北交所信息更新 新材料、新能源、制药等领域收入增长，2025 年归母净利润同比+222% ——北交所信息更新 | 诸海滨（分析师） | 车欣航（分析师） | | --- | --- | | zhuhaibin@kysec.cn | chexinhang@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050001 | 2025 年业绩快报：营收 3.62 亿元，同比+16.63%；归母净利润 4211.72 万元 公司发布 2025 年业绩快报，2025 年公司实现营业收入 3.62 亿元，同比增长约 16.63%；实现归母净利润 4211.72 万元，同比增长 222.20%；扣非归母净利润 3557.01 万元，同比增长 821.24%。根据业绩快报，我们小幅下调 2025 年并维持 2026-2027 年盈利预测，预计 2025-2027 年归母净利润为 0.42（原 0.43）/0.53/0.64 亿元，对应 EPS 为 0.49/0.62/0.75 元/股，对应当前股价 PE 为 49.5/39.4/32.6 倍， 看好公司多项科学仪器新品达领先水平， ...

北交所信息更新 新材料、新能源、制药等领域收入增长，2025 年归母净利润同比+222% ——北交所信息更新 | 诸海滨（分析师） | 车欣航（分析师） | | --- | --- | | zhuhaibin@kysec.cn | chexinhang@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050001 | 2025 年业绩快报：营收 3.62 亿元，同比+16.63%；归母净利润 4211.72 万元 公司发布 2025 年业绩快报，2025 年公司实现营业收入 3.62 亿元，同比增长约 16.63%；实现归母净利润 4211.72 万元，同比增长 222.20%；扣非归母净利润 3557.01 万元，同比增长 821.24%。根据业绩快报，我们小幅下调 2025 年并维持 2026-2027 年盈利预测，预计 2025-2027 年归母净利润为 0.42（原 0.43）/0.53/0.64 亿元，对应 EPS 为 0.49/0.62/0.75 元/股，对应当前股价 PE 为 49.5/39.4/32.6 倍， 看好公司多项科学仪器新品达领先水平， ...

2025 业绩快报点评：行业回暖与高端产品放 量共驱，全年扣非业绩同比+821% 证券研究报告·北交所公司点评报告·通用设备 买入（维持） 海能技术（920476） ◼ 利润端实现跨越式提升，2025 全年扣非业绩同比+821%。公司发布 2025 年业绩快报，全年实现营业收入 3.62 亿元，同比增长 16.63%， 营收保持稳健增长态势；利润端实现跨越式提升，利润总额 4355.55 万 元，同比大增 622.02%，归属于上市公司股东的净利润 4211.72 万元， 同比增长 222.20%，扣除非经常性损益的净利润 3557.01 万元，同比高 升 821.24%。单季度来看，2025Q4 公司实现营业收入 1.35 亿元，同环 比增速分别为+6.56%/+47.64%；归母净利润 2401.09 万元，同环比增速 分别为 35.28%/+90.04%。 ◼ 业绩大幅高增原因：行业回暖与高端产品放量共驱，内生优化筑牢盈利 根基。1）行业景气回暖：国内高端科学仪器行业迎来多重政策利好， 2025 年国家科学技术支出突破 1.2 万亿元，同比+4.8%，为仪器行业研 发创新筑牢资金根基；超长期特别国债专项 ...

Core Viewpoint - The performance forecasts from eight companies listed on the Beijing Stock Exchange indicate a generally positive outlook for 2025, with most companies expecting profit growth, reflecting their ability to seize market opportunities and enhance competitiveness [1][2]. Group 1: Performance Overview - Out of the eight companies, five are expected to see profit increases, with Haine Technology projecting a net profit growth of over 213.65% to 236.61% [2] - Jilin Carbon Valley anticipates a net profit of 180 million to 220 million yuan, representing a year-on-year increase of 92.81% to 135.66% [2] - Longzhu Technology, Wangcheng Technology, and Lintai New Materials expect net profit growth of approximately 50%, over 66%, and over 64%, respectively, indicating robust growth momentum [2][3] - Conversely, three companies forecast losses or profit declines, with Hualing Co. expecting a loss of 44 million to 56 million yuan, and Ge Bi Jia projecting a 59.63% decline in net profit [2][5] Group 2: Market Demand and Growth Drivers - The growth of companies is primarily driven by an improving external market environment and internal capability enhancements [3] - The overall recovery in industry demand is a significant backdrop, with Haine Technology noting a notable trend towards domestic manufacturing of high-end instruments and the gradual implementation of equipment renewal policies [3] - Jilin Carbon Valley reported continuous sales growth due to the recovering carbon fiber market [3] Group 3: Internal Innovations and Strategies - Companies are enhancing their internal growth momentum through ongoing technological innovation, product upgrades, and market expansion [4] - Haine Technology has invested in R&D, launching high-end products like organic element analyzers and liquid chromatography instruments, which have improved customer recognition and revenue [4] - Jilin Carbon Valley has improved product quality and stability through continuous innovation, while Longzhu Technology has seen rapid growth in its cross-border e-commerce business [4] Group 4: Cost Pressures and Challenges - Companies forecasting losses or declines attribute these to rising fixed costs, reduced specific revenues, and ongoing adjustments in their respective sectors [5] - Hualing Co. cited increased depreciation costs and employee salaries due to new equipment and project-related hiring as significant pressures on profits [5] - Ge Bi Jia mentioned a decline in the sales proportion of high-margin specialty glass products and reduced government subsidies as factors contributing to lower overall profit margins [5][6]

Core Viewpoint - The overall performance outlook for companies listed on the Beijing Stock Exchange is positive, with most expecting profit growth, although some face challenges due to rising costs and industry adjustments [1][2]. Group 1: Performance Forecasts - HaiNeng Technology anticipates a more than doubling of net profit, with an increase of 213.65% to 236.61% [1][2]. - Jilin Carbon Valley expects net profit to reach between 180 million to 220 million yuan, representing a year-on-year growth of 92.81% to 135.66% [1][2]. - Longzhu Technology, Wangcheng Technology, and Lintai New Materials forecast net profit growth of approximately 50%, over 66%, and over 64%, respectively [1][2]. - Among the eight companies that disclosed forecasts, five expect profit increases, one expects a profit decrease, and two anticipate losses [2]. Group 2: Market Demand and Growth Drivers - The growth of companies is driven by improved external market conditions and enhanced internal capabilities [3]. - The overall recovery in industry demand is a significant backdrop, with HaiNeng Technology noting a trend towards domestic manufacturing of high-end instruments and the gradual implementation of equipment renewal policies [3]. - Jilin Carbon Valley highlights continuous growth in product sales due to the recovering carbon fiber market [3]. Group 3: Internal Innovations and Strategies - Companies are strengthening their internal growth momentum through ongoing technological innovation, product upgrades, and market expansion [4]. - HaiNeng Technology has invested in R&D, launching high-end products like organic element analyzers and liquid chromatography instruments, enhancing customer recognition and revenue [4]. - Jilin Carbon Valley has improved product quality and stability through continuous innovation, with a project to produce 150,000 tons of carbon fiber raw silk reinforcing its scale advantage [4]. - Lintai New Materials has capitalized on the rapid increase in market penetration for hybrid power transmission systems, contributing to sales growth [4]. - Longzhu Technology's cross-border e-commerce business has seen rapid growth, while Wangcheng Technology benefits from increased sales of automotive transmission components and improved gross margins [4]. Group 4: Cost Pressures and Challenges - Companies forecasting losses or declines attribute these to rising fixed costs, reduced specific revenues, and ongoing adjustments in their respective sectors [5][6]. - Hualing Co. cites significant increases in depreciation expenses and employee compensation due to new equipment and project-related hiring [5]. - Gobi Jia mentions increased costs from implementing equity incentives and a decline in the sales proportion of high-margin specialty glass products, leading to lower overall gross margins [6]. - Ying Tai Bio has narrowed its losses significantly through focused product strategies and cost control, but still faces challenges from investment losses and a sluggish market for intermediates [6].

Core Viewpoint - The overall performance forecast for companies listed on the Beijing Stock Exchange indicates a positive trend, with most companies expecting profit growth, reflecting their ability to seize market opportunities and enhance competitiveness [1][2]. Group 1: Performance Forecasts - Eight companies have disclosed their performance forecasts for 2025, with five expecting profit increases, one anticipating a profit decrease, and two predicting losses [2]. - HaiNeng Technology expects a more than doubling of net profit, with an increase of 213.65% to 236.61% [2]. - Jilin Carbon Valley forecasts a net profit of 180 million to 220 million yuan, representing a year-on-year growth of 92.81% to 135.66% [1][2]. - Longzhu Technology, Wangcheng Technology, and Lintai New Materials anticipate net profit growth of approximately 50%, over 66%, and over 64%, respectively [1][2]. Group 2: Market Demand and Growth Drivers - The growth of companies is driven by both external market improvements and internal capability enhancements [3]. - The overall recovery in industry demand is a significant backdrop, with HaiNeng Technology noting a notable trend towards domestic manufacturing of high-end instruments and the gradual implementation of equipment renewal policies [3]. - Jilin Carbon Valley has experienced continuous sales growth due to the recovering carbon fiber market [3]. - Companies are enhancing their internal growth momentum through ongoing technological innovation, product upgrades, and market expansion [3][4]. Group 3: Cost Pressures and Challenges - Companies forecasting losses or declines attribute their challenges to rising fixed costs, reduced specific revenues, and ongoing adjustments in their respective sectors [5][6]. - Hualing Co. cites significant increases in depreciation expenses due to fixed assets entering full depreciation in 2025 and rising employee compensation costs [5][6]. - Geobijia mentions a decline in overall gross margin due to a lower sales proportion of high-margin specialty glass products and reduced government subsidies compared to the previous year [6]. - YingTai Bio has narrowed its losses significantly through focused product strategies and cost control, but still faces challenges from investment losses and a sluggish market for intermediates [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [4]. Core Insights - The company forecasts a significant increase in net profit attributable to shareholders for 2025, estimated between 41 to 44 million yuan, representing a year-on-year growth of approximately 213.65% to 236.61% [1]. - The expected operating revenue for 2025 is around 362 million yuan, reflecting a year-on-year increase of about 16.77% [1]. - The company is actively investing in high-end instruments and has made progress in their smart and digital capabilities, with new products like organic element analyzers and liquid chromatography instruments gaining market recognition [2]. - The company has received multiple invention patents, enhancing its intellectual property moat and supporting future product iterations and market expansion [3]. Financial Summary - The projected financial metrics for the company are as follows: - Operating revenue (million yuan): 341 in 2023, 310 in 2024, 362 in 2025, 435 in 2026, and 499 in 2027, with a year-on-year growth of 18.7% in 2023, -9.1% in 2024, and 16.7% in 2025 [6]. - Net profit attributable to shareholders (million yuan): 45 in 2023, 13 in 2024, 43 in 2025, 53 in 2026, and 64 in 2027, with a year-on-year growth of 1.4% in 2023, -71.0% in 2024, and 225.7% in 2025 [6]. - Earnings per share (EPS): 0.53 in 2023, 0.15 in 2024, 0.50 in 2025, 0.62 in 2026, and 0.75 in 2027 [6]. - Price-to-earnings ratio (P/E): 48.3 in 2023, 166.5 in 2024, 51.1 in 2025, 41.0 in 2026, and 33.9 in 2027 [6].

Group 1 - The company, Haineng Future Technology Group Co., Ltd., has released a performance forecast indicating a significant increase in net profit for the year 2025, expected to rise by over 50% compared to the previous year [4][5] - The forecasted net profit attributable to shareholders is estimated to be between 4.1 billion to 4.4 billion, representing a year-on-year increase of 213.65% to 236.61% [4] - The company anticipates a revenue of approximately 362 million, reflecting a year-on-year growth of about 16.77%, with all product lines showing revenue growth [5] Group 2 - The substantial increase in net profit is attributed to a recovery in market demand, a notable trend towards domestic manufacturing of high-end instruments, and the gradual implementation of equipment renewal policies [5] - The company has maintained continuous investment in product research and development, market expansion, and brand enhancement, leading to the launch of advanced instruments such as organic element analyzers and liquid chromatography instruments [5] - Improvements in digital management systems and lean management practices have significantly enhanced operational efficiency, contributing to the overall increase in profitability while maintaining stable gross margin levels [5]

摘要 ：2026已经开启，回顾2025年，哪些有机元素分析仪持续获得用户的重点关注？仪器信息网对所 有在展品牌的有机元素分析仪产品的年度浏览量进行了统计，正式发布"2025年热度榜单" 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 有 机 元 素 分 析 仪 作 为 一 种 实 验 室 常 规 仪 器 ， 可 同 时 对 有 机 的 固 体 、 高 挥 发 性 和 敏 感 性 物 质 中 C、H、N、S、元素的含量进行定量分析测定, 在研究有机材料及有机化合物的元素组成等方 面具有重要作用。可广泛应用于化学和药物学产品，如精细化工产品、药物、肥料、石油化工 产品碳、氢、氧、氮元素含量，从而揭示化合物性质变化，得到有用信息，是科学研究的有效 手段。 2026已经开启，回顾2025年，哪些有机元素分析仪持续获得用户的重点关注？仪器信息网对 所有在展品牌的有机元素分析仪产品的年度浏览量进行了统计，正式发布"2025年元素分析仪 热度榜单"，详情如下： 有机元素分析仪2025年度用户关注热度榜单TOP10 | 仪器 | 品牌 | | --- | ...

Core Viewpoint - The article highlights the rebranding of Elementar China as part of its localization strategy to enhance its market presence and drive high-quality development in China [1][2][3]. Group 1: Company Rebranding - Elementar China has officially changed its name from "艾力蒙塔贸易（上海）有限公司" to "艾力蒙塔分析仪器（上海）有限公司" to reflect its commitment to localization and strategic upgrade [2][3]. - The rebranding signifies a new phase for the company, marking the initiation of a comprehensive localization strategy aimed at sustainable growth in the competitive Chinese market [2][3]. Group 2: Company Background - Elementar is a global leader in high-performance organic and inorganic element analysis, with over 120 years of expertise since its establishment in 1897 [6][7]. - The company focuses on continuous innovation and customized solutions, offering a range of products including organic element analyzers, TOC analyzers, and isotope ratio mass spectrometers, serving clients across various scientific fields [6][7].