| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3889 | -1.09 | -6.21 | -2.93 | | 深证综指 | 2547 | -1.46 | -7.57 | -2.8 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -1.35 | -5.09 | -2.43 | | 中盘指数 | -1.62 | -9.71 | 4.58 | | 小盘指数 | -1.56 | -10.39 | 4.05 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 电池 | 1.16 | 7.01 | 5.47 | | 油服工程 | 1.09 | -1.46 | 43.79 | | 能源金属 | 1.08 | -10.95 | 29.37 | | 农商行Ⅱ | 0.97 | 4.09 | 5.4 | ...

上 市 公 司 公 司 研 究 / 公 司 深 度 机械设备 2026 年 03 月 25 日 南风股份 (300004) ——核电领域 HVAC 重要供应商 3D 打印业务可期 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 620 | 393 | 658 | 871 | 1,253 | | 同比增长率（%） | 35.3 | -6.5 | 6.1 | 32.2 | 43.9 | | 归母净利润（百万元） | 74 | 33 | 42 | 114 | 195 | | 同比增长率（%） | - | -20.3 | -44.0 | 172.4 | 71.9 | | 每股收益（元/股） | 0.16 | 0.07 | 0.09 | 0.24 | 0.41 | | 毛利率（%） | 30.2 | 28.1 | 29.7 | 30.2 | 32.5 | | ROE（%） | 4.2 | 1.9 | 2.3 | 5.9 | 9.3 | | ...

行 业 及 产 业 机械设备 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 何佳霖 A0230523080002 hejl@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 何佳霖 A0230523080002 hejl@swsresearch.com 行 业 研 究 / 行 业 点 评 ⚫ 风险提示：3D 打印技术渗透节奏放缓、行业竞争加剧的风险等。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 2026 年 03 月 20 日 设备提效+材料降本，3D 打印应用 场景不断拓展 看好 ——工业级 3D 打印行业点评 事件：3 月 17 日-19 日，2026 TC ...

（文章来源：证券日报） 证券日报网讯 2月24日，南风股份在互动平台回答投资者提问时表示，目前子公司南方增材正就3D打印 技术在多个领域的应用进行送样、业务洽谈等，相关业务尚处于起步阶段，敬请注意投资风险。 ...

Group 1 - The company is nearing completion of the second phase capacity construction for its Southern Additive project, which was initially expected to be completed by early January [2] - The company confirmed that the renovation of the factory and the procurement and debugging of equipment are almost finished, and discussions with relevant customers are proceeding normally [2] - The company will comply with the regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange regarding information disclosure in case of significant developments [2]

Financial Projections - The estimated net profit attributable to shareholders for 2025 is projected to be between ¥30 million and ¥45 million, representing a decrease of 59.72% to 39.59% compared to the previous year[4]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between ¥28.5 million and ¥42.75 million, reflecting a decline of 59.50% to 39.25% year-over-year[4]. Performance Factors - The primary reason for the performance decline is the delay in supply due to customer project progress, leading to a slight decrease in revenue and a reduction in overall gross margin[6]. - Non-recurring gains and losses are expected to impact profits by approximately ¥1.5 million for the year[6]. Audit Status - The performance forecast is based on preliminary calculations by the finance department and has not yet been audited by the accounting firm[7].

Group 1 - The stock price of Nanfeng Co., Ltd. (300004) closed at 15.54 yuan on January 28, 2026, down 4.37%, with a turnover rate of 8.73%, trading volume of 419,200 shares, and a transaction amount of 655 million yuan [1] - The company is in the early cultivation stage of its Southern Additive Phase III plant, with future expansion based on customer orders [2] - The Phase II plant and equipment for Southern Additive are nearing completion, with ongoing sample submissions and business negotiations with relevant customers [2] Group 2 - On January 28, the net outflow of main funds was 13.98 million yuan, while retail investors saw a net inflow of 15.18 million yuan [3]

Core Viewpoint - Nanfeng Co., Ltd. (300004) is currently in the early stages of developing its 3D printing business through its subsidiary, Nanfang Additive, and has not yet achieved large-scale orders, which will have a limited short-term impact on the company's overall performance [1] Group 1 - The company is exploring diversified market expansion for its 3D printing business [1] - The related business is still in the cultivation phase and has not formed significant scale orders [1] - The short-term impact on the company's overall operating performance is limited [1]

Group 1 - The core viewpoint of the article is that Nanfeng Co. has no current financing needs for its subsidiary, Nanfang Additive, and future financing will depend on the usage of funds and market conditions [2] Group 2 - Nanfeng Co. indicated that the scale of future financing will primarily depend on market conditions and business development [2]

Core Viewpoint - Nanfeng Co., Ltd. currently has no equity incentive plan in place and will consider such a plan based on overall strategic planning and development needs, as well as market and funding arrangements in the future [1] Group 1 - The company is open to researching equity incentive plans as needed [1] - Any future plans regarding equity incentives will be disclosed in accordance with relevant regulations [1]