投资逻辑： 盈利预测、估值和评级 0 200 400 600 800 1,000 1,200 31.00 44.00 57.00 70.00 83.00 96.00 109.00 250228 250531 250831 251130 人民币(元) 成交金额(百万元) 成交金额 华曙高科 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 606 | 492 | 716 | 1,338 | 2,256 | | 营业收入增长率 | 32.74% | -18.82% | 45.55% | 86.90% | 68.54% | | 归母净利润(百万元) | 131 | 67 | 68 | 165 | 309 | | 归母净利润增长率 | 32.24% | -48.76% | 1.38% | 142.64% | 86.75% | | 摊薄每股收益(元) | 0.317 | 0.162 | 0.165 | 0.399 ...

【国金计算机&科技】华曙高科：4Q2025 强劲反转，3C 需求爆发驱动公司迎奇点 #4Q2025营收/归母利润/利润率均强势反转 4Q2025归母净利率16.8%，同比+0.9个pct，环比+10.5个pct。 #3C需求爆发_公司大力布局相关3D打印服务 ——钛粉生产工艺大幅改良驱动材料端成本大幅改善，以苹果/荣耀/华为等手机厂商为代表，正加速将3D打印钛合 金技术广泛应用于折叠屏手机铰链、钛合金边框、智能穿戴等精密部件的大规模制造。 ——公司设立控股合资公司，大力开拓3D打印服务在民用领域应用，聚焦3C等行业，有望推动相关收入实现快速 增长。 ——2025年，营收7.16亿元，同比+45.6%，呈现强劲反转高增态势，归母净利润0.68亿元，同比+1.2%； ——4Q2025，营收3.18亿元，同比+116.2%，环比+100%，归母净利润0.53亿元，同比+128.2%，环比+430%。 4Q2025归 【国金计算机&科技】华曙高科：4Q2025 强劲反转，3C 需求爆发驱动公司迎奇点 #4Q2025营收/归母利润/利润率均强势反转 ——2025年，营收7.16亿元，同比+45.6%，呈现强劲反转高增态 ...

华曙高科发布业绩快报，2025年度实现营业总收入7.16亿元，同比增长45.55%；净利润6798.12万元， 同比增长1.15%。报告期内，公司持续通过技术创新不断对设备进行升级改造，并优化软件系统、控制 模块及生产工艺，成功适用于多元化应用场景，显著提升产品打印效率。同时，公司积极拓展下游应用 市场，完善产业链布局，有效提升生产效能并加速订单交付进程，并根据下游客户需求开展3D打印服 务，2025年度公司营业收入实现较大增长。 ...

《星岛》见习记者 洪雨欣 深圳报道 2月11日，安徽三绿科技股份有限公司（以下简称"三绿科技"）与东方证券（600958.SH）签署《首次公 开发行股票并上市之辅导协议》，于14日向安徽证监局完成辅导备案，由此进入IPO辅导阶段。 本次IPO辅导由东方证券股份有限公司担任辅导机构，联合北京市中伦律师事务所和容诚会计师事务所 （特殊普通合伙），督促三绿科技进行上市公司治理规范、财务内控体系建设、信息披露要求等辅导内 容。 辅导报告显示，三绿科技所属行业为C29橡胶和塑料制品业，目前正在全国中小企业股份转让系统（以 下简称"全国股转系统"）申请挂牌中（S11706.NQ）。 8000吨产能预落地，国资股东入局 据公开资料，三绿科技曾用名为安徽三绿实业有限公司，成立于2018年，地址位于安徽省繁昌经济开发 区内的3D打印产业园区，是一家以从事橡胶和塑料制品业为主的企业。公司注册资本6537.22万元。核 心业务包括开发PLA、ABS、PCL等3D打印材料，生产增材制造装备、工业机器人及3D打印笔，并提 供3D打印服务及新材料技术研发。 据繁昌区生态环境分局于2025年7月披露的一份审批意见显示，三绿科技将对生产线进 ...

Core Viewpoint - Koser Intelligent Technology (Suzhou) Co., Ltd. has been established with a registered capital of 30 million RMB, fully owned by Norsberry New Materials Technology (Suzhou) Co., Ltd. [1] Group 1: Company Overview - The legal representative of Koser Intelligent Technology is Mao Weihua [1] - The company is registered with a capital of 30 million RMB [1] - The business scope includes design and production of civil aircraft components, AI application software development, 3D printing services, and new materials technology research [1] Group 2: Shareholding Structure - Norsberry New Materials Technology (Suzhou) Co., Ltd. holds 100% of Koser Intelligent Technology [1] Group 3: Business Activities - The company is involved in various activities including software development, technical services, and import/export of goods and technology [1] - Specific activities require approval from relevant authorities before commencement [1]

Summary of Conference Call Records Company and Industry Overview - The company discussed is Huashu High-Tech, a leading player in the global 3D printing industry, particularly in metal and polymer 3D printing equipment [1][2] - The global 3D printing market is projected to reach $21.9 billion in 2024, with an expected compound annual growth rate (CAGR) of 18% over the next decade, potentially exceeding $114.5 billion by 2034 [2] Core Insights and Arguments - The company has established a complete ecosystem that includes equipment, materials, proprietary software, and after-sales services, creating significant competitive barriers [1] - The R&D expense ratio for the company is projected to reach 22.23% in Q1-Q3 2025, indicating a strong commitment to maintaining technological leadership [1] - A joint venture is set to be established by December 2025, focusing on 3D printing services in consumer sectors such as 3C, which is expected to shift the company’s revenue model from solely equipment and materials to a dual-driven model including services [1][3] - The aerospace sector is anticipated to account for nearly 50% of the company's revenue in 2024, with significant contributions from the FS1521M large-scale equipment, which can be configured with up to 32 fiber lasers [2] - The company is actively expanding its 3D printing services in the 3C and automotive industries, with major clients like Apple and Honor adopting 3D printing technology for precision components [2] Additional Important Points - The company is positioned to benefit directly from the explosive demand in the aerospace sector, as evidenced by a core client, Fei Er Kang, purchasing approximately 40 metal 3D printing machines [2] - The investment recommendation suggests a "buy" rating based on the company's technological advantages and the anticipated rapid growth in 3D printing services and equipment [3] - Risks highlighted include potential underperformance in downstream application expansion, fluctuations in raw material prices, technological evolution risks, geopolitical and exchange rate volatility, and risks associated with the unlocking of restricted shares [3]

Core Insights - 3D printing technology is experiencing rapid growth, transitioning from laboratory settings to production lines and everyday applications, driven by increasing demand and decreasing costs [1][2][4] Group 1: Market Demand and Applications - The significant increase in 3D printing equipment production by 52.5% by 2025 reflects strong downstream demand, particularly for personalized and customized products [1] - Consumers can now easily access 3D printing services through e-commerce platforms, allowing for high-precision products without the need to own a printer [1] - 3D printing is becoming an essential tool for companies in research and flexible production, enabling rapid prototyping and reducing development cycles [3] Group 2: Cost Reduction Factors - The decline in manufacturing costs for 3D printers is attributed to advancements in domestic manufacturing capabilities, with consumer-grade printers now priced similarly to mid-range smartphones [2] - The development of new alternative alloys and AI technologies has further reduced costs and simplified the modeling process, making 3D printing more accessible [3] Group 3: Policy and Capital Support - Government policies are playing a crucial role in promoting the market development of 3D printing, with initiatives aimed at innovation and application expansion [4] - Significant capital investment has been observed in the 3D printing sector, with various companies, including tech giants and venture capitalists, actively funding the industry [5] Group 4: Challenges and Solutions - Despite the growth, the 3D printing industry faces challenges in service and business models, with many users struggling with common issues like nozzle blockages and inadequate after-sales support [6] - Shared manufacturing and leasing models are being explored to help small and medium-sized enterprises reduce initial costs and operational expenses [7] - The industry is also leveraging e-commerce platforms and AI technologies to improve demand response and streamline the manufacturing process [7]

Core Insights - The production of 3D printing equipment in China is expected to grow by 52.5% year-on-year by 2025, driven by strong downstream demand and advancements in technology [1][2][4] Application Trends - The demand for personalized and customized products is becoming mainstream, with consumers able to easily order 3D printed items through e-commerce platforms [1] - 3D printing technology is increasingly being integrated into various fields such as cultural creativity and educational technology, creating new consumer experiences and driving industry growth [3] Cost Reduction Factors - Significant reductions in manufacturing costs for 3D printers have been achieved due to advancements in domestic manufacturing capabilities, with consumer-grade 3D printers now priced similarly to mid-range smartphones [2] - The development of new alternative alloys and AI technologies has further reduced costs and simplified the operation of 3D printing, making it more accessible to the general public [3] Policy and Capital Support - Government policies are playing a crucial role in promoting the market development of 3D printing, with initiatives aimed at fostering innovation and expanding applications [4] - The 3D printing industry has seen multiple financing rounds since 2025, with investments from both tech companies and venture capital firms, indicating strong market interest [5][6] Challenges and Opportunities - Despite the growth, the 3D printing industry is still in its early stages, facing challenges in technical services and business models [7] - There is a mismatch between diverse market demands and supply efficiency, with the need for improved service models such as shared manufacturing and leasing to support small and medium enterprises [8][9]

Core Insights - The 3D printing industry is experiencing significant growth, with a projected 52.5% increase in equipment production by 2025, driven by strong downstream demand and advancements in technology [1][2][4]. Group 1: Market Demand and Applications - The rise in 3D printing equipment production reflects a booming demand for personalized and customized products, particularly in sectors like cosplay and the anime industry [1]. - Consumers can now easily access 3D printing services through e-commerce platforms, allowing them to obtain high-precision products without needing to own a printer [1]. - 3D printing is becoming an essential tool for companies in research and development, enabling rapid prototyping and reducing costs associated with trial and error [3]. Group 2: Technological Advancements - The decline in costs for 3D printing technology is attributed to breakthroughs in domestic manufacturing components, with consumer-grade printers now priced similarly to mid-range smartphones [2]. - New alternative alloys and AI technologies are enhancing the efficiency and accessibility of 3D printing, making it suitable for a wider range of applications [3]. - Features like automatic leveling and cloud-based algorithms are simplifying the user experience, transforming 3D printers into household appliances rather than specialized tools [3]. Group 3: Policy and Investment Support - Government policies are playing a crucial role in promoting the market development of 3D printing, with initiatives aimed at fostering innovation and expanding applications [4]. - Recent policies have identified desktop 3D printers as key digital consumer products, and educational institutions are increasingly incorporating 3D printing into their curricula [4]. - Capital investment in the 3D printing sector has surged, with numerous financing rounds completed since 2025, involving both tech companies and venture capital [5]. Group 4: Challenges and Solutions - Despite the growth, the 3D printing industry faces challenges in service and business model development, with many users struggling with common issues like nozzle clogs and material compatibility [6]. - The uneven distribution of professional 3D printing service providers makes it difficult to meet diverse market demands, particularly in lower-tier markets [6]. - Shared manufacturing and leasing models are being explored to reduce costs for small and medium enterprises, although these models face operational challenges [7].

Group 1 - The core viewpoint of the news is that Nanfeng Co., Ltd. has seen a significant increase in its stock price, rising by 5.31% to reach 14.87 yuan per share, with a trading volume of 341 million yuan and a turnover rate of 5.00%, resulting in a total market capitalization of 7.138 billion yuan [1] - Nanfeng Co., Ltd. is located in Nanhai District, Foshan City, Guangdong Province, and was established on May 24, 1999. The company was listed on October 30, 2009, and its main business involves the research, production, and sales of ventilation and air treatment systems, as well as heavy metal 3D printing technology. The revenue composition is 99.36% from ventilation and air treatment systems and 0.64% from 3D printing services [1] Group 2 - From the perspective of the top ten circulating shareholders of Nanfeng Co., Ltd., data shows that a fund under Huaxia Fund ranks among the top ten circulating shareholders. Huaxia Stable Growth Mixed Fund (519029) entered the top ten in the third quarter, holding 2.2179 million shares, which accounts for 0.46% of the circulating shares. It is estimated that the floating profit today is approximately 1.6634 million yuan [2] - Huaxia Stable Growth Mixed Fund (519029) was established on August 9, 2006, with a latest scale of 1.2 billion yuan. Year-to-date returns are 13.96%, ranking 410 out of 9009 in its category; the one-year return is 75.15%, ranking 686 out of 8164; and since inception, the return is 635.62% [2]