行业研究 证 券 研 究 报 告 "人形机器人的 Optimus 时刻"系列（十二） 推荐（维持） 粉末冶金&MIM：近净成形，精铸未来 机械 2026 年 03 月 27 日 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 637 | 0.08 | | 总市值(亿元) | 66,978.34 | 5.50 | | 流通市值(亿元) | 55,486.66 | 5.69 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -11.6% | 0.8% | 23.1% | | 相对表现 | -6.7% | 2.8% | 9.4% | 投资主题 -16% 4% 24% 44% 25/03 25/06 25/08 25/10 26/01 26/03 2025-03-25~2026-03-24 机械 沪深300 相关研究报告 《机械行业周 ...

Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (02328.HK) with a target price of HKD 21 [2][8]. Core Insights - In 2025, the company achieved a net profit of CNY 40.4 billion, representing a year-on-year increase of 25.5%. The comprehensive cost ratio (COR) improved to 97.5%, down by 1.3 percentage points. The total investment return rate was 5.8%, up by 0.1 percentage points, and the return on equity (ROE) was 14.7%, an increase of 1.7 percentage points. A final dividend of CNY 0.44 per share (tax included) is proposed [2][8]. - The company maintained its leading position in the insurance market with a market share of 31.6%, achieving original premium income of CNY 555.8 billion, a year-on-year increase of 3.3% [8]. - The profitability of the auto insurance segment was highlighted, with a premium income of CNY 305.7 billion, up by 2.8% year-on-year, and a significant increase in underwriting profit by 53.6% to CNY 14.3 billion [8]. - The investment asset scale reached CNY 760.4 billion by the end of 2025, a year-on-year increase of 12.4%. The company adjusted its investment strategy to increase equity allocation, which helped mitigate bond losses due to interest rate fluctuations [8]. Financial Summary - Key financial indicators for 2025 include: - Insurance service performance: CNY 20.165 billion - Year-on-year growth rate: 40.2% - Net profit attributable to shareholders: CNY 40.370 billion - Earnings per share: CNY 1.82 - Price-to-earnings ratio: 7.29 times - Price-to-book ratio: 1.03 times [4][9].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 50.3 CNY for 2026, compared to the current price of 37.09 CNY [2][4]. Core Insights - In 2025, the company achieved a net profit attributable to shareholders of 53.5 billion CNY, a year-on-year increase of 19%, and an operating profit of 36.5 billion CNY, up 6.1% year-on-year [2]. - The new business value (NBV) for life insurance increased by 40.1% to 18.6 billion CNY, while the combined ratio (COR) for property insurance improved by 1 percentage point to 97.6% [2]. - The company’s net, total, and comprehensive investment returns were 3.4%, 5.7%, and 6.1%, respectively, with slight year-on-year changes of -0.4 percentage points, +0.1 percentage points, and +0.1 percentage points [2][4]. Financial Performance Summary - The main revenue for 2025 is projected at 435.2 billion CNY, with a year-on-year growth rate of 7.7% [4]. - The net profit attributable to shareholders is expected to reach 58.2 billion CNY in 2026, reflecting an 8.7% year-on-year growth [4]. - Earnings per share (EPS) are forecasted to be 5.6 CNY for 2025, increasing to 6.0 CNY in 2026 [4]. - The price-to-earnings ratio (PE) is projected to decrease from 6.7 in 2025 to 6.1 in 2026 [4]. Business Segment Insights - The life insurance segment showed significant growth, with new business value increasing by 40.1% to 18.6 billion CNY, driven by adjustments in the preset interest rate and the integration of individual insurance sales [8]. - The property insurance segment reported a 0.1% increase in original premiums to 201.5 billion CNY, with a notable improvement in underwriting profit, which surged by 81% to 4.8 billion CNY [8]. - The company is actively reallocating its investment portfolio, increasing its equity investments, particularly in FVOCI stocks, which now account for 37% of its equity investments, reflecting a 7 percentage point increase year-on-year [8].

❖ 公司发布 2025 年年报，2025 年公司实现收入 310.1 亿元，YoY+11.0%；归母 净利润 40.6 亿元，YoY+31.1%；扣非归母净利润 39.6 亿元，YoY+27.0%。折 算 25Q4 单季度收入 69.8 亿元，YoY-5.4%；归母净利润 8.2 亿元，YoY+2.9%； 扣非归母净利润 8.8 亿元，YoY+0.6%。 评论： ❖ 风险提示：终端需求不及预期，新能源汽零竞争加剧，原材料价格大幅波动 [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 31,012 | 35,470 | 41,668 | 48,956 | | 同比增速(%) | 11.0% | 14.4% | 17.5% | 17.5% | | 归母净利润(百万) | 4,063 | 4,728 | 5,511 | 6,542 | | 同比增速(%) | 31.1% | 16.4% | 16.6% | 18.7% | | 每股盈利(元) | ...

证 券 研 究 报 告 中国太保（601601）2025 年报点评 推荐（维持） 负债端表现亮眼，持续重视 FVOCI 股票投资 事项： ❖ 2025 年，集团实现归母净利润 535 亿元，同比+19%；归母营运利润 365 亿元， 同比+6.1%。寿险实现 NBV 同比+40.1%至 186 亿元，产险 COR 同比-1pct 至 97.6%。2025 年，集团实现净/总/综合投资收益率 3.4%/5.7%/6.1%，分别同比 -0.4pct/+0.1pct/+0.1pct。拟派发末期股息每股 1.15 元（含税）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 435156 | 443407 | 464706 | 486661 | | 同比增速(%) | 7.7 | 1.9 | 4.8 | 4.7 | | 归母净利润(百万) | 53505 | 58184 | 64798 | 72256 | | 同比增速(%) | 19.0 ...

公司研究 稳健兑现，加速进阶 目标价：50 元 调味品 2026 年 03 月 27 日 当前价：36.95 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 事项： 证 券 研 究 报 告 海天味业（603288）2025 年报点评 强推（上调） 评论： 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 公司基本数据 | 总股本(万股) | 585,182.49 | | --- | --- | | 已上市流通股(万股) | 556,060.05 | | 总市值(亿元) | 2,162.25 | | 流通市值(亿元) | 2,054.64 | | 资产负债率(%) | 15.38 | | 每股净资产(元) | 6.76 | | 12 个月内最高/最低价 | 45.39/34.97 | 市场表现对比图(近 12 个月) -13% -1% 10% 22% 25/03 25 ...

❖ 风险因素：项目接管进度不及预期，物业收缴不及预期，居民消费不及预期。 证 券 研 究 报 告 华润万象生活（1209.HK）跟踪分析报告 推荐（维持） 商业版图持续扩张，春节经营数据表现亮眼 目标价：51.8 港元 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 17,043 | 17,818 | 19,358 | 20,698 | | 同比增速(%) | 15.4% | 4.5% | 8.6% | 6.9% | | 归母净利润(百万元) | 3,629 | 4,031 | 4,412 | 4,843 | | 同比增速(%) | 23.9% | 11.1% | 9.5% | 9.8% | | 每股盈利(元) | 1.59 | 1.77 | 1.93 | 2.12 | | 市盈率(倍) | 25 | 22 | 21 | 19 | | 市净率(倍) | 5.5 | 5.5 | 5.5 | 5.5 | 资料来源：公司公告，华 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 38.0 CNY [2][8] Core Insights - The company achieved a revenue of 24.35 billion CNY in 2025, representing a year-over-year growth of 8.7%. The net profit attributable to shareholders was 1.01 billion CNY, with a year-over-year increase of 4.4%. However, the non-recurring net profit decreased by 10.1% to 750 million CNY [2][4] - In Q4 2025, the company reported a single-quarter revenue of 6.27 billion CNY, marking a year-over-year growth of 19.4%, and a net profit of 150 million CNY, which is a significant year-over-year increase of 261.8% [2][4] - The company’s main business segments showed steady revenue growth, with the smart control components business generating 12.21 billion CNY, up 18.8% year-over-year, while the smart terminal application business revenue was 11.59 billion CNY, slightly down by 0.4% [8] Financial Performance Summary - The company’s gross margin for 2025 was 20.0%, a decrease of 1.3 percentage points year-over-year. The net profit margin was 4.7%, reflecting a slight increase of 0.1 percentage points [8] - The company’s operating efficiency is expected to improve, with projected earnings per share (EPS) of 1.46 CNY for 2025, increasing to 2.39 CNY by 2028. The price-to-earnings (P/E) ratio is projected to decrease from 23 in 2025 to 14 in 2028 [4][8] - The company’s total assets are projected to grow from 26.14 billion CNY in 2025 to 30.47 billion CNY by 2028, with a debt-to-equity ratio of 33.0% in 2025, decreasing to 27.6% by 2028 [9]

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of HKD 21 [2][8]. Core Insights - In 2025, the company achieved a net profit of CNY 40.4 billion, representing a year-on-year increase of 25.5%. The comprehensive cost ratio improved to 97.5%, down by 1.3 percentage points. The total investment return rate was 5.8%, up by 0.1 percentage points, and the return on equity was 14.7%, an increase of 1.7 percentage points. A final dividend of CNY 0.44 per share (before tax) is proposed [2][8]. - The company maintained its leading position in the insurance market with a market share of 31.6%, achieving original premium income of CNY 555.8 billion, a year-on-year increase of 3.3% [8]. - The company’s investment assets reached CNY 760.4 billion by the end of 2025, a 12.4% increase from the previous year. The investment strategy was adjusted to increase equity allocation, which helped mitigate bond losses due to rising interest rates [8]. Financial Performance Summary - The company’s insurance service performance is projected to grow significantly, with expected revenues of CNY 51.2 billion in 2025, increasing to CNY 59.8 billion by 2028, reflecting a compound annual growth rate [4]. - The earnings per share (EPS) are forecasted to be CNY 1.82 for 2025, increasing to CNY 2.44 by 2028, with a price-to-earnings (P/E) ratio projected to decrease from 7.29 in 2025 to 5.42 in 2028 [4][8]. - The company’s solvency remains strong, with a debt-to-asset ratio of 65.07% and a net asset value per share of CNY 12.51 [5].

Investment Rating - The report maintains a "Strong Buy" rating for Xuefeng Technology (603227) with an expected performance exceeding the benchmark index by over 20% in the next six months [3][15]. Core Insights - In 2025, Xuefeng Technology faced revenue pressure with a total revenue of 5.564 billion yuan, down 8.81% year-on-year, and a net profit attributable to shareholders of 504 million yuan, down 24.65% year-on-year. However, Q4 showed a positive trend with a net profit of 110 million yuan, up 65.31% year-on-year [1][7]. - The company has a strategic advantage in Xinjiang, enhancing its core asset value and long-term growth potential. The acquisition of additional explosive production capacity is expected to strengthen its competitive position [6][7]. - The chemical segment remains under pressure due to declining prices of major chemical products, although the LNG business showed growth with a revenue increase of 18.7% [6][7]. - The change in controlling shareholder to Guangdong Hongda is seen as a positive signal, with plans for significant asset injections to support future growth [6][7]. Financial Summary - In 2025, the total revenue was 5,564 million yuan, with a projected increase to 6,873 million yuan in 2026, representing a year-on-year growth of 23.5% [7]. - The net profit attributable to shareholders is expected to recover to 769 million yuan in 2026, reflecting a growth rate of 52.7% compared to 2025 [7]. - The company’s earnings per share (EPS) is projected to rise from 0.47 yuan in 2025 to 0.72 yuan in 2026 [7].