2026 年 03 月 03 日 浙矿股份(300837.SZ) 收购铅银矿山，全链布局有望打开成长 空间 破碎筛分设备国内领军企业，新业务布局驱动长期修复： 公司为破碎筛分设备国内领军企业，并分别于 2023 及 2026 年开始 布局新能源电池回收及海外矿山业务。经营情况方面，目前公司主要 产品及收入来源为破碎筛选单机及生产线，2025 年前三季度，受行 业需求下行影响，公司实现营业收入 4.69 亿元，同比-9.90%；归母 净利润 0.52 亿元，同比-42.62%。2025 年前三季度，公司资产负债 率为 35.53%，期间费用率稳中有降，盈利能力保持稳定。随着房地产 弱复苏及矿山需求回升，叠加公司矿山运营、资源再生等新业务逐步 落地，营收及净利润有望迎来修复，后续若哈萨克斯坦铅银矿收购完 成，将进一步完善全产业链布局，打开长期增长空间。 破碎筛分行业存在结构性支撑，电池回收行业展现高景气度： 破碎筛分设备是矿山机械与砂石机械中的核心设备，砂石骨料行业是 其最大下游市场，约占 65.05%。2023 年后，砂石市场出现供大于求 的格局，抑制了石矿企业对破碎筛分设备的采购需求，但国内矿山建 设成强劲增 ...

来源：新浪证券-红岸工作室 异动分析 黄金概念+金属回收+固废处理+专精特新+高端装备 1、根据2025年7月26日公告：南矿集团境外子公司Nanchang Mineral Systems Zimbabwe (Private) Limited （以下简称"子公司"）与Sucpass Gold Resources (Pvt) Limited（以下简称"Sucpass Gold"）在南昌签订 《Brownhill金矿项目第一期地表氧化矿堆浸项目经营合作协议》（以下简称《经营合作协议》），约 定由公司子公司负责对Sucpass Gold位于津巴布韦Mberengwa的Brownhill金矿的地表氧化矿金矿石的开 采与堆浸处理，合作方式为黄金成品销售收入分成。黄金成品概算销售收入为3640万美元，按Sucpass Gold占百分之二十五（25%）概算分成为910万美元、子公司占百分之七十五（75%）概算分成为2730 万美元的比例进行分配。 2、公司主营业务是为砂石骨料和金属矿山相关的破碎、筛分设备的研发、设计、生产、销售及后市场 服务。公司主要产品包括整机业务和后市场业务。 3、2023年3月28日互动易：公司产品 ...

港股上市有助于公司把握PCB行业黄金发展机 遇，3D打印业务将成公司新增长点；公司在国内 石化领域市占率非常领先，海外业务主要聚焦于 "一带一路"沿线国家——0224调研日报 2026/02/24 16:27 今日内容： 大族激光：港股上市有助于公司把握PCB行业黄金发展机遇，3D打印业务将成 公司新增长点 中密控股：公司在国内石化领域市占率非常领先，海外业务主要聚焦于"一带一 路"沿线国家 【公司在国内石化领域市占率非常领先】 在公司的业务布局中，石化领域是当前产品的主要应用方向。目前，国内中高端机械密封存 量市场规模约为60亿~70亿元人民币，其中石化相关领域的存量业务占比约25%。我们目前在 国内石化领域存量市场的市占率约为20%出头，在近几年国内石化领域增量市场大项目中， 公司市占率可达60%~70%。随着既有增量业务逐步转化为存量，未来在石化领域存量市场份 额仍有提升潜力。 【公司的产品客户粘性很高】 由于机械密封产品的价值量在项目总投资额中占比较低，而密封产品又对装置的安全运行起 到很大的作用，客户的粘性很高，所以只要密封产品运行稳定、使用没有出现重大问题，客 户通常不会更换在运行装置的密封产品供 ...

Group 1: Business Expansion and Strategy - The company is expanding its intelligent operation and maintenance (O&M) business, leveraging its equipment manufacturing and industry experience to establish a scalable foundation for growth [2] - The expansion strategy involves a "small investment, multiple points" approach, using minority stakes in mines as O&M trial platforms to create a data loop for product iteration and process optimization [2] - The core competitive advantage lies in the integration of equipment, services, and intelligence, supported by a global marketing network and digital O&M capabilities [2] Group 2: Revenue Model - The revenue model is driven by two main services: predictive maintenance and professional repair after the warranty period, and full-process operational services provided by specialized teams [2] - Continuous service income from these two service categories is the primary source of profit, enhancing customer experience and fostering long-term partnerships [2] Group 3: Market Characteristics - The company's metal mining orders are primarily focused on ferrous metals, with iron ore orders having the highest proportion due to large-scale mining advantages [3] - The non-ferrous metal business is diversifying, covering high-value minerals such as gold, copper, and lithium, with copper contributing significantly to order scale and output [3] Group 4: International Operations - The company has developed systematic capabilities in overseas mining operations, supported by a team with practical experience in exploration, mining, and processing [3] - The overseas business exhibits a significantly higher gross margin compared to domestic operations, attributed to a differentiated pricing strategy that emphasizes value competition and brand trust [4] Group 5: Asset Management Strategy - The company adheres to a light asset operation strategy, focusing on service capability construction rather than large-scale production base investments due to the risks associated with heavy asset expansion [5] - Resources are primarily allocated to warehousing, logistics, and technical team configurations to achieve flexible global layouts, with minimal production retained for core components [5]

Group 1: Company Transformation and Strategy - The company is transitioning from equipment manufacturing to mining operation services, driven by solid talent reserves, extensive engineering experience, and significant equipment and technology advantages [2] - The strategic focus includes recruiting specialized personnel and adopting a "co-investment rather than control" model for overseas mining operations to manage investment risks [2] Group 2: Growth Drivers in Aftermarket Business - The growth of the aftermarket business is driven by product compatibility, alignment with customer needs, and innovative business models combining equipment sales with total production contracting [3] Group 3: Overseas Business Expansion - High growth in overseas business is attributed to a low initial base and a shift from trade to a long-term model involving local warehousing and service provision, supported by strong market demand [4] Group 4: Risk Management in Mining Operations - Core risks include external uncertainties in target mining environments, with mitigation strategies focusing on project selection, investment model optimization, and enhancing operational efficiency through smart management [5] Group 5: Competitive Advantages in Smart Operations - The company's competitive edge in smart operations lies in reliable equipment manufacturing, a comprehensive service system, and a closed-loop business model that fosters continuous product and technology improvement [6] Group 6: Strategic Framework and Investment Priorities - The "one core, two wings" strategy emphasizes equipment manufacturing while balancing resource investment and service operations, prioritizing gold and copper mining projects to manage investment risks effectively [7] Group 7: Financial Performance and Profitability - The company anticipates limited operational leverage increase due to industry characteristics, with profit margin expansion potential linked to the growth of aftermarket and overseas business contributions [8]

Core Viewpoint - Nanmin Group (001360) emphasizes the standardization of its sand and gravel aggregate product line, primarily focusing on crushing and screening equipment, while its mining business involves more complex processes and personalized solutions, requiring higher equipment reliability and continuous operation [1] Group 1 - The sand and gravel aggregate product line is relatively standardized [1] - The mining business involves more complex processes and personalized solutions [1] - The company’s sales team possesses cross-business service capabilities [1]

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. emphasizes the strategic importance of its mining machinery segment, which includes a national-level technology center and has received significant awards for its technological advancements [1] Group 1: Company Development - The company has established a national-level technology center and has been recognized with a major technological equipment award from the State Council for its "annual production of tens of millions of tons of complete equipment for open-pit mining" [1] - The product lineup includes three main series: open-pit mining equipment, crushing and screening equipment, and material handling equipment, focusing on large-scale, intelligent, and green development [1] Group 2: Technological Advancements - The company is accelerating the implementation of intelligent technologies, which include remote-controlled excavators, unmanned mining trucks, and remote-controlled down-the-hole drills, aiming to create a modern smart mining model that is efficient and environmentally friendly [1] Group 3: Product Applications - The company's tunneling machines are primarily used in tunnel construction and water conservancy projects, and are not intended for mining operations [1]

Core Viewpoint - The company is focusing on the development of mining machinery as a key strategic industry, emphasizing automation and intelligent solutions in mining operations [1] Group 1: Company Strategy - The company has established a national-level technology center and has received a significant technology equipment award from the State Council for its capability to produce complete sets of open-pit mining equipment with an annual output of tens of millions of tons [1] - The company is accelerating the development and application of large-scale, intelligent, and environmentally friendly mining solutions, including remote-controlled excavators, unmanned mining trucks, and remote-controlled drilling rigs [1] Group 2: Product Offerings - The company has developed three main product series: open-pit mining equipment, crushing and screening equipment, and material handling equipment [1] - The company's tunneling machines are primarily used for tunnel construction and water conservancy projects, rather than for mining operations [1]