买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,939 | 3,252 | 5,182 | 8,108 | 10,669 | | 同比（%） | 62.04 | 67.74 | 59.35 | 56.48 | 31.58 | | 归母净利润（百万元） | 729.88 | 1,343.52 | 2,014.97 | 3,189.18 | 4,178.85 | | 同比（%） | 81.14 | 84.07 | 49.98 | 58.27 | 31.03 | | EPS-最新摊薄（元/股） | 0.94 | 1.73 | 2.59 | 4.10 | 5.38 | | P/E（现价&最新摊薄） | 201.02 | 109.21 | 72.82 | 46.01 | 35.11 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·通信设备 天孚通信（300394） 20 ...

证券研究报告·公司点评报告·其他电源设备Ⅱ 优优绿能（301590） HVDC 子公司落地，第二增长曲线正式起航 2026 年 01 月 22 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,376 | 1,497 | 1,114 | 1,487 | 2,313 | | 同比（%） | 39.24 | 8.86 | (25.59) | 33.44 | 55.54 | | 归母净利润（百万元） | 268.38 | 256.03 | 151.65 | 261.00 | 466.71 | | 同比（%） | 36.84 | (4.60) | (40.77) | 72.11 | 78.82 | | EPS-最新摊薄（元/股） | 6.38 | 6.09 | 3.61 | 6.21 | 11.10 | | P/E（现价&最新摊薄） | 36.16 | 37.91 | 64.00 | 37.18 | 20.79 | ...

证券研究报告·公司点评报告·其他电源设备Ⅱ 优优绿能（301590） HVDC 子公司落地，第二增长曲线正式起航 2026 年 01 月 22 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,376 | 1,497 | 1,114 | 1,487 | 2,313 | | 同比（%） | 39.24 | 8.86 | (25.59) | 33.44 | 55.54 | | 归母净利润（百万元） | 268.38 | 256.03 | 151.65 | 261.00 | 466.71 | | 同比（%） | 36.84 | (4.60) | (40.77) | 72.11 | 78.82 | | EPS-最新摊薄（元/股） | 6.38 | 6.09 | 3.61 | 6.21 | 11.10 | | P/E（现价&最新摊薄） | 36.16 | 37.91 | 64.00 | 37.18 | 20.79 | ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-22 宏观策略 [Table_MacroStrategy] 宏观点评 20260119：四季度承压，一季度开门红——全年和 12 月经济数 据点评 经济增长顺利完成 5%目标，价格降幅收窄。刚公布的全年经济数据有三 个亮点：一是经济增长完成全年目标。四季度 GDP 增速 4.5%，全年 5%， 顺利完成年初政府工作报告确定的目标。二是从供需两端看，主要靠出口 和服务拉动经济。从供给端看，主要是服务业拉动全年经济。二产 GDP 增速 4.5%，三产 5.4%。从需求端看，主要是出口和服务消费，三驾马车 里，出口增长 6.1%、固定资产投资下降 3.8%、居民消费支出增长 4.4%， 消费里社零增长 3.7%、服务零售增长 5.5%。三是 Q4 价格明显恢复，但 仍偏弱。四季度实际 GDP 增速 4.5%，名义 GDP 增速 3.8%，GDP 平减 指数-0.7%，相比上季度-1.1%明显收窄降幅，但仍然偏弱。 风险提示： 房地产市场走弱；出口下行；以旧换新政策后续不及预期的风险。 晨会编辑 张良卫 执业证书：S0600516070001 021- ...

Investment Rating - The report maintains a positive outlook on the Robovan sector, particularly emphasizing the potential of L4 RoboX technology in 2026 [3]. Core Insights - The 2026 smart technology landscape differs from previous years, focusing more on AI logic and software opportunities rather than hardware and consumer sales [3]. - Key catalysts for Robovan's growth include model iterations, increased RoboX deployments, and supportive policy developments [3]. - The report highlights the successful penetration of Robovan in the express delivery sector, with expectations for expansion into fast-moving consumer goods, durable goods, and chain restaurant applications [3]. - Investment recommendations suggest a strong focus on L4 RoboX as a primary investment theme for 2026 [3]. Summary by Sections Industry Overview - The report draws parallels between the current AI-driven transformation in transportation and the previous 4G mobile internet wave, noting that AI will enhance hardware capabilities and replace existing transportation methods [4][12]. - The report identifies Robovan as a key player in urban logistics, with significant potential for replacing traditional delivery vehicles [4][12]. Robovan Market Dynamics - Robovan's successful deployment in express delivery has led to approximately 27,000 units delivered in the first 11 months of 2025, primarily in the express sector [3]. - The report outlines the expected growth of Robovan in various logistics scenarios, including fast-moving consumer goods and durable goods delivery [3][46]. Technological Advancements - The report discusses the technological advancements in Robovan, including hardware and algorithm improvements that reduce costs and enhance operational efficiency [23][24]. - It emphasizes the importance of a robust supply chain and the integration of AI technologies to facilitate Robovan's commercial viability [23][24]. Policy Support - The report highlights ongoing government support for Robovan technology, with numerous policies aimed at facilitating the deployment and commercialization of autonomous delivery vehicles [12][19]. - It notes that over 250 cities have opened public road rights for Robovan, indicating a favorable regulatory environment for growth [20]. Market Potential - The urban delivery market is projected to reach 1.4292 trillion yuan in 2022, with Robovan expected to capture a significant share due to its efficiency in the supply chain [56]. - The report identifies that 64% of the urban delivery market consists of scenarios suitable for Robovan, indicating substantial growth opportunities [56].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The AI industry is transitioning from a period of rapid expansion (2024-2025) to a new phase characterized by demand realization and efficiency competition. The report suggests that while there are localized bubbles, a systemic collapse is unlikely [5][7] - Major cloud service providers like Microsoft, Google, and AWS are experiencing strong order growth and cash flow stability, while emerging players face significant challenges due to high valuations and debt pressures [2][3] - The competitive landscape in the AI model layer is evolving, with a narrowing gap between the US and China in terms of technological capabilities. The report highlights the importance of algorithm efficiency and the emergence of new architectures [6][7] Summary by Sections AI Investment - Discussions around AI bubbles have intensified, with many tech stocks experiencing price corrections post-earnings reports. The market is shifting from a belief in universal AI success to a more discerning view of companies with viable business models [15][19] - Concerns regarding capital expenditures (CapEx), depreciation, and return on investment (ROI) are prevalent, but the report argues that the growth in CapEx is supported by clear, sustainable drivers [10][19] Computing Power - Nvidia's dominance is being challenged as competitors emerge, with the report noting that while Nvidia's data center revenue has doubled, alternative chip solutions are gaining traction [5][6] - Google and Amazon are highlighted for their strategic advantages in the cloud computing space, with Google leveraging its TPU technology and Amazon expanding its Trainium deployments [5][6] Cloud Services Market - The report identifies a divergence in the cloud services market, where established giants are thriving while newer entrants struggle with high debt and rapid depreciation of assets [2][3] - The cloud market is seen as a critical foundation for supporting the explosion of AI demand, with significant growth expected in this sector [5][6] Model Layer - The report notes a shift from the myth of AGI to a focus on engineering paradigms, with significant advancements in model efficiency and multi-modal applications expected in 2026 [6][7] - The competitive dynamics between US and Chinese AI models are highlighted, with Chinese firms rapidly gaining ground through innovation and open-source strategies [6][7] Application Layer - The report emphasizes the commercial potential of AI in business-to-business (B2B) markets, with significant growth in enterprise spending on generative AI expected [6][7] - The consumer market is characterized by a dominance of general chatbots, while specific applications in programming and companionship show resilience [6][7] Investment Recommendations - The report suggests focusing on companies with real monetization capabilities, cost advantages, and long-term competitive moats. Key recommendations include Nvidia in the hardware space, Google and Amazon in cloud services, and specific AI application firms like MiniMax and Zhizhu [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q4 2025 performance exceeded market expectations, with a projected net profit of RMB 383 to 432 million, representing a year-on-year increase of 105% to 131% [7] - The automotive business remains the primary growth driver, with a forecasted revenue of nearly RMB 1.5 billion from automotive fuses in 2025, reflecting a growth of over 60% year-on-year [7] - The company is expanding into new product categories, including high-voltage direct current relays and integrated BDU, which are expected to contribute significantly to revenue in the coming years [7] Financial Projections - Total revenue is projected to grow from RMB 1,060 million in 2023 to RMB 3,985 million by 2027, with a compound annual growth rate (CAGR) of approximately 30.38% [1] - Net profit is expected to increase from RMB 116.98 million in 2023 to RMB 801.15 million in 2027, with a CAGR of 33.64% [1] - The earnings per share (EPS) is forecasted to rise from RMB 1.19 in 2023 to RMB 8.15 in 2027, indicating strong profitability growth [1] Market Data - The company's closing price is RMB 119.50, with a market capitalization of approximately RMB 11.75 billion [5] - The price-to-earnings (P/E) ratio is projected to decrease from 100.44 in 2023 to 14.67 in 2027, indicating improving valuation metrics [1][5]

证券研究报告·固定收益·固收点评 固收点评 20260121 龙建转债：东北基建领军者 2026 年 01 月 21 日 [Table_Tag] [Table_Summary] 事件 观点 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 2026-01-20 《 转债建议把握泛主线轮替、扩散行 情》 2026-01-20 东吴证券研究所 1 / 11 请务必阅读正文之后的免责声明部分 ◼ 龙建转债（110100.SH）于 2026 年 1 月 22 日开始网上申购：总发行规 模为 10.00 亿元，扣除发行费用后的募集资金净额用于施工总承包、偿 还银行贷款等项目。 ◼ 当前债底估值为 98.08 元，YTM 为 2.16%。龙建转债存续期为 6 年,中 诚信国际信用评级有限责任公司资信评级为 AA/AA,票面面值为 100 元，票面利率第一年至第六年分别为：0.10%、0.30%、0.60%、1.00%、 1.50%、2.00%，公司到期赎回价格为票面面值的 110.00%（含最后一期 利息），以 6 年 AA 中债企业债到期收益率 2 ...

证券研究报告·公司点评报告·光伏设备 钧达股份（002865） 2025 年业绩预告点评：业绩阶段性亏损，加 快布局新增长点 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 18,657 | 9,952 | 9,318 | 14,627 | 19,215 | | 同比（%） | 60.90 | (46.66) | (6.37) | 56.97 | 31.37 | | 归母净利润（百万元） | 815.64 | (591.11) | (1,272.02) | 471.07 | 1,043.17 | | 同比（%） | 13.77 | (172.47) | (115.19) | 137.03 | 121.45 | | EPS-最新摊薄（元/股） | 2.79 | (2.02) | (4.35) | 1.61 | 3.57 | | P/E（现价&最新摊薄） | 30.22 | (41.70) | (19.38) | 5 ...

Investment Rating - The report assigns a "Buy" rating for the company, HaiNeng Technology (920476) [1]. Core Insights - HaiNeng Technology is focusing on the scientific instrument sector, leveraging both self-research and acquisitions to build a diverse product matrix, benefiting from the increasing domestic market share in scientific instruments [3][9]. - The company has established a strong competitive barrier through a full industry chain model, ensuring stable cash flow from its core products while expanding into high-growth areas such as chromatography instruments [3][10]. - The global market for analytical instruments is projected to grow significantly, with China's market expected to reach $11.66 billion by 2029, driven by increasing demand across various sectors [9][53]. Summary by Sections Company Overview - HaiNeng Technology, founded in 2006, specializes in the research, production, and sales of analytical instruments, initially focusing on Kjeldahl nitrogen analyzers and microwave digestion instruments, and later expanding into chromatography instruments [15]. - The company has developed a product matrix that includes organic element analysis, sample preparation, chromatography, and general instruments, serving various industries such as food, pharmaceuticals, and environmental testing [15][9]. Market Potential - The analytical instrument market is characterized by high technical barriers and diverse applications, with significant growth expected in the Chinese market, which is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2029 [53][50]. - The demand for analytical instruments is widespread across sectors, including food safety, pharmaceuticals, and environmental monitoring, indicating a robust market potential [50][53]. Financial Performance - The company is expected to see a recovery in performance, with projected revenues of 3.79 billion yuan in 2025, reflecting a 22.25% year-on-year growth, and net profits expected to reach 420 million yuan [1][10]. - The earnings per share (EPS) are forecasted to improve from 0.15 yuan in 2024 to 0.49 yuan in 2025, indicating a positive trend in profitability [1][10]. Competitive Landscape - The Chinese analytical instrument market is currently dominated by foreign brands, with a high import rate for advanced products. However, domestic manufacturers like HaiNeng Technology are gradually gaining market share by offering competitive pricing and tailored services [9][58]. - The report highlights the importance of innovation and quality improvement in enhancing the competitive position of domestic firms in the analytical instrument sector [9][58].