the see the see and the series of the seems of the series and the series of the series of the series of the series of the series and the series and the manage the manage th 上让指数/深证成指 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) | 12.28 | | 资产负债率% | 52.83 | | 总股本/流通 A 股 (百万) | 402/324 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比定势： 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 联系人 袁航 A0230521100002 yuanhang@swsresearch.com 事件: 1) 公司发布 2025 年预告,预计 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 上证指数/深证成指 4,151.24/14,342.89 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） | 12.28 | | 资产负债率% | 52.83 | | 总股本/流通 A 股（百万） | 402/324 | | 流通 B 股/H 股（百万） | -/- | 袁航 A0230521100002 yuanhang@swsresearch.com 事件：1）公司发布 2025 年预告，预计实现收入 88-92 亿元，YoY+47%~+54%，归母净利润 9.8-10.3 亿元，YoY+149%~+162%，扣非归母 9.7~10.2 亿元，YoY+147%~+161%，如剔除 股 份 支 付 费 用 影 响 YoY+105%~+116% 。 2 ） 单 2025Q4 实 现 收 入 24.8~28.8 亿元， YoY+41%~+64%，QoQ-2%~+14%，归母净利润 2.8~3.3 亿元，yoy+132%~+177%， Qo ...

| | | | 1家最新被调高评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000526 | 学大教育 | 信达证券 | 増持 | 买入 | 教育 | | | | | 日期：01月27日，南财投研通×21快讯制图 | | | 首次覆盖方面，1月27日券商共给出了5次首次覆盖，其中泰和新材获得东北证券给予"增持"评级，可立 克获得国信证券给予"优于大市"评级，天益医疗获得信达证券给予"买入"评级，新恒汇获得中邮证券给 南财投研通数据显示，1月27日，券商给予上市公司目标价共9次，按最新收盘价计算，目标价涨幅排名 居前的公司有长源东谷、弘元绿能、好太太，目标价涨幅分别为50.61%、42.37%、30.60%，分别属于 汽车零部件、光伏设备、家居用品行业。 | | | 01月27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 (元) | 目标涨幅 ( ...

| | | 1家最新被调高评级的公司 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000526 | 学大教育 | 信达证券 | 増持 | 买人 | 教育 | | | | 日期：01月27日，南财投研通×21快讯制图 | | | | 南财投研通数据显示，1月27日，券商给予上市公司目标价共9次，按最新收盘价计算，目标价涨幅排名 居前的公司有长源东谷、弘元绿能、好太太，目标价涨幅分别为50.61%、42.37%、30.60%，分别属于 汽车零部件、光伏设备、家居用品行业。 | | | 01月27日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 嚴富目極化 | 目标涨幅 | | | | | | (元) | (%) | | 603950 | 长源东谷 | 中信证券 | 买人 | 48.00 | 50.61 | | 603185 | 弘元绿能 | 国投证券 | 派 | 42. ...

研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 2026 年 01 月 27 日 晨会纪要 [Table_Title] 晨会纪要 ——2026 年第 14 期 观点精粹: 最新报告摘要 营收业绩高增，看好高端产品出货量持续提升--思特威/半导体(688213/212701) 科创板公司普通报告 日美错位下的信用重构：告别增长定价--策略周报 2026 年电力设备年度展望：数据中心强化电力基建需求，出海仍是企业长期增长驱动力--行业 PPT 报告 丛林法则，零和博弈——谈债市策略的嬗变与应对--固收 PPT 长债修复后，债市情绪仍偏谨慎--债券研究周报 证券研究报告 1、最新报告摘要 1.1、营收业绩高增，看好高端产品出货量持续提升--思特威/半导体 (688213/212701) 科创板公司普通报告 分析师：傅麒丞 S0350524080001 事件: 思特威于 2026 年 1 月 25 日发布 2025 年年度业绩预告：公司预计 2025 年实现营业收入 88~92 亿元，同比 +47%~54%；实现归母净利润 9.76~10.31 亿元，同比+149%~1 ...

长江商报消息 ●长江商报记者 沈右荣 在三大领域表现均出色，思特威（688213.SH）预计归母净利润翻倍增长。 1月25日晚，思特威发布年度业绩预告，公司预计2025年度实现营业收入90亿元左右，同比增长约 50%；预计实现归母净利润10亿元左右，同比翻倍增长。 年度盈利10亿元左右，对于思特威而言，2025年是爆发式增长。过去几年，公司归母净利润出现波动， 年度归母净利润最高不到4亿元。 与利润相关的经营现金流，2025年度，思特威预计为正数。 针对2025年创新高的经营业绩，思特威解释，公司在智能手机领域、汽车电子领域创新研发的新一代产 品大量出货，在智慧安防领域市场份额提升，使得收入和利润明显增长。 思特威持续加强产品研发和市场推广，2025年前三季度，公司研发投入达4.27亿元。公司研发出了多样 化、差异化的产品系列，覆盖高中低阶的全系列产品。 客户资源体系也是思特威的优势。公司产品供应给海康威视、宇视科技、小米科技、比亚迪等知名品牌 终端产品中。 预盈10亿左右创新高 思特威取得了创新高的经营业绩。 根据最新发布的年度业绩预告，财务部门初步测算，2025年度，思特威预计实现营业收入88亿元到92亿 ...

Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]

1月25日晚间，思特威（上海）电子科技股份有限公司（以下简称"思特威"）发布2025年度业绩预告，公 司全年营收与净利润均实现较大幅度的增长，受益于多应用领域需求释放与技术优势落地，盈利能力显著 提升。 对于本次业绩大幅增长，思特威表示主要得益于多业务板块的协同发力。报告期内，在智能手机领域，公 司与多家客户的合作持续全面加深，产品能够满足更多旗舰机主摄、辅摄及多光谱摄像头等应用需求，公 司创新研发推出的基于 Lofic HDR® 2.0 技术的多款主摄高阶5000 万像素产品出货量大幅上升，以及新开 发的中高端 HS 系列多款 5000 万像素产品量产出货，带动公司智能手机领域营业收入大幅增长；在汽车 电子领域，公司应用于智能辅助驾驶（包括环视、周视和前视）和舱内等新一代产品的出货量同比大幅上 升，推动公司汽车电子领域收入跨越式增长；在智慧安防领域，公司高端安防和智能家居安防应用份额持 续提升，同时，作为机器视觉领域的先行者与引领者，公司紧抓市场发展机遇，新兴机器视觉领域收入持 续增长。随着公司收入规模和利润增长，公司经营能力持续提升，各项运营指标持续改善，同时公司 2025 年经营性现金流为正。 CIS产 ...

Group 1: AI Industry Insights - Baidu and Tencent are launching cash red envelope promotions to boost AI application usage during the Spring Festival, with Baidu offering 500 million yuan and Tencent 1 billion yuan in total rewards, potentially increasing AI application frequency across the industry [2] - The NAND flash memory prices have surged over 100% in Q1 2026, exceeding market expectations, as Samsung Electronics has completed supply contract negotiations, indicating a strong recovery in the storage industry [3] Group 2: Company Performance Forecasts - Sitway (688213.SH) expects 2025 revenue between 8.8 billion to 9.2 billion yuan, a year-on-year increase of 47% to 54%, with net profit projected at approximately 980 million to 1.03 billion yuan, reflecting a growth of 149% to 162% [4] - Bailong Chuangyuan reported a 2025 revenue of 1.379 billion yuan, up 19.75% year-on-year, and a net profit of 366 million yuan, up 48.94%, driven by product structure optimization and high-margin product prioritization [10] - Qingsong Co. forecasts 2025 revenue of about 2.22 billion yuan, a 14% increase, with net profit expected to grow 1.4 to 2 times, attributed to a strategic focus on high-margin cosmetics ODM business [11] - Rongjie Health anticipates a net profit of 75 to 88 million yuan in 2025, representing a growth of 60% to 88%, driven by the strong performance of health products, particularly high-margin infrared therapy sauna rooms [12]

2026 年 01 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 傅麒丞 S0350524080001 fuqc@ghzq.com.cn [Table_Title] 营收业绩高增，看好高端产品出货量持续提升 ——思特威（688213）2025 年业绩预告点评 最近一年走势 | 相对沪深 300 | 表现 | | 2026/01/23 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 思特威 | 13.2% | -3.7% | 34.3% | | 沪深 300 | 1.8% | 2.1% | 23.6% | | 市场数据 | | | 2026/01/23 | | 当前价格（元） | | | 102.91 | | 周价格区间（元） 52 | | | 74.10-127.81 | | 总市值（百万） | | | 41,401.39 | | 流通市值（百万） | | | 33,292.36 | | 总股本（万股） | | | 40,230.68 | | 流通股本（万股） | | | 32,350.95 | | 日均成交额（百万） | | | ...