Investment Rating - The report initiates coverage with a "Buy" rating for the company [8] Core Insights - The company is a leading domestic manufacturer of wet paper-based friction plates, essential components for automatic transmissions in passenger vehicles, successfully breaking the long-standing monopoly of foreign companies [5][6] - In the first three quarters of 2025, the company achieved revenue of 326 million yuan, a year-on-year increase of 68.9%, and a net profit attributable to shareholders of 107 million yuan, up 131.2% year-on-year [5] - The company is expanding its production capacity, with an expected capacity of 80 million plates per year by the end of 2025, and further growth to 97 million plates per year in 2026 [6] - The company is also venturing into the electronic limited-slip differential (ELSD) market, which is projected to grow significantly, with a global market size expected to reach 11.14 billion USD by 2032 [7] Financial Performance - Revenue projections for 2025, 2026, and 2027 are 421 million yuan, 554 million yuan, and 733 million yuan respectively, with corresponding net profits of 138 million yuan, 181 million yuan, and 238 million yuan [10][11] - The company’s gross margin is expected to improve from 43.7% in 2024 to 47.9% in 2027, indicating strong profitability [13] - The price-to-earnings (P/E) ratio is projected to decrease from 56.17 in 2024 to 19.16 in 2027, suggesting an attractive valuation over time [10][13]

格隆汇1月8日丨宏鑫科技(301539.SZ)公布，公司拟以全资子公司泰瑞工业（泰国）有限公司为项目实 施主体，通过增资或借款的方式以自有及自筹资金在泰国投资建设轮毂生产项目，项目计划新增投资约 5,000万美元（含前期购买土地费用，项目总投资额以实际投资建设情况为准）。 ...

Group 1 - The core viewpoint of the article highlights the potential growth of the company's ADAS active perception cleaning system, particularly with the anticipated rollout of Level 3 autonomous driving by 2026 [2] - The company has made a forward-looking layout in the relevant field, with some clients already entering the designated project phase [2] - For the designated projects, the company plans to gradually configure a production capacity of 250,000 sets per year for the gas-liquid mixed cleaning system based on the production progress [2] Group 2 - The company's products are expected to have a promising market outlook in the high-level autonomous driving sector, which may become one of the important growth drivers for the company in the future [2]

公告称，公司现有泰国合金科技基地主要专注商用车铝轮和部分乘用车轮，无法满足海外乘用车轮需 求，急需增建新产线。 宏鑫科技（301539）(301539.SZ)公告，公司拟以全资子公司泰瑞工业(泰国)有限公司为项目实施主体， 通过增资或借款的方式以自有及自筹资金在泰国投资建设轮毂生产项目，项目计划新增投资约5000万美 元。 ...

宏鑫科技公告，拟以全资子公司泰瑞工业（泰国）有限公司为项目实施主体，通过增资或借款的方式以 自有及自筹资金在泰国投资建设轮毂生产项目，项目计划新增投资约5000万美元（含前期购买土地费 用，项目总投资额以实际投资建设情况为准）。 ...

公告称，公司现有泰国合金科技基地主要专注商用车铝轮和部分乘用车轮，无法满足海外乘用车轮需 求，急需增建新产线。 智通财经APP讯，宏鑫科技(301539.SZ)公告，公司拟以全资子公司泰瑞工业(泰国)有限公司为项目实施 主体，通过增资或借款的方式以自有及自筹资金在泰国投资建设轮毂生产项目，项目计划新增投资约 5000万美元。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002510 | 天汽模 | 7.79 | 10.03% | 74.40万 | | 5.70亿 | | 000901 | 航天科技 | 30.25 | 10.00% | 128.07万 | | 37.05亿 | | 603950 | 长源东谷 | 31.05 | 9.99% | 11.91万 | | 3.53亿 | | 300912 | 凯龙高科 | 17.57 | 9.13% | 7.66万 | | 1.31亿 | | 300375 | 鹏翎股份 | 5.60 | 7.90% | 77.44万 | | 4.23亿 | | 301005 | 超捷股份 | 172.78 | 7.84% | 17.03万 | | 28.83亿 | | 603037 | 凯众股份 | 17.03 | 7.38% | 47.31万 | | 8.01亿 | | 603926 | 铁流股份 | 18.09 | 7.30% | 13.68万 | | 2.47亿 ...

科华控股公告，2026年1月8日，公司控股股东、实际控制人卢红萍与陈洪民及其一致行动人签署《股份 转让协议》，陈洪民及其一致行动人将其合计持有的公司976.61万股无限售条件流通股股份（占公司总 股本的5.02%）转让给卢红萍，转让价格为18.93元/股，转让价款为1.85亿元。此次协议转让尚需通过上 海证券交易所合规性审核，并在中国证券登记结算有限责任公司上海分公司办理过户手续。 ...

Market Performance - On January 8, A-shares experienced a collective adjustment, with the Shanghai Composite Index down by 0.07% to 4082.98 points, the Shenzhen Component Index down by 0.51% to 13959.48 points, and the ChiNext Index down by 0.82% to 3302.31 points [1] Fund Manager Changes - On January 8, a total of 24 fund managers experienced changes in their positions, with 19 fund products announcing departures of fund managers, involving 9 individuals. The reasons for these changes included 6 due to job changes and 3 due to personal reasons [3] - In the past 30 days (December 9 to January 8), 585 fund products saw their fund managers leave, indicating a significant turnover in the industry [3] New Fund Managers - On January 8, 34 fund products announced new fund manager appointments, involving 17 new managers. Notably, Liu Xiaocheng from Manulife Fund has a total fund asset scale of 2.247 billion, with a highest return of 89.20% on the Xinhua Preferred Consumption Mixed Fund during his tenure [5] Fund Research Activity - In the past month (December 9 to January 8), Huaxia Fund conducted the most company research, engaging with 44 listed companies, followed by Bosera Fund with 43 and Southern Fund with 35 [6][7] - The automotive parts industry was the most researched sector, with 160 instances of fund company engagement, followed by the computer equipment sector with 140 instances [6][7] Recent Fund Research Focus - In the last week (January 1 to January 8), Chaojie Co., a company in the automotive parts sector, was the most researched, with 37 fund institutions participating in the research [8] - The most focused stock in the past month was Zhongke Shuguang, with 117 fund management companies conducting research, followed by Haiguang Information and Chang'an Automobile [9]

2025Q3 业绩稳中有升，加速推进全球化战略 —易实精密（920221.BJ）公司事件点评报告 2026 年 01 月 08 日 买入(维持) 事件 | | | | 基本数据 | 2026-01-07 | | --- | --- | | 当前股价（元） | 17.38 | | 总市值（亿元） | 20 | | 总股本（百万股） | 116 | | 流通股本（百万股） | 62 | | 52 周价格范围（元） | 14.46-26.71 | | 日均成交额（百万元） | 67.83 | 市场表现 -20 0 20 40 60 80 100 120 (%) 易实精密 沪深300 资料来源：Wind，华鑫证券研究 相关研究 公司 2025Q3 营收 0.86 亿元，同比+8.12%；归母净利润 0.14 亿元，同比+2.28%，主业稳步增长。同时，公司拟对其德国 全资子公司 EC Precision (Germany) GmbH 增加投资总额， 本次增加投资额不超过 790 万欧元，加速推进全球化布局。 投资要点 ▌ 业绩稳健增长，盈利能力保持稳定 营业收入稳步上升，整体业绩符合预期。2025Q3 实现营业收 入 ...