Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][9] Core Insights - January saw a strong start for duty-free shopping, with Hainan's offshore duty-free shopping amounting to 4.53 billion yuan, a year-on-year increase of 44.8% [6] - The implementation of the "zero tariff" policy for residents in Hainan is expected to further stimulate consumption [6] - The demand for high-priced premium and packaged goods has surged, reflecting a robust consumer sentiment during the Spring Festival [6] Summary by Sections Industry Performance - In January, the total duty-free shopping amount reached 4.53 billion yuan, with 560,000 shoppers and 3.367 million items purchased, showing increases of 21.0% and 14.0% year-on-year respectively [6] - The average spending per person was approximately 8,089 yuan, up 19.7%, while the average price per item rose by 27.0% to 1,345 yuan [6] Policy Developments - The "zero tariff" policy allows Hainan residents to purchase specified imported goods up to a value of 10,000 yuan per person per year without paying import duties, VAT, or consumption tax [6] - The first batch of goods includes 202 frequently consumed items, aimed at enhancing the benefits of the free trade port and meeting local consumer needs [6] Supply Side Developments - China Duty Free Group has secured the right to operate duty-free retail in the Haikou West Coast area and is actively engaging in promotional activities [6] - Zhuhai Duty Free Group has transitioned to a major consumer platform focused on duty-free sales, with its first store in Sanya officially opening on February 11 [6] Investment Recommendations - The report suggests focusing on companies such as China Duty Free Group, Wangfujing, and Hainan Airport, as the policy changes and sales data indicate a recovery in the industry [6]

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The company focuses on customized automotive system connectors, primarily producing special fasteners and seat locks, which are widely used in various automotive systems [8][13] - The company has established strong partnerships with major automotive manufacturers and parts suppliers, positioning itself as a key supplier in the automotive fastener and seat lock market [13][14] - The company is actively expanding its product offerings into the new energy vehicle sector and automotive smart electronics, leveraging its R&D and production capabilities [14][15] - Continuous technological development and new product launches are expected to drive long-term business growth [15][16] Financial Data and Valuation - The company’s projected revenues for 2025-2027 are estimated at 784 million, 908 million, and 1,054 million yuan, with year-on-year growth rates of 15.0%, 15.9%, and 16.1% respectively [19] - The projected net profits for the same period are expected to be 111 million, 124 million, and 139 million yuan, with growth rates of 3.6%, 11.8%, and 12.2% respectively [19] - The company’s earnings per share (EPS) are projected to be 0.26, 0.29, and 0.33 yuan for 2025, 2026, and 2027 respectively [19] - The company’s gross margin is expected to remain stable around 30% for the forecast period [19][20] Business Highlights - The company has a strong customer base, being a first-tier supplier to major automotive manufacturers such as Volkswagen China and GAC Honda [14][13] - The company has a market share of approximately 7.45% in the national passenger car seat lock market as of 2023 [14] - The company’s precision components business has seen rapid growth, with a significant increase in the shipment of aluminum precision connectors [15] - The company is expanding its product lines to include electric locks and other innovative solutions for the automotive industry [18]

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [37]. Core Insights - The company, Gude Electric Materials (301680.SZ), focuses on the research, production, and sales of thermal runaway protection components for new energy vehicle batteries and electrical insulation products. It is positioned as a leading supplier in the global thermal runaway protection market for power batteries [8][27]. - The company is projected to achieve revenues of CNY 650.9 million, CNY 907.9 million, and CNY 1.106 billion for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 37.00%, 39.48%, and 21.79%. The net profit attributable to the parent company is expected to be CNY 100.5 million, CNY 171.8 million, and CNY 179.2 million for the same years, with growth rates of 56.87%, 70.93%, and 4.30% [9][5]. Summary by Sections Basic Financial Status - The company is expected to generate revenues of CNY 6.51 billion, CNY 9.08 billion, and CNY 11.06 billion from 2023 to 2025, with corresponding net profits of CNY 1.00 billion, CNY 1.72 billion, and CNY 1.79 billion [9][5]. - In the first half of 2025, the main business revenue is categorized into three segments: thermal runaway protection components for new energy vehicle batteries (CNY 302 million, 67.30%), electrical insulation products (CNY 127 million, 28.40%), and others (CNY 19 million, 4.30%) [9]. Industry Situation - The global market for battery system safety protection products is expected to grow significantly, from CNY 1.75 billion in 2020 to CNY 11.54 billion in 2024, with a compound annual growth rate of 60.25% [17]. - The demand for thermal runaway protection materials, particularly mica and aerogel materials, is increasing due to the rapid development of the new energy vehicle industry and the rising energy density of batteries [19][20]. Company Highlights - The company has successfully extended its technology from electrical insulation to thermal protection, becoming a core supplier in the global thermal runaway protection market for new energy vehicle batteries. It has established strong partnerships with major automotive manufacturers and battery producers [27][28]. - The company is actively expanding its new business in copper-aluminum composite materials, which have entered the supply chain of major battery manufacturers, potentially becoming a new growth driver for revenue [28][29]. Fundraising Project Investment - The company plans to invest in two projects through its IPO, including the production of new thermal runaway protection components for new energy vehicles and the construction of a production base for thermal runaway protection materials [30][31].

Investment Rating - The investment rating for Tongbao Optoelectronics is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [36]. Core Insights - Tongbao Optoelectronics specializes in the production and application of LED semiconductor lighting devices, focusing on automotive LED modules and lighting systems. The company has established itself as a significant supplier in the domestic LED automotive lighting module sector, particularly through deep collaboration with its core customer, SAIC-GM-Wuling [2][26]. - The company has shown strong revenue growth, with projected revenues of CNY 5.29 billion, CNY 5.88 billion, and CNY 7.17 billion for 2023, 2024, and 2025 respectively, reflecting year-on-year growth rates of 35.86%, 11.02%, and 21.94% [10][26]. - The net profit attributable to the parent company is expected to be CNY 0.62 billion, CNY 0.83 billion, and CNY 0.80 billion for the same years, with year-on-year growth rates of 69.65%, 33.49%, and -3.66% [10][26]. Summary by Sections Basic Financial Status - For the years 2023 to 2025, the company is expected to achieve operating revenues of CNY 5.29 billion, CNY 5.88 billion, and CNY 7.17 billion, with corresponding year-on-year growth rates of 35.86%, 11.02%, and 21.94% [10][26]. - The net profit attributable to the parent company is projected to be CNY 0.62 billion, CNY 0.83 billion, and CNY 0.80 billion, with year-on-year growth rates of 69.65%, 33.49%, and -3.66% [10][26]. Industry Situation - The automotive industry in China is expected to see a total sales volume of 31.44 million vehicles in 2024, with a year-on-year growth of 4.5%. The domestic sales of new energy vehicles are projected to reach 11.58 million units, reflecting a growth of 39.7% [18][20]. - The automotive lighting system market in China is anticipated to grow significantly, with the market size expected to reach CNY 939 billion in 2024 and CNY 1,014 billion in 2025 [20][22]. Company Highlights - The company has established a strong position in the LED automotive lighting module sector, primarily due to its long-term partnership with SAIC-GM-Wuling, which accounts for 93% of its sales revenue in the first half of 2025 [26][27]. - The company is expanding its product line from LED lighting modules to complete lighting assemblies and is actively developing electronic control systems and energy management systems [27][28]. Fundraising Project Investment - The company plans to invest CNY 34.16 million in a project focused on smart LED modules, charging and distribution systems, and control modules, which will enhance its production capacity and market position [28][30].

Investment Rating - The investment rating for Tongbao Optoelectronics is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [36]. Core Insights - Tongbao Optoelectronics specializes in the production and application of LED semiconductor lighting devices, focusing on automotive LED modules and lighting [2][7]. - The company has established a strong partnership with SAIC-GM-Wuling, becoming a key supplier in the domestic LED automotive lighting module segment, with 93% of its sales in the first half of 2025 coming from this client [2][26]. - The company is expanding its product line from LED modules to complete lighting assemblies and is actively developing electronic control systems and energy management systems [27]. Summary by Sections Basic Financial Status - The company is projected to achieve revenues of CNY 5.29 billion, CNY 5.88 billion, and CNY 7.17 billion for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 35.86%, 11.02%, and 21.94% [10]. - The net profit attributable to the parent company is expected to be CNY 0.62 billion, CNY 0.83 billion, and CNY 0.80 billion for the same years, with year-over-year growth rates of 69.65%, 33.49%, and -3.66% [10]. Industry Situation - The automotive industry in China is expected to see total sales of 31.44 million vehicles in 2024, with a 4.5% year-over-year growth, and the new energy vehicle segment is projected to grow by 39.7% [18]. - The automotive lighting system market in China is anticipated to grow from CNY 939 billion in 2024 to CNY 1,014 billion in 2025, driven by technological upgrades and domestic replacement trends [20]. Company Highlights - The company has a comprehensive production capability for various types of LED automotive lighting modules, including front lights, daytime running lights, and interior lights, and has a market coverage rate of approximately 4.12% for its core products [26]. - The transition from LED modules to complete lighting assemblies has become a significant growth point, with revenues from lighting assemblies expected to increase from CNY 25.56 million in 2022 to CNY 86.61 million in 2024 [27]. - The company is also developing electronic control systems, with expected revenues from EPS controllers reaching CNY 14 million in 2025 [27]. Fundraising Project Investment - The company plans to invest CNY 34.16 million in a project focused on smart LED modules, charging and distribution systems, and control modules, aiming to enhance production capacity and market position [28][30].

Group 1 - The new stock sector is showing signs of convergence in volatility, indicating that an upward active cycle may still be on the way [1][12] - The average increase of new stocks listed since 2025 is approximately 0.0%, with about 33.3% of new stocks achieving positive returns, an improvement from the previous week's 13.8% [12][29] - Structural highlights are emerging, particularly in sectors like photovoltaic and commercial aerospace, suggesting a potential rebound in active momentum [2][12] Group 2 - The average issuance price-to-earnings ratio for new stocks in February is 15.3X for the main board, significantly down from 23.9X in the previous month [13] - The average first-day closing price-to-earnings ratio for new stocks in February is 31.5X, a notable decrease from 58.9X in the previous month [17] - The first-day average increase for new stocks in February is 106.2%, down from 133.1% in the previous month, indicating a cooling in trading enthusiasm [20] Group 3 - Upcoming new stocks include Ai De Technology, Electric Science and Technology Blue Sky, and Linping Development, with varying industry focuses [4][35] - The expected issuance price-to-earnings ratio for new stocks pending listing is 57.1X for the science and technology board and 18.7X for the main board, indicating a slight increase in valuation [7][35] - The report suggests monitoring high-profile new stocks for potential differentiated performance due to rising industry theme heat [35][36] Group 4 - The report highlights specific stocks to watch, including Tongyu New Materials, Fengbei Biological, and He Yuan Biological-U, which are expected to perform well in the current market environment [46] - For mid-term investments, stocks like Jun Ding Da, Mai Jia Xin Cai, and Si Kan Technology are recommended for potential investment opportunities [46]

Group 1 - The report suggests maintaining a balanced allocation in technology growth, certain cyclical, and consumer sectors before the holiday, with potential outperformers including automotive, military, beauty care, machinery, and communication industries for the 2025 annual report performance [1][3] - The consumer sector's short-term rebound may be a valuation correction, with its sustainability under observation due to weak consumer confidence, lack of profit inflection points, and significant valuation recovery already observed [1][3][36] - Current valuations in growing sectors such as pharmaceuticals, automotive, computers, and machinery are relatively low, indicating potential for future growth [1][3] Group 2 - Historical analysis indicates that after adjustments in the spring market, leading sectors supported by policy and industry trends may regain their advantage, particularly technology growth and cyclical sectors [1][3][24] - The report highlights that sectors with strong annual report performance growth forecasts, such as automotive (471.5%), military (398.4%), beauty care (378.3%), machinery (275.6%), and communication (242.1%), are likely to perform well in the short term [1][3][32] - The consumer sector has shown a long-term downtrend since 2021, with six rebound instances averaging 21.56% in magnitude, driven by consumer confidence, low valuations, and profit growth [1][3][36]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Sustainable Aviation Fuel (SAF) is a crucial method for reducing carbon emissions in aviation, capable of reducing carbon emissions by up to 85% compared to traditional aviation fuels [2][20] - Policies in regions such as the EU, the US, and China are driving the development of SAF, creating significant market opportunities [2][39] - The SAF production landscape is diverse, with various technologies being developed, although there are differences in maturity and feasibility [2][11] - Used Cooking Oil (UCO) is a key raw material for SAF production, and China is the largest exporter of UCO, with an estimated annual collection capacity of about 8.1 million tons [2][5] - Investment recommendations include companies such as Jiaao Environmental Protection, Haineng Technology, and others involved in the SAF sector [2][6] Summary by Sections SAF as a Key Method for Carbon Reduction - SAF is a direct substitute for traditional aviation fuel, with high energy density and compatibility with existing aviation systems, requiring minimal infrastructure changes [20][22] - The SAF supply chain includes various raw materials, primarily waste cooking oils and agricultural residues, with significant potential for carbon reduction [22][23] Policy Driving SAF Development - The EU has set ambitious SAF blending targets of 6% by 2030, 34% by 2040, and 70% by 2050, while the US primarily uses subsidies to promote SAF production [2][39][44] - The global demand for SAF is expected to grow significantly, with projections indicating a need for 35 million tons by 2050 [38][39] Diverse SAF Production Routes - The report highlights multiple production technologies for SAF, with HEFA being the most commercially viable, but AtJ and GFT technologies showing long-term potential [2][29] - The cost of SAF remains high due to technological maturity, limited raw material supply, and an underdeveloped supply chain [23][24] UCO Resource Attributes - UCO is a critical feedstock for SAF production, and China's large population and developed catering industry contribute to a significant UCO supply [2][5] Related Companies - The report suggests monitoring companies such as Jiaao Environmental Protection, Haineng Technology, and others for investment opportunities in the SAF sector [2][6]

请仔细阅读在本报告尾部的重要法律声明 2 证券研究报告 基础化工/行业深度报告 领先大市（维持） SAF助力航空减排，国内具备UCO特色优势 分析师：骆红永 S0910523100001 2026年02月06日 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 u SAF为航空降碳重要手段。SAF是一种可直接使用的液体燃料替代品，与传统航空燃料相比，其最高可减 少85%的碳排放量，并可使用多种动植物油脂以及废弃油脂生产，不必依赖传统化石能源；与电能、氢能 等其他绿色航空新能源相比，SAF具有能量密度高、制备方式灵活、与现有航空动力系统兼容度高等优势， 应用上不需要对现有的发动机和其他基础设施做太多改造。 u 政策推动SAF发展，打开市场空间。欧盟、美国、中国等国家或地区颁布一系列促进SAF发展的政策。根 据ReFuelEU航空法规要求，2030年、2040年和2050年，欧盟的SAF占比为6%、34%和70%。与欧盟通过强制 掺混和碳市场等政策来推动SAF不同，美国主要通过补贴的形式激励SAF的生产、研发和市场推广。 u SAF路线多样，国内加速布局。SAF领域的技术发 ...

2026 年 02 月 04 日 公司研究●证券研究报告 航宇科技（688239.SH） 公司快报 航发环形锻件供应商，打造空天"一站式"制造 平台 投资要点 | | 国防军工 | 航空军工Ⅲ | | --- | --- | --- | | 投资评级 | | 买入(首次) | | 股价(2026-02-03) | | 元 68.10 | | 交易数据 | | | | 总市值（百万元） | | 12,981.91 | | 流通市值（百万元） | | 12,981.91 | | 总股本（百万股） | | 190.63 | | 流通股本（百万股） | | 190.63 | | 12 个月价格区间 | | 70.08/31.13 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -0.02 33.91 90.61 绝对收益 0.64 34.06 112.7 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 | 会计年度 ...