证券研究报告 | 2026年03月24日 2026年03月25日 民爆光电（301362.SZ） 优于大市 主业优势稳固，发力 PCB 钻针第二曲线 民爆光电：工商业 LED 照明出口龙头。公司业务涵盖商业照明和工业照明两 大板块，同时布局植物照明、应急照明、美容照明等特种照明领域。公司以 服务境外区域性客户为主，通过 ODM 方式提供差异化定制产品，2024 年公司 境外收入占比 96%。公司 2024 年实现收入 16.4 亿元/归母净利润 2.3 亿元， 2018-2024 年复合增速均为 11.1%。 照明出口行业增长稳健，公司主业优势稳固。全球 LED 照明行业规模超 500 亿美元，已进入以更新替代为主的成熟期。未来随着户外、工业照明等领域 进入换新周期，叠加 AI 带动基础设施建设，照明行业需求有望稳健增长， TrendForce 预测 2025-2030 年全球 LED 照明市场规模复合增速为 3.1%。我 国已成为全球最大的照明产品出口国，2025年照明相关产品出口额达到2644 亿元。由于 LED 下游应用众多且进入门槛较低，我国 LED 照明出口行业竞争 格局较为分散，头部公司市占率不足 ...

证券研究报告 • PCB钻针市场高度集中，CR5达75%。PCB钻孔工艺主要分为机械钻孔和激光钻孔，钻针搭配机械 钻孔设备，应用于钻孔工序。2024年以前，PCB钻针市场跟随PCB行业趋势变化，需求整体呈现 "周期波动、螺旋上升"的特征，根据鼎泰高科公告，2024年全球PCB钻针市场45亿元。在AI PCB 需求拉动下，全球PCB钻针行业正在经历加速整合与技术升级的阶段，从区域格局来看，中国大陆、 中国台湾和日本的制造商主导着全球PCB钻针行业，市场集中度较高。2025年上半年，全球PCB钻 针市场前五公司市占率合计75.3%，其中鼎泰高科市场份额28.9% • AI引爆高端PCB需求，对钻针提出更高要求。全球PCB行业正步入一轮由新兴技术应用驱动的增长 周期，核心动力来源于AI、高性能计算等关键前沿领域的需求快速增长。全球PCB产业正加速向高 性能化及高密度化演进，材料升级、更高层数等变化对钻针的断针率、长径比、耐磨性（寿命）等 也提出更高要求 • PCB材料升级、层数变化带来技术革新机会，PCB钻针量价齐升：Rubin方案中可能会使用M9+Q 布材料， M9+Q布使钻针寿命由M7/M8的500-1000孔 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth and stability in leading companies [4][5]. Core Insights - The report identifies two main investment themes: the value proposition of leading white and black appliance companies, which are characterized by low valuations, high dividends, and stable growth, and the technological advancements in the sector, with companies exploring new fields such as robotics and data centers [5][6]. - The report emphasizes the ongoing demand in emerging markets, which is expected to drive long-term growth for major appliance manufacturers [5][6]. Sales Data Summary - In January 2026, the online sales volume of vacuum cleaners reached 319,300 units, a year-on-year increase of 48.83%, with sales revenue of 352 million yuan, up 71.84%. The average price increased by 61.14% to 1,538.21 yuan per unit [4][33]. - The online sales volume of washing machines was 213,800 units, a year-on-year increase of 38.84%, with sales revenue of 243 million yuan, up 6.28%. The average price decreased by 25.43% to 1,106.95 yuan per unit [4][33]. - In contrast, the online sales of hair dryers and electric shavers saw declines, with hair dryer sales down 13.79% to 955,100 units and sales revenue down 8.38% to 225 million yuan. The average price increased by 22.96% to 272.1 yuan per unit [5][40]. Market Dynamics - The home appliance sector underperformed compared to the Shanghai and Shenzhen 300 index, with the home appliance index dropping 3.3% while the index fell 2.2% [6][7]. - The report notes a slight decline in the white goods market demand in early 2026, with air conditioning production and sales both down approximately 3.5% year-on-year [6][14]. Industry Developments - The successful launch of the "Yaotai" computing base station by Chasing Computing on March 16, 2026, marks a significant step towards establishing a space supercomputing center [6][13]. - The report highlights the ongoing adjustments in the export market due to international trade fluctuations, impacting the overall demand for home appliances [6][14]. Raw Material Price Trends - As of March 20, 2026, copper prices increased by 17.35% year-on-year to 95,820 yuan per ton, while aluminum prices rose by 15.67% to 24,065 yuan per ton [15][19].

Investment Rating - The investment rating for the company is "Outperform the Market" (首次) [2] Core Viewpoints - The company plans to acquire 49% of Xiamen Zhizhi Precision's shares through a share issuance and 51% through cash, focusing on the high-end PCB drill needle sector [3][4] - Xiamen Zhizhi Precision has over 30 years of experience in the micro-drill field, with a monthly production capacity of approximately 15 million units, positioning it among the industry leaders [4][10] - The acquisition is expected to create a second growth curve for the company, benefiting from the AI wave driving demand in the PCB drill needle industry [8] Summary by Relevant Sections Company Overview - The company specializes in LED green lighting products, with a focus on commercial and industrial lighting, and has a significant overseas revenue share of 95.6% in 2024 [6][9] - The company has a flexible production model that allows for small batch orders, catering to diverse customer needs [7][63] Acquisition Details - The acquisition of Xiamen Zhizhi Precision is expected to enhance the company's capabilities in high-end PCB drill needles, which are in high demand due to the growth of AI servers [4][34] - The expected revenue for Xiamen Zhizhi Precision in 2025 is 140 million yuan, with a net profit of 11 million yuan, indicating a growth of 8.2% and 21.6% respectively [4][10] Market Dynamics - The global PCB drill needle market is projected to reach 4.5 billion yuan in sales by 2024, with a compound annual growth rate of 6.5% from 2020 to 2024 [5][34] - The demand for high-end PCB drill needles is expected to grow significantly, with a projected compound annual growth rate of 15.0% from 2024 to 2029 [34] Financial Projections - The company is expected to achieve revenues of 1.63 billion yuan in 2025, with a slight decline of 0.4% year-on-year, and a net profit of 200 million yuan, reflecting a decrease of 12.8% [8] - The earnings per share (EPS) for 2025 is projected to be 1.92 yuan, with a price-to-earnings (PE) ratio of 58.6 [8]

Investment Rating - The investment rating for the company is "Outperform the Market" (首次) [2] Core Viewpoints - The company plans to acquire 49% of Xiamen Zhizhi Precision's shares through a share issuance and 51% through cash, focusing on the high-end PCB drill needle sector [3][4] - Xiamen Zhizhi Precision has over 30 years of experience in the high-end PCB drill needle field, with a monthly production capacity of approximately 15 million units, positioning it among the industry leaders [4][10] - The acquisition is expected to create a second growth curve for the company, benefiting from the AI wave driving demand in the PCB drill needle industry [8] Summary by Relevant Sections Company Overview - The company specializes in LED green lighting products, with a focus on commercial and industrial lighting, and has a significant overseas revenue share of 95.6% in 2024 [6][9] - The company has a flexible production model that allows for customized, small-batch orders, enhancing its ability to meet diverse customer needs [7][63] Acquisition Details - The acquisition of Xiamen Zhizhi Precision is expected to enhance the company's capabilities in high-end PCB drill needles, which are crucial for AI server boards and high-density interconnect (HDI) boards [4][20] - The expected revenue for Xiamen Zhizhi Precision in 2025 is 140 million yuan, with a net profit of 11 million yuan, indicating a growth of 8.2% and 21.6% respectively [4][10] Market Dynamics - The global PCB drill needle market is projected to reach 4.5 billion yuan in sales by 2024, with a compound annual growth rate (CAGR) of 6.5% from 2020 to 2024, and an anticipated CAGR of 15.0% from 2024 to 2029 due to structural upgrades in demand [5][34] - The demand for high-end PCB drill needles is expected to rise significantly due to the increasing complexity and requirements of high-layer and HDI boards [33][34] Financial Projections - The company is projected to achieve revenues of 1.63 billion yuan in 2025, with a slight decline of 0.4%, followed by growth in subsequent years [8] - The expected earnings per share (EPS) for 2025-2027 are 1.92, 2.10, and 2.26 yuan, with corresponding price-to-earnings (PE) ratios of 58.6, 53.5, and 49.8 [8][10]

深圳民爆光电股份有限公司 关于调整 2025 年限制性股票激励计划相关事项的公告 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。 证券代码：301362 证券简称：民爆光电 公告编号：2026-016 深圳民爆光电股份有限公司（以下简称"公司"）于 2026 年 3 月 7 日召开第三届 董事会第八次会议，审议通过了《关于调整 2025 年限制性股票激励计划相关事项的 议案》，根据公司《2025 年限制性股票激励计划（草案修订稿）》（以下简称"《激 励计划》"）及公司 2025 年第四次临时股东会的授权，公司董事会对 2025 年限制性 股票激励计划（以下简称"2025 年激励计划"或"本激励计划"）的激励对象名单进行 调整，现将相关调整内容公告如下： 一、2025 年激励计划已履行的相关审批程序 1、2025 年 12 月 4 日，公司召开第三届董事会第五次会议，审议通过了《关于 〈2025 年限制性股票激励计划（草案）〉及其摘要的议案》《关于〈2025 年限制性 股票激励计划实施考核管理办法〉的议案》《关于提请股东会授权董事会办理 2025 年限制性股票激 ...

关于深圳民爆光电股份有限公司 2025 年限制性股票激励计划调整及授予相关事项的 法律意见书 致：深圳民爆光电股份有限公司 北京市金杜（深圳）律师事务所 北京市金杜（深圳）律师事务所（以下简称"金杜"或"本所"）接受深圳民 爆光电股份有限公司（以下简称"公司"或"民爆光电"）委托，作为公司 2025 年限制性股票激励计划（以下简称"本计划"或"本激励计划"）的专项法律顾问， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证监 会"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交易 所创业板股票上市规则》（以下简称"《上市规则》"）等法律、行政法规、部门规 章及规范性文件（以下简称"法律法规"）和《深圳民爆光电股份有限公司章程》 《深圳民爆光电股份有限公司 2025 年限制性股票激励计划（草案修订稿）》（以下 简称"《激励计划（草案修订稿）》"）的有关规定，就公司本计划调整（以下简称 "本次调整"）及授予（以下简称"本次授予"）所涉及的相关事项出具本法律意 见书。 为出具本法律意见书，金 ...

证券代码：301362 证券简称：民爆光电 公告编号：2026-019 深圳民爆光电股份有限公司 第三届董事会第八次会议决议公告 具体内容详见公司同日在巨潮资讯网披露的相关公告。 表决结果：同意票 5 票，反对票 0 票，弃权票 0 票，关联董事黄金元、顾慧慧、 李乐群、周金梅为本次激励计划的激励对象，对本议案回避表决。 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。 一、董事会会议召开情况 深圳民爆光电股份有限公司（以下简称"公司"）第三届董事会第八次会议于 2026 年 3 月 7 日在公司会议室召开，召开方式为现场及通讯方式召开，会议应出席董事 9 人，实际出席董事 9 人，其中董事长谢祖华、董事李乐群、董事周金梅、董事苏涛、 独立董事王欢、独立董事洪昀、独立董事朱华威以腾讯会议形式参会。会议由董事 长谢祖华先生主持，公司高级管理人员列席会议。会议通知已于 2026 年 3 月 6 日以 微信及电子邮件的方式向全体董事及高级管理人员送达。经全体参会董事同意，豁 免本次会议通知时间要求。本次董事会会议的召开符合《中华人民共和国公司法》 《中华人民共和国证券 ...

关于向 2025 年限制性股票激励计划激励对象授予限制性股票的公告 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。 重要内容提示： 深圳民爆光电股份有限公司（以下简称"公司"或"本公司"）《2025 年限制性股 票激励计划（草案修订稿）》（以下简称"本激励计划"）规定的授予条件已经成就， 根据公司 2025 年第四次临时股东会的授权，公司于 2026 年 3 月 7 日召开第三届董 事会第八次会议，审议通过《关于向 2025 年限制性股票激励计划激励对象授予限制 性股票的议案》，同意确定 2026 年 3 月 6 日作为授予日，向符合授予条件的 216 名 激励对象共计授予 740,000 股限制性股票，授予价格为 20.91 元/股。现将有关事项公 告如下： 证券代码：301362 证券简称：民爆光电 公告编号：2026-018 深圳民爆光电股份有限公司 一、本激励计划简述及已履行的审批程序 （一）本激励计划的简述 1、股票来源：公司从二级市场回购的公司 A 股普通股股票。 2、激励工具：第二类限制性股票。 3、授予价格：本激励计划授予的限制性股票授予价格为 ...

关于 2025 年限制性股票激励计划授予激励对象名单的核查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳证券 交易所创业板股票上市规则》（以下简称"《上市规则》"）《深圳证券交易所创业 板上市公司自律监管指南第 1 号——业务办理》《深圳民爆光电股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，深圳民爆光电股份有限公司（以下简称"公 司"）第三届董事会薪酬与考核委员会认真审阅相关会议资料，经充分、全面的讨论 与分析，就公司 2025 年限制性股票激励计划（以下简称"本激励计划"）授予激励对 象名单进行了核查，发表核查意见如下： 一、拟获授限制性股票的激励对象符合《公司法》等法律、法规、规章、规范 性文件和《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 法规、规章和规范性文件规定的激励对象条件，不存在《管理办法》所述不得成为 激励对象的下列情形： 1、最近 12 个月内被证券交易所认定为不适当人选； 2、最近 12 个月内被中国证监会及其派出机构认定为不适当人选； 3、最近 12 个 ...