1 证券代码：301398 证券简称：星源卓镁 宁波星源卓镁技术股份有限公司 投资者关系活动记录表 编号：2025-004 | 投资者关系活动类别 | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | | 华西基金：李健伟 | | | | 嘉实基金：康凯 | | | | 光大保德信基金：王艺伟 | | | | 天弘基金：陈祥、李佳明 | | | | 泉果基金：余海洋 | | | | 富安达基金：张心怡 | | | | 惠升基金：陆浩然 | | | | 翊安基金：章可越 | | | | 博衍基金：阮心洲 | | | 参与单位名称及人员姓名 | 博睿乾远基金：姜书岳 | | | | 浙商资管：陈一 | | | | 杭银理财：曹祥 | | | | 东吴证券：郭雨蒙 | | | | 长江证券：吴优 | | | | 华西证券：庞博 | | | | 国联民生证券：姜煦洲 | | | | 开源证券：陈绪铭 | | | | 盘京投资：王震 | | | | 非马投资：蔡峰 | ...

Group 1: Financial Performance - The company's capacity utilization rate in the precision metal structural parts sector for Q3 2025 remains high [1] - The expense ratio for the first three quarters of 2025 has increased due to higher R&D investment, implementation of equity incentives, and increased convertible bond interest expenses, which aligns with the company's expectations [1] - As of September 2025, the company's contract liabilities amount to 232 million, all of which are prepayments for signed contracts [2] Group 2: Production and Orders - New automated production lines have begun trial operations [1] - The company is currently collaborating with lithium battery manufacturers for smart logistics equipment and solid-state battery equipment [2] - Ongoing testing and sample production with overseas well-known automotive companies are in progress, with future contract signing expected [2] - Several domestic battery manufacturers are currently in the testing phase for solid-state battery production lines, with contracts signed with Hai Xi Communications [2]

Core Viewpoint - The company indicates that its aluminum alloy products in the automotive parts sector are experiencing relatively low gross margins due to several constraints, while the magnesium alloy business is positioned to maintain higher profit margins due to fewer competitors and cost advantages [1] Group 1: Aluminum Alloy Products - The gross margin of aluminum alloy products is relatively low [1] - Three main factors are constraining the gross margin: 1. Industry capacity has reached saturation, leading to increased competitive pressure on the supply side [1] 2. Numerous market participants result in severe homogenization and intense competition within the industry [1] 3. Fierce price competition further compresses profit margins [1] Group 2: Magnesium Alloy Business - The magnesium alloy business currently has few companies capable of large-scale production, indicating it is still in the early stages of development [1] - Technical barriers and resource thresholds create strong pricing autonomy for this business segment [1] - The cost advantage of magnesium alloy raw materials allows this segment to maintain a high net profit margin [1]

Company Overview - Guangzhou Qiya Precision Industry Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Luo Miaoliang [1] Business Scope - The company is engaged in various manufacturing and processing activities, including window and door manufacturing, plastic products sales, and hardware retail [1] - It also specializes in the manufacturing of metal forming machine tools, fasteners, and metal cutting and welding equipment [1] - Additional services include technology import and export, environmental consulting, and property management [1] - The company is involved in the manufacturing of industrial robots and automotive parts and accessories [1]

天眼查App显示，近日，泌阳县尧航金属材料有限公司成立，法定代表人为刘航，注册资本6万人民 币，经营范围为一般项目：金属制品销售；金属材料销售；金属链条及其他金属制品销售；金属丝绳及 其制品销售；金属工具销售；五金产品零售；消防器材销售；交通及公共管理用标牌销售；特种劳动防 护用品销售；日用杂品销售；建筑材料销售；园林绿化工程施工；机械设备租赁；装卸搬运；劳务服务 （不含劳务派遣）（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - Hengtai Metal (Tai'an) Co., Ltd. has recently been established with a registered capital of 30,000 RMB [1] - The company is involved in a wide range of activities including the sale of metal ores, non-ferrous metal alloys, and high-quality special steel materials [1] Company Overview - The legal representative of the company is Wang Jianchun [1] - The business scope includes general projects such as sales of metal materials, mechanical parts, and automotive parts [1] - The company also engages in the research and development of new materials and bio-organic fertilizers [1] Industry Activities - Hengtai Metal's operations cover various sectors including the recycling of renewable resources and the import-export of goods and technology [1] - The company is positioned to participate in the sales of industrial animal fat chemical products and non-edible plant oil processing [1]

天眼查App显示，近日，厦门翔明煌科技有限公司成立，法定代表人为洪春明，注册资本20万人民币， 经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；金属切削加 工服务；金属表面处理及热处理加工；有色金属压延加工；钢压延加工；模具制造；紧固件制造；通用 零部件制造；五金产品制造；金属制日用品制造；金属结构制造；有色金属合金制造；金属材料制造； 建筑用金属配件制造；机械设备销售；喷涂加工；塑胶表面处理；塑料制品制造；模具销售；传统香料 制品经营；日用化学产品制造。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

2.镁合金与原有铝合金之间是替代关系还是补充改造关系？ 答：中国作为全球镁矿资源最为丰富的国家，在镁合金材料领 域具备显著的资源禀赋优势。当前，镁合金市场价格低于铝合金， 成本优势进一步凸显，为新能源汽车轻量化提供了更具经济性的材 料选择。镁的密度约为1.74 g/cm³，显著低于铝合金和钢材，其应 用可有效降低车身重量，从而提升新能源汽车的续航里程，满足消 费者对长续航的迫切需求。此外，镁合金还具备高比强度、优异的 电磁屏蔽性能、高导热性及减震特性，能有效解决新能源汽车电子 设备散热、车身结构振动等实际难题。因此镁合金凭借其极致的轻 量化优势、显著的成本效益、持续的技术突破以及政策支持，将会 成为新能源汽车轻量化领域的核心战略材料。随着技术成熟与规模 化应用，其在整车中的单车价值量将呈现持续上升趋势。 3.在产能方面，原有铝合金产线是否可用于镁合金生产？ 证券代码：300328 证券简称：宜安科技 东莞宜安科技股份有限公司 投资者关系活动记录表 编号：202512-01 投资者关系活动类别 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 ☐ 路演活动 ☐ 现场参观 其他:线上会议 ...

供给稳定需求快速增长，行业短期或酝酿加工费上涨迹象。在铜粉领域，日韩企业在产品纯度、粒径控 制等尖端技术方面仍保持领先优势，当前国内江南新材（603124）和泰兴冶炼厂产能分别为3/1.45万 吨，光华科技（002741）产能超1万吨，预计2026年下半年国内厂商新增产能超过3万吨。今年年底到明 年上半年，在新产能投放出来之前，下游需求旺盛，行业供需格局紧张，铜粉加工费或酝酿涨价迹象。 项目审批资质约束，扩产周期相对较长。根据江南新材招股书公开披露，铜粉加工费约8400-10400元/ 吨，目前铜粉市场集中度较高，参与者较少。铜粉加工主要分为溶铜、蒸氨、烧结、粉体筛分四大工 序，核心设备包括溶铜罐、结晶罐、烘干煅烧机、分筛机等，目前设备环节国产化率大幅提升，资质审 批+扩产周期或超过1年。 中金发布研报称，AI驱动PCB产品向高厚径比、多盲埋孔升级，带动AI PCB电镀铜粉耗材需求旺盛， 量价齐升拉动行业利润快速增长，长期成长确定性强，行业短期产能紧俏，将迎来景气周期。 中金主要观点如下： AI PCB带动铜粉行业加工费利润快速增长。铜球铜粉是PCB电镀耗材，铜球和铜粉分别占PCB成本比重 的6%和13%。A ...

Core Insights - A new company, Nanpi County Xuteng Metal Technology Co., Ltd., has been established with a registered capital of 200,000 RMB [1] Company Overview - The legal representative of the company is Tian Wenju [1] - The company’s business scope includes general projects such as: - Research and development of metal products [1] - Manufacturing of forgings and powder metallurgy products [1] - Manufacturing of hardware products [1] - Manufacturing of electronic components [1] - Manufacturing of automotive parts and accessories [1] - Manufacturing of metal packaging containers and materials [1] - Processing of mechanical parts and components [1] - General equipment manufacturing (excluding special equipment) [1] - Metal cutting processing services (operating activities independently based on business license, excluding projects requiring approval) [1]