行业研究 / 行业点评 2026 年 03 月 24 日 证券研究报告 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《全球人形机器人产业周报（三）：GTC 催化， 机器人量产预期仍是核心锚点》2026-03-17 《全球商业航天产业周报（二）：Starship 商 业化运力逐步进入验证期》2026-03-17 《智能制造行业周报：看好多层板放量下 PCB 设备升级机遇》2026-03-16 《智能制造行业周报：持续看好半导体设备零 部件国产化替代》2026-03-09 《全球人形机器人产业周报（二）：产业化提 速，标准体系与应用落地共振》2026-03-09 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 宇树科技 IPO 获受理，出货放量可期 ——智能制造行业周报（2026/03/16-2026/03/20） | 2.1 | 板块行情回顾 | 6 | | --- | --- | --- | | 2.2 | 个股行情回顾 | 8 | | | | 10 | | 3.2 | 东威 ...

证券研究报告 公司研究 / 首次覆盖 2026 年 03 月 13 日 深耕 FPC 测试设备，折叠屏与硅光打开成长空间 机械设备 报告原因： | | | | 市场数据： | 2026 | 年 | 月 | | 日 | 03 | 12 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 51.55 | | | | 一年内最高/最低（元） | | | 57.28/20.36 | | | | | | 市净率 | | | | | 5.1 | | | | 股息率（分红/股价） | | | | | 0.96 | | | | 流通 A 股市值（百万元） | | | | 7,515 | | | | | 上证指数/深证成指 | | | 4,129/14,375 | | | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | | 基础数据： | | | 2025 年 | 09 | 月 30 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

证券研究报告 公司研究 / 首次覆盖 2026 年 03 月 13 日 深耕 FPC 测试设备，折叠屏与硅光打开成长空间 机械设备 报告原因： | | | | 市场数据： | 2026 | 年 | 月 | | 日 | 03 | 12 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 51.55 | | | | 一年内最高/最低（元） | | | 57.28/20.36 | | | | | | 市净率 | | | | | 5.1 | | | | 股息率（分红/股价） | | | | | 0.96 | | | | 流通 A 股市值（百万元） | | | | 7,515 | | | | | 上证指数/深证成指 | | | 4,129/14,375 | | | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | | 基础数据： | | | 2025 年 | 09 | 月 30 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Group 1: Financial Performance - Hengyu Environmental reported a revenue of 294 million yuan for 2025, an increase of 89.87%, and a net profit of 35.93 million yuan, up 106.25% [1] - Zhongke Shuguang achieved a revenue of 14.97 billion yuan in 2025, growing by 13.86%, with a net profit of 2.113 billion yuan, reflecting a 10.54% increase [2] - Oat Technology's revenue reached 619 million yuan, marking a 24.33% growth, and a net profit of 137 million yuan, up 42.63% [4] - Yongxi Electronics reported a revenue of 4.4 billion yuan, a 21.92% increase, with a net profit of 82.24 million yuan, up 23.99% [5] Group 2: Shareholder Actions - Yashida Optoelectronics announced that a shareholder plans to reduce holdings by up to 1.6 million shares, representing no more than 0.976% of the total share capital [3] - Yuanli Co. intends to repurchase shares worth 50 to 60 million yuan for employee stock ownership plans, with a maximum repurchase price of 20 yuan per share [6] - Conch Cement's controlling shareholder plans to increase holdings by 700 million to 1.4 billion yuan [7] - Huaneng Hydropower's controlling shareholder plans to increase holdings by 100 to 150 million yuan [8] Group 3: Corporate Announcements - Baotai's drug application for Darpobatin injection has been accepted by the National Medical Products Administration [14] - Changchun High-tech's subsidiary received approval for clinical trials of GenSci141 ointment [15] - Tongwei Co. is planning to acquire 100% of Lihua Qingneng, with stock trading suspended for up to 10 trading days [16] - Guoyao Modern's application for the raw material drug Minaprine has been approved [20] Group 4: Market Activities - Kaipu Cloud announced the termination of the acquisition of Nanning Taike [21] - Boji Pharmaceutical plans to reduce its holdings by up to 0.69% of the total share capital [23] - ST Renfu intends to issue shares to its controlling shareholder to raise 3 to 3.5 billion yuan for innovative drug development projects [24] - Huayi Technology submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [25]

Core Viewpoint - Shenzhen Oat Technology Co., Ltd. reported significant growth in key financial metrics for the fiscal year 2025, driven by the steady expansion of its FPC testing equipment business and effective management practices [2]. Financial Performance - The company achieved total operating revenue of 618.66 million yuan, a 24.33% increase from 497.58 million yuan in the previous year [2][3]. - Operating profit reached 135.25 million yuan, reflecting a year-on-year growth of 40.79% [2][3]. - Total profit amounted to 135.28 million yuan, up 41.01% compared to the previous year [2][3]. - Net profit attributable to the parent company was 137.36 million yuan, a 42.63% increase from 96.31 million yuan [2][3]. - The net profit excluding non-recurring gains and losses was 123.33 million yuan, showing a growth of 48.93% [2][3]. - Basic earnings per share were 0.96 yuan, up 45.45% from 0.66 yuan [2][3]. Asset and Equity Position - As of the end of the reporting period, total assets were 1.73 billion yuan, a 1.47% increase from the beginning of the year [2][3]. - Equity attributable to the parent company was 1.53 billion yuan, reflecting a year-on-year growth of 7.1% [2][3]. - The weighted average return on equity increased by 2.31 percentage points to 9.30% [3]. Business Growth Factors - The significant growth in operating metrics is attributed to an increase in orders and substantial growth in FPC testing equipment revenue, alongside the implementation of refined management practices that effectively reduced operational costs and improved overall efficiency [4].

Performance Summary - Supor reported a net profit of 2.097 billion yuan for 2025, a decrease of 6.58% year-on-year [2] - Sanofi reported a net profit of 2.939 billion yuan for 2025, an increase of 317.09% year-on-year [17] - Wens Foodstuff Group reported a net profit of 5.235 billion yuan for 2025, a decrease of 43.59% year-on-year [18] - Sree New Materials reported a net profit of 154 million yuan for 2025, an increase of 35.04% year-on-year [22] - JiaoKong Technology reported a net profit of 156 million yuan for 2025, an increase of 86.13% year-on-year [22] - Aidi Pharmaceutical reported a net loss of 19.7337 million yuan for 2025, a reduction in loss [22] - MicroGuide Nano reported a net profit of 213 million yuan for 2025, a decrease of 6.12% year-on-year [22] - Zhongwei Semiconductor reported a net profit of 285 million yuan for 2025, an increase of 108.05% year-on-year [22] - Hengyu Environmental reported a net profit of 35.9325 million yuan for 2025, an increase of 106.25% year-on-year [22] - Zhongke Shuguang reported a net profit attributable to shareholders of 2.113 billion yuan for 2025, an increase of 10.54% year-on-year [22] - Oat Technology reported a net profit of 137 million yuan for 2025, an increase of 42.63% year-on-year [22] - Yongxi Electronics reported a net profit attributable to shareholders of 82.2403 million yuan for 2025, an increase of 23.99% year-on-year [22] Shareholding Changes - Asia Optical's shareholders plan to reduce their holdings by no more than 1.6 million shares [22] - Anhui Conch Cement's controlling shareholder plans to increase its holdings by 700 million to 1.4 billion yuan [22] - Huaneng Hydropower's controlling shareholder plans to increase its holdings by 100 million to 150 million yuan [22] - Fushi Holdings' shareholders plan to reduce their holdings by no more than 2% [22] - Zhixin Precision's board members plan to reduce their holdings by no more than 1.8562% [22] - Hongbaoli's deputy general manager plans to reduce their holdings by no more than 310,000 shares [22] - Yuanli Co. plans to repurchase shares worth 50 million to 60 million yuan [22] - Zhongshun Jierou plans to repurchase shares worth 60 million to 120 million yuan [22] Contract Awards - Fengfan Co. won a procurement project from Southern Power Grid worth approximately 184 million yuan [22] - Shaoneng Co.'s wholly-owned subsidiary signed a cooperation agreement for land and resources for an independent energy storage power station project with Yuancan Company [22] Major Investments - Zhejiang Medicine plans to invest 250 million yuan in a silver economy fund in collaboration with a private equity fund [4] Project Approvals - Gansu Energy's Minqin Shuangchike 2 million kilowatt wind power project has been approved [5] - China Tianying received investment approval for the expansion of its Hanoi project [5] Mergers and Acquisitions - Dazhu Laser plans to invest 150 million USD to establish an overseas operation center [6] - Dongyang Sunshine is planning to acquire control of Dongshu No. 1, with stock suspension [6] - Shenlian Bio plans to acquire control of Shizhi Source for 237 million yuan to fully develop its innovative drug business [23] - Tongwei is planning to purchase 100% of Lihua Qingneng, with stock suspension starting tomorrow [23] - Changxin Bochuang plans to acquire 93.8108% of Shanghai Honghui Optical Communication Technology Co., Ltd. for 375 million yuan [23] - Kaipu Cloud has terminated the acquisition of 100% of Nanning Taike [23] Other Developments - Kexin Mechanical and Electrical obtained a production license for ultra-high pressure containers (A6) [10] - Baiyin Nonferrous Metals received a government subsidy of 9 million yuan [24] - Rundou Co. received a drug registration certificate for ibuprofen tablets [25] - Hengrui Medicine's application for the marketing authorization of the innovative drug SHR-1918 injection has been accepted and included in the priority review process [26] - Duorui Medicine's tender offer period has expired, and the company's stock is suspended [27] - Inner Mongolia Huadian plans to apply for a change of its stock name to "Huaneng Mengdian" [28]

Group 1 - The core viewpoint of the article highlights the financial performance of Oat Technology for the fiscal year 2025, showing significant growth in revenue and profit [1] Group 2 - Oat Technology reported an operating income of approximately 619 million yuan, representing a year-on-year increase of 24.33% [1] - The net profit attributable to shareholders was approximately 137 million yuan, reflecting a year-on-year increase of 42.63% [1] - The basic earnings per share reached 0.96 yuan, which is a year-on-year increase of 45.45% [1]

Financial Performance Summary - In 2025, the company reported significant growth in key financial metrics, with operating profit increasing by 40.79%, total profit rising by 41.01%, and net profit attributable to shareholders growing by 42.63% [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, saw a substantial increase of 48.93%, while basic earnings per share rose by 45.45% [2] Business Operations and Market Context - The global consumer electronics industry is expanding, leading to increased demand for Flexible Printed Circuit (FPC) testing equipment, which has positively impacted the company's revenue [1] - The company's strong investment in research and development has contributed to the growth of its FPC testing equipment business, resulting in improved operational efficiency and reduced operating costs [1][2]

Major Announcements - Light Media's film "Fast and Furious 3" has achieved a cumulative box office revenue of approximately 2.926 billion yuan, with the company's revenue from this film estimated between 43 million to 53 million yuan, which exceeds 50% of the company's audited consolidated financial statement revenue for the most recent fiscal year [1] - Dazhong Laser plans to invest 150 million USD to establish an overseas operation center in Southeast Asia to enhance service capabilities and meet international market demands [1] - Shunlian Bio intends to acquire controlling interest in Yanzhou Shizhi Source Biotechnology Co., Ltd. for 237 million yuan, aiming to fully develop its innovative drug business [2] - Shaoneng Co. signed a cooperation agreement with Yuancan Company for an independent energy storage power station project, with a total agreement amount of 22 million yuan [3] - China Tianying received investment approval for the expansion of its waste-to-energy project in Hanoi, with an investment amount of approximately 220 million USD [4] - Gansu Energy's 2 million kW wind power project has received approval from the local development and reform bureau [5] - Kexin Machinery obtained a production license for ultra-high pressure vessels [6] Financial Performance - Zhongwei Semiconductor reported a net profit of 285 million yuan for 2025, a year-on-year increase of 108.05%, with total revenue of 1.122 billion yuan, up 23.09% [9] - Weidao Nano reported a net profit of 213 million yuan for 2025, a year-on-year decrease of 6.12%, with total revenue of 2.632 billion yuan, down 2.52% [10] - Wens Foodstuff Group reported a net profit of 5.235 billion yuan for 2025, a year-on-year decrease of 43.59%, with total revenue of 103.884 billion yuan, down 1.67% [11] - SanSheng Guojian reported a net profit of 2.939 billion yuan for 2025, a year-on-year increase of 317.09%, with total revenue of 4.199 billion yuan, up 251.81% [12] - Yongxi Electronics reported a net profit of 82.24 million yuan for 2025, a year-on-year increase of 23.99%, with total revenue of 4.4 billion yuan, up 21.92% [14] - YaoMai Technology reported a net profit of 137 million yuan for 2025, a year-on-year increase of 42.63%, with total revenue of 619 million yuan, up 24.33% [15] - Zhongke Shuguang reported a net profit of 2.113 billion yuan for 2025, a year-on-year increase of 10.54%, with total revenue of 14.97 billion yuan, up 13.86% [15] Shareholder Actions - Zhongshun Jierou plans to repurchase shares worth between 60 million to 120 million yuan for employee stock ownership plans [21] - Yuanli Co. plans to repurchase shares worth between 50 million to 60 million yuan for stock incentive plans [21] - Huaneng Hydropower's controlling shareholder plans to increase its stake by 100 million to 150 million yuan [22] - Conch Cement's controlling shareholder plans to increase its stake by 700 million to 1.4 billion yuan [23] Stock Suspension - Dongyangguang announced a stock suspension due to plans to acquire control of Dongshu No. 1 [29] - Tongwei Co. announced a stock suspension due to plans to acquire 100% equity of Qinghai Lihua Qingneng [30] - Duorui Pharmaceutical announced a stock suspension as the offer period for its acquisition has expired [31]

Core Insights - Oat Technology reported a total operating revenue of 618.66 million yuan for the year 2025, representing a year-on-year growth of 24.33% [2] - The net profit attributable to the parent company reached 137.36 million yuan, showing a year-on-year increase of 42.63% [2] Financial Performance - Total operating revenue for 2025: 618.66 million yuan, up 24.33% from the previous year [2] - Net profit attributable to the parent company: 137.36 million yuan, an increase of 42.63% year-on-year [2]