机构调研策略周报（2026.01.19-2026.01.23） 投资要点 ➢ 机构调研热门行业情况 证券研究报告/投资策略 机械设备、电力设备等行业关注度较高 本周（2026 年 1 月 19 日-2026 年 1 月 23 日），一级行业中，按机构被调研 总次数从高到低排序，机械设备、电子、汽车、基础化工的关注度较高，其中机 械设备、电力设备的近 5 天调研机构家数较多。近 30 天（2025 年 12 月 24 日 —2026 年 1 月 23 日），一级行业中，按机构被调研总次数从高到低排序，机 械设备、电子、基础化工、电力设备和汽车的关注度较高，其中机械设备、计算 机的近一个月调研机构家数较多。 ➢ 机构调研热门公司情况 本周机构调研情况，按照近 5 天机构调研次数排名，调研次数较多且机构评级 家数大于 10 家的公司为洁美科技、鸿路钢构、耐普矿机等。 大金重工调研核心围绕 2025 年业绩高增长及海外驱动，预计归母净利润同比大 增 121.58%–153.23%。业绩创历史新高主要得益于海外业务强劲，上半年出口 占比近 79%，欧洲单桩份额居首，手握超百亿订单。 耐普矿机调研重点披露其全球首创的高合 ...

Core Viewpoint - The company Nepe Mining Machinery highlights the advantages of its latest product, high-alloy forged composite liners, over traditional metal liners, emphasizing improvements in durability, efficiency, energy consumption, reliability, and ease of maintenance [1]. Group 1: Product Advantages - Long service life: The wear resistance of the new liners significantly exceeds that of traditional cast alloy materials, extending the lifespan of the liners by 1-2 times, which reduces replacement frequency [1]. - Improved mill efficiency: Custom-designed liners for each mill provide comprehensive wear protection, leading to a 10% increase in equipment performance and effectively extending the stable operation time of the mills [1]. - Reduced energy consumption: The overall weight of the liners is reduced by 20%-30%, which effectively lowers the operational load of the mills and decreases energy consumption by 3%-7% [1]. Group 2: Operational Stability and Maintenance - Enhanced operational stability: The forged material has fewer defects, good toughness, and strong reliability, preventing breakage during use, which reduces equipment maintenance frequency and time, as well as operational risks in the selection plant [1]. - Improved ease of installation and removal: The material is less prone to deformation, making the installation and disassembly process simpler, which shortens maintenance downtime [1].

投资者活动基本情况 江西耐普矿机股份有限公司（以下简称"耐普矿机"）近期通过现场参观结合线上交流的形式接待了机构 调研。本次调研吸引了包括民生加银基金、嘉实基金、兴证全球基金、交银施罗德基金、海通证券资 管、石锋资产等在内的超百家机构参与，涵盖公募基金、私募基金、券商资管、海外投资机构等多个领 域。 投资者关系活动类别为现场参观及线上交流，活动时间集中在2026年1月19日（10:00-11:00、14:00- 16:00）及1月20日（10:00-11:00），地点包括公司会议室及线上交流平台。上市公司接待人员为副董事 长、总经理程胜，董事、副总经理、董事会秘书王磊，证券事务代表邢银龙。 核心调研要点解析 新型锻造复合衬板：五大优势驱动行业升级，应用案例成效显著 在产能布局方面，公司海外工厂建设进展顺利。其中，智利工厂已基本建设完成，待取得政府竣工许可 后即可投产；秘鲁工厂有序推进，预计2027年具备生产能力。公司表示，两工厂完全投产后，将形成覆 盖全球的生产及服务能力，预计全球产能可达25~30亿元。 针对市场关注的竞争格局，公司表示，新型锻造复合衬板为全球首创，目前尚无竞争对手推出同类产 品。其竞争壁垒 ...

Summary of Nepe Mining Machine Conference Call Company Overview - **Company**: Nepe Mining Machine - **Industry**: Mining Equipment Manufacturing Key Financial Performance - In the first three quarters of 2025, Nepe Mining Machine achieved a gross profit margin of 52% in overseas markets and a net profit margin of approximately 17% [2][3] - Revenue exceeded 300 million yuan in Q3 2025, with 70% coming from overseas markets [3] - Orders increased by 32% year-on-year, with domestic orders growing by 12% and international orders by 51% [2][3] Market Growth and Regional Performance - Significant growth in various regions: - South America: nearly 50% increase - Africa: nearly 90% increase - Central Asia, Mongolia, and Russia: over 40% increase - Asia-Pacific: over 60% increase [2][4] - The company expects overseas revenue to rise from 70% to 80% in the next 3 to 5 years [2][15] Product Innovations - **Forged Second-Generation Composite Liner**: - Offers five technical advantages: lifespan increase of 1-2 times, improved efficiency, 10% reduction in energy consumption, stable operation, and easy installation [2][6] - Laboratory tests show wear resistance improved by 42%-53% [7] - **High-Alloy Forged Composite Liner**: - Hardness exceeds the highest grade cast liners by 14 units, with a 10-fold increase in impact resistance and a 60% increase in tensile strength [7][11] - Case studies demonstrate significant improvements in operational efficiency and cost savings [11][12] Strategic Initiatives - The company is focusing on "Going Global 2.0" and "Product 2.0" strategies to enhance global production bases, marketing networks, and after-sales services [4][28] - Investment in mining projects to ensure a trajectory of high growth [25][28] Competitive Landscape - Currently, no competitors have launched similar forged composite liner products due to the complexity of production processes and high costs [21] Future Outlook - Anticipated explosive growth in new product orders, particularly in the domestic market, with expected growth close to double in 2026 [18][26] - Confidence in maintaining high growth rates due to increased domestic trials and the upcoming commissioning of the Chilean factory in 2026 [26] Challenges and Considerations - The company faces challenges in matching production capacity with market demand, especially in Africa where demand significantly exceeds current capacity [17] - The impact of unstable electricity supply in remote regions like South America and Africa on production costs [14] Conclusion - Nepe Mining Machine is positioned for significant growth driven by innovative product offerings and strategic market expansion, with a strong focus on enhancing operational efficiency and sustainability in the mining industry [28]

Financial Performance - In Q1 2025, the company's revenue was 1.94 billion CNY, a decrease of 21.84% year-on-year. Excluding EPC business, the main manufacturing revenue grew by over 13% [3] - Net profit in Q1 2025 dropped by 86%, attributed to the absence of high-margin EPC project revenue (77.1 million CNY in Q1 2024), increased fixed asset depreciation (approximately 10 million CNY), and reduced foreign exchange gains (about 6 million CNY) [3] - The gross profit margin for Q1 2025 was 36.56%, down 7.9% from the previous year. The rubber wear parts margin was 37.44%, a decline of 6.21% [3] Market Strategy - The company aims to increase its overseas revenue share to 80% in the future, emphasizing the importance of international market expansion [3][4] - The company is committed to its internationalization strategy, recognizing that the overseas market for copper production is ten times larger than the domestic market [3] Product Development - The company has successfully developed a high-alloy forged composite liner, which is expected to double the lifespan compared to traditional metal liners, reducing downtime and improving economic efficiency [4][9] - The demand for rubber composite wear parts is projected to double over the next 15-20 years, driven by the increasing need for replacement parts in mining operations [8] Competitive Advantages - The core product, rubber wear parts, offers significant advantages over traditional metal parts, including a lifespan 1.5-3 times longer and energy cost savings of 5%-10% [6] - The company has a diverse product line and advanced technology, positioning it as a leader in the domestic market [10] Industry Outlook - The global market for rubber composite wear parts is expected to grow rapidly, with a replacement rate currently below 15% in the mining sector, indicating substantial growth potential [8] - The company faces competition from established international players but has the potential to capture market share due to the increasing demand for domestic alternatives [10]

Group 1 - The core viewpoint of the news is that Nepe Mining Machinery is expected to achieve significant revenue and profit growth in 2024, driven by strong performance in its manufacturing business and successful overseas market expansion [1] Group 2 - Nepe Mining Machinery is projected to achieve operating revenue of 1.122 billion yuan in 2024, representing a year-on-year increase of 19.62%, and a net profit of 116 million yuan, reflecting a growth of 45.46% [1] - The main manufacturing business revenue is expected to reach 921 million yuan, with a year-on-year growth of 12.9% [1] - Revenue from rubber wear parts is anticipated to grow by 12.7% year-on-year, while revenue from mineral processing equipment is expected to decline slightly by 0.1% [1] - The gross margin for the main manufacturing business is projected to be 39.93% in 2024, an increase of 1.79% compared to the same period last year [1] Group 3 - The company has made significant progress in overseas market development, with growth rates of 125% in Africa, 77% in the Asia-Pacific and Middle East regions, and 58% in Latin America [1] - Nepe Mining Machinery has successfully developed a high-alloy forged composite liner, which has doubled its lifespan and reduced weight by 30% [1] - The sales of the composite liner are being promoted through direct visits and technical exchanges with existing customers [1] Group 4 - The decline in revenue in the fourth quarter of 2024 is primarily attributed to a decrease in orders, production capacity issues, price reductions by competitors, and a slowdown in the growth of overseas orders [1]

Group 1: Company Insights - Nipe Mining Machinery - Nipe Mining Machinery is projected to achieve revenue of 1.122 billion yuan in 2024, representing a year-on-year growth of 19.62% [1] - The net profit is expected to reach 116 million yuan, an increase of 45.46% compared to the previous year [1] - The main manufacturing business revenue is anticipated to be 921 million yuan, with a year-on-year growth of 12.9% [1] - The gross margin for the main manufacturing business is forecasted to be 39.93%, up 1.79% from the same period last year [1] - Significant growth in overseas markets includes a 125% increase in Africa, 77% in the Asia-Pacific and Middle East regions, and 58% in Latin America [1] - The company has successfully developed a high-alloy forged composite liner, which has doubled its lifespan and reduced weight by 30% [1] - A decline in revenue is expected in Q4 2024 due to reduced orders, capacity issues, competitor price cuts, and slowing growth in overseas orders [1] Group 2: Company Insights - Shenghong Co., Ltd. - Shenghong Co., Ltd. is projected to achieve approximately 3.036 billion yuan in revenue for 2024, reflecting a year-on-year increase of 14.53% [2] - The net profit is expected to be 429 million yuan, with a growth of 6.49% year-on-year [2] - Revenue from the industrial power supply business is estimated at 603 million yuan, up 13.11%, with a gross margin of 54.23% [2] - The revenue from new energy power conversion equipment is expected to decline by 5.80% to 857 million yuan, with a gross margin of 29.64% [2] - The electric vehicle charging and swapping equipment revenue is projected to grow by 43.04% to 1.216 billion yuan, with a gross margin of 38.15% [2] - The company has minimal impact from U.S. tariffs, with direct exports to the U.S. accounting for only 1-2% of revenue [2] - The company is expanding its overseas market presence, particularly in Europe and Asia, while facing increased competition in the battery testing and formation equipment sector [2]