出货量持续高增，盈利提升存潜力 中科电气(300035) 中科电气 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | 本报告导读： 公司在 2025 年实现负极出货量大幅增长，随着行业需求逐步释放和公司成本管控能 力进一步增强，看好公司盈利抬升的可能性。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,908 | 5,581 | 8,279 | 11,268 | 13,764 | | (+/-)% | -6.6% | 13.7% | 48.3% | 3 ...

本报告导读： 公司在 2025 年实现负极出货量大幅增长，随着行业需求逐步释放和公司成本管控能 力进一步增强，看好公司盈利抬升的可能性。 出货量持续高增，盈利提升存潜力 中科电气(300035) 中科电气 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,908 | 5,581 | 8,279 | 11,268 | 13,764 | | (+/-)% | -6.6% | 13.7% | 48.3% | 3 ...

Group 1: Major Transactions - Zijin Mining plans to acquire 100% equity of United Gold for 28 billion yuan, which has gold resources of 533 tons [1] - Jiuding New Materials' wholly-owned subsidiary intends to acquire 100% equity of Jiuding New Energy to accelerate the development of large megawatt wind turbine blade production line projects [1] - Conch Cement plans to purchase bank wealth management products with a maximum daily balance not exceeding 50 billion yuan by 2026 [1] - Efort is planning to acquire equity in Shengpu Co., with stock suspension in effect [1] - Sanxing Biomedical has obtained CE certification for its Nipah virus nucleic acid test kit and a domestic research version [1] Group 2: Investment and Development Plans - Sanwei Communication is jointly investing to establish a partnership enterprise focused on non-listed equity in high-tech industries such as smart manufacturing, aerospace, and new energy [1] - Haike New Source has signed a long-term cooperation agreement with BYD Lithium Battery to supply at least 100,000 tons of electrolyte solvent annually [1] - Chuanhuan Technology plans to invest 1.1 billion yuan to build a manufacturing headquarters in East China [1] - Zhejiang Haideman intends to raise no more than 1.517 billion yuan through a private placement for high-end composite machine tool industrialization and robot hardware manufacturing R&D projects [1] - Anlu Technology plans to issue shares to specific targets to raise no more than 1.262 billion yuan for advanced process platform FPGA chip R&D projects [1] Group 3: Earnings Forecasts - China Rare Earth expects a net profit of 143 million to 185 million yuan in 2025, indicating a turnaround from losses [1] - Litong Electronics anticipates a net profit increase of 997% to 1241% in 2025, driven by profitability in its computing business [1] - Sanofi Guojian expects a 1097% quarter-on-quarter net profit growth in Q4, with confirmed revenue of approximately 2.89 billion yuan from Pfizer for the 707 project [1] - Purun Co. forecasts a 696% quarter-on-quarter net profit growth in Q4 2025, with rapid market share growth in its "Storage+" product series [1] - Duofluo expects a quarter-on-quarter net profit increase of 356% to 655% in Q4 2025, with significant sales growth in key products like lithium hexafluorophosphate [1] - Fujilai anticipates a year-on-year net profit increase of 282.17% to 296.80% in 2025 [1] - Chunzhong Technology expects a year-on-year net profit increase of 209% to 238% in 2025, with an impact of 303 million yuan from holding shares in Muxi [1] - Zhongke Electric anticipates a year-on-year net profit increase of 50% to 70% in 2025, due to increased production capacity and cost reduction in lithium battery anode materials [1]

Core Viewpoint - Several companies are projecting significant increases in net profit for 2025, with some expecting growth rates exceeding 300% compared to the previous year [1] Group 1: Companies with High Profit Growth Projections - Youyou Group anticipates a net profit increase of 357%-420% for 2025 [1] - Sanofi Health expects a net profit growth of 311% for 2025 [1] - Fujilai forecasts a net profit increase of 282.17%-296.8% for 2025 [1] - Zongyi Co. predicts a net profit growth of approximately 264.05% for 2025 [1] - Aiko Optoelectronics expects a net profit increase of 262.52%-345.2% for 2025 [1] Group 2: Companies with Moderate to High Profit Growth Projections - Pulit anticipates a net profit increase of 155.76%-194.73% for 2025 [1] - Zhongxing Junye expects a net profit growth of 134.32%-173.37% for 2025 [1] - Yixin Hall forecasts a net profit increase of 127.79%-189.12% for 2025 [1] - Bangji Technology anticipates a net profit growth of 119.43%-169.3% for 2025 [1] - Hengyu Environmental expects a net profit increase of 104.14% for 2025 [1] Group 3: Companies with Lower Profit Growth Projections - Jiaokong Technology anticipates a net profit increase of 86.44% for 2025 [1] - Boya Precision expects a net profit growth of 82.68%-128.36% for 2025 [1] - Huaxin Co. forecasts a net profit increase of 77.48% for 2025 [1] - Qingdao Danone anticipates a net profit growth of 77.47%-104.36% for 2025 [1] - Shenling Environment expects a net profit increase of 77.39%-112.87% for 2025 [1] Group 4: Companies with Further Profit Growth Projections - Keli Yuan anticipates a net profit increase of 72.76%-102.20% for 2025 [1] - Lante Optics expects a net profit growth of 70.04%-81.38% for 2025 [1] - Delijia forecasts a net profit increase of approximately 52.80% for 2025 [1] - Zhongke Electric anticipates a net profit growth of 50%-70% for 2025 [1] - Junsheng Electronics expects a net profit increase of 40.56%-1.35 billion for 2025 [1] Group 5: Companies with Lower Growth Expectations - Shanghai Yanpu anticipates a net profit increase of 35.44%-55% for 2025 [1] - Guotai Group expects a net profit growth of 30%-50% for 2025 [1] - Jiuan Medical anticipates a net profit increase of 21.05%-40.83% for 2025 [1] - AVIC Chengfei expects a net profit growth of 5.47%-11.67% for 2025 [1]

Core Viewpoint - Zhongke Electric (300035) expects a significant increase in net profit for the fiscal year 2025, projecting a range of 454.53 million to 515.14 million yuan, representing a growth of 50.00% to 70.00% compared to the previous year's net profit of 303.02 million yuan [1] Summary by Category Financial Performance - The company anticipates net profit attributable to shareholders for 2025 to be between 454.53 million and 515.14 million yuan [1] - This projection indicates a growth rate of 50.00% to 70.00% compared to the previous year's net profit of 303.02 million yuan [1]

Core Viewpoint - The company expects a significant increase in net profit for 2025, with projections indicating a growth of 50.00% to 70.00% compared to the previous year, driven by increased production capacity and demand in the lithium battery materials sector [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is between 454.53 million yuan and 515.14 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between 379.85 million yuan and 483.45 million yuan, reflecting a growth of 10.00% to 40.00% year-on-year [1] Industry Demand - The company has increased its production capacity for lithium battery anode materials compared to the previous year [1] - There is a growing demand in the downstream electric vehicle market, particularly for fast-charging models, as well as in the energy storage market, leading to a substantial increase in the production and sales volume of lithium-ion battery anode materials [1] Cost Management - The company has implemented cost reduction and efficiency enhancement measures, resulting in improved cost control capabilities and an upward trend in profit scale compared to the previous year [1] Non-Recurring Items - The company completed the buyback of shares in its subsidiary, Hunan Zhongke Xingcheng Holdings Co., Ltd., on December 26, 2025, which led to the settlement of other non-current liabilities interest expenses amounting to 76.21 million yuan, impacting the year-on-year growth rate of net profit after deducting non-recurring gains and losses [1]

Core Viewpoint - Zhongke Electric (300035.SZ) has disclosed its performance forecast for the year 2025, expecting a significant increase in net profit attributable to shareholders, indicating strong growth potential in the upcoming fiscal year [1] Financial Performance - The company anticipates a net profit of between 455 million to 515 million yuan, representing a year-on-year growth of 50% to 70% [1] - After excluding non-recurring gains and losses, the net profit is projected to be between 380 million to 483 million yuan, with a year-on-year increase of 10% to 40% [1]

Core Viewpoint - The company Zhongke Electric (300035.SZ) has disclosed its performance forecast for the year 2025, expecting a significant increase in net profit attributed to shareholders. Group 1: Financial Performance - The company anticipates a net profit of between 455 million yuan and 515 million yuan, representing a year-on-year growth of 50% to 70% [1] - The net profit, excluding non-recurring gains and losses, is projected to be between 380 million yuan and 483 million yuan, indicating a year-on-year increase of 10% to 40% [1]

Core Viewpoint - Zhongke Electric (300035.SZ) forecasts a net profit attributable to shareholders for the year 2025 to be between 455 million and 515 million yuan, representing a growth of 50.00% to 70.00% compared to the same period last year [1] Group 1: Performance Expectations - The company anticipates significant growth in net profit due to increased production capacity of lithium battery anode materials [1] - The demand from downstream markets, particularly in new energy vehicles and energy storage, has surged, leading to a substantial rise in production and sales volume [1] Group 2: Cost Management - The company is actively promoting cost reduction and efficiency enhancement measures, which have strengthened cost control and contributed to profit growth [1]

Core Viewpoint - Zhongke Electric (300035.SZ) forecasts a net profit attributable to shareholders of 455 million to 515 million yuan for the year 2025, representing a growth of 50% to 70% compared to the same period last year [1] Group 1: Performance Forecast - The company anticipates a significant increase in net profit due to enhanced production capacity of lithium battery anode materials [1] - The demand from downstream markets, particularly in new energy vehicles and energy storage, is expected to drive substantial growth in production and sales [1] - Efforts to reduce costs and improve efficiency are contributing to the increase in profit scale [1]