证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 79.97 | | --- | --- | | 总股本/流通股本（亿股）1.80 | / 1.80 | | 总市值/流通市值（亿元）144 | / 144 | | 52 周内最高/最低价 | 85.17 / 61.40 | | 资产负债率(%) | 24.9% | | 市盈率 | 34.47 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩稳健增长，拓展多元化应用 l 事件描述 公司发布 2025 年业绩快报，2025 年预计实现营收 23.08 亿元， 同比增长 28.9%；实现归母净利润 5.29 亿元，同比增长 27.63%；实 现扣非归母净利润 4.83 亿元，同比增长 23.33%。 ...

分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩稳健增长，拓展多元化应用 l 事件描述 公司发布 2025 年业绩快报，2025 年预计实现营收 23.08 亿元， 同比增长 28.9%；实现归母净利润 5.29 亿元，同比增长 27.63%；实 现扣非归母净利润 4.83 亿元，同比增长 23.33%。 证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 79.97 | | --- | --- | | 总股本/流通股本（亿股）1.80 | / 1.80 | | 总市值/流通市值（亿元）144 | / 144 | | 52 周内最高/最低价 | 85.17 / 61.40 | | 资产负债率(%) | 24.9% | | 市盈率 | 34.47 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 ...

墨库股份成立于2006年，注册资本3900万元，主要从事数码喷印墨水的研发、生产与销售，国家专精特 新重点"小巨人"企业。 王首斌是墨库股份的"掌门人"，担任公司董事长、总经理。他出生于1972年，并于1996年毕业于上海水 产大学食品工程专业，2004年步入创业，成立了深圳市百度西数码耗材有限公司，该公司目前为墨库股 份的全资子公司。 张雨洁比王首斌小了整整10岁，她本科毕业于贵州大学外语专业，毕业后进入香港永亨银行当了四年离 岸业务经理，2010年她前往深圳，担任上海花千树信息科技有限公司深圳分公司经理，后进入深圳市爱 尚极速舞蹈文化传播有限公司成为执行董事兼总经理。 2022年6月，张雨洁加入墨库股份，担任公司董事，并于2023年10月辞任，目前未在公司任职。 瑞财经 严明会12月25日，深圳市墨库新材料集团股份有限公司（以下简称：墨库股份）创业板IPO获受 理，保荐机构华泰联合证券，保荐代表人周小金、阚傲，会计师事务所为天健会计师事务所。 马继戟则来自纳尔股份，历任纳尔股份董事、总经理，在2019年7月至2022年5月，纳尔股份实际控制墨 库股份期间，马继戟曾担任公司董事长，后历任董事、常务副经理，目 ...

瑞财经 严明会 12月25日，深圳市墨库新材料集团股份有限公司（以下简称：墨库股份）创业板IPO获受理，保荐机构华泰联合证券，保荐代表人周小 金、阚傲，会计师事务所为天健会计师事务所。 墨库股份成立于2006年，注册资本3900万元，主要从事数码喷印墨水的研发、生产与销售，国家专精特新重点"小巨人"企业。 墨库股份初始注册资本100万元，由陈静、王创、王晓分别持股40%、30%及30%。 三位创始股东中，陈静是公司实控人之一王首斌的前妻，王创、王晓分别是王首斌的姐姐和妹妹。 在后来的股权变动中，公司三位创始股东已全部退出。 递表前，王首斌直接持有公司31.67%，并作为深圳匠台、深圳墨匠、深圳墨道的执行事务合伙人间接控制公司13.46%的股份对应的表决权；王首斌的现 任妻子张雨洁直接持有公司10.69%的股份。 综上，王首斌、张雨洁夫妇直接持有及间接控制公司55.81%的股份对应的表决权，二人为公司控股股东、实际控制人。 自成立以来，墨库股份的实际控制人发生了两次变更。 2018年12月，纳尔股份（002825.SZ）以5000万元（后调整至4433.33万元）认购公司新增注册资本357.14万元，增资完成后 ...

Core Viewpoint - Shenzhen Moku New Materials Group Co., Ltd. has entered the inquiry stage for its IPO on the ChiNext board, aiming to raise approximately 720 million yuan for various projects [1] Company Overview - Moku Co. primarily engages in the research, production, and sales of digital printing inks [1] - The company’s IPO was accepted on December 25, 2025 [1] Fundraising and Investment Plans - The company plans to raise around 720 million yuan, which will be allocated to the following projects: - Construction of a high-performance environmentally friendly ink production project with an annual capacity of 40,000 tons - Development of a new headquarters R&D center in Xin Qiao Dong - Supplementing working capital [1]

Core Viewpoint - The financial performance of Moku New Materials Group appears impressive, with revenue growth from 522 million yuan in 2022 to 727 million yuan in 2024, and net profit increasing from 57.58 million yuan to 143 million yuan. However, underlying structural issues raise concerns about the sustainability of this growth [2][4]. Group 1: Company Governance and Control Issues - The founding history of Moku New Materials is complex, involving multiple family members, which may impact corporate governance [5][8]. - The current actual controllers, Wang Shoubin and Zhang Yujie, hold 55.81% of the shares, but the previous involvement of family members in the ownership structure could have long-term implications for governance [9]. - The company has experienced unusual control transactions with Nar Holdings, which raised regulatory concerns due to the atypical nature of the control transfer and return [9][15]. Group 2: Financial Health and Risks - Accounts receivable have surged from 86.50 million yuan at the end of 2022 to 186 million yuan by September 2025, indicating a potential risk in revenue recognition practices [11][12]. - The net cash flow from operating activities was only 44.16 million yuan, despite a net profit of 94.75 million yuan, suggesting a significant portion of profits is not translating into cash [13][14]. - The rising accounts receivable growth rate outpaces revenue growth, indicating aggressive sales strategies that may not be sustainable [12]. Group 3: Customer Concentration and Market Dependency - Moku's customer concentration appears low, with the top five customers accounting for only 12.36% to 13.85% of revenue from 2022 to 2025, suggesting a broad customer base [19][20]. - However, the company is heavily reliant on specific industries, such as textiles and advertising, which could expose it to risks from economic fluctuations in these sectors [21]. Group 4: Cost Structure and Profitability Concerns - The proportion of direct materials in the cost structure has increased, reaching over 81.66%, indicating vulnerability to raw material price fluctuations [22][23]. - Legal issues regarding property rights for production facilities could pose operational risks and potential administrative penalties [23]. Group 5: Aggressive Expansion Plans and Financial Integrity - Moku plans to raise 720 million yuan for aggressive expansion, including a new project to double production capacity, despite existing capacity not being fully utilized [24][25]. - The company has distributed significant cash dividends totaling 94.60 million yuan during the same period it seeks to raise funds, raising questions about the urgency of its funding needs [26][27]. Conclusion - Moku New Materials' IPO journey is fraught with uncertainties, as underlying governance issues, financial quality concerns, and aggressive expansion plans may hinder its path to successful public listing [28].

Group 1: New Listings - Jiangsu Xihua New Energy Technology Co., Ltd. listed on the Shanghai Stock Exchange main board on December 23, raising 1.01 billion yuan, with a first-day stock price increase of 264.46% and a market cap of approximately 11.4 billion yuan as of December 29 [3][5] - Ningbo Jianxin Superconducting Technology Co., Ltd. listed on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, raising 779 million yuan, with a first-day stock price increase of 212.81% and a market cap of approximately 7.9 billion yuan as of December 29 [3][5] - Shenzhen Tian Su Measurement and Testing Co., Ltd. listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 600 million yuan, with a first-day stock price increase of 174.48% and a market cap of approximately 6.8 billion yuan as of December 29 [4][5] - Nabai Chuan New Energy Co., Ltd. also listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 632 million yuan, with a first-day stock price increase of 408.17% and a market cap of approximately 10.1 billion yuan as of December 29 [4][5] Group 2: Companies Passing Review - Shijiazhuang Vision Technology Co., Ltd. passed the review for listing on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, focusing on micro-display solutions [6][8] - Luoyang Shenglong Mining Group Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 23, engaged in non-ferrous metal mining [9][10] - Hangzhou Fuen Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 26, specializing in eco-friendly fabric [9][10] - Shenzhen Dapu Microelectronics Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 25, focusing on enterprise-level SSD products [9][10] - Nanchang Sanrui Intelligent Technology Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 26, specializing in drone and robot power systems [9][10] Group 3: Companies Submitting IPO Applications - Tianjin Fujida Bicycle Industrial Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 24, planning to raise 773 million yuan [12][14] - Shenyang Compressor Group Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 25, planning to raise 2.134 billion yuan [12][19] - Shenzhen Hanno Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 23, planning to raise 1.062 billion yuan [12][23] - Dandong Oriental Measurement and Control Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 25, planning to raise 1.1 billion yuan [12][25] - Suzhou Tongxin Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.064 billion yuan [12][27] - Shenzhen Deep Blue Ocean Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.5 billion yuan [12][29] Group 4: Financial Data Highlights - Fujida projected revenues of 4.371 billion yuan, 3.621 billion yuan, and 4.880 billion yuan from 2022 to 2024, with net profits of 348 million yuan, 285 million yuan, and 408 million yuan respectively [17][18] - Shenyang Compressor Group projected revenues of 7.396 billion yuan, 8.206 billion yuan, and 9.309 billion yuan from 2022 to 2024, with net profits of 181 million yuan, 355 million yuan, and 442 million yuan respectively [20][21] - Hanno Medical projected revenues of 0, 298 million yuan, and 493 million yuan from 2022 to 2024, with net losses of 647 million yuan, 3.41 billion yuan, and 1.83 billion yuan respectively [24] - Oriental Measurement and Control projected revenues of 603 million yuan, 521 million yuan, and 567 million yuan from 2022 to 2024, with net profits of 92.5 million yuan, 74.8 million yuan, and 73.1 million yuan respectively [26] - Tongxin Medical projected revenues of 8.611 million yuan, 50.453 million yuan, and 77.351 million yuan from 2022 to 2024, with net losses of 1.89 billion yuan, 3.06 billion yuan, and 3.72 billion yuan respectively [28]

Group 1 - The article highlights that from December 25 to December 26, 18 new IPOs were accepted by the Shanghai, Shenzhen, and Beijing stock exchanges, marking a significant increase from 77 IPOs in the previous year to a total of 234 this year [1][2]. Group 2 Company: Shenyang Compressor Group Co., Ltd. - The company was established in 2003 and transformed into a joint-stock company in 2010, with a registered capital of 2,799.00233 million yuan [3]. - The main business includes manufacturing energy and chemical equipment, industrial services, and strategic emerging industries, focusing on products like centrifugal compressors and nuclear pumps [4]. - The controlling shareholder is Shenyang Iron West State-owned Assets Management Co., Ltd., holding 43.07% of the shares [5]. - The company reported revenues of 739.58966 million yuan in 2022, projected to grow to 930.90530 million yuan in 2024 [6]. - The company aims to raise 2,134.4695 million yuan through its IPO for four projects, including enhancing the quality of core components and developing green technology equipment [11][12]. Company: Dandong Dongfang Measurement and Control Technology Co., Ltd. - Founded in 1995 and transformed into a joint-stock company in 2013, with a registered capital of 89.1 million yuan [14]. - The company specializes in providing intelligent online detection and analysis equipment for various industries, including mining and petrochemicals [15]. - The controlling shareholder is Liaoning Dongfang Measurement and Control Group Co., Ltd., holding 68.07% of the shares [16]. - The company reported revenues of 60.34799 million yuan in 2022, with a projected increase to 56.71718 million yuan in 2024 [17]. - The IPO aims to raise 110 million yuan for projects including the industrialization of intelligent online analysis instruments [23][24]. Company: Guangdong Jiuan Intelligent Technology Co., Ltd. - Established in 2007 and transformed into a joint-stock company in 2022, with a registered capital of 48.5 million yuan [25]. - The company focuses on manufacturing smart visual products and providing IoT services, with applications in smart home security and health monitoring [26]. - The company reported revenues of 48.38146 million yuan in 2022, expected to grow to 77.96917 million yuan in 2024 [26]. - The IPO is set to raise funds for projects related to smart visual products and IoT platform development [28].

Core Viewpoint - Moku Co., Ltd. has received approval for its IPO on the ChiNext board, aiming to raise 720 million yuan for various projects and working capital [3]. Company Overview - Moku Co., Ltd. was established in 2006 with a registered capital of 39 million yuan, focusing on the research, production, and sales of digital printing inks. It is recognized as a key "little giant" enterprise in the national specialized and innovative sector [3]. - The actual controllers of Moku are Wang Shoubin and Zhang Yujie, who collectively hold 55.81% of the voting rights in the company [3]. Shareholding Structure - Wang Shoubin directly holds 31.67% of the shares and indirectly controls an additional 13.46% through partnerships [4]. - The second-largest shareholder is Nalu Co., Ltd. (002825.SZ), holding 27.19% of the shares, with its chairman also serving as a director of Moku [4]. Financial Performance - Moku's total assets have grown from 400.50 million yuan in 2022 to an estimated 827.23 million yuan by September 30, 2025 [7]. - The company reported revenues of 522.44 million yuan in 2022, increasing to 589.25 million yuan in 2025 (projected for the first nine months) [9]. - Net profit attributable to shareholders has also increased from 57.58 million yuan in 2022 to an estimated 94.75 million yuan in 2025 [9]. - The gross profit margin for the main business has shown improvement, with figures of 29.68% in 2022 and 35.16% in 2025 [9].

Core Viewpoint - Shenzhen Moku New Materials Group Co., Ltd. has received approval for its IPO on the ChiNext board, focusing on the research, production, and sales of digital printing inks [1] Financial Performance - The company reported revenues of 522.44 million yuan in 2022, 618.18 million yuan in 2023, and projected 726.83 million yuan in 2024, indicating a revenue growth of 17.58% in 2024 compared to 2023 [1] - Net profit figures are 57.58 million yuan for 2022, 120.16 million yuan for 2023, and an expected 143.45 million yuan for 2024, reflecting a year-on-year growth of 19.38% in net profit for 2024 [1] Key Financial Metrics - Revenue (in ten thousand yuan) for 2024 is projected at 72683.39, for 2023 at 61818.40, and for 2022 at 52244.35 [1] - Net profit attributable to shareholders for 2024 is expected to be 14344.97, for 2023 at 12016.52, and for 2022 at 5757.94 [1] - Basic and diluted earnings per share for 2024 are projected at 3.68 yuan, up from 3.11 yuan in 2023 [1] - The weighted average return on equity for 2024 is expected to be 28.41%, down from 34.33% in 2023 [1] - Net cash flow from operating activities for 2024 is projected at 14654.39 ten thousand yuan, compared to 11740.66 ten thousand yuan in 2023 and 10998.32 ten thousand yuan in 2022 [1]