Huaan Securities·2026-01-31 07:05Report Industry Investment Rating - The document does not provide the industry investment rating. Core Viewpoints of the Report - The report presents a monthly stock portfolio for February 2026, covering multiple industries and companies, and provides financial data and core recommendation logics for each company [1]. Summary by Company Technology - Tencent Holdings (0700.HK) - The market starts to recognize the full - scale empowerment of Tencent's various businesses by AI, with the possibility of being a super - entry. The cloud computing growth rate is adjusted upwards, and short - video advertising continues to drive growth [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 222703 million yuan, 257017 million yuan, and 290508 million yuan respectively, with growth rates of 41%, 15%, and 13%. The operating income is 660257 million yuan, 754958 million yuan, and 833933 million yuan respectively, with growth rates of 8%, 14%, and 11% [1]. Electronics - Beijing Junzheng (300223.SZ) - In the field of computing chips, the company continues to expand downstream markets. In the field of storage chips, DRAM products based on new process nodes are sent for sampling, and more models will be put into production from the second half of this year to next year. The company will also benefit from the rising price trend of storage products [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 366 million yuan, 464 million yuan, and 700 million yuan respectively, with growth rates of - 32%, 27%, and 51%. The operating income is 4213 million yuan, 4729 million yuan, and 5550 million yuan respectively, with growth rates of - 7%, 12%, and 17% [1]. New Industry - Guoji Seiko (002046.SZ) - It has a leading market share in commercial aerospace bearings, and diamond heat dissipation is expected to make a breakthrough [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 280 million yuan, 290 million yuan, and 287 million yuan respectively, with growth rates of 8%, 4%, and - 1%. The operating income is 2658 million yuan, 2887 million yuan, and 3197 million yuan respectively, with growth rates of 9%, 11%, and 13% [1]. Machinery -豪迈 Technology (002595.SZ) - It is a leading enterprise in tire molds, with a stable main business. It is expected to achieve both performance and valuation improvement due to the explosion of gas turbine demand [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 2011 million yuan, 2498 million yuan, and 2961 million yuan respectively, with growth rates of 25%, 24%, and 19%. The operating income is 8813 million yuan, 11076 million yuan, and 13261 million yuan respectively, with growth rates of 23%, 26%, and 20% [1]. Chemical - Satellite Chemical (002648.SZ) - Oil price is expected to stabilize. The third - phase and fourth - phase projects have large growth space, and stable - growth policies are expected to be introduced [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 6072 million yuan, 6524 million yuan, and 8893 million yuan respectively, with growth rates of 27%, 7%, and 36%. The operating income is 45648 million yuan, 52919 million yuan, and 62055 million yuan respectively, with growth rates of 10%, 16%, and 17% [1]. Chemical - Yuanli Technology (603217.SH) - The production capacity of light stabilizers and diols is released, and new materials are steadily promoted [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 207 million yuan, 209 million yuan, and 239 million yuan respectively, with growth rates of - 17%, 1%, and 14%. The operating income is 2220 million yuan, 2215 million yuan, and 2406 million yuan respectively, with growth rates of 2%, 0%, and 9% [1]. Non - ferrous Metals - Chifeng Gold (600988.SH) - Driven by the US dollar credit, central bank gold purchase, and risk - aversion factors, the gold price rises. The company has a clear path for endogenous production growth and strong performance realization ability, and has overseas M&A and integration experience [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 1764 million yuan, 3263 million yuan, and 4558 million yuan respectively, with growth rates of 119%, 85%, and 39%. The operating income is 9026 million yuan, 13080 million yuan, and 16333 million yuan respectively, with growth rates of 25%, 45%, and 25% [1]. Light Industry - Bohui Paper (600966.SH) - As a leading enterprise in the white cardboard industry, it has significant advantages under the all - around empowerment of APP. With the improvement of downstream demand, the white cardboard industry is expected to reverse at the bottom of the cycle, and the company's profitability is expected to reverse at the bottom [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 176 million yuan, 182 million yuan, and 407 million yuan respectively, with growth rates of - 3%, 4%, and 123%. The operating income is 18930 million yuan, 18356 million yuan, and 20383 million yuan respectively, with growth rates of 1%, - 3%, and 11% [1]. Food and Beverage - Guoquan (2517.HK) - There are income and profit increments. The income increment comes from store expansion, store - efficiency improvement, and competitive advantages. The profit increment has a high - ceiling potential and optimization paths [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 231 million yuan, 428 million yuan, and 577 million yuan respectively, with growth rates of - 4%, 86%, and 35%. The operating income is 6470 million yuan, 7616 million yuan, and 8970 million yuan respectively, with growth rates of 6%, 18%, and 18% [1]. Home Appliance - Taotao Vehicle Industry (301345.SZ) - In Q4, although the golf - cart market enters the off - season, there is an incremental output of the second brand, and the brand Teko is launched in September [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 431 million yuan, 803 million yuan, and 1099 million yuan respectively, with growth rates of 54%, 86%, and 37%. The operating income is 2977 million yuan, 3981 million yuan, and 5278 million yuan respectively, with growth rates of 39%, 34%, and 33% [1].