铭普光磁终止光储项目，股价震荡资金流出，业绩预告连续亏损

Core Viewpoint - Mingpu Guangci has terminated the "Safe Intelligent Light Storage System Intelligent Manufacturing Project" due to unmet market demand, resulting in a significant reduction in investment [1][2] Recent Events - The total investment for the project was originally 35 million yuan, which has been reduced to 1.3234 million yuan, with all funds already invested by December 31, 2025. The termination reflects a strategic adjustment to optimize resource allocation, and the sponsor, Guotai Junan Securities, agrees with this decision [2] Stock Performance - Over the past week (February 5 to February 11, 2026), the stock price of Mingpu Guangci has shown volatility, with a peak increase of 3.65% on February 9, closing at 21.32 yuan, followed by a decline to 21.05 yuan on February 11, marking a drop of 1.08%. The trading range was 7.11%, with the highest price reaching 21.74 yuan on February 10. There has been a net outflow of main funds, indicating short-term financial pressure [3] Financial Report Analysis - The company has projected a net loss attributable to shareholders of 220 million to 275 million yuan for 2025, with a non-recurring net profit loss of 200 million to 255 million yuan. Although this represents a slight reduction in losses compared to 2024, it continues a three-year trend of losses. The reduction in losses is attributed to business structure optimization, an increase in high-margin business proportion, and reduced asset impairment, despite significant investment losses from subsidiary equity disposals. The revenue for the first three quarters of 2025 was 1.213 billion yuan, a year-on-year decrease of 1.31%, with a net loss of 150 million yuan and a debt ratio of 66.36% [4] Institutional Perspectives - Institutional research indicates that Mingpu Guangci focuses on magnetic components (50%-60% of revenue), optical communication, and power products, with plans to expand into emerging markets such as photovoltaics and energy storage. Current market sentiment is neutral, with institutional ratings predominantly neutral and significant divergence in profit forecasts. Some opinions suggest that a surge in new energy orders or breakthroughs in optical module technology could improve performance, but caution is advised regarding financial risks and high customer concentration [5]