以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 中证智能财讯世嘉科技（002796）1月30日晚间披露2025年度业绩预告，预计2025年实现营业收入9.1亿元至9.8亿元；归母净利润亏损4900万元至5900万元， 上年同期盈利9212.33万元；扣非净利润亏损5900万元至6900万元，上年同期亏损1289.9万元；基本每股收益-0.2元/股至-0.24元/股。以最新收盘价计算，市 净率（LF）约13.01倍，市销率（TTM）约11.91倍。 888 - 358 - 35 - 36 - 36 - 15 - 15 - 1 97o76 7307 288 TP3 C 10 - -154 48 202-06-30 2021-06-30 ' 2021-12-37 2020-12-37 22-72-37 3-72 3- 2n- -〇- 行业均值 - 公司 制图数据来自恒生聚源数据库 市盈率(TTM)历史分位(％) 制图数据来自恒生聚源数据库 100 ହ 90 80 70 60 60 50 40 34o77 30 20 10 0 2027-12-37 1 2020-12-3 ...

Group 1 - The company, Zhongyuan Securities, forecasts a net profit attributable to shareholders of 400 million to 480 million yuan for 2025, representing a year-on-year growth of 62.7% to 95.24% [4] - The expected net profit after deducting non-recurring items is projected to be between 420 million and 500 million yuan, indicating a year-on-year increase of 100.08% to 138.19% [4] - As of January 30, the company's price-to-earnings ratio (TTM) is approximately 42.37 to 50.84 times, with a price-to-book ratio (LF) of about 1.42 times and a price-to-sales ratio (TTM) of around 11.07 times [4] Group 2 - The company's main business operations include securities brokerage, investment banking, credit business, investment management, futures, proprietary trading, overseas business, and other services [7] - In 2025, the domestic capital market is expected to show an upward trend with significantly increased trading activity, leading to a rise in major A-share indices [7] - The company aims to seize market opportunities and enhance its comprehensive operational capabilities, resulting in significant revenue growth in wealth management and securities investment, thereby steadily improving overall business performance [7]

Core Viewpoint - Hongwei Technology (688711) expects a significant turnaround in its financial performance for 2025, projecting a net profit of 14 million to 21 million yuan, compared to a loss of 14.47 million yuan in the previous year [4]. Financial Performance - The company anticipates a non-recurring net profit of 8 million to 12 million yuan for 2025, improving from a loss of 33.99 million yuan in the prior year [4]. - As of January 30, the company's price-to-earnings (P/E) ratio (TTM) is estimated to be between 312.23 and 468.35 times, with a price-to-book (P/B) ratio (LF) of approximately 6.32 times and a price-to-sales (P/S) ratio (TTM) of about 4.91 times [4]. Industry Outlook - The power semiconductor industry is expected to see a recovery in 2025, driven by increased global investment in intelligent computing and rising demand for new power electronic devices in sectors such as renewable energy generation, industrial control, and AI server power supplies [15]. - The company is focusing on expanding its product offerings, including IGBT, MOSFET, FRD, SiC, and GaN products, to meet market demands and enhance its overall profitability [15]. Historical Financial Trends - Historical data indicates a trend of improving net profit and non-recurring net profit, with projections showing a significant increase in both metrics for 2025 compared to previous years [16]. - The company has experienced substantial year-on-year growth rates in net profit, with projections indicating a recovery from previous losses [16].

Group 1 - The company Huafang Co., Ltd. (stock code: 600448) expects a net profit loss attributable to shareholders of 230 million to 270 million yuan for the year 2025, compared to a loss of 55.52 million yuan in the same period last year [2] - The company's non-recurring net profit is projected to be a loss of 229 million to 269 million yuan, with the previous year's loss being 77.26 million yuan [2] - The company's price-to-book ratio (LF) is approximately 1.86 times, and the price-to-sales ratio (TTM) is about 0.67 times based on the latest closing price [2] Group 2 - The main business of the company includes dyeing and finishing processing, clothing, home textile products, and textile trading [11] - The reasons for the performance changes include adverse impacts from the international trade environment, particularly tariffs imposed by certain countries, leading to significant declines in performance and losses [11] - The company has a large inventory, resulting in a decrease in gross profit margin for the current year, necessitating impairment testing and the provision for inventory write-downs [11] - The company has also been affected by national policies, leading to the shutdown of some facilities of its self-owned power plant, resulting in the provision for fixed asset impairment, with plans for complete shutdown in the future [11] - The company received other income and miscellaneous non-operating income totaling over 1.3 million yuan for the year 2025 [12]

中证智能财讯杭齿前进（601177）1月30日晚间披露2025年度业绩预告，预计2025年实现营业收入23.42亿元至24.42亿元，同比增长1.79%-6.13%；归母净利 润2.47亿元至2.63亿元，同比增长2.57%-9.21%；扣非净利润预计2.12亿元至2.23亿元，同比增长2.26%-7.57%。以1月30日收盘价计算，杭齿前进目前市盈率 （TTM）约为25.7倍-27.37倍，市净率（LF）约2.42倍，市销率（TTM）约2.83倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 80 (倍) 60 40 40945 24.3 25824 24-56 22.8 20 276 17:47 14x24 0 - 2021-06-30 | 2027-12-37 1 202-06-30 1 2020-12-37 ' 2022-12-37 +-06-30 s-06-30 -12-37 203 -○- 公司 -○- 行业均值 ← 公司 →〇一 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ର ୨୦ 80 70 60 60 50 ...

中证智能财讯中研股份（688716）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润1180万元，同比下降69.96%；扣非净利润预计479.05万元， 同比下降80.47%。以1月30日收盘价计算，中研股份目前市盈率（TTM）约为430倍，市净率（LF）约4.29倍，市销率（TTM）约17.44倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 资料显示，公司主营树脂形态的PEEK。 报告期内，公司积极推进市场开拓工作，上市公司母公司单体的营业收入及净利润较上年同期均实现增长。同时，为持续提升核心产品竞争力，公司进一步 加大研发投入，有序推进并运营了上海研发中心项目；为巩固并提升市场地位，公司亦加大了对产业链相关领域的布局与投入。受研发投入增加及新业务拓 展尚未形成规模化收入等因素影响，公司合并报表层面净利润在报告期内出现下滑。 历年净利、扣非情况(亿元) 6.0.6 8.0.6 5.05 0.4 0.3 0.559 0.546 0.50 0.2 0.39 0.247 0.1 0.118 0 2020 2025E 2021 2022 2023 2024 归母净利润 扣非净 ...

以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 120 101,77 @ 90 60 -63o22 45996 30 0 -1 (2) 28.37 -30 3 676 3 3 -60 82.79 -90 2021-12-37 2020-12-37 2-06-30 1-06-30 3-12-37 2022-12-37 2n- -○- 公司 -○- 行业均值 100 ହ 90 83a81 80 74x83 70 63d3 60 50 40 30 20 10 0 2027-12-37 | 2020-12-37 I 2022-12-37 1 2021-06-30 1 3-06-30 ' 2022-06-30 ' 3-12-37 · 2n- 中证智能财讯渤海汽车（600960）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润1.55亿元至1.88亿元，上年同期亏损12.64亿元；扣非净利润 亏损8800万元至1.05亿元，上年同期亏损12.78亿元。以1月30日收盘价计算，渤海汽车目前市盈率（TTM）约为26.39倍-32.01倍，市净率（LF）约1.34倍 ...

Core Viewpoint - Dongwu Securities (601555) expects a net profit attributable to shareholders of 3.431 billion to 3.668 billion yuan for 2025, representing a year-on-year growth of 45% to 55% [4] Financial Performance - The forecasted net profit for 2025 is between 3.431 billion and 3.668 billion yuan, with a similar growth rate for the non-recurring net profit expected to be between 3.427 billion and 3.663 billion yuan [4] - The current price-to-earnings ratio (TTM) is approximately 12.96 to 13.86 times, with a price-to-book ratio (LF) of about 1.14 times and a price-to-sales ratio (TTM) of around 4.59 times [4] Business Strategy - The company aims to build a first-class investment bank by adhering to a "base strategy and differentiated operation" development approach, actively seizing market opportunities, and enhancing compliance management and risk control capabilities [15] - Key business segments, including wealth management and investment trading, have shown revenue growth compared to the previous year, driving positive operating performance [15] Historical Performance - Historical net profit and non-recurring net profit figures indicate a steady increase, with the forecast for 2025 showing a significant rise compared to previous years [16] - The year-on-year growth rates for net profit and non-recurring net profit have shown fluctuations, with notable increases projected for 2025 [16]

Core Viewpoint - Lichen Industrial (001218) expects a significant increase in net profit for the year 2025, projecting a growth of 40.22% to 58.54% compared to the previous year, driven by effective raw material management and market expansion [4]. Financial Performance - The forecasted net profit attributable to shareholders for 2025 is between 153 million to 173 million yuan, while the non-recurring net profit is expected to be between 145 million to 165 million yuan, indicating a year-on-year growth of 41.47% to 60.98% [4]. - The basic earnings per share are projected to be between 1.1753 yuan and 1.3289 yuan [4]. Valuation Metrics - As of January 30, the price-to-earnings ratio (TTM) for Lichen Industrial is approximately 19.34 to 21.87 times, with a price-to-book ratio (LF) of about 1.47 times and a price-to-sales ratio (TTM) of around 0.73 times [4]. - Historical trends indicate fluctuations in the company's price-to-earnings ratio over recent years, reflecting changes in market conditions and company performance [5][6]. Business Operations - The company specializes in the research, production, and sales of surfactants and cleaning products, which are key drivers of its revenue growth [15]. - The increase in profitability is attributed to proactive raw material procurement and inventory management, as well as expanded sales efforts in both domestic and international markets [15].

Core Viewpoint - The company, Zhenan Technology, forecasts a revenue of 477 million to 573 million yuan for 2025, with a projected net loss of 1.03 billion to 1.34 billion yuan, indicating a reduction in losses compared to the previous year [4]. Financial Performance - The expected revenue for 2025 is between 477 million and 573 million yuan, while the net loss is projected to be between 1.03 billion and 1.34 billion yuan, compared to a loss of 1.41 billion yuan in the same period last year [4]. - The non-recurring net profit is expected to be a loss of 1.1 billion to 1.44 billion yuan, which is an improvement from a loss of 1.44 billion yuan in the previous year [4]. - The company's price-to-book ratio (LF) is approximately 3.25 times, and the price-to-sales ratio (TTM) is about 10.01 times based on the latest closing price [4]. Operational Insights - The company specializes in building isolation and vibration reduction technology consulting, structural analysis and design, product R&D, production, sales, testing, installation guidance, and after-sales maintenance [4]. - The decline in performance is attributed to the underperformance in the recovery of long-aged accounts receivable and significant changes in credit risk characteristics, leading to credit impairment provisions [4]. - Despite the increase in revenue, the company continues to incur losses due to increased credit impairment losses and asset impairment losses, although the overall loss amount has decreased compared to the previous year [4].