Investment Rating - The report assigns an "Outperform" rating for the lithium battery industry [3]. Core Insights - Lithium carbonate prices have decreased, while the average price of energy storage cells continues to rise [1]. - In December 2025, domestic battery production reached 201.7 GWh, a year-on-year increase of approximately 62% and a month-on-month increase of about 14% [1]. - The production of lithium iron phosphate (LFP) cathode materials in December 2025 was 269,300 tons, reflecting a year-on-year growth of 32.48% [1]. - The utilization rate of production capacity for LFP cathode materials was 59.85% [1]. - The average price of industrial-grade lithium carbonate as of January 30, 2026, was 148,000 CNY/ton, with a weekly decrease of 11.90% [1]. - The average price of LFP (power type) was reported at 47,100 CNY/ton on January 9, 2026, an increase of 4.43% from January 4, 2026 [1]. - The average price of ternary power cells remained stable at 0.47 CNY/Wh as of January 30, 2026 [1]. - The monthly loading volume of LFP batteries in December 2025 was 79.8 GWh, a year-on-year increase of 30.82% [1]. - The export volume of Chinese power batteries in December 2025 was 19.0 GWh, a year-on-year increase of 47.29% [1]. Summary by Sections Production - In December 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [1]. Prices - The report highlights a decline in lithium carbonate prices and an increase in the prices of energy storage cells and systems [1]. Domestic Demand - The report notes a strong demand for both LFP and ternary power batteries, with record monthly loading volumes and new bidding capacities for energy storage projects [1]. Overseas Demand - The export of power batteries from China has increased significantly, indicating robust international demand for lithium batteries [1].

证券研究报告 公司研究 / 首次覆盖 2026 年 02 月 02 日 装备出海+结构件扩张驱动增长，固态 电池设备前景广阔 电力设备 报告原因： | 买入（首次评级） | | | --- | --- | | 市场数据： | 2026 年 01 月 30 日 | | 收盘价（元） | 93.00 | | 一年内最高/最低（元） | 94.33/33.5 | | 市净率 | 5.6 | | 市净率 | 5.6 | | --- | --- | | 股息率（分红/股价） | 0.64 | | 流通 A 股市值（百万元） | 11,759 | | 上证指数/深证成指 | 4,118/14,206 | | 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） | | | | | | | | 16.9 | | 资产负债率% | | | | | | | 54.55 | | | 总股本/流通 | | A | 股（百 ...

证券研究报告 公司研究 / 首次覆盖 2026 年 02 月 02 日 装备出海+结构件扩张驱动增长，固态 电池设备前景广阔 电力设备 报告原因： | 买入（首次评级） | | | --- | --- | | 市场数据： | 2026 年 01 月 30 日 | | 收盘价（元） | 93.00 | | 一年内最高/最低（元） | 94.33/33.5 | | 市净率 | 5.6 | | 市净率 | 5.6 | | --- | --- | | 股息率（分红/股价） | 0.64 | | 流通 A 股市值（百万元） | 11,759 | | 上证指数/深证成指 | 4,118/14,206 | | 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） | | | | | | | | 16.9 | | 资产负债率% | | | | | | | 54.55 | | | 总股本/流通 | | A | 股（百 ...

| 600315 | 上海家化 | 华泰证券 | 深入 | 33.34 | 59.37 | | --- | --- | --- | --- | --- | --- | | 601390 | 中国中铁 | 国泰海通证券 | 增持 | 9.07 | 59.12 | | 688319 | 欧林生物 | 中信建投证券 | 深入 | 37.48 | 55.58 | | 002497 | 雅化集团 | 东吴证券 | 派 | 38.00 | 53.85 | | 603688 | 石英股份 | 中信证券 | 买人 | 61.00 | 53.38 | | ୧୫୫୧୮୪ | 海目屋 | 国泰海通证券 | 増持 | 88.22 | 52.63 | | 603185 | 弘元绿能 | 国投证券 | 深入 | 42.00 | 51.08 | | 003010 | 若羽臣 | 华泰证券 | 増持 | 56.64 | 49.84 | | 600436 | 片仔癢 | 中国国际金融 | 跑赢行业 | 240.00 | 49.63 | | | | 日期: 01月26日至02月01日, 南财投研通×21快讯制图 | | | | | | | 20 ...

南财投研通数据显示，1月29日，券商给予上市公司目标价共11次，按最新收盘价计算，目标价涨幅排名居前的 公司有宁德时代、中国中铁、上海家化，目标价涨幅分别为75.79%、53.99%、52.17%，分别属于电池、基础建 设、化妆品行业。 | | | 01月29日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 嚴高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 300750 | 宁德时代 | 东吴证券 | 置入 | 601.00 | 75.79 | | 601390 | 中国中铁 | 国泰海通证券 | 增持 | 9.07 | 53.99 | | 600315 | 上海家化 | 华泰证券 | 买入 | 33.34 | 52.17 | | 300115 | 长盈精密 | 国泰海通证券 | 增持 | 54.45 | 41.72 | | 603876 | 鼎胜新材 | 东吴证券 | 派 | 24.00 | 39.29 | | 601138 | 工业富联 | 中国国际金融 | 跑赢 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Insights - The company's performance exceeded market expectations, with a projected net profit of 3.5 billion yuan for 2025, representing a year-on-year increase of 56.93% [8] - The company is expected to benefit significantly from the high demand in the downstream power and energy storage sectors, with a notable increase in overseas orders and revenue [8] - The company is positioned as a leader in module/pack equipment and structural components, which are expected to benefit from the growth in lithium battery and solid-state battery markets [8] Financial Projections - Total revenue is projected to grow from 2,448 million yuan in 2023 to 4,370 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.86% [1] - The net profit attributable to shareholders is expected to increase from 39.95 million yuan in 2023 to 521.29 million yuan in 2027, reflecting a CAGR of 16.27% [1] - The earnings per share (EPS) is forecasted to rise from 0.32 yuan in 2023 to 4.12 yuan in 2027, indicating strong growth potential [1] Market Data - The closing price of the stock is 87.09 yuan, with a market capitalization of approximately 11,011.31 million yuan [6] - The price-to-earnings (P/E) ratio is projected to decrease from 275.60 in 2023 to 21.12 in 2027, suggesting an improving valuation as earnings grow [1][9] Business Strategy - The company is focusing on expanding its overseas business, with overseas orders accounting for 68% of total orders by the end of 2024 [8] - Collaboration with Qingtao Energy for the development of solid-state battery equipment is a key strategic initiative, enhancing the company's technological capabilities [8]

证券研究报告·公司点评报告·电池 先惠技术（688155） 2025 年业绩预告点评：业绩超市场预期，设 备出海&固态电池设备布局成效显著 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 股价走势 -8% 7% 22% 37% 52% 67% 82% 97% 112% 127% 142% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 先惠技术 沪深300 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,448 | 2,464 | 2,899 | 3,646 | 4,370 | | 同比（%） | 35.63 | 0.64 | 17.64 | 25.80 | 19.86 | | 归母净利润（百万元） | ...

公司25年Q4归母、扣非净利润分别约1.45、1.43亿元，分别环比174%、175%。 【招商电新&机械】先惠技术2025年业绩预告点评 公司公告： 2025年公司预计实现归母、扣非净利润分别约3.5亿元、3.4亿元，分别同比增长56.93%、增长64.07%。 1、Q4业绩超预期 公司25年Q4归母、扣非净利润分别约1.45、1.43亿元，分别环比174%、175%。 1、Q4业绩超预期 业绩超预期主要系设备订单交付开始加速，大客户订单增量也十分显著。 【招商电新&机械】先惠技术2025年业绩预告点评 公司公告： 2025年公司预计实现归母、扣非净利润分别约3.5亿元、3.4亿元，分别同比增长56.93%、增长64.07%。 东恒为宁德pack结构件主供，产品品类也在往ccs等环节拓展，预计26年随着宁德强势排产，仍有望实现高增长。 3、固态电池领域实现多点开花。 公司全方位布局固态电池设备。 公司的干法辊压设备已向客户实现交付。 同时公司在后端高压分容化成、pack装配设备端也已实现较好突破，与大客户紧密对接中，这也是今年大客户在 固态电池领域需要突破的重点环节，估算后端pack装配价值量超过5000w ...

晨会纪要 证券研究报告 2026 年 01 月 29 日 核心结论 分析师 【基金】公募 FOF 基金 2025 年 4 季报分析：结构重于指数，科技+周期是 主线 25Q4，公募 FOF 规模上升，百亿基金公司 7 家，易方达跃居规模第一，CR10 降至 60%。新发规模 458.54 亿元，偏债型为主。FOF 正收益比例 49%， 中信建投睿选 6 个月取得 25Q4 业绩之冠。配置上，增持债基、减持股基和 商品型基金。被增持较多的权益基金为中欧红利优享、汇添富外延增长主题 等。整体来看，FOF 基金经理对于后市相对乐观，预计呈现结构性机会，科 技+周期是主线。 【电池】海外电动车主题系列报告（二）：重启与突破：2026 年欧洲电动车 市场迈入新阶段 2025 年供给侧驱动，欧洲强车型周期+中性政策周期步入电动车销量快速修 复阶段，电动车渗透率预计达 29%；2026 年补贴政策加持+产品周期共振， 电动车渗透率有望达 35%，中国锂电产业链抓取欧洲市场崛起机遇，实现竞 争格局的巩固与突破。 【建筑装饰】建筑建材行业专题报告：建筑央企有望受益于国资央企战略性 /专业化重组 当前行业需求承压背景下，大建筑央 ...

Core Viewpoint - The company, Xianhui Technology, forecasts a significant increase in net profit for the year 2025, projecting a rise of 56.93% compared to the previous year [1] Financial Performance - The expected net profit attributable to the parent company's owners for 2025 is 350 million yuan [1] - This represents an increase of 126.9771 million yuan from the previous year's legally disclosed data [1]