北交所信息更新 北 交 所 研 究 建邦科技（920242.BJ） 合作海邦光科开发光电混合互联互通类产品，2025Q1-3 营收+8.99% 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-3 实现营业收入同比增长 8.99%，维持"买入"评级 建邦科技公布三季报，2025Q1-3 实现营业收入 5.86 亿元，同比增长 8.99%；归 母净利润 7228 万元同比-4.46%。2025 第三季度单季营收 2.11 亿元，同比下滑 7.10%，归母净利润 2287 万元，同比下降 37.86%。主要受境外客户 Cardone 母 公司破产重组影响，建邦科技对其应收账款全额计提坏账准备，导致信用减值损 失同比增加 1017 万元。考虑到信用减值损失的增加及中美关税的不确定性提升， 我们小幅下调 2025、维持 2026-2027 年盈利预测，预计 2025-2027 年实现归母净 利润 1.03/1.46/1.66 亿元（原值 1.23/1.46/1.66），对应 EPS 为 1.56/2.22/2.52 元， 当前股价对应 PE ...

New Consumption - The company Ruyuchen (003010.SZ) reported a 73% year-on-year growth in net profit attributable to shareholders in Q3 2025, driven by strong performance in its proprietary brands [2][10] - For the first three quarters of 2025, the company achieved revenue of 2.14 billion yuan, an 85% increase year-on-year, and a net profit of 105 million yuan, up 82% [2][10] - The proprietary brand business accounted for 55.1% of total revenue, with brands like Zhanjia and Feicui maintaining high growth rates [11][12] Metal New Materials - Xiamen Tungsten (600549.SH) exceeded expectations in Q3 2025, with revenue of 12.82 billion yuan, a 39.3% year-on-year increase, and a net profit of 810 million yuan, up 109.9% [15][16] - The tungsten and molybdenum segment saw significant profit growth due to rising tungsten prices, with Q3 profits reaching 1.06 billion yuan, a 98.3% increase year-on-year [16][18] - The company is positioned to benefit from the rising demand for cobalt lithium in the energy new materials sector, with a 45% year-on-year increase in sales volume [17][18] Transportation - Milkewei (603713.SH) reported a 2.1% increase in revenue to 3.64 billion yuan in Q3 2025, although net profit decreased by 3.5% to 173 million yuan [20][21] - The company's integrated logistics strategy is showing results, with total assets growing by 41.42% year-on-year, indicating rapid expansion in distribution business [21][23] - The gross margin improved to 11.2%, driven by optimization in distribution product categories [21][22] Machinery/Building Materials - Weixing New Materials (002372.SZ) experienced a revenue decline of 10.76% year-on-year in the first three quarters of 2025, with net profit down 13.52% [25][26] - The company reported a slight improvement in performance due to investment gains, with a gross margin of 43.04% in Q3 [26][27] - The company is facing challenges in operational performance despite a healthy cash flow situation [27][28] Overseas/Education Research - Tiangong International (00826.HK) is transitioning from a cutting tool manufacturer to a leader in high-end materials, focusing on powder metallurgy and titanium alloy sectors [34][35] - The company is expected to benefit from the growing demand in high-value sectors such as aerospace and consumer electronics [36][38] - The powder metallurgy technology is seen as a key platform for entering strategic new materials and high-end manufacturing markets, potentially enhancing both performance and valuation [37][38] North Exchange - Jianbang Technology (920242.BJ) reported a 9% year-on-year revenue increase to 586 million yuan in the first three quarters of 2025, despite facing credit loss provisions [39][40] - The company is expanding its product offerings in the automotive electronics sector and has initiated production at its Thailand factory [41][42] - Future growth is anticipated from the development of optoelectronic hybrid interconnection products and a focus on non-automotive components [42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company faces short-term pressure on Q3 performance due to increased credit loss provisions, but is expanding its boundaries by developing optoelectronic hybrid interconnection products [5] - The company has shown resilience through various measures such as multi-channel expansion, product iteration, and supply chain optimization, particularly with the production phase of its Thailand factory starting in July 2025 [7] - The non-automotive parts business is rapidly growing, with revenue of 64.99 million yuan in the first half of 2025, accounting for 17.34% of total revenue and showing a year-on-year growth of 183.18% [7] - The company is actively exploring the pre-installation market and does not rule out potential acquisitions in the automotive electronics and micro-motor sectors [7] - The company plans to purchase industrial buildings to enhance its automotive electronics business and is partnering with Haibang Optoelectronics to develop optoelectronic hybrid interconnection products [7] Financial Summary - Revenue projections for the company are as follows: 2023: 558 million yuan, 2024: 752 million yuan, 2025E: 869 million yuan, 2026E: 992 million yuan, 2027E: 1,175 million yuan, with respective growth rates of 31.93%, 34.71%, 15.51%, 14.21%, and 18.44% [6] - The projected net profit attributable to the parent company is: 2023: 70 million yuan, 2024: 107 million yuan, 2025E: 113 million yuan, 2026E: 145 million yuan, 2027E: 174 million yuan, with growth rates of 38.24%, 52.91%, 5.97%, 28.35%, and 20.04% [6] - The projected earnings per share (EPS) are: 2023: 1.06 yuan, 2024: 1.62 yuan, 2025E: 1.71 yuan, 2026E: 2.20 yuan, 2027E: 2.64 yuan [6] - The company’s return on equity (ROE) is expected to be 13.79% in 2023, increasing to 21.22% by 2027 [6]