控股股东一致行动人拟增持 预计 26 年起恢 复稳健增长 核心观点 盈利测与投资建议 ⚫ 我们维持对公司 2025-2027 年每股收益分别为 1.20、1.38 和 1.61 元的预测，参考可 比公司，给予 2025 年 16 倍 PE 估值，对应目标价 19.2 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费复苏低于预期，新品牌收购整合低于预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,536 | 4,004 | 4,219 | 4,698 | 5,256 | | 同比增长 (%) | 22.6% | 13.2% | 5.4% | 11.4% | 11.9% | | 营业利润(百万元) | 1,063 | 943 | 824 | 951 | 1,111 | | 同比增长 (%) | 24.2% | -11.3% | -12.6% | 15.3% | 16.9% | | 归属母公司净利润(百万元) | 911 | 781 | ...

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is expected to maintain rapid revenue growth in 2026, with a median revenue forecast of 8.5 billion RMB, representing a year-over-year increase of 25% [3][8] - The company's influence in the cleaning equipment market is expanding, and other semiconductor equipment revenues are also anticipated to grow rapidly [3][8] Revenue and Profit Forecast - The company’s revenue is projected to be 5.618 billion RMB in 2024, 6.786 billion RMB in 2025, and 8.495 billion RMB in 2026, with growth rates of 44.5%, 20.8%, and 25.2% respectively [7] - The EBITDA is expected to reach 1.296 billion RMB in 2024, 1.385 billion RMB in 2025, and 1.984 billion RMB in 2026 [7] - The net profit attributable to the parent company is forecasted to be 1.153 billion RMB in 2024, 1.396 billion RMB in 2025, and 1.736 billion RMB in 2026, with growth rates of 26.7%, 21.0%, and 24.4% respectively [7] Valuation Metrics - The estimated earnings per share (EPS) for 2026 is adjusted to 3.62 RMB, with corresponding price-to-earnings (P/E) ratios of 47.6 for 2026, 38.8 for 2027, and 32.4 for 2028 [5][7] - The company’s market capitalization is approximately 82.7 billion RMB as of February 27, 2026 [5] Market Position - The company is ranked fourth globally in the cleaning equipment market with an estimated market share of 8.0% in 2025 [8] - The company’s other semiconductor equipment business is expected to generate 1.661 billion RMB in revenue in 2025, reflecting a year-over-year growth of 46% [8]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 62.83 CNY, while the current stock price is 40.57 CNY [3][7]. Core Insights - The company is a leading domestic enterprise in crushing and screening equipment, with plans to expand into new business areas such as recycling of new energy batteries and overseas mining operations. The acquisition of a lead-silver mine in Kazakhstan is expected to enhance its full-chain layout and open up long-term growth opportunities [1][2]. - The crushing and screening equipment industry has structural support, with the sand and gravel aggregate sector accounting for approximately 65.05% of its downstream market. Despite a downturn in demand, fixed investment in mining construction is expected to grow significantly, providing structural support for the industry [2][29]. - The company anticipates revenue growth from 7.23 billion CNY in 2025 to 13.08 billion CNY in 2027, with net profit expected to rise from 0.93 billion CNY to 1.81 billion CNY during the same period [3][8]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in manufacturing mining equipment and has established a technological moat. It has transitioned into the recycling of used new energy batteries and is expanding into mining operations through the acquisition of the Kazakhstan lead-silver mine [12][21]. 2. Market Dynamics - The demand for crushing and screening equipment is primarily driven by the sand and gravel industry, which has faced a supply-demand imbalance since 2023 due to reduced real estate and infrastructure investments. However, the mining sector is experiencing robust growth, providing a counterbalance [2][29][35]. 3. Financial Performance - The company reported a revenue of 4.69 billion CNY in the first three quarters of 2025, a decrease of 9.90% year-on-year, with a net profit of 0.52 billion CNY, down 42.62% year-on-year. The company expects a recovery in revenue and profit as the real estate market stabilizes and mining demand increases [1][22][25]. 4. Strategic Initiatives - The acquisition of the Alaigyr lead-silver mine is expected to contribute to the company's revenue starting in 2027, enhancing its operational capabilities from equipment manufacturing to mining operations [2][21][22]. 5. Profitability and Valuation - The company maintains a stable profitability profile, with a projected net profit margin of approximately 12.9% in 2025 and 13.9% in 2027. The company’s valuation is based on a price-to-book ratio of 4.2 times for 2026 [3][8][25].

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 ...

Investment Rating - The investment rating for BYD is maintained as "Buy" [6] Core Insights - In February, BYD's total sales reached 190,000 vehicles, a year-on-year decrease of 41.1% and a month-on-month decrease of 9.5%. Passenger car sales were 188,000 units, down 41.0% year-on-year and 8.6% month-on-month. The export volume remained strong at 100,000 units, up 41.4% year-on-year and flat month-on-month [2][4][10] - The company is expected to enter a new technology and product cycle in March, with significant advancements in its electric vehicle technology and a focus on high-end market expansion [10] Summary by Relevant Sections Sales Performance - February total sales: 190,000 vehicles, down 41.1% YoY, down 9.5% MoM - Passenger car sales: 188,000 units, down 41.0% YoY, down 8.6% MoM - Brand performance: Ocean series 165,000 units (-45.8% YoY), Fangcheng Leopard 17,000 units (+244.7% YoY), Tengshi 6,000 units (-35.4% YoY) - Export sales: 100,000 units, up 41.4% YoY, flat MoM [2][10] Market Strategy - Continued focus on overseas expansion and high-end product offerings, with new models expected to enhance profitability - The company is enhancing its technological capabilities, particularly in battery technology and smart driving features, to strengthen its competitive position in the global market [10] Financial Projections - Expected net profit for 2025 is projected at 35 billion yuan, corresponding to a PE ratio of 23X, indicating strong future profitability potential [10]

[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） | - | - ...