2026 年 2 月 1 日 公司研究 加码特福国际股权，以重组推动海外建材业务再升级 ——科达制造（600499.SH）筹划重大资产重组事项点评 增持（维持） 当前价：17.69 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 分析师：陈佳宁 股价相对走势 -10% 24% 58% 92% 126% 02/25 05/25 08/25 11/25 科达制造 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 24.64 | 41.52 | 101.91 | | 绝对 | 24.40 | 42.66 | 125.92 | | 资料来源：Wind | | | | 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 19.1 ...

IT之家 1 月 24 日消息，彭博社 1 月 22 日报道，日本洁具制造商 TOTO 的股价迎来了五年来的最大涨幅，其股价一度上涨 11%。受 AI 数据中心扩张的影 响，这家公司鲜为人知的芯片材料业务被寄予厚望。 以智能马桶闻名的 TOTO 自 1988 年开始大规模生产用于芯片制造的精密陶瓷，并在几十年里成为了半导体和显示供应链的重要组成部分。IT之家了解到， 精密陶瓷类似 TOTO 马桶上使用的卫生陶瓷，但其强度可与金属相媲美，陶瓷比金属更轻，能在芯片制造过程中承受更高的温度。 引领本次股价涨势的是 TOTO 公司制造的静电吸盘。高盛集团的数据分析师表示，这些用于 NAND 芯片制造的夹具将从 AI 基建的需求中受益，内存行业 的供需紧张关系将成为实现显著利润增长的利好因素。 彭博汇编数据显示，截至 2025 年 3 月，TOTO 公司的新领域业务占总运营收入的 42%。TOTO 的一位代表表示，该公司预计 AI 数据中心建设将继续提高对 其静电吸盘的需求。 ...

Core Insights - The company achieved a revenue of 8.2 billion yuan in the first half of 2025, representing a year-on-year growth of 49%, with a net profit of 750 million yuan, up 64% year-on-year [1] - The overseas building materials segment is identified as the core growth driver, with a revenue increase of 90% year-on-year [2][3] - The company is positioned as a leading player in the African building materials market, with a strong growth outlook due to demographic advantages [5] Financial Performance - In Q2, the company reported a revenue of 4.4 billion yuan, a 51% increase year-on-year, and a net profit of 400 million yuan, up 178% year-on-year [1] - The gross margin for the first half of the year was approximately 29.3%, an increase of 3.7 percentage points year-on-year, while the net profit margin was about 9.1%, up 0.8 percentage points year-on-year [2] - The overseas building materials revenue for the first half was approximately 3.77 billion yuan, with a gross margin of 36.8%, reflecting a 5.9 percentage point increase year-on-year [3] Segment Analysis - The building materials machinery segment saw a revenue decline of 5% year-on-year, totaling approximately 2.57 billion yuan, primarily due to weak domestic demand [4] - The company’s ceramic machinery business maintained stable growth in Southeast Asia and South Asia, while the overseas ink business performed well [4] - Blueco Lithium achieved a sales volume of approximately 21,000 tons, generating revenue of 1.24 billion yuan, with a net profit of 19,000 yuan per ton [4] Market Positioning - The company is recognized as a leading player in the African building materials market, benefiting from production, channel, and brand advantages [5] - Future net profit projections for the company are estimated at 1.67 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for 2025-2027, indicating a favorable valuation trend [5]