证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 26 日 | 市场数据： | 2025 年 12 月 25 日 | | --- | --- | | 收盘价（元） | 272.11 | | 一年内最高/最低（元） | 336.50/208.8 | | 市净率 | 16.1 | | 股息率（分红/股价） | 1.84 | | 流通 A 股市值（百万元） | 141,501 | | 上证指数/深证成指 | 3,960/13,531 | | 注："股息率"以最近一年已公布分红计算 | | 能量饮料龙头迈向综合平台型公司 | 基础数据： | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 16.9 | | 资产负债率% | 63.24 | | 总股本/流通 A 股（百万） | 520/520 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与沪深 300 指数对比走势： ——东鹏饮料（605499.SH）首次覆盖报告 投资要点： 食品饮料 | 报告原因： | | --- | | 买入（首次评级） | -20% 0% 20% 40% 60% 12- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2]. Core Insights - The company, Lao Pu Gold (6181.HK), is positioned as the first brand in high-end traditional gold craftsmanship, leveraging its scarcity for high growth potential [1]. - The company has successfully differentiated itself in a highly competitive jewelry market by implementing a fixed pricing model that decouples product value from raw material costs, and by utilizing unique craftsmanship techniques [4]. - Revenue projections for the company are optimistic, with expected net profits of RMB 52.3 billion, RMB 73.0 billion, and RMB 91.6 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 254.8%, 39.7%, and 25.4% [4]. Financial Performance and Projections - The company’s total revenue is projected to grow from RMB 3,179.6 million in 2023 to RMB 44,765.6 million by 2027, with a compound annual growth rate (CAGR) of 145.7% from 2023 to 2025 [6]. - The net profit is expected to increase significantly from RMB 416.3 million in 2023 to RMB 9,157.8 million in 2027, with a CAGR of 340.4% from 2023 to 2025 [6]. - The gross margin is projected to remain stable, with values of 41.9% in 2023, 39.3% in 2025, and 40.7% in 2027 [27]. Market and Competitive Analysis - The domestic gold jewelry market is experiencing steady growth, with a CAGR of 7.2% from 2018 to 2023, while the traditional gold segment is expanding at a much higher rate of 64.6% during the same period [4]. - The company has established a strong brand presence among high-net-worth individuals, with a significant overlap in clientele with luxury brands such as Louis Vuitton and Cartier [4]. - The company’s membership program has shown impressive growth, with loyal members contributing approximately 97% of sales revenue, significantly higher than the industry average of 60%-70% [4]. Strategic Initiatives - The company plans to maintain a controlled and high-quality store expansion strategy, with projections of 46, 52, and 57 stores by the end of 2025, 2026, and 2027 respectively [4]. - The average revenue per store is expected to increase from RMB 2.0 billion in 2024 to RMB 5.1 billion in 2025, driven by enhanced brand positioning and store optimization [4]. - The online sales channel is anticipated to grow significantly, with projected revenues of RMB 43.9 billion, RMB 67.8 billion, and RMB 82.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 315.9%, 54.6%, and 22.1% [4].

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 25 日 能源装备国之重器，AI 时代全球化破局 机械设备 | 报告原因： | | --- | | | | | 市场数据： | 2025 | 年 | 12 月 | 24 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 5.20 | | | 一年内最高/最低（元） | | | | 5.63/2.62 | | | 市净率 | | | | 2.5 | | | 股息率（分红/股价） | | | | | - | | 流通 A 股市值（百万元） | | | | 37,510 | | | 上证指数/深证成指 | | | | 3,941/13,486 | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | 2025 | 年 | 09 月 | 30 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | 2.1 | | 资 ...

全球瓦楞纸装备龙头，积极布局新兴产业 ——东方精工（002611.SZ）首次覆盖报告 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 25 日 投资要点： 财务数据及盈利预测 | 报告期 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,746 | 4,778 | 5,372 | 5,974 | 6,758 | | 同比增长率（%） | 21.9% | 0.7% | 12.4% | 11.2% | 13.1% | | 归母净利润（百万元） | 433 | 501 | 701 | 842 | 1,031 | | 同比增长（%） | -3.1% | 15.5% | 40.0% | 20.0% | 22.5% | | 每股收益（元/股） | 0.36 | 0.41 | 0.58 | 0.69 | 0.85 | | 毛利率（%） | 29.2% | 30.1% | 30.0% | 30.1% | 30.3% | | ROE（%） | 9.6% | 10.1% | 1 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 25 日 AI 驱动 PCB 升级，电镀设备龙头迎放量拐点 机械设备 | 报告原因： | | --- | | | | | 市场数据： | 2025 | 年 | 12 月 | | 24 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 36.89 | | | 一年内最高/最低（元） | | | 48.56/23.51 | | | | 市净率 | | | | 6.1 | | | 股息率（分红/股价） | | | 0.27 | | | | 流通 A 股市值（百万元） | | | 11,008 | | | | 上证指数/深证成指 | | | 3,941/13,486 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | 09 | 日 | | | 月 30 | | 2025 | | 年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company, a leader in the snack retail industry, has established a strong position through a network of over 15,000 stores, leveraging supply chain scale effects to thrive in a rapidly changing market. Revenue projections for 2025, 2026, and 2027 are estimated at 497.2 billion, 625.1 billion, and 715.8 billion yuan, respectively, with year-on-year growth rates of 53.8%, 25.7%, and 14.5%. Net profit attributable to shareholders is expected to reach 10.7 billion, 17.5 billion, and 24.0 billion yuan, reflecting growth rates of 266.0%, 63.2%, and 36.7% [3][5]. Summary by Sections Investment Rating and Valuation - The company is rated "Buy" based on its leading position in the snack retail sector and robust revenue growth forecasts. The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 32.5X, 19.9X, and 14.6X, respectively [2][3]. Industry and Company Analysis - Originally focused on edible fungi, the company entered the snack retail market in 2022 through acquisitions, rapidly increasing its revenue share from this segment to 98.9% by Q1-Q3 2025. The snack retail market in China has grown from 21.1 billion yuan in 2019 to 80.9 billion yuan in 2023, with a compound annual growth rate (CAGR) of approximately 40%, and is projected to reach 123.9 billion yuan by 2025 [3][5]. Key Assumptions - The company plans to maintain a steady pace of store expansion, with the number of stores expected to reach 18,000, 21,000, and 22,500 by the end of 2025, 2026, and 2027, respectively. Single-store revenue is projected to stabilize and grow, with estimates of 273.2, 295.1, and 315.7 thousand yuan for the same years [3][5]. Market Dynamics - The company is positioned to benefit from ongoing expansion in the East China region and penetration into untapped areas. The number of stores in East China reached 8,727 in H1 2025, contributing significantly to profits. The company’s supply chain infrastructure, including a 90,000 square meter warehouse system, provides a competitive edge [5][3]. Financial Projections - Total revenue is projected to grow significantly, with estimates of 9.3 billion yuan in 2023, increasing to 71.6 billion yuan by 2027. The net profit is expected to turn positive by 2024, reaching 3.4 billion yuan by 2027 [5][24].

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 大单品战略成效显著，成长动能持续释放 ——燕京啤酒（000729.SZ）首次覆盖报告 投资要点： 食品饮料 | 买入（首次评级） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 市场数据： | | 2025 | 年 | 12 月 | 23 | 日 | | 收盘价（元） | | | | | 12.04 | | | 一年内最高/最低（元） | | | | | 14.36/10.7 | | | 市净率 | | | | | 2.1 | | | 股息率（分红/股价） | | | | | 1.58 | | | 流通 A | 股市值（百万元） | | | | 30,216 | | | 报告原因： | | | | | | | 注："股息率"以最近一年已公布分红计算 | 基础数据： | | 2025 | 月 | | 日 | | | 年 | 09 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report assigns a "Buy" rating for the company, 盛美上海 (688082.SH) [5] Core Insights - The company is expected to benefit from a strong order backlog, particularly in the storage wafer factory expansion, with an estimated order amount of 9.072 billion yuan, indicating a significant focus on storage-related orders [5] - The global semiconductor equipment market is projected to recover, with a compound annual growth rate (CAGR) of 11.3% from 2024 to 2027, while the Chinese market is expected to grow from 49.1 billion USD in 2024 to 66.2 billion USD in 2027 [5] - The company is the largest semiconductor cleaning equipment manufacturer in China, holding approximately 8% of the global market share and over 30% in the single-wafer cleaning equipment sector [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 38.88 billion yuan in 2023 to 98.08 billion yuan in 2027, with year-on-year growth rates of 35.3%, 44.5%, 25.1%, 20.2%, and 16.2% respectively [3][27] - Net profit attributable to shareholders is expected to increase from 911 million yuan in 2023 to 2.323 billion yuan in 2027, with growth rates of 36.2%, 26.7%, 46.1%, 16.8%, and 18.0% respectively [3][27] - Earnings per share (EPS) is forecasted to rise from 1.90 yuan in 2023 to 5.29 yuan in 2027 [3][27] - The company's gross margin is expected to stabilize around 49.4% in 2025 and improve to 51.0% by 2027 [3][27] Industry and Company Situation - The semiconductor cleaning equipment market is highly concentrated, with the top four companies holding a combined market share of 90% [5] - The company is expanding its product matrix beyond single-wafer cleaning equipment to include semiconductor electroplating, copper polishing, and advanced packaging wet process equipment [5] - The company has established a strong customer base, including major semiconductor manufacturers such as 海力士, 华虹集团, and 中芯国际 [22] Key Assumptions - Revenue from semiconductor cleaning equipment is expected to grow significantly, with projections of 27.6%, 22.1%, and 17.7% year-on-year growth from 2025 to 2027 [5] - The gross margin for cleaning equipment is anticipated to improve from 49.4% in 2025 to 55.4% in 2027, enhancing overall profitability [5] Catalysts for Stock Performance - The expansion of storage and logic wafer factories is expected to drive revenue growth, with a strong order backlog translating into sales [5] - Successful validation of equipment in advanced processes and packaging fields will further support the company's growth trajectory [5]

- 辣味零食龙头地位稳固，魔芋高增打开空间 ——卫龙美味（9985.HK）首次覆盖报告 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 资料来源：聚源数据 相关研究 - 范林泉 S0820525020001 021-32229888-25516 朱振浩 S0820125020001 021-32229888-25515 zhuzhenhao@ajzq.com 报告原因： | | | | 市场数据： | 2025 | 年 | 12 | 月 23 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 11.75 | | | 一年内最高/最低（港元） | | | | 17.82/6.90 | | | 总股本（亿股） | | | | 243,115 | | | 总市值（亿港元） | | | | | 279 | | | | | | | 日 | 一年内股价与恒生指数对比走势： 投资要点： | 报告期（人民币） | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | -- ...

公司研究 / 首次覆盖 2025 年 12 月 24 日 证券研究报告 大单品验证产品力，全渠道夯实增长极 ——盐津铺子（002847.SZ）首次覆盖报告 报告原因： 投资要点： 食品饮料 | . I le le mail to the state of the state of the states of the station of the states of the station of the station of the states of the states of the states of the station of | | --- | | 果人(首次评级) | | 市场数据： | 2025 | 年 | 12 月 | 23 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 71.30 | | | 一年内最高/最低（元） | | | 97.71/49.04 | | | | 市净率 | | | | 9.1 | | | 股息率（分红/股价） | | | | | 1.96 | | 流通 A 股市值（百万元） | | | | 17 ...