证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260303 伊朗关闭霍尔木兹海峡，北证 50 下跌 4.11% 2026 年 03 月 03 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： 《中央政治局会议讨论"十五五"规 划纲要，北证 50 下跌 0.50%》 2026-02-27 《存储芯片价格持续上涨并向下游传 2026-03-02 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 导，北证 50 下跌 3.99%》 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：央行：2 月中期借贷便利（MLF）净 ...

智能民用安防市场增长较快，云技术推动行业发展 随着物联网基础设施完善，智能终端高度普及，云计算技术迅猛发展，智能民用 安防市场近几年实现了高速发展。Statista 的数据显示，2024 年全球民用安防市 场规模约 236.80 亿美元，预计到 2028 年，全球智能民用安防市场规模将达 359.5 亿美元，智能民用安防家庭用户数量亦呈现快速增长趋势。预计至 2028 年，全 球智能民用安防市场家庭用户数量将达 6.31 亿户。Statista 预计 2027 年全球智能 网络摄像机的家庭用户数将增长至 18,070 万户，较 2023 年增长 82.79%。全球智 能网络摄像机市场渗透率仍有较大增长空间，预计 2026 年渗透率将提升至 7.10%。 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 智能网络摄像机小巨人，产品辐射全球主流渠道，入驻沃尔玛、亚马逊平台 觅睿科技是国家级专精特新"小巨人"，主营业务为集硬件、软件、云服务、AI 为一体的智能网络摄像机及物联网视频产品的研发、设计、生产和销售。公司拥 有完整的产品线，主要应用于室外安防、 ...

智通财经APP获悉，2月26日，觅睿科技(920036.BJ)开启申购，发行价格为21.52元/股，申购上限为61.22万股，市盈率 14.99倍，属于北交所，国信证券为其保荐机构。 民用视频监控是智能民用安防市场的细分领域之一，智能网络摄像机则是民用视频监控市场中的主要产品类型。近年 来，民用视频监控市场规模、家庭用户数量均保持了良好的增长，且市场渗透率仍有较大增长空间。根据VerifiedMarket Researc数据，2021年全球智能摄像机市场规模为59.40亿美元，预计到2030年将达到124.70亿美元，期间年复合增长率将 达8.50%。 财务方面，于2022年、2023年及2024年，公司实现营业收入分别约为5.49亿元、6.73亿元、7.43亿元人民币；同期净利润 分别约为3906.91万元、7145.69万元、8163.3万元人民币。 觅睿科技于招股书中提示净资产收益率下降的风险。报告期内，公司扣除非经常性损益后归属普通股股东的加权平均净 资产收益率分别为24.41%、37.42%、35.26%和11.18%。本次发行的募集资金到位后，公司净资产将大幅增长，在短期内 存在净资产收益率下降的 ...

2月26日，可申购北交所的觅睿科技（920036.BJ）；另有一只新股上市，为北交所的通宝光电 （920168.BJ）。 一只新股申购 项，其中已授权发明专利26项；境外专利100项，其中已授权发明专利1项，另有多项发明专利正在申请 中。2024年，在知名安防媒体a&s发布的"2024年全球安防50强"榜单中，公司位列第29位。 市场方面，觅睿科技采取线下和线上相结合的销售模式，公司ODM产品主要采用线下直销的销售模 式，自有品牌产品主要采用线上直销模式，公司产品和服务已覆盖北美洲、欧洲、亚洲、大洋洲等地 区，辐射全球主流线上和线下渠道，产品入驻沃尔玛（Walmart）、亚马逊（Amazon）、塔吉特 （Target）等知名商超及网络购物平台。公司产品曾获得2021年度德国IF设计奖（iFDesignAward）、 2021年度红点奖（RedDotWinner），公司自主品牌智能门铃Optic系列被评为"2020年度中国安防十大新 锐产品"。公司产品已取得中国SRRC认证，欧盟CE、RoHS认证，美国FCC认证，澳大利亚RCM认证， 日本TELEC、PSE认证，加拿大IC认证及韩国KC认证等与公司主要产品相对 ...

本期投资提示： 购 策 略 证 券 研 究 汪秉涵 A0230525090003 wangbh@swsresearch.com 联系人 2026 年 02 月 25 日 觅睿科技（920036.BJ）：物联网设 备国家级"小巨人" ——北交所新股申购策略报告之一百六十四 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 申 报 告 相关研究 - 汪秉涵 A0230525090003 wangbh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 基本面：深耕工业物联网领域，抢先布局智慧安防与场景化增值服务体系。公司成立于 2017 年 2 月 15 日，主要从事智能网络摄像机及物联网视频产品的研发、制造与销售， 为国家级专精特新"小巨人"，公司采用自主研发模式，主要业务包括智能网络摄像机及 物联网视频产品和云存储、AI 等增值服务，产品主要应用于主要应用于室内、外安防、智 能入户 ...

证券研究报告 计算机 | 计算机设备 北交所|新股申购 hyzqdatemark 2026 年 02 月 25 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 觅睿科技(920036.BJ) 证券分析师 ——民用视频监控"小巨人"企业，聚焦物联网、云平台与 AI 技术 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 21.52 元/股，发行市盈率 14.3X，申购日为 2026 年 2 月 26 日。觅睿科技 本次发行数量为 1,360.5500 万股，发行后总股本为 5,442.1827 万股，本次发行数 量占发行后总股本的 25.00%。本次发行不安排超额配售选择权。经我们测算，公司 发行后预计可流通股本比例为 26.5%，老股占可流通股本比例为 5.66%。本次发行 战略配售发行数量为 136.0550 万股，占本次发行数量的 10.00%。募集资金在扣除 发行费用后拟用于投资"总部基地及品牌建设项目"、"研发中心建设项目"。 ...

Group 1: IPO Market Overview - The IPO market this week (December 1-5) shows a trend of "stable review and orderly listing," with three companies from the Beijing Stock Exchange passing the review [2] - As of December 5, the IPO queue status across various boards includes: Shanghai Main Board with 3 accepted and 11 in inquiry, Shenzhen Main Board with 2 accepted and 8 in inquiry, Sci-Tech Innovation Board with 3 accepted and 21 in inquiry, Growth Enterprise Market with 2 accepted and 11 in inquiry, and Beijing Stock Exchange with 3 accepted and 152 in inquiry [2] Group 2: Company Profiles - **Mirei Technology**: Focuses on smart network cameras and IoT video products, with revenue from 2022 to the first half of 2025 being 549 million, 673 million, 743 million, and 357 million respectively, and corresponding net profits of approximately 39.15 million, 71.58 million, 81.66 million, and 32.18 million [3][4] - **Zuxing New Materials**: Established in 2007, specializes in aluminum pigments and fine spherical aluminum powder, with revenues from 2022 to the first half of 2025 being 629 million, 690 million, 707 million, and 363 million respectively, and net profits of approximately 42.98 million, 64.82 million, 55.86 million, and 30.30 million [4][5] - **Jintai Co., Ltd.**: Engaged in the research, production, and sales of sponge titanium products, with revenues from 2022 to the first half of 2025 being 1.369 billion, 1.684 billion, 1.559 billion, and 877 million respectively, and net profits of approximately 56 million, 129 million, 137 million, and 111 million [5] Group 3: Recent Listings - **Moore Threads**: Officially listed on the Sci-Tech Innovation Board on December 5, opening at 650 CNY per share, a 468.78% increase from the issue price of 114.28 CNY, with a closing price of 600.50 CNY, reflecting a 425.46% increase [6][8] - **China Uranium Corporation**: Listed on the Shenzhen Main Board on December 3, closing at 67.99 CNY per share, a single-day increase of 280.04%, with a total market value exceeding 140.62 billion CNY [10] Group 4: Fundraising and Future Plans - Moore Threads plans to use the funds raised from its IPO for the development of next-generation AI training and inference chips, graphics chips, and to supplement working capital, aiming to enhance its technological innovation and product development [9]

Group 1: Zuxing New Materials - Zuxing New Materials plans to raise 208 million yuan through its IPO, targeting projects such as the construction of a 5,000-ton high-purity micro-fine spherical aluminum powder production facility, a 1,000-ton high-performance aluminum pigment for powder coatings, and a technology upgrade for high-performance aluminum silver paste [1] - Since its establishment in 2007, the company has focused on the application research and product development of aluminum pigments and micro-fine spherical aluminum powder, which are categorized as functional powder materials in the non-ferrous metal industry [1] - The company's aluminum pigment products are widely used in coatings, printing inks, and plastic materials, with applications in various manufacturing sectors including automotive, 3C products, home appliances, aerospace, engineering machinery, and construction materials [1] - Major clients include international paint giants such as AkzoNobel, PPG, Nippon Paint, and BASF, as well as well-known domestic companies [1] - Revenue figures for Zuxing New Materials from 2022 to the first half of 2025 are 629 million yuan, 690 million yuan, 707 million yuan, and 363 million yuan, respectively, with net profits of 52 million yuan, 87 million yuan, 59 million yuan, and 36 million yuan [1] Group 2: Mirui Technology - Mirui Technology aims to raise 314 million yuan through its IPO for projects including the construction of a research and development center and headquarters [2] - The company specializes in smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI in its offerings [2] - As of the reporting period, Mirui Technology holds 98 authorized domestic patents, including 26 invention patents, and 100 overseas patents [2] - The company's products and services are available in North America, Europe, Asia, and Oceania, with presence in major retail and online platforms such as Walmart and Amazon [2] - Revenue figures for Mirui Technology from 2022 to the first half of 2025 are 549 million yuan, 673 million yuan, 743 million yuan, and 357 million yuan, respectively, with net profits of 39 million yuan, 71 million yuan, 82 million yuan, and 32 million yuan [2] Group 3: Jintai Co., Ltd. - Jintai Co., Ltd. plans to raise 405 million yuan through its IPO for a 20,000-ton high-end aerospace sponge titanium project [3] - The company is a high-tech enterprise primarily engaged in the research, development, production, and sales of sponge titanium products, having established itself as a leading domestic and internationally recognized production base for high-end sponge titanium [3] - Jintai's high-end sponge titanium products are widely used in aerospace, national defense, and military industries, including applications in Long March rockets, new fighter jets, and aircraft engines [3] - Since its inception, the company has provided over 190,000 tons of sponge titanium for various sectors including aerospace and marine engineering [3] - Revenue figures for Jintai Co., Ltd. from 2022 to the first half of 2025 are 1.369 billion yuan, 1.684 billion yuan, 1.559 billion yuan, and 877 million yuan, respectively, with net profits of 56 million yuan, 129 million yuan, 137 million yuan, and 111 million yuan [3]

IPO and Financing Overview - Three companies are scheduled for IPO review next week (December 1-5), aiming to raise a total of 927 million yuan [1] - The companies include Zuxing New Materials, Mirong Technology, and Jintai Co., with respective fundraising goals of 208.11 million yuan, 313.92 million yuan, and 405 million yuan [1][2][5] Company Summaries Zuxing New Materials - Zuxing New Materials originally planned to raise 258 million yuan but reduced the target to 208.11 million yuan, removing a working capital project and adjusting funding for other projects [2] - The company focuses on aluminum pigments and microfine spherical aluminum powder, with applications in various industries including chemicals, agriculture, and aerospace [9] - Recent financials show total assets of approximately 956.98 million yuan and a net profit of 35.90 million yuan for the first half of 2025 [12] Mirong Technology - Mirong Technology reduced its fundraising target from 395 million yuan to 314 million yuan, eliminating a working capital project and cutting funding for its headquarters and brand development project [2] - The company specializes in smart network cameras and IoT video products, integrating hardware, software, and cloud services [14] - As of mid-2025, the company reported total assets of approximately 476.97 million yuan and a net profit of 32.07 million yuan [16] Jintai Co. - Jintai Co. decreased its fundraising goal from 750 million yuan to 405 million yuan [5] - The company is a leading producer of high-end sponge titanium products, primarily serving the aerospace and defense industries [18] - Financial data indicates total assets of approximately 2.89 billion yuan and a net profit of 110.98 million yuan for the first half of 2025 [20] Upcoming Financing Activities - Two companies are set for refinancing next week, aiming to raise a total of 2.35 billion yuan [8] - The companies include Awinic Technology, which plans to raise 1.90 billion yuan through convertible bonds, and Naipu Mining Machinery, targeting 450 million yuan [8][22]

Group 1 - The Beijing Stock Exchange (BSE) is gaining attention as it focuses on serving innovative small and medium-sized enterprises, with three companies scheduled for listing review next week [1][3] - The three companies, Zuxing New Materials, Mirui Technology, and Jintai Co., are from the fields of new materials, smart IoT, and high-end titanium materials, collectively aiming to raise over 900 million yuan [1][3] - Zuxing New Materials is attempting its IPO for the third time, having previously failed in 2016 and 2020, and aims to raise 208 million yuan [3][8] Group 2 - Mirui Technology specializes in smart network cameras and IoT video products, with a fundraising target of 314 million yuan [3][8] - Jintai Co. focuses on the research, production, and sales of sponge titanium products, aiming to raise 405 million yuan for a project related to high-end aerospace sponge titanium [3][8] - The BSE has become a major player in the A-share IPO market, with 183 companies under review, accounting for 60% of the total [5][6] Group 3 - The average waiting time for companies from acceptance to listing on the BSE has been increasing, with median times of 218 days in 2022, 280 days in 2023, and projected 306 days in 2024 [7] - The quality of companies applying for IPOs on the BSE has improved, with an average revenue of 738 million yuan and an average net profit of 95.06 million yuan for companies under review [8] - As of September 2, 2025, the BSE has 274 listed companies with a total market value exceeding 922 billion yuan, with over half being specialized "little giant" enterprises [11][13]