股票 
板块 
用户 
资讯 独立不迁 横而不流
Independent and Unwavering,
Steadfast without Yielding.
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家联科技：
3D打印线材销量快速增长
3D Printing Filament Sales Volume Growing Rapidly
投资要点
Investment Thesis
公司发布26H1业绩报告
26Q2公司实现收入11.05亿元，同比+79.04%；归母净利润750万元，扣非归母净利润766万元，均实现单季度扭亏。
26H1公司实现收入18.58亿元，同比+65.46%；归母净利润-0.91亿元，扣非归母净利润-0.89亿元。
26Q2扭亏预计系：①公司3D打印线材通过与头部客户合作，实现该业务销量快速增长，为公司贡献了新的收入来源；②公司深化与国内头部餐饮、茶饮企业合作带来订单放量；③公司国内外生产基地逐步完成产能爬坡，各季度产能利用率持续改善。
3D打印线材销量快速增长，拟募资推进产能扩张
分品类来看，26H1塑料制品实现收入12.48亿元，同比+51.81%，毛利率15.14%，同比+1.12pct；公司传统塑料制品板块收入实现较快增长，主要系下游餐饮、茶饮、外卖等终端市场需求持续扩张。公司可同时提供传统塑料、生物全降解材料、植物纤维多品类产品，综合供应能力突出；叠加国内外生产基地逐步完成产能爬坡，各季度产能利用率持续改善，带动塑料业务增长潜力充分释放。
26H1生物全降解制品实现收入4.06亿元，同比+192.98%，毛利率19.15%，同比-3.30pct。26H1，公司依托PLA材料改性技术积累，将研发优势延伸至3D打印线材领域，产品以PLA为基材，适用于教育、创客、家居配件、文创设计等消费级3D打印场景，同时已实现PETG、PLA丝绸、PLA食品类等材质的供应，并积极推进ABS、TPU等其他材质方向的研发，进一步丰富了技术应用场景与产品储备。公司现已切入行业头部企业供应链，实现稳定批量供货。泰国工厂一期3D打印线材产能已完全释放，国内基地及泰国二期产能正加速释放中。目前公司3D打印线材业务正处于产能扩张阶段，前期产线建设资本投入较高，叠加产能爬坡阶段固定成本分摊压力较大，整体综合成本处于较高位置。后续随着产能建设逐步完成、产品销量持续放量，规模效应将逐步凸显，板块盈利水平有望进一步改善。
公司拟募集资金不超过3亿元，其中0.85亿元用于建设年产2.52万吨环保型3D打印线材智能化生产线，1.28亿元用于泰国家享年产2.88万吨3D打印材料扩建项目，合计规划新增年产能5.4万吨。若项目顺利实施，国内与泰国产能将形成协同，有助于满足头部客户大批量、多品类及全球化交付需求。
内外销均实现较快增长，泰国基地产能持续释放
分区域来看，26H1公司内销营业收入10.23亿元，同比+63.17%。26H1，国内市场需求持续扩张，成为拉动整体营收增长的重要引擎。茶饮及快餐行业持续复苏带动餐饮具需求增长，公司深化与国内头部餐饮、茶饮企业合作带来订单放量，内销收入保持稳健增长。
26H1公司外销营业收入8.35亿元，同比+68.35%。在国际市场方面，面对中美贸易摩擦带来的关税壁垒及客户供应链转移趋势，公司依托泰国生产基地一期项目的稳定运营，成功承接北美客户转移订单，有效保障了海外市场份额，驱动外销收入企稳回升。
The Company Released Its H1 2026 Performance Report
In Q2 2026, the company achieved revenue of RMB 1.105 billion, Year-on-Year +79.04%; Net Profit Attributable to Parent Company was RMB 7.50 million, and net profit attributable to parent company after non-recurring items was RMB 7.66 million, both achieving a turnaround to profitability on a single-quarter basis.
In H1 2026, the company achieved revenue of RMB 1.858 billion, Year-on-Year +65.46%; Net Profit Attributable to Parent Company was RMB -91 million, and net profit attributable to parent company after non-recurring items was RMB -89 million.
The Q2 2026 turnaround to profitability is expected to be attributable to: ① the company's 3D printing filaments achieved rapid sales volume growth in this Business Segment through collaboration with leading customers, contributing new revenue sources to the company; ② the company deepened cooperation with leading domestic catering and tea beverage enterprises, driving order volume expansion; ③ the company's domestic and overseas production bases progressively completed Production Capacity ramp-ups, with Production Capacity utilization rates continuing to improve each quarter.
3D Printing Filament Sales Volume Growing Rapidly, with Plans to Raise Funds to Drive Production Capacity Expansion
Breaking down by category, in H1 2026, the Plastics products Business Segment achieved revenue of RMB 1.248 billion, Year-on-Year +51.81%, with a Gross Profit Margin of 15.14%, Year-on-Year +1.12 pct; the company's traditional Plastics products segment achieved relatively rapid revenue growth, primarily driven by the continued expansion of downstream demand in terminal markets such as catering, tea beverages, and food delivery. The company is capable of simultaneously providing traditional Plastics, fully biodegradable materials, and plant fiber multi-category products, with outstanding integrated supply capabilities; coupled with the progressive completion of Production Capacity ramp-ups at domestic and overseas production bases and continuous improvement in Production Capacity utilization rates each quarter, the growth potential of the Plastics business segment has been fully unleashed.
In H1 2026, the biodegradable products Business Segment achieved revenue of RMB 406 million, Year-on-Year +192.98%, with a Gross Profit Margin of 19.15%, Year-on-Year -3.30 pct. In H1 2026, leveraging its accumulated PLA material modification technology, the company extended its R&D advantages into the 3D printing filament sector. Products are based on PLA substrate and are applicable to consumer-grade 3D printing scenarios such as education, maker culture, home accessories, and cultural & creative design. The company has also achieved supply of materials including PETG, PLA silk, and PLA food-grade variants, while actively advancing R&D in other material directions such as ABS and TPU, further enriching its technology application scenarios and product pipeline. The company has already entered the supply chains of leading industry players, achieving stable large-volume deliveries. Phase 1 Production Capacity of the Thailand factory's 3D printing filament line has been fully released, while the domestic base and Thailand Phase 2 Production Capacity are being accelerated. Currently, the company's 3D printing filament Business Segment is in a phase of Production Capacity expansion, with high upfront capital investment in production line construction and significant fixed cost allocation pressure during the ramp-up phase, resulting in overall comprehensive costs remaining at elevated levels. Going forward, as Production Capacity construction is progressively completed and product sales volumes continue to grow, economies of scale will gradually become apparent, and the Profitability of this segment is expected to improve further.
The company plans to raise no more than RMB 300 million, of which RMB 85 million will be used to construct an intelligent production line with an annual Production Capacity of 25,200 tonnes of Environmental Protection-grade 3D printing filaments, and RMB 128 million will be used for the expansion project of Jiaxiang Thailand's 3D printing materials facility with an annual Production Capacity of 28,800 tonnes, with a total planned addition of 54,000 tonnes of annual Production Capacity. If the projects are successfully implemented, the domestic and Thailand Production Capacities will form synergies, helping to meet the large-volume, multi-category, and global delivery requirements of leading customers.
Both domestic and export sales achieved rapid growth, with Production Capacity at the Thailand base continuing to be released
By region, the company's domestic Operating Revenue in H1 2026 was RMB 1.023 billion, Year-on-Year +63.17%. In H1 2026, domestic market demand continued to expand, becoming an important engine driving overall revenue growth. The continued recovery of the tea beverage and fast food industries drove growth in demand for dining ware, and the company's deepened cooperation with leading domestic catering and tea beverage enterprises generated order volume growth, keeping domestic sales revenue on a steady upward trajectory.
The company's export Operating Revenue in H1 2026 was RMB 835 million, Year-on-Year +68.35%. In international markets, facing tariff barriers arising from China-US trade friction and the trend of customer supply chain relocation, the company leveraged the stable operations of Phase 1 of its Thailand production base to successfully absorb orders transferred from North American customers, effectively safeguarding its overseas market share and driving export revenue to stabilize and recover.
投资建议
Investment Thesis
维持“增持”评级
根据26H1业绩情况，考虑人民币升值产生阶段性汇兑损失影响，我们调整盈利预测，预计公司26-28年归母净利润分别为0.6/2.0/3.6亿元（前值0.8/2.1/3.7亿元），维持“增持”评级。
Maintaining "Accumulate" Rating
Based on H1 2026 performance and taking into account the impact of phased exchange losses resulting from RMB appreciation, we have revised our Earnings Forecast and project the company's Net Profit Attributable to Parent Company for 2026–2028 to be RMB 60 / 200 / 360 million respectively (previous estimates: RMB 80 / 210 / 370 million), maintaining the "Accumulate" Rating.
风险提示
消费级3D打印需求不及预期；头部客户订单波动；新增产能投放及爬坡不及预期；原材料价格上涨；汇率及国际贸易环境波动；再融资项目实施不及预期。
Risks Warnings
Consumer-grade 3D printing demand falling short of expectations; order fluctuations from leading customers; new Production Capacity deployment and ramp-up falling short of expectations; Raw Materials price increases; Exchange Rate and international trade environment volatility; refinancing project implementation falling short of expectations.
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