证券代码：688186 证券简称：广大特材 公告编号：2026-006 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日 张家港广大特材股份有限公司 2025年度业绩预增的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年度实现营业收入为49.20亿元左右，与上年同期（法定披露数据） 相比，将增加9.17亿元左右，同比增加22.91%左右。 2、预计2025年度实现归属于母公司所有者的净利润为2.10亿元左右，与上年同期（法定披露数据）相 比，预计增加0.95亿元左右，同比增加82.61%左右。 3、预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润为2.00亿元左右，与上年同期 （法定披露数据）相比，预计增加1.26亿元左右，同比增加170.27%左右。 三、本期业绩变化的主要原因 1、报告期内，公司下游所属行业需求整体向好，营销部门积极拓展客户订单，公司合力保交付，营业 收入同比实现增长22.91%左右。 2 ...

本期业绩变化的主要原因：1、报告期内，公司下游所属行业需求整体向好，营销部门积极拓展客户订 单，公司合力保交付，营业收入同比实现增长22.91%左右。2、报告期内，公司根据市场变化情况适时 优化内部产品结构，积极实施降本增效措施，使得整体毛利率有所提升，公司盈利能力得以增强。3、 募投项目效益显现:其中，风电齿轮箱零部件项目产能逐步释放，机加工设备平均利用率大幅度提升， 加工产值给予公司较大贡献，并因产能释放而有效降低单位固定成本，实现盈利。海上风电铸件项目通 过一系列技术改造、产线优化、工艺降本、产品多样化等方式促使产能利用率大幅度提升，熔炼产线满 负荷运转，实现盈利。 特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内 容、版权或其他问题需要与新浪财经头条联系的，请于上述内容发布后的30天内进行。 来源：硬码科技派 1月29日，广大特材(688186.SH)发布2025年度业绩预增的公告，预计2025年度实现归属于母公司所有者 的净利润为2.10亿元左右，与上年同期(法定披露数据)相比，预计增加0.95亿元左右，同比增加82.61% 左右。 ...

Core Viewpoint - Guangda Special Materials (688186.SH) expects a significant increase in net profit for the fiscal year 2025, projecting approximately 210 million yuan, which represents a year-on-year increase of about 82.61% compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 210 million yuan for 2025, an increase of around 95 million yuan compared to the previous year [1] - The expected revenue growth is approximately 22.91% year-on-year, driven by improved demand in downstream industries and proactive customer order expansion by the marketing department [1] Group 2: Operational Improvements - The company has optimized its internal product structure in response to market changes and implemented cost reduction and efficiency enhancement measures, leading to an increase in overall gross margin and improved profitability [1] - The benefits from fundraising projects are becoming evident, particularly from the wind turbine gearbox component project, which has seen a significant increase in average equipment utilization and contributed substantially to processing output [1] - The offshore wind power casting project has achieved high capacity utilization through technical upgrades, production line optimization, cost reduction in processes, and product diversification, resulting in profitability [1]

本期业绩变化的主要原因：1、报告期内，公司下游所属行业需求整体向好，营销部门积极拓展客户订 单，公司合力保交付，营业收入同比实现增长22.91%左右。2、报告期内，公司根据市场变化情况适时 优化内部产品结构，积极实施降本增效措施，使得整体毛利率有所提升，公司盈利能力得以增强。3、 募投项目效益显现:其中，风电齿轮箱零部件项目产能逐步释放，机加工设备平均利用率大幅度提升， 加工产值给予公司较大贡献，并因产能释放而有效降低单位固定成本，实现盈利。海上风电铸件项目通 过一系列技术改造、产线优化、工艺降本、产品多样化等方式促使产能利用率大幅度提升，熔炼产线满 负荷运转，实现盈利。 格隆汇1月29日丨广大特材(688186.SH)公布，经财务部门初步测算，预计2025年度实现营业收入为49.20 亿元左右，与上年同期（法定披露数据）相比，将增加9.17亿元左右，同比增加22.91%左右。预计2025 年度实现归属于母公司所有者的净利润为2.10亿元左右，与上年同期（法定披露数据）相比，预计增加 0.95亿元左右，同比增加82.61%左右。预计2025年度实现归属于母公司所有者的扣除非经常性损益的净 利润为2.00亿元左 ...

每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 王晓波） 每经AI快讯，广大特材1月29日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润为 2.1亿元左右，与上年同期相比，预计增加0.95亿元左右，同比增加82.61%左右。业绩变动主要原因 是，报告期内，公司下游所属行业需求整体向好，营销部门积极拓展客户订单，公司合力保交付，营业 收入同比实现增长22.91%左右。报告期内，公司根据市场变化情况适时优化内部产品结构，积极实施 降本增效措施，使得整体毛利率有所提升，公司盈利能力得以增强。其中，风电齿轮箱零部件项目产能 逐步释放，机加工设备平均利用率大幅度提升，加工产值给予公司较大贡献，并因产能释放而有效降低 单位固定成本，实现盈利。海上风电铸件项目通过一系列技术改造、产线优化、工艺降本、产品多样化 等方式促使产能利用率大幅度提升，熔炼产线满负荷运转，实现盈利。 ...

Core Viewpoints - The gearbox component sector continues to contribute profits, with robust growth highlighting the resilience of the company's performance. The company achieved a net profit attributable to shareholders of approximately 249 million yuan in the first three quarters, a significant year-on-year increase of 213.65%. In Q3, the net profit was about 63.67 million yuan, up 74.27% year-on-year [1] Group 1: Wind Power Gearbox Components - The wind power gearbox component business has significantly improved the average utilization rate of machining equipment due to capacity release, effectively reducing unit fixed costs and continuously contributing to profits, supporting the company's stable profitability [1] - The company is expected to benefit from the high prosperity of offshore wind power, with ongoing capacity release and optimization of production lines, which may further enhance profit margins in the wind power sector [2] Group 2: Controlled Nuclear Fusion - The company is focusing on high-end special materials in the controlled nuclear fusion field, which is seen as a crucial solution to global energy challenges. The successful installation of the compact fusion energy experimental device (BEST) in Hefei is a significant milestone, with completion expected in 2027 [3] - The company has achieved mass production of key components for nuclear power, such as GH2696 alloy castings, positioning itself for stable growth in the future as controlled nuclear fusion technology develops [3] Group 3: Profit Forecast and Investment Recommendations - Based on the Q3 report, the company adjusted its product prices, costs, and financial expenses, forecasting net profits attributable to shareholders of 318 million, 437 million, and 568 million yuan for 2025-2027, respectively [4] - The target price is set at 28.08 yuan based on a comparable company's 18X PE valuation for 2026, maintaining a buy rating [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.08 CNY based on a PE valuation of 18X for comparable companies in 2026 [4][6]. Core Insights - The company has shown significant performance growth driven by the booming wind power sector, with a notable increase in high-end materials potentially enhancing profit margins [2][10]. - The company's net profit for the first three quarters of 2025 reached approximately 249 million CNY, reflecting a substantial year-on-year growth of 213.65% [10]. - The report highlights the expected continuation of profit growth due to the release of production capacity and cost reduction initiatives, particularly in the offshore wind power segment [10]. Financial Performance Summary - The company's projected revenue for 2025 is 5.468 billion CNY, representing a year-on-year growth of 36.6% [4][13]. - The net profit attributable to the parent company is forecasted to be 318 million CNY in 2025, with a remarkable growth rate of 177.2% compared to the previous year [4][13]. - The gross margin is expected to improve to 20.8% in 2025, with net profit margin reaching 5.8% [4][13]. - The company's earnings per share (EPS) is projected to be 1.13 CNY in 2025, increasing to 2.03 CNY by 2027 [4][13].

Core Insights - The wind power industry is expected to maintain a rising trend in the fourth quarter, driven by the acceleration of large-scale projects like the "Shage Desert" base [1] - Key component manufacturers in the wind power sector have reported significant growth in their third-quarter earnings, while the midstream wind turbine manufacturing segment is still in a recovery phase [2][3] Company Performance - Xinqianglian, a leading bearing manufacturer, reported a revenue of 3.618 billion yuan for the first three quarters, a year-on-year increase of 84.10%, and a net profit of 664 million yuan, up 1939.50% [2] - Zhongcai Technology achieved a revenue of 8.369 billion yuan in the third quarter, reflecting a year-on-year growth of 33.47%, with a net profit increase of 234.84% [2] - Guangda Materials reported total revenue of 3.775 billion yuan for the first three quarters, a 27.56% increase, and a net profit of 249 million yuan, up 213.65% [3] Industry Trends - The demand for wind turbine blades is currently outstripping supply, with leading companies experiencing full order books, indicating a continuation of high demand into the fourth quarter [2] - The average gross margin for midstream turbine manufacturers was around 11% in the first half of the year, showing a decline of over 3 percentage points year-on-year [3] - The wind power industry is projected to see an annual average investment exceeding 250 billion yuan during the "14th Five-Year Plan" period, with core components expected to capture about 60% of the market share [6] Market Opportunities - China's new energy targets aim for wind and solar power generation capacity to reach six times that of 2020 by 2035, suggesting a doubling of annual new installations in the next five years [4] - Major projects like the 19 million kW capacity in Xinjiang, which includes 4 million kW of wind power, are set to drive demand [5] - The exploration of new business models such as wind power hydrogen production is expanding market boundaries, with significant investments in integrated projects [5]

Core Viewpoint - The company expects a significant increase in net profit for the first three quarters of 2025, projecting approximately 248 million yuan, which represents a year-on-year increase of about 213.92% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of around 248 million yuan for the first three quarters of 2025, an increase of approximately 169 million yuan compared to the same period last year [1] - Revenue is expected to grow by about 25.04% year-on-year due to improved demand in downstream industries and active customer order expansion by the marketing department [1] Operational Efficiency - The company has optimized its internal product structure in response to market changes and implemented various cost-reduction and efficiency-enhancing measures, leading to a recovery in overall gross profit margin and enhanced profitability [1] - The benefits of fundraising projects are becoming evident, with the wind power gearbox component project gradually releasing production capacity and significantly increasing the average utilization rate of machining equipment, contributing substantially to the company's processing output and reducing unit fixed costs [1] - The offshore wind power casting project has achieved a substantial increase in capacity utilization through technical renovations, production line optimization, cost reduction in processes, and product diversification, resulting in full-load operation of melting capacity and profitability [1]

Core Viewpoint - The company expects significant growth in revenue and net profit for the first three quarters of 2025 compared to the same period last year, driven by internal optimization and cost-reduction measures [1] Financial Performance - Estimated revenue for the first three quarters of 2025 is approximately 3.7 billion yuan, an increase of about 741 million yuan, representing a year-on-year growth of approximately 25.04% [1] - Estimated net profit attributable to the parent company for the same period is around 248 million yuan, an increase of approximately 169 million yuan, reflecting a year-on-year increase of 213.92% [1] - Estimated net profit attributable to the parent company after deducting non-recurring gains and losses is about 240 million yuan, an increase of approximately 197 million yuan, indicating a year-on-year growth of 458.14% [1] Operational Efficiency - The company has optimized its internal product structure in response to market changes and implemented various cost-reduction and efficiency-enhancing measures, leading to improved overall gross margin and enhanced profitability [1] - The wind turbine gearbox component project has gradually released production capacity, significantly increasing the average utilization rate of machining equipment, contributing substantially to the company's processing output and effectively reducing unit fixed costs [1] - The offshore wind power casting project has achieved full-load operation of melting capacity through technical upgrades, production line optimization, cost reduction in processes, and product diversification, resulting in profitability [1]