色谱填料主业把握两大机遇，全产业链布局打开成长天花板 [Table_CoverStock] —纳微科技(688690)公司深度报告 [Table_ReportDate] 2025 年 06 月 06 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 贺鑫 医药行业分析师 S1500523080002 S1500524120003 tangaijin@cindasc.com hexin1@cindasc.com [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 纳微科技(688690) 投资评级 买入 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_BaseData] 公司主要数据 收盘价（元） 21.80 52 周内股价波动区间 (元) 24.12-13.38 最近一月涨跌幅(％) -2.50% 总股本(亿股) 4.04 流通 A 股比例(％) 100% 总市值(亿元) 88.03 -40% -20% 0% 20% 40% 24/06 24/10 ...

证券研究报告 Research and Development Center 轮胎行业专题报告（2025 年 5 月）： 原材料价格继续下降，赛轮印尼、墨西哥工厂首胎下线 [Table_ReportTime] 2025 年 6 月 6 日 [Table_Industry] 行业研究 [Tabl 行业e_ReportType] 专题报告 [Table_StockAndRank] 轮胎行业 [Table_A 张燕生 uthor化工] 行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86010-83326712 邮箱：yinliu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大 ...

多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大 ...

多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大 ...

陕天然气：高股息长输管网龙头，资产注入+管网扩建驱动长期成长 [Table_CoverStock] 公用事业行业 [Table_ReportTime] 2025 年 6 月 5 日 [Tabl 公司首次覆盖报告 e_ReportType] [Table_StockAndRank] 陕天然气(002267.SZ) 投资评级 增持 证券研究报告 公司研究 上次评级 [Table_Chart] -30% -20% -10% 0% 10% 20% 2024-05-27 2024-06-20 2024-07-15 2024-08-07 2024-08-30 2024-09-26 2024-10-28 2024-11-20 2024-12-13 2025-01-08 2025-02-10 2025-03-05 2025-03-28 2025-04-23 2025-05-21 陕天然气 沪深300 资料来源：iFinD，信达证券研发中心 [Table_BaseData] 公司主要数据 收盘价（元）8.08 52 周内股价 波动区间(元) 6.36-9.32 最近一月涨跌幅(％) -2.61% 总股本(亿股) 11.12 流 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Views - The company is a leading operator of long-distance natural gas pipelines in Shaanxi Province, benefiting from high dividend yields and stable cash flows. The business model is primarily based on collecting stable pipeline transportation fees, with long-distance pipeline operations contributing 62.2% of revenue and 81.7% of gross profit in 2024. The company has maintained a dividend payout ratio above 60% from 2019 to 2024, with a projected dividend yield of approximately 5.6% based on the closing price on June 4, 2025 [6][9][29]. Summary by Sections Company Overview - The company is controlled by Shaanxi Gas Group and is a major operator of long-distance natural gas pipelines in Shaanxi Province. It has a well-established network covering most of the province, with a total pipeline length of 4,569 kilometers and an annual transportation capacity of 17 billion cubic meters [12][56]. Business Model - The main business segments include long-distance pipeline operations and urban gas distribution, with the former being the primary profit contributor. The long-distance pipeline business operates under a mixed model of unified purchase and sales plus transportation, while urban gas operations focus on the price difference between procurement and sales [16][19]. Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 11.5% in gas transportation volume from 2014 to 2024. The revenue for 2024 is projected to be 90.33 billion yuan, a 19.6% increase compared to the previous year, driven by the acquisition of pipeline assets [20][56]. Growth Drivers - The company is expected to benefit from the injection of group assets and the construction of key pipelines, which will enhance its long-term growth potential. Two major pipelines under construction are projected to significantly increase the company's gas transportation capacity upon completion [11][56]. Market Demand - The natural gas demand in Shaanxi Province is expected to continue growing steadily, with residential gas consumption being a significant portion of the total demand. The province has abundant natural gas resources, with proven geological reserves of approximately 1.2 trillion cubic meters [38][41].

证券研究报告 公司研究 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindas.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 赵启政 汽车行业高级分析师 执业编号：S1500525030004 联系电话：17888836075 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13062621910 邮 箱：dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com [Table_ReportType] 公司点评报告 [Table_StockAndRank] 丰茂股份（301459） 投资评级 上次评级 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 相关研究 邮 箱：dengjianquan@cindas.com 赵悦媛 汽车行业联席首席分析师 ...

Investment Rating - The investment rating for Fengmao Co., Ltd. (301459) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's growth potential and market positioning [2][3]. Core Viewpoints - The company is expected to invest up to RMB 1.5 billion in a new automotive parts production base in Jiaxing, which will enhance its capabilities in high-end automotive components [2][3]. - The core business is experiencing steady growth, with a projected 25% year-on-year increase in sales revenue from the transmission system in 2024, driven by technological upgrades [3][4]. - The company is diversifying its product offerings and expanding into non-automotive sectors, with applications in robotics, drones, and other high-value industries [3][4]. - A significant focus is on developing lightweight air suspension products for electric vehicles, alongside other components like battery pipeline systems [3][4]. - The company aims to enhance its global presence, with production bases planned in Thailand and Jinan, targeting Southeast Asia and Europe [3][4]. Financial Summary - Total revenue is projected to grow from RMB 802 million in 2023 to RMB 1,735 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.9% [4]. - Net profit attributable to the parent company is expected to increase from RMB 138 million in 2023 to RMB 304 million in 2027, with a CAGR of 23.6% [4]. - The gross margin is anticipated to improve slightly from 29.8% in 2023 to 31.2% in 2027, indicating effective cost management [4]. - Earnings per share (EPS) are projected to rise from RMB 1.33 in 2023 to RMB 2.92 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 30.75 to 13.97 [4].

资金与银行负债，谁影响谁？ ——2025 年 6 月流动性展望 [Table_ReportTime] 2025 年 6 月 4 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 证券研究报告 债券研究 [T专题able_ReportType] 报告 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com 3资金与银行负债，谁影响谁？ 请阅读最后一页免责声明及信息披露 http://www.cindasc.com3 ——2025 年 6 月流动性展望 [Table_ReportDate] 2025 年 6 月 4 日 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [➢Table_Summary] 4 月超储率环比下降 0.1pct 至 0.9%，低于我们此前 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 阳光诺和(688621) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] STC007 二期临床数据读出，业务转型阶段把 握价值重估机遇 [Table_ReportDate] 2025 年 06 月 04 日 [Table_S 事件：2025ummar年y]5 月 29 日，公司公告全资子公司诺和晟泰自主研发的 STC007 注射液治疗腹部手术后的中、重度疼痛的 II 期临床试验达成预期目标。 点评： ➢ STC007 二期临床数据读出，具备较强的商业化潜力。 STC007 是诺和晟泰自主研发的化学 1 类新药，属于强效 KOR 激动剂， 与 KOR 受 ...