| 证券代码：300818 | 证券简称：耐普矿机 | | 公告编号：2026-025 | | --- | --- | --- | --- | | 债券代码：123265 | 债券简称：耐普转 | 02 | | 江西耐普矿机股份有限公司 关于注销部分募集资金专项账户的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、募集资金情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意江西耐 普矿机股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕3021 号），江西耐普矿机股份有限公司（以下简称"公司"）向不特定 对象发行 4,500,000 张可转换公司债券，每张面值为人民币 100 元，募集资金总 额人民币 450,000,000.00 元。扣除本次发行费用（不含增值税）7,950,123.67 元 后，实际募集资金净额为人民币 442,049,876.33 元。德皓会计师事务所（特殊普 通合伙）于 2026 年 1 月 22 日出具了《江西耐普矿机股份有限公司向不特定对象 发行可转换公司债券认购资金实收情况的验资 ...

地缘政治扰动升温，看好矿山机械景气度 持续 ——矿山机械行业报告 核心观点 投资建议与投资标的 地缘冲突背景下，有色金属价格中枢有望维持高位，全球矿业巨头持续加大并购拓展储 量，未来矿山企业扩产意愿有望加强。这将带动矿山企业资本开支高景气度持续更长时 间，推动矿山机械行业高景气。而广义的矿山机械景气度有三个阶段，包括大宗原料开 发、能源开采、建设利用，我们认为目前正处于第一阶段，相关设备企业有望受益矿山 机械行业景气度上行。相关标的：耐普矿机(300818，未评级)、徐工机械(000425，未评 级)、运机集团(001288，未评级)、同力股份(920599，未评级)、山推股份(000680，未 评级)、北方股份(600262，未评级)。 风险提示 宏观经济波动导致投资不及预期、 矿企资本开支不及预期、 矿山项目进展不及预期 机械设备行业 行业研究 | 深度报告 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 03 月 24 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326 ...

| 证券代码：300818 | 证券简称：耐普矿机 | 公告编号：2026-024 | | --- | --- | --- | | 债券代码：123265 | 债券简称：耐普转 02 | | 江西耐普矿机股份有限公司 关于 2022 年员工持股计划存续期即将届满的提示公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 江西耐普矿机股份有限公司（以下简称"公司"）2022 年员工持股计划（以 下简称"本持股计划"）存续期即将届满，根据中国证券监督管理委员会《关于 上市公司实施员工持股计划试点的指导意见》及《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》的相关规定，现将本持股计划相 关情况公告如下。 一、本持股计划的基本情况 公司于 2022 年 8 月 24 日召开第四届董事会第二十八次会议、第四届监事会 第二十六次会议，并于 2022 年 9 月 9 日召开 2022 年第三次临时股东会，审议通 过《关于〈江西耐普矿机股份有限公司 2022 年员工持股计划（草案）〉及其摘要 的议案》等相关议案，具体内容详见公司于 2022 年 8 ...

Core Viewpoint - On March 18, brokerages provided target prices for listed companies, with notable increases for Nanjing Steel, Fuyao Glass, and Wancheng Group, showing target price increases of 47.23%, 45.45%, and 43.52% respectively, across the steel, automotive parts, and retail sectors [1][2]. Group 1: Target Price Increases - Nanjing Steel (600282) received a target price of 8.51 yuan, reflecting a target price increase of 47.23% [2] - Fuyao Glass (600660) has a target price of 84.00 yuan, with a target price increase of 45.45% [2] - Wancheng Group (300972) was assigned a target price of 280.00 yuan, indicating a target price increase of 43.52% [2] - Wanhua Chemical (600309) has a target price of 113.60 yuan, with a target price increase of 40.84% [2] - China Merchants Shekou (001979) received a target price of 12.80 yuan, reflecting a target price increase of 35.02% [2] Group 2: Brokerage Recommendations - A total of 34 listed companies received brokerage recommendations on March 18, with China Merchants Shekou, CITIC Publishing, Fuyao Glass, and Wancheng Group each receiving recommendations from three brokerages [3][4] - China Merchants Shekou (001979) closed at 9.48 yuan with three brokerage recommendations [4] - Fuyao Glass (600660) closed at 57.75 yuan, also receiving three brokerage recommendations [4] - Wancheng Group (300972) closed at 195.09 yuan, with three brokerages recommending it [4] Group 3: Rating Adjustments - On March 18, one company had its rating upgraded, with Zhongtai Securities raising Shanghai Bank's rating from "Hold" to "Buy" [5] - Shanghai Bank (601229) is now rated "Buy" by Zhongtai Securities [5] Group 4: First Coverage - Eight companies received initial coverage on March 18, with Hesheng Co. receiving a "Strong Buy" rating from Huachuang Securities [6] - Tian Gong Co. was given an "Add" rating by Dongwu Securities [6] - Neipu Mining (300818) received an "Add" rating from Guotai Junan Securities [6] - Bozhong Precision (688097) was rated "Add" by Northeast Securities [6] - Bojie Co. (002975) received a "Buy" rating from Zhongyou Securities [6]

Group 1: Food and Beverage Industry - The food and beverage industry is experiencing a transition phase with CPI recovering and PPI at low levels, indicating a shift towards initial price increases after a period of cost benefits [3][12] - In February 2026, China's CPI increased by 1.3% year-on-year, the highest since January 2023, suggesting a favorable environment for companies with strong pricing power [3][12] - Key raw materials account for 65%-85% of the operating costs for leading consumer goods companies, with significant variables including soybean, sugar, milk, barley, and packaging materials [3][12] - The report emphasizes the importance of companies with strong pricing power and market share, particularly in the condiment and restaurant supply chain sectors, recommending specific leading companies such as Haidilao and Qingdao Beer [2][11][13] Group 2: Real Estate Sector - Beike-W - Beike-W is positioned as a leading integrated online and offline real estate transaction platform, with a projected adjusted net profit of 52.16 billion, 57.35 billion, and 74.23 billion yuan for 2026-2028 [6][28] - The company is focusing on non-housing business development to mitigate cyclical risks and has improved its cost structure, with operating expenses decreasing by 5.6% in 2025 [6][28] - The 3P model's significance in Beike's business is increasing, with its share of net income rising from 11.3% in 2021 to 20.0% in 2025, indicating a strategic shift towards this model [7][29]

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 45.24 CNY [5][11]. Core Insights - The company is expected to benefit from the global expansion of mining capital expenditures and the increasing demand for cost reduction and efficiency in mining operations. Its business in wear-resistant parts for mining equipment shows strong demand characteristics. With continuous breakthroughs in overseas markets and an improving global production layout, the company is poised to unlock long-term growth potential through deepening domestic substitution and expanding overseas markets [2][11]. Financial Summary - Total revenue is projected to grow from 938 million CNY in 2023 to 1,717 million CNY by 2027, with a compound annual growth rate (CAGR) of approximately 28.3% from 2026 to 2027 [4][12]. - Net profit attributable to the parent company is expected to fluctuate, with a forecast of 80 million CNY in 2023, peaking at 267 million CNY in 2027 [4][12]. - Earnings per share (EPS) are estimated to be 0.47 CNY in 2023, increasing to 1.58 CNY by 2027 [4][12]. Business Segments - The rubber wear-resistant products segment is anticipated to see revenue growth rates of approximately 13%, 35%, and 33% from 2025 to 2027, reflecting the company's competitive advantage in this area [13][14]. - The mining equipment and parts segment is expected to grow steadily, with revenue growth rates of about 3%, 15%, and 15% from 2025 to 2027, benefiting from the ongoing domestic substitution process [13][14]. - The metal parts segment is projected to maintain rapid growth, with expected growth rates of 12%, 33%, and 20% from 2025 to 2027 [13][14]. Valuation - The company is compared to leading firms in the mining equipment sector, with a target price based on a 45x price-to-earnings (PE) ratio for 2026, resulting in a target market value of 76.36 billion CNY [16][17].

公 司 研 究 请务必阅读正文之后的免责条款部分 股票研究/[Table_Date] 2026.03.18 受益矿业资本开支上行，全球化布局打开成长空间 耐普矿机(300818) 耐普矿机首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 丁嘉一(分析师) | 021-23187266 | dingjiayi@gtht.com | S0880525080009 | 本报告导读： 公司受益于全球矿业资本开支扩张与矿山降本增效需求提升，矿用耐磨备件业务具 备较强刚性需求特征。随着海外客户持续突破、全球化产能布局逐步完善，公司有 望在国产替代深化与海外市场拓展共振下打开中长期成长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | - ...

| 证券代码：300818 | 证券简称：耐普矿机 | | 公告编号：2026-023 | | --- | --- | --- | --- | | 债券代码：123265 | 债券简称：耐普转 | 02 | | 江西耐普矿机股份有限公司（以下简称"公司"）第五届董事会任期将于 2026 年 3 月 19 日届满。鉴于公司新一届董事会董事候选人的提名工作尚未完成，为 保障公司董事会工作的连续性和稳定性，董事会将适当延期换届，公司第五届董 事会各专门委员会委员及高级管理人员的任期亦相应顺延。 在换届选举工作完成之前，公司第五届董事会成员、董事会各专门委员会委 员及公司高级管理人员将按照《公司法》等法律法规和《公司章程》的规定继续 履行相应的义务和职责。公司董事会延期换届选举不会影响公司的正常运营。 公司将积极推进董事会换届选举工作，并按有关规定及时履行信息披露义务。 特此公告。 江西耐普矿机股份有限公司董事会 2026 年 3 月 16 日 江西耐普矿机股份有限公司 关于董事会延期换届选举的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 ...

江西耐普矿机股份有限公司 | 证券代码：300818 | 证券简称：耐普矿机 | | 公告编号：2026-022 | | --- | --- | --- | --- | | 债券代码：123265 | 债券简称：耐普转 | 02 | | 关于补充签订募集资金四方监管协议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意江西耐 普矿机股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕3021 号），江西耐普矿机股份有限公司（以下简称"公司"）向不特 定对象发行 4,500,000 张可转换公司债券，每张面值为人民币 100 元，募集资金 总额人民币 450,000,000.00 元。扣除本次发行费用（不含增值税）7,950,123.67 元后，实际募集资金净额为人民币 442,049,876.33 元。德皓会计师事务所（特殊 普通合伙）于 2026 年 1 月 22 日出具了《江西耐普矿机股份有限公司向不特定对 象 发 行 可 转 换 公 司 债 ...

| 证券代码：300818 | 证券简称：耐普矿机 | | 公告编号：2026-020 | | --- | --- | --- | --- | | 债券代码：123265 | 债券简称：耐普转 | 02 | | 江西耐普矿机股份有限公司 经与会董事认真审议和表决，形成决议如下： （一）审议通过《关于聘任高级管理人员的议案》； 同意公司聘请张国梁先生为公司常务副总经理，协助总经理处理公司内部日 常事务，分管公司生产管理中心。任期自本次董事会会议审议通过之日起至公司 第五届董事会届满之日止。公司董事会提名、薪酬与考核委员会审议通过，具体 内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）上披露的《关于聘 任高级管理人员的公告》。 投票结果：7 票同意，0 票反对，0 票弃权，获得通过。 三、备查文件 第五届董事会第三十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 江西耐普矿机股份有限公司（以下简称"公司"）第五届董事会第三十四次 会议于 2026 年 3 月 6 日在公司会议室以现场结合通讯表 ...