证券研究报告 | 2025年08月25日 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,407 | 1,735 | 2,200 | 2,773 | 3,477 | | (+/-%) | 56.6% | 23.3% | 26.8% | 26.1% | 25.4% | | 净利润(百万元) | 729 | 883 | 1128 | 1437 | 1806 | | (+/-%) | 52.0% | 21.1% | 27.8% | 27.4% | 25.7% | | 每股收益（元） | 4.98 | 4.30 | 5.49 | 6.99 | 8.79 | | EBIT Margin | 47.0% | 49.6% | 53.9% | 54.8% | 55.4% | | 净资产收益率（ROE） | 14.7% | 16.1% | 17.9% | 20.1% | 21.6% | | 市盈率（PE） | 36.9 | 42.7 | 33.4 | 26.2 | ...

碲铜属于碲青铜材料的一种，美国 ASTM 标准牌号 C14500 ，是美国根据其工业发展需求于 20 世纪 60 年代成功开发的一种高导电易切削铜 合金材料，填补了铜合金精密加工材料的空白。碲铜合金材料兼具良好的切削性能和优异的导电导热性能，同时具有耐腐蚀和耐电烧蚀性 能，冷热加工性能良好，可进行锻造、铸造、挤压、拉拔、冲压成型。产品可加工成板材、片材、棒材、丝材、管材等型材及各种异型材。 碲铜合金 全球市场总体规模 据 QYResearch 调研团队最新报告"全球碲铜合金市场报告 2025-2031 "显示，预计 2031 年全球碲铜合金市场规模将达到 19.2 亿美元，未来几 年年复合增长率 CAGR 为 10.8% 。 碲铜合金 ，全球市场总体规模 全球 碲铜合金 市场前 8 强生产商排名及市场占有率（基于 2 02 4 年调研数据；目前最新数据以本公司最新调研数据为准） 碲铜合金 ，按产品类型细分全球市场规模 就产品类型而言，目前棒材是最主要的细分产品，占据大约 73.2% 的份额。由于其可加工性和结构完整性，棒材仍然是最常用的形式，而板 材和带材则是电子和汽车组件中薄型部件的首选。 碲铜合金 ，按应 ...

Group 1 - The core business of the company is the research, production, and sales of key components for turbochargers [2] - The company reported a main revenue of 316 million yuan in Q1 2025, a year-on-year decrease of 20.25%, and a net profit attributable to shareholders of 6.957 million yuan, down 70.34% year-on-year [2] - The company is focusing on mergers and acquisitions as a key development path, targeting new fuel technologies and emerging industries such as new materials and precision processing [1] Group 2 - The company is expanding its research and development beyond turbocharger components, collaborating with leading enterprises in areas such as range-extended electric vehicles, new fuel technologies, and humanoid robot components [1] - The company maintains a stable market position for its turbocharger components globally, with a significant portion of sales coming from foreign clients [1] - The company's debt ratio stands at 30.67%, with investment income reported at -386,800 yuan and financial expenses at 1.6156 million yuan, while the gross profit margin is 14.76% [2]

Group 1: Market Presence and Customer Distribution - The company's turbocharger component products are primarily sold to domestic and international turbocharger manufacturers, with a significant portion of sales occurring through a direct sales model. Currently, foreign customers dominate, with transactions conducted in currencies such as USD, EUR, and JPY [2]. - The market for the company's turbocharger components remains stable and continues to rank among the top globally [2]. Group 2: Mergers and Acquisitions Strategy - Mergers and acquisitions are a key development path for the company and a focus for 2025. The company aims to identify high-quality acquisition targets in the industry, guided by a "technology + market" approach [3]. - The company is particularly interested in new fuel technologies and emerging industries such as new materials and precision machining, aligning with national development directions and policies to create synergistic effects with existing core businesses [3]. Group 3: Research and Development Expansion - The company is leveraging its resource advantages to expand horizontally, collaborating deeply with leading enterprises to develop products related to range-extended electric vehicles, new fuel technologies, and humanoid robot components [3]. - Multiple measures are being implemented to explore internal growth potential beyond the core turbocharger component products [3]. Group 4: Information Disclosure Compliance - During the investor relations activity, the company ensured thorough communication with investors, adhering strictly to the regulations of the "Information Disclosure Management System" to guarantee the accuracy, completeness, and timeliness of disclosed information [3]. - The activity did not involve any undisclosed significant information [3].