近1个月股价腰斩！*ST奥维市值低于5亿或将退市，众"牛散"三季报扎堆 南兴股份，一家主营业务毛利率跌至新低、核心子公司巨额减值、机构股东大幅撤离，并在整体市场飙涨的2025年股价却一路下跌的企业，为何迎来了连 续的涨停板？ 资料来源：Wind 01 从基本面角度来看 盈利能力依旧"稀碎" 南兴股份是一家集研发、设计、生产和销售于一体的板式家具生产线成套设备专业供应商。公司生产的产品主要包括加工中心、自动封边机、数控裁板 锯、数控钻及多排多轴钻及其他板式家具机械，以及为客户提供板式家具整体解决方案，使家具企业实现自动化、智能化生产。 子公司广东唯一网络科技有限公司属软件和信息技术服务业行业，业务经营的主要范围是IDC、网络安全、云专线、公有云、混合云等服务，致力于构建 云-网-边一体化的互联网综合生态平台，建设适用于新一代网络通信技术5G及数字化时代的信息化解决方案平台。 近年来，南兴股份盈利能力持续下滑。 2021-2024年营收规模分别为27.77亿元、29.6亿元、36.29亿元和33.32亿元，2023年之后开始下滑。 2026年1月6日，南兴股份开盘数万手封单将其牢牢钉在了涨停板上，这是自公司202 ...

从基本面角度来看 盈利能力依旧"稀碎" 南兴股份是一家集研发、设计、生产和销售于一体的板式家具生产线成套设备专业供应商。公司生产的 产品主要包括加工中心、自动封边机、数控裁板锯、数控钻及多排多轴钻及其他板式家具机械，以及为 客户提供板式家具整体解决方案，使家具企业实现自动化、智能化生产。 南兴股份，一家主营业务毛利率跌至新低、核心子公司巨额减值、机构股东大幅撤离，并在整体市场飙 涨的2025年股价却一路下跌的企业，为何迎来了连续的涨停板？ 2026年1月6日，南兴股份开盘数万手封单将其牢牢钉在了涨停板上，这是自公司2025年12月29日涨停以 来的第四个涨停板，这一度引起市场广泛讨论。 资料来源：Wind 与此同时，公司毛利率2021-2024年分别为23.48%、22.28%、19.46%、18.99%，2021年开始便一路下 滑，2025上半年进一步下滑至16.3%。 子公司广东唯一网络科技有限公司属软件和信息技术服务业行业，业务经营的主要范围是IDC、网络安 全、云专线、公有云、混合云等服务，致力于构建云-网-边一体化的互联网综合生态平台，建设适用于 新一代网络通信技术5G及数字化时代的信息化解决方案平 ...

津上机床中国近期回购情况 回购日期回购均价回购股数回购金额本年累计回购股数2025-12-1931.8038.00万254.43万986.00万2025- 12-1831.54810.00万315.48万978.00万2025-12-1732.8298.50万279.04万968.00万2025-12-1632.24810.00万 322.48万959.50万2025-12-1532.57815.00万488.67万949.50万2025-12-1234.40510.00万344.05万934.50万 2025-12-0533.6753.30万111.13万924.50万2025-12-0432.9175.00万164.58万921.20万2025-12-0332.07410.00 万320.74万916.20万2025-12-0231.87715.00万478.15万906.20万2025-12-0132.13210.60万340.59万891.20万 2025-11-2831.96613.30万425.15万880.60万2025-11-2732.5185.00万162.59万867.30万2025-11 ...

津上机床 20251212 摘要 金尚精密 2025 财年（预计至 2025 年 3 月）业绩预计创新高，营收有 望超过 50 亿元人民币，主要受益于订单量同比增长 35%，其中汽车行 业占比 41%，同比增长 20.5%，3C 行业占比 10.4%，同比增长 78%。 2025 年 10 月和 11 月销售额分别达到 4 亿元和 4.7 亿元，同比增长 40.2%和 53.6%，显示出强劲的增长势头。预计 12 月将延续高增速， 主要增长动力来自汽车、3C 和液冷板块。 液冷方向加工业务在 2025 年显著增长，预计全年订单约 1,000 台，单 价约 35-36 万元/台。预计 2026 年液冷相关订单量将达 1,000-2000 台，对公司业绩贡献较大，市场规模预估为 8,000 至 10,000 台。 3C 行业增长主要受益于折叠屏手机转轴订单，11 月获得 300 多台大单， 预计后续还有数百至千台订单，将反映在下一个财年。公司在苹果供应 链中主要提供车床设备，市场份额超过 50%。 金尚精密中国主要负责中国大陆和台湾市场，海外市场由母公司日本负 责。公司将积极与母公司合作，支持国内厂家海外办厂需求 ...

Core Viewpoint - The article discusses the impact of U.S. tariffs on steel and aluminum derivatives on Japan's machine tool exports, highlighting a significant increase in orders despite initial concerns about tariff implications [2][4]. Group 1: Export Growth - Japan's machine tool exports to the U.S. saw a year-on-year increase of 62% in October, reaching a historical high in overseas orders [2][4]. - The total order amount for October reached 107.7 billion yen, surpassing the previous record set in March 2018 [4]. Group 2: Tariff Implications - Concerns about whether large castings used in machinery would be subject to tariffs were alleviated, as they were not classified as taxable under the current regulations [2][6]. - The U.S. tariffs require a complex calculation to differentiate between parts that use steel and aluminum and those that do not, leading to increased tax burdens compared to previous rates [6]. Group 3: Industry Sentiment - The Japan Work Machinery Industry Association noted that members are beginning to feel that the impact of U.S. tariffs is diminishing [4]. - There is still caution within the industry, as the U.S. Customs and Border Protection has not provided clear standards, leading to ongoing confusion among manufacturers [6].

Group 1 - The construction projects are progressing steadily, and businesses are operating in an orderly manner, contributing to a vibrant economic atmosphere in the Yandu Street area [1] - Yancheng Huasen Machinery Co., Ltd. has established long-term partnerships with well-known companies such as 3M, Great Wall Motors, and Xtep, with export orders accounting for 40% of its total orders, leading to a year-on-year revenue increase of approximately 15% and surpassing 50 million yuan in sales [4][6] - The company invested 3 million yuan in advanced production equipment, significantly enhancing its production capabilities and enabling it to meet high precision requirements for hydraulic forming products [6] Group 2 - Consumer activity in the Yandu area is on the rise, with the Yudu Plaza attracting 53 new merchants, 48 of which have already opened, leading to a stable operational environment [8] - The average daily foot traffic at Yandu Plaza has exceeded 30,000, representing a 19% year-on-year increase, with sales up by 15% and a stable occupancy rate of over 98% [10] - The Yandu Street area has achieved significant economic indicators, including industrial tax revenue of 6 billion yuan, service industry revenue of 5.24 billion yuan, and a total retail sales volume of 21.1 billion yuan [12] Group 3 - The area has seen the completion of key projects such as the postal service and Longsheng Equipment, with ongoing advancements in "new" projects and the establishment of advanced intelligent factories [12] - The local government has focused on improving employment, with nearly 2,500 new jobs created this year, and has implemented various civil service enhancements [12] - Yandu Street has maintained a high-quality development pace, aiming for a successful year-end performance [14]

Core Insights - 弘亚数控 is a leading supplier of CNC panel furniture machinery in China, established in 2006 and listed on the Shenzhen Stock Exchange in 2016, with a strong R&D capability and a complete industrial chain layout [1] Financial Performance - In Q3 2025, 弘亚数控 reported revenue of 1.795 billion yuan, ranking 17th among 89 companies in the industry, with a net profit of 340 million yuan, ranking 10th [2] - The company's main business segments include edge banding machines (398 million yuan, 32.26%), CNC drills (277 million yuan, 22.46%), machining centers (178 million yuan, 14.44%), and panel saws (145 million yuan, 11.76%) [2] Financial Ratios - As of Q3 2025, 弘亚数控's debt-to-asset ratio was 27.73%, lower than the industry average of 42.80%, indicating strong solvency [3] - The gross profit margin for the same period was 32.06%, higher than the industry average of 28.52%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 27.95% to 30,000, while the average number of circulating A-shares held per shareholder decreased by 21.85% [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, held 8.4862 million shares, an increase of 22,800 shares from the previous period [5] Market Outlook - Despite weak domestic real estate demand, 弘亚数控 has maintained its market share and experienced steady growth in exports, with a projected revenue of 2.365 billion yuan in 2025 [6] - The company is expected to see a decline in profit forecasts due to domestic market conditions, with a revised 2025 profit estimate of 439 million yuan, down 30% [6]

Investment Highlights - The company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 38.60, based on a P/E valuation method corresponding to FY2026 at 13x P/E [1] - The company is a leading player in the high-end CNC lathe market, with strong internal competitiveness [1] Business Performance - Established in 2003, the company is rooted in China's manufacturing sector, with a stable growth in its main business. The company is primarily focused on lathes (Swiss-type lathes) and supplemented by machining centers and grinding machines [1] - For FY2025 (Q2 2024 to Q1 2025), the company expects revenue of CNY 4.262 billion and a net profit attributable to shareholders of CNY 780 million, representing year-on-year growth of 36.6% and 63% respectively [1] Market Position and Expansion - The metal cutting machine tools are long-lasting general-purpose equipment, with demand influenced by capital expenditures in the automotive and general manufacturing sectors. The cumulative growth rate of metal cutting output in China from January to August 2025 is 14.6%, indicating a recovery in the industry [1] - The CNC machine tool market in China is projected to be CNY 71.5 billion in 2024, with the company holding a market share of 4.1% (by revenue), ranking first in the lathe market [1] - In March 2025, the company announced the construction of its sixth factory in Pinghu, which is expected to add approximately 3,000 units of assembly capacity per year [1] Profitability and Dividends - The company has shown significant growth in profitability, maintaining a dividend payout ratio of over 40% since FY2023, reflecting stable operational quality [2] New Growth Areas - Since 2024, the company has actively expanded into AI liquid cooling connector processing and humanoid robot components, such as lead screws and reducers [2] - The market has not fully recognized the incremental potential of liquid cooling and robotics, but the company remains optimistic about the opportunities these sectors present [2] Earnings Forecast and Valuation - The company forecasts EPS of CNY 2.6 and CNY 3.1 for FY2026 and FY2027 respectively, with a CAGR of 22%. The target price of HKD 38.60 corresponds to a P/E of 13x for FY2026, with current prices reflecting P/E ratios of 11x and 10x for FY2026 and FY2027 respectively, indicating a potential upside of 17.1% [2]

Core Viewpoint - CICC forecasts that Tsugami Machine Tool (01651) will have an EPS of 2.6 and 3.1 CNY for FY2026/2027, with a CAGR of 22%, and sets a target price of 38.6 HKD, corresponding to a FY2026 P/E of 13x, indicating a potential upside of 17.1% from the current price [1] Group 1: Company Overview - Established in 2003, the company is primarily focused on high-end CNC lathes, with a product matrix that includes machining centers and grinding machines [2] - For FY2025, the company is expected to achieve a revenue of 4.262 billion CNY and a net profit of 780 million CNY, representing year-on-year growth of 36.6% and 63% respectively [2] Group 2: Market Position and Expansion - The metal cutting machine tool market is influenced by capital expenditures in the automotive and general manufacturing sectors, with a cumulative production growth rate of 14.6% in China from January to August 2025 [3] - The CNC machine tool market in China is projected to reach 71.5 billion CNY in 2024, with Tsugami holding a 4.1% market share, ranking first in the lathe segment [3] - The company announced the construction of its sixth factory in Pinghu in March 2025, which is expected to add an assembly capacity of approximately 3,000 units per year [3] Group 3: Profitability and Shareholder Returns - The company has maintained strong operational quality, with a dividend payout ratio exceeding 40% since FY2023 [4] Group 4: Growth Opportunities - Since 2024, the company has actively engaged in AI liquid cooling connector processing and humanoid robot components, identifying potential catalysts such as advancements in liquid cooling infrastructure and humanoid robot grinding machines [5]

Core Viewpoint - 弘亚数控's stock has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 7.297 billion yuan, indicating a mixed performance in the market [1]. Financial Performance - For the first half of 2025, 弘亚数控 reported revenue of 1.235 billion yuan, a year-on-year decrease of 17.22%, and a net profit attributable to shareholders of 242 million yuan, down 19.58% compared to the previous year [2]. - Cumulatively, since its A-share listing, 弘亚数控 has distributed a total of 1.522 billion yuan in dividends, with 976 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, 弘亚数控 had 23,500 shareholders, an increase of 4.11% from the previous period, with an average of 12,290 circulating shares per shareholder, a decrease of 3.94% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 8.4634 million shares, a decrease of 1.8983 million shares from the previous period, and Tianhong Yongli Bond A, which increased its holdings by 789,200 shares to 3.7882 million shares [3].