Profit forecast shows strong optimism; nearly 90% of disclosed companies have positive earnings surprises

Securities Times reporter Liu Junling

In recent days, listed companies have successively released forecasts of their first-quarter performance. This directly reflects industry business sentiment and profitability, and provides investors with important reference for assessing market trends and making investment decisions.

19 companies expected to see year-on-year profit growth in the first quarter

According to Securities Times·Data Bao statistics, as of the market close on April 1, 26 listed companies have disclosed their performance for the first quarter of 2026 through performance previews, prospectuses, and other forms. Based on the lower bound of the predicted net profit attributable to shareholders, 19 companies are expected to achieve year-on-year growth in net profit attributable to shareholders, 2 are expected to turn losses into profits, and 2 are expected to reduce losses. The overall “good news” rate is nearly 90%.

Both Oukeyi and Fuxiang Pharmaceutical are expected to see year-on-year increases in net profit attributable to shareholders exceeding 2000%. Oukeyi expects to achieve net profit attributable to shareholders of 180 million yuan to 220 million yuan, up 2248.89% to 2770.86% year on year, and is expected to set a new high since the company listed. In its announcement, the company said that the main raw material of cemented carbide cutting tools—tungsten carbide—has continued to rise significantly. The company has funding advantages and scale-effect advantages, enabling both product volume and pricing to rise simultaneously.

Fuxiang Pharmaceutical expects to achieve net profit attributable to shareholders of 52 million yuan to 75 million yuan, up 2222.67% to 3250.01% year on year, and is expected to achieve the highest single-quarter net profit attributable to shareholders since 2022. The company said that benefiting from the continued improvement in the new energy industry’s business sentiment, demand in the power battery market has grown steadily, while demand in the energy storage battery market has surged rapidly, driving sustained increases in demand for upstream lithium battery materials. The company’s lithium battery electrolyte additive business has maintained a good operating trend; key products such as VC and FEC have seen both volume and pricing rise together, thereby driving a large year-on-year increase in the company’s performance.

Stronger performance in two major sub-sectors

From the perspective of sub-sectors, among listed companies with good performance news in the first quarter, companies in the general equipment and semiconductor industries rank toward the top, with 3 each. Of those, the three general equipment companies’ principal businesses all include cemented carbide and tools.

Wind data shows that as of April 1, the quoted price of tungsten carbide powder (purity ≥ 99.7%, particle size 2–10μm) was 2265 yuan per kilogram, up more than 122% from the end of 2025. With the increase in the price of the main raw material tungsten carbide, listed companies raised prices for their cemented carbide and tool products, driving growth in their operating performance.

A research report from Guotou Securities holds that, from a short-term perspective, as the prices of key raw materials such as tungsten carbide powder continue to rise, the transmission of price increases from tool products to downstream customers is expected to accelerate, and profit elasticity for leading companies with low-cost raw material inventories may be more pronounced. From a longer-term perspective, the sustained development of China’s advanced manufacturing industry and the strong demand for “independent and controllable” supply chains will speed up the domestic tool industry’s import substitution.

All listed companies in the semiconductor industry benefit from the development of the artificial intelligence industry. For example, MUXI Biotech Co., Ltd.-U said that the company is actively advancing the deep integration of artificial intelligence technologies with various industries, and that its business scale has grown significantly compared with the same period last year. Hailong Information stated that with the rising market demand driven by the needs of the artificial intelligence industry, domestic high-end chips’ demand has continued to climb; the company has increased investment to expand the market footprint of its high-end processor products.

Net purchases from financing exceed 100 million yuan for 11 stocks

According to Data Bao statistics, as of March 31, since March, the total net amount of financing purchases for the aforementioned 26 stocks reached 3.731 billion yuan. Of this, financing net purchases for 11 stocks exceeded 100 million yuan. Demingli, Oukeyi, and Xinjing Shares rank toward the top, reaching 2.476 billion yuan, 610 million yuan, and 503 million yuan, respectively.

Demingli saw net financing purchases of 2.476 billion yuan in March. The company expects first-quarter net profit attributable to shareholders of 3.15 billion yuan to 3.65 billion yuan, turning losses into profits. Since the second half of 2025, the AI industry has continued to maintain high business sentiment, driving the pricing cycle in the memory chip industry chain to continue to rise. The company said that relying on the ample raw-material strategic reserves built up in its prior layout, its profitability has continued to improve, and its profit level has increased significantly.

In terms of performance in the secondary market, the stock price trends of companies that disclosed performance forecasts have shown significant divergence. For companies with good performance news, their average stock price rose 5.89% since March; among them, Wanfangde (002082), Demingli, and Kuncai Technology (603826) had leading cumulative gains of 76.88%, 45.49%, and 38.56%, respectively. By contrast, for companies whose year-on-year performance declined, their stock prices faced pressure, and the average drop reached 10.45%.

(Editor: Zhang Yang HN080）

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