转债周策略 20260228 3 月十大转债 glmszqdatemark 2026 年 02 月 28 日 3 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 江苏华辰/华辰转债：变压器海外销售有望迎来新突破 友发集团/友发转债：新一轮供给侧改革中，公司预计加快完善焊接钢管全国布局和海 外布局 宇邦新材/宇邦转债：切入工业热管理赛道打造第二增长曲线 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 颀中科技/颀中转债：境内少数掌握多类凸块制造技术并实现规模化量产的集成电路封 测厂商 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备龙头，具有成熟的海外销售渠道 岱美股份/岱美转债：切入智能机器人领域 2026 年增量资金入市的进程仍将持续，年初大概率会演绎"春季躁动"行情，主要关 注科技、高端制造方向的投资线索。 周度转债策略 本周各股票指数普涨，转债相对承压，中证转债指数涨跌幅为-0.23%。 ...

作为我国率先开展电连接器研发与生产的核心骨干企业及高新技术企业，华丰科技长期专注于光、电连 接器及线缆组件的研发、生产与销售，主营防务、通讯、工业三大类连接产品。公司坚持技术创新与核 心技术攻关，目前已具备关键核心技术自主突破能力，掌握多项自主知识产权的连接器核心技术，为国 内通讯、防务、工业等领域提供核心配套，产品广泛应用于通讯、航空、航天、船舶、防务装备、电子 装备、核电、新能源汽车及轨道交通等行业。 2月27日晚间，四川华丰科技股份有限公司(以下简称"华丰科技")发布2025年度业绩快报，2025年公司 实现营业总收入约24.95亿元，同比增长128.47%；实现归属于母公司所有者的净利润约3.6亿元，归属 于母公司所有者的扣除非经常性损益的净利润约3.23亿元，归母净利润与扣非归母净利润均实现同比扭 亏为盈。 众和昆仑(北京)资产管理有限公司董事长柏文喜在接受《证券日报》记者采访时表示："华丰科技2025 年业绩亮眼，营收增速远超行业均值，归母净利润扭亏为盈、盈利能力大幅提升。公司以AI高速线模 组与新能源汽车连接器为双轮驱动，通讯类产品收入占比显著提高，防务业务收入止跌回升且在低空、 无人机等领域实 ...

格隆汇2月27日丨意华股份(002897.SZ)在投资者互动平台表示，目前高速连接器产品在手订单充足，公 司根据客户实际情况有序进行订单交付。 ...

Core Viewpoint - Xinyin Electronics (301329) clarified on its interactive platform that it has not ventured into fiber optic connector products, and its main business remains focused on existing connector product lines, including notebook computer connectors, consumer electronics connectors, and automotive connectors [1][2]. Recent Events - On February 12, 2026, Xinyin Electronics responded to investor concerns, confirming that the company does not engage in fiber optic connector products and continues to focus on its existing product lines categorized by function into power, audio-visual, and transmission connectors. This clarification helps the market better understand the company's business boundaries and dispels previous speculation regarding its involvement in the optical communication sector [2]. Stock Performance - Recently, Xinyin Electronics' stock price has shown volatility. As of the close on February 12, 2026, the stock price was 24.56 yuan, up 1.28% for the day, but with a cumulative decline of 2.58% over the past week and a fluctuation of 3.45%. The turnover rate on February 12 was 3.09%, with a trading volume of approximately 45.31 million yuan, indicating a decrease compared to previous days. The capital flow shows a net outflow of main funds, with approximately 955.67 thousand yuan net outflow on February 11. Technically, the stock price is near the lower band of the 20-day Bollinger Bands, and the MACD indicator is weak, indicating short-term performance is lagging behind the electronics sector and the broader market index [3]. Institutional Views - Institutional attention on Xinyin Electronics is generally neutral, with the latest sentiment being predominantly neutral as of February 12, 2026. The proportion of neutral ratings among institutions is 100%, with no clear bullish or bearish views. The fund holding ratio is relatively low, and the frequency of research is in the mid-to-lower range within the industry. Profitability forecasts indicate an earnings per share of 0.41 yuan for 2024, with a year-on-year decline in net profit of 3.85%, suggesting that the market holds a wait-and-see attitude towards its future growth [4].

Group 1 - The company E-Lian Technology (300679) announced a share buyback plan on February 9, 2026, intending to repurchase shares worth no less than 100 million yuan and no more than 200 million yuan, with a maximum buyback price of 69.72 yuan per share over a period of 12 months, signaling an effort to stabilize its stock price [1] Group 2 - The stock price of E-Lian Technology showed a fluctuating trend over the past week, with a closing price increase from 41.73 yuan on February 5 to 42.18 yuan on February 10, reflecting a 1.49% increase and a trading volume of 2.66 billion yuan on February 10, despite a year-to-date decline of 13.35% [2] Group 3 - For the period from January to September 2025, E-Lian Technology reported a revenue of 4.039 billion yuan, representing a year-on-year growth of 21.20%, while the net profit attributable to shareholders decreased by 18.71% to 373 million yuan, primarily due to asset impairment losses [3] Group 4 - Analysts noted that E-Lian Technology is a leader in the RF connector sector, with its automotive connector business showing strong growth, although the 2025 performance is pressured by asset impairment risks, with a target price set at 62.53 yuan, indicating a potential upside of 48.25% from the current price [4]

Company Overview: DingTong Technology Industry and Company - The company primarily operates in two segments: communication connectors and automotive connectors [1][2] - It supplies individual components of connectors rather than assembling them [1] - Major clients include Amphenol, Molex, TE Connectivity, and China Aviation Optical-Electrical Technology [1] Core Business Insights - **Communication Connectors**: Comprises backplane connectors and IO connectors, with a significant focus on high-speed optical modules [2][8] - **Automotive Connectors**: Includes control system connectors and high-voltage interlock connectors, with a shift towards direct supply to end customers since 2021 [1][2] Revenue Trends - The revenue composition has shifted, with communication connectors dominating until 2023, when automotive connectors saw a rise due to a decline in communication connector demand [2][3] - By the end of 2023, communication connectors accounted for approximately 80% of revenue [3] Growth Path - The company has expanded its customer base from primarily Tier 1 and Tier 2 connector manufacturers to include end automotive manufacturers and battery pack manufacturers [3][4] - R&D efforts have led to the development of high-current and high-voltage connectors since 2020, with recent advancements in 112G and 224G products [5][9] Capacity Expansion - The company has established subsidiaries in various locations, including Henan, Dongguan, Malaysia, and plans for Vietnam [6] - The management team has a strong technical background, supporting the company's R&D and production capabilities [6] Profitability and Financial Performance - The company experienced negative net profit growth in 2023 due to a decline in communication connector demand [7] - However, profitability is expected to rebound significantly starting in 2024 as demand for communication connectors increases [7] Industry Dynamics - The connector industry is seeing a trend towards concentration, with major players capturing a larger market share [7] - The communication and automotive sectors are the primary application areas for connectors, with a notable increase in competition in the automotive sector [7] Future Market Outlook - The optical module market is projected to grow rapidly, driven by AI infrastructure and increased demand for high-speed transmission [8][9] - The overall market for high-speed optical modules is expected to exceed $22 billion by 2030 [9] Profit Forecast - Projections for 2025 to 2027 indicate significant revenue growth, with expected net profits of approximately $2.45 billion, $7.84 billion, and $20.04 billion respectively [10] - The anticipated demand for 112G and 224G connectors is expected to drive this growth [10]

Group 1 - The company plans to add new production lines for connectors and components to expand its product capacity [2] - This initiative aims to further consolidate and enhance the company's market share in the connector industry [2] - The company is currently progressing with the related work in an orderly manner and will provide updates through future announcements [2]

Financial Data and Key Metrics Changes - Revenue grew by 8% in total and 5% organically for the year, with Q4 revenue increasing by 13% in total and 9% organically [5][15] - EPS increased by 14% for the full year, and 23% in Q4, reaching $1.85, with a 26% increase when excluding the dilutive impact of the equity offering [5][16] - Operating income grew by 11% for the year and 19% in Q4, with operating margin expanding by 40 basis points to 18.2% for the year and 90 basis points to 18.4% in Q4 [5][16] - Free cash flow reached over $550 million, up 27%, with a free cash flow margin of 14%, an increase of 200 basis points [7][16] Business Line Data and Key Metrics Changes - Industrial Process (IP) saw significant growth, with Svanehøj growing over 50% and legacy pump projects up 30% organically [15] - Connect and Control Technologies (CCT) orders grew by 40% organically, driven by strong performance in aerospace and defense [6][15] - Motion Technologies (MT) reported KONI Defense growing 13% as it penetrated the ground vehicle market in Europe [15] Market Data and Key Metrics Changes - Orders grew by 10% to $4 billion, with a backlog of $1.9 billion, up 18% year-over-year [7] - Aerospace and defense markets showed strong growth, with aftermarket sales in aerospace up over 20% [16][109] - The automotive market is expected to remain flat to slightly down in 2026, with production in Europe and North America showing weakness [45] Company Strategy and Development Direction - The company is focused on organic growth and M&A, with the pending acquisition of SPX FLOW expected to close in March, which will enhance growth in the higher margin flow business [8][20] - Investments in new products and technologies, such as VIDAR in flow and high-performance friction materials, are aimed at addressing previously unaddressed markets [8][10] - The company aims to leverage synergies from the SPX FLOW acquisition, targeting $80 million in savings over three years [80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2026, with expectations of mid-single-digit organic revenue growth across all segments [21][23] - The company anticipates continued strong performance in aerospace and defense, with a positive outlook for the biopharma valves business [92] - Management noted that while some signs of improvement in cyclical markets are observed, it is still early to draw definitive conclusions [76] Other Important Information - The company completed an equity raise in December to fund the SPX FLOW acquisition, which is expected to enhance long-term value [4] - The integration of SPX FLOW is being prepared with a focus on maintaining operational stability while achieving synergies [64] Q&A Session Summary Question: Update on the order funnel for IP - The funnel is slightly down year-over-year but stable in Q4, with growth in the Middle East and Asia Pacific [31][32] Question: Clarification on CCT's 40% organic growth - The growth was broad-based, with connectors up over 20% and controls up 70%, with only minor price adjustments affecting the results [34] Question: Sustainability of SPX FLOW's order momentum - SPX FLOW is well-positioned in the nutrition and health segments, with good customer relationships supporting future growth [42] Question: Changes in outlook for 2026 - Some trends have reinforced, particularly in aerospace and defense, while the automotive market is expected to be flat [44][45] Question: Competitive behavior in IP - No significant changes in competitive behavior have been observed, with improved performance leading to customer loyalty [88] Question: Opportunities in biopharma valves - The biopharma valves business is expanding, with significant growth opportunities in the U.S. and Europe [92]

Core Viewpoint - The company is in the market expansion and business cultivation stage for its high-speed cable connection components used in AI and storage servers, with current revenue contribution being relatively small [1] Industry Summary - The market demand for high-speed cable connection components is growing rapidly, with the competitive landscape dominated by foreign connector manufacturers holding the majority of market share [1] - The company is increasing its investment in technology research and development as well as capacity layout to leverage advantages in localized service, cost-effectiveness, and quick response to customer needs [1] - The company aims to seize market development opportunities brought by domestic substitution and is working to enhance its market share for related products [1]

Group 1 - The core viewpoint of the news is that ST Derun (002055) is expected to report a significant reduction in losses for the fiscal year 2025, despite forecasting a net loss of between 25 million to 40 million yuan [2][3] - The company anticipates a net profit of 28 million to 40 million yuan after deducting non-recurring gains and losses, indicating an improvement in its main business operations focused on connector products [2][3] - The company has faced negative impacts on profits due to provisions for expected liabilities related to an administrative penalty from the China Securities Regulatory Commission and investor litigation matters [2] Group 2 - On January 30, 2026, ST Derun's stock closed at 5.88 yuan, reflecting a 1.55% increase with a turnover rate of 3.88% and a trading volume of 230,400 shares, amounting to a transaction value of 137 million yuan [1] - On the same day, the net inflow of main funds was 2.2051 million yuan, indicating active buying behavior, while retail investors experienced a net outflow of 838,600 yuan [2][3]