2026 年 03 月 02 日 证券研究报告·北交所公司点评报告·造纸 民士达（920394） 2025 业绩快报点评：核心业务芳纶纸量利齐 升，全年业绩同比+27% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 340.47 | 407.95 | 447.02 | 518.31 | 624.12 | | 同比 | 20.70 | 19.82 | 9.58 | 15.95 | 20.41 | | 归母净利润（百万元） | 81.63 | 100.52 | 128.16 | 149.87 | 173.87 | | 同比 | 28.74 | 23.14 | 27.49 | 16.94 | 16.01 | | EPS-最新摊薄（元/股） | 0.56 | 0.69 | 0.88 | 1.02 | 1.19 | | P/E（现价&最新摊薄） | 99.32 | 80.66 | 63.27 | 54.10 | 46.6 ...

民士达（920394） 2025 业绩快报点评：核心业务芳纶纸量利齐 升，全年业绩同比+27% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 340.47 | 407.95 | 447.02 | 518.31 | 624.12 | | 同比 | 20.70 | 19.82 | 9.58 | 15.95 | 20.41 | | 归母净利润（百万元） | 81.63 | 100.52 | 128.16 | 149.87 | 173.87 | | 同比 | 28.74 | 23.14 | 27.49 | 16.94 | 16.01 | | EPS-最新摊薄（元/股） | 0.56 | 0.69 | 0.88 | 1.02 | 1.19 | | P/E（现价&最新摊薄） | 99.32 | 80.66 | 63.27 | 54.10 | 46.63 | [Table_Tag] [Table_Summary] 投资要点 ...

北交所策略专题报告 AI 算力时代：AIDC 引发燃气轮机需求，北交所电力标的抢滩登场 北交所研究团队 ——北交所策略专题报告 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | AI 算力浪潮驱动燃气轮机与电网设备需求，北交所电力板块迎来高增长机遇 西门子能源公司披露 2026 年第一财季财报。美国是西门子能源本财季订单和营 收增长的最大贡献者，同比增幅分别达到 85.7%和 27.1%。Global Energy Monitor 追踪数据显示，美国目前在建的天然气发电装机容量居世界第一，其中超过三分 之一计划直接为数据中心供电。北交所内电力相关标的共有 15 家，包括民士达、 广信科技、锦华新材、宏远股份、聚星科技、球冠电缆、亿能电力、灿能电力、 科润智控、胜业电气、晨光电缆、雅达股份、派诺科技、格利尔、太湖远大。关 注民士达、广信科技、锦华新材等。广信科技（920037.BJ）为国内少数具备 750 ...

北交所策略 主网补短板周期启动下的结构性机会 投 资 投 资 北交所专题报告 2026 年 2 月 26 日 分析师：李紫忆 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn 策 略 策 略 资料来源：ifind，东莞证券研究所 行 业 研 究 证 行 业 研 究 证 券 投资要点： 风险提示：流动性风险；政策出台不及预期；企业业绩不及预期。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 SAC 执业证书编号： 电网投资规模扩容+需求旺盛，行业进入高景气周期。国家电网"十 五五"4万亿元固定资产投资落地，较"十四五"提升40%，叠加新 能源大基地外送与跨区消纳需求，电网资本开支进入明确扩张期。 投资节奏或呈现"前高"特征，2026年特高压重点工程加速开工， 核准与落地进程持续前置，行业需求放量确定性强，为产业链上下 游带来长期成长空间。 北证 50 指数走势 主网优先政策主导，特高压成核心增长引擎。"十五五"电网建设 聚焦"主网强骨架"，特高压 ...

美国那边有本书叫《商业争霸》，作者是达特茅斯学院的斯蒂芬·布鲁克斯和他的学生本·瓦格尔。俩人从政策圈角度切入，直指中国经济实力被外界高估 了。 书里他们用数据说话，称中国GDP实际规模顶多美国一半，因为官方数字里有水分，比如地方投资过剩导致的空置项目拉高了表象。夜间卫星灯光对比是他 们拿手的证据，美国工业区灯火密集，中国有些开发区亮度弱，推算下来经济活跃度没那么高。 他们对制造业的看法更狠，直说中国是世界工厂没错，但多干低端活儿。 拿iPhone举例，中国组装包装赚辛苦钱，设计芯片操作系统全在美国加州搞定，利润大头回流美国。高科技领域，美国企业分走55%利润，中国只拿6%。 芳纶纸强度钢丝五倍，质量五分之一，耐高温阻燃，用在航空航天隐身材料、防火服、高铁隔热。凯夫拉防弹衣中国产占全球七成，SpaceX火箭回收也受 益类似技术。中国产品物美价廉，迅速占领市场。 连接器领域，艾迈斯2002年起步，从小货车家当干起，2023年欧洲招标拿下2000台订单，故障率低80%，第二年加到2万台。美国龙头营收跌23%，两厂关 门。他们施压，造谣补贴黑名单，但艾迈斯靠PAW+GTAW焊技术，材料薄三成强度升一半，出口暴增200 ...

在21世纪，最关键的资源无疑是人才，而人才的真正价值就在于技术。当一个国家掌握了别人没有的技 术时，它就能在相关领域占据市场的主导地位，甚至实现市场垄断。就像芳纶纸这一例，美国曾凭借这 一技术每年从中国赚取数十亿人民币，而这张芳纶纸的成本其实仅为20元。 芳纶纸并不是我们常见的那种普通纸张，它是一种高纤维聚合物，具有出色的物理性质。在相同体积 下，芳纶纸的硬度甚至超过钢铁，而重量却比钢铁轻得多。更为难得的是，芳纶纸具有耐高温的特性， 这使得它在许多高精尖领域中都发挥着至关重要的作用。 以中国的航天事业为例，作为一个高技术含量的行业，航天领域的成本一直是巨大的。当前，一枚航天 火箭的发射成本大约在1到3亿美元之间，特殊情况下甚至可能突破3亿美元。火箭的高昂成本不仅包括 精密的设备，还有用于发射这些设备的技术和燃料。尤其是火箭的重量，每降低一点，发射的成本就能 大幅减少。有数据指出，当火箭的重量减轻1公斤时，发射成本可以减少上千万美元。 然而，早期中国并没有生产芳纶纸的技术，这一技术长期以来一直被美国和日本两国垄断。尽管芳纶纸 的制造成本非常低，一张的成本不过20元，但美国和日本却借助技术垄断，将每张芳纶纸的售价 ...

Performance Insights - The proportion of companies with positive revenue growth on the North Exchange is high, indicating a stronger seasonal rally in spring. In 2025, 62% of companies reported positive revenue growth, while 48% reported positive net profit growth[12][14]. - The spring rally in 2025 saw a significant increase of +40.17% in the North Exchange 50 Index, supported by optimistic performance expectations[12][15]. Liquidity Factors - Improved liquidity is a key driver for the seasonal rally, with trading volumes in 2024 and 2025 starting from two consecutive days of increased trading volume. The average daily trading amount reached over 100 billion yuan in these years[16][17]. - The North Exchange's trading volume has shown significant fluctuations, but the North Exchange 50 Index's volatility has been relatively small, suggesting stable liquidity conditions[22]. Valuation Trends - Valuations have experienced a phase of correction before seasonal rallies, with the North Exchange's overall price-to-earnings ratio dropping from 55 times in September 2025 to 47 times currently, providing a foundation for potential rallies[26]. - Historical data shows that prior to the spring rallies, valuations were at relatively low levels, which attracted more investments and facilitated valuation recovery[23][26]. Market Dynamics - The spring rally is influenced by multiple factors, including concentrated policy expectations, thematic investment opportunities, and performance-driven market sentiment[5][6]. - The North Exchange has shown a decreasing "see-saw effect" with the Shanghai and Shenzhen markets, indicating a growing recognition and acceptance of the North Exchange among investors[17]. Investment Recommendations - Focus on sectors such as new energy, embodied intelligence, and emerging industries with unique business models that are scarce in the A-share market[15]. - Emphasize companies with strong financial indicators, high growth potential, and significant R&D investments to capitalize on the expected spring rally[15].

Company Overview - Taihe New Materials Group Co., Ltd. was established in 1987, originally producing spandex and is now a leader in various materials including aramid fibers and aramid paper [2][3] - The company has transitioned from spandex to aramid fibers, with key products including meta-aramid (second globally), para-aramid (third globally), and aramid paper (first domestically) [2][3] Production Capacity and Operations - Current spandex operating rate is estimated at 70-80% [3] - The company has a production capacity of 10,000 tons for spandex, which is not fully utilized due to industry challenges and internal issues [5] - The company is undergoing technical upgrades to improve efficiency and profitability [5][6] Market Trends and Demand - Spandex demand is projected to grow over 10% in 2024 and between 5-10% in 2025 [5] - The industry is experiencing a shift with increased use of nylon in clothing, impacting spandex demand [7] - The average spandex content in clothing is around 5% for polyester and approximately 10% for nylon [7] Product Development and Innovation - The company is developing T2T (Textile-to-Textile) recycling technology to meet European demands for sustainable materials [4] - Innovations in green dyeing technology are being explored to reduce environmental impact [4] - The company is also focusing on digital printing as a faster and more efficient alternative to traditional dyeing methods [4] Financial Considerations - The company is investing in technical upgrades with a favorable cost-benefit ratio [6] - The capital expenditure for 2026 includes project final payments and a new innovation center [6] Competitive Landscape - The aramid fiber market is competitive, with many players in the para-aramid segment, which is less than 20% of global capacity [6][8] - The company differentiates itself through self-developed technology and early market entry, leading to stable downstream applications [6][8] Future Outlook - The company aims to enhance its production capabilities and explore new markets, including composite materials, to leverage growth opportunities [8] - The focus on high-performance materials like aramid fibers and carbon fibers is expected to drive future growth [8]

Group 1 - The article discusses the limited resources in low Earth orbit (LEO) and the accelerated competition among countries to secure these resources, particularly in satellite deployment and frequency bands [3][6][9] - Satellites are categorized into three types: scientific satellites, technology demonstration satellites, and application satellites, each serving distinct functions and applications [3][4] - The International Telecommunication Union (ITU) rules dictate a "first come, first served" approach for occupying orbital and frequency resources, leading to intensified competition among nations [9][10] Group 2 - The article highlights that the number of global rocket launches is on the rise, with the United States leading the growth, primarily due to SpaceX's advancements in reusable rocket technology [12][14] - SpaceX's Falcon 9 rocket has significantly reduced launch costs, enabling large-scale deployment of the Starlink satellite constellation [15][21] - SpaceX has deployed nearly 10,000 satellites, aiming for a total of 42,000, establishing a dominant position in the global low Earth orbit communication network [21][23] Group 3 - Other countries and companies are also accelerating their satellite constellation deployments, with projects like OneWeb and Amazon's Kuiper Project emerging as competitors to SpaceX [23][24] - China's satellite constellation plans are ambitious, with over 200,000 satellites applied for, indicating a strong commitment to participating in the space race [26][27] - The demand for satellite launches in China is expected to surge between 2026 and 2030, driven by the need to meet ITU deployment requirements [28][30] Group 4 - The commercial space market is projected to reach $800 billion by 2030, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2030 [34] - The commercial space industry encompasses a full value chain from materials to end-user applications, including satellite manufacturing, launch services, and satellite applications [37][38] - Companies like Xingtu and Chuangyuan are leading in satellite management services and satellite communication testing, respectively, showcasing the growth of specialized firms within the commercial space sector [40][43]

Group 1: Industry Perspective on Institutional Research - The research highlights an increase in institutional research activity in the automotive, pharmaceutical, and communication sectors [3][4][12] - Weekly data shows a slight decline in total research counts across the A-share market, but the numbers are higher than the same period in 2025, indicating ongoing low research enthusiasm [13][20] - Monthly data for December 2025 indicates a decrease in total research counts compared to December 2024, with a total of 1,661 instances of research conducted [20][23] Group 2: Individual Stock Perspective on Institutional Research - Companies such as Taili Technology, Jiemai Technology, and Tianlu Technology received significant market attention, with high research counts in the past week [28][30] - In the last month, companies like Taihe New Materials, Huichuan Technology, and Chaojie Co., Ltd. also garnered considerable interest from institutional investors [33][34] - Taihe New Materials, positioned in the high-end chemical industry, has been frequently researched, with five instances of institutional research last week, focusing on its applications in commercial aerospace and computing centers [32]