证券研究报告·北交所公司点评报告·汽车零部件 林泰新材（920106） 2025 年业绩快报点评：国产替代与全球化布 局双驱，2025 全年归母净利润同比增长 74% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 206.56 | 312.58 | 420.22 | 564.50 | 760.40 | | 同比 | 17.33 | 51.33 | 34.44 | 34.33 | 34.70 | | 归母净利润（百万元） | 49.18 | 81.04 | 141.32 | 174.71 | 241.87 | | 同比 | 98.44 | 64.78 | 74.38 | 23.62 | 38.44 | | EPS-最新摊薄（元/股） | 0.87 | 1.43 | 2.50 | 3.09 | 4.27 | | P/E（现价&最新摊薄） | 86.62 | 52.57 | 30.15 | 24.39 | 17.61 ...

证券研究报告·北交所公司点评报告·汽车零部件 林泰新材（920106） 2025 年业绩快报点评：国产替代与全球化布 局双驱，2025 全年归母净利润同比增长 74% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 206.56 | 312.58 | 420.22 | 564.50 | 760.40 | | 同比 | 17.33 | 51.33 | 34.44 | 34.33 | 34.70 | | 归母净利润（百万元） | 49.18 | 81.04 | 141.32 | 174.71 | 241.87 | | 同比 | 98.44 | 64.78 | 74.38 | 23.62 | 38.44 | | EPS-最新摊薄（元/股） | 0.87 | 1.43 | 2.50 | 3.09 | 4.27 | | P/E（现价&最新摊薄） | 86.62 | 52.57 | 30.15 | 24.39 | 17.61 ...

北交所再融资新规落地后首家披露定增计划的公司出炉。林泰新材2月11日公布2026年度向特定对象发 行股票募集说明书（草案），这也是公司2024年12月18日登陆北交所以来的首份定增募资计划，东吴证 券担任保荐机构（主承销商）。公司此次拟发行股票不超506.67万股，占发行前总股本8.95%，募集资 金总额不超3.8亿元，募资将全部投向乘用车、商用车等领域湿式摩擦片相关主业项目及补充流动资 金。业内人士称，随着一揽子优化举措落地，后续或有更多北交所公司依规开启再融资。 ...

Investment Rating - The report maintains an "Outperform" rating for the North Exchange market [5] Core Insights - The North Exchange has entered the "920 era," marking the emergence of the first ST companies [1] - The North Exchange's total number of listed companies is 265, with a total market capitalization of 737.724 billion and a circulating market capitalization of 441.839 billion, reflecting a quarter-on-quarter increase of 5.2% and 4.3% respectively [1][11] - The North Exchange 50 Index experienced a significant rebound, ending the month with a 4.72% increase, while other major indices declined [2][30] - The report highlights that 16 out of 22 industries on the North Exchange saw gains, with notable increases in beauty care, transportation, food and beverage, textiles, and agriculture, with median increases exceeding 15% [2][35] Market Overview - The North Exchange's trading volume for April was 30.945 billion shares, with a total transaction value of 630.962 billion, representing a quarter-on-quarter decrease of 14.4% and 20.2% respectively [1][17] - The average daily margin balance for April reached 5.262 billion, remaining at a historically high level [22] - As of April 30, the North Exchange 50 Index's price-to-earnings ratio (PE-TTM) was 45.31, placing it in the 99.79th percentile over the past two years [24][27] Industry Performance - The highest median price-to-earnings ratios by industry were recorded in the computer sector at 111, followed by telecommunications at 110, construction materials at 91, light industry manufacturing at 74, and social services at 72 [24][27] - The report indicates that 23 stocks reached historical highs in price during the month, with Huaguang Yuanhai achieving a remarkable 65.42% increase [2][39] Company Announcements - In April 2025, 232 companies on the North Exchange released their annual reports, with Jinbo Biological reporting the highest earnings per share at 8.27 yuan [3][12] - The report notes that there were no new listings in April, but one new stock, Tiangong Co., was issued [3][11] Policy and Important Events - The North Exchange introduced several policies in April 2025 related to refinancing, trading management, broker performance evaluation, and delisting supervision, marking a strategic move towards market independence and specialization [3][14]