投资逻辑： 盈利预测、估值和评级 0 200 400 600 800 1,000 1,200 31.00 44.00 57.00 70.00 83.00 96.00 109.00 250228 250531 250831 251130 人民币(元) 成交金额(百万元) 成交金额 华曙高科 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 606 | 492 | 716 | 1,338 | 2,256 | | 营业收入增长率 | 32.74% | -18.82% | 45.55% | 86.90% | 68.54% | | 归母净利润(百万元) | 131 | 67 | 68 | 165 | 309 | | 归母净利润增长率 | 32.24% | -48.76% | 1.38% | 142.64% | 86.75% | | 摊薄每股收益(元) | 0.317 | 0.162 | 0.165 | 0.399 ...

【国金计算机&科技】华曙高科：4Q2025 强劲反转，3C 需求爆发驱动公司迎奇点 #4Q2025营收/归母利润/利润率均强势反转 4Q2025归母净利率16.8%，同比+0.9个pct，环比+10.5个pct。 #3C需求爆发_公司大力布局相关3D打印服务 ——钛粉生产工艺大幅改良驱动材料端成本大幅改善，以苹果/荣耀/华为等手机厂商为代表，正加速将3D打印钛合 金技术广泛应用于折叠屏手机铰链、钛合金边框、智能穿戴等精密部件的大规模制造。 ——公司设立控股合资公司，大力开拓3D打印服务在民用领域应用，聚焦3C等行业，有望推动相关收入实现快速 增长。 ——2025年，营收7.16亿元，同比+45.6%，呈现强劲反转高增态势，归母净利润0.68亿元，同比+1.2%； ——4Q2025，营收3.18亿元，同比+116.2%，环比+100%，归母净利润0.53亿元，同比+128.2%，环比+430%。 4Q2025归 【国金计算机&科技】华曙高科：4Q2025 强劲反转，3C 需求爆发驱动公司迎奇点 #4Q2025营收/归母利润/利润率均强势反转 ——2025年，营收7.16亿元，同比+45.6%，呈现强劲反转高增态 ...

影响经营业绩的主要因素：报告期内公司持续通过技术创新不断对设备进行升级改造，并优化软件系 统、控制模块及生产工艺，成功适用于多元化应用场景，显著提升产品打印效率。同时，公司积极拓展 下游应用市场，完善产业链布局，有效提升生产效能并加速订单交付进程，并根据下游客户需求开展 3D打印服务，2025年度公司营业收入实现较大增长。报告期内，因股份支付金额增加、新建厂房折旧 费用增加，以及持续加大研发投入，公司实现归属于母公司所有者的净利润与上年同期基本持平。 格隆汇2月27日丨华曙高科(688433.SH)公布2025年度业绩快报，本报告期内，公司实现营业总收入7.16 亿元，同比增长45.55%；实现营业利润6678.75万元，同比增长13.59%；实现利润总额6760.71万元，同 比增长1.84%；实现归属于母公司所有者的净利润6798.12万元，同比增长1.15%；实现归属于母公司所 有者的扣除非经常性损益的净利润5851.43万元，同比增长6.73%；实现基本每股收益0.1645元，同比增 加1.23%。 ...

转自：云南日报 走进恒利智造（云南）科技有限公司位于师宗县产业园区大同片区的工厂，仿佛踏入一个"静音"的制造 世界——没有漫天飞舞的粉尘，没有震耳欲聋的敲打，只有几条智能生产线发出有规律的低鸣。在这 里，金属零部件正通过3D打印技术，像树木的年轮般，一层一层精密"生长"出来。 责任编辑：罗宇 技术的硬实力是恒利智造的底气。在传统制造中，设计越精巧、结构越复杂的零件，往往越难生产，但 3D打印几乎突破了这种限制。"设计师天马行空的想法，我们都能实现。"陶新明说。目前，该公司已 为中车、玉柴、吉利等知名企业开发了200多件新产品，背后有82项实用专利和多项发明专利作为支 撑。 2025年5月，项目一期正式投产，截至目前已实现产值3000万元，带动60人就业。生产线旁的规划图显 示，这只是一个开始。"2026年我们将启动二期建设，建数字化铸造车间、机加工车间，还要搞原材料 循环再生。"陶新明指着图纸说。全部建成后，这里将成为集团最大的生产基地，年产值预计迈向3亿 元，带动超过150人就业。 从航空航天领域到汽车船舶领域，恒利智造正用创新技术，为高端装备"减重增韧"。在云南这片充满潜 力的土地上，一个规模化高端铝合金 ...

骨科医生李志疆，难得高调一回。 2月上旬，他签发公告宣布，其骨科髋关节手术导航系统设备，已中标浙大医学院附属第一医院，进入国内顶尖的三甲医院。 同时，李志疆公布2024年12月以来的6个中标项目，涵盖北京大学第三医院等知名机构，其过往较少主动披露业务进展。 | | 中標結果 / | | | --- | --- | --- | | 招標者 | 簽約日期 | 中標公告價格 | | | | (人民幣元) | | · 山東省立醫院 | 2024年12月 | 446萬(附註) | | · 青島市中醫醫院(市海慈醫院) | 2025年08月 | 680萬 | | · 北京大學第三醫院 | 2025年11月 | 830萬 | | · 北京某著名大型三級甲等醫院 | 2026年01月 | 未公佈 | | · 浙江大學醫學院附屬第一醫院 | 2026年01月 | 398萬 | | · 山東某醫院 | 2026年01月 | 未公佈 | 李是骨科医生出身，2003年创办爱康医疗，一路缔造国内人工关节领域的领军企业，至2月16日市值逼近70亿港元。 据称，平均每两分钟，就有一例爱康假体被植入。 李志疆已不满足在关节耗材的突破，其正大 ...

Group 1 - The core point of the news is that Shenzhen Chuangxiang Sanwei Technology Co., Ltd. plans to issue up to 150,808,200 overseas listed ordinary shares and convert 393,412,551 shares held by 21 shareholders from unlisted domestic shares to overseas listed shares for trading on the Hong Kong Stock Exchange [1][3] Group 2 - According to the prospectus, Chuangxiang Sanwei Technology submitted its application to the Hong Kong Stock Exchange in August 2025, with China International Capital Corporation as the exclusive sponsor [3] - Chuangxiang Sanwei Technology is a leading global provider of consumer-grade 3D printing products and services, including 3D printers, 3D printing materials, and various services offered through Chuangxiang Cloud [3] - The company holds a market share of 27.9% in the cumulative shipment of consumer-grade 3D printers from 2020 to 2024, making it the largest provider in this sector globally [3] - Based on the projected shipment volume for 2024, Chuangxiang Sanwei Technology ranks second globally in consumer-grade 3D printers, first in consumer-grade 3D scanners, and third in consumer-grade laser engraving machines [3]

在"福"字底衬上，一匹骏马抬起前蹄，红色材质泛着珠光，结构立体饱满，年味十足。 "这是公司为客户设计的一套'马上有福'装饰件，打印完成了。"操作员杨盛武边说边从托盘取下打印好 的装饰件。 这里是深圳市金石华速科技有限公司在深圳市光明区建设的一家3D打印工厂。走进杨盛武工作的车 间，没有忙碌的生产线，也没有先进的机器人、机械臂，看不到来回运送物料的AGV小车，看上去那 么普通。然而，这个21岁的小伙子坚定地认为，自己正在做一件属于未来、也将改变未来的工作。 按照业内习惯，杨盛武把这个车间称为"农场"。这里，5000台不同款式的3D打印机整齐排列，每天常 有上千台设备同时工作，把设计师的奇思妙想打印成不同种类、不同材质的玩具和工业件。 1月26日， "农场"打印的产品主要分为两类。一类是玩具、摆件、装饰品等日用品，产品以出口为主。一类是随着 打印技术和耗材质量不断进步，国内厂家定制的工业件。春节前，新春主题订单纷至沓来，红色、金色 等颜色的耗材用量增加，打印出福字装饰、吉利话标牌、带有马年元素的挂件等产品。 "农场"的工作，往往从"收菜"开始。"收菜"是3D打印行业对收取打印成品的别称。3D打印步骤包括设 计、切 ...

Core Viewpoint - The integration of traditional cultural elements with modern 3D printing technology is creating innovative products that resonate with contemporary consumers, particularly during the festive season [1][3]. Group 1: Company Overview - Gansu Tianyi Zhichuang Cultural Industry Co., Ltd. is an innovative technology and cultural enterprise focused on the research and development of cultural products, digital 3D printing, and finished product sales [3]. - The company was established through a partnership between Lanzhou Huiye Vision Cultural Media Co., Ltd. and the cultural tourism performance company of Shandan County, utilizing fixed assets for investment [3]. Group 2: Product and Technology - The company operates over 40 industrial-grade H2D 3D printers that utilize biodegradable materials extracted from corn straw, achieving precision of ±0.1 mm and the ability to print in five colors simultaneously [1]. - Additionally, three large-format light-curing 3D printers are capable of producing items up to 1.2 meters long and 2 meters wide, with smooth surfaces and intricate details suitable for various applications such as advertising, custom furniture, and industrial sculptures [2]. Group 3: Market Impact and Sales - Since its production began in October 2025, the company has achieved sales of 650,000 yuan, with a product line that includes cultural products, teaching aids, personalized items, ceramic products, and three-dimensional sculptures [3]. - The introduction of limited edition cultural products that blend Spring Festival elements with local culture aims to make traditional cultural treasures more accessible and appealing to younger consumers [2].

Core Insights - The company Jin Cheng Zi reported a revenue of 253 million yuan for the fiscal year 2025, representing a year-on-year growth of 19.46% [1] - The net profit attributable to the parent company was 37.26 million yuan, showing a year-on-year increase of 22.20% [1] - The net profit excluding non-recurring gains and losses was 30.62 million yuan, which is a significant year-on-year growth of 50.74% [1] Business Performance - The growth in performance is primarily attributed to stable growth in three core business areas: laser processing control systems, laser system integration hardware, and laser precision processing equipment [1] - Internal management optimization and increased investment income from joint ventures also contributed to the performance improvement [1] Stock Market Activity - The stock price of Jin Cheng Zi experienced significant fluctuations over a recent 7-day period, with a range of 13.68% and an amplitude of 18.14% [1] - On February 12, following the earnings report, the stock price surged by 12.97% to close at 50.59 yuan; however, on February 13, it dropped by 1.28% to a latest price of 49.94 yuan [1] - The capital flow indicated a net outflow of 349,600 yuan on the day of the price drop [1] Recent Developments - On February 12, 2026, Tsinghua University announced a breakthrough in DISH 3D printing technology, which is expected to drive industry upgrades, with Jin Cheng Zi being a key player in mirror and control systems [1] - On February 9, the company's chairman, Lü Wenjie, stated that Jin Cheng Zi is seeking opportunities for AI technology collaboration to enhance cost reduction and efficiency in manufacturing [1]

Macro News - The Chinese Ministry of Foreign Affairs confirmed that during a recent call between the leaders of China and the U.S., President Trump expressed his desire to visit China in April, while President Xi reiterated the invitation [1][4]. - The U.S. Treasury Secretary mentioned that his team met with Chinese officials in Beijing last week to prepare for upcoming high-level talks, indicating ongoing communication between the economic teams of both countries [4]. - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 6 months starting from February 13, 2026 [2][4]. - The Chinese Ministry of Commerce announced that starting February 13, 2026, anti-subsidy duties will be imposed on certain dairy products imported from the EU [4]. Industry News - The National Development and Reform Commission, along with other regulatory bodies, released implementation opinions aimed at promoting high-quality development of low-altitude insurance, with a mandatory insurance system for unmanned aerial vehicles expected to be established by 2027 [8]. - The Shanghai Stock Exchange announced a list of initiatives for 2026, including a series of fee reduction measures, which are expected to benefit the market by approximately 1.113 billion yuan [7]. Company News - Xianglu Tungsten Industry warned that significant economic fluctuations in the countries of its major clients could impact market demand for tungsten products and the recovery of accounts receivable [11]. - Jia Mei Packaging announced that its capital operation plan will be completely independent of the listed company, and it may apply for a trading suspension if stock prices rise abnormally [11]. - Tai Ling Microelectronics reported that its third-largest shareholder, the National Big Fund, reduced its holdings by 4.6513 million shares, bringing its stake below 5% [11]. - United Optoelectronics signed a business cooperation framework contract with Lingzhi Cloud Creation to provide assembly and processing services for robotic products [12].