13, 2026, with a current PE ratio at the 35.94% percentile over the past three months [2] - The report highlights the acceleration of satellite manufacturing and launch demand in China, driven by advancements in commercial remote sensing technology and the "Qianfan Constellation" satellite launch progress [2][17] - The report emphasizes the decreasing unit launch costs of SpaceX's Starship, which is expected to enhance commercial demand for large space facilities [2][17] Summary by Sections Industry Overview - The commercial aerospace sector is witnessing a shift from technology validation to scaling, with significant developments in satellite constellations and launch capabilities [2][17] - The report notes that the "Qianfan Constellation" has launched 108 satellites, with plans for global coverage by 2026, indicating a scaling release of satellite manufacturing and launch services [2][17] Market Performance - The report identifies the top-performing companies in the commercial aerospace sector, including Okai Yi (+21.59%), China Power Construction (+20.64%), and Dinggu Jichuang (+19.78%) [2][13] - Conversely, the companies with the largest declines include Aerospace Technology (-18.44%), Qiaoyuan Co. (-17.45%), and Taijia Co. (-16.33%) [2][13] Future Catalysts - The report anticipates an acceleration in China's commercial aerospace launch cadence, with the successful testing of the "Liyuan No. 1" rocket expected to validate multi-satellite launch capabilities [2][17] - The ongoing validation of heavy-lift rocket capabilities, particularly SpaceX's Starship, is expected to enhance the feasibility of large-scale satellite deployments and infrastructure development in the commercial aerospace sector [2][17] Investment Recommendations - The report suggests focusing on companies such as Western Materials (300124), Guoji Precision (002046), and Huazhu High-Tech (688433) as potential investment opportunities within the commercial aerospace sector [2][17]

Summary of Conference Call on Tungsten Tooling Industry Industry Overview - The tungsten concentrate price has increased sixfold since 2025, with expectations of supply contraction supporting high prices until mid-2026 [1] - Companies like Zhongtung High-tech, Oke Yi, Huarui Precision, and Xinxin Co. have significant low-cost tungsten carbide inventories, with costs below 1 million CNY/ton compared to the current price of 2.3 million CNY/ton [1][2] Key Company Insights Zhongtung High-tech - Current mining capacity is 12,000 to 13,000 tons, with profit expectations reaching tens of billions in 2026 [1][3] - Future capacity is expected to double with the addition of three new mines, providing solid support for its current market valuation of approximately 150 billion CNY [3] Huarui Precision - Anticipates a year-on-year shipment increase of over 30% in Q1 2026, following a price increase of 25-30% and further expected increases of at least 40% [1][8] - Established a joint venture to extend its reach into upstream hard alloy products and tungsten recycling, enhancing its profit potential [8][9] Oke Yi - Expected to see significant growth in 2026, driven by performance elasticity and potential expansion into PCB drilling needle markets [4][5] - Holds over 1,000 tons of low-cost tungsten carbide inventory, with costs around 1 million CNY/ton [7] Xinxin Co. - Has a substantial inventory of 2,000 to 3,000 tons of low-cost raw materials, with expected revenue and profit growth in 2026 [7] - The acquisition of Huilian Electronics for PCB drilling is expected to contribute to performance in mid-2026 [1][7] Market Dynamics - The price of tungsten-related products has seen a significant increase from early 2025 to Q1 2026, with tungsten concentrate prices rising from approximately 140,000 CNY/ton to 1,040,000 CNY/ton, a sixfold increase [2] - The price increase has directly driven stock price increases for related companies, particularly those with low-cost inventories [2] - Current market consensus indicates that recent price fluctuations are temporary, with no signs of a peak in tungsten prices [6] Performance Expectations - Companies are expected to see substantial profit releases in 2026 due to their low-cost inventory, with Oke Yi and Huarui Precision projected to support market capitalizations of 13 to 15 billion CNY, corresponding to annual profits of 400 to 600 million CNY [5][6] - Xinxin Co. is expected to support a market cap of 18 to 20 billion CNY, with annual profits of 700 to 1,000 million CNY [6] Conclusion - The tungsten tooling industry is poised for significant growth driven by rising prices and strategic inventory management by key players. The anticipated performance in 2026 is expected to exceed market expectations, particularly for companies with robust low-cost inventories and strategic acquisitions [6][7]