民爆光电公告称，公司因筹划发行股份及支付现金购买资产并募资事项，股票自2026年1月19日开市起 停牌，预计不超10个交易日。截至公告日，各方正推进交易，就方案协商、论证和确认。为维护投资者 利益，避免股价异常波动，公司股票继续停牌。停牌期间将及时披露进展，交易能否实施存在不确定 性，提醒投资者注意风险。 ...

证券代码：301362 证券简称：民爆光电 公告编号：2026-002 深圳民爆光电股份有限公司 并募集配套资金事项的停牌进展公告 特此公告。 深圳民爆光电股份有限公司 董事会 2026 年 1 月 24 日 关于筹划发行股份及支付现金方式购买资产 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳民爆光电股份有限公司（以下简称"公司"）因筹划发行股份及支付现金 方式购买资产并募集配套资金事项，经向深圳证券交易所申请，公司股票（证券简 称：民爆光电，证券代码：301362）自 2026 年 1 月 19 日上午开市起停牌，预计停 牌 时 间 不 超 过 10 个 交 易 日 。 具 体 内 容 详 见 公 司 刊 登 于 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《关于筹划发行股份及支付现金方式购买资产并 募集配套资金事项的停牌公告》。 截至本公告披露之日，公司及有关各方正在积极推进本次交易的各项工作，相 关各方正在就交易方案进行协商、论证和确认。为了维护投资者利益，避免公司证 券交易价格出现异常波动，根据深圳证券交易所的相关 ...

民爆光电自1月19日停牌，预计停牌时间不超10个交易日。若此次重组如期完成，民爆光电将从传统LED照明灯行业跨向PCB产业。 不过，当前鼎泰高科（301377.SZ）、中钨高新（000657.SZ）等行业龙头都在加速扩产抢占市场，民爆光电能否分得一杯羹，还有待观察。 智通财经记者 | 郭净净 上市不到三年就陷入增长停滞困局，民爆光电（301362.SZ）首次启动跨界并购。 1月18日，民爆光电宣布，拟通过发行股份及支付现金的方式购买厦门麦达智能科技有限公司（简称"厦门麦达"）所持PCB（印刷电路板）钻针业务公司厦 门厦芝精密科技有限公司（简称"厦芝精密"）、江西麦达智能科技有限公司（简称"江西麦达"），并募集配套资金。 "公司希望寻求第二增长曲线。"民爆光电相关人士对智通财经表示，公司LED灯具主业经过十几年发展下来已处于经营质量稳步上升的态势，行业整体进入 到缓慢增长的阶段，"人工智能（AI）时代到来，PCB这一块从产业还是资本市场的反应都不错。" 标的公司成色如何？ 官网显示，厦门麦达整合原创信系列企业（始于2006年）、厦门厦芝科技工具有限公司（始于1995年）的业务资源，于2020年正式成立，其法定代 ...

2026年1月18日晚间，深圳民爆光电发布停牌公告，宣布拟通过发行股份及支付现金的方式，收购厦门 厦芝精密科技有限公司（下称"厦芝精密"）和江西麦达智能科技有限公司（下称"江西麦达"）100%股 权，并募集配套资金。这一动作标志着这家LED照明龙头正式向PCB核心耗材领域发起跨界冲击。 民爆光电自2010年成立以来，深耕LED照明领域，2023年登陆创业板，产品覆盖全球超100个国家和地 区。然而，近年来传统照明市场增长饱和，公司业绩承压明显：2025年前三季度营收同比下滑0.04%， 归母净利润同比骤降19.75%，毛利率从2024年的30.16%进一步下滑至28.42%。在此背景下，公司急需 通过高附加值领域打开第二增长曲线。 此次收购的标的公司，正是民爆光电瞄准的"技术突破口"。厦芝精密与江西麦达均聚焦PCB微型钻针研 发，产品尺寸覆盖0.09mm至0.35mm，尤其擅长0.20mm以下极小径微钻，广泛应用于FPC（柔性电路 板）、IC载板及AI服务器用PCB的微孔加工。这类产品技术壁垒高，长期被日本、瑞士等企业主导，具 备显著的进口替代潜力。 根据公告，民爆光电已与标的公司控股股东厦门麦达签署《收购意 ...

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，1月20日，科达制造、湖南黄金、民爆光电等5只个股停牌。 ...

Group 1 - The company is planning to issue shares and pay cash to acquire 100% of the stakes in Xiamen Xizhi Precision Technology Co., Ltd. and Jiangxi Maida Intelligent Technology Co., Ltd. [1] - The trading suspension of the company's stock will begin on January 19, 2026, and the transaction plan is expected to be disclosed by February 2, 2026 [1] Group 2 - The target companies focus on the research, production, and sales of micro drill bits, which are essential consumables in PCB manufacturing [2] - PCB drill bits are crucial for creating precise holes in circuit boards, enabling stable connections for electronic components [2] Group 3 - The global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with an estimated market value of about $94.66 billion by 2029, reflecting a compound annual growth rate of around 5.2% [3] - The company maintains its profit forecast for 2025-2027, expecting net profits of 212 million, 238 million, and 257 million yuan, with corresponding price-to-earnings ratios of 22, 20, and 18 times [3]

Investment Rating - The report maintains an "Outperform" investment rating for the company [4][6]. Core Insights - The company plans to acquire assets in the PCB drill needle industry, aiming to create a second growth curve beyond lighting [4][6]. - The PCB drill needle market is expected to grow significantly, driven by emerging markets such as AI, with a projected global PCB market value growth of approximately 5.2% CAGR until 2029 [6]. - The report maintains profit forecasts for 2025-2027, expecting net profits of 2.12 billion, 2.38 billion, and 2.57 billion respectively, with corresponding P/E ratios of 22, 20, and 18 [6]. Financial Data Summary - Total revenue projections for 2025E and 2026E are 1,586 million and 1,657 million respectively, with a year-on-year growth rate of -3.4% and 4.5% [5]. - The net profit for 2025E is projected at 212 million, with a year-on-year decrease of 8.2%, while for 2026E it is expected to rise to 238 million, reflecting a growth of 12.3% [5]. - The company's gross margin is expected to improve from 28.5% in 2025E to 29.1% in 2026E [5].

Core Viewpoint - The chemical industry is experiencing a significant upward trend, driven by a combination of cost support, demand recovery, and supply optimization, leading to a tighter supply-demand balance [4][12]. Group 1: Industry Performance - As of January 19, the Shenwan Basic Chemical Index rose by 2.70%, reaching 4758.50 points, with leading stocks like Xinxiang Chemical Fiber and Letong Co. hitting the daily limit [1][8]. - Multiple chemical products have seen collective price increases, including propylene, ammonium sulfate, acetone, and lithium hydroxide, driven by upstream oil price stabilization and pre-holiday stocking demand [3][11]. Group 2: Market Dynamics - The current price increase in chemical products is attributed to three main factors: cost support from stable oil prices, reduced effective capacity due to pre-holiday maintenance, and concentrated demand from downstream sectors [4][12]. - The industry is witnessing a trend of mergers and acquisitions as companies seek to expand into high-value sectors, such as integrated circuit materials and high-end electronic chemicals [5][13]. Group 3: Policy and Future Outlook - The Ministry of Industry and Information Technology and other departments have issued a plan aiming for an annual growth of over 5% in the petrochemical industry from 2025 to 2026, focusing on technological innovation and high-quality development [5][14]. - The Shandong Provincial Government has set a target for the petrochemical industry to achieve over 5% year-on-year growth by 2026, emphasizing the importance of high-end chemical products [6][14]. - The industry is transitioning from chaotic expansion to a phase of stable growth and transformation, supported by both national and local policies [7][15].

Group 1: OpenAI and Advertising - OpenAI announced the introduction of advertising in the free version and entry-level subscription tier of ChatGPT, starting with adult users in the U.S. in the coming weeks [2] - The ChatGPT Go subscription service has launched in all regions supporting ChatGPT, offering enhanced features such as using the GPT-5.2 Instant model and increased message and file upload limits [2] - OpenAI emphasizes that advertising will not interfere with the objectivity of responses and aims to diversify revenue streams while enhancing AI accessibility [2] Group 2: Apple Trade-In Program - Apple has updated its trade-in program to include devices from Huawei and Xiaomi, allowing customers to trade in these brands for discounts on new purchases [3] - The maximum trade-in values include up to 5,800 yuan for the iPhone 16 Pro Max and 6,050 yuan for the MacBook Pro [3] - The "Yearly Renewal Plan" allows consumers to upgrade their devices within a specified period at a discount of at least 50% of the original purchase price [3] Group 3: Tesla AI Chip Development - Tesla CEO Elon Musk announced that the design of the AI5 chip is nearing completion, with the AI6 chip in early development stages [4] - Future plans include the development of AI7, AI8, and AI9 chips, with a target design cycle of nine months [4] - Musk highlighted the strength of Tesla's AI team, stating that these chips aim to become the highest-volume AI chips globally [4] Group 4: Meituan's Open Source Model - Meituan's LongCat team released the upgraded open-source model LongCat-Flash-Thinking-2601, achieving state-of-the-art performance in key evaluation benchmarks [5] - The model excels in tool invocation and interaction reasoning, significantly reducing training costs for adapting new tools [5] - It is the first fully open-source model supporting online free experience in the rethinking mode, ensuring comprehensive decision-making in complex tasks [5] Group 5: SpaceX and Falcon 9 Launch - SpaceX successfully launched the Falcon 9 rocket, completing its 600th mission by placing the NROL-105 satellite into orbit [8] Group 6: Commercial Space Ventures in China - Beijing Chuanweizhe's CYZ1 manned spacecraft completed a successful verification test of its landing buffer system, marking a significant milestone in China's commercial space sector [9] - This project is the first full-size test of landing buffer technology for a manned spacecraft in China's commercial space industry [9] Group 7: Investment Activities - Xiangzhong Technology plans to invest 50 million yuan in Zhejiang Hexin Integrated Circuit Co., acquiring a 2.27% stake, focusing on advanced packaging and testing in the integrated circuit sector [10] - Mianbao Optoelectronics is planning to acquire 100% of Xiamen Xizhi Precision Technology and Jiangxi Maida Intelligent Technology, focusing on micro-drilling technology for PCB manufacturing [10] - Yanjing Co. intends to purchase 98.54% of Yongqiang Technology, expanding its business into high-end electronic interconnect materials for integrated circuits [11]

Macro News - The State Council, led by Premier Li Qiang, held a meeting on January 16 to discuss measures to boost consumption, emphasizing the need to cultivate new growth points in service consumption and enhance the quality of service supply [1] - The China Securities Regulatory Commission (CSRC) held a meeting on January 15 to summarize 2025's work and plan for 2026, stressing the importance of maintaining market stability and enhancing monitoring and regulation [2] - The Ministry of Commerce announced that Canada will impose a 100% additional tax on Chinese electric vehicles in 2024, significantly impacting exports from China, although a quota of 49,000 vehicles per year will be allowed at a reduced tariff rate [3] Industry News - Beijing ChuanYueZhe Space Technology Co., Ltd. successfully completed a verification test for its CYZ1 manned spacecraft's landing buffer system on January 18, marking a significant milestone in China's commercial space sector [4] - The Ministry of Industry and Information Technology revised the management measures for cultivating high-quality small and medium-sized enterprises, now including technology-based SMEs in the cultivation scope [5] - The National Energy Administration announced that China's total electricity consumption will exceed 10 trillion kilowatt-hours by 2025, reaching 10.4 trillion kilowatt-hours, a historic first for a single country [6] Company News - The CSRC has launched an investigation into Rongbai Technology for allegedly misleading statements regarding a major contract announcement [7] - Rongbai Technology clarified that the "120 billion yuan total contract amount" with CATL is an estimate and that actual sales remain uncertain [8] - Minexplosion Optoelectronics announced plans to acquire 100% stakes in Xiazhi Precision and Jiangxi Maida, both focused on PCB manufacturing core materials [9] - Tongwei Co. expects a net loss of approximately 9 billion to 10 billion yuan for 2025 [10] - Longi Green Energy anticipates a net loss of 6 billion to 6.5 billion yuan for 2025 [11] - The Shenzhen Stock Exchange noted abnormal trading behavior in "*ST Chengchang," leading to regulatory measures against certain investors [12] - Clandestine Communications announced that its board member received a notice from the CSRC regarding an investigation for suspected insider trading [13] - The company "Lianqi Technology" is expected to see a net profit increase of approximately 52% to 66% in 2025 due to a significant rise in interconnect chip shipments [14]