持续增加投入提升核心竞争力，基本面拐点将至。1 月31 日公司发布业绩预告，预计2025 年营收8.4 亿 元到8.6 亿元，归母净利润为-360 万元至-540 万元。主要系1）公司部分新增产能和投入尚未达到规模 效应，全流程自制化推进过程尚未完全，盈利能力暂时受限，2）公司受核心目标客户需求驱动提前配 套，并加大对半固态压铸、3D 打印等新技术、新工艺的研发投入，导致管理、研发费用同增0.34 亿 元；3）汇兑损失较上年同期增加0.17 亿元。后续，随着新业务需求的逐步落地，公司收入规模将稳步 提升，相关费用将被有效摊薄，并且，部分业务相关产品工艺制程自制化水平也将不断提高，公司整体 盈利能力将得到改善和提升。 可转债发行在即，重点发力新一代轻质材料赛道。2 月25 日公司公告，拟向不特定对象发行可转债，申 购日为3 月2 日，初始转股价格为 56.2 元/股。本次募集资金总额为5.76 亿元，其中4.65 亿元用于新型 智能终端零组件（轻质材料）智能制造中心项目，剩余资金用于补充流动资金及偿还银行贷款。本次募 投项目通过引入半固态压铸和 3D 打印等先进制造技术及智能化的生产设备，重点开展镁铝合金、钛合 ...

2026 年 02 月 26 日 ▌精密制造领先企业，聚焦三大业务领域 公司成立于 2001 年，是一家精密零组件制造及研发企业，产 品涵盖电子连接器、结构件、镶嵌注塑集成件等，聚焦新能 源汽车电装系统、智能终端及消费电子领域，为行业高端客 户提供定制化系统解决方案，2025 年上半年汽车电子营收占 比 52.32%，贡献公司大部分营收。深耕精密模具和精密零部 件制造领域 20 余年，公司积累了众多优质全球客户，包括 Vantiva、Sagemcom、Verizon、兰吉尔、和硕、启碁、天 弘、柯尼卡美能达、索尼等。2025 年前三季度公司实现营收 13.28 亿元（同比-10.13%），实现归母净利润 1.19 亿元 （同比-38.42%），静待业绩拐点出现。 ▌产品和产能持续拓展，为业绩增长奠定基础 精密制造领先企业，液冷和机器人业务新增看点 —兴瑞科技（002937.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2 0 2 6-0 2-2 6 | | --- | --- | | 当前股价（元） | 26 ...

2026 年 02 月 26 日 精密制造领先企业，液冷和机器人业务新增看点 —兴瑞科技（002937.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2 0 2 6-0 2-2 6 | | --- | --- | | 当前股价（元） | 26.2 | | 总市值（亿元） | 78 | | 总股本（百万股） | 298 | | 流通股本（百万股） | 297 | | 52 周价格范围（元） | 15.17-26.2 | | 日均成交额（百万元） | 147.05 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -30 -20 -10 0 10 20 30 (%) 兴瑞科技 沪深300 相关研究 ▌精密制造领先企业，聚焦三大业务领域 公司成立于 2001 年，是一家精密零组件制造及研发企业，产 品涵盖电子连接器、结构件、镶嵌注塑集成件等，聚焦新能 源汽车电装系统、智能终端及消费电子领域，为行业高端客 户提供定制化系统解决方案，2025 年上半年汽车电子营收占 比 52.32%，贡献公司大部分营收。深耕精密 ...

Core Viewpoint - Yutong Technology (002831.SZ) plans to acquire 51% of Dongguan Huayan New Material Technology Co., Ltd. for 449 million yuan, aiming to expand its industrial layout and create new growth points in precision components and modules [1][2][5]. Group 1: Acquisition Details - The acquisition will be funded through the company's own or self-raised funds, with Huayan Technology being valued at 880 million yuan, representing a 300.53% increase over its net asset value [1][3]. - Huayan Technology reported revenues of 620 million yuan and 456 million yuan for the first eight months of 2024 and 2025, respectively, with net profits of 71.27 million yuan and 40.22 million yuan [1][3]. - The transaction is classified as a related party transaction since the actual controllers of Yutong Technology, Wang Huajun and Wu Lanlan, hold 100% of the shares in the counterparty, Guandian Investment [2][3]. Group 2: Business Expansion and Strategic Goals - Huayan Technology specializes in integrated design, R&D, manufacturing, and assembly of precision components, serving major clients like Google, Samsung, and Amazon [5]. - The acquisition is expected to enhance Huayan Technology's core competitiveness by leveraging Yutong Technology's strong customer platform and financial support, while Yutong will diversify its product offerings and improve customer service capabilities [5]. - Yutong Technology has been actively expanding into new business areas, achieving a revenue of 12.601 billion yuan in 2025, a 2.8% year-on-year increase, and has seen significant growth in its injection molding products [6].

公司通过本次收购，一方面，华研科技可以借助公司强大的客户平台资源和资金支持进一步增强自身的 核心竞争力，并积极向新兴领域拓展，开辟更广阔的增长空间，实现与公司的协同发展;另一方面，公 司在立足现有包装业务的基础上，加大精密零组件和模组等产业业务布局，进一步丰富产品结构和提升 客户服务能力，为公司第二增长曲线注入新动能。 裕同科技（002831）(002831.SZ)发布公告，公司拟通过自有或自筹资金向深圳市观点投资有限公司(以 下简称"观点投资")收购其持有的东莞市华研新材料科技股份有限公司(以下简称"华研科技""标的公 司"或"目标公司")51%股份。本次51%股份的收购价为4.49亿元。 本次收购标的华研科技是一家具备垂直整合能力的一站式精密零组件整体解决方案服务商，专注于不锈 钢、钛合金、磁性材料、高性能散热材料等领域，集一体化设计、研发、零件制造、组装与销售的国家 级专精特新小巨人企业，致力于为全球知名品牌终端客户提供行业领先的一站式综合服务解决方案。经 过多年的发展，华研科技已经具备强大的垂直整合、材料研发和精密模组设计及制造能力，在折叠手机 转轴、手表结构件和智能眼镜转轴模组的设计及制造方面具有技 ...

智通财经APP讯，裕同科技(002831.SZ)发布公告，公司拟通过自有或自筹资金向深圳市观点投资有限公 司(以下简称"观点投资")收购其持有的东莞市华研新材料科技股份有限公司(以下简称"华研科技""标的 公司"或"目标公司")51%股份。本次51%股份的收购价为4.49亿元。 公司通过本次收购，一方面，华研科技可以借助公司强大的客户平台资源和资金支持进一步增强自身的 核心竞争力，并积极向新兴领域拓展，开辟更广阔的增长空间，实现与公司的协同发展;另一方面，公 司在立足现有包装业务的基础上，加大精密零组件和模组等产业业务布局，进一步丰富产品结构和提升 客户服务能力，为公司第二增长曲线注入新动能。 本次收购标的华研科技是一家具备垂直整合能力的一站式精密零组件整体解决方案服务商，专注于不锈 钢、钛合金、磁性材料、高性能散热材料等领域，集一体化设计、研发、零件制造、组装与销售的国家 级专精特新小巨人企业，致力于为全球知名品牌终端客户提供行业领先的一站式综合服务解决方案。经 过多年的发展，华研科技已经具备强大的垂直整合、材料研发和精密模组设计及制造能力，在折叠手机 转轴、手表结构件和智能眼镜转轴模组的设计及制造方面具有 ...

Core Viewpoint - The humanoid robot industry is expected to develop rapidly, with the company positioned as a key supplier of precision components for humanoid robots, primarily serving overseas clients [1] Group 1: Company Performance - The company reported an annual revenue of approximately 100 million RMB from its humanoid robot precision components business [1] - In 2025, the company delivered around 690,000 units of humanoid robot precision components, with about 80% of these shipments going to overseas clients [1] - The company is recognized as a core supplier based on the unit value and the number of parts produced for mass production [1]

Core Viewpoint - Kaizhong Precision (002823) has been awarded the highest level A (Excellent) rating in the information disclosure assessment for the 2024-2025 period by the Shenzhen Stock Exchange, reflecting strong recognition from regulatory authorities and the capital market for its commitment to information disclosure and corporate governance [1][3]. Group 1: Information Disclosure Assessment - In the 2024-2025 information disclosure evaluation, a total of 5,104 listed companies participated, with 953 companies receiving an A (Excellent) rating, accounting for 18.67% of the total [1]. - Kaizhong Precision's achievement of the A rating highlights its rigorous adherence to information disclosure obligations and its efforts in maintaining investor relations and enhancing shareholder returns [1][2]. Group 2: ESG Commitment - Kaizhong Precision actively practices ESG principles and has published its 2024 Environmental, Social, and Governance (ESG) report, earning an A rating in ESG, showcasing its leading performance in sustainable development and overall strength [3]. - The company plans to continue upholding high standards in information disclosure, improve corporate governance, and optimize investor relations management to solidify its investment value and promote high-quality sustainable development [3].

Group 1 - The core viewpoint of the report is that Changying Precision (300115.SZ) is rated as a "buy" due to its leading position in precision component manufacturing and its stable fundamentals in consumer electronics and new energy sectors, along with forward-looking investments in humanoid robots [1] - The humanoid robot industry is gradually entering the commercialization stage, and the company has already entered the supply chains of leading domestic and international manufacturers [1] - In the consumer electronics sector, the company is expanding its client base horizontally, with foldable smartphones expected to bring additional growth [1]

Core Viewpoint - The stock price of Kaizhong Precision has shown an upward trend, reflecting positive market sentiment and strong performance expectations for the company in the precision components sector [1] Company Performance - As of August 4, 2025, Kaizhong Precision's stock price is 14.89 yuan, up 1.85% from the previous trading day [1] - The company reported an expected net profit for the first half of the year between 101 million yuan and 120 million yuan, indicating a year-on-year growth of 30.63% to 55.21% [1] Market Activity - The opening price on August 4 was 14.53 yuan, with a high of 14.90 yuan and a low of 14.48 yuan, and a trading volume of 58,100 hands, resulting in a transaction amount of 85 million yuan [1] - The number of shareholders decreased by 5.30% to 31,800 as of July 31, indicating a trend towards concentration of shares [1] Capital Flow - On August 4, the net inflow of main funds was 540,400 yuan, while the net outflow over the past five days amounted to 10.1252 million yuan [1]