投资要点
　　聚焦新质生产力，三大新材料技术平台协同发展。公司紧紧围绕“以粉末压制成形P&S、软磁复合材料SMC和金属注射成形MIM三大新材料技术平台为基石充分发挥三大技术平台在技术、客户和管理等方面的协同优势，制造的产品能广泛为新能源和高端制造领域，如光伏逆变器、新能源汽车及充电设施、电力电子、电机等领域提供储能及能源转换方案，为折叠屏手机、智能穿戴、机器人、现代通信、医疗器械、汽车等领域提供粉末冶金结构零部件和材料工艺综合解决方案。
　　布局机器人产业链，未来成长可期。1）液态金属谐波减速器柔轮：公司下属公司上海驰声新材料有限公司成功开发出了机器人谐波减速器用液态金属柔轮样件，经初步测试，在使用寿命、传动误差、噪声、轻量化等指标方面，液态金属柔轮样件性能良好；2）轴向磁通电机：参股公司深圳小象电动，轴向磁场电机相对于传统径向磁场电机具有体积小、重量轻和效率高等显著特点，特别适用于对体积重量有特殊要求的应用领域，比如人形机器人、四足机器狗等；3）MIM在灵巧手上的应用：基于使用MIM技术生产微型齿轮具有模数小（小于0.5，甚至可达0.05）、强度高、设计自由度大、可带台阶，且净近成型成本低等优势，预计MIM产品能在灵巧手指驱动齿轮和仿生手手指连接结构件等应用场景的潜在需求量将大幅提升。
　　AI快速发展催生服务器需求，MIM和SMC助力AI算力建设。1）高速连接器外罩：公司研发并成功实现批量交付了高速连接器外罩（housing）MIM件共计两个料号，产品间接配套到英伟达GB200服务器，后续有潜在机会在更多场景得到配套机会；2）AI芯片电感：公司推进了金属软磁新型一体化电感等技术的研发和市场开拓，2024年，公司SMC实现芯片电感和服务器电源软磁材料收入1.75亿元；3）芯片和光模块散热器：MIM技术在芯片散热器和光模块散热器方面均有较大的应用潜力，潜在市场容量广大。
　　MIM赋能折叠手机模组，后续有望扩展至更多领域。截至24年底，公司已投入使用了7条折叠机铰链模组生产线，落实了从折叠机MIM零件向“MIM零件+模组”的发展模式，同时，对折叠机相关核心材料进行了性能再升级，不断给客户强力赋能，折叠机铰链正成为公司MIM技术平台的重要增长极。此外，公司战略性布局了钛合金MIM粉末原料技术，钛合金由于其优越的性能，越来越受到消费电子和医疗行业的高度关注，后续成本下降后应用可期。
　　投资建议：公司是中国粉末冶金新材料行业的龙头企业，折叠屏手机铰链增长动力充足，同时布局机器人和AI新场景打开成长新曲线。我们预计2026-2028年营业总收入分别为71.01/81.46/92.60亿元，同比增速分别为17.6%/14.7%/13.7%；归母净利润分别为6.21/8.11/9.48亿元，同比增速分别为15.9%/30.7%/16.9%，对应EPS分别为0.98/1.29/1.50元/股。首次覆盖，给予“买入”评级。
　　风险提示：主要原材料价格波动的风险，下游行业需求波动的风险，技术迭代与新产品拓展不及预期的风险等。

NBTM New Materials’s 1H26 revenue came in at RMB3,079mn,up 5.11%YoY;attributable net profit was RMB200mn,down 23.16%YoY;recurring net profit was RMB187mn,down 25.04%YoY.For 2Q26,revenue was RMB1,542mn,up 4.89%YoY/0.36%QoQ;attributable net profit was RMB75mn,down 50.00%YoY/40.73%QoQ;recurring net profit was RMB70mn,down 51.51%YoY/40.19%QoQ.SMC and MIM revenue kept growing,and the company is pushing new material technologies into robotics,AI compute,and high-end consumer electronics.Maintain OVERWEIGHT.
Share-based payments and impairments dragged profit
For 2Q26,gross margin was 22.05%,down 3.42pp YoY/4.46pp QoQ.1H26 revenue growth was driven by new product launches at amajor customer and higher sales of products used in server power supplies and energy storage.The company recognized RMB75mn in share-based payment expenses in 1H26,reducing attributable net profit by RMB57mn;excluding this impact,attributable net profit was RMB257mn,down 1.35%YoY.It also booked RMB14mn in FX losses in 1H26,vs aRMB14mn gain ayear earlier,and made asset impairments of RMB54mn,further weighing on profit.
New-tech revenue exceeded 30%of the total
In 1H26,P&S/SMC/MIM revenue was RMB1,187/560/1,307mn,-5.84%/+26.06%/+8.25%YoY.SMC is mainly used in new energy,server power supplies,PV inverters,and energy storage.MIM benefited from higher folding-phone orders at amajor customer,with folding-assembly revenue up 219.3%YoY.New-tech products generated revenue of RMB1,079mn,or 35.33%of the total,including RMB141mn from AI compute and RMB928mn from high-end consumer electronics.
R&D and new-tech projects advanced
1H26 R&D expenses were RMB200mn,up 23.47%YoY,or 6.51%of revenue.The group standard Axial Flux Motors for Humanoid Robot Joints,led by the company,was published and implemented in April 2026.On 6August 2026,the company completed the acquisition of a34.75%stake in Shanghai Fuchi,lifting its total holding to 99.00%.On 20 August,36.13mn new shares issued for the asset purchase were registered.
Earnings forecasts and valuation
Given higher R&D and administrative expense ratios,we cut our 2026/27/28 attributable net profit forecasts to RMB581/675/799mn,down 16.7/16.7/16.6%from prior estimates,implying EPS of RMB0.87/1.01/1.20.Comparable companies trade at a2026E PE of 51.6x on Wind consensus.We assign the company a2026E PE of 51.6x,deriving atarget price of RMB44.89,up from RMB38.51,which was based on a2026E PE of 34.7x.
Risks:macro and downstream demand fluctuations,changes in the international trade environment,slower technology iteration and commercialization of new products than we expect;FX and raw material/labor cost swings,and slower new project construction and Shanghai Fuchi integration than we expect.

　　东睦股份发布2026年半年报，2026H1实现营收30.79亿元（yoy+5.11%），归母净利润2.00亿元（yoy-23.16%），扣非归母净利润1.87亿元（yoy-25.04%）。Q2实现营收15.42亿元（yoy+4.89%、qoq+0.36%），归母净利润0.75亿元（yoy-50.00%、qoq-40.73%），扣非归母净利润0.70亿元（yoy-51.51%、qoq-40.19%）。公司SMC、MIM收入延续增长，积极推进新材料技术在机器人、AI算力、高端消费电子等新科技领域的应用，维持“增持”评级。
　　Q2毛利率回落，股份支付及减值拖累利润
　　Q2毛利率22.05%，同比-3.42pct、环比-4.46pct。26H1营收增长主要系大客户新产品上市，以及应用于服务器电源、储能等领域产品销售增长；26H1确认股份支付费用0.75亿元，减少归母净利润0.57亿元，剔除股份支付影响后归母净利润2.57亿元，同比-1.35%。同时，26H1确认汇兑损失0.14亿元，上年同期为收益0.14亿元；计提资产减值准备0.54亿元，进一步拖累利润。
　　SMC、MIM延续增长，新科技收入占比超三成
　　2026H1，P&S、SMC、MIM分别实现主营业务收入11.87、5.60、13.07亿元，同比分别-5.84%、+26.06%、+8.25%。SMC主要应用于新能源、服务器电源、光伏逆变器及储能等行业；MIM受益于大客户折叠机订单增长，折叠组装件相关主营业务收入同比+219.3%。新科技战略下产品实现主营业务收入10.79亿元，占比35.33%，其中AI算力、高端消费电子收入分别为1.41、9.28亿元。
　　研发及新科技项目推进，上海富驰整合落地
　　26H1研发费用2.00亿元，同比+23.47%，占营收6.51%；公司主持制定的团体标准《人形机器人关节用轴向磁通电机》于2026年4月发布并实施。2026年8月6日上海富驰34.75%股权完成交割，公司合计持股99.00%；8月20日发行股份购买资产部分新增3,613.07万股完成登记。
　　盈利预测与估值
　　考虑到公司研发和管理费用率提升，我们下调公司26-28年归母净利润至5.81/6.75/7.99亿元（较前值分别下调16.7%/16.7%/16.6%），26-28年对应EPS为0.87/1.01/1.20元。可比公司26年Wind一致预期PE均值为51.6，我们给予公司26年51.6倍PE，对应目标价44.89元（前值38.51元，对应26年34.7倍PE）
　　风险提示：宏观经济及下游需求波动，国际贸易环境变化，技术迭代及新产品产业化不及预期，汇率及原材料、人工成本波动，新项目建设及上海富驰整合不及预期等。

NBTM released its 2025 annual report and 1Q26 earnings:2025 revenue reached RMB6,037mn(+17.39%YoY),with attributable NP of RMB536mn(+34.95%YoY)and recurring NP of RMB519mn(+37.09%YoY).In 4Q25,revenue was RMB1,621mn(+5.78/+9.03%YoY/QoQ)and attributable NP was RMB120mn(+0.13/-21.94%YoY/QoQ).In 1Q26,revenue rose 5.32%YoY to RMB1,537mn,while attributable NP increased 12.69%YoY to RMB126mn.The 2025 attributable NP exceeded our estimate of RMB487mn,mainly due to government subsidies related to assets(RMB20.47mn)and income(RMB15.08mn).Benefiting from its new materials and technology development strategy,NBTM stands to benefit as aleading domestic powder metallurgy company.We maintain OVERWEIGHT.
Three new material segment revenue hit new highs in 2025
In 2025,the company's three new material technology platforms achieved record-high core business revenue,with P&S/SMC/MIM generating core business revenue of RMB2,532/931/2,540mn(+13.21/+3.24/+29.26%YoY).During the reporting period,products under the company's"new technology"strategy generated revenue of approximately RMB2,097mn,accounting for 34.91%of core business revenue,including:robot-related products(RMB12mn),AI computing-related products(RMB224mn),and high-end consumer electronics(RMB1,861mn).In 1Q26,the company maintained YoY growth in earnings,and excluding the impact of share-based compensation expenses,attributable NP reached RMB154mn(+38.07%YoY).
Powder metallurgy technology empowering robot applictions
NBTM established aproduct portfolio in the robotics field,including axial flux motors,reducers(planetary reducers,harmonic flex spline reducers,cycloidal reducers),dexterous hand micro gears,surgical robot components,and P&S(powder metallurgy press-forming)gears for robots.The company achieved 2025 sales revenue of RMB10.56mn(+584.39%YoY)from axial flux motors and related components,selling 1,724 units(+440.44%YoY).It developed various reducers for robots,such as planetary reducers,harmonic reducers,and cycloidal reducers,to meet different application scenarios.
Cutting into AI computing power segment with MIM and SMC
The company has made important strides in the new technology field and is actively advancing the construction of"New Dongmu."Currently,it primarily focuses on core components such as AI high-speed connectors,heat sinks for chips and optical modules,chip inductors,and server power inductors,building aproduct system that meets the high-power,high-efficiency,and miniaturization requirements of AI computing equipment,thereby supporting the construction of AI computing infrastructure.
Earnings forecasts and valuation
We raise our attributable NP forecasts for 2026/2027 to RMB698/810mn(up 19.43/29.33%from previous estimates)and introduce our 2028 attributable NP forecast of RMB958mn,with corresponding EPS of RMB1.11/1.28/1.52 for 2026/2027/2028.The upward revisions mainly reflect the company’s"new technology"strategy,focusing on high-growth areas such as robotics and AI computing.Given the peers’average 2026E PE of 34.77x on Wind consensus,we assign the company a34.7x 2026E PE,resulting in atarget price of RMB38.51(previous:RMB29.9,based on 37.8x 2025E PE).
Risks:weaker downstream demand/greater US tariff disruptions than we expect.

　　东睦股份发布2025年报和2026年一季报，2025年实现营收60.37亿元（yoy+17.39%），归母净利5.36亿元（yoy+34.95%），扣非净利5.19亿元（yoy+37.09%）。其中Q4实现营收16.21亿元（yoy+5.78%，qoq+9.03%），归母净利1.20亿元（yoy+0.13%，qoq-21.94%）。2026年Q1公司实现营业收入15.37亿元，同比提升5.32%；实现归母净利润1.26亿元，同比提升12.69%。2025年归母净利润高于我们的预期4.87亿元，主要原因为2025年公司与资产相关的政府补助以及与收益相关的政府补助分别为2046.7万元以及1507.8万元。受益于公司新材料和新科技的发展战略，作为国内粉末冶金行业的标杆企业，维持公司“增持”评级。
　　25年三大新材料主营业务收入创历史新高，26年Q1保持同比增长
　　2025年公司三大新材料技术平台主营业务收入创历史新高，P&S、SMC和MIM分别实现主营业务收入25.32亿元、9.31亿元和25.40亿元，同比分别增长13.21%、3.24%和29.26%。报告期内，公司“新科技”战略下的产品实现营业收入约20.97亿元，占公司主营业务收入的34.91%，其中：机器人相关产品营业收入约0.12亿元，AI算力相关产品营业收入约2.24亿元，高端消费电子产品营业收入约18.61亿元。26年Q1公司业绩保持同比增长，若剔除股权支付费用的影响，Q1归母净利润达到1.54亿元，同比增加38.07%。
　　粉末冶金技术赋能机器人应用场景
　　公司在机器人领域构建了轴向磁通电机、减速器（行星减速器、谐波柔轮减速器、摆线减速器）、灵巧手微型齿轮、手术机器人零配件、机器人用P&S（粉末冶金压制成形）齿轮等产品矩阵。2025年公司实现轴向磁通电机及零部件销售收入1,055.53万元，同比增长584.39%，销售各类轴向磁通电机1,724台，同比增长440.44%。公司开发了机器人用行星减速器、谐波减速器、摆线减速器等多款不同结构的减速机，以满足不同应用场景。
　　依托MIM和SMC软磁，精准切入AI算力领域
　　公司在新科技领域成果显著，积极推进“新东睦”建设。目前公司主要聚焦AI高速连接器、芯片和光模块散热器、芯片电感和服务器电源电感等核心零部件，打造适配AI算力设备高功率、高效率、小型化需求的产品体系，助力AI算力基础设施建设等。
　　盈利预测与估值
　　我们上调公司26-27年归母净利润至6.98/8.10亿元（较前值分别上调19.43%/29.33%），新增28年归母净利润预测为9.58亿元，26-28年对应EPS为1.11/1.28/1.52元。上调主要是考虑到公司以“新科技”战略为引领，聚焦机器人、AI算力等高成长领域。可比公司26年Wind一致预期PE均值为34.77倍，我们给予公司26年34.7倍PE，对应目标价38.51元（前值29.9元，对应25年37.8倍PE）。
　　风险提示：行业下游需求不及预期，美国关税政策扰动超预期。