First-quarter earnings forecast is very encouraging, with nearly 90% of disclosed companies reporting positive results.

Securities Times reporter Liu Junling

Recently, listed companies have successively disclosed their first-quarter performance forecasts, which directly reflect industry prosperity and profitability, providing important references for investors to analyze market trends and make investment decisions.

19 companies expected to increase first-quarter earnings

According to Securities Times · Data Bao statistics, as of the close on April 1, 26 listed companies have disclosed their 2026 first-quarter performance through performance forecasts, prospectuses, and other forms. Based on the lower bound of the forecasted attributable net profit, 19 companies are expected to achieve year-on-year growth, 2 are expected to turn a loss into profit, and 2 are expected to reduce losses. The overall positive report rate is nearly 90%.

Ouke Yi and Fuxiang Pharmaceutical are both expected to see year-on-year increases of over 2000% in attributable net profit. Ouke Yi is projected to achieve attributable net profit of RMB 180 million to RMB 220 million, up 2248.89% to 2770.86% year-on-year, potentially setting a new high since the company’s listing. The company stated that the main raw material for cemented carbide cutting tools, tungsten carbide, has continued to rise sharply. With advantages in funding and scale effects, the company has achieved simultaneous growth in product volume and price.

Fuxiang Pharmaceutical is expected to realize attributable net profit of RMB 52 million to RMB 75 million, an increase of 2222.67% to 3250.01% year-on-year, likely marking the highest single-quarter attributable net profit since 2022. The company indicated that benefiting from the sustained improvement in the new energy industry’s prosperity, demand in the power battery market has steadily increased, and demand for energy storage batteries has rapidly surged, driving continuous growth in upstream lithium battery materials. The company’s lithium battery electrolyte additive business is performing well; core products such as VC and FEC have seen both volume and price increases, significantly boosting the company’s performance year-on-year.

Two major sub-sectors show strong performance

From the perspective of sub-sectors, among listed companies with favorable first-quarter performance forecasts, the number of companies in the general equipment and semiconductor industries ranks highest, with three each. All three general equipment companies’ main businesses include cemented carbide and tools.

Wind data shows that as of April 1, the price of tungsten carbide powder (purity ≥99.7%, particle size 2–10μm) was RMB 2,265 per kilogram, an increase of over 122% from the end of 2025. As the prices of key raw materials like tungsten carbide rise, listed companies have increased prices for cemented carbide and tool products, driving their operational performance growth.

Guotou Securities research reports suggest that in the short term, as the prices of raw materials such as tungsten carbide powder continue to rise, the pace of price transmission from tool products to downstream markets is expected to accelerate. Leading companies with low-cost raw material inventories are likely to see more significant profit elasticity. In the medium to long term, the sustained development of domestic advanced manufacturing and the strong demand for supply chain “autonomous and controllable” capabilities will accelerate import substitution in the tool industry.

Semiconductor companies listed benefit from the development of the AI industry. For example, Muxi Co., Ltd.-U stated that the company actively promotes the deep integration of artificial intelligence technology across various industries, with business scale significantly increasing compared to the same period last year. Higon Information noted that as the demand for domestically produced high-end chips rises with the growth of the AI industry, market demand continues to climb; the company is increasing investment to expand its market share for high-end processors.

11 stocks had net financing inflows exceeding RMB 100 million

According to Data Bao, as of March 31, since March, the total net financing inflow for these 26 stocks reached RMB 3.731 billion. Among them, 11 stocks had net financing inflows over RMB 100 million, with Demingli, Ouke Yi, and Xinrui Co., Ltd. leading at RMB 2.476 billion, RMB 610 million, and RMB 503 million, respectively.

In March, Demingli received net financing of RMB 2.476 billion. The company expects first-quarter attributable net profit to be RMB 3.15 billion to RMB 3.65 billion, turning losses into profits. Since the second half of 2025, the AI industry has maintained high prosperity, driving the storage chip industry chain’s price increase cycle upward. The company stated that relying on its ample raw material strategic reserves from prior planning, its profitability continues to improve, with significant profit level enhancements.

In the secondary market, the stock price movements of companies that disclosed performance forecasts have shown notable divergence. Companies with positive earnings forecasts saw an average increase of 5.89% since March, with Wanbangde, Demingli, and Kuncai Technology leading with gains of 76.88%, 45.49%, and 38.56%, respectively. Conversely, companies with declining year-on-year performance faced downward pressure, with an average drop of 10.45%.

(Data provided by the Securities Times Center database) Image source: AI-generated