晨会纪要 【北交所】北交所周度报告 2026 年第 7 期：外部波动加剧，关注波动性下 的确定性机会 我们预计公司 2025-27 年营业收入为 68.5/89.0/106.8 亿元，归母净利润为 1.0/3.8/6.1 亿元。维持"买入"评级。 策略上应锚定较高确定性主线，优先选择估值与成长匹配的标的，如光刻胶 清洗剂国产替代核心标的-锦华新材、AI上游高端玻璃基材料标的-戈碧迦等， 并密切关注地缘局势演变及后续国内政策落地情况对市场风险偏好的影响。 【有色金属】有色金属行业周报（2026.2.15-2026.3.1）：美伊冲突升级，持 续看好贵金属+战略小金属 周颖 S0800520080003 美伊冲突升级，持续看好贵金属+战略小金属。 zhouying@research.xbmail.com.cn 证券研究报告 2026 年 03 月 03 日 核心结论 分析师 【计算机】经纬恒润（688326.SH）2025 年度业绩快报点评：业绩超预期， 汽车电子规模效应凸显，商业航天加速进阶 国内市场主要指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | ...

Core Viewpoint - The company achieved a significant turnaround in its financial performance for the year 2025, reporting a net profit after previously incurring losses, driven by increased revenue and effective cost control measures [2][3]. Financial Performance - The company reported total operating revenue of 684,809.71 million yuan for 2025, representing a year-on-year growth of 23.59% [2]. - The net profit attributable to shareholders reached 99,537.5 million yuan, a substantial increase of 64,985.57 million yuan compared to the previous year, marking a return to profitability [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 30,559.4 million yuan, up by 64,896.01 million yuan year-on-year [2]. - Basic earnings per share improved to 0.88 yuan from a loss of 4.78 yuan in the previous year [2]. - The weighted average return on equity was 2.43%, an increase of 14.76 percentage points from -12.33% in the prior year [2]. Asset and Equity Position - As of the end of 2025, total assets amounted to 1,043,260.42 million yuan, reflecting a growth of 10.9% from the beginning of the year [2]. - Shareholders' equity attributable to the parent company was 412,961.76 million yuan, slightly down by 1.29% from the start of the year [2]. - The net asset value per share was 36.84 yuan, an increase of 0.66% compared to the beginning of the year [2]. - The total number of shares was 11,995.9 million, showing a minor decrease of 0.01% [2]. Key Drivers of Performance - The turnaround in net profit was primarily attributed to the release of research and development results and an expansion in revenue scale, particularly from new products like domain controllers and upgraded existing products [3]. - Cost reduction and efficiency improvement measures began to show results, with the application of AI tools, domestic substitution, and smart manufacturing leading to effective cost control and an increase in gross margin, alongside a significant reduction in expense ratios [3].

Group 1 - Tianhao Energy has obtained a loan commitment letter from Industrial Bank for a stock repurchase, with a borrowing limit of up to RMB 90 million, which is 90% of the repurchase amount [2] - Debang Co. has applied to terminate its listing on the Shanghai Stock Exchange and plans to continue trading on the National Equities Exchange and Quotations system [3] - Feilihua expects that revenue from its quartz electronic cloth business will account for about 5% of total revenue by 2025, indicating a small impact on overall performance [4] Group 2 - Tianli Lithium has completed maintenance on its lithium iron phosphate production line and has resumed production as of February 24, 2026 [5] - Zhongwei Semiconductor has set a preliminary transfer price of RMB 43.35 per share for its recent inquiry, with a total of 36 institutional investors participating [6] Group 3 - Shenzhou Taiyue reported a net profit of RMB 798 million for 2025, a decrease of 44.09% year-on-year, with total revenue of RMB 5.824 billion, down 9.74% [8] - Zhenlei Technology achieved a net profit of RMB 133 million in 2025, a significant increase of 582.01% year-on-year, with total revenue of RMB 432 million, up 42.3% [9] - CanSino reported a net profit of RMB 27.87 million for 2025, recovering from a loss of RMB 379 million in the previous year, with total revenue of RMB 1.068 billion, up 26.18% [10] - Zhongchumai reported a net profit of RMB 212 million in 2025, an increase of 45.55% year-on-year, with total revenue of RMB 856 million, up 28.37% [11] - Puranshi reported a net profit of RMB 208 million in 2025, a decrease of 28.79% year-on-year, with total revenue of RMB 2.32 billion, up 28.62% [12] - Nami Technology achieved a net profit of RMB 136 million in 2025, a growth of 64.18% year-on-year, with total revenue of RMB 925 million, up 18.18% [13] - Longxun Co. reported a net profit of RMB 172 million in 2025, an increase of 19.05% year-on-year, with total revenue of RMB 568 million, up 21.93% [14] - Longtu Guozhao reported a net profit of RMB 57.99 million in 2025, a decrease of 36.86% year-on-year, with total revenue of RMB 247 million, up 0.06% [15] - Jingwei Hengrun reported a net profit of RMB 99.54 million in 2025, recovering from a loss of RMB 550 million in the previous year, with total revenue of RMB 6.848 billion, up 23.59% [16] - Chip Origin reported a net loss of RMB 528 million in 2025, with total revenue of RMB 3.152 billion, up 35.77% [17] Group 4 - Xinyaqiang announced that shareholders plan to reduce their holdings by up to 4% of the total shares [19] - China Merchants Energy announced that four directors and senior management plan to reduce their holdings by up to 648,600 shares [20] - Weir Pharmaceutical announced that a shareholder plans to reduce its holdings by up to 0.33% of the total shares [21] Group 5 - *ST Dali signed a framework agreement for equipment procurement with a leading new energy company, with a contract value of approximately RMB 88.88 million, accounting for 32.34% of the company's audited revenue for 2024 [23]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company in the range of 75 million to 110 million yuan for the year 2025, marking a turnaround from a loss of 55.03 million yuan in the previous year [2] Group 1: Performance Expectations - The projected net profit range for 2025 represents a significant improvement compared to the previous year's loss [2] - The expected net profit after deducting non-recurring gains and losses is estimated to be between 27.5 million and 41 million yuan, compared to a loss of 61.84 million yuan in the prior year [2] Group 2: Reasons for Performance Change - The primary reasons for the performance change include the release of R&D results and an expansion in revenue scale, driven by the rapid development of automotive intelligence and electrification [2] - New product lines, particularly domain controller products, have seen rapid revenue growth, while existing products have gained more customers and project opportunities [2] - Cost reduction and efficiency improvement measures have begun to show results, with the application of AI tools, promotion of domestic alternatives, and smart manufacturing effectively controlling costs and expenses, leading to an increase in gross margin and a significant decrease in period expense ratio [2]

研发成果释放，收入规模扩大。近年来，汽车智能化、电动化高速发展，公司积极开拓国内外市场，持 续进行战略投入，促进产品升级迭代。2025年，公司的前期投入和研发成果得到了有效释放，以域控制 器产品为代表的新产品阵营收入快速放量，持续升级迭代的原有产品阵营收获了更多的客户和项目机 会，推动公司收入规模进一步扩大。 格隆汇1月27日丨经纬恒润(688326.SH)公布，预计2025年年度实现归属于母公司所有者的净利润与上年 同期（法定披露数据）相比，将实现扭亏为盈，实现归属于母公司所有者的净利润7,500.00万元到 11,000.00万元。归属于母公司所有者扣除非经常性损益后的净利润2,750.00万元到4,100.00万元。 ...

Major Events - China Shipbuilding announced that it plans to absorb and merge with China Heavy Industry, with the latter's A-share stock set to be delisted on September 5, 2025. After the delisting, the stock value will not be reflected in investors' accounts until the conversion to China Shipbuilding A-shares is completed [4] - Anzheng Fashion's stock has experienced three consecutive trading days of limit-up prices, indicating potential irrational speculation in the market. No significant media reports or market rumors have been found that could impact the stock price [5] - Zhonghuan Hailu has terminated its plans for a change in control after failing to reach an agreement with the trading party regarding future development. The company's stock will resume trading on September 5 [6] - Kebo Da plans to acquire 60% of Kebo Da Intelligent Technology for 345 million yuan, aiming to enter the automotive intelligence sector and enhance its technological capabilities [7] - Shangneng Electric reported no undisclosed significant matters that could affect its stock trading, confirming stable operational conditions [8] - Jingxing Paper also stated that there have been no significant changes in its operational environment, with no undisclosed major information affecting stock prices [9] - Guoxin Health announced the passing of its independent director Bai Yan due to illness on August 31, 2025 [10] - Jiangsu Shuntian will change its stock name to "Suhao Fashion" starting September 10, 2025, while the stock code remains unchanged [11] Performance Overview - Yutong Bus reported sales of 4,260 units in August 2025, representing a year-on-year increase of 16.78%. Cumulative sales from January to August reached 28,800 units, up 4.51% year-on-year [12][13] - Wen's Shares recorded sales of 324,570 pigs in August, generating revenue of 4.825 billion yuan, with a slight month-on-month decline of 1.07%. The average selling price of live pigs was 13.9 yuan/kg, with year-on-year changes of 37.88% and -17.7% respectively [14] - Jiangling Motors reported a year-on-year increase of 8.92% in automobile sales for August, totaling 30,003 units. Cumulative sales from January to August reached 226,500 units, up 5.67% year-on-year [15] Shareholding Changes - Jimin Health's controlling shareholder plans to reduce its stake by up to 3%, equivalent to a maximum of 15.7527 million shares, within three months after 15 trading days [16] - Changfei Fiber announced that its major shareholder, Yangtze Communication, intends to reduce its stake by up to 0.15%, or 1.1 million shares, within three months after 15 trading days [17] Major Contracts - Ningbo Construction's subsidiaries have won construction projects worth a total of 1.117 billion yuan [18]

Core Viewpoint - The company plans to acquire 60% equity of Shanghai Kebo Da Intelligent Technology Co., Ltd. from Shanghai Keshishi Investment Management Co., Ltd. for a cash consideration of 345 million yuan, aiming to enhance its capabilities in the automotive intelligence sector [1] Group 1 - The acquisition price is set at 345 million yuan [1] - The transaction allows the company to leverage Kebo Da Intelligent Technology's expertise in automotive intelligent central computing platforms and related domain controller products [1] - This strategic move aligns with the company's product strategy and enhances its market resources and project experience in the automotive intelligence field [1]

Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by the rapid expansion of its electronic products business, particularly domain controllers, while achieving profitability in Q2 2025 after previous losses [1][2]. Financial Performance - In H1 2025, the company generated revenue of 2.908 billion yuan, a year-on-year increase of 43.48%, but reported a net loss attributable to shareholders of 87 million yuan [1]. - Q2 2025 revenue reached 1.580 billion yuan, reflecting a year-on-year growth of 38.90% and a quarter-on-quarter increase of 18.98% [2]. - The company achieved a net profit of 33 million yuan in Q2 2025, with a non-recurring net profit of 19 million yuan, marking a turnaround to profitability [2]. - Q2 2025 gross margin was 24.64%, up 3.73 percentage points year-on-year and 3.25 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 2025 was 2.09%, an increase of 14.54 percentage points year-on-year and 11.12 percentage points quarter-on-quarter [2]. Business Development - The company has made significant advancements in domain integration technology, with 1 million physical domain controllers produced and strategic partnerships established for smart driving domain controllers [3]. - New product launches are expected in the second half of the year, including RoboTruck and RoboBus services, enhancing the company's offerings in intelligent transportation solutions [3]. International Expansion - The company is actively expanding its international market presence, securing multiple OEM/Tier1 product contracts with notable clients such as Stellantis and Scania [4]. - Four production bases have been established in China and Malaysia, along with a comprehensive integrated supply chain system, supporting the company's global strategy [4]. - The Tianjin factory successfully passed supplier audits from international automotive manufacturers, demonstrating the company's strong global operational capabilities [4]. Investment Outlook - The company is one of the few in China capable of providing comprehensive solutions for intelligent driving electronic products and services [4]. - Revenue projections for 2025-2027 are 7.324 billion, 9.043 billion, and 10.748 billion yuan, with net profits of 88 million, 370 million, and 928 million yuan respectively [4]. - The expected earnings per share (EPS) for the same period are 0.73, 3.08, and 7.74 yuan, with corresponding price-to-earnings (PE) ratios of 160, 38, and 15 times [4].

Group 1 - The automotive industry is experiencing a significant opportunity with the rise of third-party high-performance computing chips, as companies face the choice between self-developed and externally supplied chips for intelligent driving [1][4] - Tesla's strategy of self-developing HW3.0 and later collaborating with Broadcom for HW4.0 highlights the increasing importance of specialized third-party suppliers in meeting the growing computational demands of intelligent driving [1][3] - Black Sesame Intelligence, a leading domestic chip supplier, has proven its capabilities by becoming a supplier for BYD's "Tianshen Eye" intelligent driving platform and showcasing its products at the Hong Kong "Car Expo" [1][3][4] Group 2 - Black Sesame Intelligence's global expansion is a natural outcome of the trend of Chinese new energy vehicles entering international markets, with its chips widely adopted by major automakers like Geely and Dongfeng [4][5] - The company has been focusing on high-performance chips since its establishment in 2016, launching the 58 TOPS Huashan A1000 chip in 2020 and the 106 TOPS A1000 Pro in 2021, positioning itself ahead of competitors [5][6] - The launch of the Huashan A2000 family, capable of exceeding 1000 TOPS, aligns with the industry's shift towards higher-level intelligent driving features, making Black Sesame a viable alternative to NVIDIA's Orin [6][7] Group 3 - Black Sesame Intelligence is experiencing a commercial harvest period, with a projected revenue increase of 51.8% in 2024 and a gross margin rise to 41.1% [7] - The performance of a System on Chip (SoC) is not solely determined by computational power; the integration with algorithms is crucial, especially as AI model technology advances [7][8] - The Huashan A2000 family features the industry's largest NPU core, "Jiushao," designed for neural network computations, which enhances efficiency compared to traditional GPUs [7][8] Group 4 - The Jiushao architecture supports mixed precision and is optimized for high-precision quantization and Transformer algorithms, which are essential for the development of autonomous driving technologies [8][9] - Black Sesame Intelligence's technology is also being applied in the field of embodied intelligence, with its chips supporting various applications beyond autonomous driving, including humanoid robots [8][9] - The company has partnered with Fourier to provide computational support for its "Dexterous Hand," indicating its commitment to expanding into broader applications of embodied intelligence [9]