[Table_Info1] 豪能股份(603809) 汽车 [Table_Date] 发布时间：2026-01-13 [Table_Title] 证券研究报告 / 公司点评报告 主业持续突破，航空航天与机器人注入新动力 [Table_Summary] 汽车同步器龙头，差速器、同轴减速器等新产品有望放量。公司为汽 车零部件核心制造商，核心业务同步器和差速器两大总成系统，此外还 涉及空心电机轴、定子转子、行星减速器、DCT 双离合器零件、商用 车 AMT 行星机构零件和轨道交通传动系统零件。公司为国内汽车同 步器龙头公司，并且在新能源汽车传动系统领域布局了行星齿轮、半轴 齿轮、差速器壳体和差速器总成、定子转子、电机轴和行星减速器等相 关产品。差速器为公司重要增长点，随着产能释放有望提升市占率。客 户端，公司与麦格纳、采埃孚、舍弗勒、博格华纳、汇川、大众、一 汽、比亚迪、吉利、重汽、法士特等一大批国内外优秀企业建立了深厚 合作关系。 航空航天业务迎来产业机遇，公司已实现深入布局。政策端看，《中华 人民共和国国民经济和社会发展第十四个五年规划和 2035 年远景目标 纲要》，明确提出培育先进制造业集群，推动航空航天等 ...

上 市 公 司 -20% 0% 20% 40% 01-13 02-13 03-13 04-13 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 新和成 沪深300指数 (收益率) 相关研究 证券分析师 李绍程 A0230525070002 lisc@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | | | | --- | --- | | | | | . | 1 | | . | | | 市场数据： | 2026 年 01 月 12 日 | | | --- | --- | --- | | 收盘价（元） | | 25.36 | | 一年内最高/最低（元） | 26.28/19.52 | | | 市净率 | | 2.4 | | 股息率%（分红/股价） | | 3.55 | | 流通 A 股市值（百万元） | 77,015 | | | 上证指数/深证成指 | ...

江苏纺服外贸龙头，贸易、化工双轮驱动 江苏国泰首次覆盖报告 公 司 首 次 覆 盖 [Table_Summary] 首次覆盖给予优于大市评级。预计公司 2025-2027 年归母净利润分 别为 11.9/12.5/13.1 亿元。参考供应链成熟企业以及电解液龙头企 业估值，给予 2026 年 15xPE，目标市值 187.5 亿人民币，对应目标 价 11.52 元 (截至 26 年 1 月 11 日) ，优于大市评级。 请务必阅读正文之后的免责条款部分 公 司 研 究 证 券 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 37,186 | 38,956 | 39,861 | 41,329 | 42,543 | | (+/-)% | -13.2% | 4.8% | 2.3% | 3.7% | 2.9% | | 净利润(归母) | 1,604 | 1,106 | 1,193 | 1,250 | 1,307 | | (+/-)% ...

[Table_StockNameRptType] 荣昌生物（688331） 公司点评 RC148 授权艾伯维，进入大药 post BD 阶段 [Table_Rank] 投资评级：买入（维持） | 报告日期： | 2026-1-13 | | --- | --- | | [Table_BaseData] 收盘价（元） | 95.38 | | 近 12 个月最高/最低（元）118.88/25.98 | | | 总股本（百万股） | 564 | | 流通股本（百万股） | 162 | | 流通股比例（%） | 28.7% | | 总市值（亿元） | 537.67 | | 流通市值（亿元） | 154.83 | 公司价格与沪深 300 走势比较 -100% 0% 100% 200% 300% 荣昌生物 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：任婉莹 执业证书号：S0010525060003 邮箱：renwanying@hazq.com [Table_CompanyReport] 相关报告 主要观点： ⚫[Table_ ...

[Table_Title] 证券研究报告 / 公司动态报告 新材料板块快速增长、萃取剂项目年内完工 [Table_Summary] 1、PMI 泡沫材料快速增长。公司子公司兆恒科技主要产品包括 PMI 系 列结构泡沫材料及其制品，PMI 系列产品是各型民用飞机、军用飞机、 无人机等各种飞行器（机身、机翼、桨叶等）用碳纤维复合材料制成时 必须的配套材料，同时广泛应用于磁悬浮列车、航空航天、舰船、车辆、 雷达通信、音响设备、医疗设备、运动休闲器械等各个领域。兆恒科技 2025 上半年实现营业收入 6183.6 万元，净利润 3040.63 万元，同比增长 分别为 29.11%和 45.32%。公司"基于碳基吸收剂的聚甲基丙烯酰亚胺吸 波泡沫（EPMI）的研发与产业化"项目通过科技成果评价，获评 "国际 先进"水平。EPMI 是一种基于聚甲基丙烯酰亚胺(PMI)一体发泡的吸波 泡沫，专为飞行器隐身化设计与应用研发，兼具优异的力学性能和介电 性能，能够有效吸收多种波段的电磁波。目前，该产品已成功应用于某 重点型号多型关键部件，隐身效果得到认可。其技术衍生潜力还可延伸 至相关民用领域，有望形成"军用技术引领、民用市场拓 ...

国信零售观点：1）剔除菲安妮女包业务商誉减值影响的 1.71 亿元后，公司归母净利润达到 6.07-7.04 亿 元，同口径下同比增长 73.35%-101.01%，整体表现较好。2）单四季度看，预计归母净利润 1.19-2.16 亿 元，中值 1.67 亿元。3）门店拓展方面，2025 年净增门店 163 家，期末潮宏基珠宝门店总数达 1668 家。 2026 年预计开店势能依旧较强，加盟商仍有较强开店意愿。 整体上，公司四季度店效仍延续较好增速，12 月受基数走高、税改以及营销活动错期等影响略有放缓，但 随着当前临近春节旺季，以及公司产品持续上新，店效具备一定提速支撑。短期建议关注春节旺季，中长 期公司门店拓展+产品逻辑较顺。考虑公司四季度增长较好，以及费用率有望进一步优化，我们上调公司 2025-2027 年归母净利润预测至 4.91/6.28/7.36 亿元（前值分别为 4.87/5.67/6.42 亿元），对应 PE 分别 为 22.6/17.7/15.1 倍，维持"优于大市"评级。 证券研究报告 | 2026年01月13日 潮宏基（002345.SZ） 四季度净利润中值预计 1.67 亿元，全年净 ...

桐昆股份（601233） 证券研究报告·公司点评报告·炼化及贸易 聚酯链反内卷推进，看好长丝龙头景气修复 2026 年 01 月 13 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） | 82,640 | 101,307 | 95,280 | 99,872 | 103,220 | | 同比（%） | 33.30 | 22.59 | (5.95) | 4.82 | 3.35 | | 归母净利润（百万元） | 797.04 | 1,201.90 | 2,031.86 | 3,486.59 | 4,006.41 | | 同比（%） | 539.10 | 50.80 | 69.05 | 71.60 | 14.91 | | EPS-最新摊薄（元/股） | 0.33 | 0.50 | 0.84 | 1.45 | 1.67 | | P/E（现价&最新摊薄） | 52.38 | 34.73 | 20.55 | 11.97 | 1 ...

证券研究报告·北交所公司点评报告·橡胶 中裕科技（920694） 新签 4881 万元钢衬耐磨管订单，期待新品与 海外产能释放增量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 667.60 | 599.27 | 660.76 | 761.39 | 910.32 | | 同比 | 10.03 | (10.23) | 10.26 | 15.23 | 19.56 | | 归母净利润（百万元） | 126.78 | 104.83 | 116.35 | 139.16 | 165.31 | | 同比 | 37.50 | (17.32) | 10.99 | 19.61 | 18.79 | | EPS-最新摊薄（元/股） | 0.96 | 0.79 | 0.88 | 1.05 | 1.25 | | P/E（现价&最新摊薄） | 22.04 | 26.65 | 24.01 | 20.07 | 16.90 | [Table_Ta ...

Investment Rating - The report assigns an "Outperform" rating to the company [4] Core Insights - The company is actively expanding its brand incubation business, which is expected to lead to the release of operational leverage and accelerate performance growth starting in 2026 [1][4] - Revenue and net profit are projected to grow significantly, driven by the rapid growth of the brand incubation business and stable growth in the e-commerce operation business [4][10] Financial Summary - Total revenue is forecasted to reach 15.4 billion, 24.7 billion, and 29.6 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 34%, 60%, and 20% [4][10] - Net profit attributable to the parent company is expected to be 1.33 billion, 2.47 billion, and 3.02 billion yuan for the same years, with growth rates of 47%, 86%, and 22% [4][12] - The company’s gross margin is projected to improve, reaching 57.4%, 64.8%, and 66.5% in 2025, 2026, and 2027 respectively [10][11] Business Overview - The company primarily provides e-commerce services and brand incubation and management services, collaborating with various well-known domestic and international consumer brands [16] - The brand incubation business focuses on health and pet food sectors, with significant contributions from brands like Keman Duo and Yikali [4][16][22] - The e-commerce operation business is expected to maintain steady growth, with major contributions from the apparel category and partnerships with brands like Skechers and ECCO [4][16][22] Revenue Breakdown - The brand incubation and management business is anticipated to grow rapidly, with projected revenues of 6.0 billion, 14.6 billion, and 18.8 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth rates of 96%, 143%, and 29% [4][10][12] - The e-commerce operation business is expected to generate revenues of 6.5 billion, 7.0 billion, and 7.3 billion yuan for the same years, with growth rates of 15%, 7%, and 5% [4][10][12] Valuation - The company is assigned a target price of 93.42 yuan based on a 35x PE ratio for 2026, reflecting a valuation discount compared to comparable companies [4][14]

Investment Rating - The investment rating for Qilu Bank is "Buy" and is maintained [8] Core Views - Qilu Bank's stock price has undergone sufficient valuation adjustment since Q3 2025, influenced by market trading factors. The bank is entering a new three-year planning cycle in 2026, with management focusing on stable and sustainable growth. In the current macroeconomic environment, high-quality city commercial banks with stable growth capabilities are considered scarce assets. The bank is expected to achieve a trillion-scale asset size in the new three-year plan [5][11] - Loan growth is projected to be between 13% and 15% from 2025 to 2027, with a continuous increase in loan market share. Net interest income is expected to drive revenue growth. The long-term growth path is clear, and there is room for valuation recovery in PB-ROE [11][20] - The bank's dividend yield is expected to be 4.65% in 2025 and 5.20% in 2026, meeting the needs of long-term investors [11] Summary by Sections Company Overview - Qilu Bank has a long-standing management philosophy focused on stable and sustainable growth. The bank's asset scale has achieved an annual compound growth rate of 16.2% over the past three years, with profit growth at 16.9%, ranking among the top in the banking sector. The bank aims to reach a trillion in assets by 2027, requiring an annual growth rate of at least 12.2% over the next two years [11][20] Loan and Revenue Growth - The bank's loan growth is expected to be between 13% and 15% from 2025 to 2027. As of mid-2025, Qilu Bank's loan market share in Shandong province is 2.3%, indicating significant room for improvement compared to other leading city commercial banks. The bank's credit structure is primarily focused on state-owned enterprises, with retail loan demand remaining weak [11][20] Asset Quality - Qilu Bank's asset quality is at its best since its listing, with a continuous decline in non-performing loan (NPL) ratios and a net NPL generation rate dropping to a historical low of 0.31% (annualized) in the first half of 2025. The bank's credit cost is expected to decrease further, allowing for double-digit profit growth in 2026 [11][20] Valuation and Dividend - The bank's PB valuation is projected to be 0.71x in 2025 and 0.65x in 2026, indicating undervaluation relative to a 12% ROE. The bank may slightly increase its dividend payout ratio in 2025 to offset the dilution effect of convertible bonds, with expected dividend yields of 4.65% and 5.20% for 2025 and 2026, respectively [11][20]