2026 年 2 月 27 日 盈利预测、估值与评级：由于碳纤维行业逐步回暖，我们上调公司 2025-2027 年的盈利预测，预计 2025-2027 年公司归母净利润分别为 1.91（上调 20%）/2.81 （上调 23%）/3.70（上调 11%）亿元。我们持续看好公司作为国内碳纤维原丝 龙头的后续成长，维持公司"增持"评级。 碳纤维需求回暖新产能有序释放，25 年业绩同比高增 ——吉林碳谷（920077.BJ）2025 年业绩快报点评 要点 风险提示：产能释放不及预期，产品及原材料价格波动，下游需求不及预期风险。 公司盈利预测与估值简表 公司研究 事件：公司发布 2025 年年度业绩快报，2025 年公司实现营业收入 25.37 亿元， 同比增长 58.2%；实现归母净利润 1.91 亿元，同比增长 104%。其中，Q4 单季 度公司实现营业收入 6.62 亿元，同比增长 43.8%，环比下降 3.9%；实现归母 净利润 0.61 亿元，同比增长 373%，环比增长 16%。 碳纤维需求回暖公司新产能逐步释放，2025 年业绩同比高增。根据百川盈孚数 据，2025 年我国碳纤维市场均价为 83.75 ...

证券代码：920077 证券简称：吉林碳谷 公告编号：2026-006 吉林碳谷碳纤维股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 随着碳纤维市场逐步回暖，公司精准把握市场动向，稳步提升产品品质与性 能，深入推进降本增效、优化产品结构，有效满足客户多元化、高端化需求，进 一步巩固了国内领先的市场地位，增强了公司核心竞争力与市场占有率，有力支 撑公司整体营收实现稳健增长。 三、风险提示 单位：元 项目 本报告期 上年同期 变动比例% 营业收入 2,536,544,322.17 1,603,235,499.61 58.21% 利润总额 211,519,647.21 99,376,740.90 112.85% 归属于上市公司股 东的净利润 191,488, ...

吉林碳谷碳纤维股份有限公司 关于公司控股股东股权变动的进展的公告 上述具体内容详见于2025年11月7日、2025年12月11日与2025年12月29日， 在北京证券交易所披露的《关于公司控股股东股权控制结构变动的提示性公告》 （公告编号：2025-127）、《关于公司控股股东股权控制结构变动的进展公告》 （公告编号：2025-140）与《关于公司控股股东股权变动的进展的公告》（公告 编号：2025-144）。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：920077 证券简称：吉林碳谷 公告编号：2026-005 2025年12月29日，公司披露了吉林市国资委与化纤集团已完成首批股权的交 割，对应吉林市国兴新材料产业投资有限公司（以下简称"国兴新材料"）19.36% 的股权，上述股权变更已完成工商登记手续。 一、权益变动情况概述 2025年11月7日，公司披露了吉林市人民政府国有资产监督管理委员会（以 下简称"吉林市国资委"）与吉林化纤集团有限责任公司（以下简称"化纤集团"） 签署了《国 ...

Strategy Research - The macroeconomic landscape shows a divergence in performance, with strong demand for technology hardware driven by AI infrastructure investment, while chemical prices remain robust due to supply constraints [2][3] - High-end liquor prices are stabilizing, indicating some recovery in consumer spending, although the sustainability of this trend remains uncertain [3][4] Food and Beverage Research - The company Sobo Protein is expected to maintain rapid profit growth in Q4 2025, with projected net profit for 2025 ranging from 178 to 191 million yuan, reflecting a year-on-year increase of 46.89% to 57.62% [8][36] - The company is focusing on high-end manufacturing and energy optimization, which is expected to enhance profitability [37] Automotive Research - The Robotaxi market in China is projected to reach a value of 50 billion yuan, with hardware cost reductions and software iterations driving demand [11][29] - The commercial viability of Robotaxi is approaching a critical point, with both L2 and L4 participants accelerating market penetration [11][29] Consumer Sector - The price of high-end liquor, such as Moutai, has increased by 3.9% for original and 3.0% for bulk, likely due to pre-holiday gifting demand [4][16] - The real estate market remains weak, with significant declines in transaction volumes across major cities, although policies to stabilize the market are being implemented [4][16] Technology and Manufacturing - The price of DRAM storage has shown signs of stabilization, with a slight decrease in DDR4 prices and a slight increase in DDR5 prices, while overall prices remain high [5][17] - Chemical prices continue to be strong, with PX prices increasing by 5.2% [5][17] Logistics and Transportation - Passenger transport demand remains stable ahead of the holiday season, with a slight increase in logistics demand reflected in highway and rail freight volumes [18] - Shipping rates have shown mixed trends, with domestic port throughput increasing, indicating a potential recovery in export activity [18] Industry Tracking: Machinery - The company Hangzhou Steam Turbine has signed its first commercial contract for a self-developed gas turbine, marking a significant step towards industrial application [19][20] - The company is also advancing its "B to A" strategy to enhance financing channels for high-investment R&D projects [21] Industry Research: Pharmaceuticals - The total market value of publicly held pharmaceutical stocks decreased from 397.7 billion to 316.1 billion yuan, indicating a decline in investor confidence [23][24] - The chemical preparation sector remains the largest segment within pharmaceutical holdings, accounting for 37.5% of total holdings [23] Industry Research: Information Technology - The median profit growth for computer companies is significantly higher than revenue growth, indicating a trend of improving profitability despite stagnant sales [25][26] - A notable number of companies are experiencing significant profit declines, highlighting a polarized performance within the sector [26][28]

稀缺原丝龙头，受益于风电需求回升 吉林碳谷(920077) 吉林碳谷首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | 本报告导读： 公司是稀缺的碳纤维原丝龙头，在碳纤维行业底部运行区间原丝盈利稳定度好于碳 丝，伴随 25 年风电需求回暖，公司产销和盈利同步回升。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,049 ...

稀缺原丝龙头，受益于风电需求回升 吉林碳谷(920077) 本报告导读： 公司是稀缺的碳纤维原丝龙头，在碳纤维行业底部运行区间原丝盈利稳定度好于碳 丝，伴随 25 年风电需求回暖，公司产销和盈利同步回升。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,049 | 1,603 | 2,498 | 2,858 | 3,250 | | (+/-)% | -1.7% | -21.8% | 55.8% | 14.4% | 13.7% | | 净利润(归母) | 231 | 94 | 198 | 289 | 365 | | (+/-)% | -63.2% | -59.4% | 110.6% | 45.9% | 26.6% | | 每股净收益(元) | 0.39 | 0.16 | 0.34 | 0.49 | 0.62 | | 净资产收益率(%) | 9.6% | 3.8% | 7.5% | 9.8% | 11.1% | ...

Group 1 - The chemical fiber sector experienced a decline of 0.22% on February 4, with Jilin Carbon Valley leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Notable gainers in the chemical fiber sector included Huylong New Materials, which rose by 6.62% to a closing price of 40.75, and Montai High-tech, which increased by 4.13% to 30.51 [1] Group 2 - Jilin Carbon Valley saw a decline of 2.22%, closing at 18.09, with a trading volume of 79,300 shares and a transaction value of 144 million [2] - The overall net capital flow in the chemical fiber sector showed a net outflow of 215 million from main funds, while retail investors saw a net inflow of 254 million [2] - The top stocks by net inflow from retail investors included Huylong New Materials and Montai High-tech, with net inflows of 139.97 million and 424.04 million respectively [3]

北证50成份股继续发挥业绩"压舱石"作用。 超四成公司交出"成绩单"，北交所2025年的业绩全貌正逐渐清晰。 Wind统计显示，截至1月底，3家北交所公司发布2025年业绩快报，另有123家披露了当期业绩预告，合 计占到北交所公司总数的四成以上。上述公司里，去年实现盈利的有77家，盈利面超过六成。 有6家北交所公司预计2025年净利润过亿元。其中，去年年底上市的蘅东光（920045.BJ）业绩领先，去 年预计实现净利润2.7亿元至3.1亿元，增幅在八成以上。广信科技（920037.BJ）、吉林碳谷 （920077.BJ）等去年也增收增利，净利润超亿元。 北证50成份股继续发挥业绩"压舱石"作用，去年净利润排在前列的公司中，多家为该指数成份股，涉及 林泰新材（920106.BJ）、富士达（920640.BJ）等。值得一提的是，逾10家北交所公司有望在去年扭亏 为盈。 13家公司去年扭亏 截至1月底，3家已披露业绩快报的北交所公司是基康技术（920879.BJ）、联迪信息（920790.BJ）和华 信永道（920592.BJ）。其中，基康技术去年增收增利，当期营收4.08亿元、归母净利润8231.15万元， 同比 ...

Market Overview - The chemical fiber sector experienced a decline of 1.66% on January 30, with Huafeng Chemical leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Hengshen New Materials (Code: 000782) with a closing price of 5.89, up 4.25% and a trading volume of 335,800 shares, totaling 197 million yuan [1] - Baolidi (Code: 300905) closed at 37.46, up 3.54% with a trading volume of 58,800 shares, totaling 217 million yuan [1] - Major decliners included: - Huafeng Chemical (Code: 002064) closed at 12.88, down 5.85% with a trading volume of 774,500 shares, totaling 26.67 million yuan [2] - Xinxiang Chemical Fiber (Code: 000949) closed at 7.27, down 3.84% with a trading volume of 985,300 shares, totaling 716 million yuan [2] Capital Flow - The chemical fiber sector saw a net outflow of 388 million yuan from main funds, while retail investors contributed a net inflow of 420 million yuan [2] - The capital flow for specific stocks showed: - Hengshen New Materials had a main fund net outflow of 12.99 million yuan, with retail inflow of 1.70 million yuan [3] - Sanfangxiang (Code: 600370) had a main fund net inflow of 7.65 million yuan, while retail outflow was 0.37 million yuan [3]

Group 1 - The chemical fiber sector increased by 0.43% on January 27, with Zhongfu Shenying leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the chemical fiber sector showed various performance metrics, with Zhongfu Shenying closing at 35.46, up 4.79% [1] Group 2 - The chemical fiber sector experienced a net outflow of 171 million yuan from main funds, while retail investors saw a net inflow of 188 million yuan [2] - The trading volume and turnover for several stocks in the sector were significant, with Jilin Carbon Valley recording a turnover of 343 million yuan [2] - The stock performance varied, with Youfu Co. experiencing a decline of 4.57% to close at 7.51 [2] Group 3 - Jilin Carbon Valley had a net inflow of 36.93 million yuan from main funds, while New Xiang Chemical Fiber saw a net outflow of 35.22 million yuan from retail investors [3] - The data indicates a mixed sentiment among different investor types, with retail investors showing a preference for certain stocks despite overall sector outflows [3] - The performance of individual stocks varied, with some stocks like Zhongfu Shenying and Nanjing Chemical Fiber showing minor net inflows from retail investors [3]