Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company is positioned as a leader in the industrial control sector, benefiting from a gradual recovery in the industry driven by equipment upgrades and policy support. The domestic market for general servo systems is expected to grow by 10.1% year-on-year in Q3 2025, with an annual growth forecast of 7.4% [6]. - The company has successfully increased its market share in key segments, with a reported market share of 32.0% in general servo systems, 22.0% in low-voltage frequency converters, and 8.2% in industrial robots as of H1 2025, reflecting significant year-on-year increases [6]. - The company is expanding its capabilities in AI and humanoid robot components, with a successful launch of its iFG platform for industrial AI software, transitioning from a hardware provider to a platform-based enterprise [6]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 73.30 RMB and a target price of 88 RMB [1]. - The company has a market capitalization of 173.87 billion RMB and a total share count of approximately 2.71 billion [1]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 31.66 billion RMB, a year-on-year increase of 24.7%, and a net profit of 4.25 billion RMB, up 26.8% year-on-year [6]. - The forecasted net profits for 2025, 2026, and 2027 are 5.55 billion RMB, 6.40 billion RMB, and 7.40 billion RMB, respectively, with corresponding year-on-year growth rates of 27.6%, 17.5%, and 14.4% [6][8]. Market Position - The company has a strong market presence, with significant shares in various product categories, including 42.9% in general automation and 45.2% in the new energy vehicle and rail transit sectors [2]. - Institutional investors hold 21.5% of the circulating A-shares, indicating a solid interest from larger investment entities [3]. Future Outlook - The company is expected to maintain rapid growth in revenue and profit due to increased investments in fragmented and project-based markets, alongside the anticipated commercialization of humanoid robots in 2026 [6].

m 2025 年 12 月 25 日 | 产业别 | | 家用电器 | | | --- | --- | --- | --- | | H 股价(2025/12/24) | | | 33.46 | | 恒生指数(2025/12/24) | | | 25,818.9 | | 股价 12 个月高/低 | | | 45.48/0 | | 总发行股数(百万) | | | 4,208.01 | | H 股数(百万) | | | 476.54 | | H 市值(亿元) | | | 0.00 | | 主要股东 | | 三花控股集团有 限公司(22.54%) | | | 每股净值(元) | | | 7.52 | | 股价/账面净值 | | | 4.45 | | 一年 | | | 三个月 一个月 | | 股价涨跌(%) | N/A | -16.06% | 3.55% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 空调冰箱元器件 | | 63.8% | | 汽车零部件 | | 36.2% | 股价相对大盘走势 C o m ...

| 2025 年 12 月 25 日 | | | --- | --- | | 赵旭东 | | | H70556@capital.com.tw | | | 目标价(元) | 81 | 公司基本信息 | 产业别 | | 汽车 | | --- | --- | --- | | A 股价(2025/12/24) | | 69.18 | | 上证指数(2025/12/24) | | 3940.95 | | 股价 12 个月高/低 | | 86.88/41.97 | | 总发行股数(百万) | | 1737.84 | | A 股数(百万) | | 1737.84 | | A 市值(亿元) | | 1202.23 | | 主要股东 | | 迈科国际控股 | | | | (香港)有限公 | | | | 司(57.88%) | | 每股净值(元) | | 13.39 | | 股价/账面净值 | | 5.17 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 10.1 | -7.4 39.3 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 产品组合 | | | --- | --- | | ...

2025 年 12 月 24 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 110 | 公司基本资讯 | 产业别 | 通信 | | --- | --- | | A 股价(2025/12/23) | 92.64 | | 上证指数(2025/12/23) | 3919.98 | | 股价 12 个月高/低 | 113/56.07 | | 总发行股数(百万) | 261.66 | | A 股数(百万) | 261.66 | | A 市值(亿元) | 242.40 | | 主要股东 | 钱鹏鹤 | | | (17.19%) | | 每股净值(元) | 17.28 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 7.5 -12.7 44.3 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-07-11 | 81.77 | 买进 | | 2025-04-29 | 74.60 | 买进 | | 2025-01-23 | 83.17 | 买进 | | 2024-09-23 | 39 ...

2025 年 12 月 23 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 32 | | 基金 | 1.8% | | --- | --- | | 一般法人 | 21.7% | 股价相对大盘走势 亨通光电（600487） Buy 买进 公司基本资讯 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2025/12/22) | | | 26.14 | | 上证指数(2025/12/22) | | | 3917.36 | | 股价 12 个月高/低 | | 26.14/13.65 | | | 总发行股数(百万) | | | 2466.73 | | A 股数(百万) | | | 2445.18 | | A 市值(亿元) | | | 639.17 | | 主要股东 | | 亨通集团有限 | | | | | 公司(24.07%) | | | 每股净值(元) | | | 12.48 | | 股价/账面净值 | | | 2.10 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 37. ...

H70556@capital.com.tw 目标价(元) 40 公司基本信息 | 产业别 | | 交通运输 | | --- | --- | --- | | A 股价(2025/12/19) | | 33.57 | | 上证指数(2025/12/19) | | 3890.45 | | 股价 12 个月高/低 | | 34.97/29.21 | | 总发行股数(百万) | | 2488.31 | | A 股数(百万) | | 2046.28 | | A 市值(亿元) | | 686.94 | | 主要股东 | | 上海机场(集 | | | | 团)有限公司 | | | | (58.38%) | | 每股净值(元) | | 16.90 | | 股价/账面净值 | | 1.99 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 4.9 6.0 | -1.0 | 近期评等 | | | 2025 年 12 月 22 日 赵旭东 产品组合 | 非航空性收入 | 54.1% | | --- | --- | | 航空及相关服务 | 45.9% | | 机构投资者占流通 A 股比例 | | --- | | 基金 ...

2025 年 12 月 18 日 | 顾向君 | | | --- | --- | | H70420@capital.com.tw | | | 目标价(A 股) | 82 | 公司基本资讯 | 产业别 | | 休闲服务 | | --- | --- | --- | | A 股价(2025/12/18) | | 76.50 | | 上证指数(2025/12/18) | | 3876.37 | | 股价 12 个月高/低 | | 93.5/53.64 | | 总发行股数(百万) | | 2068.86 | | A 股数(百万) | | 1952.48 | | A 市值(亿元) | | 1556.51 | | 主要股东 | | 中国旅游集团 | | | | 有限公司 | | | | (50.30%) | | 每股净值(元) | | 26.66 | | 股价/账面净值 | | 2.99 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -2.9 | 8.1 14.7 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-12-18 | 76.07 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [8][14]. Core Insights - The company is a leading player in the electrolyte market for lithium batteries, with a global production capacity of 850,000 tons and an expected market share exceeding 30% in 2024. The company has established long-term supply relationships with major lithium battery manufacturers, which enhances its competitive advantage [9][11]. - The demand for lithium batteries is expected to surge due to increased energy storage needs, with a projected growth rate of over 50% for energy storage batteries by 2026. This demand is anticipated to drive significant revenue growth for the company [11]. - The report forecasts substantial profit growth, with net profits projected to reach RMB 11.9 billion, RMB 53.3 billion, and RMB 69.8 billion for the years 2025, 2026, and 2027, respectively, representing year-over-year increases of 147%, 345%, and 31% [11][12]. Summary by Sections Company Overview - The company operates in the chemical industry, specifically focusing on lithium battery electrolytes. As of December 16, 2025, the stock price was RMB 37.26, with a market capitalization of RMB 560.56 billion [3][9]. Financial Performance - The report projects the company's net profit for 2025 to be RMB 11.9 billion, with earnings per share (EPS) of RMB 0.62. For 2026 and 2027, net profits are expected to be RMB 53.3 billion and RMB 69.8 billion, with EPS of RMB 2.78 and RMB 3.64, respectively [11][13]. Market Position - The company holds a dominant position in the lithium battery electrolyte market, with a production capacity that is the highest globally. It has a significant technological edge, particularly in the production of hexafluorophosphate lithium, which is a key raw material for electrolytes [9][11]. Price Trends - The report notes a steady increase in electrolyte prices, with a current price of RMB 33,700 per ton, reflecting a 73% increase from the July low. This price trend is expected to continue into 2026, benefiting the company's profitability due to its self-supply of raw materials [11].

Consumption Overview - In November, the total retail sales of consumer goods reached approximately 4.4 trillion yuan, with a year-on-year growth of 1.3%, down from 2.9% in the previous month[8] - Retail sales of goods amounted to about 3.8 trillion yuan, growing by 1.0% year-on-year, while catering sales reached 605.7 billion yuan, up 3.2% year-on-year[8] - Online retail sales were 1.7 trillion yuan, showing a slight decline of 0.1% year-on-year, although the proportion of online sales increased by 5.4 percentage points month-on-month[8] Industry Performance - The retail sales of limited enterprises in November were 1.6 trillion yuan, down 2.2% year-on-year, compared to a growth of 1.4% in the previous month[14] - Notable declines in government-subsidized categories included home appliances down 19.4% year-on-year, while communication equipment rose by 21%[15] - The film industry saw a significant boost, with November box office revenue reaching 35.5 billion yuan, a year-on-year increase of 89%[19] CPI and Economic Indicators - The Consumer Price Index (CPI) in November increased by 0.7% year-on-year, a rise of 0.5 percentage points from the previous month[30] - Core CPI, excluding food and energy, remained stable at a year-on-year growth of 1.2%[30] - Food prices contributed to CPI improvement, with food CPI rising by 0.2% year-on-year, reversing a decline of 2.9% in the previous month[30] Market Trends and Outlook - The overall performance of the consumption sector has lagged behind the market, influenced by changing market preferences[50] - Despite the slowdown in retail sales growth, a positive outlook remains for December, with an expected annual growth rate of around 4% for retail sales[51] - The central economic work conference emphasizes domestic consumption, indicating potential support for consumer spending in the upcoming year[51]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][11]. Core Insights - The termination of a major asset restructuring will not adversely affect the company's operations or financial status in the long term. The company will continue to focus on high-end chip products and maintain strong collaboration with partners [6][8]. - The company reported a revenue of 9.49 billion RMB for the first three quarters of 2025, a year-on-year increase of 54.7%, and a net profit of 1.96 billion RMB, up 28.6% year-on-year. The third quarter alone saw a revenue of 4.03 billion RMB, growing 69.6% year-on-year [8]. - The company is well-positioned in the domestic computing power market, benefiting from the "信创+AI" trend, with its CPU and DCU products gaining traction in various industries [8]. Financial Summary - The company expects net profits of 3.20 billion RMB, 4.67 billion RMB, and 6.71 billion RMB for the years 2025, 2026, and 2027, representing year-on-year growth rates of 65.81%, 45.96%, and 43.56% respectively. The earnings per share (EPS) are projected to be 1.38 RMB, 2.01 RMB, and 2.89 RMB for the same years [10][8]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 166, 114, and 79 respectively, indicating a favorable valuation outlook [10][8].