2026 年 02 月 26 日 精密制造领先企业，液冷和机器人业务新增看点 —兴瑞科技（002937.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2 0 2 6-0 2-2 6 | | --- | --- | | 当前股价（元） | 26.2 | | 总市值（亿元） | 78 | | 总股本（百万股） | 298 | | 流通股本（百万股） | 297 | | 52 周价格范围（元） | 15.17-26.2 | | 日均成交额（百万元） | 147.05 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -30 -20 -10 0 10 20 30 (%) 兴瑞科技 沪深300 相关研究 ▌精密制造领先企业，聚焦三大业务领域 公司成立于 2001 年，是一家精密零组件制造及研发企业，产 品涵盖电子连接器、结构件、镶嵌注塑集成件等，聚焦新能 源汽车电装系统、智能终端及消费电子领域，为行业高端客 户提供定制化系统解决方案，2025 年上半年汽车电子营收占 比 52.32%，贡献公司大部分营收。深耕精密 ...

公 司 研 究 步入成长新阶段，高端装备与机器人共驱 五洲新春(603667) 五洲新春跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 马菁菁(分析师) | 021-23185627 | majingjing@gtht.com | S0880525040118 | 本报告导读： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,106 | 3,265 | 3,735 | 4,315 | 5,011 | | (+/-)% | -2.9% | 5.1% | 14.4% | 15.5% | 16.1% | | 净利润(归母) | 138 | 91 | 131 | 182 | 228 | | (+/-)% | - ...

证券研究报告 虹软科技 (688088 CH) 利润持续释放，智驾业务维持高增 | 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 | 26 日│中国内地 | 计算机应用 | 目标价(人民币): | 71.27 | 虹软科技发布 2025 年业绩预告：预计营收 9.23 亿，yoy+13.22%；归母净 利 2.58 亿，yoy+45.86%；扣非净利 2.13 亿，yoy+36.85%。利润快速增长 主要得益于智驾营收高增长驱动该业务持续减亏。公司整体营收及归母净利 略低于我们预期（营收 10.21 亿，归母净利 2.84 亿），预计主要受部分手 机 IP 算法及智驾业务确收延期影响，智能终端及智驾业务收入增速低于我 们预期。展望未来，公司智能驾驶业务营收有望维持高增长，高利润率的智 能终端业务营收维持稳健增长，公司整体利润有望持续释放，维持买入评级。 25Q4 单季：收入同比+23%左右，归母净利同比+32%左右 虹软 25Q1-Q3 营收同比增速分别为 13.77%、2.08% ...

公 司 研 究 新拓电子布领域，半导体无尘耗材亦高增 聚杰微纤(300819) ——聚杰微纤更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 巫恺洋(分析师) | 0755-23976666 | wukaiyang@gtht.com | S0880525080008 | 本报告导读： 公开工商信息显示公司通过收购拓展电子布领域，设备灵活升级能力或是特色，公 司半导体无尘擦拭耗材也在快速发展阶段。 投资要点： | 52 周内股价区间(元) | 14.81-53.78 | | --- | --- | | 总市值(百万元) | 7,965 | | 总股本/流通A股(百万股) | 149/135 | | 流通 B股/H 股(百万股) | 0/0 | [Table_Bala ...

市公司 防疫 公司古 | 公 | | --- | | 司 | | 研 | | 究 | | / | | 公 | | 司 | | 市场数据: | 2026年02月26日 | | --- | --- | | 收盘价（元） | 73.18 | | 一年内最高/最低(元) | 97.00/46.15 | | 市净率 | 5.8 | | 股息率%（分红/股价） | 1.23 | | 流通 A 股市值 (百万元) | 1.464 | | 上证指数/深证成指 | 4,146.63/14,503.79 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 12.59 | | 资产负债率% | 31.07 | | 总股本/流通 A 股 (百万) | 100/20 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大需对 | 信势： 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 程恺雯 A02305240800 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The subscription of shares by Whirlpool China is expected to strengthen the global collaboration and influence of the company, enhancing cooperation with the group [2] - The current dividend yield for WHR is 4.95%, indicating a favorable financial return [2] - Future growth is anticipated due to the company's ability to secure orders from Whirlpool Group, increased OEM releases in Japan and Southeast Asia, cost reduction and efficiency improvements after the acquisition of Galanz, and changes in competitive dynamics [2] Financial Projections - The company is projected to achieve net profits of 505 million, 616 million, and 743 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 150.5%, 21.8%, and 20.7% [2] - Revenue is expected to grow from 4,455 million yuan in 2025 to 6,454 million yuan in 2027, with corresponding growth rates of 22.1%, 21.1%, and 19.7% [3] - The latest diluted EPS is projected to increase from 0.66 yuan in 2025 to 0.97 yuan in 2027 [3] Financial Metrics - The company’s total revenue for 2023 is reported at 4,004 million yuan, with a projected decline of 6.1% year-on-year [3] - The net profit for 2023 is reported at 81 million yuan, with a significant year-on-year increase of 190.4% [3] - The return on equity (ROE) is expected to rise from 3.2% in 2023 to 29.9% in 2027 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company, Anfu Technology, has transformed from a retail business to a leader in the domestic small battery industry by acquiring a controlling stake in Nanfu Battery and divesting its original retail operations [3][15] - Nanfu Battery is recognized for its high profit margins, strong return on equity (ROE), and robust cash flow, maintaining a market share of over 80% in the domestic alkaline battery market [6][47] - The company is actively investing in high-tech sectors, including AI and semiconductor manufacturing, to build a second growth curve alongside its core battery business [3][5] Summary by Sections 1. Anfu Technology: Domestic Small Battery Industry Leader - Anfu Technology was established in 1984 and listed on the A-share market in 2016, initially focusing on retail [15] - In 2022, the company acquired 51% of Yajing Technology, gaining control of Nanfu Battery and successfully transitioning to the consumer battery sector [15][12] 2. Controlling Nanfu Battery: A Stable "Cash Cow" Business - Nanfu Battery has been the market leader in alkaline manganese batteries for 32 consecutive years, with a retail market share of 85.9% in alkaline 5 and 7 batteries for 2024 [6][47] - Revenue for Nanfu Battery grew from 2.18 billion to 4.64 billion (CAGR +10%) from 2016 to 2024, with net profit increasing from 500 million to 920 million (CAGR +8%) [6][53] - The company plans to acquire the remaining shares of Yajing Technology and minority stakes in Nanfu Battery to enhance profitability [6] 3. Strategic Investment in Yilaimi: Potential for "Electric + Optical" Dual Layout - Yilaimi is positioned to develop next-generation optical chips, with a production capacity supporting 200,000 to 500,000 chips annually [6] - The strategic investment in Yilaimi is part of the company's broader strategy to integrate into the semiconductor industry and explore new growth avenues [6] 4. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 4.82 billion, 5.31 billion, and 5.83 billion, with year-on-year growth rates of +4.0%, +10.1%, and +9.8% respectively [6] - The estimated net profit attributable to the parent company for the same period is 235 million, 421 million, and 594 million, reflecting significant growth [6] - The stock's reasonable value range is estimated between 57.6 and 69.1 yuan, corresponding to a market capitalization of 14.85 billion to 17.81 billion [6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The proposed subscription of $30 million in common stock by Whirlpool China aims to strengthen global collaboration with the Whirlpool Group, enhancing its influence and deepening cooperation. The current dividend yield for WHR is 4.95%, indicating good financial returns [2] - The company is expected to benefit from increased orders from the Whirlpool Group, growth in OEM releases in Japan and Southeast Asia, cost reduction and efficiency improvements following the acquisition by Galanz, and changes in competitive dynamics within the industry. Future growth is anticipated [2] Financial Projections - Revenue is projected to grow from 4,004 million yuan in 2023 to 6,454 million yuan in 2027, with year-on-year growth rates of -6.1% in 2023, 22.1% in 2025, 21.1% in 2026, and 19.7% in 2027 [3] - Net profit attributable to the parent company is expected to increase from 81 million yuan in 2023 to 743 million yuan in 2027, with significant growth rates of 190.4% in 2024, 150.5% in 2025, 21.8% in 2026, and 20.7% in 2027 [3] - The latest diluted EPS is forecasted to rise from 0.11 yuan in 2023 to 0.97 yuan in 2027 [3] - The return on equity (ROE) is projected to improve from 3.2% in 2023 to 29.9% in 2027 [3] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 113.7 in 2023 to 12.4 in 2027, indicating a more attractive valuation over time [3] - The price-to-book (P/B) ratio is projected to remain relatively stable, ranging from 3.6 in 2023 to 3.7 in 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company has made strategic acquisitions, including a 60% stake in the Hungarian packaging company Gelbert for €6.54 million (approximately 53.48 million RMB), which positions it to establish a foothold in the European market [1]. - The acquisition of Gelbert is valued at 6.4 times the target company's 2024 EBITDA, suggesting a low valuation and potential for growth through local production and service capabilities [2]. - The company also plans to acquire a 51% stake in Dongguan Huayan Technology for 449 million RMB, with performance-based valuation adjustments tied to future profit targets [2][3]. - The overall valuation for Huayan Technology is set at 880 million RMB, reflecting an 8x multiple on the average target net profit for 2026-2028, indicating strong support from major shareholders [3]. - The company's strategy focuses on expanding beyond packaging into non-packaging sectors, enhancing supply chain integration, and targeting new consumer markets, which is expected to drive future revenue growth [3]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 1.78, 1.93, and 2.30 RMB for the years 2025 to 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 14 [4]. - Revenue forecasts indicate a decline of 6.96% in 2023, followed by growth rates of 12.71% in 2024 and 4.29% in 2025, with further increases expected in subsequent years [9]. - The net profit attributable to the parent company is expected to decrease slightly in 2023 but is projected to grow significantly by 16.21% in 2025 and 18.94% in 2027 [9].

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 公 | | --- | | 司 | | 研 | | 究 | | / | | 公 | | 司 | | 市场数据： | 2026 年 02 月 26 日 | | --- | --- | | 收盘价（元） | 73.18 | | 一年内最高/最低（元） | 97.00/46.15 | | 市净率 | 5.8 | | 股息率%（分红/股价） | 1.23 | | 流通 A 股市值（百万元） | 1,464 | | 上证指数/深证成指 | 4,146.63/14,503.79 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 12.59 | | 资产负债率% | 31.07 | | 总股本/流通 A 股（百万） | 100/20 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120 ...