证券研究报告·公司深度研究·化学制药 信立泰（002294） 慢病领域创新龙头，心衰重磅 JK07 潜力大 2026 年 04 月 01 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,365 | 4,012 | 4,643 | 5,563 | 6,775 | | 同比（%） | (3.35) | 19.22 | 15.72 | 19.81 | 21.79 | | 归母净利润（百万元） | 580.07 | 601.57 | 678.55 | 901.75 | 1,276.67 | | 同比（%） | (8.95) | 3.71 | 12.80 | 32.89 | 41.58 | | EPS-最新摊薄（元/股） | 0.52 | 0.54 | 0.61 | 0.81 | 1.15 | | P/E（现价&最新摊薄） | 111.66 | 107.67 | 95.46 | 71.83 | 50.73 | [T ...

2025 年年报点评：归母净利润快速增长，各 业务板块全面向好 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 996 | 1227 | 1410 | 1624 | 1872 | | 同比（%） | - | 23.2% | 15.0% | 15.2% | 15.3% | | 归母净利润（百万元） | 383 | 547 | 681 | 785 | 907 | | 同比（%） | 56.9% | 43.0% | 24.6% | 15.2% | 15.6% | | EPS-最新摊薄（元/股） | 0.80 | 1.15 | 1.43 | 1.65 | 1.90 | | P/E（现价&最新摊薄） | 26.72 | 19.49 | 16.08 | 13.96 | 12.08 | [Table_Tag] [Table_Summary] 投资要点 2026 年 04 月 01 日 证券研究报告·公司点评报告·多元金融 瑞达 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 4.48 billion yuan for 2025, a decrease of 26% year-on-year, with a net profit attributable to shareholders of 150 million yuan, down 51% year-on-year. The decline in profit was primarily due to cryptocurrency impairment losses and one-time costs related to employee optimization [7] - The gaming segment performed better than expected, with revenue of 3.28 billion yuan, a 17% decline year-on-year. Cost optimization led to a smaller decline in operating profit, which reached 900 million yuan, down only 3% year-on-year. The operating profit margin improved by 3.9 percentage points to 27.4% [7] - The education segment faced short-term pressure, with revenue of 1.2 billion yuan, down 43% year-on-year, and an operating loss of 360 million yuan, which widened from a loss of 300 million yuan in the previous year. The decline was attributed to increased uncertainty in budget allocation from overseas clients [7] - The company is focusing on AI-driven cost reduction and efficiency improvements in its gaming business, while the education business is expected to benefit from a new round of equipment replacement cycles in the medium term [7] Financial Summary - The company’s total revenue is projected to be 4.48 billion yuan in 2025, with a net profit of 150 million yuan. The earnings per share (EPS) is expected to be 0.28 yuan, with a price-to-earnings (P/E) ratio of 28.58 [1][8] - For 2026, the net profit is forecasted to increase to 477.89 million yuan, with an EPS of 0.90 yuan and a P/E ratio of 9.03. By 2028, the net profit is expected to reach 742.16 million yuan, with an EPS of 1.40 yuan and a P/E ratio of 5.82 [1][8] - The company’s gross margin improved to 70.3% in 2025, up 5.1 percentage points year-on-year, while overall operating expenses decreased by 22% [7]

证券研究报告·海外公司点评·汽车(HS) 耐世特（01316.HK） 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 证券分析师 孙仁昊 2025 年年报点评：减值影响 25H2 业绩，线 控转向落地在即 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 4,276 | 4,584 | 4,737 | 4,873 | 5,166 | | 同比(%) | 1.65 | 7.21 | 3.33 | 2.88 | 6.00 | | 归母净利润（百万美元） | 61.72 | 102.00 | 161.72 | 186.73 | 222.46 | | 同比(%) | 68.00 | 65.27 | 58.54 | 15.46 | 19.13 | | EPS-最新摊薄（美元/股） | 0.02 | 0.04 | 0.06 | 0.07 | 0.0 ...

中国广核（003816） 证券研究报告·公司点评报告·电力 2025 年报点评：电量稳增电价承压，机制电 价出台彰显核电基荷价值 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 78,945 | 75,697 | 81,691 | 87,789 | 92,938 | | 同比（%） | (4.37) | (4.11) | 7.92 | 7.46 | 5.87 | | 归母净利润（百万元） | 10,838 | 9,765 | 10,338 | 11,497 | 12,537 | | 同比（%） | 1.06 | (9.90) | 5.87 | 11.21 | 9.05 | | EPS-最新摊薄（元/股） | 0.21 | 0.19 | 0.20 | 0.23 | 0.25 | | P/E（现价&最新摊薄） | 21.43 | 23.79 | 22.47 | 20.20 | 18.53 | 证券分析师 袁理 执业证 ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 996 | 1227 | 1410 | 1624 | 1872 | | 同比（%） | - | 23.2% | 15.0% | 15.2% | 15.3% | | 归母净利润（百万元） | 383 | 547 | 681 | 785 | 907 | | 同比（%） | 56.9% | 43.0% | 24.6% | 15.2% | 15.6% | | EPS-最新摊薄（元/股） | 0.80 | 1.15 | 1.43 | 1.65 | 1.90 | | P/E（现价&最新摊薄） | 26.72 | 19.49 | 16.08 | 13.96 | 12.08 | [Table_Tag] [Table_Summary] 投资要点 2026 年 04 月 01 日 证券分析师 孙婷 证券研究报告·公司点评报告·多元金融 瑞达期货（002961） 2025 年年报点评：归 ...

证券研究报告·公司点评报告·非白酒 会稽山（601579） 2025 年报点评：高端化持续兑现，利润增速 超预期 股价走势 -8% 7% 22% 37% 52% 67% 82% 97% 112% 127% 142% 2025/4/1 2025/7/31 2025/11/29 2026/3/30 会稽山 沪深300 增持（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,631 | 1,822 | 2,050 | 2,363 | 2,627 | | 同比（%） | 15.60 | 11.68 | 12.51 | 15.26 | 11.19 | | 归母净利润（百万元） | 196.19 | 244.64 | 295.01 | 341.70 | 387.52 | | 同比（%） | 17.74 | 24.70 | 20.59 | 15.83 | 13.41 | | EPS-最新摊薄（元/股） | 0.41 | 0.51 ...

证券研究报告·公司点评报告·电力 中国广核（003816） 2025 年报点评：电量稳增电价承压，机制电 价出台彰显核电基荷价值 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 78,945 | 75,697 | 81,691 | 87,789 | 92,938 | | 同比（%） | (4.37) | (4.11) | 7.92 | 7.46 | 5.87 | | 归母净利润（百万元） | 10,838 | 9,765 | 10,338 | 11,497 | 12,537 | | 同比（%） | 1.06 | (9.90) | 5.87 | 11.21 | 9.05 | | EPS-最新摊薄（元/股） | 0.21 | 0.19 | 0.20 | 0.23 | 0.25 | | P/E（现价&最新摊薄） | 21.43 | 23.79 | 22.47 | 20.20 | 18.53 | [Table_Tag] ...

2025 年报点评：业绩符合预期，持续高分红 2026 年 04 月 01 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,696 | 6,205 | 6,523 | 6,942 | 7,141 | | 同比（%） | (11.69) | 67.89 | 5.13 | 6.42 | 2.87 | | 归母净利润（百万元） | 944.92 | 1,793.67 | 1,821.15 | 1,972.13 | 2,265.44 | | 同比（%） | (16.02) | 89.82 | 1.53 | 8.29 | 14.87 | | EPS-最新摊薄（元/股） | 13.12 | 24.90 | 25.28 | 27.38 | 31.45 | | P/E（现价&最新摊薄） | 27.65 | 14.57 | 14.35 | 13.25 | 11.53 | [Table_Tag] [Table_Summary ...

证券研究报告·公司点评报告·光伏设备 帝尔激光（300776） 2025 年报点评：业绩短期承压，光伏+泛半导 体布局可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,014 | 2,033 | 2,657 | 3,063 | 3,448 | | 同比（%） | 25.20 | 0.93 | 30.68 | 15.30 | 12.56 | | 归母净利润（百万元） | 527.61 | 519.22 | 678.54 | 791.01 | 895.49 | | 同比（%） | 14.40 | (1.59) | 30.68 | 16.57 | 13.21 | | EPS-最新摊薄（元/股） | 1.93 | 1.89 | 2.48 | 2.89 | 3.27 | | P/E（现价&最新摊薄） | 37.88 | 38.50 | 29.46 | 25.27 | 22.32 | [Table_Tag] [Tab ...