10 】】】】】】 公司深度研究 | 东鹏饮料 东风已至，鹏路翱翔 东鹏饮料（605499.SH）深度覆盖报告 能饮市场扩容提速，主品基本盘稳健 1）能量饮料市场扩容进行时，赛道龙头地位稳固。根据欧睿，2025 年我国 能饮市场规模达 628 亿元，同增 4%。根据沙利文报告，2024 年东鹏 500ml 瓶装能量饮料成为中国软饮市场同规格产品中最畅销单品之一。2）全球化 扩张进行时，出海市场蕴藏潜能。2025 年越南/印度/泰国/菲律宾/印尼能饮 规模为 15/13/10/3/2 亿美元，2020-2025CAGR 为 8%/53%/5%/0.1%/8%。 渠道建设纵深发展，全国化取得突破 1）庞大销售队伍广布网点，冰柜投放深入布局终端。截至 2025H1 末，公 司拥有超 420 万家网点，实现近 100%地级市覆盖；已累计投放冰柜数量逾 40 万台，未来三至五年内计划投放约 60 万台冰柜。2）全国化扩张持续推 进，区域产能协同发展。2025Q1-3 华北/西南营收分别同增 73%/49%；目 前拥有九大生产基地，技改与扩建完成后总产能预计 1217 万吨。3）营销费 率优化效果明显，数字化策略赋能品牌 ...

Investment Rating - The report assigns a "Buy" rating for Century Huatong (002602.SZ) for the first time [1]. Core Insights - Century Huatong has transformed from an automotive parts manufacturer to a leading player in the internet gaming sector, achieving record-high performance in 2025 with revenue of 27.22 billion yuan, a year-on-year increase of 75.30% [6][19]. - The company's net profit for the first three quarters of 2025 reached 4.36 billion yuan, reflecting a 142% increase compared to the same period in 2024, indicating improved profitability efficiency [6][19]. - The revenue structure has shifted significantly, with mobile games accounting for 84.7% of total revenue in the first half of 2025, and overseas revenue surpassing domestic revenue for the first time, reaching 52.06% [6][27]. Financial Performance Summary - Revenue (in million yuan): - 2023A: 13,285 - 2024A: 22,620 - 2025E: 38,204 - 2026E: 48,799 - 2027E: 53,679 - Year-on-year growth rates: - 2023A: 16% - 2024A: 70% - 2025E: 69% - 2026E: 28% - 2027E: 10% [1] - Net profit (in million yuan): - 2023A: 524 - 2024A: 1,213 - 2025E: 5,721 - 2026E: 7,988 - 2027E: 9,755 - Year-on-year growth rates: - 2023A: 108% - 2024A: 132% - 2025E: 372% - 2026E: 40% - 2027E: 22% [1] Business Development - Century Huatong has undergone three phases of evolution, transitioning from automotive parts to internet gaming, and has successfully lifted risk warnings, marking a new development stage [12][14]. - The subsidiary, Diandian Interactive, has become a core growth engine, with revenue increasing from 3.74 billion yuan in 2022 to 14.96 billion yuan in 2024, and accounting for 76% of the group's total revenue in the first half of 2025 [6][70]. - The company has consistently launched successful new products, with titles like "Endless Winter" and "Kingshot" achieving significant market recognition and revenue [6][73]. Market Trends - The Chinese gaming market is recovering, with total sales revenue expected to reach 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68% [28]. - The user base for gaming in China is projected to reach 683 million by 2025, providing a solid foundation for revenue growth [29]. - The mobile gaming segment dominates the market, accounting for 73.29% of total revenue, while client games follow with a 22.28% share [31].

2026 年 1 月 7 日 未来增长新引擎：绿色转型与产业升级。公司以"油转化"、"油转特"战略优 化炼油结构，提升化工品及高端特种油品比例，荆门石化等基地实现技术突破； 同步布局氢能全产业链（制储运加用），依托加油站网络的综合能源服务站战略 布局充换电以及光伏产业，并对地热、风电等清洁能源积极探索；加速数字化转 型，建成多家智能工厂，依托"线上中石化"发展汽服、餐饮等新业态，向绿色 化、智能化、多元化综合能源服务商转型。 公司治理与改革：价值重塑的深层驱动力。公司持续推进国企改革深化行动，通 过"对标世界一流管理提升行动"优化治理效能，深化市场化经营机制改革，全 面推行经理层任期制与契约化管理，激发组织活力，为"提质增效"提供制度保 障。在此背景下，公司 ESG 表现持续提升，制定清晰的"双碳"实施路径，ESG 评级位居同业前列，吸引长期资金积极配置。 盈利预测、估值与评级：我们维持公司 25-27 年盈利预测，预计公司 25-27 年 归母净利润分别为 401、462、514 亿元，折合 EPS 分别为 0.33、0.38、0.43 元/股。维持公司 A 股和 H 股的"买入"评级。 风险提示：油气价格 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is expected to achieve significant sales growth driven by brand enhancement and overseas expansion, with a target of 3.3 million units sold in 2026, representing a year-on-year increase of 13.3% [5] - The company aims to sell 1.4 million new energy vehicles in 2026, a year-on-year increase of 26.2%, and 750,000 units in overseas markets, a year-on-year increase of 17.7% [5] - The company plans to invest over 60 billion yuan in new energy and digital platforms, as well as global R&D capabilities, to accelerate its strategic transformation [5] Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 151,298 in 2023, increasing to 203,333 by 2027, with a compound annual growth rate (CAGR) of 11.9% [3] - Net profit attributable to the parent company (in million yuan) is forecasted to decline from 11,327 in 2023 to 4,662 in 2025, before recovering to 8,669 in 2027 [3] - Earnings per share (in yuan) are expected to decrease from 1.14 in 2023 to 0.47 in 2025, then rise to 0.87 in 2027 [3] - The gross profit margin is projected to fluctuate from 18.4% in 2023 to 15.3% in 2027 [3] - Return on equity (ROE) is expected to decline from 15.8% in 2023 to 5.7% in 2025, then recover to 8.9% in 2027 [3] Market Data - The closing price of the stock is 11.85 yuan, with a one-year high of 14.18 yuan and a low of 11.32 yuan [4] - The price-to-earnings (P/E) ratio is projected to be 10.6 in 2023, increasing to 25.6 in 2025, and then decreasing to 13.8 by 2027 [3] - The market capitalization of circulating A shares is approximately 97,983 million yuan [4]

证券研究报告 hyzqdatemark 2026 年 01 月 07 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 建筑材料 | 玻璃玻纤 非金融|公司点评报告 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 基本数据 | | | | 年 | 01 | | | 月 06 | 2026 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 17.51 | | | | | | 一 年 内 / 最 | 最 | 高 | | | | 17.87/10.70 | 低 | | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 70,094.92 | | | | | | 流通市值（ ...

华福证券 公 司 研 究 众鑫股份（603091.SH） 拟美国建厂，强化全球竞争力 投资要点： 事件：公司发布对美投资公告 公 司 动 态 跟 踪 1 月 6 日晚间公司发布对外投资公告，拟通过泰国众鑫在美国设立全资投 资公司（标的公司 A），并拟通过标的公司 A 在美国宾夕法尼亚州投资年 产 2 万吨纸浆模塑餐具项目，并以独立全资公司（标的公司 B）经营，开 展生产制造及贸易等相关业务。项目拟使用泰国众鑫自有资金进行投资， 投资总金额预计不超过 3600 万美元。 顺应供应链转移，全球化布局再落一子 公司于 2023 年便提前规划布局泰国工厂，先发优势明显；自美国对华纸浆 模塑发起双反以来，公司加速海外建设力度，在泰国布局 10 万吨产能，预 期将于 26 年全部达产。前期美国对中国的双反调查最终裁决结果为公司反 倾销/反补贴税率分别为 283.89%/97.82%，合计 381.71%；国内其余企业反 倾销税率为 49.08%-477.97%，反补贴税率为 7.56%-319.92%。2025 年 10 月 15 日，加拿大对我国纸浆模塑餐饮具启动双反调查，贸易摩擦下全球化 布局成破局之道。为进一步规避 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 91.45 | | --- | --- | | 总股本/流通股本（亿股）4.01 | / 3.19 | | 总市值/流通市值（亿元）367 | / 291 | | 52 周内最高/最低价 | 96.40 / 43.18 | | 资产负债率(%) | 13.7% | | 第一大股东 | 黄源浩 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 奥比中光(688322) 定增强化 3D 视觉感知，赋能机器人与三维扫描 l 投资要点 定增加速 3D 视觉与空间感知核心技术研发，满足机器人多元 场景与消费级向工业级拓展的三维扫描需求。公司 2025 年度定增 拟募集资金总额不超过 9.8 亿元用于"机器人 AI 视觉与空间感知 技术研发平台项目"及"AI 视觉传感器与智能硬件制造基地建设项 目"，项目分别拟使用募集资金 8.58 亿元、1.22 亿元。"机器人 AI 视觉与空间感知技术研发平台项目"在公司"全栈式技术研发能力+ 全领域技术路线布局"的 ...

2026 年 01 月 07 日 公司研究●证券研究报告 海兴电力（603556.SH） 公司快报 2025Q3 业绩回暖，配电及新能源产品加速拓展 投资要点 | 电力设备及新能源 | 电力电子及自动化Ⅲ | | --- | --- | | 投资评级 | 买入(维持) | | 股价(2026-01-06) | 35.70 元 | | 交易数据 | | | 总市值（百万元） | 17,359.63 | | 流通市值（百万元） | 17,359.63 | | 总股本（百万股） | 486.26 | | 个月价格区间 12 | 38.30/24.94 | | | | --- | --- | --- | --- | | 一年股价表现 | | | | | 资料来源：聚源 | | | | | 升幅% | 1M 12M | 3M | | | 相对收益 | -1.91 | 25.0 | -22.25 | | 绝对收益 | 2.59 | 28.23 | 4.86 | | 分析师 | 贺朝晖 | | | | SAC | 执业证书编号：S0910525030003 | | | | | hezhaohui@huajinsc.cn | ...

君亭酒店（301073.SZ） 湖北文旅控股+加盟业务提速+REITs 政策利好，迎发展新阶段 事件：1）25 年 12 月 2 日，公司公告湖北文旅拟通过协议转让和部分要 约收购方式，以 25.71 元/股价格获得公司 36.00%股份及对应表决权，交 易完成后，公司控股股东变更为湖北文旅，实际控制人变更为湖北省国资 委。2）25 年 12 月 8 日，公司与全球酒店特许经营领军企业精选国际酒 店集团在杭州联合举办中国区凯富酒店、凯艺酒店品牌揭幕盛典，两大品 牌经君亭团队本土化定制后将亮相中国市场。3）25 年 12 月 1 日，国家 发改委印发《基础设施领域不动产投资信托基金（REITs）项目行业范围 清单（（2025 年版）》的通知，符合条件的酒店项目可申报 REITs；25 年 12 月 31 日，证监会发布（《关于推动不动产投资信托基金（（REITs）市场高质 量发展有关工作的通知》，将积极推动 REITs 各项工作落实落地。 湖北文旅控股君亭，强强联合互利共赢。据公告，湖北文旅在确保公司现 有经营团队、组织架构与管理层级稳定，充分授予公司自主经营权的基础 上，可将旗下的优质住宿业资产分批次注入上市 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][6]. Core Insights - The company has been focused on linear drive systems for over 30 years and has achieved significant global expansion, becoming a leading player in the linear drive market with over 30% market share in electric sofa push rods [3][12]. - The linear drive market is expected to grow significantly, with a projected global market size of approximately $8.694 billion in 2025, reaching $10.38 billion by 2032, with a CAGR of 2.6% from 2026 to 2032 [4][50]. - The company is actively expanding into the humanoid robot sector, leveraging its strong technical capabilities in electromechanical integration [5][94]. Summary by Sections 1. Leading Company in Linear Drives - The company has established itself as a leader in the linear drive industry, with a focus on diverse application scenarios including smart homes, medical care, and automotive components [3][12]. - The company has a significant presence in North America and Europe, with a notable market share in electric sofa push rods [3][12]. 2. Broad Market Prospects for Linear Drives - The linear drive market is expanding into various fields, driven by global consumption upgrades and technological advancements [4][50]. - The smart home market is projected to grow to $173 billion by 2025, with a CAGR of 8.9% from 2022 to 2025 [58]. - The smart office market is expected to reach $51.63 billion in 2024, with a CAGR of 13.6% until 2029 [63]. 3. Strong Electromechanical Integration Capabilities - The company has developed a comprehensive vertical integration manufacturing system, allowing for in-house production of key components [5][94]. - The company is focusing on core motor technology and has made strategic investments in related fields such as gear reducers and joint modules [7][94]. 4. Profit Forecast and Rating - Revenue forecasts for 2025-2027 are projected at 1.378 billion, 1.530 billion, and 1.714 billion yuan respectively, with net profits expected to be 0.55 billion, 0.89 billion, and 1.11 billion yuan [6][8]. - The company is expected to gradually improve its profitability as overseas production capacity utilization increases and tariff impacts diminish [3][6].