证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 青岛银行(002948) | | | | | | 绩、资产质量全维度向好 [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 相关研究 [Table_OtherReport] 青岛银行 2025 三季报点评：扩规模、 调结构、降成本，不良指标持续优化 青岛银行 2025 一季报点评：息差逆势 提升，业绩突出、不良再降 青岛银行 2024 年报点评：规模、效益 与质量协同跃升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 青岛银行 2025 年业绩快报点评：规模、业 [Table_ReportDate] 2026 年 01 月 29 日 [Table_S [Table_S 事件：ummar 1ummar 月 28y]y]日晚，青岛银行发布 2025 年业绩快报：2025 年，实 ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 谢盐(分析师) | 021-23185696 | xieyan@gtht.com | S0880525040098 | 本报告导读： 1 月 27 日，公司审议通过了《关于开展商业不动产 REITs 申报发行工作及相关授权 事项的议案》，这将进一步构筑公司不动产经营能力，增强可持续发展能力。 投资要点： [Table_Summary] 维持"增持"评级。1 月 27 日，公司审议通过了《关于开展商业不 动产 REITs 申报发行工作及相关授权事项的议案》。我们认为，这 将进一步构筑公司不动产经营能力，优化资本结构，增强可持续发 展能力。我们预计 25 年 EPS 为 0.09 元和 BPS 为 16.59 元，参考 PB 估 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [1][7] Core Insights - The company is experiencing accelerated growth through the launch of new products in various sectors, including automotive laser radar and intelligent robotics. Notable products include the dToF laser radar chips and the SAC8905 chip for L2 level assisted driving [5][6] - Revenue projections for the company are estimated at 29.5 billion, 40.3 billion, and 55.3 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 3.0 billion, 5.0 billion, and 8.0 billion yuan for the same years [7] Company Overview - The latest closing price of the company's stock is 70.74 yuan, with a total market capitalization of 298 billion yuan and a circulating market value of 132 billion yuan. The company has a total share capital of 4.22 billion shares, with 1.87 billion shares in circulation [3] - The company has a debt-to-asset ratio of 31.0% and a price-to-earnings ratio of 114.10 [3] Financial Forecasts - The company’s projected operating revenues for 2025, 2026, and 2027 are 29.47 billion, 40.27 billion, and 55.28 billion yuan respectively, with corresponding growth rates of 25.2%, 36.7%, and 37.3% [9][11] - The expected net profit for the same years is projected to be 3.05 billion, 5.01 billion, and 8.03 billion yuan, with growth rates of 18.9%, 64.3%, and 60.3% respectively [9][11]

青岛银行（002948.SZ）：不良双降、拨 备提升，盈利大幅改善 ——2025 年业绩快报点评 资产质量继续改善，不良实现"双降"，拨备覆盖率提升。2025 年末，青岛 银行不良贷款余额 38.41 亿、环比减少 2.88 亿；不良贷款率为 0.97%，环比 下降 3bp。拨备覆盖率 292.3%，环比提高 22.3 pct。青岛银行本轮资产质量 指标改善始于 2024 年一季度，近两年不良率生成率降至 0.5%左右，不良贷 款率自 2023 年末 1.18%下降 21bp，不良贷款额仅增加 3 亿。主要得益于制 造业、基建、地产等对公贷款不良率下降。拨备余额较 2023 年末增加 32.3 亿，拨备覆盖率提升 66.3pct，拨备安全垫持续夯实。从前瞻性指标来看，公 司关注贷款率低位平稳（25Q3 末为 0.55%、较年初下降 1bp），逾期贷款率 稳中有降（25H1 末为 1.24%，较年初下降 18bp），潜在不良生成压力不大。 从不良认定标准来看，公司 25H1 末 90 天以上逾期/不良为 82.2%，不良认定 标准严格。 事件：1 月 29 日，青岛银行发布 2025 年业绩快报，2025 年实 ...

证券研究报告·公司点评报告·风电设备 大金重工（002487） 2025 年业绩预告点评：业绩符合预期，向全 套解决方案服务商进发！ 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） | 4,325 | 3,780 | 6,752 | 9,092 | 11,867 | | 同比（%） | (15.30) | (12.61) | 78.63 | 34.66 | 30.53 | | 归母净利润（百万元） | 425.16 | 473.87 | 1,125.70 | 1,786.97 | 2,570.93 | | 同比（%） | (5.58) | 11.46 | 137.55 | 58.74 | 43.87 | | EPS-最新摊薄（元/股） | 0.67 | 0.74 | 1.77 | 2.80 | 4.03 | | P/E（现价&最新摊薄） | 94.49 | 84.77 | 35.69 | 22.48 | 15.63 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Insights - The company's performance exceeded market expectations, with a projected net profit of 3.5 billion yuan for 2025, representing a year-on-year increase of 56.93% [8] - The company is expected to benefit significantly from the high demand in the downstream power and energy storage sectors, with a notable increase in overseas orders and revenue [8] - The company is positioned as a leader in module/pack equipment and structural components, which are expected to benefit from the growth in lithium battery and solid-state battery markets [8] Financial Projections - Total revenue is projected to grow from 2,448 million yuan in 2023 to 4,370 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.86% [1] - The net profit attributable to shareholders is expected to increase from 39.95 million yuan in 2023 to 521.29 million yuan in 2027, reflecting a CAGR of 16.27% [1] - The earnings per share (EPS) is forecasted to rise from 0.32 yuan in 2023 to 4.12 yuan in 2027, indicating strong growth potential [1] Market Data - The closing price of the stock is 87.09 yuan, with a market capitalization of approximately 11,011.31 million yuan [6] - The price-to-earnings (P/E) ratio is projected to decrease from 275.60 in 2023 to 21.12 in 2027, suggesting an improving valuation as earnings grow [1][9] Business Strategy - The company is focusing on expanding its overseas business, with overseas orders accounting for 68% of total orders by the end of 2024 [8] - Collaboration with Qingtao Energy for the development of solid-state battery equipment is a key strategic initiative, enhancing the company's technological capabilities [8]

证券研究报告·公司点评报告·风电设备 [Table_Tag] [Table_Summary] 投资要点 2026 年 01 月 29 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 郭亚男 执业证书：S0600523070003 guoyn@dwzq.com.cn 证券分析师 胡隽颖 大金重工（002487） 2025 年业绩预告点评：业绩符合预期，向全 套解决方案服务商进发！ 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） | 4,325 | 3,780 | 6,752 | 9,092 | 11,867 | | 同比（%） | (15.30) | (12.61) | 78.63 | 34.66 | 30.53 | | 归母净利润（百万元） | 425.16 | 473.87 | 1,125.70 | 1,786.97 | 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company is a leading provider of data and intelligent solutions in the industrial software sector, focusing on digital transformation services for manufacturing and distribution industries. It has a comprehensive product matrix covering key industrial software areas, including PLM, MES, and ERP, with a strong emphasis on AI integration [5][12]. - The company has experienced steady revenue growth, with a reported revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.63%. The net profit attributable to shareholders was 51 million yuan, up 2.40% year-on-year [21][24]. - The company is positioned to benefit from the acceleration of domestic industrial software localization due to external pressures, such as U.S. technology restrictions, which have highlighted the urgency for self-sufficiency in industrial software [42][43]. Summary by Sections 1. Leading Provider of Intelligent Solutions - The company has over 40 years of experience and has become a leading provider of intelligent solutions in China, serving over 50,000 clients across various industries, including equipment manufacturing and automotive parts [5][12]. - The company has expanded its operations to regions such as Taiwan, Vietnam, and Thailand, and has developed a robust product offering that integrates AI and cloud computing technologies [12][15]. 2. Acceleration of Domestic Software Localization - The report highlights significant opportunities for domestic industrial software localization, driven by external disruptions and the need for self-sufficiency in critical software areas [32][42]. - The company has developed a complete product matrix with fully controllable source code and core algorithms, addressing the urgent demand for supply chain security and software autonomy in manufacturing [48]. 3. AI-Driven Demand in Industrial Software - The integration of AI into industrial software is accelerating, with the company actively exploring AI applications and launching innovative AI Agent solutions that enhance operational efficiency for clients [3][5]. - The company's AI-related business revenue grew by 125.91% year-on-year as of mid-2025, indicating successful commercialization of AI applications [5][21]. 4. Investment Strategy - The report suggests that the company is well-positioned to benefit from the ongoing trends in industrial software localization and the integration of AI technologies, with projected earnings per share (EPS) of 0.63, 0.75, and 0.93 yuan for 2025, 2026, and 2027, respectively [5][21].

买入（维持） 新项目提升竞争力，继续推进规模扩张 宝丰能源（600989）深度报告 2026 年 1 月 29 日 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 2026 年 | 1 | 月 | 28 | 日 | | --- | --- | --- | --- | --- | | 收盘价(元) | | 23.82 | | | | 总市值（亿元） | | 1,746.81 | | | | 总股本(亿股) | | 73.33 | | | | 流通股本(亿股) | | 73.33 | | | | ROE（TTM） | | 23.39% | | | | 12 月最高价(元) | | 24.13 | | | | 12 月最低价(元) | | 13.28 | | | 股价走势 资料来源：iFinD，东莞证券研究所 相关报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 度 研 究 公 司 研 究 证 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][64]. Core Insights - The company is experiencing rapid growth in its actuator business and is actively expanding into new markets, particularly in the six-dimensional force sensor sector. The demand for its main actuator and sensor products is expected to remain strong, leading to anticipated revenue growth [3][59]. Summary by Sections Company Overview - The company, Hubei Kait Electronics, was established in 1996 and initially focused on automotive temperature sensors. It has since expanded its product range to include controllers, actuators, and power modules. The company went public on the Beijing Stock Exchange in September 2023, raising 133 million yuan [11][14]. Recent Performance - In 2024, the company reported revenue of 826 million yuan, a year-on-year increase of 26.50%. The compound annual growth rate (CAGR) from 2020 to 2024 was 31.29%. The net profit attributable to shareholders for 2024 was 138 million yuan, up 21.24% year-on-year [33][34]. Product Growth - Sales revenue from actuator products increased from 67 million yuan in 2020 to 327 million yuan in 2024, significantly increasing its share of total revenue from 24.03% in 2020 to 44.91% in the first half of 2025. Sensor product sales also grew from 128 million yuan in 2020 to 295 million yuan in 2024 [34][39]. Automotive Market Trends - Global automotive sales have been recovering since 2021, with total sales increasing from 83.64 million units in 2021 to 95.31 million units in 2024. China has become the largest automotive market, accounting for 32.98% of global production in 2024 [4][48]. Future Projections - The company is projected to achieve net profits of 184 million yuan, 234 million yuan, and 310 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 31, 24, and 18 [3][63].