行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 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 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

来源：新浪证券-红岸工作室 2月26日，天振股份跌1.46%，成交额8501.00万元，换手率6.22%，总市值54.02亿元。 异动分析 3D打印+人民币贬值受益+参股银行 1、2024年4月26日公告：公司在3D打印等新工艺上也已取得重大突破，通过3D打印技术在各类PVC地 板及PET地板上的应用，以获得更好的立体感效果，从而满足市场对地板产品性能多元化的需求，进一 步完善公司产品的覆盖面，提高公司的产品竞争力。 2、根据2024年年报，公司海外营收占比为98.25%，受益于人民币贬值。 3、2024年半年报：公司投资浙江安吉交银村镇银行股份有限公司期末余额5,000,000.00元。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-354.28万，占比0.04%，行业排名51/75，连续2日被主力资金减仓；所属行业主力净流 入-1.63亿，连续2日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-354.28万-1717.20万-1884.26万-2038.07万-2552.65万 主力持仓 主力没有控盘，筹码分布非常分散，主力 ...

Company Performance - Tianzhen Co., Ltd. reported a revenue of 1.2 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 125% [4] - The net profit attributable to the parent company reached 90 million yuan, showing a significant year-on-year increase of 301% [4] - The company is a leading exporter of PVC composite flooring, and its new RPET flooring has achieved mass production and received bulk orders [4] Stock Market Activity - On the day of reporting, Tianzhen's stock price closed at 24.78 yuan, with a daily increase of 8.16%, and the intraday high reached 25.46 yuan, resulting in a fluctuation of 11.92% [2] - The trading volume amounted to 173 million yuan, with a turnover rate of 12.84%, indicating a significant increase in trading activity [2] - Despite a net outflow of 5.5147 million yuan from institutional funds, retail investors contributed a net inflow of 550,500 yuan [3] Industry Outlook - The penetration rate of PVC flooring in the U.S. market continues to rise, and Chinese enterprises hold a competitive advantage in the supply chain [5] Technical Indicators - Technical indicators show that the stock price has broken through the 20-day moving average and the upper Bollinger Band, with the MACD histogram turning positive and the KDJ J value rising to 86.13, indicating strong short-term momentum [6] - However, the selling pressure is evident with a委比 of -72.91% [6]

为规范公司募集资金的使用与管理，提高募集资金的使用效率，防范资金使 用风险，确保资金使用安全，保护投资者的利益，根据《中华人民共和国公司法》、 《中华人民共和国证券法》《上市公司募集资金监管规则》《深圳证券交易所创 业板股票上市规则（2025 年修订）》等法律法规、规范性文件，以及《公司章 程》的要求，结合公司实际情况，公司制定了《募集资金管理制度》。 根据相关规定，公司对募集资金进行了专户存储，并与保荐机构、存放募集 资金的商业银行签订了《募集资金三方监管协议》。 证券代码：301356 证券简称：天振股份 公告编号：2026-004 浙江天振科技股份有限公司 关于部分首次公开发行募集资金专户销户完成的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江天振科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2022〕1855 号）同意注册，公司向社会公 开发行人民币普通股（A 股）3,000 万股，发行价格为 63 元/股，本次发行募集 资金总额为 1,890,000,000.00 元，扣除 ...

Group 1 - The company, Tianzhen Co., expects a net profit attributable to shareholders of between 78 million and 100 million yuan, compared to a loss of 37.2464 million yuan in the same period last year [2]

Group 1 - The company Tianzhen Co. expects a net profit of 78 million to 100 million yuan for the year 2025, marking a turnaround from losses in the previous year [1] - The improvement in performance is attributed to measures such as supply chain and capacity optimization, new product development, customer resource expansion, and accelerated order recovery [1] - The company has conducted impairment testing and assessment on fixed assets due to insufficient capacity, which has impacted the net profit for the current year [1] Group 2 - The "Jie Wo Rui" platform under Shuibei Gold is facing a payout crisis, with a leverage ratio of 40 times leading to losses as gold prices rise [1] - Investors are dissatisfied with the proposed payout plan, which offers a principal repayment at a 20% discount [1]

Core Viewpoint - Tianzhen Co., Ltd. (301356.SZ) expects to achieve a net profit attributable to shareholders of 78 million to 100 million yuan in 2025, marking a turnaround from losses to profits, with a net profit excluding non-recurring gains and losses projected at 62 million to 84 million yuan, also indicating a return to profitability [1] Group 1 - The company has implemented measures such as supply chain and capacity optimization, new product development, customer resource expansion, and accelerated order recovery, which have gradually shown results during the reporting period [1] - The operational situation of the company is improving in 2025, with an overall recovery in profitability, successfully achieving a turnaround from losses to profits for the entire year [1]

Core Viewpoint - The company expects a net profit of 78 million to 100 million yuan for the fiscal year 2025, recovering from a loss of 37.2464 million yuan in the same period last year, indicating a significant turnaround in financial performance [1] Group 1 - The company's supply chain and capacity optimization, new product development, customer resource expansion, and accelerated order recovery measures are showing positive results during the reporting period [1] - The overall operational situation of the company is improving, leading to a recovery in profitability [1] - The company successfully achieved a turnaround from loss to profit for the entire year [1]

Financial Performance Expectations - The company expects a net profit of RMB 78 million to RMB 100 million for 2025, a turnaround from a loss of RMB 37.25 million in the previous year[3] - The net profit after deducting non-recurring gains and losses is projected to be between RMB 62 million and RMB 84 million, compared to a loss of RMB 54.50 million in the prior year[3] Factors Influencing Performance - The improvement in performance is attributed to supply chain and capacity optimization, new product development, customer resource expansion, and accelerated order recovery[4] Asset Management and Reporting - The company has conducted impairment testing on fixed assets due to insufficient capacity, which has impacted the net profit for the year[4] - The financial data provided is preliminary and has not been audited by an accounting firm, with the final figures to be disclosed in the 2025 annual report[5]

Core Viewpoint - Tianzhen Co., Ltd. announced a change in its auditing team for the 2025 fiscal year, with new appointments made by Zhonghui Accounting Firm due to internal adjustments [1]. Group 1 - The company received a notice from Zhonghui Accounting Firm regarding the change of signing accountants and quality control reviewers [1]. - The original team included Kong Lingjiang as the project partner, Zhang Zizhen as the signing accountant, and Xu Juping as the quality control reviewer [1]. - The new team will consist of Kong Lingjiang and Li Yan as signing accountants, with Yu Yajin as the quality control reviewer for the 2025 audit services [1].