全球瓦楞纸装备龙头，积极布局新兴产业 ——东方精工（002611.SZ）首次覆盖报告 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 25 日 投资要点： 财务数据及盈利预测 | 报告期 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,746 | 4,778 | 5,372 | 5,974 | 6,758 | | 同比增长率（%） | 21.9% | 0.7% | 12.4% | 11.2% | 13.1% | | 归母净利润（百万元） | 433 | 501 | 701 | 842 | 1,031 | | 同比增长（%） | -3.1% | 15.5% | 40.0% | 20.0% | 22.5% | | 每股收益（元/股） | 0.36 | 0.41 | 0.58 | 0.69 | 0.85 | | 毛利率（%） | 29.2% | 30.1% | 30.0% | 30.1% | 30.3% | | ROE（%） | 9.6% | 10.1% | 1 ...

今年以来东方精工已经7次登上龙虎榜，最近一次登上龙虎榜为11月4日。 资料显示，广东东方精工科技股份有限公司位于广东省深圳市南山区招商街道水湾社区蛇口望海路1166 号招商局广场18A，成立日期1996年12月9日，上市日期2011年8月30日，公司主营业务涉及瓦楞纸箱多 色印刷成套设备的研发、设计、生产、销售及服务。主营业务收入构成为：瓦楞纸板生产线64.67%， 水上动力产品及通机产品22.44%，瓦楞纸箱印刷包装设备(含数码印刷设备)12.89%。 东方精工所属申万行业为：机械设备-专用设备-印刷包装机械。所属概念板块包括：人工智能、工业 4.0、工业互联网、机器人概念、华为概念等。 12月23日，东方精工盘中下跌2.04%，截至10:20，报17.77元/股，成交2.84亿元，换手率1.59%，总市值 216.31亿元。 资金流向方面，主力资金净流出3049.30万元，特大单买入1379.47万元，占比4.85%，卖出2705.43万 元，占比9.51%；大单买入4682.90万元，占比16.47%，卖出6406.23万元，占比22.53%。 东方精工今年以来股价涨84.72%，近5个交易日涨3.13 ...

荷兰不愿看到的局面，终究还是出现了。 在安世半导体事件发生之后，不少国家的财经媒体都将目光关注向了这次事件。 原因很简单，这不仅仅是中国企业与荷兰之间的纠纷，更关乎到了海外企业在欧洲市场的经营预期。 试想一下，一个国家可以以"国家安全"为由，不给企业任何解释的窗口和时间强行夺取对方企业的实际控制权，还会有谁敢与这个国家做生意？ 事件发酵之后，中方已经多次表明立场，荷兰却一直在打马虎眼，迟迟不愿归还中国企业的实际控制权。 面对如此局面，荷兰安世半导体引发的连锁反应，马上就出现了。 近日，东方精工披露重大资产出售预案，宣布以7.74亿欧元现金对价向博枫集团旗下主体出售瓦楞纸板生产线业务，交易标的涵盖意大利Fosber集团等三家 公司100%股权。 7.74亿欧元，67.2%的营收占比，东方精工在欧洲的核心资产一夜之间说卖就卖。 这一刀，砍得欧洲措手不及，也砍醒了所有还在观望的中资企业。当安世半导体的警报声还在回荡，另一场更大规模的撤退已经悄然启动。 而当中国企业集体按下"退出键"，荷兰政府那场精心策划的"国家安全"大戏，最终会收获什么样的结局？ 据了解，东方精工在2014到2019年间，把意大利Fosber集团和 ...

Core Viewpoint - The sale of Fosber Group and its subsidiaries by Dongfang Precision Engineering for €7.74 billion (approximately ¥63.4 billion) highlights the harsh realities of China's manufacturing transformation, as it involves divesting a key asset that contributes 67.2% of its revenue [1][3]. Group 1: Financial Implications - The three companies being sold are projected to contribute €3.211 billion in revenue, accounting for 67.2% of the total revenue for the year [3]. - The investment return rate from these assets has exceeded 700%, indicating their significant profitability [3]. - The proceeds from the sale will be fully invested in Baisheng Power, a leading domestic company in the outboard motor market, which has seen an average annual compound growth rate of over 20% in revenue and net profit over the past five years [3][5]. Group 2: Strategic Decisions - The decision to sell is seen as a strategic move to focus on new growth areas, despite the risks associated with entering a highly competitive market [5]. - The sale reflects a recognition of the limitations of traditional business growth, as the management seeks to pivot towards higher-value sectors such as water propulsion and industrial internet [5][10]. - The company aims to consolidate resources and enhance operational efficiency by focusing on core businesses after the divestiture [10]. Group 3: Market and Competitive Landscape - The Fosber Group holds a dominant position in the global corrugated cardboard production line market, with over 30% market share globally and more than 50% in North America, making it a critical asset [3][7]. - The sale raises concerns about technology transfer and potential impacts on China's manufacturing capabilities, as the technology involved is considered vital [7][8]. - The transaction will face multiple regulatory hurdles, including shareholder approval and antitrust reviews in several countries, particularly in Italy, where Fosber is headquartered [7][8]. Group 4: Industry Transformation - This divestiture is emblematic of the broader transformation within China's manufacturing sector, as companies are compelled to adapt to new production paradigms and higher-value industries [10][11]. - The transition is characterized by a need for courage and strategic foresight, as companies navigate the challenges of shifting from traditional manufacturing to innovative sectors [11]. - The outcome of this strategic gamble will significantly influence the company's future, determining whether it can successfully transition to a leading player in new markets or face setbacks [11].

Core Viewpoint - Dongfang Precision Engineering plans to divest its corrugated cardboard production line business for €774 million, marking a strategic shift towards waterborne power equipment and embodied intelligent robotics [1][2]. Group 1: Asset Sale Details - The company will sell 100% equity of three companies, including Italy's Fosber Group, for €774 million, which represents a significant asset appreciation of over 7 times compared to the initial acquisition cost of approximately €74 million [2]. - The divested assets account for 39.66% of the company's total assets, 30.23% of net assets, and 67.2% of operating revenue for 2024, indicating a major asset restructuring [2]. Group 2: Strategic Shift - The divestiture is aimed at optimizing resource allocation and enhancing operational efficiency, allowing the company to focus on emerging business areas [2]. - The company retains its printing and packaging production lines, industrial internet solutions, and digital printing equipment, ensuring stable revenue and profit to support its strategic transformation [3]. Group 3: New Growth Path - Dongfang Precision Engineering is focusing on two main areas: waterborne power equipment and embodied intelligent robotics, aiming to capture opportunities in strategic emerging industries [4]. - The subsidiary, Baisheng Power, has become a leader in the outboard motor industry, with a projected annual compound growth rate of 22% in revenue and net profit from 2020 to 2024 [4]. - The company plans to enhance its product matrix in the outboard motor sector, including gasoline, diesel, and new energy options [4]. Group 4: Robotics Ecosystem - The company is building a complete ecosystem for embodied intelligent robotics through investments and self-operation, including partnerships with various robotics firms [5]. - A new subsidiary, Dongfang Yuanqi, will serve as the core platform for robot manufacturing, further solidifying the company's position in the robotics market [5]. Group 5: Financial Performance - The company's transformation efforts are showing positive results, with total revenue of 3.389 billion yuan and a net profit of 510 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.52% and 54.64%, respectively [6].

Core Viewpoint - The A-share merger and acquisition market is experiencing significant activity, with a notable transaction involving Dongfang Precision Engineering planning to sell core assets for €7.74 billion (approximately ¥63.4 billion), amidst a backdrop of increased restructuring activity in 2025 [1][2]. Group 1: Transaction Details - Dongfang Precision Engineering is selling three subsidiaries involved in corrugated cardboard production to Brookfield's Foresight US and Foresight Italy, with a total transaction price of €7.74 billion [2]. - The subsidiaries being sold contributed approximately ¥32.11 billion in revenue for 2024, accounting for 67.2% of Dongfang Precision's total revenue, exceeding the 50% threshold for significant asset restructuring [2]. - The transaction includes a potential earn-out of up to €25 million based on future performance metrics, and it has only received board approval, pending further shareholder and regulatory approvals [3]. Group 2: Policy Environment - The restructuring is supported by new regulations from the China Securities Regulatory Commission (CSRC) that streamline the approval process for significant asset restructurings, enhancing market activity [5]. - Key changes in the new regulations include simplified review procedures and increased tolerance for financial conditions, which align well with Dongfang Precision's transaction [5]. Group 3: Strategic Shift - The company aims to divest from its core business, which accounts for nearly 70% of its revenue, to focus resources on new strategic directions, particularly in marine power equipment and intelligent robotics [6][7]. - The marine power equipment segment, led by its subsidiary, has shown strong growth, with a 28% increase in revenue year-on-year, indicating a robust market position [6]. - The intelligent robotics initiative is supported by partnerships and investments in AI technology, aligning with government policies promoting future industries [7].

据悉，其子公司百胜动力已成为国内舷外机行业的头部企业，先后实现115马力、130马力到300马力汽 油舷外机的研发和量产，产品应用于水上休闲、渔业捕捞、应急救援、海事巡逻等领域。 11月28日晚，东方精工披露公告称，拟向博枫集团旗下主体出售其持有的Fosber集团、Fosber亚洲及 Tiruña亚洲三家公司100%股权。本次交易基础价格合计7.74亿欧元（折合人民币约63.50亿元）。 据了解，Fosber集团是全球瓦楞纸生产装备制造领军企业，在北美市场占有率超过50%。东方精工于 2014年通过并购将其纳入"麾下"。数据显示，2024年标的公司未经审计的营业收入达32.11亿元，占东 方精工总营收的67.20%。 此次交易完成后，东方精工将剥离全部瓦楞纸板生产线业务，公司营收规模或将受到一定影响。 东方精工在公告中解释称，此举是公司以前瞻性视野作出的战略性选择。通过十年运营，该资产已为公 司贡献了良好的投资回报。随着业务规模扩大与管理复杂度提升，公司需要更加聚焦资源，提升运营效 率。后续公司将聚焦发展新质生产力，重点投入水上动力设备业务等市场前景广阔的产业。 出售公告发出后，12月1日东方精工股价一字涨停 ...

东方精工为何要将收入大头卖给国外的资本？这源于东方精工对自身业务的战略考量。 2014年，东方精工通过跨国并购获得Fosber集团控股权，后者是全球高端瓦楞纸板生产线领域的领导者，在北美市场占有率超过50%。然而，庞大的国际业 务运营也带来了管理压力。东方精工在公告中称，分散的资源投入与管理重心客观上制约了运营效率。 需要注意的是，本次交易的基础价格合计为7.74亿欧元，通过此次出售，东方精工将获得约63.4亿元的巨款。这笔资金如何使用，将直接影响该公司未来发 展方向。 东方精工在公告中表示，此次出售完成后战略资源更加聚焦于国内业务，特别是水上动力设备以及"人工智能+机器人"等战略性新兴产业的培育与发展。 11月28日晚，深交所上市公司东方精工（002611.SZ）发布重大资产出售预案，引发市场广泛关注。公告显示，东方精工及其全资子公司拟以7.74亿欧元的 基础价格，向国外投资公司博枫（Brookfield）旗下的实体出售其所持有的Fosber集团、Fosber亚洲和Tiruña亚洲3家公司的100%股权。此次交易预计构成上 市公司重大资产重组。 | 项目 | | 交易对价 | | --- | --- | - ...

Group 1: Strategic Focus and Asset Sale - The company aims to optimize resource allocation and focus on domestic development of technology and new productivity businesses by selling certain assets, with a strategic shift towards emerging industries [2][4][7]. - The asset sale is part of the company's commitment to the national "new productivity" strategy and technology transformation, with a focus on high-end intelligent equipment manufacturing [3][5][7]. - The base consideration for the asset sale is €774 million, which will be prudently managed to support the implementation of the technology transformation strategy [8]. Group 2: Business Development and Investment - The company plans to increase investment in its water propulsion equipment business, particularly in the subsidiary Baisheng Power, which has seen a compound annual growth rate (CAGR) of over 20% in revenue and net profit over the past five years [9][10]. - Baisheng Power is positioned to become a world-class supplier of water propulsion equipment, with a focus on developing high-horsepower outboard engines [11]. - The company has made strategic investments in artificial intelligence and robotics, as well as controllable nuclear fusion, to align with national development strategies and explore new growth areas [12][13][15]. Group 3: Market Position and Future Outlook - The global market for outboard engines exceeds $100 billion, with leading brands like Yamaha and Mercury generating significant revenues, highlighting the growth potential for Baisheng Power [10]. - The new manufacturing base in Suzhou is expected to enhance production capacity and support the launch of advanced products, contributing to future sales growth [11]. - The company is committed to enhancing shareholder returns, having distributed over ¥2.1 billion in dividends and share buybacks since its listing [8].

Core Viewpoint - The company Dongfang Precision (002611) plans to sell its corrugated cardboard production line business for €774 million, focusing on increasing investment in its water propulsion equipment business, which is expected to constitute a significant asset restructuring for the listed company [1][4]. Group 1: Transaction Details - The total base price for the sale of the assets is €774 million, which includes the sale of 100% equity in Fosber Group, Fosber Asia, and Tiruña Asia to Foresight US and Foresight Italy [2][3]. - The financial breakdown of the transaction includes specific base prices for each entity: Fosber Group at €636.95 million, Fosber Asia at €125.08 million, and Tiruña Asia at €12.04 million, with additional lockbox interest accruing daily [3]. - The transaction includes contingent consideration based on the total gross profit targets for the group from August 2025 to December 2026, with potential payments of up to €25 million depending on performance [3]. Group 2: Financial Impact - The targeted companies generated an unaudited revenue of ¥3.211 billion in 2024, accounting for 67.20% of Dongfang Precision's total revenue during the same period [4][6]. - The total assets of the targeted companies amount to ¥2.986 billion, representing 39.66% of the total assets of Dongfang Precision [4][6]. - The net asset value of the targeted companies is ¥150.46 million, which is 30.23% of the listed company's net assets [6]. Group 3: Strategic Focus - The company aims to shift its strategic focus towards domestic development in technology and new production capabilities, particularly in the water propulsion equipment sector, following the sale of its corrugated cardboard production line business [11][12]. - Dongfang Precision plans to enhance its research and development in high-power outboard motors and electric outboard motors, aiming to upgrade its product offerings towards higher power, energy efficiency, and lower emissions [11][12]. - The company has established a cluster investment strategy in the "AI + Robotics" sector, with existing investments in three robotics projects, indicating a commitment to diversifying its technological portfolio [8][9].