研究早观点 2026 年 2 月 26 日 星期四 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,147.23 | 0.72 | | 深证成指 | | 14,475.87 | 1.29 | | 沪深 | 300 | 4,735.89 | 0.60 | | 中小板指 | | 8,787.92 | 1.12 | | 创业板指 | | 3,354.82 | 1.41 | | 科创 | 50 | 1,473.28 | 0.54 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】煤炭：报行（业2周0260209-20260222）-关注海外煤价上 涨对国内煤价所带来的影响 【公司评论】鼎通科技(688668.SH)：鼎通科技 2025 年业绩预告点评 -CAGE 持续扩产上量，光模块液冷迎来渗透率快速提升 【行业评论】【山证电新】20260225 光伏产业链价格跟踪- 产业链上游 ...

格隆汇2月25日｜山西证券研报指出，鼎通科技预计2025年实现营收15.9亿元，同比增长54.4%，实现归 母净利润2.4亿元，同比增长119.6%，报告期内，在AI驱动下通讯连接器市场需求旺盛，公司高速通讯 产品显著增长，112G产品持续放量，公司产能不断释放带动业绩增长。随着客户订单落地，公司2026 年112G产品月出货有望突破200万、224G月出货有望达40-50万。公司可转债募投后将新增年产1200万 通讯连接器CAGE和20000万件通讯连接器精密结构件产能。汽车连接器持续推进大客户BMS项目，可 转债募投后产能再获提升。另外，1.6T、3.2T 时代，光模块液冷渗透率有望快速提升，公司已进入量产 状态。维持"买入-B"评级。 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 1.59 billion yuan in 2025, representing a year-on-year growth of 54.4%, and a net profit attributable to the parent company of 240 million yuan, which is a 119.6% increase year-on-year [1] - The demand for communication connectors is robust, driven by AI, with significant growth in high-speed communication products, particularly the 112G products [1][2] - The global market for Ethernet optical modules above 100G is projected to grow from 16.5 billion USD in 2025 to 26 billion USD in 2026, indicating strong market potential [2] - The company is expanding its production capacity significantly, with plans to add 12 million communication connectors and 20 million precision structural components annually [2][3] - The company has entered mass production of liquid cooling optical modules, with annual production capacity expected to reach 200,000 to 300,000 sets [3] Financial Performance and Forecast - The company forecasts net profits of 240 million yuan for 2025, 590 million yuan for 2026, and 850 million yuan for 2027, with corresponding EPS of 1.75, 4.26, and 6.10 yuan [7] - Revenue is projected to grow from 1.59 billion yuan in 2025 to 3.06 billion yuan in 2026, and further to 4.44 billion yuan in 2027, reflecting a strong growth trajectory [8] - The gross margin is expected to improve from 30% in 2025 to 33.3% in 2026, indicating enhanced profitability [8] Market Data - As of February 24, 2026, the closing price of the stock is 144.36 yuan, with a total market capitalization of 20.105 billion yuan [5] - The company has a total share capital of 139 million shares, with a circulating market value of 20.105 billion yuan [5] Production Capacity and Projects - The company is set to increase its production capacity for automotive connectors, particularly in the BMS project, with an expected annual output of 374,400 aluminum busbar products, potentially generating an additional revenue of 468 million yuan [7] - The company has established partnerships with major clients in the automotive sector, including BYD and Changan Automobile, to enhance its market position [3][7]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1]. Core Insights - The company forecasts a revenue of 1.59 billion yuan for 2025, representing a year-on-year growth of 54.4%, and a net profit attributable to shareholders of 240 million yuan, up 119.6% year-on-year [1]. - The demand for communication connectors is robust, driven by AI, with significant growth in high-speed communication products, particularly the 112G products [1][2]. - The global market for Ethernet optical modules above 100G is projected to grow from 16.5 billion USD in 2025 to 26 billion USD in 2026, benefiting the company as it partners with major manufacturers [2]. - The company is expanding its production capacity significantly, with plans to add 12 million communication connectors and 20 million precision structural components annually [2][3]. - The company has entered mass production of liquid cooling optical modules, with annual production capacity expected to reach 200,000 to 300,000 sets [3]. Financial Performance and Projections - The company expects net profits of 240 million yuan in 2025, 590 million yuan in 2026, and 850 million yuan in 2027, with corresponding EPS of 1.75, 4.26, and 6.10 yuan [7]. - Revenue projections for 2025, 2026, and 2027 are 1.59 billion yuan, 3.06 billion yuan, and 4.44 billion yuan, respectively, with year-on-year growth rates of 54.3%, 91.9%, and 45.5% [8]. - The gross margin is expected to improve from 30% in 2025 to 33.3% in 2026, indicating enhanced profitability [8]. Market Data - As of February 24, 2026, the closing price of the stock is 144.36 yuan, with a total market capitalization of 20.105 billion yuan [5]. - The company has a total share capital of 139 million shares, with a circulating market value of 20.105 billion yuan [5].

张小飞 博士 高工锂电 董事长 蛇年锂电一边火焰一边海水。一边是储能飞黄腾 达,不仅业务越做越大,把电芯也拉扯得越做越大,大 到谁不出更大就不好意思张扬;另一边,动力电池全向 固态看齐,表面大厂与新锐繁花似锦,里子花絮掺杂。 从而,优而秀的电池厂储能订单接到手软,扩产呼 声再起。而上游材料价格趁机强烈回弹,迫使电池企业 利润增速远落后于出货量的批文。热热闹闹到底为了什 么,成了行业留给蛇的疑惑。 窥探马年,又路口就在脚下。一线大厂将在固态技 术拉开身位,而全球电动化节奏的放缓,注定是场寒蝉 效应。好在,储能势头依旧强劲,会是让人歇脚、马进 草的路享。 新春之际,祝各位朋友:技术迭代码不停手,产品 出海一马平川! 日本公 I G高工锂电 G高I咨询 2 Th 国际 高工锂电公众号 高工锂电视频号 高工小锂 王燕清 先导集团 董事长 新春甫至,万象更新,绿色能源的浪潮正重塑世界, 每一份专注与创新都在点亮未来。当前,新能源产业正从 "规模扩张"迈向"极限智造"的新阶段，新的一年，先导期 望成为全球产业进阶的核心引擎,用中国装备重新定义世 界制造的标准。我们愿与行业同行者一道，以"极限智造" 为笔，在不确定的时代中 ...

Company Overview: DingTong Technology Industry and Company - The company primarily operates in two segments: communication connectors and automotive connectors [1][2] - It supplies individual components of connectors rather than assembling them [1] - Major clients include Amphenol, Molex, TE Connectivity, and China Aviation Optical-Electrical Technology [1] Core Business Insights - **Communication Connectors**: Comprises backplane connectors and IO connectors, with a significant focus on high-speed optical modules [2][8] - **Automotive Connectors**: Includes control system connectors and high-voltage interlock connectors, with a shift towards direct supply to end customers since 2021 [1][2] Revenue Trends - The revenue composition has shifted, with communication connectors dominating until 2023, when automotive connectors saw a rise due to a decline in communication connector demand [2][3] - By the end of 2023, communication connectors accounted for approximately 80% of revenue [3] Growth Path - The company has expanded its customer base from primarily Tier 1 and Tier 2 connector manufacturers to include end automotive manufacturers and battery pack manufacturers [3][4] - R&D efforts have led to the development of high-current and high-voltage connectors since 2020, with recent advancements in 112G and 224G products [5][9] Capacity Expansion - The company has established subsidiaries in various locations, including Henan, Dongguan, Malaysia, and plans for Vietnam [6] - The management team has a strong technical background, supporting the company's R&D and production capabilities [6] Profitability and Financial Performance - The company experienced negative net profit growth in 2023 due to a decline in communication connector demand [7] - However, profitability is expected to rebound significantly starting in 2024 as demand for communication connectors increases [7] Industry Dynamics - The connector industry is seeing a trend towards concentration, with major players capturing a larger market share [7] - The communication and automotive sectors are the primary application areas for connectors, with a notable increase in competition in the automotive sector [7] Future Market Outlook - The optical module market is projected to grow rapidly, driven by AI infrastructure and increased demand for high-speed transmission [8][9] - The overall market for high-speed optical modules is expected to exceed $22 billion by 2030 [9] Profit Forecast - Projections for 2025 to 2027 indicate significant revenue growth, with expected net profits of approximately $2.45 billion, $7.84 billion, and $20.04 billion respectively [10] - The anticipated demand for 112G and 224G connectors is expected to drive this growth [10]

Group 1 - The core point of the news is that Ding Tong Technology's stock price dropped by 5.06% to 155.15 yuan per share, with a trading volume of 5.57 billion yuan and a turnover rate of 2.50%, resulting in a total market capitalization of 216.08 billion yuan [1] - Ding Tong Technology, established on June 11, 2003, is located in Dongguan, Guangdong Province, and was listed on December 21, 2020. The company specializes in the research, production, and sales of precision components for communication connectors and automotive connectors [1] - The main revenue composition of Ding Tong Technology includes: communication connector housings (CAGE) at 41.36%, automotive connector components at 25.82%, precision structural parts for communication connectors at 16.53%, other businesses at 9.19%, precision molds at 5.46%, and mold parts at 1.65% [1] Group 2 - From the perspective of Ding Tong Technology's top ten circulating shareholders, a fund under Debon Fund ranks among the top shareholders. The Debon Xinxing Steady Flexible Allocation Mixed Fund (001259) entered the top ten circulating shareholders in the third quarter, holding 900,000 shares, which accounts for 0.65% of the circulating shares [2] - The estimated floating loss for the Debon Xinxing Steady Flexible Allocation Mixed Fund today is approximately 7.443 million yuan. The fund was established on May 21, 2015, with a latest scale of 645.3 million yuan. Year-to-date, it has incurred a loss of 1.62%, ranking 758 out of 2541 in its category; over the past year, it has gained 3.11%, ranking 400 out of 2408; and since its inception, it has achieved a return of 2.31% [2]

Core Viewpoint - DingTong Technology is expanding its production capacity and product offerings, focusing on high-speed communication, liquid cooling solutions, and new energy battery management systems through a proposed convertible bond issuance for financing [1][3]. Production Capacity - The company has five production bases: Dongguan DingTong focuses on communication connectors and is expanding capacity through leasing; Henan DingRun specializes in automotive connectors and is not yet at full capacity; Changsha DingTong is under construction; Malaysia DingTong has commenced mass production; and Vietnam DingTong is planned for construction this year [2][1]. Financing and Projects - The company plans to issue convertible bonds to finance the expansion of its mother company's construction projects, high-speed communication and liquid cooling production, new energy BMS production, and to supplement working capital [3][1]. Satellite Communication Connectors - The CANFD connectors for satellite communication systems have passed customer certification and are being delivered according to orders, but they contribute less than 1% to the overall revenue [3][1]. Liquid Cooling Products - Liquid cooling products are currently in small batch trial production, with one research-focused production line in operation and plans to add another line by Q2 2026 to meet increasing customer demand [5][4]. Market Position and Competitors - The company has established a competitive edge in the liquid cooling sector through R&D progress, technical accumulation, and customer service, despite the potential entry of other suppliers as the market for liquid cooling solutions grows [7][6]. Future Development Plans - The company intends to increase R&D investment in liquid cooling products, enhance product performance and quality, and expand application areas while boosting market promotion efforts to strengthen its competitive position [7][6]. Revenue from Backplane Connectors - Revenue from backplane connectors accounts for approximately 30% of communication products, with optimistic demand forecasts driven by the growth in AI applications [10][1]. Operational Status in Malaysia - The Malaysia DingTong project has entered mass production and is operating normally [11][1].

Group 1 - The core viewpoint of the article is that DingTong Technology (688668.SH) is currently operating one liquid cooling plate production line primarily focused on research and development, with plans to add a second production line by Q2 2026 to meet increasing customer demand [1] Group 2 - The company anticipates that the new production line will help fulfill the mass production needs of its clients [1]

Core Viewpoint - DingTong Technology (688668.SH) has recently stated that its satellite communication assembly system's CANFD connector products have passed customer certification and are being delivered according to customer orders, although they contribute less than 1% to the company's overall revenue, thus having a minimal impact on revenue [1] Group 1 - The CANFD connector products have been certified by customers [1] - Deliveries are being made based on customer order requirements [1] - The revenue contribution from these products is less than 1% of the company's total revenue [1]