Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company has shown steady growth in CMP polishing liquid market share and rapid expansion in functional wet chemicals, leading to significant annual performance growth [6]. - The semiconductor industry is experiencing a boom, with increased demand for upstream materials, benefiting the company's product lines [6]. - The company is positioned as a leading supplier of CMP polishing liquids in China, with a second growth curve in functional wet electronic chemicals and electroplating liquids [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,238 million in 2023 to 3,771 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 48.2% [5][7]. - The net profit attributable to the parent company is expected to increase from 403 million in 2023 to 1,274 million by 2027, with a CAGR of around 32.5% [5][7]. - The earnings per share (EPS) is forecasted to rise from 4.14 in 2024 to 7.54 in 2027, indicating strong profitability growth [5][7]. - The company's gross margin is expected to remain stable, with slight improvements from 56.8% in 2025 to 57.3% in 2027 [5][7].

游戏 公司高 若研究场 2026 年 01 月 29 日 市场数据: 20.15 收盘价 (元) 25.00/9.66 年内最高/最低 (元) 市净率 4.5 股息率%(分红/股价) 0.41 13.928 流通 A 股币值 (白万元) 上证指数/深证成指 4,157.98/14,300.08 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) | 4.48 | | 资产负债率% | 33.28 | | 总股本/流通 A 股 (百万) | 1.319/691 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大儒对 沪深300指数 广钢气体 直 投资要点: 财务数据及盈利预测 相关研究 《广钢气体 (688548) 点评： Q1 业绩基 本符合预期，看好氦气价格触底回升，现 场制气稳步推进》 2025/05/05 《广钢气体 (688548) 点评： 氦气价格 触底回升,现场制气稳步推进》 2025/03/31 证券分析师 周超 A0230525090001 zhouchao@swsresearch.com ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to market performance [8]. Core Insights - The company has shown a consistent upward trend in quarterly performance, benefiting from the semiconductor industry's expansion and the recovery of helium prices. The ongoing projects are expected to contribute to steady revenue growth [6][8]. - The semiconductor sector is experiencing a significant capital expenditure cycle, with the company positioned to benefit from new projects and increased demand for its gas supply services [8]. - The company has successfully enhanced its supply chain capabilities and is expanding its market share in helium, which is crucial for its growth strategy [8]. Financial Data and Earnings Forecast - Total revenue is projected to grow from 24.24 billion yuan in 2025 to 30.56 billion yuan in 2026, reflecting a year-on-year growth rate of 26.1% [7]. - The net profit attributable to the parent company is expected to increase from 2.86 billion yuan in 2025 to 4.56 billion yuan in 2026, with a significant growth rate of 59.7% [7]. - The company's earnings per share (EPS) is forecasted to rise from 0.22 yuan in 2025 to 0.35 yuan in 2026, indicating a positive trend in profitability [7].

Investment Rating - The report maintains a rating of "Outperform" for the company [1] Core Insights - The company is experiencing steady growth in CMP polishing liquid market share and rapid expansion in functional wet chemicals, leading to high annual performance growth [1] - The semiconductor industry is on an upward trend, with increased demand for materials driven by high wafer fab utilization rates, benefiting the company's product lines [6] - The company has successfully expanded its product offerings in CMP polishing liquids and functional wet chemicals, with significant sales growth in advanced packaging and etching post-cleaning solutions [6] Financial Data and Profit Forecast - Total revenue is projected to reach 25.05 billion yuan in 2025, representing a year-on-year growth of 36.5% [5] - Net profit attributable to shareholders is expected to be 7.95 billion yuan in 2025, with a year-on-year increase of 48.9% [5] - The company anticipates a gross margin of 56.8% in 2025, with a return on equity (ROE) of 23.8% [5] - The projected earnings per share (EPS) for 2025 is 4.70 yuan, with a price-to-earnings (PE) ratio of 57 [5]

Group 1: Key Insights from the Reports - The report on the banking industry indicates that 2026 is expected to be a year where the fundamentals of banks improve, with revenue pressure less than in 2025 and a stronger elasticity of revenue improvement compared to profit [13] - The banking sector is anticipated to experience a shift from a focus on liquidity to a focus on fundamentals, with expectations of economic recovery and a more favorable environment for growth premiums [13] - The report highlights that credit demand is expected to remain stable, but the structure of demand needs optimization, with state-owned banks and quality regional city commercial banks likely to perform better [13] Group 2: Industry Performance and Trends - The metal and new materials industry report notes a significant increase in metal prices due to geopolitical tensions, with precious metals rising by 18.46% and aluminum by 4.16% in the recent week [5][16] - The report emphasizes that the copper market is expected to remain strong due to increased investment in power grids and AI data centers, with a projected price increase [15] - The report on Anta Sports highlights the acquisition of a 29% stake in PUMA, which is seen as a strategic move to enhance its global multi-brand strategy, with the transaction valued at approximately 15 billion euros [19] Group 3: Company-Specific Developments - China Shipbuilding's earnings forecast for 2025 indicates a significant increase in net profit, expected to be between 7 billion to 8.4 billion yuan, driven by rising demand in the shipbuilding sector [21] - New Oriental's revenue for the second quarter of FY26 reached 1.191 billion USD, reflecting a year-on-year growth of 14.7%, with a notable improvement in operating profit margins [22] - Dongfang Zhenxuan reported a revenue increase of 5.7% in the first half of FY26, driven by self-operated product sales and improved profit margins [24]

Core Insights - The coal industry is undergoing a significant restructuring on the supply side, with policies aimed at controlling coal consumption in power generation and coal-to-gas projects, leading to a tighter supply environment. The emphasis on high-quality and compliant production capacity is expected to increase [4][6][10] - Demand for coal remains stable, driven by resilient electricity consumption and growth in the coal chemical sector, particularly in coal-to-oil and coal-to-olefins projects. Overall coal demand is projected to see slight growth in 2026 [4][6][10] - Investment recommendations include focusing on growth-oriented companies such as TBEA, Jinkong Coal, Huayang Co., Xinjie Energy, Huaihe Energy, and Yancoal Energy, as well as stable dividend-paying companies like China Shenhua, Shaanxi Coal, and China Coal Energy [4][10] - Contrary to common perceptions, the report argues that coal will maintain its strategic importance in energy supply, with a robust demand foundation supporting the industry's fundamentals. The cash-generating nature of the coal sector is expected to strengthen, with coal prices likely to remain at reasonable high levels, enhancing profitability and dividend capacity [4][10] Supply Side Analysis - The domestic coal production growth rate is slowing, with December 2025 coal production at 4.37 million tons, a year-on-year decrease of 1.0%. The overall production for 2025 is projected at 48.32 billion tons, a 1.2% increase year-on-year [22][24] - The report highlights that the supply-demand balance is tightening, with significant policy changes and production adjustments in key coal-producing regions [4][6][10] Demand Side Analysis - Industrial coal demand is showing a steady increase, while thermal power demand is experiencing temporary pressure. The chemical sector is emerging as a new growth driver, with coal consumption in chemical industries growing by 7% year-on-year in December [4][10] - The report indicates that the overall coal consumption is expected to stabilize and achieve slight growth in 2026, supported by ongoing electricity demand [4][10] Key Events and Policy Changes - Recent policy changes include the implementation of stricter safety regulations and the introduction of export tariffs by Indonesia, which are expected to impact global coal supply dynamics [6][10] - The report notes the establishment of a new coal transportation base in Guazhou, which is expected to enhance coal distribution efficiency and support national energy security [6][10] Price Dynamics - The seasonal adjustment of national railway freight rates is expected to influence coal price volatility, with price movements likely to accelerate during periods of freight rate adjustments [10] - The report anticipates that coal prices will rebound, particularly in the peak demand season, driven by improved demand and operational conditions [10]

Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook compared to the market [7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 190 to 210 million yuan in 2025, representing a year-on-year growth of 63.6% to 80.8% [4]. - In Q4 2025, the company anticipates a net profit of 40.02 to 60.02 million yuan, showing a year-on-year increase of 5.2% to 57.8% [4]. - The company is experiencing robust market demand, with product volume and price increases contributing to significant revenue growth [8]. Financial Data and Profit Forecast - Total revenue is projected to reach 826 million yuan in 2025, with a year-on-year growth rate of 43.0% [6]. - The net profit for 2025 is estimated at 200 million yuan, reflecting a year-on-year increase of 72.4% [6]. - Earnings per share are expected to be 2.19 yuan in 2025, with a projected gross margin of 37.3% [6]. - The company’s return on equity (ROE) is forecasted to be 21.2% in 2025 [6]. Market Demand and Production Capacity - The company is focusing on ultra-high voltage products, with significant capacity expansion expected in the next 1-2 years [8]. - The second phase of production for high/ultra-high voltage insulation materials is set to contribute significantly to revenue in 2026 [8]. - The establishment of a wholly-owned subsidiary in Hong Kong indicates the company's strategy to expand into overseas markets [8].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [15]. Core Insights - The report highlights the growth potential of 隆盛科技 in the commercial aerospace sector, focusing on core component supply and deepening relationships with key customers, successfully entering the satellite constellation supply chain [2][3]. - The company is expanding its production capacity in the harmonic reducer sector, aiming for 200,000 units by 2026, while also exploring new applications in commercial aerospace [4]. - The automotive industry shows a positive trend, with domestic and international vehicle production and sales increasing, particularly in the new energy vehicle segment [6][7]. Summary by Sections 隆盛科技 Update - 隆盛科技 is focusing on core component supply in the commercial aerospace sector, with its subsidiary 微研中佳 providing key components for satellite energy and control modules, successfully integrating into the supply chains of major aerospace companies [3]. - The company is also advancing in the harmonic reducer market, with a planned production capacity of 200,000 units by 2026, and is developing customized solutions for humanoid and industrial robots [4]. - Other business segments, including drones and precision components, are showing positive growth, with significant advancements in the natural gas heavy-duty truck EGR valve market [5]. Quarterly Report Preview - According to data from 中汽协, the total vehicle production and sales for Q4 2025 reached 10.186 million and 10.023 million units, respectively, marking year-on-year increases of 3.9% and 1.7% [6]. - Domestic retail share for independent brands reached 66.9% in Q4 2025, with a year-on-year increase of 3.2 percentage points, while new energy vehicle wholesale reached 4.89 million units, up 13.2% year-on-year [7]. - The average industry discount rate decreased by 1.33 percentage points to 12.28% in Q4 2025, indicating reduced terminal discounts [8]. - Traditional raw material price indices saw a decline, while new energy raw material prices and shipping costs increased, impacting supply chain profitability [8].

市公司 d同研究 公司点 社会服务 2026 年 01 月 29 日 食 产品 产品 行动 1017/977 产品组合优化，经营效益大幅提升 报告原因:有业绩公布需要点评 增持(维持) | 市场数据: | 2026年01月28日 | | --- | --- | | 收盘价 (港币) | 22.10 | | 恒生中国企业指数 | 9512.24 | | 52 周最高/最低（港币） | 53.70/10.12 | | H 股市值（亿港币） | 232.89 | | 流通 H 股（百万股） | 1,053.81 | | 汇率（港币/人民币） | 0.8943 | 一年内股价与基准指数对比走势: 763% 163% 资料来源：Bloomberg 相关研究 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 多平台销售策略。东方甄选在抖音上持续开设新账号，并计划启动长期招聘计划招揽新主播。同 时公司也于微信小程序、微信小店、天猫、京东、拼多多及小红书等不同平台开设网店。26 年公 司首家线下体验店即将在北京中关村开幕，成为公司深化渠道布局的又一举措。 用户基数庞大， ...

业 及 产 业 汽车 2026 年 01 月 29 日 隆盛科技更新、四季报前瞻 看好 ——一周一刻钟，大事快评（W142） 本期投资提示： 研 究 / 行 业 点 评 相关研究 《永达汽车、天准科技、隆盛、银轮、天 成、福达——一周一刻钟，大事快评 （W141）》 2026/01/21 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 行 业 证 券 研 究 报 告 shaoyi@swsresearch.com ⚫ 隆盛科技更新：①商业航天领域，公司聚焦核心部件供应并深耕关键客户，成功切入星 座产业链，构筑业务增长核心。子公司微研中佳的产品覆盖卫星能源与控制模块核心部 件，已配套航天科技等卫星及载荷公司、间接服务蓝箭航天等火箭企业，且产品顺利切 入 GW 星座等星座运营商产业链。②谐波减速器领域，公司2026年产能将达20万套， 同时积极拓展商业航天新场景。公司子公司蔚瀚智能主导该产品研产，聚焦人形机器人 等场景并推出轻量化、 ...