东睦新材料集团股份有限公司2026年第一季度报告详细解读

一、核心业绩亮点

• 营业收入：公司2026年第一季度实现营业收入15.37亿元，同比增长5.32%，展现业务稳健增长能力。
• 归属于上市公司股东的净利润：实现1.26亿元，同比增长12.69%。若剔除限制性股票激励计划影响，净利润同比增长高达38.07%，盈利能力明显增强。
• 扣非后归母净利润：1.17亿元，同比增长11.31%。剔除股权激励影响后，增长率为38.23%。
• 经营活动现金流：净流入2.69亿元，同比大幅增长156.34%，显示公司经营回款能力显著提升。
• 基本每股收益：0.20元，同比增长11.11%。
• 总资产：80.52亿元，较年初增长2.60%。
• 归属于上市公司股东的所有者权益：35.64亿元，较年初增长4.75%。
• 加权平均净资产收益率：3.62%，较去年同期略有下降，主要因股权激励费用影响。

二、分业务板块表现

• P&S业务收入：5.96亿元，同比下降4.79%。
• SMC业务收入：2.42亿元，同比增长27.37%，表现亮眼。
• MIM业务收入：6.84亿元，同比增长7.89%。

三、非经常性损益分析

• 本期非经常性损益合计为863.7万元，主要来源于政府补助及投资性房地产处置收益。
• 需注意，2026年一季度确认的汇兑损失759.56万元，而去年同期为528万元收益，汇率波动对业绩有一定影响。

四、主要股东结构变动

• 十大股东无大幅变动，睦特殊金属工业株式会社持股10.37%仍为最大股东。
• 宁波金广投资股份有限公司、宁波新金广投资管理有限公司及宁波盈生企业管理股份有限公司三者为一致行动人。
• 主要个人股东通过信用账户及普通账户持股，部分参与融资融券。

五、重大事项及潜在影响

• 收购上海富驰高科技股份有限公司34.75%股权重大资产重组：
  公司正通过发行股份及支付现金等方式收购上海富驰34.75%股权，并已与各方签署业绩补偿协议。该交易尚需上海证券交易所与证监会审核批准。若成功，将显著提升公司在高端新材料领域的竞争力，对公司长期发展和估值有正面影响。
  风险提示：交易是否最终获批及完成存在不确定性，建议投资者关注后续进展。
• 利润分配与分红规划：
  2025年度拟每10股派发现金红利3元（含税），合计派发1.89亿元，占2025年归母净利润的35.35%。此外，公司酝酿2026年中期分红，拟每股分红不低于0.10元，显示对股东回报的高度重视。
  潜在影响：高比例分红有望提升公司市场关注度和投资价值。
• 股东协议补充协议签署：2026年4月与交易对方对上海富驰的股东协议补充约定，有助于促进交易顺利推进。

六、财务状况概览

• 资产负债率保持稳定：负债合计374.23亿元，资产负债率约46.47%，财务结构较为稳健。
• 货币资金充裕：期末货币资金5.59亿元，同比大幅增加。
• 流动性良好：流动资产38.13亿元，流动负债26.40亿元，短期偿债能力较强。
• 长期借款有所下降：由年初11.81亿元降至8.55亿元，反映公司有意识地优化负债结构。

七、现金流分析

• 经营活动现金流：大幅增长，主要因应收银行承兑汇票到期回款增加。
• 投资活动现金流：净流出5758万元，主要用于固定资产、无形资产投资。
• 筹资活动现金流：净流出559万元，主要因偿还债务及支付分红。

八、其他需关注事项

• 报告期内公司因股权激励计提费用3734万元，影响净利润3174万元。
• 年终奖发放小幅增加。
• 相关审计、材料更新及监管审核进度需持续关注，公司资产重组进程对未来业绩有潜在重大影响。

结论与投资者建议

公司2026年首季整体业绩稳健，经营性现金流大幅提升，主营业务结构优化，分红政策积极，体现出对投资者的高回报决心。重大资产重组若获批，将为公司带来新的成长动能，建议投资者密切关注重组进展及相关公告。

免责声明

本文内容基于东睦新材料集团股份有限公司2026年第一季度报告公开信息整理，仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Detailed Review of Dongmu New Materials Group Co., Ltd. 2026 Q1 Report

Key Performance Highlights

• Operating Revenue: Q1 2026 revenue reached RMB 1.54 billion, up 5.32% YoY, indicating solid business growth.
• Net Profit Attributable to Shareholders: RMB 126 million, up 12.69% YoY. Excluding the impact of share-based payment, net profit surged 38.07%.
• Non-recurring items excluded net profit: RMB 117 million, up 11.31% YoY; adjusted growth is 38.23%.
• Operating Cash Flow: Net inflow of RMB 269 million, up 156.34% YoY, confirming stronger cash collection.
• Basic EPS: RMB 0.20, up 11.11% YoY.
• Total Assets: RMB 8.05 billion, up 2.60% from the start of the year.
• Shareholders’ Equity: RMB 3.56 billion, up 4.75% from the start of the year.
• ROE (Weighted): 3.62%, slightly down due to stock option expense impact.

Business Segments Performance

• P&S Segment: RMB 596 million, down 4.79% YoY.
• SMC Segment: RMB 242 million, up 27.37% YoY.
• MIM Segment: RMB 684 million, up 7.89% YoY.

Non-Recurring Gains and Losses

• Non-recurring gain of RMB 8.64 million, mainly from government subsidies and investment property disposal gain.
• Note: Q1 recorded RMB 7.6 million forex loss vs. RMB 5.3 million gain last year, forex volatility impacted profit.

Shareholder Structure Changes

• No significant change in top 10 shareholders. Mutsute Special Metal remains top shareholder (10.37%).
• Ningbo Jingguang Investment, Ningbo New Jingguang Investment, and Ningbo Yingsheng are acting in concert.
• Some personal shareholders hold via margin accounts.

Major Events and Potential Impact

• Acquisition of 34.75% stake in Shanghai Fuchi High-Tech:
  The company is acquiring 34.75% of Shanghai Fuchi via shares and cash. Performance compensation agreements are signed. The deal is pending SSE and CSRC approval. If passed, this will significantly enhance its high-end materials competitiveness and long-term value.
  Risk: Approval and completion are uncertain; investors should monitor developments.
• Dividend Plan:
  2025 annual dividend proposal: RMB 0.30 per share (RMB 189 million total, 35.35% payout). A mid-term 2026 dividend is also planned at no less than RMB 0.10 per share. This signals a strong commitment to shareholder returns.
  Potential Impact: High payout ratio may boost market interest and valuation.
• Supplementary Shareholder Agreement: Signed in April 2026, facilitating smooth acquisition process.

Financial Overview

• Stable Leverage: Total liabilities RMB 3.74 billion, debt ratio ~46.47%.
• Ample Cash: End-quarter cash RMB 559 million, up significantly.
• Liquidity: Current assets RMB 3.81 billion, current liabilities RMB 2.64 billion, strong short-term solvency.
• Long-term loans reduced: Down from RMB 1.18 billion to RMB 855 million.

Cash Flow Analysis

• Operating Cash Flow: Substantial YoY growth, mainly from receivables collection.
• Investment Cash Flow: Net outflow of RMB 57 million, mainly for capex.
• Financing Cash Flow: Net outflow of RMB 5.6 million, due to debt repayment and dividend payments.

Other Noteworthy Points

• Share-based compensation expense: RMB 37.34 million, impacting net profit by RMB 31.74 million.
• Slight increase in annual bonus payout.
• Regulatory and audit progress on asset restructuring should be watched closely as it may significantly affect future performance.

Conclusion and Investor Advice

Dongmu New Materials delivered solid Q1 performance with robust cash flow, improved business structure, and a clearly positive dividend policy. The pending major asset acquisition, if approved, will unlock new growth. Investors should closely follow the progress of the restructuring and related disclosures.

Disclaimer

This article is for information only, based on the public Q1 2026 report of Dongmu New Materials Group. It does not constitute investment advice. Please exercise caution when investing.

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