首先，市场的"广度"与"深度"同步拓展。2025年，受益于商用车市场回暖向好，公司部分境内商用车主 机配套客户收入增长明显。这不仅得益于国内基建复苏带来的重卡需求提升，更源于公司对核心客户的 深度绑定。据华金证券研究报告，科马材料已成功进入采埃孚（嘉兴）、法士特伊顿等国际巨头供应 链，不仅是采埃孚在中国境内唯一的干式摩擦片供应商，更是法士特集团部分AMT变速器产品的独家 配套供应商。 2月26日，浙江科马摩擦材料股份有限公司（证券代码：920086；证券简称：科马材料）发布公告显 示，2025年度公司实现营业收入2.76亿元，同比增长10.93%；实现归属于上市公司股东的净利润 9128.10万元，同比增长27.61%。在汽车行业竞争激烈、价格战此起彼伏的2025年，科马材料以超过 20%的净利润增速跑赢大盘，不仅验证了其在传动摩擦材料领域的核心竞争力，更展现出在商用车回 暖、国产替代加速背景下的强大业绩韧性。这份成绩单，距离公司2026年1月16日正式登陆北交所尚不 足两个月，为投资者交出了一份亮眼的"开年答卷"。 根据业绩快报数据测算，科马材料2025年归母净利润率高达33.05%，较2024年显著提升。 ...

证券研究报告·北交所报告·北交所专题报告 北交所专题报告 20260226 工程机械复苏动能稳步释放，建议关注北交 所工程机械相关标的 [Table_Tag] [Table_Summary] 观点 2026 年 02 月 26 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究 《年度业绩快报密集发布，北证 50 上 涨 0.77%》 2026-02-25 《人民银行开展 5260 亿元 7 天期逆 回购操作，北证 50 上涨 0.37%》 2026-02-24 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 工程机械行业自 2025 年下半年进 ...

Core Insights - The Beijing Stock Exchange (BSE) has experienced a strong start in 2026, with a rapid pace of IPO approvals and listings, marking a significant expansion in high-quality companies [1] - As of January 30, 2026, the BSE has listed five new companies, bringing the total number of listed companies to 292, with a total market capitalization nearing 1 trillion yuan [1] Company Performance - **Kema Materials**: Listed on January 16, 2026, with a strong debut, seeing its stock price rise by 371.27% to close at 54.95 yuan per share, after peaking at a 585% increase [2] - **Aishalon**: Focused on medical health products, Aishalon's stock rose by 175.59% on its first day of trading, closing at 44.04 yuan per share [4] - **Guoliang New Materials**: Listed on January 22, 2026, with a stock price increase of 160.78%, closing at 28.06 yuan per share [6] - **Nongda Technology**: Officially listed on January 28, 2026, with a closing price of 52.89 yuan per share, reflecting a 111.56% increase from its opening price [7] - **Meidele**: Listed on January 30, 2026, with a significant opening price of 135 yuan per share, marking a 222.35% increase at the start of trading [7] Market Activity - The enthusiasm for new stock offerings has surged, with the total frozen funds for the five new IPOs exceeding 8 billion yuan each, and Meidele alone reaching approximately 1.06 trillion yuan, a record high for the BSE [9] - The average amount of funds frozen for new stock subscriptions has risen to 910 billion yuan, indicating strong investor interest [9] Roadshow Focus - All five newly listed companies conducted their online roadshows through a platform called "Panorama," emphasizing the importance of effective communication with investors [10]

Group 1: Hengyun Chang (恒运昌) - Hengyun Chang is a leading supplier of core components for semiconductor equipment in China, focusing on the research, production, and sales of plasma RF power systems and related devices [2] - According to Frost & Sullivan, Hengyun Chang holds the largest market share among domestic plasma RF power system manufacturers in China for 2024 [2] - The company has 108 authorized invention patents and 133 invention patents pending, and is recognized as a national high-tech enterprise and a key "little giant" in specialized and innovative sectors [2] - Major clients include top semiconductor equipment manufacturers such as Tuojing Technology and North Huachuang, with 38 self-developed products generating millions in revenue [2][3] - The revenue concentration among the top five clients is high, accounting for 73.54% to 90.62% from 2022 to the first half of 2025, with Tuojing Technology being the largest client [3] Group 2: Kema Materials (科马材料) - Kema Materials, established in 2002, specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates [4] - The company is a leading player in the domestic dry friction plate industry and has participated in drafting multiple national and industry standards [4] - Major clients include well-known automotive manufacturers such as China National Heavy Duty Truck Group and Volvo, indicating a strong market presence [4] - Kema Materials faces challenges in increasing its market share due to competition from companies like Schaeffler and Valeo, and is actively seeking to expand its international market presence [5][6]

Core Insights - The Beijing Stock Exchange (BSE) is becoming a significant platform for innovative small and medium-sized enterprises, with 290 listed companies and a total market capitalization nearing 1 trillion yuan as of January 23, 2026 [1][4] Group 1: Recent Listings - Three companies have recently gone public on the BSE: Kema Materials, Aisheren, and Guoliang New Materials, all of which have shown strong stock performance post-listing [2][3] - Kema Materials, specializing in dry and wet friction plates, saw its stock price surge by 371.27% on its first trading day, closing at 54.95 yuan per share [2] - Aisheren, focused on medical health products, experienced a 175.59% increase in its stock price, closing at 44.04 yuan per share on its debut [2] - Guoliang New Materials, a leader in refractory materials, had a first-day stock price increase of 160.78%, closing at 28.06 yuan per share [3] Group 2: Investor Participation - Investor enthusiasm for new stock offerings remains high, with over 800 billion yuan frozen for the three new listings, resulting in low allocation rates of 0.02%-0.03% [4] - Kema Materials attracted 855.76 billion yuan in frozen funds with a subscription rate of 0.026%, while Aisheren had 878.92 billion yuan with a rate of 0.028%, and Guoliang New Materials saw 828.08 billion yuan with a rate of 0.021% [4] - The upcoming IPOs of Nongda Technology and Medela are expected to draw significant investment, with Nongda Technology's recent offering seeing 9.29 billion yuan frozen and a subscription multiple of 2582.89 times [4] Group 3: Regulatory Environment - The frequency of IPO review meetings at the BSE has significantly increased since Q4 2025, focusing on nurturing specialized and innovative hard-tech enterprises [4] - In the week of January 19-23, the BSE's listing committee held three review meetings, successfully approving three companies: Bairuiji, Mifutech, and Toptech [4] - The enhanced review efficiency and improved market ecology position the BSE as a core channel for innovative enterprises to connect with capital markets [4]

Core Insights - The Beijing Stock Exchange (BSE) is becoming a significant platform for innovative small and medium-sized enterprises, with 290 listed companies and a total market capitalization nearing 1 trillion yuan as of January 23, 2026 [1] - The IPO review process on the BSE is maintaining a high frequency, with expectations for continued rapid issuance of new listings due to ongoing market reforms [1] Group 1: Recent Listings - Three companies have recently gone public on the BSE: Kema Materials, Aisheren, and Guoliang New Materials, all of which have shown strong stock performance post-listing [1][2] - Kema Materials, listed on January 16, 2026, saw its stock price surge by 585% at one point, closing at 54.95 yuan per share, a 371.27% increase from its issue price [1] - Aisheren, which focuses on medical health products, listed on January 21, 2026, and its stock rose by 175.59% to close at 44.04 yuan per share [2] - Guoliang New Materials, listed on January 22, 2026, experienced a stock price increase of 160.78%, closing at 28.06 yuan per share [2] Group 2: Investor Participation - Investor enthusiasm for new stock offerings is high, with over 800 billion yuan in frozen funds for the three new listings, resulting in low allocation rates of 0.02% to 0.03% [3] - Kema Materials attracted 855.77 billion yuan in frozen funds with a subscription rate of 0.026%, while Aisheren had 878.92 billion yuan with a rate of 0.028%, and Guoliang New Materials saw 828.08 billion yuan with a rate of 0.021% [3] - The upcoming IPOs of Nongda Technology and Medela are expected to draw even more investment, with Nongda Technology's recent offering resulting in 9.29 billion yuan in frozen funds and a subscription multiple of 2582.89 times [3] Group 3: Regulatory Environment - The frequency of IPO review meetings on the BSE has significantly increased since Q4 2025, focusing on nurturing specialized and innovative technology enterprises [3] - In the week of January 19-23, 2026, the BSE's listing committee held three review meetings, successfully approving three companies: Bairuiji, Mifutech, and Toptech [3] - The enhanced review efficiency and improved market ecosystem position the BSE as a key channel for innovative enterprises to connect with capital markets [3]

Core Viewpoint - Zhejiang Kema Material Co., Ltd. has officially listed on the Beijing Stock Exchange, leveraging its leading T2 core technology and strong performance in the automotive parts sector, positioning itself as a high-quality investment target in the capital market [1] Group 1: Technology and Production - The T2 dry extrusion process is a key competitive advantage for Kema Materials, showcasing significant technological leadership globally [1] - The T2 process offers comprehensive breakthroughs in environmental protection, production efficiency, and product performance compared to the traditional T1 wet process, including reduced organic solvent usage and lower natural gas consumption [1] - Kema Materials is the first company in China to achieve large-scale industrial application of the T2 production process, establishing a strong industry barrier through its technical scarcity [1] Group 2: Market Demand and Growth - The market demand for dry friction plates is optimizing under the automotive industry upgrade, providing Kema Materials with substantial growth opportunities [2] - In the commercial vehicle sector, manual transmission vehicles dominate the domestic market, while AMT automatic transmissions are widely used in Europe and the U.S., supporting stable global demand for dry friction plates [2] - The rapid rise of new energy hybrid vehicles in the passenger car sector has become a new growth engine, with the proportion of vehicles requiring dry friction plates in the domestic market reaching 27.94% by 2024 [2] Group 3: Strategic Initiatives and Funding - Kema Materials is proactively entering the wet paper-based friction plate market to seize domestic opportunities, with a focus on increasing the localization rate [3] - The company plans to invest 73.32% of the 206 million yuan raised from its IPO into upgrading the T2 dry extrusion process, which will add an annual production capacity of 10 million plates [3] - Kema Materials holds 80 authorized patents and has participated in drafting 13 national and industry standards, establishing a closed-loop innovation mechanism through collaboration with academic institutions [3]

Core Insights - Koma Materials (920086) experienced a significant increase of 371.27% on its first trading day, with a turnover rate of 96.14% and a transaction volume of 988 million yuan [2] - The stock's first-day margin trading saw a buy amount of 8.05 million yuan, accounting for 0.82% of the total trading volume, with a latest margin balance of 7.49 million yuan, representing 0.72% of the circulating market value [2] Company Overview - Koma Materials specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, and is committed to the development and application of new friction materials [2]

Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. has successfully gone public on the Beijing Stock Exchange, marking it as the second listed company in Songyang after Yunzhongma [1] Group 1: Company Overview - Kema Materials specializes in dry clutch friction plates and wet paper-based friction plates, positioning itself as a key player in the comprehensive transportation industry chain in Songyang [7] - The company has been recognized as a provincial "invisible champion" and a national "specialized and innovative" small giant enterprise, reflecting its strong market position and growth potential [7] Group 2: IPO Details - The IPO raised funds primarily for the technological transformation project of environmentally friendly clutch friction materials and the upgrade of the R&D center [7] - On the first day of trading, Kema Materials closed at 54.95 yuan per share, achieving a remarkable increase of 371.27% [7] Group 3: Leadership Statements - The Vice Mayor emphasized the government's commitment to empowering the real economy through financial means and highlighted the importance of nurturing companies for capital market engagement [5] - The Chairman of Kema Materials expressed that the IPO represents not only a significant capital leap but also a new starting point for the company, aiming for sustained value growth through innovation and management [7] - The County Secretary congratulated Kema Materials and encouraged more local enterprises to follow its example in engaging with the capital market [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.33 to 1.51 billion RMB in 2025, representing a year-on-year growth of 64% to 86% [8] - The growth is driven by the increasing penetration of hybrid vehicles, expansion into overseas markets, and steady growth in the traditional fuel vehicle sector [8] - The company is the only domestic supplier of wet paper-based friction plates for passenger vehicles, benefiting from the trend of domestic substitution [3][8] Financial Forecasts - Total revenue is projected to grow from 206.56 million RMB in 2023 to 433.80 million RMB in 2025, with a compound annual growth rate (CAGR) of 38.78% [1] - Net profit attributable to shareholders is forecasted to increase from 49.18 million RMB in 2023 to 137.39 million RMB in 2025, reflecting a CAGR of 69.53% [1] - The earnings per share (EPS) is expected to rise from 0.87 RMB in 2023 to 2.43 RMB in 2025 [1] Market Expansion and Product Development - The company is expanding its product applications beyond passenger and commercial vehicles to include special vehicles, ships, and low-altitude aircraft [3] - The introduction of the new electronic control limited-slip differential (ELSD) is anticipated to significantly enhance vehicle stability and safety, particularly for new energy vehicles [3] - The global electronic differential market is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, indicating a substantial market opportunity for the company [3] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 95.28 in 2023 to 34.11 in 2025, indicating an improving valuation as earnings grow [1] - The company’s market capitalization is approximately 4.68 billion RMB, with a price-to-book (P/B) ratio of 8.56 [6]