港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,061 | 2,347 | 2,835 | 3,380 | | 同比增速(%) | 17.1% | 13.9% | 20.8% | 19.2% | | 归母净利润(百万元) | 428 | 564 | 696 | 869 | | 同比增速(%) | 31.0% | 31.7% | 23.3% | 25.0% | | 每股盈利(元) | 0.84 | 1.11 | 1.37 | 1.72 | | 市盈率(倍) | 56 | 51 | 41 | 33 | | 市净率(倍) | 15.2 | 10.1 | 6.2 | 5.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收盘价 其他轻工Ⅲ 2026 年 02 月 13 日 | 目标价：69.36 ...

证 券 研 究 报 告 铠侠（KIOXIA）FY2025Q3 业绩点评及业绩说明会纪要 收入创历史新高，FY25Q4 指引大超市场预期 会议地点：线上 事项： 2026 年 2 月 12 日铠侠发布 2025 财年 Q3 季度报告。公司财务季度 FY2025Q3 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 评论： 1. 业绩总览：FY25Q3 营收 5436 亿日元（包括与合资企业相关的销售额 514 亿日元，QoQ +21.3%，YoY +20.8%），符合公司指引（公司指引为 5000-5500 亿日元），主要得益于平均售价的上涨、基于存储容量计算的位元出货量增加， 以及汇率变动的正面影响。毛利率为 26.6%（QoQ +7.2pct），主要得益于更高 的定价，单位成本的降低符合预期，进一步提升了毛利率。非 GAAP 净利润 895 亿日元（QoQ +114.9%，YoY +17.3%），非 GAAP 净利率 16.5% （QoQ +7.2pct）。拆分量价来看，FY25Q3 出货 ASP 环比增长 10-15%，出货位元环比 增长 5%左右。 2. 终端市场划分情况：（1）整 ...

纵横股份（688070）深度研究报告 推荐（首次） 全谱系工业无人机领军企业，以"低空+AI 行业应用"深 化布局低空数字经济——华创交运|低空 60 系列（二十七） 公司研究 证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 474 | 618 | 794 | 955 | | 同比增速(%) | 57.1% | 30.4% | 28.4% | 20.3% | | 归母净利润(百万) | -36 | 10 | 55 | 100 | | 同比增速(%) | 44.5% | 129.1% | 430.1% | 80.3% | | 每股盈利(元) | -0.41 | 0.12 | 0.63 | 1.14 | | 市盈率(倍) | -143 | 491 | 93 | 51 | | 市净率(倍) | 9.0 | 8.1 | 7.4 | 6.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company reported a revenue of 6.793 billion yuan for 2025, representing a year-on-year increase of 14.63%. The net profit attributable to shareholders was 871 million yuan, up 6% year-on-year. The total chip sales exceeded 174 million units, marking a growth of approximately 21.68% [2][4]. - The company anticipates a revenue growth of 10% to 20% in Q1 2026 and a full-year revenue increase of 25% to 45% for 2026 [2]. - The gross margin for 2025 was reported at 37.97%, an increase of 1.42 percentage points year-on-year, with a projected net profit of 871 million yuan for 2025, excluding share-based payment impacts [8]. - The company has established a strong partnership with Google, serving as a core chip supplier for Google's next-generation AI hardware, which is expected to drive significant growth in the coming years [8]. Financial Summary - The company’s total revenue is projected to grow from 5.926 billion yuan in 2024 to 10.760 billion yuan by 2027, with a compound annual growth rate (CAGR) of 21.2% [4]. - The net profit attributable to shareholders is expected to increase from 822 million yuan in 2024 to 1.885 billion yuan in 2027, reflecting a CAGR of 27.7% [4]. - The earnings per share (EPS) is forecasted to rise from 1.95 yuan in 2024 to 4.48 yuan in 2027, indicating strong profitability growth [4]. Product and Market Development - The company has successfully launched over 20 chip models featuring self-developed intelligent computing units, with a significant increase in shipments of 6nm chips expected to reach over 30 million units in 2026, a growth of approximately 233% [8]. - The WiFi product line has seen substantial growth, with nearly 20 million units sold in 2025, including over 7 million units of WiFi 6 chips, which is expected to exceed 10 million units in 2026 [8]. - The acquisition of ChipMic is aimed at enhancing the company's technology stack in cellular communication, optical communication, and Wi-Fi [8].

证 券 研 究 报 告 安森美（ON）CY25Q4 业绩点评及业绩说明会纪要 剥离价格压力产品业务重塑组合，深化 Fab- Liter 战略优化毛利率 ❖ 事项： 2026 年 2 月 10 日,安森美发布 25Q4 报告，并召开业绩说明会。2025Q4，公司 实现营收 15.3 亿美元，同比降低 11.16%，环比降低 1.34%；NonGAAP 毛利率 38.2%，同比下滑 7.1pct，环比增长 0.2pct。 ❖ 评论： 1. 业绩概况：2025Q4 实现营收 15.3 亿美元（QoQ-1.34%，YoY-11.16%），符 合正常季节性规律，符合前期指引（14.8-15.8 亿美元）；NonGAAP 毛利率 38.2% （QoQ+0.2pct,YoY-7.1pct)，符合前期指引（36.9%-38.9%）；NonGAAP 每股收 益 0.64 美元； 2025 全年实现营收 60.0 亿美元，NonGAAP 毛利率 38.4% 2. 库存情况：1）公司：公司库存环比下降至 192 天，其中战略库存 76 天， 剔除后基础库存 117 天，处于健康水平；2）渠道：分销库存 10.8 周，处于 9- 1 ...

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20260212 ❖ 市场概况：今日增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.45%、上证综指环比上涨 0.05%、深证成 指环比上涨 0.86%、创业板指环比上涨 1.32%、上证 50 指数环比下降 0.28%、 中证 1000 指数环比上涨 0.91%。 市场风格：中盘成长相对占优。大盘成长环比上涨 0.01%、大盘价值环比下降 0.69%、中盘成长环比上涨 1.66%、中盘价值环比上涨 0.60%、小盘成长环比 上涨 1.43%、小盘价值环比上涨 0.00%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 813.29 亿元，环比 增长 15.00%；万得全 A 总成交额为 21607.71 亿元，环比增长 7.98%；沪深两 市主力净流出 11.81 亿元，十年国债收益率环比降低 1.01bp 至 1.79%。 转债价格：转债中枢提升，高价券占比下降。转债整体收盘价加权平均值为 143.27 元，环比昨日上升 0.35%。其中偏股型转债的收盘价为 219.24 元，环比 上升 5.28%；偏债型转债的收盘价为 ...

Investment Rating - The report assigns a neutral investment rating for the company, indicating expectations of performance within a range of -10% to 10% relative to the benchmark index over the next six months [60]. Core Insights - The company reported Q4 2025 revenue of $1.53 billion, a year-over-year decrease of 11.16% and a quarter-over-quarter decrease of 1.34%, aligning with seasonal trends and previous guidance [2][10]. - Non-GAAP gross margin for Q4 was 38.2%, down 7.1 percentage points year-over-year but up 0.2 percentage points quarter-over-quarter, consistent with prior guidance [2][10]. - The company expects Q1 2026 revenue to be between $1.44 billion and $1.54 billion, with a gross margin forecast of 37.5% to 39.5% [3][23]. Financial Performance Overview - For the full year 2025, the company achieved revenue of $6.0 billion, reflecting a year-over-year decline of 15.35%, with a Non-GAAP gross margin of 38.4% [8]. - Q4 inventory levels decreased to 192 days, with strategic inventory at 76 days and base inventory at 117 days, indicating a healthy inventory status [13][14]. Business Segment Performance - Power Solutions Group (PSG) reported Q4 revenue of $724 million, down 2% quarter-over-quarter and 11% year-over-year [2]. - Analog and Mixed Signal Group (AMG) generated Q4 revenue of $556 million, down 5% quarter-over-quarter and 9% year-over-year [2]. - Intelligent Sensing Group (ISG) saw Q4 revenue of $250 million, up 9% quarter-over-quarter but down 17% year-over-year [2]. Strategic and Operational Developments - The company is advancing its Fab-Liter strategy, reducing wafer fab capacity by 12% in 2025, with a utilization rate of 68% in Q4 [3][12]. - The Treo platform has doubled its sampling numbers year-over-year, with design channels exceeding $1 billion, covering various applications including automotive and industrial [3][12]. - The company plans to launch over 30 new GaN devices in 2026, enhancing its wide bandgap technology offerings [3][12]. AI Data Center Growth - AI data centers have become a core growth engine, contributing over $250 million in revenue for the year, with expectations for continued growth [4][17]. - The company has achieved a 99.5% efficiency in SiC MOSFET hybrid modules, securing design wins in key platforms [4][21].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company reported a revenue of 6.793 billion yuan for 2025, representing a year-over-year increase of 14.63%. The net profit attributable to shareholders was 871 million yuan, up 6% year-over-year. The total chip sales exceeded 174 million units, marking a growth of approximately 21.68% [2][4]. - The company anticipates a revenue growth of 10% to 20% in Q1 2026 and a full-year revenue increase of 25% to 45% for 2026 [2]. - The gross margin for 2025 was reported at 37.97%, an increase of 1.42 percentage points year-over-year, with a projected gross margin of 40.46% for Q4 2025 [8]. - The company has established a strong partnership with Google, serving as a core chip supplier for Google's next-generation AI hardware, which is expected to enhance its market position significantly [8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 5.926 billion yuan, net profit of 822 million yuan - 2025E: Revenue of 6.793 billion yuan, net profit of 871 million yuan - 2026E: Revenue of 8.878 billion yuan, net profit of 1.477 billion yuan - 2027E: Revenue of 10.760 billion yuan, net profit of 1.885 billion yuan [4][9]. - **Growth Rates**: - Revenue growth rates are projected at 10.3% for 2024, 14.6% for 2025, 30.7% for 2026, and 21.2% for 2027 [4][9]. - Net profit growth rates are expected to be 65.0% for 2024, 6.0% for 2025, 69.5% for 2026, and 27.7% for 2027 [4][9]. - **Valuation Metrics**: - The company is projected to have a P/E ratio of 48 for 2024, decreasing to 21 by 2027. The P/B ratio is expected to decline from 6.2 in 2024 to 3.7 in 2027 [4][9]. Product and Market Development - The company has successfully launched over 20 chip models featuring its self-developed intelligent computing units, with a significant increase in sales of 6nm chips expected to reach 30 million units in 2026, a growth of approximately 233% [8]. - The company has also expanded its product lineup in Wi-Fi technology, with sales of Wi-Fi 6 chips expected to exceed 10 million units in 2026 [8]. - The acquisition of ChipMic has strengthened the company's technology matrix in cellular communication, optical communication, and Wi-Fi [8].

会议纪要 证 券 研 究 报 告 Amkor（AMKR）FY25Q4 业绩点评及业绩说明会纪要 营收超指引上限，上调 FY26 资本开支预期 会议地点：线上 ❖ 事项： 2026 年 2 月 10 日 Amkor 发布 2025 年 Q4 季度报告，并召开业绩说明会。公 司财务季度 2025Q4 实现营收 18.9 亿美元（同比+15.9%），毛利润 3.15 亿美 元，毛利率为 16.7%(环比提升 240 个基点)。25Q4 净利润 1.72 亿美元 （QoQ+62.3%），所有终端市场均超出预期。 ❖ 评论： 1. 业绩总览：25Q4 实现营收 18.9 亿美元（环比下降 5.0%，同比增长 15.9%）， 超出指引上限，环比下降反映了通信和消费品行业典型的季节性趋势。25Q4 毛利润 3.15 亿美元，毛利率为 16.7%（环比增长 240 个基点）。25Q4 净利润 1.72 亿美元，每股收益 0.69 美元。EBITDA 为 3.69 亿美元，利润率为 19.5%。 2. 分下游情况：（1）通信市场：通信业务 25Q4 收入同比增长 28%，全年增长 1%，主要得益于当前一代 iOS 手机市场份额 ...

公司研究 证 券 研 究 报 告 纵横股份（688070）深度研究报告 推荐（首次） 全谱系工业无人机领军企业，以"低空+AI 行业应用"深 化布局低空数字经济——华创交运|低空 60 系列（二十七） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 474 | 618 | 794 | 955 | | 同比增速(%) | 57.1% | 30.4% | 28.4% | 20.3% | | 归母净利润(百万) | -36 | 10 | 55 | 100 | | 同比增速(%) | 44.5% | 129.1% | 430.1% | 80.3% | | 每股盈利(元) | -0.41 | 0.12 | 0.63 | 1.14 | | 市盈率(倍) | -143 | 491 | 93 | 51 | | 市净率(倍) | 9.0 | 8.1 | 7.4 | 6.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收 ...