天润工业 20260128 摘要 天润工业的大机曲轴和连杆业务目前的市场分布情况如何？ 目前，公司生产的大马力曲轴和连杆主要面向发电机组市场，其中包括备用电 源、矿用发电机组以及小型船用发电机组等应用场景。虽然具体产品用途难以 一一确认，但增量部分大多用于发电机组，尤其是面向 AIDC 备用电源方向。 例如，公司为潍柴、康明斯等主机厂提供的大部分产品都用于发电设备。此外， 公司还为卡特彼勒提供大马力连杆，这些产品也主要用于发电设备。 天润工业预计 2027-2028 年行业需求达峰值，分别约为 14 亿元和 15 亿元，主要受益于新产品和产能建设周期，公司大机业务收入预计 2025 年超 4 亿元，2026 年达 7.5 亿至 8 亿元。 公司大马力曲轴和连杆主要面向发电机组市场，特别是 AIDC 备用电源 方向，主要客户包括潍柴、康明斯等主机厂，并为卡特彼勒提供大马力 连杆，产品主要应用于发电设备。 汽车行业固定资产投资增加，设备周期长，预计高峰在 2027-2028 年 体现，2026 年或现投资高峰以应对未来需求，公司现有产能或无法满 足市场增量需求。 天润工业客户结构中，潍柴系列占销售收入近 1/3， ...

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [7]. Core Insights - The commercial vehicle industry is experiencing a robust recovery driven by domestic demand policies and a significant increase in heavy truck sales, with wholesale sales expected to exceed 1.144 million units in 2025, representing a year-on-year growth of approximately 27% [3]. - The penetration rate of new energy heavy trucks has reached a historical high, with sales in 2025 reaching 231,100 units, a year-on-year increase of 182% [4]. - The heavy truck export market is thriving, with exports reaching approximately 330,000 units in 2025, marking a record high and indicating a shift towards direct investment and localized operations in overseas markets [4]. Summary by Sections Market Performance - In 2025, the domestic heavy truck wholesale sales reached 819,000 units, showing a year-on-year growth of 34.4% [3]. - The "old-for-new" subsidy program has expanded to include vehicles meeting National IV standards and below, boosting domestic demand [3]. Segment Analysis - The new energy heavy truck segment has seen explosive growth, with a monthly penetration rate exceeding 38% in December 2025 [4]. - Natural gas heavy trucks have also shown steady demand, with a significant recovery in the second half of 2025, achieving a year-on-year growth of 138% in October [4]. Company Performance - China National Heavy Duty Truck Group maintained its position as the industry leader with annual sales of 305,000 units, a year-on-year increase of approximately 26.7% [5]. - Foton Motor achieved a remarkable year-on-year growth of 102.7%, with annual sales reaching 142,000 units, marking a doubling in sales [5]. Investment Opportunities - The report highlights several companies as beneficiaries of the industry's recovery, including China National Heavy Duty Truck A+H, Weichai Power, Foton Motor, and others [6].

智通财经APP获悉，开源证券发布研报称，为应对电网老旧与AI算力高耗能挑战，北美数据中心正加速 采用自备电源模式，柴油发电机作为核心备用电源需求刚性凸显。持续看好北美缺电背景下大缸径发动 机的增长机会，有望带动相关上中游企业的营收和利润显著增长。 开源证券主要观点如下： AI浪潮推升机柜功率密度，催生对高功率、高响应柴发的刚性需求。传统IDC主流单机柜功率为4- 8kW，而AIDC部署的高功率GPU/TPU使得单机柜功率逐步提升至20-100kW，未来或将超过600kW这使 得柴发容量和并机数量进一步增加。目前市场主流柴发功率仍集中在1.8-2WM，随AIDC功耗提升，2- 4MW功率柴发机型出货量有望提升。 外资订单排产长期饱和，供需紧平衡下柴发价格持续上行 外资订单排产长期饱和，柴发价格持续上行。当前全球大缸径发动机主要由康明斯、卡特彼勒、 MTU、三菱重工、科勒等外资品牌掌控，其中康明斯部分订单交付周期达12-18个月，卡特彼勒和MTU 订单排期到2026年。国内厂商抓住国产替代窗口期，通过灵活组织产能承接部分订单，但由于产能受 限，行业大功率柴发仍供不应求，柴发价格或将持续上行。 大缸径发动机关键组件 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 1月22日，A股市场机器人概念股走强，其中，锐新科技涨超14%，中超控股、中信重工、福莱新材、 锋龙股份、新亚电子、银河电子、毅昌科技、天润工业10CM涨停，超捷股份、高新兴涨超9%，运机集 团、奕帆传动、崇达技术涨超8%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300828 | 锐新科技 | 1 | 14.59 | 34.37亿 | 22.70 | | 002471 | 中超控股 | 1 | 10.04 | 106亿 | -2.99 | | 601608 | 中信重工 | 1 | 10.04 | 366亿 | 21.40 | | 605488 | 福莱新材 | | 10.01 | 125亿 | 29.55 | | 002931 | 锋龙股份 | 1 | 10.01 | 198亿 | 185.43 | | 605277 | 新亚电子 | | 10.00 | 83.36 Z | 16.95 | | 002519 | 银河电子 | 1 ...

Group 1 - The robotics sector has shown strong performance, with multiple companies experiencing significant stock price increases [1] - Fule New Materials reached a daily limit increase, indicating strong market interest and investor confidence [1] - Fenglong Co. achieved a remarkable 17 consecutive trading days of price increases, showcasing its strong market momentum [1] Group 2 - Yichang Technology and Tianrun Industrial also hit the daily limit increase, reflecting a broader trend of growth within the robotics industry [1] - Companies such as Ruixin Technology, Yifan Transmission, Jujie Microfiber, and Sihui Fushi saw stock price increases exceeding 10%, further indicating robust sector performance [1]

天润工业（002283.SZ）1月16日在投资者互动平台表示，二级市场股价波动受到多种因素影响，公司将 继续做好经营管理工作，努力开拓新业务，争取创造更好的业绩回报投资者，同时公司将加强与资本市 场的沟通交流，积极传递公司的内在价值。公司商用车电动转向业务各项工作正在按计划推进中，目前 已完成国内头部商用车企实车配试验证，并进入供应商体系。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：无人自动化驾驶L3级别开始在推广，天润的相关自动 驾驶有关的电动转向，只见雷声不见雨下，你们公司长期辜负了公众股东的期望，不进行深刻检讨吗？ ...

Summary of Key Points Core Viewpoint - Tianrun Industrial (002283.SZ) has announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of its own shares [1] Group 1: Share Buyback Details - The company has repurchased a total of 6,195,700 shares, which represents 0.5437% of its current total share capital [1] - The highest transaction price during the buyback was 5.93 yuan per share, while the lowest was 5.26 yuan per share [1] - The total amount spent on the share buyback was 34,742,568.00 yuan, excluding transaction fees [1]

证券代码：002283 证券简称：天润工业 公告编号：2026-001 天润工业技术股份有限公司 关于回购公司股份的进展公告 币9.62元/股（含）调整为不超过人民币9.57元/股（含）。具体内容详见公 司分别于2025年5月13日、2025年9月9日在《证券时报》、《中国证券报》、 《上海证券报》、《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披 露的《关于2024年年度权益分派实施后调整回购股份价格上限的公告》（公 告编号：2025-024）、《关于2025年半年度权益分派实施后调整回购股份 价格上限的公告》（公告编号：2025-045）。 一、回购公司股份进展情况 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监 管指引第 9 号——回购股份》等相关规定，公司应在回购期间每个月的前 三个交易日内披露截至上月末的回购进展情况。现将公司本次股份回购进 展情况公告如下： 截至 2025 年 12 月 31 日，公司通过回购专用证券账户以集中竞价交 易方式累计回购公司股份 6,195,700 股，占公司当前总股本的 0.5437%， 最高成交价为 5.93 元/股，最低成交价为 5 ...

Core Viewpoint - The company announces the upcoming expiration of its 2023 employee stock ownership plan, which is set to end on June 28, 2026, and outlines the necessary disclosures and procedures related to this plan [1][4]. Summary of Relevant Sections Employee Stock Ownership Plan Overview - The 2023 employee stock ownership plan was approved during the board and shareholder meetings held on April 25 and May 18, 2023, respectively [1][2]. - The plan involves the acquisition of 21,404,388 shares, representing 1.88% of the company's total share capital, at a price of 2.73 yuan per share [2]. Current Status of the Plan - As of the announcement date, the plan has reduced its holdings by 9,237,388 shares, retaining 12,167,000 shares, which is 1.07% of the total share capital [3]. - The shares held under the plan are not used for collateral or debt repayment [3]. Arrangements Before Expiration - The management committee will decide on the handling of remaining shares and whether to extend the plan before its expiration [3][5]. - The plan will adhere to market trading rules and relevant regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange [3]. Plan Duration, Changes, and Termination - The plan has a duration of 36 months, and it will automatically terminate if not extended [5][7]. - Changes to the plan require approval from two-thirds of the voting rights at a meeting of the plan participants [6][7]. - The plan can be terminated early if all shares are sold before the expiration, provided it does not result in a duration of less than 12 months [7]. Other Relevant Information - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its disclosure obligations as required by law [6].

Group 1 - The company Tianrun Industrial is progressing as planned in its commercial vehicle electric steering business [2] - The company has completed real vehicle matching tests with leading domestic commercial vehicle manufacturers and has entered the supplier system [2]