证券研究报告 电力设备 | 电网设备 北交所|公司点评报告 hyzqdatemark 2026 年 03 月 04 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 月 | | 日 | | 04 | | 2026 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | | 84.68 | | 一 年 最 | 低 | 高 | / | | | 内 | | | | 最 | | | | | | | | | | | | | 124.00/70.79 | | | | | | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 11,760.92 | | | | | | | 流通市值（百万元 ...

证券研究报告 有色金属 | 小金属 北交所|公司点评报告 hyzqdatemark 2026 年 03 月 04 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com | 基本数据 | | | | | 2026 | 年 | 03 | | 日 | 月 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | 20.15 | | 一 最 低 | 最 | 高 | / | 年 | | | | 内 | | | | 26.52/16.46 | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | | 13,210.34 | | 流通市值（百万元） | | | | | | | | | | | | 1,263.49 | | 总股本（百万股） | | | ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [3]. Core Insights - The company is positioned as a platform-type precision manufacturing leader, expanding into AI hardware and commercial aerospace, which is expected to drive new growth [5]. - The company has a solid foundation in consumer electronics, with a focus on innovation to drive growth, particularly benefiting from major clients' hardware innovations [5][11]. - The company is expected to achieve significant revenue growth, with projected revenues of 83.1 billion yuan in 2025 and 117.4 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 18.8% from 2025 to 2027 [3][5]. Summary by Sections 1. Full Industry Chain Layout and Multi-Business Synergy - The company has evolved from a glass processing business to a comprehensive provider of intelligent hardware solutions, establishing a strong presence in the consumer electronics sector [10][11]. - The company has expanded its product offerings to include precision ceramics, sapphire, and metal components, solidifying its position as a core supplier in the consumer electronics industry [10][11]. 2. Consumer Electronics: Solid Platform Foundation and Innovation-Driven Growth - The company has deep ties with major clients, particularly Apple, with revenue from Apple increasing from 49.4% in 2017 to 71.0% in 2022, and projected to contribute 345.66 billion yuan in 2024 [29]. - The company is expected to benefit from the AI narrative reboot by Apple, which may shorten the replacement cycle for iPhones and boost sales [35]. 3. Automotive Business: Continuous Client and Product Expansion - The company has established itself as a Tier 1 supplier for Tesla and has expanded its client base to over 30 domestic and international customers, driving revenue growth in the automotive sector [60]. - The automotive business is projected to generate 59.4 billion yuan in revenue in 2024, reflecting an 18.8% year-over-year growth [60]. 4. Other Intelligent Terminals: Deep Layout in Robotics and AI Servers - The company is actively involved in the robotics sector, with products already integrated into major North American and domestic robotics clients, providing long-term growth potential [14]. - The acquisition of Yuan Shi Technology is expected to enhance the company's capabilities in AI server infrastructure, tapping into a rapidly growing market [14][60].

证券研究报告 农林牧渔 | 种植业 北交所|公司点评报告 hyzqdatemark 2026 年 03 月 04 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | 2026 | 年 | 03 | 日 | | 03 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 26.99 | | | | | | 一 年 内 高 / 最 低 | 最 | | | | | | | | | | （元） | | | | | | 55.97/20.73 | | | | | 总市值（百万元） | | | | | | 2,681.76 | | | | | 流通市值（百万元） | | | | | | 1,594.94 | | | | | 总股本（百万股） | | | | | 99.36 | | | | | | 资产负债率（ ...

Investment Rating - The report assigns a "Buy" rating for 佛塑科技 (Foshan Plastics Technology) with a target price of 18.3 CNY based on a 30x PE for 2026 [8][10]. Core Insights - 佛塑科技 is a leading enterprise in the polymer functional film and composite materials sector, focusing on advanced materials for strategic emerging industries such as new energy and medical health [13]. - The acquisition of 河北金力 (Hebei Jinli) for 5.08 billion CNY aims to enhance 佛塑科技's position in the lithium battery wet separator market, with 河北金力 being a significant player in this field [17]. - The separator industry is expected to reach a supply-demand inflection point in 2026, with further tightening anticipated in 2027, leading to significant price elasticity [26]. - The introduction of 5μm separators is gaining traction, with 河北金力 expected to dominate this segment, achieving a market share of 63% by 2024 [41]. Summary by Sections Company Overview - 佛塑科技 specializes in the production and sales of various advanced polymer materials, with a focus on high-performance films and composites [13]. - The company has a stable shareholding structure, with the Guangdong Provincial Government as the actual controller [13]. Acquisition of 河北金力 - The acquisition was completed in January 2026, with a total transaction value of 50.8 billion CNY, combining cash and stock [17]. - 河北金力 has shown rapid revenue growth, with a significant turnaround in profitability in 2025 [17][23]. Separator Industry Insights - The separator industry is experiencing a supply-demand inflection point, with a projected capacity utilization rate increase from 68% in 2025 to 79% in 2026 [35]. - Price recovery is expected, with a potential second round of price increases in 2026 [36]. Product Development - The 5μm separator technology is crucial for enhancing battery energy density and fast-charging capabilities, with major battery manufacturers beginning to adopt this technology [41]. - 河北金力 is positioned to significantly increase its output of 5μm separators, with expectations of doubling production in the coming years [43].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.058 billion yuan in 2025, representing a year-on-year growth of 21.80%, and a net profit attributable to shareholders of 236.92 million yuan, up 33.87% year-on-year [4][7] - The growth is driven by the steady sales of core products such as "复瑞彤" and "波开清", as well as the successful launch of new products like "卡格列净片" and "恩格列净片" [7] - The company maintains a dual strategy of generic and innovative drug development, with a projected R&D expenditure of 120 million yuan in 2025, a 2.83% increase year-on-year [7] - The financial structure remains robust, with total equity attributable to shareholders increasing by 18.17% year-on-year, despite a decrease in net asset per share due to a stock dividend expansion [7] Financial Forecast - The company’s total revenue is projected to be 1.058 billion yuan in 2025, with growth rates of 21.80%, 14.57%, and 20.00% for the years 2025, 2026, and 2027 respectively [6][7] - The net profit attributable to shareholders is expected to be 236.92 million yuan in 2025, with growth rates of 33.87%, 12.06%, and 17.49% for the years 2025, 2026, and 2027 respectively [6][7] - The current market valuation corresponds to a price-to-earnings ratio (P/E) of 17.19 for 2025, 15.34 for 2026, and 13.06 for 2027 [7][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 63 million yuan in 2025, representing a year-on-year increase of 46%. The growth is supported by the expansion into overseas markets and new application fields [5][8] - The company's revenue for 2025 is projected to be 406 million yuan, reflecting a year-on-year growth of 19.62%. This growth is driven by the synergy of three major business segments: vaccine culture media, food nutrition products, and raw materials [8] - The company is actively establishing overseas subsidiaries to enhance market presence and streamline trade processes, which is expected to contribute to long-term growth [8] Financial Summary - Revenue Forecast: - 2023: 389 million yuan - 2024: 339 million yuan (decrease of 12.87%) - 2025E: 406 million yuan (increase of 19.62%) - 2026E: 482 million yuan (increase of 18.98%) - 2027E: 573 million yuan (increase of 18.73%) [7] - Net Profit Forecast: - 2023: 53 million yuan - 2024: 43 million yuan (decrease of 19.76%) - 2025E: 63 million yuan (increase of 46.38%) - 2026E: 79 million yuan (increase of 25.87%) - 2027E: 97 million yuan (increase of 23.12%) [7] - Earnings Per Share (EPS): - 2023: 0.69 yuan - 2024: 0.55 yuan - 2025E: 0.81 yuan - 2026E: 1.02 yuan - 2027E: 1.25 yuan [7] - Price-to-Earnings Ratio (P/E): - 2025E: 29.29 - 2026E: 23.27 - 2027E: 18.90 [7]

Investment Rating - The report indicates a positive outlook for Dongwei Technology, suggesting a potential investment opportunity due to its recent performance and market conditions [4][26]. Core Insights - Dongwei Technology experienced a significant turnaround in 2025, with total revenue reaching 1.107 billion, a year-on-year increase of 47.65%, and a net profit attributable to shareholders of 129.41 million, reflecting an impressive growth of 86.81% [4][5]. - The resurgence in performance is attributed to the booming demand for high-end PCB equipment driven by AI advancements and the company's ability to capitalize on overseas expansion trends [6][26]. - The company’s contract liabilities and inventory levels have reached historical highs, indicating strong future revenue potential and a solid order backlog [22][23]. Summary by Sections Financial Performance - In 2025, Dongwei Technology reported total revenue of 1.107 billion, up from 749.99 million in the previous year, marking a 47.65% increase [5]. - The operating profit rose to 145.08 million, a 96.61% increase from 73.79 million, while the net profit attributable to shareholders surged to 129.41 million, up 86.81% from 69.27 million [5]. Market Dynamics - The PCB industry is experiencing a recovery, particularly in high-end segments, driven by increased demand for advanced equipment due to AI applications [10][12]. - Dongwei Technology's vertical continuous plating equipment (VCP) remains a key product, accounting for 80% of its revenue, benefiting from both increased order volume and higher pricing [12][13]. Future Outlook - As of September 2025, the company reported contract liabilities of 560 million, a 52% increase from the end of 2024, indicating robust order growth [22]. - Inventory levels reached 933 million, also a record high, primarily consisting of equipment that has been shipped but not yet recognized as revenue, providing a buffer for future earnings [23].

Investment Rating - The report indicates a positive investment outlook for CNOOC Services, suggesting a potential value reassessment due to geopolitical tensions and strategic deepening [2]. Core Insights - Geopolitical conflicts are seen as a short-term catalyst, while energy security and technological advantages are identified as long-term growth drivers for the company [1][13]. - CNOOC Services is positioned to benefit from rising oil prices and increased exploration and development investments, with a solid operational foundation and clear strategic planning for 2026 [5][11]. Summary by Relevant Sections Geopolitical Impact and Business Foundation - The escalating geopolitical situation in the Middle East is driving up oil supply risk premiums, which is expected to increase capital expenditure willingness among oil companies [6]. - CNOOC Services has shown consistent revenue and net profit growth since 2021, with a revenue of 348.54 billion and a net profit of 32.09 billion for the first three quarters of 2025, reflecting a year-on-year growth of 3.5% and 31.3% respectively [6][7]. Core Business Performance - The company has reported a 12.3% increase in drilling platform operating days, with a notable 22.9% increase in semi-submersible drilling platform operations [8]. - The vessel service business managed over 200 ships with a total operating time of 62,589 days, marking a 17.7% increase [8]. - The oilfield technical services maintained growth, with underwater operations seeing a significant increase of 131.3% [8]. Technological Innovation and Global Strategy - CNOOC Services is focusing on technological innovation to build competitive barriers, with R&D investment reaching 9.15 billion in the first three quarters of 2025 [9]. - The company is implementing a "1+2+N" market strategy, strengthening its presence in the Middle East and Southeast Asia while maintaining a solid domestic base [9]. - Cost control measures have been effective, with financial expenses decreasing by 98.68 million and management expenses slightly declining by 0.96% [9]. Strategic Direction for 2026 - The company plans to invest approximately 8.44 billion in capital expenditures in 2026, focusing on equipment investment, technology development, and base construction [11]. - CNOOC Services aims to leverage the stable exploration and development environment in the domestic market while targeting growth in the Middle East due to geopolitical investment expectations [11]. Conclusion - The combination of short-term industry upturns due to geopolitical tensions and a robust operational foundation, ongoing technological advancements, and a clear strategic layout positions CNOOC Services for sustained growth and profitability [13].

Investment Rating - The report assigns a "Buy" rating for 佛塑科技 (Foshan Plastics Technology) with a target price of 18.3 CNY based on a 30x PE for 2026 [8][10]. Core Insights - 佛塑科技 is a leading enterprise in the polymer functional film and composite materials sector, focusing on advanced materials for strategic emerging industries such as new energy and medical health [13]. - The acquisition of 河北金力 (Hebei Jinli) for 5.08 billion CNY aims to enhance 佛塑科技's position in the lithium battery wet separator market, with 河北金力 being a significant player in this field [17]. - The separator industry is expected to reach a supply-demand inflection point in 2026, with further tightening anticipated in 2027, leading to significant price elasticity [26]. - The introduction of 5μm separators is gaining traction, with 河北金力 expected to dominate this segment, achieving a market share of 63% by 2024 [41]. Summary by Sections Company Overview - 佛塑科技 specializes in the production and sales of advanced polymer materials, with a focus on high-performance films and composites for various applications [13]. - The company has a stable shareholding structure, with the Guangdong Provincial Government as the actual controller [13]. Acquisition of 河北金力 - 佛塑科技 completed the acquisition of 河北金力 in January 2026, paying a total consideration of 50.8 billion CNY, which includes 46.8 billion CNY in shares and 4.0 billion CNY in cash [17][18]. - 河北金力 has shown rapid revenue growth, with a significant turnaround in profitability in 2025, achieving a net profit of 0.98 billion CNY in the first half of the year [23]. Separator Industry Insights - The separator industry is experiencing a supply-demand inflection point, with a projected capacity utilization rate increase from 68% in 2025 to 79% in 2026, and further to 88% in 2027 [35]. - Price recovery is expected in the separator market, with a potential second round of price increases anticipated in the second half of 2026 [36]. - The 5μm separator technology is becoming increasingly important, with significant demand growth projected, reaching 82 billion square meters by 2026 [43].