证券研究报告 晨会 hyzqdatemark 2026 年 03 月 04 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年03月04日 华源晨会精粹 20260304 机器人 机器人升级登春晚，产业迈入"1-10"阶段——2026 年春节人形机器人行 业动态点评：机器人出圈马年春晚，从表演到干活样样通。从舞台出圈到商业带动， 机器人正经历全面升级。订单增长：马年春晚开播两小时，京东机器人搜索量环比 增长超 300%，客服问询量增长 460%，订单量增长 150%。出货指引：2026 年宇树 科技目标出货量 1-2 万台左右，相对于 2025 年超 5500 台出货呈倍数级增长。从春 晚舞台的惊艳表现到销量以及出货量的大幅提升，人形机器人在背后完成了一系列 "超进化"。除了春晚机器人的出圈以外，Agility 与 Figure 在生产制造环节的实质 性部署、马斯克构想的 Optimus 无人咖啡馆、宇树科技在天坛的再度表演，都标志 着行业正加速向真实场景落地迈进；同时，智平方超 10 亿元的大额融资与手机巨头 荣耀跨界入局消费端市场，进一步印证了资本的支持与应用边界的拓宽。后续事件 展望：202 ...

北交所策略专题报告 案例：凯德石英控股股东变更为江丰电子 2026 年 2 月 5 日，凯德石英实际控制人张忠恕、王毓敏及其一致行动人张凯轩、 德益诚、英凯石英拟向江丰电子、宁波甬金转让其所持的上市公司共计 1547.56 万股股份（占上市公司总股本的 20.6424%），并拟放弃转让完成后所持上市公司 全部股份的表决权。本次交易完成后，江丰电子将成为公司控股股东。改选后凯 德石英的总经理将由原董事长张忠恕先生担任。财务总监由江丰电子推荐（提 名），其他高级管理人员由张忠恕先生提名。江丰电子专注超高纯金属溅射靶材 及半导体精密零部件，2025 年度受益于人工智能、5G 通信、云计算、机器人、 交通运输等下游需求的持续增长，全球晶圆及芯片产量相应提升，并不断向先进 制程方向发展。凯德石英：持续推动半导体&光伏石英制品高端化，2025 年半导 体集成电路行业用石英产品收入较 2024 年同期增加。双方产品应用领域存在较 大程度重合，此次整合将扩大半导体产业链布局，增强客户服务能力 重要公告：创远信科回复交易所问询，海能技术设立参股子公司 本周（2026.2.23~2026.3.1）值得关注的公告主要包括：创远信科 ...

Group 1 - The core viewpoint of the news is the performance and market position of Hubei Feilihua Quartz Glass Co., Ltd, which saw a stock price increase of 5.15% to 109.21 CNY per share, with a total market capitalization of 57.037 billion CNY [1] - Hubei Feilihua specializes in the production and sales of high-performance quartz glass materials and products, with its main business revenue composition being 70.80% from quartz glass materials, 28.91% from quartz glass products, and 0.30% from other sources [1] Group 2 - From the perspective of fund holdings, the Shenyin Wanguo Fund has a significant position in Feilihua, with the Shenyin Wanguo CSI Military Industry Index A fund reducing its holdings by 26,600 shares, now holding 175,200 shares, which represents 2.37% of the fund's net value [2] - The Shenyin Wanguo CSI Military Industry Index A fund has a total scale of 733 million CNY and has achieved a year-to-date return of 8.73%, ranking 1589 out of 5570 in its category [2] - The fund manager, Wang Yunjie, has been in position for 5 years and 220 days, with the best fund return during his tenure being 60.57% and the worst being -25.46% [3]

Core Viewpoint - Jiangfeng Electronics is expected to achieve steady growth in performance by 2025 and plans to acquire a controlling stake in Kaide Quartz to enhance its core competitiveness in the semiconductor components business [1] Group 1: Company Overview - Jiangfeng Electronics will become the controlling shareholder of Kaide Quartz after the completion of the transaction, gaining control over the company [1] - Beijing Kaide Quartz Co., Ltd. specializes in the research, production, and sales of quartz glass products, including quartz instruments, pipes, and boats [1] Group 2: Industry Application - Kaide Quartz's products are widely used as production consumables in the semiconductor integrated circuit chip field, photovoltaic solar industry, and other sectors [1] - Kaide Quartz is one of the few companies in China capable of processing quartz glass products for 8 and 12-inch semiconductor integrated circuit chip production lines [1] Group 3: Market Position and Performance - Kaide Quartz has been engaged in the export processing of quartz glass products for 4, 6, 8, and 12-inch semiconductor chip production lines for many years, with products primarily sold to Germany, the United States, and Taiwan [1] - The company offers over a hundred types of products, with processing technology and product quality reaching a high level in the industry [1] Group 4: Financial Projections - Jiangfeng Electronics is expected to see earnings per share (EPS) of 1.92 yuan, 2.75 yuan, and 3.55 yuan for the years 2025, 2026, and 2027, respectively [1] - The company maintains a "recommended" rating following the acquisition of Kaide Quartz's controlling stake, which will enhance its layout in the quartz component sector [1]

Investment Rating - The report maintains a "Recommended" rating for Jiangfeng Electronics [4][9]. Core Insights - Jiangfeng Electronics plans to acquire control of Kaide Quartz to enhance its core competitiveness in the semiconductor component business. The acquisition involves a cash purchase of approximately RMB 590.7 million for a 20.64% stake in Kaide Quartz, which will become a subsidiary post-transaction [2][9]. - The company forecasts a revenue of approximately RMB 4.6 billion for 2025, representing a year-on-year growth of about 28%. The net profit attributable to shareholders is expected to be between RMB 431 million and RMB 511 million, reflecting a growth of 7.5% to 27.5% [1][2]. Financial Performance Summary - For 2025, Jiangfeng Electronics anticipates achieving a revenue of approximately RMB 46 billion, with a year-on-year increase of about 28%. The net profit attributable to shareholders is projected to be between RMB 431 million and RMB 511 million, indicating a growth of 7.5% to 27.5% [1][2]. - The company expects to achieve a quarterly revenue of approximately RMB 13.09 billion in Q4 2025, marking a year-on-year increase of about 33.57% and a quarter-on-quarter growth of about 9.45% [2][9]. - The company is actively advancing its ultra-pure metal sputtering target projects, with the Huanghu target factory construction progressing smoothly [3][9]. Market Position and Strategy - Jiangfeng Electronics is positioned as a leading domestic player in semiconductor targets, with ongoing efforts to expand its semiconductor precision components business. The acquisition of Kaide Quartz is expected to enhance its product offerings in quartz components [2][9]. - The company is focusing on increasing its market share in advanced process products, with significant growth in revenue from ultra-pure metal sputtering targets and semiconductor precision components [2][9]. Earnings Forecast - The earnings per share (EPS) for Jiangfeng Electronics is projected to be RMB 1.92, RMB 2.75, and RMB 3.55 for the years 2025, 2026, and 2027, respectively [9][11].

Investment Rating - The report maintains a "Recommended" rating for Jiangfeng Electronics [4][9]. Core Insights - Jiangfeng Electronics plans to acquire control of Kaide Quartz to enhance its core competitiveness in the semiconductor component business. The acquisition involves a cash payment of approximately RMB 590.7 million for a 20.64% stake in Kaide Quartz, which will become a subsidiary post-transaction [2][9]. - The company forecasts a revenue of approximately RMB 4.6 billion for 2025, representing a year-on-year growth of about 28%. The net profit attributable to shareholders is expected to be between RMB 431 million and RMB 511 million, reflecting a growth of 7.5% to 27.5% [1][2]. Financial Performance Summary - Jiangfeng Electronics anticipates continued growth in revenue and profit for 2025, driven by an increase in market share for advanced process products and a rise in revenue from ultra-pure metal sputtering targets and semiconductor precision components. The company expects Q4 2025 revenue to reach approximately RMB 1.309 billion, a year-on-year increase of about 33.57% [2][11]. - The projected earnings per share (EPS) for 2025 is expected to be RMB 1.92, with forecasts of RMB 2.75 and RMB 3.55 for 2026 and 2027, respectively [9][11]. Business Development - Jiangfeng Electronics is actively advancing its ultra-pure metal sputtering target projects, with the Huanghu target material factory construction progressing smoothly [3][9]. - The company is enhancing its strategic layout in the semiconductor precision component sector to meet customer demands and expand its product line, focusing on high-value-added products [9]. Market Position - Jiangfeng Electronics is recognized as a leading domestic player in the semiconductor target material sector, with the acquisition of Kaide Quartz expected to strengthen its position in the quartz component market [2][9].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [4][7]. Core Insights - The company is a leading player in the quartz materials sector and a rare supplier of quartz glass fibers for the aerospace industry. It is transitioning from a traditional materials supplier to high-value sectors such as semiconductors and AI computing [7]. - The demand for advanced electronic fabrics is expected to grow rapidly, driven by the AI industry's expansion. The company is positioned to benefit from this growth while also fulfilling the role of domestic replacement [7]. - The projected net profits for 2025, 2026, and 2027 are expected to be 420 million, 830 million, and 1.24 billion RMB, respectively, with year-on-year growth rates of 34%, 97%, and 49% [7][10]. Financial Projections - The company anticipates achieving net profits of 4.2 billion, 8.3 billion, and 12.4 billion RMB for the years 2025, 2026, and 2027, with corresponding EPS of 0.81, 1.59, and 2.37 RMB [9][10]. - The price-to-earnings (P/E) ratios for 2026 and 2027 are projected to be 62 and 42, respectively [10]. Market Position and Demand - There is a significant demand gap for high-end electronic fabrics, with global demand expected to exceed 15 million meters by 2026, while effective global production capacity is insufficient to meet this demand [10]. - The company is actively expanding its capabilities in the quartz electronic fabric sector and aims to become a leading supplier by 2027 [10].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [4][7]. Core Insights - The company is a leading player in the quartz materials sector and a rare supplier of quartz glass fibers for the aerospace industry. It is transitioning from a traditional materials supplier to high-value sectors such as semiconductors and AI computing. The company has established a complete industrial chain from quartz sand to composite materials [7]. - With the rapid growth of the AI industry, the demand for low dielectric constant electronic fabrics is increasing. The company is expected to benefit from industry growth while also fulfilling the role of domestic substitution. Projected net profits for 2025-2027 are expected to be 420 million, 830 million, and 1.24 billion RMB, representing year-on-year growth of 34%, 97%, and 49% respectively [7][10]. - The company is positioned to become a leading supplier of high-end quartz electronic fabrics by 2027, with a significant supply-demand gap expected in the market due to increasing global demand [10]. Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 420 million, 830 million, and 1.24 billion RMB, with corresponding EPS of 0.81, 1.59, and 2.37 RMB. The price-to-earnings ratios for 2026 and 2027 are estimated at 62 and 42 times, respectively [9][10]. - Revenue is expected to grow from 2.08 billion RMB in 2025 to 3.95 billion RMB in 2027, with operating profits increasing significantly during the same period [14].

Core Viewpoint - Jiangfeng Electronics is a leading global manufacturer of ultra-pure metal sputtering targets, focusing on aluminum, titanium, tantalum, copper, and tungsten targets, with a dual-driven strategy of targets and components expected to drive revenue and profit growth [3][4][8]. Group 1: Business Overview - Jiangfeng Electronics has established a complete industrial chain from ultra-pure metal raw material purification to target manufacturing, serving major clients like TSMC, SMIC, and SK Hynix [3][4]. - The company has achieved significant growth in both target and component businesses, with a projected revenue CAGR of 32.6% from 2020 to 2024, and an expected revenue of 4.6 billion yuan in 2025, representing a 28% year-on-year increase [4][26]. - The company’s gross margin has remained stable between 28% and 30%, with a gross margin of 28.93% in Q3 2025, and target gross margins showing a recovery starting in 2023 [32][33]. Group 2: Target Business - Jiangfeng Electronics is the global leader in ultra-pure metal sputtering targets, with a market share of 26.9% in sales volume, and is expected to be the largest supplier by shipment volume in 2024 [5][47]. - The demand for sputtering targets is driven by a supply-demand gap and rising costs, with significant price increases observed since 2025 due to rising costs of aluminum, copper, and tungsten [5][6]. - The company is positioned to benefit from the increasing demand for advanced process technologies, with major clients planning to expand their production capacities significantly [5][6]. Group 3: Component Business - The component business is expected to open a second growth curve, with revenue from components projected to reach 8.87 billion yuan by 2024, growing 55.53% year-on-year [29]. - Jiangfeng Electronics has successfully scaled production of key components such as silicon electrodes, gas distribution plates, and heaters, with a focus on increasing the domestic production rate of electrostatic chucks [6][29]. - The acquisition of a stake in Kaide Quartz is expected to enhance the company’s capabilities in quartz products, further solidifying its position in the semiconductor supply chain [6][8]. Group 4: Strategic Development - The company has a stable core team with significant international expertise, which is crucial for long-term development and innovation in ultra-pure metal materials [18][21]. - Jiangfeng Electronics is actively pursuing a diversified industrial layout, covering semiconductor materials, core components, and specialized equipment, establishing a comprehensive competitive advantage [21][26]. - The company’s strategic collaborations and technological advancements are expected to drive long-term growth and market share expansion in both the target and component sectors [7][8].

Core Viewpoint - Jiangfeng Electronics plans to acquire control of Kaide Quartz, marking the first "A-share eats A-share" transaction in the A-share market for 2026, which is expected to enhance its position in the semiconductor supply chain [3][8]. Group 1: Acquisition Details - Jiangfeng Electronics will pay cash to acquire control of Kaide Quartz, which specializes in quartz products for semiconductor integrated circuits [3][7]. - The acquisition is anticipated to strengthen Jiangfeng's product matrix from metal targets to non-metal components, providing a comprehensive solution for downstream chip manufacturing clients [12][13]. - The total market value of Kaide Quartz is approximately 3.8 billion yuan [4][10]. Group 2: Financial Performance - Jiangfeng Electronics expects to achieve a net profit of over 430 million yuan in 2025, continuing its growth trajectory [6][17]. - Kaide Quartz is also a profitable company, but its net profit is projected to decline in 2023 and 2024, with a 24.57% decrease in the first three quarters of 2025 [17]. - The acquisition is expected to further enhance Jiangfeng's earnings and market competitiveness despite Kaide's current performance challenges [17]. Group 3: Strategic Importance - The acquisition is seen as a critical step for Jiangfeng Electronics to fill gaps in its non-metal materials segment and leverage synergies between the two companies [12][13]. - Jiangfeng Electronics has established itself as a leading supplier in the global target material market, serving major clients like TSMC and SMIC [5][15]. - The company is actively pursuing a fundraising initiative to support its growth, aiming to raise over 1.9 billion yuan for various projects, including the production of semiconductor components [5][16].