2026 年 01 月 11 日 油箱龙头海外布局成效显著，开拓航空航天与机 器人新赛道 买入(首次) 投资要点 | 分析师：林子健 | S1050523090001 | | --- | --- | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 6-0 1-0 9 | | 当前股价（元） | 25.85 | | 总市值（亿元） | 133 | | 总股本（百万股） | 513 | | 流通股本（百万股） | 513 | | 52 周价格范围（元） | 13.84-29 | | 日均成交额（百万元） | 135.0 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 120 (%) 亚普股份 沪深300 相关研究 —亚普股份（603013.SH）公司动态研究报告 ▌燃油系统全球龙头产商，新能源转型正当时 燃油系统全球第三，向新能源赛道积极转型。亚普股份成立 于 1988 年，是一家专注于汽车储能系统产品和热管理系统产 品的全球化供应商。汽车油箱 是重要的安全件，亚普是我国 成立最早的汽车塑料油箱生产企业，生产了我国第一只汽车 塑料油箱，现为 ...

Core Viewpoint - The company, Slin Smart Drive, showcases its competitive advantages in import substitution through differentiated product manufacturing and a flexible production line that enhances responsiveness and efficiency in meeting customer demands [1][4]. Group 1: Import Substitution Competitiveness - The core competitive advantage lies in differentiated product manufacturing, supported by a tailored supply chain and supplier system [1][4]. - The company employs a "small batch, multiple varieties, quick response" flexible production line, which allows for adaptable production capacity, improved equipment utilization, and shortened production cycles while ensuring quality [1][4]. - As of September 30, 2025, the company achieved significant breakthroughs in product development, completing multiple high-value model R&D and mass production, setting a historical high in the number of new product models [1][4]. Group 2: Overseas Expansion - In 2024, the company's Thailand factory obtained the IATF16949 certification and the E-Ruling certification recognized by U.S. Customs [2][5]. - By 2025, the Thailand factory successfully passed ISO14001 and ISO45001 international certification audits, with ongoing third-phase investment construction and high capacity utilization through optimized production layout and supply chain collaboration [2][5]. - The company has established local service capabilities in the North American market, accelerating the pace of its global industrial layout [2][5]. Group 3: Robotics Component Production - The company is actively advancing the mass production of robotics components, including harmonic reducers, actuator modules, and specialized bearings, currently reaching small batch production [2][6]. - There is a synergy between the company's precision component manufacturing and robotics component production, allowing for shared R&D technologies and production equipment [2][6][7]. - The company is in active communication with domestic and international clients regarding robotics components, with progress reported as smooth, although no large-scale supply has been initiated yet [2][7].

Core Viewpoint - Fuhua Co., Ltd. is expanding its overseas production bases and focusing on energy storage and robotics, with a recent plan to raise up to 700 million yuan through convertible bonds to fund these initiatives [1][3]. Group 1: Fundraising and Investment Plans - The company plans to raise a total of up to 700 million yuan through the issuance of convertible bonds, with approximately 3.28 billion yuan (47% of total funds) allocated for the construction of its second phase of the Vietnam production base [1][3][4]. - The net proceeds from the fundraising will also be used for the industrialization of commercial and household energy storage systems (2.39 billion yuan) and the industrialization of smart grain storage robots (1.33 billion yuan) [3][4]. Group 2: Overseas Revenue Growth - In the first half of 2025, Fuhua's overseas revenue reached 1.036 billion yuan, a year-on-year increase of 28.79%, accounting for approximately 70% of its main business revenue [2][5]. - The company has become a well-known ODM supplier for clean home appliances and is among the top ten vacuum cleaner exporters in China, with products distributed across North America, Europe, Asia, and Oceania [2][5]. Group 3: Business Development and Diversification - Fuhua is actively developing its energy storage business, which has become a second growth curve, achieving significant revenue growth of 2.45 billion yuan [6][8]. - The company has made strategic investments in the energy storage sector, including acquiring a 51% stake in Ningbo Yongneng New Energy Technology Co., Ltd. and establishing partnerships for investment in related projects [8][9]. - Fuhua is also advancing its robotics business, having launched the world's first intelligent grain storage robot in collaboration with Xinhe Robotics [8][9]. Group 4: Financial Performance - Fuhua's revenue for 2023 and 2024 was 2.693 billion yuan and 2.702 billion yuan, respectively, showing a slight decline in growth rates of -1.87% and 0.34% [9][10]. - The net profit attributable to shareholders for the same years was 261 million yuan and 181 million yuan, reflecting a significant decrease of -24.73% and -30.59% [9][10]. - In the first three quarters of 2025, the company reported a revenue of 2.291 billion yuan, a year-on-year increase of 23.29%, but the net profit decreased by 19.19% [9][10].

Market Overview - In December 2025, the A-share market showed a "high-level fluctuation and structural switching" pattern, with the Shanghai Composite Index rising by 2.06% and the Shenzhen Component Index increasing by 4.17%[7] - The average return of the stock portfolio in December was 6.20%, outperforming the CSI 300 Index, which rose by 2.28%[7] Stock Recommendations - **Hengrui Medicine (600276)**: Closing price at 59.57 CNY, focusing on innovative drugs with a projected EPS of 1.31 CNY for 2025[10][12] - **Luoyang Molybdenum (603993)**: Closing price at 20.00 CNY, benefiting from copper and gold business expansion, with an EPS forecast of 0.88 CNY[15][18] - **Huaxin Cement (600801)**: Closing price at 24.54 CNY, with a focus on overseas expansion and an EPS estimate of 1.42 CNY[19][22] - **Sanmei Co., Ltd. (603379)**: Closing price at 60.72 CNY, specializing in refrigerants, with an EPS forecast of 3.50 CNY[23][27] - **CATL (300750)**: Closing price at 367.26 CNY, with a valuation recovery theme and an EPS estimate of 15.00 CNY[28][31] - **Sungrow Power Supply (300274)**: Closing price at 171.04 CNY, benefiting from favorable conditions in new energy storage, with an EPS forecast of 7.12 CNY[32][35] - **Sany Heavy Industry (600031)**: Closing price at 21.13 CNY, focusing on engineering machinery with an EPS estimate of 0.99 CNY[36][39] - **Inovance Technology (300124)**: Closing price at 75.33 CNY, focusing on industrial control with an EPS forecast of 2.07 CNY[40][42] - **North Huachuang (002371)**: Closing price at 459.08 CNY, specializing in semiconductor equipment with an EPS estimate of 9.95 CNY[43][45] Risks and Considerations - The report indicates a medium to high risk level for the stock portfolio, emphasizing the need for cautious investment decisions based on the accuracy and completeness of the information provided[6][3] - Potential risks include macroeconomic fluctuations, raw material price volatility, and regulatory changes affecting industry dynamics[11][18][19]

西部水泥(02233)尾盘涨超4%，截至发稿，涨4.49%，报3.26港元，成交额1.08亿港元。 国泰海通证券发布研报称，2024年西部水泥海外单吨毛利高达288元/吨、远高于国内的42元/吨，公司 推进高毛利的海外布局战略坚定不移。2025年6月公司公告拟以16.5亿元出售新疆水泥资产，此举有助 于缓解债务压力，保障海外扩张进展(乌干达新建、刚果金收购、津巴布韦产线、莫桑比克北部产线、 远期安哥拉等项目)。 消息面上，据报西部水泥正通过其全资子公司寻求收购南非老牌水泥生产商AfriSam。天风证券 （601162）指出，AfriSam目前年水泥产能约450万吨，是南非市场头部水泥企业之一，随着后续收购的 落地，西部水泥有望逐步确立在非洲地区的水泥龙头地位，继续推荐出海链成长品种。 ...

2025年12月24日，香飘飘接受机构调研记录，披露了产品创新、渠道优化、海外布局等一系列经营新动 作。在传统冲泡业务持续承压、即饮赛道竞争白热化的背景下，这家 "杯装奶茶第一股" 正试图通过多 元化调整突破增长瓶颈。 然而，从调研信息与业绩数据来看，其战略转型既暗藏值得期待的增长亮点，也面临多重现实挑战。 经营新看点：多维调整寻求增长突破 在产品上，香飘飘首次切入养生功能性饮品领域，推出首款 "古方五红" 暖乳茶，目前已进入试销阶 段。 渠道策略的重大调整是香飘飘的另一大变化。公司摒弃了以往追求网点数量的扩张模式，转而深耕现有 终端资源 —— 目前冲泡板块终端网点约 40 万家、即饮板块约 30 万家，短期内将集中资源投向动销表 现优异的门店，通过生动化陈列营造热销氛围，以点带面拉动整体销售。 在新兴渠道布局上，零食量贩成为重点突破口，当前直接合作的头部零食量贩系统门店已超 3 万家，还 针对性推出万辰系、很忙系、有鸣系定制化产品，深度适配渠道需求。此外，餐饮渠道的探索也在推 进，依托 Meco 杯装果茶的场景适配性，公司推出定制化产品在部分地区试销，试图开辟新的增长空 间。 （注：本文系AI工具辅助创作完 ...

Core Viewpoint - The company has signed a land use rights transfer contract with the Egyptian Teda Zone Development Company to purchase land for establishing a production base in Egypt [1] Group 1 - The company is using its own funds amounting to 8.4654 million USD for the land acquisition [1] - The land spans 160,000 square meters located in the northwest economic zone of the Suez Canal in Egypt [1]

证券日报网讯12月24日，玲珑轮胎（601966）在互动平台回答投资者提问时表示，公司巴西基地目前仍 在规划设计过程中。由于本次巴西基地建设拟采取与当地经销商合作模式，按各自持股比例出资，并实 行分期建设原则，将大幅减少公司各阶段资本投入压力。公司会根据企业发展规划、经营性需求、宏观 经济及市场环境等情况，合理选择能够优化债务结构和降低财务成本的各类金融工具，以支持公司各阶 段规划按期落地。此外，为尽快推进海外布局，公司现阶段还在加紧考察海外第四基地选址，非洲作为 全球新兴消费市场，同时兼具原材料资源和劳动力成本优势，将会是公司重点考察区域之一。近年来持 续升级的国际贸易摩擦及全球经济疲弱、消费降级的大环境，将为具备高性价比优势的中国轮胎带来更 多海外市场机遇，海外产能的稀缺性预计未来还将得到进一步提升。公司未来的规划实施重心会侧重海 外布局，力争加速构建全球产能的弹性供应链，不断增强自身在复杂环境下的市场竞争力、品牌影响力 和风险抵御能力，并通过海外业务占比的不断提升，带动公司整体业绩的持续改善和增长。截至目前， 塞尔维亚玲珑1200万条半钢、240万条全钢产线已铺设完成，正在进行新增产线的系统对接和调试工 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司巴西基地目前进展如何？如果公司不去港股 上市会影响巴西基地的建设吗？公司是否有考虑海外第四生产基地？ 对于王总提出的7+5战略，公司是 凭什么去消化这些新建的产能呢？公司后续是否瞅准新兴市场，例如中东，非洲等地区？ 公司塞尔维 亚目前产能是否铺设完毕，之前公告说年底铺设结束现在已经12月23号还有8天就到了2026年，公司进 展如何？ （文章来源：每日经济新闻） 玲珑轮胎（601966.SH）12月24日在投资者互动平台表示，1、公司巴西基地目前仍在规划设计过程 中。由于本次巴西基地建设拟采取与当地经销商合作模式，按各自持股比例出资，并实行分期建设原 则，将大幅减少公司各阶段资本投入压力。公司会根据企业发展规划、经营性需求、宏观经济及市场环 境等情况，合理选择能够优化债务结构和降低财务成本的各类金融工具，以支持公司各阶段规划按期落 地。此外，为尽快推进海外布局，公司现阶段还在加紧考察海外第四基地选址，非洲作为全球新兴消费 市场，同时兼具原材料资源和劳动力成本优势，将会是公司重点考察区域之一。2、近年来持续升级的 国际贸易摩擦及全球经济疲弱、消费降级的大环境， ...

公司已完成本次交易相关的境外投资备案及审批程序，并先后取得上海市商 委出具的《企业境 外投资证书》、上海市发展和改革委员会出具的《境外投资项目备案通知书》，并通过了英国 投资国家安全审查程序。公司、ASL与标的公司股权持有人Central Glas s日本于近日共同签 署 《 交 割 确 认 书 》 ， 各 方 共 同 确 认 ： 本 次 交 易 交 割 条 件 均 已 满 足 。 公 司 已 按 照 《 股 权 买 卖 协 议》约定向卖方一次性支付100%全部股权收购款，卖方确认已收到全部股权收购款。 本次交割完成后，ASL成为泰坦科技的全资子公司，纳入公司合并报表范围； 标的公司交割 日审计、内部控制管理整合等工作将有序开展。本次交易符合公司发展战略，将为公司在多个 方面带来提升，同时能和标的公司形成有效协同：不仅为公司带来一系列创新产品，还新增海 外生产和经营实体。公司将在全球范围内对现有的供产销全业务链条实施整合，本次交易加快 了公司海外布局步伐。 | 版 权 ： 本 文 部 分 素 材 源 自 网 络 ， 版 权 归 原 作 者 所 有 ， 观 点 代 表 作 者 本 人 ， 不 代 表 本 号 立 ...