格隆汇1月5日丨宜安科技(300328.SZ)在投资者互动平台表示，公司的非晶合金在3D打印技术上具备可 行性，目前公司正在和3D打印公司做初步沟通交流。 ...

Core Viewpoint - The article emphasizes investment opportunities in upstream metal new materials driven by three key sectors: AI computing power, new energy, and humanoid robots for 2026. The demand for high-frequency, high-power, high-heat dissipation, and miniaturization is leading the material transformation [1]. Group 1: AI Materials - In the inductance field, metal soft magnetic chip inductors are highlighted for their miniaturization and high current resistance, with companies like Platinum New Materials and Dongkui Co. recommended for investment [1][2]. - In the capacitor sector, the recovery of consumer electronics and the AI engine's resonance suggest a new cycle for MLCCs, with nickel powder benefiting directly, making companies like Boqian New Materials a focus [2]. - The demand for liquid cooling materials in data centers is expected to grow significantly, with companies like Bowei Alloy recommended for their liquid cooling solutions [2]. Group 2: New Energy Materials - Copper is leading the cost revolution in photovoltaics, with companies like Boqian New Materials suggested for investment [4]. - Amorphous alloys are identified as suitable for high power density motors, with Yunlu Co. recommended [4]. - The axial flux motor is anticipated to drive the electric revolution, with Dongmu Co. highlighted for its potential [4]. Group 3: Humanoid Robot Materials - Lightweight materials, particularly magnesium, are noted as competitive, with Baowu Magnesium Industry recommended [4]. - Rare earth permanent magnets are expected to open up long-term growth in high-performance magnetic materials for humanoid robots, with companies like Jinli Permanent Magnet and Ningbo Yunsheng suggested [4]. - MIM (Metal Injection Molding) technology is emphasized for its advantages in robot structural components, with Dongmu Co. again highlighted [4]. Group 4: Capacitors - The MLCC industry is poised for recovery, with significant growth expected in 2024 driven by AI applications and consumer electronics [29]. - AI servers are projected to significantly increase MLCC demand, with estimates suggesting a rise from 603 million units in 2025 to 1.55 billion units by 2028, reflecting a CAGR of 37.2% [37]. - Companies like Boqian New Materials are positioned to benefit from the high-capacity MLCC market driven by AI [38]. Group 5: Liquid Cooling Materials - The demand for liquid cooling solutions is increasing due to the high-density requirements of AI servers, with Bowei Alloy recommended for their innovative materials [49]. - Tungsten-copper alloys are expected to meet the stringent thermal management needs of optical modules, with companies like Sui Rui New Materials suggested for investment [50].

宜安科技介绍称，非晶合金又称金属玻璃或液态金属，是兼备玻璃、金属、固体和液体特性的新型金属 材料。其原子排列不像传统金属那样有序，而是呈现长程无序、短程有序的玻璃态结构，这种无序结构 赋予了它高强度、高硬度、高光洁度、高弹性、耐腐蚀和耐磨损等优异特性。非晶合金表现出特殊的力 学特性，其抗弯强度、抗拉强度、弹性形变等均优于常用材料（强度超过常规铝镁合金的5倍、7系铝的 5倍、不锈钢的3倍、钛合金的2倍）。 宜安科技同时提示风险称，客户的项目定点不构成实质性订单，产品的实际供货时间、供货价格、供货 数量最终以双方后续的正式供货协议或销售订单为准。项目预计于2026年3月末开始量产，不会对公司 本年度业绩产生重大影响。 就在近日，宜安科技在接受机构投资者调研时表示，公司专注非晶合金研发和产业化10多年，作为行业 内较早进行非晶合金研发的企业，在非晶合金成分、成型技术设备等多个方面拥有独立自主的知识产 权，具备非晶合金材料成分的设计、母合金的熔炼、精密模具设计和制造、精密机加工、表面处理及真 空成型设备的制造等全制程的能力。目前公司拥有中国最大规模非晶合金的生产线。 12月16日晚间，宜安科技（300328）发布公告 ...

证券代码：300328 证券简称：宜安科技 东莞宜安科技股份有限公司 投资者关系活动记录表 编号：202512-02 投资者关系活动类别 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 ☐ 路演活动 ☐ 现场参观 ☐ 其他: 参与单位名称及人员姓名 宝盈基金、诺安基金、传奇投资、中信建投证券、兴业证券 时间 2025年12月8日-12月9日 地点 公司会议室 上市公司接待人员姓名 董事长：刘守军先生 董事会办公室主任：甘桂林女士 一、公司基本情况介绍 董事长刘守军先生向投资者简要介绍公司基本情况。 二、与投资者沟通交流的主要问题 1、请简要介绍下公司的非晶合金？ 答：非晶合金又称金属玻璃或液态金属，是兼备玻璃、金属、固 体和液体特性的新型金属材料。其原子排列不像传统金属那样有序， 而是呈现长程无序、短程有序的玻璃态结构，这种无序结构赋予了它 高强度、高硬度、高光洁度、高弹性、耐腐蚀和耐磨损等优异特性。 非晶合金表现出特殊的力学特性，其抗弯强度、抗拉强度、弹性 形变等均优于常用材料（强度超过常规铝镁合金的5倍、7系铝的5倍、 不锈钢的3倍、钛合金的2倍）。 2.公司非晶合金主要材料成 ...

据了解，相较于粉末冶金等传统材料，非晶合金凭借长程无序的独特原子结构，展现出碾压级的性能优 势，其高强度、高硬度特性使其抗弯强度、抗拉强度远超常用材料；高光洁度、耐腐蚀、高耐磨性的特 质使其适配精密制造需求的同时加工效率更高。 在消费电子领域，非晶合金已成为折叠屏手机的重要材料。主轴作为折叠屏手机转轴的核心零部件，需 具备极高的硬度和强度，以支撑铰链结构及手机两侧的重量负荷。非晶合金凭借其独特的致密结构，展 现出显著优于其它材料的力学性能，能够满足高强度承载需求，并能在测试中承受30万次以上折叠循 环，确保长期使用后仍能保持稳定恢复功能。 除消费电子外，非晶合金的应用场景正加速向多领域渗透，成为机构长期看好的核心逻辑之一。目前宜 安科技的非晶合金产品已应用于消费电子结构件(折叠屏铰链、可穿戴设备)、新能源汽车零部件(车门锁 扣等)、医疗器械结构件、音乐及体育器材结构件等领域。 本报讯(记者矫月)12月2日，东莞宜安科技（300328）股份有限公司(以下简称"宜安科技")发布投资者关 系活动记录表。公司通过线下及线上会议形式接待了摩根士丹利基金、易方达基金、中信资管等数十家 知名机构密集调研，与投资者主要围绕株 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a slight decline in revenue for Q3 2025, attributed to fluctuations in downstream demand affecting the shipment of amorphous products [11]. - The gross margin for the first three quarters of 2025 was 28.52%, a decrease of 2.26 percentage points year-on-year, with Q3 2025 gross margin at 26.84%, down 4.96 percentage points year-on-year [11]. - The company is expected to achieve a net profit of 352 million yuan in 2025, corresponding to a PE ratio of approximately 36 times [11]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.46 billion yuan, a year-on-year increase of 5.0%, while net profit attributable to shareholders was 250 million yuan, a year-on-year decrease of 5.0% [2][4]. - In Q3 2025, the company’s revenue was 470 million yuan, down 1.2% year-on-year and 16.4% quarter-on-quarter, with net profit of 80 million yuan, down 16.2% year-on-year and 11.3% quarter-on-quarter [2][4]. - The company’s inventory at the end of Q3 2025 was 208 million yuan, an increase of 38.6% year-on-year, while contract liabilities were 18 million yuan, up 19.9% year-on-year [11]. Cost and Expense Management - The company maintained effective cost control, with total expense ratio for the first three quarters of 2025 at 9.81%, a decrease of 1.16 percentage points year-on-year [11]. - In Q3 2025, the total expense ratio was 10.38%, down 1.00 percentage points year-on-year but up 1.01 percentage points quarter-on-quarter [11].

Core Insights - The report emphasizes the ongoing supply-side reform policies in the steel industry, which aim to effectively control new capacity and promote the reduction of existing steel production capacity [2][5] - The new materials sector is highlighted for its promising prospects, with advancements in materials science leading to the emergence of innovative materials such as carbon nanotubes and amorphous alloys, which cater to specific industry needs [3][4] Group 1: Steel Industry Overview - The Ministry of Industry and Information Technology released a draft for the "Implementation Measures for Capacity Replacement in the Steel Industry," which restricts new capacity and mandates a replacement ratio of no less than 1.5:1 for iron and steel production [2][5] - Domestic crude steel production continues to decline, with a reported 7.46 million tons produced in the first nine months of 2025, a year-on-year decrease of 2.9% [37][40] - The report notes that the real estate sector's decline is slowing, with new housing starts down 18.9% year-on-year, but the rate of decline is less severe compared to previous years [3][87] Group 2: New Materials Sector - The report identifies significant developments in the new materials industry, particularly in the application of carbon nanotubes and amorphous alloys in sectors such as batteries and electric vehicles [3][4] - Amorphous alloys are noted for their efficiency in reducing energy consumption and manufacturing costs in electric vehicle motors, while nanocrystalline materials are gaining attention due to their application in solid-state transformers [4][106] - The demand for carbon nanotubes is expected to surge due to their critical role in solid-state battery technology, which enhances market opportunities for this material [3][5][122] Group 3: Recommended Companies - The report recommends several companies within the new materials sector, including Hebei Steel Resources, Tian Nai Technology, Yunlu Co., and Lian Ke Technology, highlighting their potential for growth and profitability [4][5][17]

Core Viewpoint - Company focuses on strategic new materials sector, developing three core business segments: lightweight alloys for electric vehicle components, amorphous alloys, and biodegradable medical magnesium [1] Group 1 - The three business segments maintain relative independence in technology research and development, production management, and market expansion [1] - The company has established a collaborative development pattern among the three segments [1]

宜安科技(300328.SZ)公告，公司控股子公司东莞市逸昊金属材料科技有限公司(简称"逸昊金属")在株洲 市产权交易中心有限公司以公开挂牌方式引进投资方。本次增资金额为1.046亿元，其中3846.4367万元 进入注册资本，其余进入资本公积。根据竞价结果，本次交易受让方为株洲市产业发展投资控股集团有 限公司、徐春耦、黄博、高宽。 据悉，此次逸昊金属以公开挂牌方式引进投资方对其增资，有利于加强逸昊金属在非晶合金技术方向研 发创新力，巩固在非晶合金产业领域的全球领先优势。 宜安科技(300328.SZ)公告，公司控股子公司东莞市逸昊金属材料科技有限公司(... ...

Core Viewpoint - Yian Technology (300328.SZ) announced that its subsidiary, Dongguan Yihao Metal Materials Technology Co., Ltd. (referred to as "Yihao Metal"), has introduced investors through a public listing at the Zhuzhou Property Exchange Center, with a total capital increase of 104.6 million yuan [1] Group 1 - The capital increase includes 38.464367 million yuan entering registered capital, while the remainder will go into capital reserves [1] - The investors in this transaction include Zhuzhou Industrial Development Investment Holding Group Co., Ltd., Xu Chunou, Huang Bo, and Gao Kuan [1] - This investment is expected to enhance Yihao Metal's research and innovation capabilities in the field of amorphous alloy technology, solidifying its global leading position in the amorphous alloy industry [1]