Investment Rating - The report maintains a "Recommendation" rating for COSCO SHIPPING Specialized Carriers (600428) [1] Core Views - The company achieved a net profit attributable to shareholders of 1.78 billion yuan in 2025, representing a year-on-year increase of 16.3%, driven by volume growth and stable pricing [1][6] - The report highlights a robust performance in Q4 2025, with revenue reaching 6.6 billion yuan, up 39% year-on-year, and a net profit of 450 million yuan, up 37% year-on-year [6] - The company plans to distribute a cash dividend of 0.325 yuan per share, totaling 890 million yuan, with a dividend payout ratio of 50% and a corresponding dividend yield of 3.5% [6] Financial Performance Summary - Total revenue for 2025 was 23.211 billion yuan, with a year-on-year growth rate of 38.3% [2] - The net profit attributable to shareholders for 2026 is estimated at 2.093 billion yuan, reflecting a growth rate of 17.6% [2] - Earnings per share (EPS) for 2025 is reported at 0.65 yuan, with a projected PE ratio of 14 times [2] - The company’s total assets are valued at 43.877 billion yuan, with a debt-to-asset ratio of 57.76% [3] Operational Highlights - The fleet saw a net increase of 47 vessels in 2025, with a total controlled capacity of 198 vessels and 9.12 million deadweight tons by the end of the year [6] - The report notes that the demand for specialized vessels, particularly in the automotive and wind power sectors, remains strong, with significant growth in cargo volumes [6] - The company’s diverse fleet includes leading positions in multi-purpose heavy lift vessels, pulp carriers, and semi-submersible vessels, with a strong global market presence [6] Market Outlook - The report anticipates continued growth in the offshore wind power sector, with a projected CAGR of 27.3% for new installations from 2024 to 2030 [6] - The Chinese electric vehicle industry is expected to maintain a competitive edge, with strong export potential, particularly in the context of the "National Car, National Transport" initiative [6] - The target price for the stock is set at 11.44 yuan, indicating a potential upside of 25% from the current price of 9.16 yuan [2][6]

证 券 研 究 报 告 印尼项目打开成长空间，分红水平极其优渥 事项： 公司发布 2025 年报，公司全年实现营业收入 346.20 亿元，同比增长 3.41%； 实现归母净利润 47.36 亿元，同比下降 1.96%；扣非归母净利润 46.10 亿元， 同比下降 6.08%。公司 2025 年度拟再向全体股东每 10 股派发现金红利 1.36 元（含税），预计分配股利 15.6 亿元（含税）。 铝 2026 年 03 月 31 日 | 南山铝业（600219）2025 年报点评 | 推荐（维持） | | | --- | --- | --- | | | 目标价：7.5 | 元 | | 印尼项目打开成长空间，分红水平极其优渥 | 当前价：6.49 | 元 | 华创证券研究所 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 评论： [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 34,62 ...

资料来源：公司公告，华创证券预测 注：股价为 2026 年 3 月 30 日收盘价 航运 2026 年 03 月 31 日 目标价：24.5 元 当前价：17.03 元 25Q4 归母净利 27 亿，同比+56%，油运贡献 主要增量 [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,177 | 38,013 | 39,758 | 40,312 | | 同比增速(%) | 9.2% | 34.9% | 4.6% | 1.4% | | 归母净利润(百万) | 6,012 | 13,184 | 13,827 | 14,045 | | 同比增速(%) | 17.7% | 119.3% | 4.9% | 1.6% | | 每股盈利(元) | 0.74 | 1.63 | 1.71 | 1.74 | | 市盈率(倍) | 23 | 10 | 10 | 10 | | 市净率(倍) | 3.2 | 2.6 | 2.2 | 2.0 | 公司研究 证 券 ...

证 券 研 究 报 告 东鹏饮料（605499）2025 年报点评 强推（维持） 营收维持高增，费投拖累盈利 目标价：300 元 事项： ❖ 公司发布 2025 年年报。25 年实现营收 208.75 亿元，同比+31.8%；归母净利 润 44.15 亿元，同比+32.72%；扣非归母净利润 41.84 亿元，同比+28.26%。 25Q4 实现营收 40.31 亿元，同比+22.88%；归母净利润 6.54 亿元，同比+5.66%； 扣非归母净利 6.44 亿元，同比+7.56%。 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 评论： ❖ 风险提示：终端需求不及预期、行业竞争明显加剧、原料成本大幅波动等。 [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 20,875 | 26,006 | 30,974 | 36,087 | | 同比增速(%) | 31.8% | 24.6% | ...

Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) with a target price of 58 yuan [1]. Core Views - The company reported a revenue of 16.729 billion yuan for 2025, representing a year-on-year increase of 10.08%. The net profit attributable to shareholders was 1.544 billion yuan, up 16.6% year-on-year [1]. - The fourth quarter of 2025 saw a significant revenue acceleration, achieving 4.942 billion yuan, a 15.35% increase year-on-year, driven by domestic demand recovery and the consolidation of Shengtong Sugar Industry [1]. - The company anticipates double-digit revenue growth for 2026, supported by the recovery of the domestic market and cost reductions, with a projected profit increase of 23.3% [1]. Financial Summary - **2025 Financial Performance**: - Total revenue: 16,729 million yuan - Year-on-year growth: 10.1% - Net profit: 1,545 million yuan - Year-on-year growth: 16.6% - Earnings per share: 1.78 yuan - Price-to-earnings ratio: 23 times [1][9] - **2026-2028 Financial Projections**: - Revenue projections: 18,698 million yuan (2026E), 20,716 million yuan (2027E), 22,652 million yuan (2028E) - Net profit projections: 1,904 million yuan (2026E), 2,193 million yuan (2027E), 2,415 million yuan (2028E) - Earnings per share projections: 2.19 yuan (2026E), 2.53 yuan (2027E), 2.78 yuan (2028E) [1][9]. - **Cost and Profitability**: - The gross margin for Q4 2025 was 22.7%, slightly down by 1.43 percentage points year-on-year, primarily due to the lower-margin sugar business [1]. - The net profit margin for Q4 2025 was 8.86%, maintaining stability despite slight fluctuations [1]. Market Performance - The company has shown resilience in its market performance, with a significant increase in both domestic and international sales, particularly in Q4 2025 [1]. - The number of domestic and international distributors increased, indicating steady progress in market expansion [1].

证 券 研 究 报 告 天山铝业（002532）2025 年报点评 推荐（维持） 量价齐升业绩创新高，一体化优势持续巩固 目标价：21.5 元 事项： | | | 华创证券研究所 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 公司基本数据 | 总股本(万股) | 462,873.74 | | --- | --- | | 已上市流通股(万股) | 410,685.75 | | 总市值(亿元) | 820.68 | | 流通市值(亿元) | 728.15 | | 资产负债率(%) | 45.40 | | 每股净资产(元) | 6.39 | | 12 个月内最高/最低价 | 20.72/6.87 | 评论 公司研究 铝 2026 年 03 月 31 日 市场表现对比图(近 12 个月) -23% 32% 88% 143% 25/03 25/06 25/08 25/11 26/01 26/03 2025-03-31~2026-03-30 天山铝业 沪深300 ...

Investment Rating - The report maintains a "Recommendation" rating for China National Aviation (601111) [1] Core Views - The company reported a net loss attributable to shareholders of 1.77 billion yuan for 2025, with short-term oil prices under pressure, but the medium-term outlook remains optimistic due to supply-demand elasticity [1][9] - The revenue for 2025 was 171.48 billion yuan, a year-on-year increase of 2.9%, while the operating profit showed a reduction in losses by 1.38 billion yuan compared to the previous year [1] - The report highlights that despite the challenges, the operational improvements and high passenger load factors are expected to drive price elasticity in the medium term [9] Financial Data Summary - **2025 Financial Performance**: - Revenue: 171.48 billion yuan, up 2.9% year-on-year - Net profit attributable to shareholders: -1.77 billion yuan, compared to -240 million yuan in 2024 - Operating profit: -2.05 billion yuan, a reduction in losses by 1.38 billion yuan year-on-year - Other income: 4.52 billion yuan, up 5.2% year-on-year [1][5] - **Q4 2025 Performance**: - Revenue: 41.66 billion yuan, up 8.1% year-on-year - Net profit attributable to shareholders: -3.64 billion yuan, compared to -1.6 billion yuan in Q4 2024 - Operating profit: -3.27 billion yuan, a reduction in losses by 990 million yuan year-on-year [1][2] Operational Data Summary - **2025 Operational Metrics**: - Available Seat Kilometers (ASK): up 3.2% year-on-year - Revenue Passenger Kilometers (RPK): up 5.9% year-on-year - Passenger load factor: 81.9%, an increase of 2.0 percentage points year-on-year [2] - **Q4 2025 Operational Metrics**: - ASK: up 4.4% year-on-year - RPK: up 9.6% year-on-year - Passenger load factor: 83.6%, an increase of 3.9 percentage points year-on-year [2] Cost and Expense Summary - **2025 Cost Structure**: - Operating costs: 162.65 billion yuan, up 2.8% year-on-year - Domestic oil price composite cost: down 9.4% year-on-year - Jet fuel cost: 50 billion yuan, down 6.8% year-on-year - Non-fuel costs: 112.6 billion yuan, up 7.8% year-on-year [3] - **Q4 2025 Cost Structure**: - Operating costs: 41.99 billion yuan, up 9.2% year-on-year - Domestic oil price composite cost: up 1.4% year-on-year - Jet fuel cost: 12.4 billion yuan, up 3.3% year-on-year [3] Fleet Expansion Plans - The company plans to increase its fleet with a net addition of 20, 49, and 59 aircraft in 2026, 2027, and 2028, respectively, corresponding to growth rates of 2.1%, 5.0%, and 5.7% [4]

证 券 研 究 报 告 炬芯科技（688049）2025 年报点评 强推（维持） 受益端侧 AI 浪潮业绩高增，率先实现存内计 算技术商用落地 事项： ❖ 公司发布 2025 年报， 2025 年公司实现营收 9.22 亿元（YoY+41.5%），实现归 母净利润 2.05 亿元（YoY+91.95%）。单季度来看，25Q4 公司实现营收 2 亿元 （YoY+8.12%，QoQ-26.66%），实现归母净利润 0.53 亿元（YoY+48.41%，QoQ- 12.16%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 922 | 1,297 | 1,716 | 2,162 | | 同比增速(%) | 41.5% | 40.7% | 32.3% | 26.0% | | 归母净利润(百万) | 205 | 295 | 397 | 502 | | 同比增速(%) | 92.0% | 44.0% | 34.9% | 26.3% | ...

港股公司 证 券 研 究 报 告 泉峰控股（02285.HK）2025 年报点评 推荐（维持） 关税影响下 25H2 盈利承压 事项： ❖ 公司发布 2025 年业绩公告，全年实现营业收入 16.28 亿美元，同比-8.2%；毛 利率 32.9%，同比-1.8pct；归母净利润 0.98 亿美元，同比-13.2%。剔除年内出 售附属公司一次性收益，经调整后净利润 0.78 亿美元，同比-42.2%。其中， 25H2 实现营收 7.2 亿美元，同比-25.3%；实现归母净利润 0.02 亿美元，同比 -95.5%。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万美元) | 1,628 | 1,841 | 2,029 | 2,195 | | 同比增速(%) | -8.2% | 13.1% | 10.2% | 8.2% | | 归母净利润(百万美元) | 98 | 116 | 135 | 149 | | 同比增速(%) | -1 ...

证 券 研 究 报 告 潍柴动力（000338）2025 年报点评 强推（维持） 4Q 盈利波动，AI 电力增长曲线明确 ❖ 公司发布 2025 年报，全年营收 2318 亿元、同比+7%，归母净利 109 亿元、同 比-4%，扣非归母净利 96.6 亿元、同比-8%。 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 231,809 | 250,054 | 269,238 | 283,314 | | 同比增速(%) | 7.5% | 7.9% | 7.7% | 5.2% | | 归母净利润(百万) | 10,931 | 14,430 | 17,029 | 19,444 | | 同比增速(%) | -4.1% | 32.0% | 18.0% | 14.2% | | 每股盈利(元) | 1.25 | 1.66 | 1.95 | 2.23 | | 市盈率(倍) | 19 | 15 | 12 | 11 | | 市净率(倍) | ...