Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 136.15 CNY per share [6][9]. Core Views - The company reported a revenue of 6.67 billion CNY and a net profit attributable to shareholders of 1.13 billion CNY for 2025, representing year-on-year growth of 14.91% and 19.35% respectively [1][2]. - The company is expected to achieve a revenue growth of 19%-22% in 2026 due to continuous order growth and improving operational conditions [2][3]. - The total order backlog reached 1.385 billion USD, a year-on-year increase of 31.65%, with significant growth in orders for chemical and biological macromolecule CDMO services [3]. - The company is actively expanding its production capacity, with plans to increase the total capacity for peptide solid-phase synthesis from 45,000L to 69,000L by the end of 2026 [3]. - The company has a rich pipeline of mid-to-late stage projects, with expectations for multiple commercialized projects in both small molecule CDMO and emerging business sectors in 2026 [4]. Financial Summary - The projected net profits for the company from 2026 to 2028 are 1.40 billion CNY, 1.74 billion CNY, and 2.21 billion CNY, reflecting year-on-year growth rates of 23.8%, 24.3%, and 27.0% respectively [5]. - The company’s earnings per share (EPS) for 2026 is estimated to be 3.89 CNY, with a price-to-earnings (PE) ratio of 35 times, leading to a target price of 136.15 CNY per share [9]. - The company’s revenue is expected to grow from 5.8 billion CNY in 2024 to 12.46 billion CNY in 2028, with a compound annual growth rate (CAGR) of 23.0% [10][11].

2026 年 04 月 01 日 极米科技(688696.SH) 海外市场持续拓展，Q4 收入平稳增长 事件：极米科技公布 2025 年年度报告。公司 2025 年实现收入 34.7 亿元，YoY+1.8%；实现归母净利润 1.4 亿元，YoY+19.4%。 经折算，Q4 单季度实现收入 11.4 亿元，YoY+1.5%；实现归母净 利润 0.6 亿元，YoY-60.2%。展望后续，随着国内消费逐步复苏以 及公司新品逐渐起量，公司收入有望持续改善。 Q4 收入延续平稳增长：国内投影行业景气度较弱。根据久谦， Q4 国内线上投影仪行业销售额 YoY-29%，极米线上投影仪销售额 YoY-23%。我们判断 Q4 极米国内收入有所承压。海外方面，公司 推出 MoGo 4、Horizon 20 及 Vibe One 系列等新品，其中高端产 品 Horizon 20 系列在"黑五"、圣诞大促期间销售良好。我们判 断 Q4 极米海外业务增长良好。未来公司将加强产品与品牌出海 的精细化运营，提升线上线下协同效应，进一步增强品牌在海外 市场的认知度。 Q4 盈利能力同比下降：Q4 极米归母净利率为 5.6%，同比-8.7 p ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 31.2 CNY, while the current stock price is 25.00 CNY [5]. Core Insights - The company achieved a record high in operating performance for 2025, with total revenue of 61.687 billion CNY, a year-on-year increase of 23.31%, and a net profit attributable to shareholders of 3.643 billion CNY, up 24.26% year-on-year [1]. - The company has completed its annual production targets for copper, zinc, and lead, with copper production at 167,500 tons, slightly below the target of 168,200 tons, and lead production at 63,000 tons, achieving 96% of the target [2]. - The company has received approval for the third phase of the Yulong Copper Mine, which is expected to increase ore processing capacity significantly, and has acquired the exploration rights for the Chating Copper polymetallic mine [9][10]. Financial Performance - In 2025, the company reported a net profit of 3.643 billion CNY, with a net profit margin of 5.9% [12]. - The projected revenues for 2026 to 2028 are 67.570 billion CNY, 70.757 billion CNY, and 71.681 billion CNY, respectively, with net profits expected to be 4.955 billion CNY, 5.548 billion CNY, and 5.591 billion CNY [11][12]. - The company’s earnings per share (EPS) for 2026 is projected to be 2.08 CNY, with a price-to-earnings (PE) ratio of 12.3 [11]. Production and Pricing - The company’s copper smelting production increased by 26.69% year-on-year to 334,200 tons in 2025, while lead and zinc smelting production saw significant increases of 330.45% and 32.61%, respectively [3]. - The average copper price in 2025 was 83,012 CNY per ton, reflecting an 8.8% year-on-year increase, while lead and zinc prices experienced slight declines [3]. Strategic Developments - The company has successfully obtained mining rights for several new projects, including the Sichuan Youre Lead-Zinc Mine and the Tawan Chahanxi Iron polymetallic mine, which will enhance its resource base [10]. - The approval of the Yulong Copper Mine's third phase is expected to extend the mine's operational life and support future production increases [9].

2026 年 04 月 01 日 海信家电(000921.SZ) Q4 内销表现承压，年度分红率提升 事件：海信家电公布 2025 年年报。公司 2025 年实现收入 879.3 亿元，YoY-5.2%；实现归母净利润 31.9 亿元，YoY-4.8%。经折算， 公司 Q4 单季度实现收入 164.0 亿元，YoY-26.0%；实现归母净利 润 3.7 亿元，YoY-32.5%。我们认为，受国补政策退坡和海外市场 景气波动的影响，Q4 海信家电经营表现短期承压。公司年度分红 率持续提升，彰显对股东回报的重视。 Q4 内销业务有所承压，关注海外增长潜力：分品类来看，1）受 国内房地产市场景气低迷的影响，我们推断 Q4 公司中央空调收 入同比有所下降。据产业在线数据，Q4 海信日立多联机内销额/ 外销额 YoY-2.9%/+3.4%。2）受国补政策退坡和出口高基数的影 响，我们推测 Q4 公司家用空调业务内外销均有所承压。据产业在 线数据，Q4 海信家用空调内销/外销出货量 YoY-21.7%/-51.2%。 3）我们推断 Q4 公司冰洗业务内销收入同比下降，外销收入同比 增长。据产业在线数据，Q4 海信冰箱内销 ...

Investment Rating - The report assigns a "Buy-A" rating for the company with a target price of 48.64 CNY per share, while the current share price is 32.70 CNY as of March 31, 2026 [4]. Core Insights - The company is recognized as a hidden champion in the environmental additives sector, focusing on high polymer material additives for over 20 years, establishing a leading market position in the sub-segments of Saik and titanium esters with significant production capacities [1][11]. - The PVC industry is experiencing a recovery, which is expected to benefit the additives sector, as the demand for high-performance additives is anticipated to increase alongside the recovery of downstream product manufacturers [2][39]. - The supply structure for Saik is highly concentrated, with the company holding a 60% global market share and an 80% domestic market share, indicating strong demand growth in high-end applications such as electric vehicles and robotics [3][6]. Summary by Sections 1. Company Overview - The company specializes in the research, production, and sales of environmental additives, with a product system centered around Saik, titanium esters, DBM, SBM, and acetylacetone salts [1][11]. - As of the end of 2025, the production capacities for Saik and titanium esters are 34,500 tons and 8,000 tons respectively, with Saik's global market share at 60% and domestic market share at 80% [1][11]. 2. PVC Industry Recovery - The PVC market is gradually recovering, with prices increasing by 28.77% to 5,483 CNY per ton as of March 30, 2026, driven by various policy changes and market dynamics [2][39]. - The recovery in PVC is expected to enhance the demand for additives, as they play a crucial role in improving product performance and processing efficiency [2][39]. 3. Saik Supply and Demand - Saik, known for its excellent chemical and thermal stability, is primarily used as a stabilizer in various applications, with significant growth expected in high-end sectors [3][6]. - The company is expanding its applications into new fields such as polyurethane and flame retardants, which are expected to drive further demand [3][6]. 4. Financial Performance and Projections - The company anticipates revenue growth rates of -4.0%, +20.6%, and +61.6% for the years 2025 to 2027, with net profit growth rates of -15.2%, +53.5%, and +63.7% respectively [7]. - The company maintains a strong profitability profile, with gross margins for core products consistently above 30% [25][27]. 5. Market Position and Competitive Landscape - The company has established long-term partnerships with leading international groups in the insulated paint and wire industries, enhancing its competitive edge [7]. - The domestic market for titanium esters is primarily dominated by the company, which holds over 40% of the market share, indicating a strong competitive position [46].

Investment Rating - The investment rating for Hainan Mining is "Accumulate-A" with a 6-month target price of 14 CNY, compared to the current stock price of 12.04 CNY as of March 30, 2026 [4]. Core Insights - The company reported a revenue of 4.416 billion CNY for 2025, an increase of 8.62% year-on-year, but a net profit decline of 38.99% to 431 million CNY [1]. - The oil and gas production saw a significant increase, with equity production rising by 60.5% to 12.99 million barrels of oil equivalent, primarily due to the consolidation of Tethys and new wells coming online [2]. - The lithium resource business achieved a breakthrough with the launch of an integrated supply chain, producing 0.26 thousand tons of battery-grade lithium hydroxide in 2025 [3]. Summary by Sections Financial Performance - In Q4 2025, the company achieved a revenue of 1.056 billion CNY, up 18.18% year-on-year and 11.75% quarter-on-quarter, while net profit was 119 million CNY, down 25.84% year-on-year but up 271.9% quarter-on-quarter [1]. - The projected revenues for 2026 to 2028 are 6.909 billion CNY, 7.281 billion CNY, and 8.262 billion CNY, with net profits expected to be 1.117 billion CNY, 1.197 billion CNY, and 1.452 billion CNY respectively [9]. Mining Operations - The iron ore business maintained stable production, with a target of 2 million tons for 2026, supported by the completion of the magnetization roasting project [2]. - The average price for iron ore in 2025 was 102.4 USD/ton, a decrease of 6.5% year-on-year [2]. Oil and Gas Sector - The average price for Brent crude oil in 2025 was 68.2 USD/barrel, down 14.6% year-on-year [2]. - The company plans to achieve an oil and gas equity production target of 12.66 million barrels of oil equivalent in 2026 [2]. Lithium Resource Development - The company completed infrastructure for the Buguni lithium mine in January 2025, with the first batch of 30,000 tons of lithium concentrate expected to arrive in early 2026 [3]. - The lithium hydroxide project is projected to produce 20,000 tons of battery-grade lithium hydroxide, with sales expected to ramp up in 2026 [3]. Strategic Acquisitions - In 2025, the company invested 300 million CNY to acquire a 15.79% stake in Luoyang Fengrui Fluorine Industry, marking its entry into the fluorite mining sector [8]. - A further acquisition plan is set to increase the stake to 85.69% in 2026 [8].

2026 年 03 月 31 日 中航科工(02357.HK) 洪都收入增长喜人；前瞻布局全倾转飞控 事件：2025 年营收 894.42 亿元，同比+2.84%；归母净利润 17.65 亿元，同比-19.30%；扣非归母净利润 12.76 亿元，同比-23.15%。 998948045 航空配套系统收入稳增，整机/配套毛利率有所承压 我们预计公司 26/27 年归母净利润为 19.4/21.3 亿元，增速分别为 9.8%/10.1%。我们选择中航沈飞、中航成飞、江航装备为可比公司， 26/27 年可比公司平均 PE 为 48/38 倍，考虑到公司是我国航空装备 整机及重点配套企业，我们给予公司 2026 年 20 倍 PE，12 个月目标 价 4.86 港元，首次给予买入-A 的投资评级。（注：报告发布当日港 元/人民币汇率 0.8813） 风险提示：下游需求不及预期、产品降价风险、估值波动等。 | [Table_Finance1] （亿元） | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主 ...

2026 年 03 月 31 日 国瓷材料(300285.SZ) 高端陶瓷龙头，多元业务共驱成长 齿科修复：氧化钇海内外价差显著，公司凭供应优势量价齐升。 氧化钇是齿科氧化锆材料不可或缺的关键添加剂，中国氧化钇产量占 全球 80.80%，占据绝对主导；受地缘政治影响，中国实施氧化钇出口 管制，导致海外氧化钇供给持续紧缺、价格大幅上涨，自 2024 年 12 月的 7.9 美元/公斤涨至 2026 年 3 月初的 372.5 美元/公斤，涨幅高 达+4615.19%，海外企业成本承压并被迫提价；同期国内氧化钇价格 从 41500 万元/吨涨至 71500 元/吨，涨幅仅为+72.29%；海内外价差 超 36 倍，公司充分受益于海外产品跟涨的盈利弹性，同时凭借稳定 原料供应，抢占海外企业减产、停产后释放的全球市场份额。 电子材料：地缘政治驱动国产替代，公司优势凸显业绩提速。 需求端：受益于下游消费电子、汽车电子等新兴领域持续发展，MLCC 需求稳步提升。预计 2029 年全球市场规模达 1326.22 亿元，年均增 速 4.26%；中国市场规模增至 671.82 亿元，年均增速 3.02%。供给 端：全球 MLC ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 129.46 CNY [4]. Core Insights - The company reported a revenue of 810 million CNY for 2025, representing a year-on-year growth of 52.07%. However, it incurred a net loss of 163 million CNY [2][4]. - The company has entered into a global development and commercialization partnership with AbbVie for ZG006, which is expected to advance overseas clinical progress. AbbVie has obtained exclusive rights for ZG006 outside Greater China, while the company retains rights within Greater China [1][2]. - The company received an upfront payment of 100 million USD in January 2026, with potential milestone payments of up to 67 million USD based on clinical progress, and up to 1.075 billion USD if AbbVie exercises its licensing option [1][2]. Financial Projections - Revenue projections for the company are estimated at 2.05 billion CNY in 2026, 2.09 billion CNY in 2027, and 2.98 billion CNY in 2028. Corresponding net profits are projected to be 665 million CNY, 443 million CNY, and 772 million CNY respectively [2][11]. - The earnings per share (EPS) are expected to be 2.51 CNY in 2026, 1.67 CNY in 2027, and 2.92 CNY in 2028 [2][11]. - The company’s total market capitalization is approximately 25.55 billion CNY [4]. Product Pipeline - The company has a robust pipeline with products such as ZG005 and ZG006 progressing rapidly. Currently marketed products include Donafenib and Jikaxitinib, among others [2][4].

风险提示：临床试验失败的风险，医药政策变化的风险，产品 销售不及预期的风险，海外 BD 兑现不及预期风险。 公司快报 | | 化学制剂 | | | --- | --- | --- | | 投资评级 | 增持-A | | | | 维持评级 | | | 6 个月目标价 | 68.81 | 元 | | 股价 (2026-03-30) | 55.76 | 元 | | 交易数据 | | | | 总市值(百万元) | 370,090.26 | | | 流通市值(百万元) | 355,693.17 | | | 总股本(百万股) | 6,637.20 | | | 流通股本(百万股) | 6,379.00 | | | 12 个月价格区间 | 48.0/72.47 元 | | 股价表现 2026 年 03 月 31 日 恒瑞医药(600276.SH) 创新药集群进入销售兑现阶段，海外BD 持续兑现 事件：公司发布 2025 年年报，报告期内公司实现营业收入 316.29 亿元，同比增长 13.02%；实现归母净利润 77.11 亿元，同 比增长 21.69%；实现扣非归母净利润 74.13 亿元，同比增长 20.00%。 公司创 ...