| 基本每股收益(元/股)： | 0.31 | | --- | --- | | 摊薄每股收益(元/股)： | 0.31 | | 每股净资产(元/股)： | 7.95 | | 净资产收益率(%)： | 2.72 | | 资料来源：常闻 | | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 邮箱：jiaguochen@sxzq.com 销量增长目标明确，大额回购彰显长期发展信心 乘用车Ⅲ 长安汽车（000625.SZ） 增持-A(首次) 2026 年 2 月 13 日 单击或点击此处输入文字。 公司研究/公司快报 | 市场数据：2026 年 2 月 | 11 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 11.18 | | 年内最高/最低（元/ | | 13.84/11.00 | | 股）： | | | | 流通 A 股/总股本（亿 | | 82.67/99.13 | | 股）： | | | | 流通 股市值（亿元）： A | | 924.27 | | 总市值（亿元）： ...

Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 4,134.02, a slight increase of 0.05%, while the Shenzhen Component Index rose by 0.86% to 14,283.00 [4]. Industry Commentary: Automotive - In January 2026, the average price of aluminum (A00) was 24,085.50 RMB/ton, up 20.24% year-on-year and 9.77% month-on-month. The average price of magnesium ingots (1) was 18,127.50 RMB/ton, reflecting a year-on-year increase of 1.50% and a month-on-month increase of 5.24%. The magnesium market supply was relatively balanced, leading to stable prices [6]. - The magnesium/aluminum price ratio fell to 0.75, marking a historical low, primarily due to a significant increase in aluminum prices driven by demand from emerging industries such as photovoltaics and energy storage. This trend highlights the cost advantages of magnesium alloys, which are expected to see increased application [6]. - In 2025, China's total magnesium product exports reached 447,600 tons, a decrease of 2.65% year-on-year, with export value dropping by 17.15% to approximately 1.069 billion USD. However, magnesium alloy exports grew by 4.51% year-on-year, indicating a structural shift towards high-value-added products [6]. Company Commentary: Juguang Technology (688167.SH) - Juguang Technology projected a net loss of 42 to 32 million RMB for 2025, a reduction in loss by 76.0% to 81.7% year-on-year. The company expects a net loss of 78 to 68 million RMB after excluding non-recurring items, reflecting a year-on-year reduction of 57.2% to 62.7% [8]. - The company reported a revenue increase of approximately 40% due to higher shipments in optical communication and consumer electronics, with a gross margin improvement driven by a higher proportion of high-margin products [10]. - Juguang Technology's revenue for the first three quarters of 2025 reached 613 million RMB, a year-on-year increase of 34%, with significant contributions from laser optical components and optical solutions for automotive applications [10]. Company Commentary: Aishuo Co., Ltd. (600732.SH) - Aishuo Co. announced a projected net loss of 130 to 180 million RMB for 2025, primarily due to increased investments in new technologies and the impact of currency appreciation on export profits [12]. - The company has secured a patent authorization from Maxeon for its BC solar cell technology, which is expected to enhance its competitive edge in overseas markets [14]. - Aishuo's BC components have demonstrated superior efficiency and performance, with a significant increase in sales volume and a strong order backlog, particularly in high-value markets [17]. Industry Commentary: Photovoltaic Sector - The price of polysilicon remained stable at 54.0 RMB/kg, while silicon wafer prices saw a decline, with 182-183.75mm N-type wafers averaging 1.10 RMB/piece, down 12.0% week-on-week [16]. - The market for battery cells is experiencing high prices with low transaction volumes, indicating a potential stabilization in the short term [16]. - Aishuo's BC components are priced at a premium compared to TOPCon components, reflecting their advanced technology and market demand [19].

其他电子零组件Ⅲ 炬光科技（688167.SH） 增持-A(维持) 微纳光学制造龙头，光通信布局有望迎来收获 2026 年 2 月 12 日 公司研究/公司快报 公司近一年市场表现 投资要点： | 市场数据：2026 年 | 2 月 | 12 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 369.65 | | 总股本（亿股）： | | | 0.90 | | 流通股本（亿股）： | | | 0.90 | | 流通市值（亿元）： | | | 332.17 | | 年 基础数据：2025 9 | 月 | 日 30 | | | | --- | --- | --- | --- | --- | | 每股净资产（元/股）： | | | 24.46 | | | 每股资本公积（元/股）： | | | | 25.53 | | 每股未分配利润（元/股）： | | | -0.46 | | 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 公司发布 2025 年业绩预告。公司预计 2025 年度归母净利润-0.42 亿至 -0.32 亿元 ...

Investment Rating - The report maintains an "A" rating for the magnesium alloy sector, indicating a leading performance compared to the market [1]. Core Insights - The magnesium/aluminum price ratio has reached a historical low, highlighting the economic advantages of magnesium alloys as their applications continue to expand across multiple industries [2]. - In January 2026, the average price of aluminum was 24,085.50 CNY/ton, up 20.24% year-on-year and 9.77% month-on-month, while magnesium ingot averaged 18,127.50 CNY/ton, reflecting a 1.50% year-on-year increase and a 5.24% month-on-month increase [2]. - The magnesium market is experiencing a balanced supply, with stable prices supported by steady demand, leading to a positive market outlook [2]. Summary by Sections Market Performance - In 2025, China's total magnesium product exports reached 447,600 tons, a decrease of 2.65% year-on-year, with export value dropping 17.15% to approximately 1.069 billion USD [3]. - Magnesium ingot exports fell by 5.53% to 251,300 tons, while magnesium alloy exports grew by 4.51% to 99,600 tons, indicating a structural growth in high-value-added segments [3]. Industry Dynamics - The implementation of three key magnesium industry standards on February 1, 2026, marks a new phase in energy conservation and environmental governance within the magnesium smelting industry [6]. - The Shenzhou 20 return capsule utilized a magnesium-lithium alloy operation platform, showcasing advancements in aerospace applications with significant weight reduction [5]. Company Announcements - Baowu Magnesium Industry forecasts a net loss of 10-20 million CNY for 2025, primarily due to declining magnesium prices impacting profitability [7]. - Yian Technology anticipates a net loss of 13-18 million CNY, attributed to increased investments in new alloy sectors and currency fluctuations affecting export profits [7]. Investment Recommendations - The report suggests focusing on companies with comprehensive industry chain layouts such as Baowu Magnesium Industry, and those with high magnesium alloy business ratios like Xingyuan Zhuomei, as well as equipment suppliers benefiting from increased capital expenditures in component manufacturing [8].

Investment Rating - The report maintains an "A" rating for the magnesium alloy sector, indicating a leading performance compared to the market [1]. Core Insights - The magnesium/aluminum price ratio has reached a historical low, highlighting the economic advantages of magnesium alloys as their applications continue to expand across multiple industries [2]. - In January 2026, magnesium prices increased slightly, while aluminum prices surged, driven by demand from emerging industries such as photovoltaics and energy storage, leading to a favorable market environment for magnesium alloys [2]. - The export volume of magnesium products in 2025 decreased by 2.65% year-on-year, with a significant drop in export value by 17.15%. However, magnesium alloy exports showed a growth of 4.51%, indicating a structural shift towards high-value-added products in the industry [3]. Summary by Sections Market Performance - The magnesium market in January 2026 showed a balanced supply, with stable prices supported by steady demand [2]. - The magnesium/aluminum price ratio fell to 0.75, a decrease of 0.14 year-on-year, reflecting the competitive edge of magnesium alloys [2]. Industry Developments - The implementation of three new industry standards for magnesium processing began on February 1, 2026, marking a significant step towards energy conservation and environmental governance in the magnesium smelting industry [6]. - The aerospace sector has seen advancements with the use of magnesium-lithium alloy platforms, which significantly reduce weight and enhance performance [5]. Company Announcements - Baowu Magnesium Industry reported a projected net loss for 2025 due to declining magnesium prices, while Yian Technology also forecasted losses attributed to increased investments in new technologies and currency fluctuations [7]. Investment Recommendations - The report suggests focusing on companies with comprehensive industry chain layouts such as Baowu Magnesium Industry, and those with high exposure to magnesium alloy business like Xingyuan Zhuomei, as well as equipment suppliers benefiting from increased capital expenditures in the sector [8].

Investment Rating - The report upgrades the investment rating of the company to "Buy-A" [1][8] Core Insights - The company has secured Maxeon patent authorization, enhancing its competitive edge in overseas markets with its BC technology, which is expected to have a longer profit period compared to PERC and TOPCon technologies [3][4] - The company maintains a leading position in ABC component efficiency, achieving a record efficiency of 24.8% as of December 2025, and has consistently ranked first globally for 35 months [5][62] - The company has seen significant growth in orders and sales, with a 400% year-on-year increase in N-type ABC component shipments, reaching 8.57GW in the first half of 2025 [7][78] Financial Performance - The company is projected to achieve total revenues of 187.6 billion yuan, 269.5 billion yuan, and 378.4 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 68.2%, 43.7%, and 40.4% [8] - The net profit is expected to turn positive in 2026, with estimates of -15.1 billion yuan, 11.5 billion yuan, and 28.5 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting significant growth [8][9] - The company's EPS is projected to be -0.71 yuan, 0.54 yuan, and 1.35 yuan for the years 2025, 2026, and 2027, with corresponding P/E ratios of -20.5, 26.9, and 10.9, indicating a valuation below the average of comparable companies [8][9] Technology and Competitive Advantage - The BC technology offers significant cost advantages, with non-silver costs lower than TOPCon, and the performance of BC components is superior, achieving a theoretical efficiency of 29.1% [4][40] - The BC components are priced at a premium of over 10% compared to TOPCon, with current prices for centralized BC components at 0.80 yuan/W and distributed BC components at 0.84 yuan/W [47] - The company is expanding its ecosystem with over 20 enterprises entering the BC technology route, indicating a collaborative innovation environment [57][58] Market Position and Strategy - The company is focusing on high-value markets in Europe, Australia, New Zealand, and Japan, with over 40% of its sales coming from overseas in Q2 2025, which has positively impacted its overall gross margin [7][78] - The company has a robust order book with approximately 10GW of new component procurement orders in the first half of 2025, indicating strong demand for its products [7][78] - The company is continuously innovating its product offerings, with the introduction of the third-generation ABC "full-screen" components and the "Navigator" ABC components expected to achieve over 25% efficiency [18][63]

Investment Rating - The report upgrades the investment rating of the company to "Buy-A" [1][8] Core Viewpoints - The company has secured Maxeon patent authorization, enhancing its overseas market expansion and establishing a strong technical barrier with its BC technology [3][4] - The BC technology offers significant cost advantages, outperforming TOPCon in terms of non-silicon costs and providing higher efficiency and reliability [4][6] - The company maintains the highest efficiency in ABC components, achieving a record of 24.8% in mass production efficiency as of December 2025 [5][62] - The company has seen substantial growth in orders, with a 400% year-on-year increase in N-type ABC component shipments in the first half of 2025 [7][78] Summary by Sections Market Performance - As of February 12, 2026, the closing price of the company's stock is 14.63 CNY per share, with a total market capitalization of 264.59 billion CNY [2] Financial Data and Forecast - The company is projected to achieve total revenue of 187.6 billion CNY, 269.5 billion CNY, and 378.4 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 68.2%, 43.7%, and 40.4% [8][9] - The net profit forecast for the same years is -15.1 billion CNY, 11.5 billion CNY, and 28.5 billion CNY, with corresponding growth rates of 71.6%, 176.2%, and 147.7% [8][9] Technology and Product Advantages - The BC technology is recognized for its high efficiency, aesthetic appeal, and reliability, with a theoretical efficiency of up to 29.1% [4][40] - The company’s ABC components demonstrate a 6%-10% higher power generation compared to TOPCon components in various scenarios [7][69] - The company has a strong order backlog, with approximately 10GW of new orders in the first half of 2025, indicating robust demand for its products [7][78] Industry Position and Competitive Landscape - The company is positioned as a leader in the BC technology space, with a growing ecosystem and collaboration among over 20 enterprises entering the BC route [4][57] - The BC components are priced at a premium of over 10% compared to TOPCon, reflecting their advanced technology and market positioning [47]

Core Insights - The report highlights strong growth in capital expenditures in North America, particularly in the AI new materials sector, suggesting investment opportunities in upstream developments [5][6] - The report indicates that the new materials index fell by 1.53%, outperforming the ChiNext index by 1.76%, with various sub-sectors showing mixed performance [5] Market Performance - The report provides a summary of the domestic market indices, noting the closing values and percentage changes for major indices such as the Shanghai Composite Index and Shenzhen Component Index [4] - The new materials sector experienced a decline, with specific indices like semiconductor materials and electronic chemicals showing significant drops of 3.70% and 1.61% respectively [5] Price Tracking - Weekly price tracking of various materials shows fluctuations, with amino acids like valine decreasing by 1.42% to 13,850 RMB/ton, while vitamin E increased by 2.70% to 57,000 RMB/ton [5] - Prices for biodegradable materials remained stable, with PLA and PBS prices unchanged, indicating a steady market for these products [5] Investment Recommendations - The report recommends focusing on AI new materials due to the anticipated increase in demand driven by major cloud service providers like Amazon AWS, Microsoft, Google, and Meta, whose combined capital expenditures are projected to exceed $670 billion in 2026, a year-on-year increase of over 60% [5] - Specific companies are highlighted for potential investment, including Shengquan Group and Dongcai Technology in the resin sector, and Zhongcai Technology and Honghe Technology in the electronic fabric sector [5][6]

Investment Rating - The report maintains a rating of "Outperform" for the new materials sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The new materials sector has experienced a decline, with the new materials index dropping by 1.53%, outperforming the ChiNext index by 1.76%. Over the past five trading days, various sub-sectors showed mixed performance, with battery chemicals slightly increasing by 0.09% while semiconductor materials fell by 3.70% [3][17]. - Strong capital expenditure growth is observed in North America, particularly among major cloud service providers like Amazon AWS, Microsoft, Google, and Meta, with a combined capital expenditure exceeding $670 billion in 2026, representing a year-on-year growth of over 60%. This investment is expected to drive demand for AI servers and related materials [6]. Summary by Sections 1. Secondary Market Performance - The new materials sector has seen a decline, with the Shanghai Composite Index and ChiNext Index also experiencing negative movements. The new materials index's performance is highlighted as it has outperformed the ChiNext index [3][13]. 2. Industry Chain Data Tracking - Price tracking for various materials shows fluctuations, with amino acids like valine at 13,850 RMB/ton (-1.42%) and vitamins such as vitamin A at 60,500 RMB/ton (-1.63%). Prices for biodegradable plastics remain stable, indicating a steady market for these materials [4][12]. 3. Industry News - The report emphasizes the importance of AI infrastructure development, which is expected to enhance the demand for high-frequency and high-speed copper-clad laminates and related materials. Companies such as Shengquan Group and Dongcai Technology are highlighted for their potential in the resin sector, while Zhongcai Technology and Honghe Technology are noted for electronic fabrics [6]. 4. Investment Recommendations - The report suggests focusing on upstream material development opportunities, particularly in AI-related sectors, as the demand for advanced materials is anticipated to grow significantly due to the increasing need for AI server infrastructure [5][6].

Market Trends - The domestic market indices showed slight fluctuations, with the Shanghai Composite Index closing at 4,128.37, up by 0.13% [4] - During the period from February 2 to February 8, major indices experienced declines, with the Shanghai Composite Index down by 1.27% and the ChiNext Index down by 3.28% [7] Industry Insights - The non-bank financial sector is seeing a revision in underwriting regulatory guidelines, which is expected to enhance investment value in the sector [5] - The media industry is projected to continue its upward trend, driven by AI applications and IP ecosystems, with a 27.17% increase in the media index for 2025 [6] - The power equipment and new energy sector is focusing on the AIDC power revolution, with expectations for a significant increase in photovoltaic power utilization rates [8][19] - The agricultural sector is facing potential price adjustments in pig farming after a peak season, with current prices showing a downward trend [15][17] Company Analysis - Aide Technology is recognized as a leader in domestic spinal vertebral body shaping systems, benefiting from an aging population [22] - Tianfu Communication's 2025 performance forecast indicates a net profit of 1.88 to 2.15 billion yuan, driven by stable demand for optical devices [26] - Wolong Nuclear Materials anticipates a net profit of 1.1 to 1.18 billion yuan for 2025, with strong market demand across various business segments [28] Investment Recommendations - The report suggests focusing on companies that leverage AI applications and IP development, such as Kunlun Wanwei and Shanghai Film [9] - In the photovoltaic sector, companies like Aishuo and Longji Green Energy are recommended due to their technological advancements and market positioning [16][23] - For the copper connection market, companies like Wolong Nuclear Materials are highlighted for their strong growth potential in the telecommunications sector [28]