点击查看公告原文>> 责任编辑：小浪快报 9月25日，扬州海昌新材股份有限公司接待了国盛证券等13家机构的特定对象调研。以下为本次调研的 详细情况： 1.投资者活动关系类别：特定对象调研 2.时间：2025年9月25日14:00 - 17:00 3.地点：公司会 议室 4.参与单位名称：国盛证券有限责任公司、海口市绅徽投资有限公司、张家港高竹私募基金管理有 限公司、苏州贵山财富投资管理有限公司、深圳龙腾资产管理有限公司、山西证券、山西证券股份有限 公司、国信证券股份有限公司、太平洋证券股份有限公司、中金公司、国海证券股份有限公司、华创证 券有限责任公司、申万宏源证券 5.上市公司接待人员姓名：董事长周光荣先生、总经理徐继平先生、财 务总监许卫红女士、技术总监郭益山先生、董事会秘书佘小俊先生、证券事务代表费小芳女士 在调研中，公司首先简要介绍了自身情况。海昌新材专注于粉末冶金压制成形（PM）、金属注射成形 （MIM）等技术，产品应用于电动工具、汽车（含新能源）等多领域。其核心产品具备复杂形状一次 成型等技术优势。公司在新应用等方面研发稳步推进，积极布局新领域。MIM产品线已进入快速发展 通道，SMC软磁产品也开 ...

Company Overview - Haichang New Materials specializes in powder metallurgy pressing (PM), metal injection molding (MIM) precision components, soft magnetic composite (SMC) stators, and small modulus precision gears [2][3] - Products are widely used in electric tools, automotive (including new energy), smart home appliances, intelligent robots, and drones [3] Market Position and Strategy - The company is actively expanding into new fields such as automotive, robotics, home appliances, and new energy, providing a solid foundation for performance stability and growth [3] - Haichang has established partnerships with major domestic intelligent robot clients and is progressing on related projects [4] Product Development and Innovation - MIM product line has been in development for years, with significant capacity expansion leading to mass production of high-strength, high-precision components for electric tools and new energy vehicles [3][4] - SMC soft magnetic products are also entering mass production, contributing to performance improvement [3] Financial Insights - The estimated value of powder metallurgy products per robot is currently between 1,000 to 2,000 RMB, with potential for future increases [5] Competitive Landscape - Haichang has a competitive edge in the electric tool segment, with over 60% of revenue coming from overseas markets [6] - Compared to competitors like Dongmu Co. and Baolaide, Haichang focuses on customized powder metallurgy components for a broader range of industries [6] Future Growth Potential - The company is expected to achieve annual production capacity of 3,000 tons at its new factory in Vietnam, which has passed domestic ODI audits [6] - SMC products are anticipated to replace traditional silicon steel sheets in new energy vehicle motors, with mass production expected around 2026 [6] - The powder metallurgy industry is characterized by strong customer loyalty, and Haichang's established relationships with leading global companies position it well for continued growth [6]

Core Viewpoint - Haichang New Materials is making a strategic move by acquiring a 51% stake in Shenzhen Xinwei Communication Technology Co., Ltd. for 255 million yuan, aiming to expand into the GNSS antenna positioning sector, which is crucial for applications in drones, smart lawn mowers, and precision agriculture [1][2]. Group 1: Acquisition Details - The acquisition agreement was signed on September 19, with the goal of entering the high-precision satellite antenna market [2]. - Xinwei Communication specializes in the research, production, and sales of RF core components in the GNSS antenna positioning field, including high-precision GNSS satellite positioning antennas and Beidou satellite communication antennas [2]. - Xinwei Communication reported a revenue of 96.72 million yuan and a net profit of 30.37 million yuan for 2024, with the latest unaudited figures showing a revenue of 84.37 million yuan and a net profit of 33.47 million yuan [2]. Group 2: Financial Performance - Haichang New Materials has shown revenue fluctuations in recent years, with revenues of 220 million yuan, 225 million yuan, and 297 million yuan from 2022 to 2024, and net profits of 57.2 million yuan, 46.18 million yuan, and 71.23 million yuan respectively [4]. - In the first half of 2025, the company achieved a revenue of 138 million yuan, a year-on-year decrease of 4.75%, while net profit was 30.74 million yuan, a slight increase of 0.14% [4]. - The company has maintained a strong focus on high-end market clients, with overseas revenue consistently accounting for over 60% of total revenue, reaching 85.05 million yuan in the first half of 2025 [4]. Group 3: Research and Development - Haichang New Materials emphasizes innovation and has increased its R&D investment over the years, totaling 71.74 million yuan from 2020 to the first half of 2025 [4]. - As of the first half of 2025, the company has accumulated 79 patents and utility models [5]. Group 4: Market Performance - The company's stock price has performed well in 2025, with a year-to-date increase of 137.59%, closing at 25.85 yuan per share on September 19 [5]. - The latest market capitalization stands at 6.415 billion yuan [5].

Core Viewpoint - Haichang New Materials plans to acquire 51% equity of Shenzhen Xinwei Communication Technology Co., Ltd. for 255 million yuan, marking a significant cross-industry expansion into the satellite positioning and communication sector [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of 255 million yuan for 51% equity in the target company, which specializes in GNSS antenna positioning and related components [2]. - The audited financials of the target company for 2024 indicate total assets of 80.3 million yuan, total liabilities of 35.6 million yuan, and a net profit of 30.4 million yuan [2]. - The transferor has committed to a performance guarantee, ensuring that the target company achieves a cumulative net profit of no less than 120 million yuan over the years 2025 to 2027 [2]. Group 2: Strategic Implications - This acquisition represents a strategic move for Haichang New Materials, which has traditionally focused on powder metallurgy products, to diversify into high-tech sectors [3]. - The integration of the target company's satellite positioning technology with Haichang's existing products is expected to enhance capabilities in applications such as drones and electric vehicles [3]. - The merger is anticipated to optimize production and supply chain resources, leveraging Haichang's overseas presence to support the target company's international growth strategy [3]. Group 3: Transaction Status - The signed intention agreement is a framework agreement and does not guarantee the completion of the acquisition, indicating potential uncertainties in finalizing the transaction [4].

Core Viewpoint - Haichang New Materials plans to acquire 51% of Shenzhen Xinwei Communication Technology Co., Ltd. for 255 million yuan, marking a significant cross-industry expansion into the satellite positioning antenna sector [1][4]. Group 1: Acquisition Details - The acquisition involves a cash payment of 255 million yuan, valuing Xinwei Communication at approximately 500 million yuan, despite its net assets being less than 75 million yuan [2][6]. - The acquisition agreement was approved by Haichang New Materials' board on September 19, 2023, and involves signing a framework agreement with the current shareholders [4][6]. Group 2: Financial Performance - Xinwei Communication reported a revenue of 96.72 million yuan and a net profit of 30.37 million yuan for 2024, with the latest unaudited figures showing a revenue of 84.37 million yuan and a net profit of 33.47 million yuan [8]. - The static price-to-earnings ratio (PE) for the acquisition is approximately 16.5 times based on the 2024 net profit [8]. Group 3: Strategic Implications - This acquisition is part of Haichang New Materials' strategy to diversify into high-tech sectors, particularly in satellite positioning and communication, aiming to create new profit growth points [5][8]. - Xinwei Communication specializes in GNSS antenna technology, with applications in various high-tech fields such as drones, precision agriculture, and autonomous driving [5].

Core Viewpoint - Haichang New Materials plans to acquire 51% of Shenzhen Xinwei Communication Technology Co., Ltd. for 255 million yuan, marking a significant cross-industry expansion into the satellite positioning antenna sector [2][5]. Group 1: Acquisition Details - The acquisition involves a cash payment of 255 million yuan, valuing Xinwei Communication at approximately 500 million yuan, despite its net assets being less than 75 million yuan [3][8]. - The acquisition agreement was approved by Haichang New Materials' board on September 19, 2023, and signed with the current shareholders [5][11]. Group 2: Financial Performance - Xinwei Communication reported a revenue of 96.72 million yuan and a net profit of 30.37 million yuan for 2024, with recent unaudited figures showing revenue of 84.37 million yuan and a net profit of 33.47 million yuan [9]. - The static price-to-earnings ratio (PE) for the acquisition is approximately 16.5 times based on the 2024 net profit [10]. Group 3: Strategic Implications - This acquisition is part of Haichang New Materials' strategy to diversify into high-tech fields, aiming to enhance its product offerings in satellite positioning and communication, thereby creating new profit growth points [7][6]. - Xinwei Communication specializes in GNSS antenna technology, with applications in various high-tech sectors such as drones, precision agriculture, and autonomous driving [6].

Core Viewpoint - Haichang New Material plans to acquire 51% of Shenzhen Xinwei Communication Technology Co., Ltd. for 255 million yuan, marking a significant cross-industry expansion into the satellite positioning antenna sector [1][3]. Group 1: Acquisition Details - The acquisition involves a cash payment of 255 million yuan for a 51% stake in Xinwei Communication, which has a net asset value of approximately 74.75 million yuan, leading to an overall valuation of about 500 million yuan [1][5]. - The price implies a price-to-book ratio (PB) of 6.69 times based on Xinwei's net assets [5]. - The acquisition is part of Haichang's strategy to diversify into high-tech fields, particularly satellite positioning and communication [4][6]. Group 2: Financial Performance of Xinwei Communication - Xinwei Communication reported a revenue of 96.72 million yuan and a net profit of 30.37 million yuan for 2024, with recent unaudited figures showing revenue of 84.37 million yuan and a net profit of 33.47 million yuan [6]. - The static price-to-earnings ratio (PE) for the acquisition is approximately 16.5 times based on the 2024 net profit [6]. - The sellers have committed to a performance guarantee, ensuring that Xinwei achieves a cumulative net profit of no less than 120 million yuan over the next three years [6].

截至发稿，盛丰衍累计任职时间8年302天，现任基金资产总规模63.36亿元，任职期间最佳基金回报 184.56%， 任职期间最差基金回报-24.88%。 翟梓舰累计任职时间1年335天，现任基金资产总规模15.47亿元，任职期间最佳基金回报54.89%， 任职 期间最差基金回报42.84%。 数据显示，西部利得基金旗下1只基金重仓东睦股份。西部利得中证1000指数增强A（018157）二季度 持有股数23.58万股，占基金净值比例为0.55%，位居第六大重仓股。根据测算，今日浮亏损失约42.21 万元。 西部利得中证1000指数增强A（018157）成立日期2023年4月25日，最新规模3.02亿。今年以来收益 32.12%，同类排名1503/4222；近一年收益74.83%，同类排名1161/3805；成立以来收益31.75%。 西部利得中证1000指数增强A（018157）基金经理为盛丰衍、翟梓舰。 9月19日，东睦股份跌5.13%，截至发稿，报33.08元/股，成交11.74亿元，换手率5.59%，总市值208.86 亿元。 资料显示，东睦新材料集团股份有限公司位于浙江省宁波市鄞州工业园区景江路1508 ...

9月16日，东睦股份涨5.1%，截至发稿，报30.90元/股，成交3.13亿元，换手率1.67%，总市值195.10亿 元。 资料显示，东睦新材料集团股份有限公司位于浙江省宁波市鄞州工业园区景江路1508号，成立日期1994 年7月11日，上市日期2004年5月11日，公司主营业务涉及粉末冶金结构零件,主要应用于汽车(包括轿 车)、家用制冷压缩机(空调和冰箱)、摩托车、电动工具、办公机械和工程机械等。主营业务收入构成 为：粉末压制成形43.04%，金属注射成形41.18%，软磁复合材料15.16%，其他(补充)0.61%。 截至发稿，宋鹏累计任职时间4年23天，现任基金资产总规模228.99亿元，任职期间最佳基金回报 14.54%， 任职期间最差基金回报-2.12%。 刘通累计任职时间5年179天，现任基金资产总规模31.24亿元，任职期间最佳基金回报29.43%， 任职期 间最差基金回报0.96%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从 ...

转自：前瞻产业研究院 行业主要上市公司：九菱科技(873305.BJ);东睦股份(600114.SH);安泰科技(000969.SZ);海昌新材 (300885.SZ);杭齿前进(601177.SH)。 本文核心数据：粉末冶金行业竞争力评价;粉末冶金行业竞争梯队 1、中国粉末冶金行业竞争梯队 从中国粉末冶金参与者的业务收入情况来看，中国粉末冶金行业企业大致分为三个梯队。第一梯队的企 业是安泰科技，其营业收入较高，相关业务收入超过28亿元，在行业内的知名度和竞争力均较高，处于 行业领先地位;第二梯队是东睦股份，该企业与其相关业务收入相对较高，2023年业务收入接近20亿元; 第三梯队有天宜上佳、海昌新材、九菱科技、博云新材等，这些企业的业务收入在1-5亿元区间内。 2、中国粉末冶金行业竞争者入场进程 从中国粉末冶金行业代表性企业竞争者入场进程来看，大多数粉末冶金企业成立于2005年以前，其中华 金科技成立时间最早，于1993年成立，东睦股份和博云新材均成立于1994年。从企业注册资本情况来 看，安泰科技较高，注册资本达到10.26亿元人民币。 注：横轴代表企业成立年份;纵轴代表企业注册资本。 3、中国粉末冶金行 ...