证券研究报告：建筑材料|行业周报 发布时间：2026-01-26 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 6032.51 | | 52 | 周最高 | 6032.51 | | 52 | 周最低 | 4167.51 | 行业相对指数表现 防水发布涨价函，关注内需弹性品种 投资要点 本周受防水涨价及风格切换因素影响，建材板块表现较好，尤其 内需涨价逻辑相关标的涨幅居前。展望 26 年，我们认为消费建材弹 性明显，防水、涂料、石膏板等行业均有持续涨价预期，目前行业需 求处于淡季，我们判断在竞争格局改善及反内卷大环境下，行业将持 续延续涨价逻辑，建议关注：东方雨虹、科顺股份、三棵树、兔宝宝、 北新建材。 水泥：年末全国市场逐步进入淡季，整体来看，全国需求仍呈现 下滑态势，房建市场持续疲弱，基建需求在政策驱动下呈现区域分化 明显，民用市场相对需求刚性。从中期维度来看，水泥行业产能有望 在限制超产政策下产能持续下降，产能利用率从而大幅提升带来利润 弹性。关注：海螺水泥、华新建材。 玻璃：行业需求端在地产影响下 25 年呈现需求持续下行态势。 ...

证券研究报告：机械设备 |公司点评报告 股票投资评级 买入 |维持 个股表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 川仪股份 机械设备 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） | 25.23 | | --- | --- | | 总股本/流通股本（亿股）5.13 | / 5.12 | | 总市值/流通市值（亿元）129 | / 129 | | 52 周内最高/最低价 | 26.90 / 20.06 | | 资产负债率(%) | 48.0% | | 市盈率 | 16.60 | | 第一大股东 | 中国四联仪器仪表集团 | | 有限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 川仪股份(603100) 业绩短期承压，看好国产替代大趋势 l 事件描述 公 ...

证券研究报告：机械设备 |公司点评报告 股票投资评级 个股表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 川仪股份 机械设备 买入 |维持 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） | 25.23 | | --- | --- | | 总股本/流通股本（亿股）5.13 | / 5.12 | | 总市值/流通市值（亿元）129 | / 129 | | 52 周内最高/最低价 | 26.90 / 20.06 | | 资产负债率(%) | 48.0% | | 市盈率 | 16.60 | | 第一大股东 | 中国四联仪器仪表集团 | | 有限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 川仪股份(603100) 业绩短期承压，看好国产替代大趋势 业绩短期承压，单 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [3][11]. Core Insights - The company is undergoing a transformation to a Fab-Lite model, which is expected to pressure short-term performance. For 2025, the company anticipates revenue of approximately 3.72 to 3.75 billion yuan, representing a year-on-year decline of about 16% to 18%. The net profit attributable to the parent company is projected to be between -295 million and -255 million yuan, a decrease of approximately 163.46% to 173.41% year-on-year [2][3]. - The company is actively preparing for growth in optical communication, satellite communication, and high-end RF sectors. Its SOI technology has evolved from a single product application to a comprehensive core technology platform covering all categories of RF front-end. The ongoing breakthroughs in the second-generation SOI process are expected to further solidify its position in the global RF chip market [2][3]. - The company has launched several high-performance, low-power mobile communication signal low-noise amplifier products based on germanium-silicon technology, which is crucial for efficient optoelectronic conversion in silicon photonics [2]. Financial Forecasts and Metrics - Revenue projections for 2025, 2026, and 2027 are estimated at 3.72 billion, 4.20 billion, and 5.00 billion yuan, respectively. The net profit attributable to the parent company is expected to be -270 million, 250 million, and 502 million yuan for the same years [3][5]. - The company’s EBITDA is forecasted to be 1.07 billion, 1.57 billion, and 1.82 billion yuan for 2025, 2026, and 2027, respectively [5]. - The projected EPS for the years 2025, 2026, and 2027 is -0.50, 0.47, and 0.94 yuan per share [5]. Relative Valuation - The company is recognized as one of the leading players in the RF front-end sector within the domestic integrated circuit industry, adopting a Fab-Lite operational model. It offers a comprehensive range of products across various materials and processes, allowing flexibility in meeting market and customer demands [8]. - The average PB ratio for comparable companies in 2026 is expected to be 5.82x, while the company’s projected PB ratios for 2025, 2026, and 2027 are 4.18, 4.13, and 4.03, respectively [8][9].

证券研究报告：电子 | 公司点评报告 股票投资评级 卓胜微(300782) 光通信、卫星通讯、高端射频积极储备 l 事件 公司发布业绩预告，预计 2025 年营收同比下降约 16%-18%，归 母净利润同比减少约 163.46%-173.41%。 l 投资要点 Fab-Lite 模式转型过程中，短期业绩承压。2025 年受产能建设 的投入增加及供应转化、行业竞争持续激烈、供给侧部分原材料产品 交付环节紧张、下游客户库存结构优化调整等因素影响，公司预计 2025 年实现营业收入 37-37.5 亿元，同比下降约 16%-18%，归母净利 润-2.95 到-2.55 亿元，同比减少约 163.46%-173.41%。 光通信、卫星通讯、高端射频积极储备，未来成长可期。在 SOI 工艺方面，目前公司的 SOI 技术已从单一产品应用发展为覆盖射频前 端全品类的核心技术平台，随着第二代 SOI 工艺的持续突破，将进一 步巩固其在全球射频芯片市场的地位。在锗硅工艺方面，公司发布多 款基于锗硅工艺的高性能低功耗移动通信信号低噪声放大器产品。锗 硅也是硅光平台实现高效光电转换的核心材料，能够弥补硅在 1.31/1.55um ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company plans to issue convertible bonds to enhance its market presence in AI and automotive sectors, driven by increasing demand for computing power and domestic substitution. The power management chip industry, particularly for intelligent computing, is expected to pursue "higher current, higher efficiency, and faster response" with diversified applications covering "cloud, network, edge, and end" [4] - The company has launched new products to build a comprehensive power solution. In the industrial sector, it introduced the 700V high-voltage GaN half-bridge power chip SC3610, which supports AI server power and high-power industrial applications. In automotive electronics, it has released PMIC series for sensing and decision-making layers, establishing a competitive advantage in automotive PMICs. In consumer electronics, it offers a complete power solution covering "charging, balancing, protection, and metering" for AI glasses and wearable devices [5] - Revenue projections for the company are estimated at 3.20 billion, 4.07 billion, and 5.19 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 290 million, 430 million, and 650 million yuan for the same years, maintaining a "Buy" rating [6] Company Overview - The latest closing price of the company's stock is 43.57 yuan, with a total share capital of 428 million shares and a market capitalization of 18.6 billion yuan. The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 60.51 [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company plans to issue convertible bonds to enhance its market presence in AI and automotive sectors, driven by increasing demand for computing power and domestic substitution. The power management chip industry, particularly for intelligent computing, is expected to pursue "higher current, higher efficiency, and faster response" with diversified applications covering "cloud, network, edge, and end" [4] - The company has launched new products to build a comprehensive power solution. In the industrial sector, it introduced the 700V high-voltage GaN half-bridge power chip SC3610, which provides efficient and reliable power support for AI servers and high-power industrial applications. In automotive electronics, it has released PMIC series for sensing and decision-making layers, establishing a competitive advantage in automotive PMICs [5] - Revenue projections for the company are estimated at 32.0 billion, 40.7 billion, and 51.9 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.9 billion, 4.3 billion, and 6.5 billion yuan for the same years, maintaining a "Buy" rating [6] Company Overview - The latest closing price of the company's stock is 43.57 yuan, with a total share capital of 4.28 billion shares and a market capitalization of 186 billion yuan. The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 60.51 [3]

Investment Rating - The industry investment rating is "Strong Buy" and is maintained [2]. Core Insights - The investment value of the AI + pharmaceutical industry lies in the analysis of the current state and future judgment of the industry. Understanding the role of AI in pharmaceuticals, its business models, growth potential, key growth factors, and competitive barriers is essential [4]. - AI in pharmaceuticals primarily enhances efficiency and innovation. The most mature applications of AI in drug development focus on cost reduction and efficiency improvements in preclinical stages, significantly shortening development cycles and reducing costs [5]. - The global market for AI-enabled drug development is projected to grow from $11.9 billion in 2023 to $74.6 billion by 2032, with a CAGR of 22.6% [5]. - The industry has seen a significant increase in investment, with the AI + CRO/AI + Biotech model being a major trend for profitability. High-quality data production capabilities are identified as a core competitive advantage [5][6]. Summary by Sections AI's Role in Pharmaceuticals - AI in drug development combines technologies like NLP and deep neural networks to enhance efficiency and expand innovation space. It integrates vast biomedical data to empower the entire drug development process [9]. - AI's application is most effective in the preclinical research phase, where it can reduce costs by over 90% and significantly shorten development timelines [21]. Market Size and Commercialization Focus - The AI + pharmaceutical financing landscape has seen rapid growth since 2015, with a total of $24.6 billion raised by 2022. However, there has been a decline in financing activity due to global economic conditions [48]. - The commercial focus is on molecular entities, with the industry not yet forming a unified paradigm, leading to structural differentiation among companies [52][68]. Business Models - The industry features three main business models: SaaS, AI + CRO, and AI + Biotech. The AI + CRO model is predominant, leveraging AI technology to provide outsourced drug development services [62][63]. - SaaS models face challenges due to limited market size and high competition, making them less favorable for new entrants [67]. Key Players and Competitive Landscape - The report highlights leading companies in the AI pharmaceutical space, including Insilico Medicine, Relay Therapeutics, and Schrodinger, which are involved in various stages of drug development [53][54]. - The competitive landscape is characterized by a "Matthew Effect," where leading players dominate due to their established capabilities and resources [6].

Investment Rating - The industry investment rating is "Strong Buy" [2]. Core Insights - The investment value of the AI+pharmaceutical industry lies in analyzing the current status and future potential of AI's role in drug development, focusing on efficiency and innovation [4]. - AI enhances drug development by reducing costs and increasing efficiency, particularly in the preclinical phase, where AI virtual screening significantly lowers the number of compounds needed for real trials, thus shortening development cycles and costs [5]. - The global market for AI-enabled drug development is projected to grow from $11.9 billion in 2023 to $74.6 billion by 2032, with a CAGR of 22.6% [5]. - The industry is experiencing a structural differentiation trend in financing, with a total of $24.6 billion raised globally for AI+drug development since 2015, although there has been a decline in financing activity in 2022 due to economic downturns [48]. Summary by Sections AI's Role in Pharmaceuticals - AI in drug development combines technologies like NLP and deep learning to enhance efficiency and expand innovation space across the entire drug development process [9]. - AI's most mature applications are in preclinical research, where it can reduce costs by over 90% and significantly shorten development timelines [22]. High-Quality Data Production as Core Competitiveness - The ability to produce high-quality data is identified as a core competitive advantage in the industry, as it enables effective algorithm iteration and data accumulation [6]. - The industry faces challenges with "data silos," where high-quality data is scarce and not shared, making data production capabilities crucial for long-term competitiveness [6]. Market Size and Commercialization Focus - The AI+pharmaceutical financing landscape has seen rapid growth, with significant investments concentrated in the US and China, although the latter's share has decreased recently [48]. - The commercial focus is shifting towards molecular entities, with AI+CRO and AI+Biotech models emerging as dominant trends for revenue generation [58]. Business Models - The industry features three main business models: SaaS, AI+CRO, and AI+Biotech, with the latter two being more prevalent due to their higher revenue potential and lower risk exposure [63][67]. - SaaS models face challenges due to limited market size and high competition, suggesting that they may not be suitable for new entrants in the industry [67].

Economic Growth - China's GDP growth for 2025 is projected at 5%, achieving the annual economic growth target[2] - Quarterly GDP growth rates show a trend of high to low, with rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively[9] Demand and Consumption - Retail sales growth in December was 0.9%, continuing a trend of marginal decline for seven consecutive months[14] - Consumer confidence remains low, with household short-term loans decreasing by CNY 1,023 billion in December 2025, a drop of CNY 16,113 billion compared to 2024[15] Investment Trends - Fixed asset investment growth fell to -3.8% for the year, a decline of 1.2 percentage points from the previous value[21] - Real estate investment saw a significant drop of 17.2% year-on-year, indicating a deep adjustment in the market[21] Export and Production - Industrial added value in December grew by 5.2%, with a notable increase in high-tech industries[27] - Export delivery value increased by 3.2% in December, correlating with the rise in industrial output[27] Policy and Future Outlook - The government aims to stabilize investment, with significant policy tools already deployed to support infrastructure projects[23] - The export momentum is expected to continue into 2026, remaining a key driver of economic growth[30]