北交所信息更新 明阳科技（920663.BJ） 2025 年 10 月 27 日 投资评级：增持（维持） | 日期 | 2025/10/24 | | --- | --- | | 当前股价(元) | 20.22 | | 一年最高最低(元) | 38.00/13.40 | | 总市值(亿元) | 27.00 | | 流通市值(亿元) | 12.79 | | 总股本(亿股) | 1.34 | | 流通股本(亿股) | 0.63 | | 近 3 个月换手率(%) | 326.16 | 北交所研究团队 调节机构总成件实现放量+新品研发加速，2025Q1-3 营收同比+28% ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-3 营收 2.69 亿元（+28.29%），归母净利润 5412.74 万元（-9.19%） 2025 年前三季度公司营业收入 2.69 亿元，同比增长 28.29%；归母净利润 5412.74 万元，同比下滑 9.19%；受公司股权激励影响，我们下调 2025-2027 年盈利预 测，预计 2025-2027 年归母净 ...

Core Viewpoint - Mingyang Technology's revenue growth in the first half of the year is primarily driven by increased orders from existing major customers, with new customers contributing relatively little to revenue growth [1] Group 1: Revenue Growth - The company's major customers' orders have been continuously increasing, with a growth rate maintained between 20% and 30% [1] - Compared to 2024, the customer structure in the first half of the year remained relatively stable, with only the fifth largest customer changing [1] Group 2: Company Overview - Mingyang Technology specializes in the research, development, production, and sales of core components for automotive seat adjustment systems [1] - The company offers specialized customization services for high-performance, high-strength, high-precision, and high-difficulty components [1] - The product portfolio includes four major series: self-lubricating bearings, transmission rods, powder metallurgy parts, and metal powder injection molding parts, as well as adjustment mechanism assemblies [1]