证券研究报告·固定收益·固收点评 固收点评 20260302 统联转债：高端精密制造引领者 2026 年 03 月 02 日 [关键词： Table_Tag#业绩符合预期 ] #产能扩张 [Table_Summary] 事件 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《 建议关注"困境反转"相关主题转 债标的 》 2026-03-01 《周观：震荡格局延续，政策催化仍 待确认》 2026-03-01 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 统联转债（118066.SH）于 2026 年 3 月 2 日开始网上申购：总发行规模 为 5.76 亿元，扣除发行费用后的募集资金净额用于广东小熊精品电器 有限公司新建智能小家电制造基地(二期)项目。 ◼ 当前债底估值为 92.03 元，YTM 为 2.19%。统联转债存续期为 6 年,联 合资信评估股份有限公司资信评级为 AA-/AA-,票面面值为 100 ...

Core Viewpoint - The company is acquiring 100% equity of Guangzhou Uni Precision Co., Ltd., which has been facing operational challenges and continuous losses in recent years [2][8]. Group 1: Transaction Details - The transaction does not constitute a related party transaction or a major asset restructuring [2]. - The acquisition was approved by the board on February 6, 2026, and is pending shareholder approval [2]. - The transaction price is set at 116 million yuan, based on an asset-based valuation method, reflecting a 23.84% increase over the book net asset value [5][6]. Group 2: Financial Performance of Target Company - Guangzhou Uni Precision reported a revenue of 405 million yuan and a net loss of 83.17 million yuan for the fiscal year 2024 [2][3]. - For the period from January to August 2025, the company generated a revenue of 211 million yuan with a net loss of 51.53 million yuan [2][3]. - As of August 31, 2025, the total assets of the target company were 230 million yuan, with total liabilities of 134 million yuan and net assets of approximately 95.61 million yuan [3]. Group 3: Impact on the Acquiring Company - The investment will utilize the company's own or self-raised funds, ensuring that daily operational funds and business development needs are not affected [7]. - The transaction is not expected to lead to changes in personnel, land leasing, or management structure [7]. - There are no performance guarantees or compensation arrangements set for this transaction, but there are provisions for transitional profit and loss arrangements [5][8].

（来源：衢州日报） 转自：衢州日报 记者 葛志军 王继红 琚华峰向记者展示了一个重量仅20余克的精密零部件，这是从1.3公斤的铝锭中直接"挖"出来的。"我们 一个'机械狗'的订单已经安排到了2026年底。" "供热管道接到厂门口，均价比金华总部每吨低12元，去年用气量是8.2万吨，仅此一项就节省了近百万 元。"福家企业负责人杨太胜对未来的发展信心满满："2022年，我们急于扩大产能，多方比选后选择了 配套更优的龙游，实现当年拎包入驻、当年投产、当年升规，去年产值突破6亿元，新生产线投产后， 我们的目标是年产值25亿元。" 福家目前已跻身国家级高新技术企业行列，从专用设备到工艺流程，都是公司自主研究设计，完全颠覆 了我们对传统食品加工企业的认知。 培育良好的产业生态，需要来自各方"阳光雨露"的普惠，离不开政府、市场与社会在科技创新领域的紧 密协同。其中发挥国资在赋能产业生态培育中的杠杆作用，龙游频出创新打法。 订单纷至沓来，小微企业却因"囊中羞涩"只能望而却步，这是当前县域经济中众多中小企业面临的共同 困境。龙游通过由国资主导的"供应链代采"创新实践破解这一困局。新北公司发挥国资信用和平台优 势，化身"超级采购 ...

Core Viewpoint - The company specializes in the research, design, production, and sales of high-precision, high-density, complex-shaped, and aesthetically pleasing precision components, leveraging MIM technology as a starting point [1] Group 1: Company Capabilities - The company has diversified manufacturing capabilities beyond MIM technology, including CNC machining, laser processing, wire cutting, die casting, stamping, precision injection molding, semi-solid die casting, and 3D printing [1] - The core advantage of the company lies in its ability to quickly match customized client demands and provide differentiated technical solutions [1] Group 2: Market Position and Growth - The company is continuously expanding its manufacturing capabilities for diverse precision components in response to industry demands for lightweight materials and complex structures [1] - The rapid growth of the company's non-MIM business in recent years is driven by its ability to leverage multi-process collaboration to enter more high-value product lines and increase the share of existing product lines [1]

Core Viewpoint - The company, Shanghai Jingzhi Industrial Co., Ltd., is transitioning from a "machine stacking" phase to a "smart collaboration" phase in the context of China's manufacturing industry, with a focus on data-driven and system-coupled solutions. The capital market plays a crucial role in this transformation, and the company has submitted its listing application to the Hong Kong Stock Exchange [1]. Financial Performance - The company reported a revenue of 6.829 billion RMB for 2023 and 7.460 billion RMB for 2024, but the revenue for the first nine months of 2025 was 4.183 billion RMB, a decline of approximately 11.1% compared to 4.702 billion RMB in the same period of 2023, indicating potential market demand fluctuations or increased competition [2][3]. - The company's pre-tax profit for 2023 was 550 million RMB, but it plummeted to 84.79 million RMB in the first nine months of 2025, a drop of about 66% compared to the same period in 2024 [2][3]. - The gross profit margin for 2023 was 21.5%, which slightly improved to 22.2% in the first nine months of 2025, but the absolute gross profit decreased due to declining revenue [3]. Cost Structure and Profitability - The company faced significant pressure from rising operating expenses, particularly in R&D, which reached 300 million RMB in the first nine months of 2025, nearly matching the total for 2024. This represented an increase in the expense ratio from 4.7% in 2024 to 7.2% in 2025 [4]. - Administrative expenses surged by 41.3% to 558 million RMB in the first nine months of 2025 compared to 395 million RMB in the same period of 2024, indicating potential inefficiencies or increased costs related to IPO preparations [4]. - The combined ratio of R&D, administrative, and sales expenses to revenue rose sharply from approximately 16.0% in 2024 to about 23.5% in 2025, directly impacting net profit [4]. Revenue Composition and Growth Challenges - The company's core business, "advanced equipment solutions," which accounted for over 40% of revenue, saw a 22.7% decline in the first nine months of 2025, raising concerns about its reliability as a growth engine [7]. - New business segments like "communication thermal management" showed rapid growth but maintained low gross margins, indicating a cost-driven nature without reflecting the expected technological premium [8][9]. - The overall gross margin declined from 21.0% in 2024 to 19.9% in 2025, suggesting that the transition to solution-based offerings has not systematically improved pricing power or profitability [9]. Strategic Outlook - The company aims to enhance its image as a technology-driven, high-value solution provider by increasing the proportion of advanced equipment solutions and emphasizing end-to-end optimization [7]. - The funds raised from the IPO are intended for further investment in R&D to strengthen its smart and digital capabilities, supporting ongoing solution iterations and commercial expansion [7]. - However, the financial data indicates significant challenges in executing this strategic vision, with a notable gap between strategic aspirations and operational realities [10].

Core Viewpoint - The company, Shanghai Jingzhi Industrial Co., Ltd., is transitioning from a "machine stacking" phase to a "smart collaboration" phase in the context of China's manufacturing industry, with a focus on data-driven and system-coupled solutions. The capital market plays a crucial role in this transformation, and the company has submitted its listing application to the Hong Kong Stock Exchange [1]. Financial Performance - The company reported a revenue of 6.829 billion RMB for 2023 and 7.460 billion RMB for 2024, but the revenue for the first nine months of 2025 was 4.183 billion RMB, a decline of approximately 11.1% compared to 4.702 billion RMB in the same period of 2023, indicating potential market demand fluctuations or increased competition [2][3]. - The company's pre-tax profit for 2023 was 550 million RMB, but it plummeted to 84.79 million RMB in the first nine months of 2025, a drop of about 66% compared to the same period in 2024 [2][3]. - The gross profit margin for 2023 was 21.5%, which slightly improved to 22.2% in the first nine months of 2025, but the absolute gross profit decreased due to declining revenue [3]. Cost Structure and Profitability - The company faced significant pressure from rising operating expenses, particularly in R&D, which reached 300 million RMB in the first nine months of 2025, nearly matching the total for 2024. This represented an increase in the expense ratio from 4.7% in 2024 to 7.2% in 2025 [4]. - Administrative expenses surged by 41.3% to 558 million RMB in the first nine months of 2025 compared to 395 million RMB in the same period of 2024, indicating rising management costs associated with the IPO and business expansion [4]. - The combined ratio of R&D, administrative, and sales expenses to revenue increased from approximately 16.0% in 2024 to about 23.5% in 2025, directly impacting net profit [4]. Revenue Composition and Growth Challenges - The company's core business, "advanced equipment solutions," which accounted for over 40% of revenue, saw a 22.7% decline in the first nine months of 2025, raising concerns about its reliability as a growth engine [7]. - Emerging business segments like "communication thermal management" showed rapid growth but maintained low gross margins, indicating a cost-driven nature rather than a technology premium [8][9]. - The overall gross margin declined from 21.0% in 2024 to 19.9% in 2025, suggesting that the transition to solution-based offerings has not systematically improved pricing power or profitability [9]. Strategic Outlook - The company aims to enhance its image as a technology-driven, high-value solution provider by increasing the proportion of advanced equipment solutions and optimizing its product mix [7]. - The funds raised from the IPO are intended for further investment in R&D to strengthen its smart and digital capabilities, supporting ongoing solution iterations and commercialization [7]. - The current financial data indicates a significant gap between the strategic vision and operational reality, posing challenges for the company to convert its technological narrative into solid financial returns [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [62]. Core Insights - The company, Kory Technology, is a leader in advanced manufacturing with a focus on cross-industry applications, having evolved from its initial focus on hard disk automation to a global supplier of industrial automation equipment and smart manufacturing solutions [3][4]. - The company's revenue is projected to decline by 14.34% to 2.448 billion yuan in 2024 due to industry cycles, but a recovery is anticipated in 2025 with a slight growth of 0.22% in the first three quarters [3][14]. - The company's gross margin has consistently remained around 35%, indicating strong profitability support [3][14]. Summary by Sections 1. Company Overview - Kory Technology was established in 2001 and has expanded its business into various sectors including mobile terminals, new energy, automotive, and logistics [3][4]. - The company's main business strategy is centered around the "3+N" framework, with three core business areas: mobile terminals, new energy, and precision components, which together accounted for 81.32% of revenue in 2024 [3][18]. 2. Mobile Terminal Business - The mobile terminal sector is expected to benefit from the rapid growth of the AI market, with a projected CAGR of 39.6% from 2025 to 2029 [4][32]. - Kory Technology has established strong partnerships with major clients such as Apple, Google, and Huawei, positioning itself as a leading supplier of testing equipment for mobile devices [38]. 3. New Energy Business - The demand for lithium batteries is expected to grow significantly, with global shipments projected to reach 6012.3 GWh by 2030 [42]. - The company focuses on mid-to-late stage equipment for lithium battery manufacturing, collaborating with leading firms like CATL and EVE Energy [49]. 4. Precision Components Business - Kory Technology's precision components are positioned in the mid-to-high-end market, with applications across various sectors including hard drives and medical devices [55]. - In the first half of 2025, this segment achieved a revenue of 2.33 billion yuan, representing a year-on-year growth of 31.78% [55]. 5. "N" Business Segment - The company is expanding into high-potential areas such as semiconductors and medical technology, benefiting from the acceleration of domestic substitution [59]. - Kory Technology provides ultra-precision components for semiconductor equipment, with capabilities reaching up to 50nm [59].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [62]. Core Insights - The company, Keri Technology, is a leader in advanced manufacturing with a focus on cross-industry applications, having evolved from its initial focus on hard disk automation to a global supplier of industrial automation equipment and smart manufacturing solutions [3][4]. - The company's revenue is projected to decline by 14.34% to 2.448 billion yuan in 2024 due to industry cycles, but a recovery is anticipated in 2025 with a slight growth of 0.22% in the first three quarters [3][14]. - The company's gross margin has consistently remained around 35%, indicating strong profitability support [14]. Summary by Sections 1. Company Overview - Keri Technology was established in 2001 and has expanded its business into various sectors including mobile terminals, new energy, automotive, and logistics [3][8]. - The company's main business strategy is centered around the "3+N" framework, with three core business areas: mobile terminals, new energy, and precision components, which together accounted for 81.32% of revenue in 2024 [3][18]. 2. Mobile Terminal Business - The mobile terminal sector is poised to benefit from the rapid growth of AI technology, with the global edge AI market expected to grow from 321.9 billion yuan in 2025 to 1.223 trillion yuan by 2029, reflecting a CAGR of 39.6% [4][32]. - Keri Technology has established strong partnerships with major clients such as Apple, Google, and Huawei, positioning itself as a leading supplier of complete testing solutions for mobile devices [38]. 3. New Energy Business - The new energy sector is experiencing robust growth, driven by demand from electric vehicles and energy storage markets, with global lithium-ion battery shipments projected to reach 6,012.3 GWh by 2030 [42]. - Keri Technology focuses on mid-to-late stage equipment for lithium battery manufacturing, collaborating with industry leaders like CATL and EVE Energy [49]. 4. Precision Components Business - The precision components segment targets the mid-to-high-end market, with applications across various industries including hard drives and medical devices, achieving a revenue growth of 31.78% year-on-year in the first half of 2025 [55]. 5. "N" Business Segment - The company is expanding into high-potential areas such as semiconductors and optical communications, benefiting from the acceleration of domestic substitution in the semiconductor equipment market [59]. - Keri Technology provides ultra-high precision components and assembly equipment, with capabilities reaching precision levels of 50nm [59].

Core Viewpoint - The logistics industry faced significant disruptions due to political factors, particularly the sudden closure of the border by Poland, which halted the efficient operation of the China-Europe Railway Express, leading to increased costs and uncertainty for logistics companies [2][17]. Group 1: Impact of Disruptions - Daily stoppages resulted in rising storage fees, penalties, and capital occupation costs, creating a tense environment for European clients and domestic factories [2][3]. - The halt affected over 300 trains loaded with valuable goods, highlighting the systemic risks within the logistics sector [3][6]. - The closure was not due to natural causes but political decisions, leading to a pervasive sense of uncertainty in the industry [2][16]. Group 2: Response and Adaptation - Kazakhstan's Deputy Prime Minister expressed confidence in increasing freight volume from 4.5 million tons to 10 million tons, indicating readiness to support logistics operations [4]. - Initial skepticism about the feasibility of alternative routes was prevalent, as the smooth operation of the China-Europe Railway Express depended on multiple interconnected factors [6][8]. - The experience of being "stuck" prompted the industry to reconsider reliance on a single transport corridor, leading to Kazakhstan's route becoming a primary option [8][14]. Group 3: Growth and Efficiency - By December, the freight throughput via the Alashankou and Horgos ports exceeded 6 million tons, marking a more than 25% year-on-year increase, with over 4,000 trains operated [9]. - The return cargo rate approached 98%, resolving previous issues of empty return trips and enhancing the value of goods transported [9][10]. - The logistics time and cost advantages became evident, with significant savings in logistics costs and reduced delivery times for companies using the Kazakhstan route [10][12]. Group 4: Long-term Implications - The improved logistics network is seen as a structural counterattack against previous disruptions, emphasizing the importance of diversifying transport routes [14][16]. - The crisis led to a shift in trust towards more reliable logistics options, with the Kazakhstan route providing a stable alternative for Chinese enterprises and benefiting the local economy [16][18]. - The establishment of multiple transport corridors, including the Northern route and future railways, allows for risk diversification and enhances the overall reliability of the logistics network [16].

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年1月22日，新坐标（sh603040）触及涨停，涨停价115.92元，涨幅9.65%，总市值157.67亿元，流 通市值156.85亿元，截止发稿，总成交额3.72亿元。 根据喜娜AI异动分析，新坐标涨停原因可能如下，业绩增长+现金分红+治理优化： 1、公司基本面良 好，2025年三季度营收同比增长19.45%，归母净利润增长29.41%，扣非净利润增长33.88%，展现出强 劲的业绩增长态势。同时公司实行积极的现金分红政策，每10股派发现金红利2.5元，分红总额3384万 元，占净利润35.58%，这对投资者具有较大吸引力。 2、公司在治理结构上进行了优化，取消监事会改 ...