证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2026 年 04 月 01 日 证券分析师 25 年扣非归母同比+38%高速增长，主业提质成效持续兑现。据公司 2025 年度报告， 全年公司新签合同额首次达到 91.9 亿元，实现营业收入 79.32 亿元，同比+4.73%； 实现归母净利润 3.65 亿元，同比-2.02%；剔除去年因安泰环境"控变参"导致 Q2 投资收益增加等影响后的扣非归母净利润达 3.22 亿元，同比+38.16%。 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 方皓 SAC：S1350525110003 fanghao@huayuanstock.com 市场表现： | 基本数据 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profitability continues to improve, with a gross margin of 17.24% in 2025, up by 1.19 percentage points year-on-year. The Q4 gross margin reached 20.30%, an increase of 2.52 percentage points year-on-year [5] - The company is experiencing strong cash flow, with a total cash flow from operations (CFO) of 1.545 billion yuan in 2025, although it decreased by 0.81 billion yuan year-on-year [5][6] - The company plans to distribute a cash dividend of 567 million yuan (including tax) for 2025, with a dividend payout ratio of 92.83%, resulting in a dividend yield of 5.78% based on the closing price on March 30 [6] - The company is expanding its overseas business significantly, with a 30% increase in overseas orders, which now account for 35% of total orders [6] Financial Performance Summary - In 2025, the company achieved revenue of 21.845 billion yuan, a decrease of 2.50% year-on-year. The net profit attributable to the parent company was 610 million yuan, down by 4.31% year-on-year, while the net profit excluding non-recurring items increased by 42.06% to 595 million yuan [6] - The company expects net profits for 2026-2028 to be 801 million, 901 million, and 1.020 billion yuan, with year-on-year growth rates of 31.21%, 12.50%, and 13.27% respectively [5][7] - The company’s total market capitalization is approximately 9.8 billion yuan, with a total share capital of 1.133 billion shares [3] Market Performance - The company has a strong order backlog, with total orders amounting to approximately 37.6 billion yuan, which is 1.72 times its revenue for 2025. The overseas order backlog is about 15.3 billion yuan, representing a 51% year-on-year increase [6] - The company has achieved a significant increase in overseas orders, particularly in the curtain wall segment, which saw an 84% year-on-year growth [6] - The company’s product strategy has led to a rapid expansion in the global market, with notable growth in regions such as Australia, Uzbekistan, Thailand, the UK, and Mongolia [6]

证券研究报告 计算机 | 软件开发 港股|公司点评报告 hyzqdatemark 2026 年 04 月 01 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com | 基本数据 | 2026 | 03 | 31 | 日 | 年 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | | | 9.67 | | 一年内最高/最低（港 | | | 13.32/9.35 | | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | 28,296.45 | | | | | | 流通市值（百万港元） | | | 9,017.87 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to benefit from declining costs, leading to a recovery in annual performance [5] - Despite facing pressure on revenue due to negative growth in national fixed asset investment and a continued downturn in real estate, the company managed to achieve a year-on-year increase in net profit due to cost reductions [7] - The fourth quarter of 2025 saw a significant drop in net profit compared to revenue, primarily due to high base effects and asset impairment losses [7] Financial Performance Summary - For the fiscal year 2025, the company reported revenue of 825.32 billion yuan, a year-on-year decrease of 9.33%, while net profit attributable to shareholders was 81.13 billion yuan, an increase of 5.42% [7] - The company’s gross margin for Q4 2025 was 23.77%, stable compared to the previous quarter but down 4.38 percentage points year-on-year [7] - The company’s revenue from cement and clinker showed a decline of 7.88% year-on-year, while the gross margin improved by 3.30 percentage points [7] - The company’s earnings per share (EPS) for 2026 is projected to be 1.58 yuan, with a price-to-earnings (P/E) ratio of 14.68 [6] Earnings Forecast and Valuation - The company’s projected net profits for 2026, 2027, and 2028 are 83.59 billion yuan, 110.89 billion yuan, and 139.52 billion yuan respectively [7] - The corresponding P/E ratios for these years are expected to be 15, 11, and 9 times [7] - Revenue is expected to grow at a rate of 5.13% in 2026, 5.24% in 2027, and 5.50% in 2028 [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 710 million yuan in 2025, representing a year-on-year growth of 18%. The net profit attributable to shareholders was 89.89 million yuan, a decrease of 14% year-on-year. The gross margin and net margin were 48.53% and 12.61%, respectively [5] - The company is expected to continue benefiting from growth in oil and gas, as well as emergency response hose products, with new products like steel-lined pipes anticipated to contribute to revenue growth [5] - The company plans to strengthen its core product advantages in the oil and gas and emergency sectors, while also expanding into new markets in South America and Africa [5] Financial Summary - Revenue for 2025 is projected at 710 million yuan, with a year-on-year growth rate of 18.41% for 2026 and 20.54% for 2027 [6] - The net profit for 2025 is expected to be 90 million yuan, with a forecasted increase to 104 million yuan in 2026 and 134 million yuan in 2027 [6] - The company’s earnings per share (EPS) is projected to be 0.68 yuan in 2025, increasing to 0.79 yuan in 2026 and 1.02 yuan in 2027 [6] - The return on equity (ROE) is expected to be 10.14% in 2025, rising to 10.73% in 2026 and 12.38% in 2027 [6] Product and Market Strategy - The company focuses on high-pressure large-flow delivery hoses and ordinary lightweight delivery hoses, with revenue growth of 22% and 15% respectively in 2025 [5] - The company is enhancing its product offerings in shale oil and gas extraction, emergency rescue, and municipal sectors, aiming to integrate smart technology into its products [5] - The company is expanding its market presence in North America, the Middle East, and Australia, while also targeting growth in domestic municipal and water conservancy projects [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has improved operational efficiency and is the first among the "Big Three" airlines to return to profitability [5] - The company achieved a revenue of 182.26 billion yuan in 2025, with a year-on-year growth of 4.61%, and a net profit attributable to shareholders of 0.857 billion yuan, marking a significant turnaround from a loss of 2.696 billion yuan [6] - The company is expected to continue benefiting from the growth in domestic travel demand and the recovery of international travel, with a projected net profit of 4.018 billion yuan in 2026, representing a year-on-year growth of 368.89% [5][6] Financial Summary - The company's total market capitalization is approximately 102.38 billion yuan, with a closing price of 5.65 yuan per share [3] - The company's total assets are projected to reach 352.35 billion yuan by 2026, with total liabilities of 291.60 billion yuan [7] - The company’s earnings per share (EPS) is expected to be 0.05 yuan in 2026, increasing to 0.50 yuan by 2028 [5][7] - The return on equity (ROE) is projected to improve from 2.41% in 2026 to 16.34% in 2028 [5][7]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In March 2026, the three major indices returned to the expansion range, indicating an improvement in economic sentiment. The manufacturing PMI increased by 1.4 pct to 50.4%, the non - manufacturing business activity index rose by 0.6 pct to 50.1%, and the composite PMI output index was 50.5%, up 1.0 pct from the previous month [1]. - The manufacturing PMI rebounded beyond the seasonal level after the Spring Festival and returned to the expansion range. The production and demand both expanded, with demand improving more significantly. Price indicators fluctuated slightly, and the cost pressure remained but eased. The gap in enterprise scale narrowed, and small and medium - sized enterprises rebounded strongly. The export orders also increased [1]. - The non - manufacturing PMI returned to the expansion range, with the service industry performing better than the construction industry. The service industry business activity index rose above the critical point, while the construction industry business activity index rebounded but remained in the contraction range [1]. - In 2026, the situation of strong supply and weak demand may continue. The support for consumption policies may decline, and the growth of social retail sales may be weak. Investment in some sub - industries of manufacturing may be under pressure, the decline in real estate investment may narrow significantly due to the low base, and infrastructure investment may remain at a low level. Foreign trade growth is uncertain, and exports may face pressure in the second half of the year. The PPI decline is expected to narrow, with the annual PPI year - on - year high at around 1% [1]. - In 2026, the total supply of the bond market is expected to be stable, and the supply - demand relationship is expected to improve. Long - term bond adjustments may present opportunities, and it is recommended to grasp the band - trading opportunities. The 10 - year treasury bond yield is expected to fluctuate between 1.6% - 1.9%, and the 30 - year treasury bond active bond yield is expected to fluctuate between 1.9% - 2.4%. It is recommended to pay attention to the old 30 - year treasury bonds, 10 - year CDB bonds, and long - duration sinking capital bonds. The Fed's interest rate cut may be postponed to May 2026 or later, and bond market investment may be more favorable in the second half of the year [1]. 3. Summary by Related Catalog Manufacturing PMI - Rebounded beyond the seasonal level after the Spring Festival and returned to the expansion range, mainly driven by the full resumption of work and production of enterprises after the Spring Festival, with significantly increased market activity. The average monthly increase in March in the past five years was about 0.4 pct, and this year's increase was higher than the seasonal level, indicating strong economic recovery momentum [1]. - Production and demand both expanded, with the production index (51.4%) and new order index (51.6%) rising by 1.8 pct and 3.0 pct respectively from the previous month, both entering the expansion range. The new order index increased more than the production index, suggesting that the demand side recovered faster than the supply side, and the supply - demand relationship was further optimized [1]. - Price indicators fluctuated slightly. The purchase price index of major raw materials and the ex - factory price index were 63.9% and 55.4% respectively, up 9.1 pct and 4.8 pct from the previous month. The ex - factory price index was still lower than the purchase price index of major raw materials, indicating that the cost pressure on enterprises remained, but the price difference narrowed, and the profit margin may improve [1]. - The gap in enterprise scale narrowed, with the manufacturing PMI of large, medium, and small enterprises being 51.6%, 49.0%, and 49.3% respectively, up 0.1 pct, 1.5 pct, and 4.5 pct from the previous month. The new export order index was 49.1%, still in the contraction range but up 4.1 pct from the previous month [1]. Non - manufacturing PMI - The service industry business activity index rose above the critical point. In March, it was 50.2%, up 0.5 pct from the previous month, returning to the expansion range. Industries such as railway transportation, telecommunications, radio and television, satellite transmission services, monetary and financial services, and insurance were in the high - level prosperity range above 55.0%. After the Spring Festival, the demand for tourism, accommodation, and catering decreased [1]. - The construction industry business activity index rebounded but remained in the contraction range. In March, it was 49.3%, up 1.1 pct from the previous month, mainly affected by weather factors and project start - up rhythms. With the arrival of spring and the acceleration of project progress, the construction industry's prosperity is expected to further improve [1]. 2026 Economic Outlook - Consumption policy support may decline, and the growth of social retail sales may be weak. In fixed - asset investment, investment in some sub - industries of manufacturing may be under pressure due to over - capacity, the decline in real estate investment may narrow significantly due to the low base, and infrastructure investment may remain at a low level. Foreign trade growth is affected by geopolitical conflicts and trade frictions, and exports may face pressure in the second half of the year. The PPI decline is expected to narrow, with the annual PPI year - on - year high at around 1% [1]. Bond Market Outlook - In 2026, the total supply of the bond market is expected to be stable, and the supply - demand relationship is expected to improve. Long - term bond adjustments may present opportunities. The 10 - year treasury bond yield is expected to fluctuate between 1.6% - 1.9%, and the 30 - year treasury bond active bond yield is expected to fluctuate between 1.9% - 2.4%. It is recommended to pay attention to the old 30 - year treasury bonds, 10 - year CDB bonds, and long - duration sinking capital bonds. The Fed's interest rate cut may be postponed to May 2026 or later, and bond market investment may be more favorable in the second half of the year [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown impressive performance in 2025, driven by both store expansion and growth in same-store sales [5] - The company achieved a revenue of 12.91 billion RMB in 2025, representing a year-on-year growth of 46.9% [7] - The net profit attributable to shareholders reached 3.11 billion RMB in 2025, with a remarkable year-on-year increase of 110.3% [7] - The company continues to expand its store network, with a total of 13,554 stores as of December 31, 2025, marking a 36.7% increase year-on-year [7] - The average daily GMV per store increased by 20% to 7,800 RMB in 2025 [7] - The company is expected to maintain strong growth in net profit for 2026-2028, with projections of 3.43 billion RMB, 4.15 billion RMB, and 4.77 billion RMB respectively [8] Financial Summary - Revenue projections for 2026 are estimated at 16.15 billion RMB, with a year-on-year growth rate of 25.1% [6] - The projected net profit for 2026 is 3.43 billion RMB, reflecting a growth rate of 10.2% [6] - The company’s P/E ratio is projected to decrease from 17.92 in 2025 to 11.98 in 2028, indicating improving valuation [6] - The company maintains a high return on equity (ROE) of 71.6% in 2024, which is expected to decline gradually to 39.7% by 2028 [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a revenue growth of 68% year-on-year for insulated molded parts in 2025, with new product development and capacity expansion likely to capitalize on opportunities in the power industry [5] - The company reported a revenue of 796 million yuan in 2025, representing a year-on-year growth of 37.74%, and a net profit attributable to shareholders of 197.84 million yuan, up 70.30% year-on-year [7] - The company is positioned to benefit from strong downstream market demand, with the State Grid's fixed asset investment expected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [7] Financial Summary - Revenue Forecast (in million yuan): - 2024: 578 - 2025: 796 - 2026E: 1,081 - 2027E: 1,400 - 2028E: 1,743 - Year-on-Year Growth Rates: - 2025: 37.74% - 2026E: 35.85% - 2027E: 29.52% - 2028E: 24.49% [6] - Net Profit Forecast (in million yuan): - 2024: 116 - 2025: 198 - 2026E: 285 - 2027E: 372 - 2028E: 472 - Year-on-Year Growth Rates: - 2025: 70.30% - 2026E: 44.24% - 2027E: 30.31% - 2028E: 26.97% [6] Business Performance - The company’s main business of insulated board products achieved a revenue of 460.99 million yuan in 2025, growing by 22.02% year-on-year, while insulated molded parts saw a revenue of 333.70 million yuan, up 68.19% year-on-year [7] - The overall gross margin for the company in 2025 was 38.99%, an increase of 5.49 percentage points year-on-year [7] - The company has a total market capitalization of 6,599.05 million yuan and a circulating market capitalization of 2,133.06 million yuan [3]

hyzqdatemark 2026 年 03 月 31 日 证券分析师 符超然 SAC：S1350525050004 fuchaoran@huayuanstock.com 市场表现： | 基本数据 | | | | 2026 | 年 | 03 | 月 | | 日 | 31 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 88.88 | | | | 一 年 内 最 低 | 高 | / | 最 | | | | | | | | | | | | | | | | 136.36/82.34 | | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 6,223.38 | | | | 流通市值（百万元） | | | | | | | | 6,223.38 | | | | 总股本（百万股） | | | | | | | | 70.02 | | | | 资产负债率（%） | | | | | | | | 46.25 | | | | ...