招商证券股份有限公司昨日发表研报《春晖智控：拟收购春晖仪表如收购完成有望在SOFC与商业航天 获得新发展》，研究员为游家训、吕昊。研报称，看好公司整合春晖仪表后的发展前景，"SOFC+商业 航天"双轮驱动逻辑清晰，首次覆盖，给予"增持"评级。 中国经济网北京1月28日讯春晖智控（300943）(300943.SZ)今日收报26.12元，跌幅11.61%。 ...

| | | [Table_Title] 证券研究报告 / 公司点评报告 拟收购春晖仪表，布局 SOFC+商业航天双赛道 有望切入高增长 SOFC 赛道，深度绑定全球龙头。春晖仪表为国内温 度传感器技术领先企业之一：1）航空航天领域，主要研制自主研发的 超深低温、高精度、高压力、快响应温度传感器填补了国内空白,产品 应用于长征系列运载火箭,为神舟飞船的成功发射作出重要贡献。2） SOFC 领域，春晖仪表与龙头 Bloom Energy（BE）合作已接近 20 年， 产品占据其采购份额 70%以上。此外，公司和国内潍柴动力达成合作， 形成小批量供货。随着全球 AI 算力需求爆发式增长，数据中心的电力 供应问题日益凸显，SOFC 凭借高发电效率和快速部署优势，成为行业 电源核心解决方案。1 月 8 日，BE 斩获美国电力 26.5 亿美元 SOFC 采 购订单，将直接带动作为核心耗材的温度传感器需求放量，为公司带来 高确定性、高毛利的业绩增长。 布局卫星接触装置，开拓第二增长曲线。春晖仪表核心产品卫星解除 装置（加热器），已批量用于商业航天领域，其主要功能是在卫星入轨 后，通过加热器加电产生高温，熔断或切割束缚用的 ...

财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 467 | 510 | 533 | 571 | 612 | | 同比增长 | -5% | 9% | 5% | 7% | 7% | | 营业利润(百万元) | 89 | 63 | 66 | 71 | 77 | | 同比增长 | 4% | -29% | 5% | 6% | 8% | | 归母净利润(百万元) | 76 | 54 | 57 | 61 | 66 | | 同比增长 | 1% | -29% | 6% | 6% | 8% | | 每股收益(元) | 0.38 | 0.26 | 0.28 | 0.30 | 0.32 | | PE | 81.8 | 116.0 | 109.5 | 103.1 | 95.4 | | PB | 6.6 | 6.4 | 6.2 | 6.0 | 5.8 | 证券研究报告 | 公司深度报告 2026 年 01 月 26 日 春晖智控（300943.SZ） 拟收购春晖仪表，如收 ...

Summary of Kolyuan's Conference Call Company Overview - Kolyuan operates four lithium mines with a total reserve of approximately 12 million tons of raw ore, equivalent to about 400,000 tons of lithium carbonate [2][3][5] - The company is currently constructing a lithium carbonate production line with a capacity of 30,000 tons, of which 10,000 tons have already reached production [2][3] Key Points on Lithium Production - The mining license for the Tong'an mine has been expanded to 400,000 tons per year, expected to be operational by the end of 2026 or early 2027 to meet the demand for 10,000 tons of lithium carbonate [2][4][12] - Kolyuan's production cost for lithium carbonate is relatively low, with direct mining costs around 10,000 RMB per ton of raw ore and total costs approximately 60,000 RMB per ton of lithium carbonate [2][5][6] - The company uses a mica extraction method, eliminating the need for a beneficiation process, which provides a cost advantage over competitors [2][6] Future Production and Supply Plans - By 2027, Kolyuan's own mines are expected to support a lithium carbonate production capacity of 4,500 to 6,000 tons, depending on operational days and regulatory factors [11][17] - The Dantian mine is projected to start production between June and September 2027, providing 400,000 tons of raw materials, equivalent to over 10,000 tons of lithium carbonate, thus supporting a total supply capacity of 20,000 tons [12][17] Sales and Market Strategy - Approximately 46% of Kolyuan's lithium carbonate production is sold externally, as external sales offer better pricing and payment terms compared to internal consumption [10][19] - The pricing mechanism for externally sourced mica is based on the lithium carbonate sales price, resulting in thin margins for processing plants [16] Energy Storage Business - Kolyuan is actively expanding its energy storage business, with a focus on markets in Hebei, Inner Mongolia, Ningxia, and Shandong, aiming for a total of 10 GWh of projects by 2027 [19][22] - The company has completed 4 GWh of orders and plans to construct an additional 10 GWh of energy storage projects across various regions [20][21] Technological Developments - Kolyuan is exploring new lithium extraction technologies to reduce waste and improve efficiency, with pilot tests completed in Hunan [9][23] - The company is also developing solid oxide fuel cell (SOFC) materials and is working to expand its presence in the North American market [23][24] Conclusion - Kolyuan is positioned to capitalize on the growing lithium market with its low-cost production methods and strategic expansion into energy storage and advanced battery technologies. The company's focus on operational efficiency and market responsiveness will be critical in navigating future challenges and opportunities in the lithium industry.

Group 1 - The report highlights that the company plans to issue convertible bonds to raise up to 878 million RMB for investment in new projects, including a 5000 tons/year vitamin K3 and 74,000 tons/year chromium green project, and a 500,000 tons/year sulfuric acid and 50,000 tons/year chromium powder project [3][5] - The innovative "vitamin K3 co-production chromium green" process is expected to break the production bottleneck of chromium green, utilizing chromium-containing waste from vitamin K3 production to create high-quality chromium green, thus enhancing environmental performance and operational results [5][6] - The company has successfully acquired land for the new project in Chongqing, with a total investment of approximately 3 billion RMB, which will significantly drive long-term growth [7][8] Group 2 - The report indicates that the chromium market is experiencing a bullish cycle, with the average price of metallic chromium rising from 67,500 RMB/ton to 82,000 RMB/ton, and chromium oxide green prices increasing from 29,500 RMB/ton to 36,500 RMB/ton [9][10] - The downstream demand for chromium is expected to grow due to the increasing needs in high-temperature alloys used in military and civilian aircraft, gas turbines, and other high-end equipment, which will further boost the market demand for chromium and its raw materials [5][10] - The company is projected to benefit from the chromium market cycle, with revenue forecasts for 2025, 2026, and 2027 estimated at 43.63 billion RMB, 66.42 billion RMB, and 72.52 billion RMB, respectively, alongside net profits of 6.04 billion RMB, 11.96 billion RMB, and 13.70 billion RMB [11]

Core Viewpoint - The company, Hopu Co., Ltd. (300471.SZ), is currently not involved in the SOFC (Solid Oxide Fuel Cell) sector but has successfully launched a 220kW high-safety solid-state hydrogen fuel cell emergency power generation system in collaboration with industry partners, indicating a proactive approach to business expansion [1] Group 1 - The company has clarified its non-involvement in the SOFC field [1] - The company has introduced a 220kW high-safety solid-state hydrogen fuel cell emergency power generation system [1] - The company is actively pursuing business expansion in the emergency power supply sector [1]

Group 1 - The company does not currently have any involvement in the SOFC (Solid Oxide Fuel Cell) sector [1] - In the emergency power supply sector, the company has successfully launched a 220kW high-safety solid-state hydrogen fuel cell emergency power generation system in collaboration with industry partners [1] - The company is committed to actively promoting business expansion in the emergency power supply area [1]

Market Overview - On December 12, A-shares showed mixed performance with the Shanghai Composite Index down 0.1% at 3869.41 points, while the Shenzhen Component Index rose 0.21% to 13174.45 points, and the ChiNext Index increased by 0.29% to 3172.73 points [1] - The precious metals sector opened higher, with notable gains in companies like Xiaocheng Technology up 3%, and various gold companies also showing positive movement [1] - Market focus included stocks like Baidu Group, which opened down 6.17%, and Annie Shares, which saw a 4.26% decline due to a change in actual controller [1] Company News - Moer Thread announced it will maintain high R&D investment and product iteration based on its self-developed MUSA architecture, but acknowledges a gap in R&D strength and technology compared to international giants [2] - Nandu Power received notification from its controlling shareholders about a planned change in control and the sale of its lead-acid battery segment, leading to a stock suspension expected to last no more than two trading days [2] - Vanke A continues to provide guarantees for related loans through credit guarantees and equity pledges, with a total guarantee balance of 84.476 billion yuan, representing 41.68% of the net assets attributable to shareholders [2] - Tefa Information received a criminal judgment related to a fraud case from the acquisition of Shenzhen Tefa Dongzhi Technology, with the company being the victim [3] - Zhaoxin Pharmaceutical's actual controller received an administrative penalty from the CSRC for stock manipulation activities between August 2017 and February 2020 [3] - Zhaoxin Co. plans to acquire 70% of Youde New Energy Technology for a maximum transaction price of 220 million yuan [3] - Honglin Power's subsidiary has achieved bulk shipments of high-speed copper cable products, with major clients including Amphenol and Tyco [3] Industry Insights - The space computing sector is highlighted by Starcloud's successful satellite launch for training a large language model, marking a milestone in space AI computing [5] - The ice and snow economy in Liaoning Province aims to develop 10 provincial-level ski tourism resorts and achieve over 2.6 billion annual visitors by 2027, with a projected revenue of over 250 billion yuan [6] - UBS forecasts a continued shortage in DRAM supply until Q1 2027, with a demand growth of 20.7% for DDR memory, significantly outpacing supply growth [7] - China's new energy vehicle production and sales approached 15 million units from January to November, with exports reaching 2.315 million units, doubling year-on-year [8] - Advanced packaging technology is becoming crucial in the AI industry, with TSMC's capacity fully booked, and Nvidia accounting for over half of the demand [9] - Quark AI glasses are ramping up production with new assembly lines, aiming to meet demand ahead of the Spring Festival [10] - The global nuclear fusion market is projected to approach $500 billion by 2030, with 23 companies planning to build commercial fusion power plants by 2040 [11] - The domestic brain-computer interface industry is expected to gradually achieve commercialization, supported by technological advancements and favorable policies [12] - The SOFC market is entering an accelerated expansion phase due to power supply challenges in the U.S., with SOFC technology becoming more suitable for data center needs [13] - The integrated pulp and paper industry is expected to continue generating excess profits, with demand recovery and price increases anticipated in the coming years [14]

Company News - Moer Thread plans to maintain high R&D investment and product iteration based on its self-developed MUSA architecture, but it still lags behind international giants in comprehensive R&D strength, core technology accumulation, and product customer ecosystem [2] - Nandu Power has received notification from its controlling shareholders regarding a planned change of control and the sale of shares in the recycled lead plate sector, leading to a temporary suspension of its stock from December 12, 2025, for no more than two trading days [2] - Vanke A continues to provide guarantees for related loans through credit guarantees and equity pledges, with a total guarantee balance of 84.476 billion yuan, accounting for 41.68% of the audited net assets attributable to shareholders as of the end of 2024 [2] Legal and Regulatory Updates - Tefa Information received a first-instance criminal judgment related to a contract fraud case from the acquisition of Shenzhen Tefa Dongzhi Technology Co., Ltd., with the final judgment and subsequent execution results still uncertain [3] - Jincheng Pharmaceutical's actual controller received an administrative penalty decision from the CSRC for stock manipulation between August 2017 and February 2020 [3] Mergers and Acquisitions - Zhaoxin Co. plans to acquire 70% of Youde New Energy Technology (Ningbo) Co., Ltd. for a maximum transaction price of 220 million yuan, making it a subsidiary upon completion [3] - Haige Communication's subsidiary successfully completed the first flight of the "Jiutian" drone, commissioned by Shaanxi Unmanned Equipment Technology Co., Ltd. [4] - Victory Energy's controlling shareholder plans to transfer 84.6438 million shares, representing 29.99% of the total share capital, to Qiteng Robotics Co., Ltd., resulting in a change of controlling shareholder [4] Industry Insights - The space computing sector is highlighted by Starcloud's successful satellite-based training of a large language model, marking a milestone in space AI computing [6] - The ice and snow economy in Liaoning Province aims to enhance its brand influence and achieve over 2.6 billion annual visitors and 250 billion yuan in revenue by 2027 [7] - UBS predicts a continued shortage of DRAM supply until Q1 2027, with a projected 20.7% growth in DDR memory demand, significantly outpacing supply growth [8] - China's new energy vehicle production and sales approached 15 million units from January to November, with exports reaching 2.315 million units, doubling year-on-year [9] - Advanced packaging technology is becoming crucial in the AI industry, with TSMC's capacity fully booked, and Nvidia accounting for over half of the demand [10] - Quark AI glasses are ramping up production to meet significant orders, aiming to release capacity ahead of the Spring Festival consumer surge [11] - The global nuclear fusion market is projected to approach 500 billion USD by 2030, with 23 companies planning to establish commercial fusion power plants by 2040 [12]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the development of key components such as joint modules and hollow cup motors for humanoid robots, with a focus on underwater robotics and wireless charging [1] - The article notes that a company is a major supplier of SOFC components in North America, benefiting from the strong growth of data centers driven by AI power demands [1]