证券研究报告：电子 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 强劲增长 l 投资要点 三温、大平台超多工位测试分选机持续放量。根据 SEMI 数据， 2025 年全球半导体测试设备销售额预计激增 48.1%至 112 亿美元，封 装设备销售额增长 19.6%至 64 亿美元。2026、2027 年测试设备销售 额预计继续增长 12.0%和 7.1%，封装设备销售额预计增长 9.2%和 6.9%。驱动力来自器件架构复杂度提升、先进/异构封装加速渗透， 以及 AI 与 HBM 对性能的严苛要求。公司所在的半导体封装和测试设 备领域需求持续增长，三温测试分选机及大平台超多工位测试分选机 （针对于效率要求更高的大规模、复杂测试）等需求持续增长，公司 测试分选机产品销量实现较大提升，经财务部门初步测算，预计2025 年度实现归母净利润 1.6-2.1 亿元，同比增加 103.87%-167.58%；扣 非归母净利润 1.55-2.05 亿元，同比增加 128.83%-202.64%。 算力、汽车、先进封装等发展催涨分选机需求。Chiplet 架构在 AI 训练芯片、HPC 处理器中的广泛应用，使得 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 277.08 | | --- | --- | | 总股本/流通股本（亿股）0.60 | / 0.42 | | 总市值/流通市值（亿元）166 | / 116 | | 52 周内最高/最低价 | 303.69 / 70.00 | | 资产负债率(%) | 17.7% | | 市盈率 | 205.24 | | 第一大股东 | 崔学峰 | 研究所 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 金海通(603061) 强劲增长 l 投资要点 三温、大平台超多工位测试分选机持续放量。根据 SEMI 数据， 2025 年全球半导体测试设备销售额预计激增 48.1%至 112 亿美元，封 装设备销售额增长 19.6%至 64 亿美元。2026、2027 年测试设备销售 额预计继续增长 12.0%和 7.1%，封装设备 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company's electronic bulk gas business revenue share continues to increase, reaching 77.1% in the first three quarters of 2025, with on-site gas production accounting for 61.6% and retail gas accounting for 15.5% [3] - The company is expanding into high-tech and new productivity sectors, with projected revenue of 2.424 billion yuan in 2025, a year-on-year increase of 15.26%, and a net profit of 286 million yuan, also up 15.39% [3] - The domestic electronic bulk gas market is expected to maintain a "1+3" competitive landscape, with quality customer development driving gas demand growth and repeat purchases [3] - The company has secured multiple new orders in 2025, benefiting from stable operations and technological advancements, which are key factors for revenue and profit growth [4] - The company is leveraging its advanced equipment advantages to capture growth opportunities in AI semiconductor gas demand, with a significant increase in gas requirements from traditional levels to tens of thousands of cubic meters [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 2.4 billion yuan, 2.9 billion yuan, and 3.6 billion yuan respectively, with net profits of 290 million yuan, 390 million yuan, and 550 million yuan [5][9] - The company expects a revenue growth rate of 15.26% in 2025, 20.51% in 2026, and 22.53% in 2027 [9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.30 yuan, and 0.42 yuan respectively [9]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is a leading tire manufacturer with a global presence, benefiting from the trend towards new energy vehicles, which is expected to enhance its growth prospects [5]. - The company has established a global production capacity system, with significant expansions in both domestic and Southeast Asian facilities, aiming to optimize its global capacity structure [6][8]. - The demand for tires is expected to remain stable, driven by the recovery in global automotive sales and the increasing production and sales of new energy vehicles in China [7]. Company Overview - The latest closing price is 54.82 yuan, with a total market capitalization of 479 billion yuan and a total share capital of 8.74 billion shares [4]. - The company has a debt-to-asset ratio of 61.0% and a price-to-earnings ratio of 11.40 [4]. Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 4.208 billion yuan in 2025, with earnings per share (EPS) expected to be 4.81 yuan [8]. - Revenue is forecasted to grow steadily, with an estimated increase from 39.255 billion yuan in 2024 to 56.835 billion yuan in 2027, reflecting a compound annual growth rate [10]. Market Position - The company holds the largest market share in China, with a 13.4% share in 2024, and ranks among the top ten tire manufacturers globally [16][68]. - The company has established a strong brand presence, with its "Chaoyang" brand recognized as a famous Chinese trademark [68]. Global Expansion Strategy - The company has strategically expanded its production capacity in Southeast Asia to mitigate trade barriers, with ongoing projects in Thailand, Indonesia, and Mexico [6][50]. - The establishment of a factory in Mexico is expected to enhance the company's ability to supply the U.S. market directly, further strengthening its competitive position [50][53]. Industry Trends - The global tire market is projected to grow steadily, with replacement demand accounting for a significant portion of total tire consumption [29]. - The increasing number of vehicles globally, particularly in China, is expected to drive tire replacement demand, benefiting the company [31][63].

行业相对指数表现 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 银行 沪深300 证券研究报告：银行|行业周报 证券研究报告：银行|金融数据预测月报 发布时间：2026-02-10 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 3971.44 | | --- | --- | --- | | 52 | 周最高 | 4670.31 | | 52 | 周最低 | 3824.91 | 资料来源：聚源，中邮证券研究所 研究所 分析师:张银新 SAC 登记编号:S1340525040001 Email:zhangyinxin@cnpsec.com 近期研究报告 《部分信贷或后置至次年》 - 2026.01.08 1 月金融数据前瞻 （2026.1.6-2026.2.9） 预计社融同比多增 l 投资要点 （1）预计 1 月新增信贷整体小幅少增：预计 1 月新增人民币贷 款（信贷口径）约 51000-52000 亿元，相较上年同期小幅少增。新增 实体人民币贷款（社融口径）约 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, driven by market demand upgrades, accelerated domestic substitution, and policy benefits. The utilization rate of production capacity remains high, and the company is enhancing its market competitiveness through continuous technological innovation and deepening customer relationships [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, supported by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and other integrated circuits, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is recognized as a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio for 2026 is 3.51x, indicating potential undervaluation [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, benefiting from market demand upgrades, accelerated domestic substitution, and policy incentives. The utilization rate of production capacity remains high, and the company is expanding its customer base and deepening cooperation [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, driven by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and analog ICs, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio is 3.72x for 2026, indicating potential undervaluation [11]

发布时间：2026-02-10 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 213.97 | | --- | --- | | 总股本/流通股本（亿股）1.89 / 1.68 | | | 总市值/流通市值（亿元）404 / 359 | | | 52 周内最高/最低价 | 228.12 / 79.56 | | 资产负债率(%) | 79.9% | | 市盈率 | 124.81 | | 第一大股东 | 福建含羞草农业开发有 | | 限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 万辰集团（300972.SZ) 证券研究报告：食品饮料 | 公司点评报告 业绩预告利润率上限超预期，单店拐点延续向上 ⚫ 事件 公司发布 2025 年业绩预告，2025 年公司整体营收 500-528 亿元， 同比增长 54.66%-63.32%，其中 2025Q4 实现营收 134.38-1 ...

Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Insights - The basic chemical industry index closed at 4729.08 points, down 4.35% from the previous week, underperforming the CSI 300 index by 2.59% [18] - The domestic PC market has entered a price increase cycle driven by a tight supply-demand balance, with prices rising significantly since the beginning of 2026 [6] - The price of disperse dyes has shown strong upward momentum, with significant increases driven by rising costs of key raw materials [8] Industry Overview - The basic chemical industry index has seen a decline, with 2 sub-industries rising and 23 falling as of February 6, 2026 [21] - The domestic PC market has experienced a price increase of 500-1000 CNY/ton, with production margins rising by 48.58% [6] - The supply-demand balance in the PC market is expected to improve due to a lack of new production capacity in 2026 [6] Sub-Industry Performance - The synthetic resin and other rubber products sectors have shown positive performance, while viscose and coal chemical sectors have declined significantly [21] - The average operating rate for viscose short fibers has remained high, with a total inventory of 96,600 tons as of February 6, 2026, indicating potential for price increases [9] - The tire industry has seen a decrease in operating rates, with full steel tire rates at 60.45% and semi-steel tire rates at 72.09% [38] Price Trends - The price of disperse dyes has increased from 18,000 CNY/ton to 21,000 CNY/ton within a month, driven by rising costs of key intermediates [8] - The average industry operating rate for polyester filament is approximately 79.97%, with a notable decrease in demand leading to a cautious market outlook [31] - Key chemical products have shown varied price movements, with some experiencing significant increases while others have seen declines [26][29]

证券研究报告：食品饮料 | 公司点评报告 发布时间：2026-02-10 公司基本情况 | 最新收盘价（元） | 213.97 | | --- | --- | | 总股本/流通股本（亿股）1.89 / 1.68 | | | 总市值/流通市值（亿元）404 / 359 | | | 52 周内最高/最低价 | 228.12 / 79.56 | | 资产负债率(%) | 79.9% | | 市盈率 | 124.81 | | 第一大股东 | 福建含羞草农业开发有 | | 限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 万辰集团（300972.SZ) 股票投资评级 资料来源：聚源，中邮证券研究所 业绩预告利润率上限超预期，单店拐点延续向上 ⚫ 事件 公司发布 2025 年业绩预告，2025 年公司整体营收 500-528 亿元， 同比增长 54.66%-63.32%，其中 2025Q4 实现营收 134.38-1 ...