2026 年 03 月 03 日 浙矿股份(300837.SZ) 收购铅银矿山，全链布局有望打开成长 空间 破碎筛分设备国内领军企业，新业务布局驱动长期修复： 公司为破碎筛分设备国内领军企业，并分别于 2023 及 2026 年开始 布局新能源电池回收及海外矿山业务。经营情况方面，目前公司主要 产品及收入来源为破碎筛选单机及生产线，2025 年前三季度，受行 业需求下行影响，公司实现营业收入 4.69 亿元，同比-9.90%；归母 净利润 0.52 亿元，同比-42.62%。2025 年前三季度，公司资产负债 率为 35.53%，期间费用率稳中有降，盈利能力保持稳定。随着房地产 弱复苏及矿山需求回升，叠加公司矿山运营、资源再生等新业务逐步 落地，营收及净利润有望迎来修复，后续若哈萨克斯坦铅银矿收购完 成，将进一步完善全产业链布局，打开长期增长空间。 破碎筛分行业存在结构性支撑，电池回收行业展现高景气度： 破碎筛分设备是矿山机械与砂石机械中的核心设备，砂石骨料行业是 其最大下游市场，约占 65.05%。2023 年后，砂石市场出现供大于求 的格局，抑制了石矿企业对破碎筛分设备的采购需求，但国内矿山建 设成强劲增 ...

证券研究报告 | 公司点评 gszqdatemark 2026 03 04 年 月 日 洁美科技（002859.SZ） 收购埃福思切入精密光学设备领域，横向布局再下一城 进军精密设备领域，与现有业务实现协同共振。公司发布公告称正在筹划以发行 股份及支付现金的方式购买长沙埃福思科技有限公司 100%股权，并募集配套资 金事项。长沙埃福思科技有限公司是一家集自主研发、生产、销售于一体，专注超 精密光学加工智能装备及其工艺的高新技术企业，公司以高端光学制造装备及加 工工艺为基础，集设备研发、精密光学加工等技术和能力于一体，为客户提供中高 端光学系统的产品和解决方案。公司致力于解决高端光学零件的加工、检测难题， 致力于推广和应用先进的光学加工与检测技术。公司研发团队在非球面超精密抛 光加工方面具有 20 年的工艺开发和设备研制经验，主要产品包括新型高性能离子 束抛光机、磁流变抛光机、小磨头抛光机、铣磨机等设备。 离子束抛光技术是利用离子溅射原理，通过在真空状态下离子源引束产生等离子 体能量束流，束流轰击工件表面产生原子级别的材料去除从而实现光学元件的高 精度加工。与传统抛光工艺相比，离子束抛光非接触式的加工方式避免了 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 51.48 CNY [1][5]. Core Insights - The company has successfully acquired a batch of high-quality machinery from Yantai Haisheng Fruit Industry, which is expected to enhance its production capacity and market share in the future [2][11]. - The company anticipates an additional annual production capacity of approximately 10,000 tons of concentrated juice following the acquisition [11]. - The company is expanding its production facilities, with plans to establish a new production line in Liaoning Province, which will process 120,000 tons of apples and pears annually, generating an estimated annual output value of around 200 million CNY [11]. Financial Summary - Total revenue is projected to grow from 876 million CNY in 2023 to 2,202 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.1% [4][12]. - Net profit attributable to the parent company is expected to increase from 256 million CNY in 2023 to 435 million CNY in 2027, with a notable growth rate of 31.5% in 2023 [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.76 CNY in 2023 to 1.30 CNY in 2027 [4][12]. - The return on equity (ROE) is projected to improve from 10.1% in 2023 to 12.8% in 2027 [4][12]. Market Data - The company's current market price is 40.42 CNY, with a 52-week price range of 32.39 CNY to 61.93 CNY [6]. - The total market capitalization is approximately 13.51 billion CNY [6]. - The company has a net asset value per share of 8.18 CNY, resulting in a price-to-book (P/B) ratio of 4.9 at the current price [7].

北交所信息更新 消费电子钛材龙头蓄势，布局 3D 打印抢占发展先机 ——北交所信息更新 2026 年 03 月 03 日 投资评级：增持（维持） 2025 年公司营业收入及利润均出现不同程度的下滑，主要系下游消费电子领域 终端客户的需求阶段性减少，公司消费电子类线材产品收入降低，所以导致公司 的业绩有所下滑。天工股份是国内消费电子用钛合金材料的开拓者和先行者，相 关产品凭借优异性能表现被多家消费电子市场主导品牌应用于其高端机型；钛及 钛合金由于其高强度、高耐腐蚀性能和良好的表面纹理，非常适合作为便携式电 子产品外壳材料。目前公司的消费电子线材订单中需求量最大的应用场景是手机 边框，其他应用场景还包括手机按键等小件以及手表等。 3D 打印产业正进入高速扩张期，提前布局 3D 打印粉材抢占发展先机 2026 年以来我国 3D 打印应用领域持续向多领域渗透，产业迈入规模化发展的关 键阶段。3D 打印凭借定制化、轻量化、高效化等核心优势，在航空航天、3C 消 费、医药生物等领域的应用价值持续凸显。根据国家统计局数据，2025 年国内 3D 打印设备产量同比增长 52.5%，表明行业正进入快速扩张期。公司收购品德 新材 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 21.25 CNY, compared to the current price of 16.54 CNY [5][11]. Core Insights - The company has been deeply engaged in the polyurethane core industry chain and is advancing major projects to release production capacity. It has also implemented a long-term incentive mechanism through employee stock ownership [2][11]. - The company focuses on three major industry chains: epoxy propane, epoxy ethane, and hexanedioic acid, aiming for diversified product development through vertical and horizontal expansion [11]. - The company achieved steady growth in 2025, with revenue reaching 7.5 billion CNY, a year-on-year increase of 9.37%, and a net profit of 190 million CNY, up 7.75% year-on-year [11]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 6,296 million CNY (2023A), 6,857 million CNY (2024A), 7,500 million CNY (2025E), 8,675 million CNY (2026E), and 9,772 million CNY (2027E), with growth rates of -0.2%, 8.9%, 9.4%, 15.7%, and 12.6% respectively [4][12]. - Net profit attributable to the parent company is projected to be 127 million CNY (2023A), 177 million CNY (2024A), 190 million CNY (2025E), 248 million CNY (2026E), and 298 million CNY (2027E), with growth rates of -33.4%, 38.7%, 7.4%, 30.6%, and 20.3% respectively [4][12]. - Earnings per share (EPS) are forecasted to be 0.44 CNY (2023A), 0.61 CNY (2024A), 0.65 CNY (2025E), 0.85 CNY (2026E), and 1.02 CNY (2027E) [4][12]. Project Development - The company is investing 721 million CNY in a project for 300,000 tons/year of epoxy propane and epoxy ethane downstream derivatives, expected to start production in early 2026, with an annual output of 200,000 tons of high-end functional polyether polyols and 100,000 tons of high-end polymer polyols [11]. - Another project, with an investment of 500 million CNY, aims to expand the production capacity of polyurethane series products by 340,000 tons/year, expected to be operational by the end of June 2026 [11]. Market Performance - The stock has shown a 52-week price range of 9.99 CNY to 18.10 CNY, with a total market capitalization of 4,815 million CNY [6]. - The company has a net asset per share of 5.57 CNY and a price-to-book ratio of 3.0 [7]. Comparative Analysis - The report references comparable companies and assigns a PE ratio of 25 times for 2026, supporting the target price of 21.25 CNY [11][15].

洁美科技（002859.SZ） 收购埃福思切入精密光学设备领域，横向布局再下一城 进军精密设备领域，与现有业务实现协同共振。公司发布公告称正在筹划以发行 股份及支付现金的方式购买长沙埃福思科技有限公司 100%股权，并募集配套资 金事项。长沙埃福思科技有限公司是一家集自主研发、生产、销售于一体，专注超 精密光学加工智能装备及其工艺的高新技术企业，公司以高端光学制造装备及加 工工艺为基础，集设备研发、精密光学加工等技术和能力于一体，为客户提供中高 端光学系统的产品和解决方案。公司致力于解决高端光学零件的加工、检测难题， 致力于推广和应用先进的光学加工与检测技术。公司研发团队在非球面超精密抛 光加工方面具有 20 年的工艺开发和设备研制经验，主要产品包括新型高性能离子 束抛光机、磁流变抛光机、小磨头抛光机、铣磨机等设备。 离子束抛光技术是利用离子溅射原理，通过在真空状态下离子源引束产生等离子 体能量束流，束流轰击工件表面产生原子级别的材料去除从而实现光学元件的高 精度加工。与传统抛光工艺相比，离子束抛光非接触式的加工方式避免了因预压 力导致的表面或亚表面损伤，同时，高洁净度的真空环境确保了加工过程较高的 可控性与 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2026 年 2 月销量点评：出海销量再超 10 万辆，3 月新技术+产品周期蓄势待发 报告要点 [Table_Summary] 比亚迪发布 2 月产销。公司 2 月整体销量 19.0 万辆，同比-41.1%，环比-9.5%，乘用车销量 18.8 万辆，同比-41.0%，环比-8.6%。分品牌来看，2 月海洋王朝/方程豹/腾势销量分别为 16.5/1.7/0.6 万辆，同比分别-45.8%/+244.7%/-35.4%，环比分别-7.0%/-21.1%/-8.3%。出海销 量维持高位，2 月出口销量 10.0 万辆，同比+41.4%，环比持平。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 比亚迪发布 2 月产销。公司 2 ...

[Table_Page] 公司深度研究|环保 证券研究报告 [Table_Title] 誉帆科技（001396.SZ） 立足地下管网修复，受益城市更新主线 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 630 | 730 | 801 | 1,042 | 1,395 | | 增长率（ % ） | 22.9% | 15.9% | 9.7% | 30.1% | 33.8% | | EBITDA | 179 | 236 | 233 | 323 | 450 | | 归母净利润 | 100 | 127 | 147 | 206 | 290 | | 增长率（ % ） | 24.7% | 26.7% | 15.2% | 40.7% | 40.5% | | EPS（元/股） | 1.25 | 1.59 | 1.37 | 1.93 | 2.71 | | 市盈率（P/E） | - | - ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [1]. Core Insights - The company reported its 2025 performance, which met expectations with a revenue of 39.184 billion yuan, a year-on-year decline of 3.8%, and a net profit attributable to shareholders of 3.258 billion yuan, reflecting a growth of 5.0% [4][6]. - The report highlights the resilience of the company's operations, particularly in the cultural paper segment, where prices are expected to stabilize due to rising pulp prices and seasonal demand [6][7]. - The company is advancing its integrated forest-pulp-paper strategy, with significant growth potential from ongoing investments in land and production capacity [6][7]. Financial Data and Profit Forecast - For 2025, the company expects total revenue of 39.184 billion yuan, with a projected net profit of 3.258 billion yuan, and an estimated earnings per share of 1.17 yuan [5][9]. - The report forecasts a gradual increase in revenue and profit over the next few years, with net profits expected to reach 4.218 billion yuan by 2027 [5][9]. - The company's gross margin is projected to remain stable around 16.3% for 2025, with a return on equity (ROE) of 10.5% [5][9].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 21.25 CNY, compared to the current price of 16.54 CNY [5][11]. Core Insights - The company has been deeply engaged in the polyurethane core industry chain and is advancing major projects to release production capacity. The employee stock ownership plan enhances the long-term incentive mechanism [2][11]. - The company focuses on three major industry chains: epoxy propane, epoxy ethane, and hexanedioic acid, aiming for diversified product development through vertical and horizontal expansion [11]. - The company achieved steady growth in 2025, with revenue reaching 7.5 billion CNY, a year-on-year increase of 9.37%, and a net profit of 190 million CNY, up 7.75% year-on-year [11]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 6,296 million CNY (2023A), 6,857 million CNY (2024A), 7,500 million CNY (2025E), 8,675 million CNY (2026E), and 9,772 million CNY (2027E), with growth rates of -0.2%, 8.9%, 9.4%, 15.7%, and 12.6% respectively [4][12]. - Net profit (attributable to the parent company) is projected to be 127 million CNY (2023A), 177 million CNY (2024A), 190 million CNY (2025E), 248 million CNY (2026E), and 298 million CNY (2027E), with growth rates of -33.4%, 38.7%, 7.4%, 30.6%, and 20.3% respectively [4][12]. - Earnings per share (EPS) are forecasted to be 0.44 CNY (2023A), 0.61 CNY (2024A), 0.65 CNY (2025E), 0.85 CNY (2026E), and 1.02 CNY (2027E) [4][12]. Project Development - The company is investing 721 million CNY in a project for 300,000 tons/year of epoxy propane and epoxy ethane downstream derivatives, expected to start production in early 2026, with an annual output of 200,000 tons of high-end functional polyether polyols and 100,000 tons of high-end polymer polyols [11]. - An expansion project for 340,000 tons/year of polyurethane series products is also underway, with an investment of 500 million CNY, expected to be operational by June 2026 [11]. Market Performance - The stock has shown a 52-week price range of 9.99 CNY to 18.10 CNY, with a total market capitalization of 4,815 million CNY [6]. - The company has a net asset per share of 5.57 CNY and a price-to-book ratio of 3.0 [7]. Business Segmentation - Revenue from PPG and polyurethane rigid foam products is projected to grow from 2,562.4 million CNY in 2023A to 3,728.0 million CNY in 2027E, with a gross margin increasing from 6.45% to 7.70% [14]. - Revenue from polyurethane elastomer products is expected to rise from 2,029.4 million CNY in 2023A to 3,373.4 million CNY in 2027E, with gross margins improving from 8.85% to 9.30% [14]. - Revenue from EO, PO, and other downstream fine chemical materials is anticipated to grow from 338.6 million CNY in 2023A to 659.0 million CNY in 2027E, maintaining a gross margin of around 9% [14].