证券研究报告 | 公司点评报告 2025 年 12 月 16 日 巨星科技（002444.SZ） 美国地产叠加消费拐点，多周期共振增长可期 中游制造/机械 ❑ 风险提示：美联储降息不及预期、海外产能建设进度不及预期、市场需求增 长不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 10930 | 14795 | 15200 | 19181 | 22801 | | 同比增长 | -13% | 35% | 3% | 26% | 19% | | 营业利润(百万元) | 1997 | 2776 | 2991 | 3952 | 5006 | | 同比增长 | 18% | 39% | 8% | 32% | 27% | | 归母净利润(百万元) | 1692 | 2304 | 2475 | 3244 | 4086 | | 同比增长 | 19% | 36% | 7% | 31% | 26% | | 每股收益(元) | 1.42 | 1.93 | 2.0 ...

来源：新浪证券-红岸工作室 12月11日，腾亚精工涨0.54%，成交额8407.55万元，换手率3.89%，总市值26.64亿元。 异动分析 专精特新+中俄贸易概念+人民币贬值受益 1、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部专精特新 小巨人企业名单。 区间今日近3日近5日近10日近20日主力净流入424.64万1057.26万1692.29万1013.04万-1707.40万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2042.51万，占总成交额的5.74%。 技术面：筹码平均交易成本为19.46元 该股筹码平均交易成本为19.46元，近期该股获筹码青睐，且集中度渐增；目前股价靠近支撑位18.76， 注意支撑位处反弹，若跌破支撑位则可能会开启一波下跌行情。 公司简介 2、2023年10月16日互动易显示，公司积极响应国家一带一路发展政策，目前主要与俄罗斯等国家有业 务往来，主要 ...

Core Viewpoint - The company Tengya Precision Engineering has shown a positive stock performance, benefiting from its designation as a "specialized, refined, distinctive, and innovative" enterprise, along with advantages from the depreciation of the RMB and trade relations with Russia [2][3]. Group 1: Company Overview - Tengya Precision Engineering, established on August 15, 2000, is located in Jiangning District, Nanjing, Jiangsu Province, and was listed on June 8, 2022 [7]. - The company's main business includes the research, production, and sales of nail fastening tools and construction hardware, with revenue composition as follows: power tools 73.57%, construction hardware 22.24%, and others 4.19% [7]. - As of November 20, the number of shareholders is 8,430, a decrease of 10.61% from the previous period, while the average circulating shares per person increased by 11.87% [7]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 448 million yuan, a year-on-year decrease of 3.24%, and a net profit attributable to the parent company of 1.3479 million yuan, down 75.92% year-on-year [7]. - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 65.1916 million yuan distributed over the past three years [8]. Group 3: Market Dynamics - The company is classified as a "little giant" enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating strong innovation capabilities and high market share [2]. - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 64.88% of total revenue [3]. - Tengya Precision Engineering is actively engaging in business with countries like Russia, providing power tools and related products, in line with China's Belt and Road Initiative [3]. Group 4: Technical Analysis - The average trading cost of the stock is 19.87 yuan, with recent reductions in holdings slowing down; the current stock price is between resistance at 18.65 yuan and support at 16.69 yuan, suggesting potential for range trading [6].

Core Viewpoint - The company, Tengya Precision Engineering, has shown a positive stock performance and is benefiting from its designation as a "specialized, refined, characteristic, and innovative" enterprise, along with the depreciation of the RMB and trade relations with Russia [2][3]. Company Overview - Tengya Precision Engineering Co., Ltd. is located in Jiangning District, Nanjing, Jiangsu Province, established on August 15, 2000, and listed on June 8, 2022. The company specializes in the research, production, and sales of nail fastening tools and construction hardware [7]. - The main business revenue composition includes power tools (73.57%), construction hardware (22.24%), and others (4.19%) [7]. - As of November 20, the number of shareholders is 8,430, a decrease of 10.61% from the previous period, while the average circulating shares per person increased by 11.87% [7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 448 million yuan, a year-on-year decrease of 3.24%, and a net profit attributable to the parent company of 1.3479 million yuan, a year-on-year decrease of 75.92% [7]. - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 65.1916 million yuan distributed over the past three years [8]. Market Activity - On November 27, the stock price increased by 1.45%, with a trading volume of 39.1342 million yuan and a turnover rate of 1.94%, resulting in a total market capitalization of 2.475 billion yuan [1]. - The company is classified under the mechanical equipment industry, specifically in general equipment, and is associated with concepts such as specialized and innovative enterprises, margin financing, Sino-Russian trade, engineering machinery, and energy storage [7]. Investment Sentiment - The main capital flow showed a net outflow of 1.1287 million yuan today, with a ranking of 142 out of 244 industries, indicating a reduction in main capital positions for three consecutive days [4][5]. - The average trading cost of the stock is 19.89 yuan, with recent rapid capital outflow suggesting a recommendation for portfolio adjustment [6].

Core Viewpoint - The company, Tengya Precision Engineering, is experiencing a decline in stock price and trading volume, while benefiting from its designation as a "specialized and innovative" enterprise and the depreciation of the RMB, particularly in its dealings with Russia [1][2][3]. Group 1: Company Overview - Tengya Precision Engineering is located in Nanjing, Jiangsu Province, and was established on August 15, 2000. It was listed on June 8, 2022. The company's main business includes the research, production, and sales of fastening tools and construction hardware [7]. - The revenue composition of the company is as follows: power tools account for 73.57%, construction hardware 22.24%, and other products 4.19% [7]. - As of November 20, the number of shareholders is 8,430, a decrease of 10.61% from the previous period, while the average circulating shares per person increased by 11.87% [7]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 448 million yuan, a year-on-year decrease of 3.24%. The net profit attributable to the parent company was 1.3479 million yuan, down 75.92% year-on-year [7]. - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 65.1916 million yuan distributed over the past three years [8]. Group 3: Market Dynamics - On November 26, the stock price of Tengya Precision Engineering fell by 1.99%, with a trading volume of 57.4862 million yuan and a turnover rate of 2.87%. The total market capitalization is 2.44 billion yuan [1]. - The company is recognized as a "little giant" enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating strong innovation capabilities and high market share [2]. - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 64.88% of total revenue [3].

Core Viewpoint - The company, Tengya Precision Engineering, has shown a positive market response with a stock increase of 1.35% and a trading volume of 73.77 million yuan, reflecting a market capitalization of 2.757 billion yuan [1] Group 1: Company Overview - Tengya Precision Engineering is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating strong innovation capabilities and high market share [2] - The company is based in Nanjing, Jiangsu Province, and was established on August 15, 2000, with its main business involving the research, production, and sales of fastening tools and construction hardware [7] - As of October 31, the number of shareholders in Tengya Precision Engineering is 9,279, a decrease of 8.57% from the previous period, while the average circulating shares per person increased by 9.38% [7] Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 448 million yuan, a year-on-year decrease of 3.24%, and a net profit attributable to shareholders of 1.3479 million yuan, down 75.92% year-on-year [7] - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 65.1916 million yuan distributed over the past three years [8] Group 3: Market Dynamics - The company benefits from a 64.88% share of overseas revenue, which is positively impacted by the depreciation of the Chinese yuan [3] - Tengya Precision Engineering is actively engaging in business with countries like Russia, aligning with China's Belt and Road Initiative, primarily providing power tools and related products [3]

Core Viewpoint - The company, Tengya Precision Engineering, is recognized as a "specialized, refined, distinctive, and innovative" enterprise, benefiting from the depreciation of the RMB and engaging in trade with Russia, which positions it favorably in the market [2][3]. Company Overview - Tengya Precision Engineering Co., Ltd. is located in Jiangning District, Nanjing, Jiangsu Province, established on August 15, 2000, and listed on June 8, 2022. The main business involves the research, production, and sales of nail fastening tools and construction hardware [7]. - The revenue composition of the company includes 73.57% from power tools, 22.24% from construction hardware, and 4.19% from other products [7]. - As of October 20, the number of shareholders is 10,100, a decrease of 5.63% from the previous period, with an average of 11,321 circulating shares per person, an increase of 5.97% [7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 448 million yuan, a year-on-year decrease of 3.24%, and a net profit attributable to the parent company of 1.3479 million yuan, a year-on-year decrease of 75.92% [7]. - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 65.1916 million yuan distributed over the past three years [8]. Market Activity - On October 31, the stock price of Tengya Precision Engineering fell by 0.88%, with a trading volume of 66.1596 million yuan and a turnover rate of 2.81%, resulting in a total market capitalization of 2.881 billion yuan [1]. - The stock has seen a net outflow of 5.1638 million yuan from major funds today, ranking 177 out of 244 in the industry, indicating a reduction in major fund positions for two consecutive days [4][5]. Technical Analysis - The average trading cost of the stock is 20.53 yuan, with the current stock price fluctuating between a resistance level of 21.33 yuan and a support level of 19.15 yuan, suggesting potential for range trading [6].

Core Viewpoint - Tengya Precision Engineering Co., Ltd. has shown a positive market performance, benefiting from its recognition as a "specialized, refined, characteristic, and innovative" enterprise, along with advantages from the depreciation of the RMB and trade relations with Russia [2][3]. Company Overview - Tengya Precision Engineering, established on August 15, 2000, is located in Jiangning District, Nanjing, Jiangsu Province. The company was listed on June 8, 2022, and specializes in the research, production, and sales of fastening tools and construction hardware [7]. - The company's main business revenue composition includes power tools (73.57%), construction hardware (22.24%), and others (4.19%) [7]. Financial Performance - As of October 20, 2023, Tengya Precision reported a revenue of 295 million yuan for the first half of 2025, reflecting a year-on-year growth of 1.37%. The net profit attributable to the parent company was 970,200 yuan, showing a significant increase of 110.30% year-on-year [7]. - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 65.19 million yuan distributed over the past three years [8]. Market Activity - On October 29, 2023, Tengya Precision's stock rose by 1.48%, with a trading volume of 113 million yuan and a turnover rate of 4.54%, bringing the total market capitalization to 3.007 billion yuan [1]. - The company has seen a net inflow of 12.86 million yuan from major investors today, with a total net inflow of 188 million yuan in its industry [4][5]. Strategic Positioning - The company has been recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, indicating its strong focus on niche markets, innovation capabilities, and high market share [2]. - Tengya Precision is actively engaging in business with countries like Russia, aligning with China's Belt and Road Initiative, primarily providing power tools and related products [3]. Technical Analysis - The average trading cost of the stock is 20.53 yuan, with the current stock price approaching a resistance level of 21.33 yuan. A breakthrough of this resistance could signal a potential upward trend [6].

Group 1 - The core point of the news is that Tengya Precision Engineering Co., Ltd. experienced a stock price increase of 5.5%, reaching 21.31 CNY per share, with a total market capitalization of 3.021 billion CNY [1] - The company, established on August 15, 2000, is located in Jiangning District, Nanjing, Jiangsu Province, and was listed on June 8, 2022. Its main business involves the research, production, and sales of nail fastening tools and construction hardware products [1] - The revenue composition of the company is as follows: power tools account for 73.57%, construction hardware products 22.24%, and others 4.19% [1] Group 2 - From the perspective of fund holdings, one fund under Huaxia Fund has a significant position in Tengya Precision Engineering. The Huaxia Stable Growth One-Year Holding Mixed A Fund (017575) held 4,900 shares, representing 0.07% of the fund's net value, making it the largest holding [2] - The Huaxia Stable Growth One-Year Holding Mixed A Fund was established on July 5, 2023, with a latest scale of 99.4438 million CNY. Year-to-date return is 2.27%, ranking 7468 out of 8154 in its category; the one-year return is 3.84%, ranking 7020 out of 8025; and since inception, the return is 7.45% [2] - The fund manager, Song Yang, has been in the position for 8 years and 343 days, with total assets under management of 9.393 billion CNY. The best fund return during his tenure is 80.67%, while the worst is -13.01% [2]

Core Viewpoint - Tengya Precision Engineering Co., Ltd. is benefiting from its designation as a "specialized, refined, distinctive, and innovative" enterprise, along with the depreciation of the RMB and its involvement in Sino-Russian trade [2][3]. Company Overview - Tengya Precision Engineering, established on August 15, 2000, is located in Jiangning District, Nanjing, Jiangsu Province. The company was listed on June 8, 2022, and its main business includes the research, production, and sales of nail fastening tools and construction hardware products. The revenue composition is as follows: power tools 73.57%, construction hardware 22.24%, and others 4.19% [7]. - As of October 20, the number of shareholders is 10,100, a decrease of 5.63% from the previous period, with an average of 11,563 circulating shares per person, an increase of 5.97% [7]. Financial Performance - For the first half of 2025, Tengya Precision achieved operating revenue of 295 million yuan, a year-on-year increase of 1.37%, and a net profit attributable to the parent company of 970,200 yuan, a year-on-year increase of 110.30% [7]. - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 65.19 million yuan distributed over the past three years [8]. Market Activity - On October 22, the stock price of Tengya Precision increased by 0.77%, with a trading volume of 75.31 million yuan and a turnover rate of 3.26%. The total market capitalization is 2.787 billion yuan [1]. - The company is currently experiencing a net outflow of 83,800 yuan from major funds, with a lack of clear trends in fund movements [4][5]. Industry Context - The designation as a "specialized, refined, distinctive, and innovative" enterprise is a significant honor that enhances the competitiveness of small and medium-sized enterprises and stabilizes the supply chain [2]. - The company is actively responding to the national Belt and Road Initiative, primarily engaging in business with countries like Russia, providing power tools and related products [3].