证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260130 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 上海涉外经济创新高，北证 50 下跌 1.69% 2026 年 01 月 30 日 证券分析师 朱洁羽 相关研究： 《沪深北交易所提高融资保证金最低 比例，北证 50 上涨 0.98%》 2026-01-14 《工信部印发<推动工业互联网平台 高质量发展行动方案（2026—2028 年）>，北证 50 下跌 2.50%》 2026-01-13 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新 ...

Core Viewpoint - The company is expected to achieve a net profit of between 1.1 billion to 1.18 billion yuan in 2025, representing a year-on-year growth of 29.79% to 39.22% due to increased demand across various business segments, particularly in communication cables and new energy vehicles [1][3]. Group 1: Business Performance - In 2025, all business segments, including electronic materials, communication cables, electric products, and new energy vehicles, are projected to see revenue growth, with communication cables and new energy vehicles experiencing the fastest growth [1][3]. - The company has implemented measures to enhance profitability, such as increasing automation and optimizing product structure [1][3]. Group 2: High-Speed Communication Cable Business - The high-speed communication cable segment has seen significant revenue growth due to the rapid release of downstream demand in data communication [4]. - Key direct customers include international companies like Amphenol, Molex, TE Connectivity, and domestic firms such as Luxshare and QH, supplying to major server manufacturers like NVIDIA, Google, Amazon, and Meta [4][5]. Group 3: Production Capacity and Strategy - The company adopts a forward-looking and strategic approach to its high-speed communication cable production capacity, planning ahead based on industry trends and customer guidance [5]. - Current production capacity is designed to support business growth and align with customer project timelines, with flexibility to adapt to demand changes [5][6]. Group 4: Other Business Segments - The electronic materials and electric products segments are stable, benefiting from mature technology and a comprehensive product matrix, while the new energy vehicle segment continues to grow due to supportive policies and infrastructure development [2][8]. - The company is expanding its overseas production capacity, including a new facility in Malaysia, to optimize global capacity and enhance supply capabilities [2][8]. Group 5: Market and IPO Progress - The company's Hong Kong IPO is progressing as planned, with the issuance price to be determined based on shareholder interests, market conditions, and investor acceptance [9].

格隆汇1月29日丨洁美科技(002859.SZ)在投资者互动平台表示，江西柔震（原名"鸿美新能源"）后续将 重点开发和生产复合铜箔、PCB载体铜箔类产品；参股公司北京临界领域科技有限公司致力于铜基高温 超导材料及相关应用技术的产业化突破，旨在打破国外技术垄断，保障中国高温超导领域关键原材料的 自主可控；公司参股公司柔震科技的铜箔类产品正在给PCB产业链相关企业送样测试。 ...

洁美科技（002859.SZ）1月29日在投资者互动平台表示，江西柔震（原名"鸿美新能源"）后续将重点开 发和生产复合铜箔、PCB载体铜箔类产品；参股公司北京临界领域科技有限公司致力于铜基高温超导材 料及相关应用技术的产业化突破，旨在打破国外技术垄断，保障中国高温超导领域关键原材料的自主可 控；公司参股公司柔震科技的铜箔类产品正在给PCB产业链相关企业送样测试。 每经AI快讯，有投资者在投资者互动平台提问：子公司鸿美新能源有哪些业务，有没有光伏业务和6G 通信设备业务？公司产品能用于航天方面吗？参股20%的北京临界领域的技术打破国外垄断了吗，产品 能用于哪里？公司有哪些产品用于PCB？ （记者 王晓波） ...

Core Viewpoint - The company,沃尔核材, expects a net profit attributable to shareholders of 1.1 billion to 1.18 billion yuan for 2025, representing a year-on-year growth of 29.79% to 39.22% [1] Group 1: Business Performance - The company reported that market demand for electronic materials, communication cables, power products, and new energy vehicle products has continued to rise [1] - All business segments of the company achieved varying degrees of revenue growth during the reporting period [1] - The communication cable and new energy vehicle product segments experienced rapid growth, primarily due to increased demand from downstream industries such as data communication [1] Group 2: Market Drivers - The communication cable business benefited from a significant increase in market demand, leading to a rapid revenue increase [1] - The new energy vehicle product segment maintained a strong growth trend, supported by ongoing industrial policy initiatives [1]

Group 1 - Three listed companies, Dongcai Technology, Gaomeng New Materials, and Yichang Technology, announced that their actual controller, Xiong Haitao, is under investigation by the Sichuan Provincial Supervisory Commission [1][25][27] - The investigation is linked to allegations of criminal activity, although specific details remain undisclosed [25][27] - On the same day, the mayor of Mianyang, Li Yun, was also investigated for serious violations of discipline, raising concerns about potential connections [3][27] Group 2 - Following the announcements, the stock prices of the three companies dropped significantly, with Dongcai Technology falling by 3.65%, Yichang Technology by 9.94%, and Gaomeng New Materials by 14.52%, resulting in a total market value loss exceeding 2.2 billion yuan [4][27] - As of January 28, the total market capitalization of Dongcai Technology was 26.164 billion yuan, Gaomeng New Materials was 5.301 billion yuan, and Yichang Technology was 3.241 billion yuan, collectively exceeding 30 billion yuan [12][34] Group 3 - Xiong Haitao, a prominent figure in the capital market, has a background in manufacturing and has been involved in several successful ventures, including the establishment of Jinfa Technology, which became a leader in modified plastics [29][30] - Xiong controls over 40% of Gaokin Group and holds significant stakes in the three listed companies, making her a key player in the industry [30][32] - The investigation into Xiong has revived scrutiny over the privatization of Dongcai Technology, which was acquired at a significantly undervalued price during its state-owned enterprise reform [36][37] Group 4 - Xiong's previous marriage to Yuan Zhimin, who has faced legal issues related to stock manipulation, adds another layer of complexity to the situation [44][45] - The interconnectedness of the companies, including shared executives and frequent transactions, has raised questions about governance and compliance within the group [45]

Group 1: Tax Policy and Support for Green Transition - The tax policies implemented by the Ordos Municipal Taxation Bureau focus on supporting enterprises in their innovation and transformation, particularly in green transition efforts [1][2] - The tax incentives are aimed at industries such as coal coking and mineral resource utilization, facilitating a shift towards greener practices through targeted policy support [1] - The tax bureau has established a comprehensive support system to ensure that enterprises understand and can effectively utilize the new tax policies, particularly in the wind power sector [2] Group 2: Innovation in Traditional Industries - Companies like Inner Mongolia Guohua Food Technology Co., Ltd. are leveraging local resources to innovate traditional products, benefiting from tax deductions for R&D expenses [3] - The tax bureau provides tailored guidance to traditional industries, such as the wine industry, to help them adopt smart technologies and benefit from accelerated depreciation on fixed assets [3] - The implementation of automation in traditional processes has led to significant improvements in production efficiency and capacity for companies like Ordos Wangdao Winery [3] Group 3: Support for Emerging Industries - The tax bureau offers comprehensive tax services throughout the project lifecycle for emerging industries, such as new energy and new materials [4] - Companies like Inner Mongolia Silicon Source New Energy Electronic Materials Technology Co., Ltd. are receiving tax consultation and support to optimize their tax costs during project preparation and construction phases [4] - Significant tax deductions for R&D expenses are being utilized by companies in the new energy sector to drive technological advancements [4] Group 4: Tracking and Maximizing Policy Effects - The Ordos High-tech Industrial Development Zone Taxation Bureau has established a system to track the benefits that key enterprises receive from tax incentives, ensuring personalized support [5] - Companies like Jing'ao Solar Technology Co., Ltd. have reported substantial tax savings, which are being reinvested to enhance product performance and competitiveness [5] - The tax bureau plans to further refine the implementation of tax policies and optimize service processes to ensure that benefits reach market entities effectively [5]

Summary of Conference Call on Fangbang Co., Ltd. (方邦股份) Industry Overview - The conference call focuses on the copper foil industry, specifically the segment of peelable copper, which is crucial for advanced PCB applications driven by AI demand [1][2]. Key Points and Arguments - **Core Business**: Fangbang Co., Ltd. specializes in copper foil, shielding films, and copper-clad laminates. The company signed a development agreement with Huawei HiSilicon in 2020 to achieve self-controlled peelable copper production [1]. - **Performance Outlook**: Due to high investments and depreciation in recent years, the company is expected to reach a performance inflection point starting this year, with breakthroughs anticipated in peelable copper, FCCL, and thin film resistors [1]. - **AI Demand Impact**: The demand for peelable copper is expected to multiply due to AI servers requiring larger PCBs with increased surface area and more layers to support higher bandwidth and power supply [1][2]. - **Market Dynamics**: The global market for peelable copper is currently valued at approximately 5 billion, with Mitsui Mining and Smelting dominating the market with over 90% share. Recent price increases of about $2 per kilogram (approximately +15%) for high-end products from Mitsui indicate a tightening supply situation [3]. - **Supply Constraints**: Despite Mitsui expanding its production capacity, the supply is expected to remain tight due to long lead times. Fangbang is currently the only domestic company capable of mass-producing 3μm peelable copper [4]. - **Customer Engagement**: Major PCB customers have already begun sampling Fangbang's products, indicating a strong potential for rapid adoption and volume growth, with expectations of reaching hundreds of thousands of square meters in production [4]. - **Additional Business Lines**: Besides peelable copper, Fangbang's FCCL business is expected to become profitable following the production of self-sourced RTF copper foil and PI/TPI. The shielding film products are anticipated to enter Apple’s supply chain next year, positioning the company as a global leader. The thin film resistor business is also developing domestic alternatives in collaboration with Huawei, with applications in consumer electronics and satellite internet [4]. - **Industry Cycle Changes**: The demand from AI is altering the industry cycle, with systemic shortages still present in upstream materials of the PCB supply chain. The price increase and extended lead times from the leading player, Mitsui, further support Fangbang's position as a leading domestic alternative in this market [4]. Additional Important Insights - The conference highlights the strategic importance of domestic production capabilities in the context of global supply chain challenges and the increasing demand for advanced electronic components driven by AI technologies [4].

Group 1 - The core viewpoint of the article highlights that Huazheng New Materials (603186) has responded to investor inquiries regarding its BT packaging materials, emphasizing their advantages such as high heat resistance, resistance to CAF, low dielectric constant, and low expansion coefficient [1] - The application of VCM refers specifically to its use in voice coil motors [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is consolidating its advantages in OLED organic materials and is expanding into Q fabric and perovskite markets. The successful launch of the 8.6 generation high-end touch OLED production line by BOE ahead of schedule is expected to significantly increase the demand for OLED materials, creating a market potential exceeding 10 billion [3][4] - The company plans to issue convertible bonds to raise up to 766 million yuan, with 500 million allocated for the construction of a new materials production and R&D base [5][8] - Revenue projections for the company are 570 million, 860 million, and 1.15 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 250 million, 390 million, and 560 million yuan for the same years [8][10] Company Overview - The latest closing price of the company's stock is 28.83 yuan, with a total market capitalization of 11.6 billion yuan. The company has a total share capital of 402 million shares and a debt-to-asset ratio of 15.8% [2] - The company is led by its largest shareholder, Wang Yalong, and has a price-to-earnings ratio of 68.64 [2] Financial Forecasts - The company is expected to achieve significant revenue growth, with a projected increase of 56.9% in 2024, followed by 21.8% in 2025, and further growth of 50.2% and 33.5% in 2026 and 2027 respectively [10][11] - The EBITDA is forecasted to grow from 277.61 million yuan in 2024 to 732.96 million yuan in 2027, indicating strong operational performance [10][11]