科达制造股份有限公司2026年第一季度报告深度解析

核心财务亮点

• 营业收入：本季度实现47.27亿元，同比增长25.48%。
• 归属于上市公司股东的净利润：5.87亿元，同比增长69.10%。
• 扣除非经常性损益后的净利润：5.70亿元，同比增长76.57%。
• 经营活动现金流：净额8.70亿元，较去年同期增长8倍以上。
• 基本每股收益：0.308元，同比增长64.71%。
• 加权平均净资产收益率：4.56%，同比增加1.58个百分点。
• 总资产：310.84亿元，较上年度末增长5.86%。
• 归属于上市公司股东的所有者权益：131.54亿元，较上年度末增长4.46%。

业务表现及未来展望

• 海外建材业务：建筑陶瓷产品量价齐升，玻璃产能释放，营业收入大幅增长，盈利能力显著增强。秘鲁玻璃项目、科特迪瓦陶瓷二期、肯尼亚基苏木陶瓷二期、几内亚陶瓷及加纳浮法玻璃项目正在筹备建设，计划于2026-2027年陆续投产。
• 陶瓷机械业务：受行业周期、贸易环境和地缘局势影响，盈利空间有所压缩。但公司积极推进智能生产线项目、产品升级、深化海外拓展，业务质量稳步提升。
• 锂电材料业务：负极材料产销同比良好增长，盈利水平提升。公司持续推进产能扩建和产线优化，技改完成后，负极材料业务将具备18万吨/年人造石墨产能。
• 战投业务：参股蓝科锂业第一季度碳酸锂产品产销量均增长，碳酸锂价格及销量驱动盈利显著增长。蓝科锂业实现营业收入11.13亿元，净利润5.82亿元，科达制造按43.58%间接持股确认归属于上市公司股东的净利润2.54亿元。

重大交易与潜在风险

• 重大资产重组：

  公司拟通过发行股份及支付现金方式，收购广东特福国际控股有限公司51.55%股份，并向不超过35名特定投资者发行股份募集配套资金。本次交易尚需完成股东大会、上交所审核及证监会注册等多项审批，存在能否最终实施的不确定性。该交易若顺利进展，将大幅增强公司业务布局和盈利能力，可能对股价产生重大影响。

• 海外业务扩张：

  多个海外项目建设推进，预计未来两年将陆续投产，可能带来业绩持续增长。

• 锂电材料业务产能扩张：

  负极材料产能提升至18万吨/年，若市场需求持续回暖，将显著提升盈利能力。

• 投资蓝科锂业：

  碳酸锂价格与销量上涨，蓝科锂业盈利显著增长，科达制造间接持股带来的投资收益大幅提升。

• 外部环境风险：

  陶瓷机械业务受行业周期、贸易环境变化及地缘局势等多重挑战，需持续关注公司应对措施。

股东结构与股权情况

• 主要股东：梁桐灿持股19.52%，广东联塑科技8.01%，香港中央结算有限公司7.60%，卢勤6.57%。部分股东存在股份质押，需关注潜在风险。
• 员工持股计划：2025年员工持股计划专用证券账户持股2.5%。
• GDR情况：截至2026年3月31日，瑞士证券交易所GDR存续数量304.91万份，占GDR实际发行数量25.41%。

非经常性损益影响

• 非经常性损益主要包括资产处置、政府补助、金融资产公允价值变动、债务重组等，合计影响净利润1635.13万元。

现金流与债务状况

• 经营活动现金流：大幅净流入，显示公司主营业务良好。
• 投资活动现金流：净流出3.89亿元，主要用于固定资产购建及其他投资。
• 筹资活动现金流：净流入2.45亿元，主要来源于借款及少数股东投资。
• 期末现金及现金等价物余额：30.44亿元。

投资者需重点关注事项

• 重大资产重组进展与审批结果。
• 海外建材业务新项目投产进度及盈利能力。
• 锂电材料产能扩建与市场需求变化。
• 蓝科锂业碳酸锂价格及销量变动。
• 主要股东股份质押风险。
• GDR及国际资本市场反应。

免责声明

本文章基于科达制造股份有限公司2026年第一季度报告公开信息整理，仅供投资者参考。本文不构成任何投资建议，投资者应结合自身情况，谨慎决策。公司重大资产重组、海外项目建设等事项尚存在不确定性，敬请关注公司后续公告，并注意投资风险。市场波动、政策变化及国际经济环境均可能影响公司业绩及股价表现。

English Version

In-Depth Review of Keda Manufacturing Co., Ltd. 2026 Q1 Report

Key Financial Highlights

• Revenue: RMB 4.727 billion, up 25.48% YoY.
• Net profit attributable to shareholders: RMB 587 million, up 69.10% YoY.
• Net profit excluding non-recurring items: RMB 570 million, up 76.57% YoY.
• Operating cash flow: RMB 870 million, more than 8-fold increase YoY.
• Basic EPS: RMB 0.308, up 64.71% YoY.
• Weighted ROE: 4.56%, up 1.58 percentage points YoY.
• Total assets: RMB 31.08 billion, up 5.86% from last year-end.
• Shareholders’ equity: RMB 13.15 billion, up 4.46% from last year-end.

Business Performance and Outlook

• Overseas Building Materials: Significant revenue and profit growth driven by higher volumes and prices of ceramic products, and glass capacity release. Major projects in Peru, Ivory Coast, Kenya, Guinea, and Ghana are under construction and will be commissioned between 2026-2027.
• Ceramics Machinery: Facing industry cycle, trade environment changes, and geopolitical pressures; profit margin compressed. Keda is advancing smart production lines, product upgrades, and overseas market expansion to improve quality.
• Li-ion Battery Materials: Anode materials sales and production grew well, profitability improved. Capacity expansion and line optimization underway; after upgrades, anode materials capacity will reach 180,000 tons/year.
• Strategic Investment: Blue Lake Lithium (associate) saw lithium carbonate production and sales rise, with prices and volumes boosting profit. Blue Lake achieved revenue of RMB 1.113 billion and net profit RMB 582 million; Keda recognizes RMB 254 million net profit based on 43.58% indirect holding.

Major Transactions and Potential Risks

• Major Asset Restructuring:

  Keda plans to acquire 51.55% of Guangdong TeFu International Holdings via share issuance and cash payment, and raise supporting funds from up to 35 selected investors. The deal requires shareholder approval, SSE review, and CSRC registration, with uncertainty on final completion. If successful, it will significantly enhance business layout and profitability, potentially impacting share price.

• Overseas Expansion:

  Multiple overseas projects under construction, expected to contribute to sustained earnings growth.

• Li-ion Materials Capacity Expansion:

  Anode materials capacity expansion to 180,000 tons/year; if demand remains strong, profitability will improve significantly.

• Investment in Blue Lake Lithium:

  Higher lithium carbonate prices and sales drive profits; Keda’s indirect holding brings substantial investment income.

• External Environment Risks:

  Ceramics machinery faces cyclical, trade, and geopolitical challenges; investors should monitor Keda’s response.

Shareholder Structure and Equity

• Main shareholders: Liang Tongcan (19.52%), Guangdong Liansu Technology (8.01%), Hong Kong Central Clearing (7.60%), Lu Qin (6.57%). Some shares pledged—potential risk.
• Employee stock plan: 2025 employee stock plan holds 2.5%.
• GDR status: As of March 31, 2026, 3,049,103 GDRs outstanding on Swiss Exchange, 25.41% of issued GDRs.

Non-recurring Items Impact

• Non-recurring items (asset disposal, government subsidies, fair value changes, debt restructuring) contributed RMB 16.35 million to net profit.

Cash Flow and Debt

• Operating cash flow: Strong net inflow, indicating robust core business.
• Investment cash flow: Net outflow RMB 389 million, mainly for fixed asset purchases and investments.
• Financing cash flow: Net inflow RMB 245 million, mainly from borrowings and minority investment.
• Ending cash balance: RMB 3.044 billion.

Investor Focus Points

• Progress and results of major asset restructuring.
• Commissioning and profitability of new overseas projects.
• Capacity expansion and market demand for battery materials.
• Lithium carbonate price and sales changes at Blue Lake Lithium.
• Risks from major shareholder share pledges.
• GDR and international capital market reaction.

Disclaimer

This article is based on publicly disclosed information from Keda Manufacturing Co., Ltd. 2026 Q1 Report and is for reference only. It does not constitute investment advice; investors should make decisions cautiously according to their own circumstances. Asset restructuring, overseas project construction and other matters are subject to uncertainty. Please pay attention to subsequent company announcements and investment risks. Market volatility, policy changes and international environment may affect performance and share price.

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