深圳明阳电路科技股份有限公司2026年第一季度报告深度解读

一、报告核心要点与投资者关注事项

• 营收与利润持续增长：公司2026年第一季度营业收入达5.19亿元，同比增长23.37%；归属于上市公司股东的净利润为1463.2万元，同比增加21.73%。扣除非经常性损益后净利润更是同比增长47.51%，显示主营业务表现坚实。
• 非经常性损益显著影响：本季度非经常性损益为-475.0万元，主要由于金融资产公允价值变动损失（-535.9万元）及资产处置损失（-19.6万元），但政府补助有一定正面影响（116.6万元）。投资者需关注公司投资及金融资产波动对业绩的影响。
• 现金流波动：经营活动现金流量净额为4079.4万元，较上年同期减少39.22%，主要原因是材料款及职工薪酬支付增加。购建固定资产、无形资产和其他长期资产支付的现金大幅增加至2.15亿元（同比增长270.07%），主要由于马来西亚子公司预付土地款。
• 财务费用大幅上升：本季度财务费用为889.8万元，同比暴增679.15%，主要是汇兑损失影响。投资者需关注汇率风险对公司盈利能力的影响。
• 资产结构变化：应收票据、应收款项融资、预付款项、其他非流动资产大幅增加，说明公司扩大业务规模和海外扩张。其他流动负债也大幅增长294.03%，需关注短期偿债压力。
• 股东结构重大变动：公司控股股东发生变更。丰县润佳玺企业管理有限公司将其持有的无限售流通股5369万股转让给张佩珂，张佩珂成为新控股股东。此举可能影响公司治理结构与决策方向，投资者必须高度关注。
• 可转债事项：“明电转02”可转债因转股减少146.25万张，代表公司资本结构优化，投资者需关注未来转股对股本稀释及每股收益影响。
• 海外扩张与投资：公司通过香港明阳对马来西亚子公司增资1500万美元，表明公司加速海外布局，长期有望扩大收入与利润来源。
• 研发投入持续提升：研发费用为2560.8万元，同比增长32.84%，显示公司持续推进技术创新与产品升级，有助于增强市场竞争力。
• 汇率变动影响：汇率变动对现金及现金等价物影响为-440万元，表明公司在海外业务扩张过程中面临一定汇率风险。

二、详细财务分析

三、股东信息与股权变动

• 报告期末普通股股东总数为40,287人。
• 控股股东由丰县润佳玺企业管理有限公司变更为张佩珂，后者持有23.64%股权，成为实际控制人。
• 公司高管锁定及股权激励限制性股票情况明确，部分高管限售股按年度解锁。

四、潜在影响与投资者风险提示

• 控股股东变更：可能引发公司治理、战略调整，短期可能影响公司股价波动。
• 海外扩张及投资：公司加速海外布局，带来长期成长空间，但短期需关注投资回报及汇率风险。
• 财务费用与现金流：财务费用大幅上升、现金流减少，需关注公司偿债能力和资金安全。
• 非经常性损益剧烈波动：金融投资损失较大，需持续关注公允价值变动影响。

五、结论

深圳明阳电路科技股份有限公司2026年第一季度表现亮眼，主营业务稳健增长，海外扩张步伐加快，控股股东重大变更、可转债转股、财务费用及现金流变化等均可能对公司未来股价产生影响。建议投资者密切关注公司治理变化与海外投资进展，同时警惕短期财务波动与风险。

免责声明：本文仅为财务分析与解读，不构成任何投资建议。投资者应结合自身情况和市场信息，谨慎决策。公司业绩与股价可能受多种因素影响，本文不承担任何责任。

English Version

Shenzhen Mingyang Circuit Technology Co., Ltd. Q1 2026 Report Deep Dive

Key Highlights and Investor Concerns

• Revenue and Profit Growth: Q1 2026 revenue reached RMB 519 million, up 23.37% YoY. Net profit attributable to shareholders was RMB 14.63 million, up 21.73% YoY. Net profit excluding non-recurring items surged 47.51%, reflecting solid core business performance.
• Significant Non-recurring Losses: Non-recurring losses for the quarter amounted to RMB -4.75 million, mainly due to fair value losses on financial assets (RMB -5.36 million) and asset disposal losses (RMB -0.2 million), offset somewhat by government subsidies (RMB 1.17 million). Investors should closely monitor investment and financial asset volatility.
• Cash Flow Fluctuation: Operating cash flow net inflow was RMB 40.79 million, down 39.22% YoY, mainly due to increased payments for materials and staff. Payments for fixed assets and other long-term assets soared to RMB 215 million (up 270.07%), largely due to land prepayments by the Malaysia subsidiary.
• Sharp Increase in Financial Expenses: Financial expenses increased to RMB 8.90 million, up 679.15%, mainly due to exchange losses. Currency risk is a concern for profitability.
• Asset Structure Changes: Notable increases in receivables, prepayments and other non-current assets indicate business expansion and overseas growth. Other current liabilities also surged 294.03%, raising short-term debt concerns.
• Major Shareholder Change: The controlling shareholder has changed. Fengxian Runjiaxi Enterprise Management Co., Ltd. transferred 53.69 million unrestricted shares to Zhang Peike, who is now the new controlling shareholder. This may affect company governance and future direction—highly price-sensitive.
• Convertible Bonds: “Mingdian Convertible 02” bonds were reduced by 1.46 million units due to conversion, optimizing capital structure. Investors should watch for future dilution effects.
• Overseas Expansion: The company invested USD 15 million via its Hong Kong subsidiary into Malaysia Mingyang, signaling accelerated global layout and potential for long-term growth.
• Ongoing R&D Investment: R&D spending reached RMB 25.61 million, up 32.84%, showing commitment to innovation and product upgrades.
• Exchange Rate Impact: FX changes affected cash equivalents by RMB -4.4 million, indicating currency risk as the company expands overseas.

Detailed Financial Analysis

Shareholder Structure & Changes

• There were 40,287 ordinary shareholders at quarter-end.
• The controlling shareholder changed from Fengxian Runjiaxi to Zhang Peike, who now holds 23.64% and is the actual controller.
• Details on executive share lock-up and stock incentive plans, with annual unlocking for certain executives.

Potential Impacts and Investor Risk Tips

• Controlling Shareholder Change: May trigger changes in governance and strategy, potentially affecting share price.
• Overseas Expansion & Investment: Accelerated global layout brings long-term growth potential, but short-term risks include investment returns and FX risk.
• Financial Expenses & Cash Flow: Watch for increased financial expenses and reduced cash flow, which may affect solvency.
• Volatile Non-recurring Items: Significant losses from investment activities require close monitoring.

Conclusion

Shenzhen Mingyang Circuit Technology Co., Ltd. delivered solid Q1 2026 results with robust growth in core business and accelerated overseas expansion. The major change in controlling shareholder, convertible bond conversion, and shifts in financial expenses and cash flow are all price-sensitive events. Investors should closely monitor governance changes and overseas investment progress, and remain vigilant about financial volatility and risks.

Disclaimer: This article is for financial analysis and informational purposes only and does not constitute investment advice. Investors should make decisions based on their own circumstances and market information. Performance and share price may be affected by multiple factors, and this article assumes no liability.

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