Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is expected to experience stable growth in performance, with ongoing developments in solid-state batteries and dry electrode technology, particularly in space applications [3][4] - The company has faced a significant decline in net profit for 2025, estimated between 58 million to 68 million yuan, representing a decrease of 57.98% to 64.16% compared to the previous year [6] - Despite short-term challenges, including a slowdown in lithium battery demand and increased market competition, the company is positioned for recovery due to a rebound in capital expenditure and successful overseas market expansion [6] Financial Summary - The company's projected revenue for 2023 is 946 million yuan, with a year-over-year growth rate of 25%. However, a decline of 10% is expected in 2025, followed by a recovery with growth rates of 19% in 2026 and 2027 [4] - The net profit attributable to the parent company is forecasted to be 124 million yuan in 2023, with a significant drop to 65 million yuan in 2025, before recovering to 120 million yuan in 2026 and 182 million yuan in 2027 [4] - The earnings per share (EPS) is projected to be 1.33 yuan in 2023, decreasing to 0.41 yuan in 2025, and then increasing to 0.77 yuan in 2026 and 1.16 yuan in 2027 [4] - The company's price-to-earnings (P/E) ratio is expected to be 92.7 in 2023, increasing to 169.5 in 2025, and then decreasing to 90.9 in 2026 and 59.9 in 2027 [4] Industry Insights - The company is recognized as a leader in the lithium battery roller press equipment industry, with a forward-looking strategy in dry electrode and solid-state battery equipment, indicating significant growth potential [6] - The solid-state battery sector is gaining traction, with the company making progress in key equipment development, including ultra-thin lithium membranes and high-pressure equipment, which are essential for solid-state battery production [6]

北交所开年持续上涨，三大交易所上调融资保证金比例 ——北交所双周报（1.12-1.23） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn 北交所基本状况 | 上市公司数 | 292 | | --- | --- | | 行业总市值(亿元) | 9,363.02 | | 行业流通市值(亿元) | 5,802.62 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 02 月 04 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 291 只，平均市值 32.20 亿元。 本区间（2026.1.12-2026.1.23，下同）北证 50 指数涨跌幅为 4.22%，收盘价 1588.66 点；同期沪深 300、上证指数涨跌幅分别为-1.19%、0.38%。本区间北交所日均成交 额达 3341.00 亿元，较上一区间（2025.12.29 ...

北交所开年持续上涨，三大交易所上调融资保证金比例 ——北交所双周报（1.12-1.23） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 | 上市公司数 | 292 | | --- | --- | | 行业总市值(亿元) | 9,363.02 | | 行业流通市值(亿元) | 5,802.62 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 02 月 04 日 Email：fengsheng@zts.com.cn 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn 北交所基本状况 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 291 只，平均市值 32.20 亿元。 本区间（2026.1.12-2026.1.23，下同）北证 50 指数涨跌幅为 4.22%，收盘价 1588.66 点；同期沪深 300、上证指数涨跌幅分别为-1.19%、0.38%。本区间北交所日均成交 额达 3341.00 亿元，较上一区间（2025.12.29 ...

避险资产不避险，债市风景独好？ 证券研究报告/固收专题报告 2026 年 02 月 04 日 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 分析师：严伶怡 近期债市市场走势偏修复，但开年以来各类品种表现背离，盘下来基本只有超长债表 现较差。从开年以来 10 年以内债券、二永的表现来看，债市可以说并非熊市，属于 迟到的配置行情。1 月 30 年国债虽然较去年底上行 2BP，最高上行 7BP，但 10 年及 以内国债、中短信用债表现稳定，基本没有下跌；二永表现更为优异，主要源于分红 险和固收+的配置需求，3 年、5 年 AAA-二级资本债，3 年、5 年 AA+银行永续债较 年底分别下行 5.8BP、9.0BP、 9.8BP、9.6BP。 从 30 年国债的角度上，在经历了去年 12 月和今年开年大幅调整后，很多投资人"受 伤"后参与力度减弱，因此没怎么跟随 10 年内修复，导致期限利差被动走阔。 多资产市场超高波动，但跟以往相比，对债券市场的影响比较小。无论是商品市场的 "滞涨"交易，还是权益市场科技方向的"风险偏好"交易，对债市并未造成显著下 跌的影响 ...

Core Insights - The report emphasizes the strategic importance of the raw material pharmaceutical sector, highlighting price recovery and new business increments as key drivers for growth in the industry [3][4][9] - The pharmaceutical sector is currently viewed as being at a bottoming phase, with opportunities arising from innovative drug developments and the integration of new technologies such as AI and brain-computer interfaces [4][6][8] Market Performance - In January 2026, the pharmaceutical and biotechnology sector saw a 3.1% increase, outperforming the CSI 300 index, which rose by 1.7%, resulting in a 1.49 percentage point lead [3][11] - Specific segments within the pharmaceutical industry, such as medical services and medical devices, experienced significant gains, with increases of 8.82% and 5.28% respectively [3][11] Investment Strategy - The report suggests focusing on the raw material pharmaceutical sector, which is expected to benefit from price recovery and the introduction of new business lines, particularly in small nucleic acids, peptides, and ADCs [4][5][9] - Companies with strong technical capabilities and production capacity, such as Lianhua Technology and Aorite, are highlighted as key players to watch [5] Innovation and New Opportunities - The report identifies several innovative drug sectors, including small nucleic acids and ADCs, as having significant growth potential, driven by clinical advancements and market demand [5][9] - The report also notes that the ADC market is expected to grow significantly, with a projected market size of $11 billion by 2030, indicating a strong opportunity for companies involved in this space [9] Recommendations - Key stocks recommended for investment include WuXi Biologics, Tigermed, and Kanghong Pharmaceutical, which have shown strong performance and are expected to continue to do so [10] - The report also highlights the importance of monitoring developments in AI and brain-computer interface technologies, which are anticipated to drive future growth in the pharmaceutical sector [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is expected to experience stable growth in performance, with ongoing developments in solid-state batteries and dry electrode technology, particularly in space applications [3][4] - The company has faced a significant decline in net profit for 2025, estimated between 58 million to 68 million yuan, representing a decrease of 57.98% to 64.16% compared to the previous year [6] - Despite short-term challenges, including a slowdown in lithium battery demand and increased competition, the company is positioned for recovery due to a rebound in capital expenditure and successful overseas market expansion [6] - The company has made substantial progress in solid-state battery equipment, with key devices being delivered to customers, enhancing its product portfolio [6] - The report highlights the potential applications of solid-state batteries and dry technology in harsh environments, such as space, where performance requirements are significantly higher [6] Financial Summary - The company's projected revenue for 2023 is 946 million yuan, with a year-over-year growth rate of 25%. However, a decline in revenue is expected in 2025, with a forecast of 952 million yuan, reflecting a -10% growth rate [4] - The net profit for 2023 is projected at 124 million yuan, with a growth rate of 9%. A significant drop to 65 million yuan is anticipated for 2025, marking a -60% change [4] - The earnings per share (EPS) is expected to decrease from 1.33 yuan in 2023 to 0.41 yuan in 2025 [4] - The report forecasts a recovery in net profit to 120 million yuan in 2026 and 182 million yuan in 2027, with corresponding P/E ratios of 90.9 and 59.9 [4]

乘用车 | 评级: 买入 | | --- | | 维持 | 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | | | | 总股本(百万股) | 9,117.20 | | --- | --- | | 流通股本(百万股) | 7,170.64 | | 市价(元) | 87.37 | | 市值(百万元) | 796,569.55 | | 流通市值(百万元) | 626,498.98 | 股价与行业-市场走势对比 2025-04-26 1、《比亚迪 2025 年中报点评：》 2025-08-30 评：》2025-08-04 比亚迪 2026 年 1 月销量点评： 行业政策过渡短期承压，仍需关注后续新车周期及出口 比亚迪（002594.SZ） 证券研究报告/公司点评 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 410 to 495 million yuan in 2025, marking a significant turnaround from losses, with Q4 2025 projected net profit between 159 to 244 million yuan, reflecting a quarter-on-quarter growth of 63.9% to 151.5% [5] - The company’s seat business is entering a significant growth phase, with projected revenue from passenger car seats exceeding 5 billion yuan in 2025, driven by increased production and efficiency [5] - The report highlights the successful acquisition of multiple clients and projects in the passenger car seat sector, indicating a strong market position and future growth potential [5] Summary by Sections Financial Performance - The company forecasts revenue of 23,091 million yuan for 2025, with a year-on-year growth rate of 4% [3] - The net profit attributable to shareholders is projected to be 451 million yuan in 2025, a significant recovery from a loss of 567 million yuan in 2024 [3] - Earnings per share (EPS) is expected to be 0.35 yuan in 2025, compared to a loss of 0.45 yuan in 2024 [3] Business Development - The passenger car seat business is expected to reach a revenue of over 50 billion yuan in 2025, with a notable increase in profitability as the company crosses the breakeven point [5] - The company has secured 24 projects for passenger car seats, indicating a robust order backlog that supports future profitability [5] - The report emphasizes the company's strategic focus on domestic and global market expansion, leveraging its partnerships and capabilities to enhance its competitive edge [5] Market Position - The report identifies the company as a leading player in the domestic passenger car seat market, with a significant market share and a strong growth trajectory [5] - The global market for passenger car seats is projected to grow, with the company positioned to capitalize on this trend through its innovative products and strategic partnerships [5]

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 汽车零部件 Email：tangsu@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 185.97 | | 流通股本(百万股) | 35.39 | | 市价(元) | 79.99 | | 市值(百万元) | 14,876.01 | | 流通市值(百万元) | 2,830.52 | 海安集团俄罗斯建厂点评：巨胎龙头海外建厂 0-1，在手订单饱 满、全球拓展加速 海安集团（001233.SZ） 证券研究报告/公司点评报告 2026 年 02 月 02 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 2,251 | 2,300 | 2,200 | 2,468 | 3,4 ...

Space X 再申请百万颗卫星，商业航天关注度持续提升 国防军工 证券研究报告/行业定期报告 2026 年 02 月 02 日 Email：mamz@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 143 | | 行业总市值(亿元) | 35,234.26 | 2026-01-25 2、《国产大飞机航司交付及国产化 率双提升，C919 产业链景气上行》 2026-01-18 3、《商业航天高景气上行，国产大 飞机迎双提升机遇》2026-01-11 分析师：陈鼎如 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740523060003 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | | 分析师： ...