海象新材分析师会议 调研日期：2026年02月04日 调研行业：塑料制品 参与调研的机构：中银国际证券、尚正基金、中国人寿资产、格 林基金、华福证券等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | STA ...

Financial Performance - The company's net profit for 2025 is expected to be between 90 million and 110 million CNY, representing a growth of 79.64% to 119.56% compared to the previous year, primarily due to a significant reduction in asset impairment provisions [3] - The fourth quarter of 2025's net profit was mainly impacted by asset impairment provisions, with detailed financial metrics to be disclosed in the upcoming annual report [3] Asset Impairment - The company will determine future asset impairment provisions based on specific circumstances and a principle of prudence, with announcements to follow [4] Financial Planning - Future financial arrangements will focus on optimizing the asset-liability ratio, with no plans for new production capacity domestically as orders shift overseas [5] Product Structure - The company's product lineup remains centered on SPC, WPC, and LVT PVC flooring, with SPC flooring still generating the majority of revenue, although its proportion is decreasing. Adjustments to the product structure will be made based on customer demand [6] Exchange Rate Impact - In 2025, the company experienced significant fluctuations in exchange gains and losses, but overall, it maintained balance. Future strategies will be implemented to mitigate the impact of exchange rates [7] PVC Price Fluctuations - PVC prices have been at historically low levels over the past year. Significant price fluctuations may affect the company's gross margin, but the overall risk is considered manageable [8] Tariff Policies - The U.S. tariff policies on domestic and Vietnamese products have stabilized, reducing uncertainty. In 2025, the company negotiated a tariff-sharing plan with customers [8]

Core Viewpoint - The company stated that fluctuations in the USD to RMB exchange rate have impacted its dollar-denominated assets, resulting in foreign exchange gains and losses that affect current net profit. However, this impact is attributed to market fluctuations and is not directly related to the company's core operating business, which remains unaffected in terms of ongoing operational capability [1]. Group 1 - The company acknowledged the influence of exchange rate fluctuations on its financial results [1] - The foreign exchange impact is characterized as a temporary effect rather than a fundamental issue [1] - The core business operations of the company are stated to remain stable and unaffected by these fluctuations [1]

截至2026年2月2日收盘，格林精密（300968）报收于13.73元，较前一交易日下跌2.97%，最新总市值为 56.76亿元。该股当日开盘14.01元，最高14.15元，最低13.71元，成交额达9399.95万元，换手率为 1.63%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 最新公告列表 《2025年度业绩预告》 近日，广东格林精密部件股份有限公司披露《2025年度业绩预告》。公告显示，公司预计2025年度归属 于上市公司股东的净利润为-2,300.00万元至-1,400.00万元，较上年同期下降143.38%至126.41%；扣除非 经常性损益后的净利润为-2,600.00万元至-1,700.00万元，同比下降148.12%至131.47%。主要原因为美元 对人民币汇率持续贬值导致汇兑损益亏损，以及越南生产基地规模扩大带来的前期运营成本增加。本次 业绩预告数据未经会计师事务所审计。 ...

Core Viewpoint - The company acknowledges that fluctuations in the USD to RMB exchange rate have a significant negative impact on its net profit for 2025, primarily due to the company's holdings in USD assets which result in foreign exchange gains or losses [1] Group 1 - The company reported that in the 2024 annual report, overseas sales accounted for 24% of total sales, indicating a substantial increase in this proportion for 2025, which could further affect profits [1] - The company clarified that the impact of exchange rate fluctuations is related to market volatility and does not directly affect its core business operations or its ongoing operational capabilities [1]

Core Viewpoint - The company, Green Precision, anticipates a net loss attributable to shareholders for the fiscal year 2025, projecting a loss between 23 million to 14 million yuan, compared to a profit of 53.019 million yuan in the same period last year [1] Financial Performance - The expected net profit, excluding non-recurring gains and losses, is projected to be a loss between 26 million to 17 million yuan, down from a profit of 54.0281 million yuan in the previous year [1] - The company's operating revenue is expected to show steady growth during the reporting period [1] Key Reasons for Loss - The primary reasons for the anticipated net loss include the continuous depreciation of the US dollar against the Chinese yuan, leading to foreign exchange losses during the period [1] - The expansion of the production base in Vietnam has resulted in increased operational costs due to initial investments in building technical teams, establishing management systems, and concentrated training efforts [1]

报告期内，公司无人机业务收入整体实现增长，但结构发生变化，其中：无人机海外业务景气程度维持 高位，公司成功推动多个海外项目对接，但受订单签订安排的滞后性影响，期内海外收入同比有所减 少；无人机国内市场订单集中落地，用户对公司产品认可度不断提升，业务收入实现同比增长；公司通 过高效的生产与供应链管理，圆满完成全年产品交付任务，无人机产能利用率处于历史高位。此外，公 司持续处置低效资产，实现台州部分土地厂房资产成功转让，预计对公司当期利润产生积极影响。 格隆汇1月28日丨航天彩虹(002389.SZ)发布2025年度业绩预告，预计2025年度归属于上市公司股东的净 利润2500万元–3100万元，比上年同期下降64.84%-71.65%；扣非净亏损5800万元–6500万元，上年同期 亏损724万元。 公司新材料业务受行业供需格局影响，终端需求和产品价格呈现较大压力，导致新材料业务经营持续承 压，叠加商誉减值影响，预计对公司整体利润水平造成不利影响。另外，因美元贬值，汇兑损益也对公 司利润水平产生较大负面影响。 ...

三维通信(002115.SZ)发布2025年度业绩预告，预计归属于上市公司股东的净利润为-1000万元至-1500万 元，上年同期为亏损27142.19万元。扣除非经常性损益后的净利润为-3450万元至-2300万元。本报告期 内，国内传统通信行业正经历阶段性调整，整体增速有所放缓，公司通信国内业务收入及毛利随之出现 下滑。为主动适应市场变化，公司正持续优化业务结构，逐步缩减部分较低毛利的服务项目，这一调整 过程也对当期收入规模产生了阶段性影响。同时，公司外销业务主要以美元结算，受国际外汇市场波动 影响，美元兑人民币汇率贬值，对公司汇兑损益产生一定负面影响。公司本期应收账款管理效果良好， 回款情况显著改善，收回较多账龄较长或预期风险较高的应收账款。因此，本期计提的信用减值损失较 上年度相应减少。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - Nanshan Resources (01229) issued a profit warning, expecting a significant shift from a profit of approximately HKD 47.1 million for the six months ending September 30, 2024, to a loss of no more than HKD 10 million for the six months ending September 30, 2025 [1] Financial Performance - The company anticipates a loss primarily due to fair value changes in a zero-coupon convertible bond issued in 2008, which has a face value of HKD 200 million and is set to mature on March 13, 2026. The fair value loss is estimated at approximately HKD 31.7 million [1] - Other factors contributing to the net impact include foreign exchange losses, which were previously foreign exchange gains for the interim period ending in 2024, and a decrease in gross profit attributed to rising sales costs and declining average unit prices in the coal mining business [1]

Core Insights - The company reported a revenue of 6.082 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 272 million yuan, a decrease of 2.09% [1] - The company is increasing investment in the Amazon VC channel, which has led to a revenue of 460 million yuan in the first half of 2025, a year-on-year increase of 59.50% [2] - The company has successfully completed about 50% of its capacity transfer to Southeast Asia for shipments to the U.S., with an order rate of approximately 70% [3] Financial Performance - For Q3 2025, the company achieved a revenue of 2.037 billion yuan, a year-on-year increase of 1.53%, but the net profit attributable to shareholders fell to 81 million yuan, a decrease of 23.31% [1] - The gross margin and net profit margin for Q3 2025 were 35.2% and 4.0%, respectively, showing a decline of 0.27 and 1.29 percentage points year-on-year [1] - The company’s operating expenses increased due to higher personnel costs from talent acquisition and salary adjustments, with the financial expense ratio affected by foreign exchange fluctuations [1] Market Dynamics - The European market continues to drive revenue growth, with a reported income of 2.57 billion yuan in H1 2025, a year-on-year increase of 12.8%, accounting for 64% of total revenue [2] - North America is expected to recover growth as the supply chain transition progresses, with revenue of 1.37 billion yuan in H1 2025, a year-on-year increase of 1.9%, accounting for 34% of total revenue [2] Supply Chain Strategy - The company has locked in shipping prices for 2025 through negotiations with shipping companies and freight forwarders, optimizing logistics costs [3] - The transition of the supply chain to Southeast Asia is expected to mitigate the impact of tariffs and improve sales in the U.S. market in Q4 2025 [3] Profit Forecast - The company's net profit forecasts for 2025-2027 have been adjusted to 330 million, 450 million, and 540 million yuan, respectively, reflecting a year-on-year growth of 0%, 35%, and 20% [3] - The company maintains a "buy" rating due to its low valuation and strong brand and supply chain advantages [3]