2026 年 01 月 27 日 公司研究 评级：买入(维持) [Table_Title] 计提减值退出数禾，不改主业发展韧性 ——分众传媒（002027）公司动态事件点评 最近一年走势 事件: 1 月 23 日，公司公告针对上海数禾计提长期股权投资减值 21.53 亿元， 于 2025 年第四季度按权益法计提数禾的亏损 3.76 亿元，导致公司 2025 年净利润减少 25.29 亿元，2026Q1 归母净利润增加 5.65 亿元，公司同 时减资全面退出上海数禾。 投资要点: 公司维持高分红，新潮收购即将完成。 此次减值为非经常性损益，与公司主业无关。公司此前承诺年分红 金额不低于扣非净利润 80%，据此假设下年股息率 4.2%（依据 2026 年 1 月 23 日股价）。此外，1 月 13 日公司公告收购新潮传媒获深 交所受理，收购完成后双方在大小客户资源互补、高低线媒资覆盖、 表现 1M 3M 12M 分众传媒 3.3% -0.1% 20.4% 沪深 300 1.1% 1.0% 22.8% 市场数据 2026/01/26 当前价格（元） 7.42 52 周价格区间（元） 6.21-8.76 总市值（百万 ...

Investment Rating - The report maintains a "Buy" rating for the company Tonghuashun (300033) [1] Core Insights - The company is expected to achieve significant growth in profitability, with a projected net profit of between 2.735 billion to 3.282 billion yuan for 2025, representing a year-on-year increase of 50% to 80% [4][10] - The growth is driven by increased investment in artificial intelligence and a recovery in investor confidence, leading to higher demand for financial information services [5][10] - The company's HithinkGPT model shows continuous performance improvements, enhancing its capabilities in text generation, logical reasoning, and multi-modal understanding [6][10] Financial Performance - For 2025, the company forecasts revenue of 6.426 billion yuan, with net profits of 2.928 billion yuan, and an EPS of 5.45 yuan [9][10] - The projected revenue growth rates for 2025-2027 are 53%, 32%, and 22% respectively, while net profit growth rates are 61%, 33%, and 26% [9][10] - The company has a strong user base in the C-end market and broad coverage in the B-end market, which is expected to enhance its product monetization capabilities [10] Market Trends - The domestic ETF market is rapidly expanding, with total scale increasing from 3.73 trillion yuan at the beginning of the year to 6.03 trillion yuan by December 26, 2025, marking a growth of over 60% [8] - The "Aifund" platform has integrated with 228 fund companies and securities firms, offering over 24,606 fund and asset management products, indicating a growing trend towards passive investment [8]

2026 年 01 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn [Table_Title] 2025Q4 营收利润加速增长，预计净息差趋势继 续向好 《招商银行（600036）2025 年三季报点评：Q3 营收同比增速转正，资产质量稳中向好（买入）* 股份制银行Ⅱ*林加力，徐凝碧》——2025-10-30 《招商银行（600036）2025 年中报点评：净利润 增速转正，资产质量稳中向好（买入）*股份制银 行Ⅱ*林加力，徐凝碧》——2025-09-02 《招商银行（600036）2024 年年报点评：资产规 模、客户存款和零售客户 AUM 增速突破两位数（买 ——招商银行（600036）2025 年业绩快报点评 最近一年走势 | 相对沪深 | 300 | 表现 | 2026/01/26 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 招商银行 | ...

美的历经全面要约、控股收购与退市计划三步推进，完成全球机器人龙头 库卡的控股与战略整合。美的机器人战略自引进到控股，构建"自主研发 +国际并购+生态协同"一体化自动化产业体系。KUKA 自 1898 年创立以 来，历经焊接设备扩展、工业机器人研发突破及自动化系统整合发展，成 功转型为全球领先的智能自动化解决方案提供商。产品结构：KUKA 的产 品体系以工业机器人为核心，向移动平台、焊接设备、系统集成、机队管 理、教育培训与软件生态等方向纵深拓展。客户群体：覆盖新能源车、电 池、电商零售至医疗健康，库卡构建起多行业适配的自动化客户群体系。 ➢ 工业机器人行业：长链合作，"四大家族"优势领先。 美的集团（000333.SZ） 美的系列报告一：机器人与自动化业务，迈向智造未来 ➢ 机器人与自动化业务：要约收购 KUKA，成功布局工业机器人业 务。 证券研究报告 | 公司深度 gszqdatemark 2026 01 27 年 月 日 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 白色家电 | | 前次评级 | 买入 | | 01 月 22 日收盘价（元） | 77.49 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a harvest period with a stabilization in micro-inverter competition, leading to steady growth [1] - The company anticipates a significant recovery in its energy storage business in 2026, with projected revenues of over 10 billion yuan from large-scale storage systems and a gross margin of around 15% [8] - The company is undergoing a transformation phase, with high expenses expected in 2025, but a slight increase in costs is anticipated for 2026 as the framework for various teams has been established [8] Financial Projections - Total revenue is projected to decline slightly from 1,993 million yuan in 2024 to 1,959 million yuan in 2025, before increasing to 4,018 million yuan in 2026 and 5,345 million yuan in 2027 [1][9] - The net profit attributable to the parent company is expected to be -149 million yuan in 2025, with a recovery to 313 million yuan in 2026 and 511 million yuan in 2027 [1][9] - The earnings per share (EPS) is forecasted to be -1.20 yuan in 2025, recovering to 2.52 yuan in 2026 and 4.12 yuan in 2027 [1][9] Market Data - The closing price of the company's stock is 111.50 yuan, with a market capitalization of 13,834.20 million yuan [5] - The price-to-earnings (P/E) ratio is currently 43.23, expected to drop to -99.98 in 2025 before stabilizing at 29.09 in 2027 [1][9] Business Segments - The company expects to generate over 3 billion yuan in revenue from large-scale storage systems and PCS in 2025, with a significant portion coming from overseas markets [8] - The micro-inverter segment is projected to see revenues of over 8 billion yuan in 2025, despite a 30% decline in prices due to increased competition [8]

客流回暖，股东回馈拉动淡季，运力有望 改善 核心观点 盈利预测与投资建议 ⚫ 考虑到 25 全年收入偏弱，运力和交通还需一定时间释放，我们调整 2025-2027 年 EPS 预测为 0.45/0.54/0.61 元（此前为 25-26 年为 0.63/0.69 元），根据可比公司 26 年 32 倍 PE 对应目标价 17.28 元，维持"买入"评级。 风险提示 若宏观出行需求不及预期、极端天气/运力约束影响旺季接待，或茶业等新业务推进与盈 利转化慢于预期，可能导致收入与利润修复不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,045 | 1,013 | 973 | 1,034 | 1,090 | | 同比增长 (%) | 142.3% | -3.0% | -4.0% | 6.3% | 5.4% | | 营业利润(百万元) | 135 | 218 | 230 | 285 | 334 | | 同比增长 (%) | 168.4% | 61 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" from "Hold" [3] Core Insights - The company plans to invest up to 35 million yuan in Jiangyin Qixin Linghang through a newly established partnership, acquiring a 6.48% stake [3] - Jiangyin Qixin Linghang is in its cultivation and development stage, with projected revenues of 51.71 million yuan in 2024 and 29.10 million yuan in the first three quarters of 2025, alongside net losses of 36.03 million yuan and 12.91 million yuan respectively [3] - The investment is expected to benefit from the domestic substitution boom in the EDA industry, where U.S. companies dominate with a combined market share of 74% globally and over 80% in the domestic market [3] - The founding team of Qixin Linghang has over 20 years of experience in EDA, which positions the company well for industrialization in this sector [3] - The partnership is anticipated to create synergies in vocational education within the EDA field, leveraging the company's extensive network and resources in vocational training [3] Financial Summary - Total revenue is projected to grow from 2,213 million yuan in 2023 to 4,931 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.2% [4] - Net profit attributable to the parent company is expected to increase significantly from 154 million yuan in 2023 to 345 million yuan in 2027, reflecting a growth rate of 1035.2% in 2024 [4] - The company's EPS is forecasted to rise from 1.26 yuan in 2023 to 2.83 yuan in 2027, with corresponding P/E ratios decreasing from 31.28 to 13.95 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 248.20 RMB from the previous 250 RMB [2][5]. Core Insights - The company's performance is slightly below expectations, but the demand outlook remains positive. The company is expected to benefit from high growth in the CPO sector [2][11]. - The 2025 net profit forecast has been revised down to 2.08 billion RMB from 2.25 billion RMB, with an EPS of 2.68 RMB. The net profit for 2026 and 2027 remains unchanged at 3.33 billion RMB and 3.99 billion RMB, respectively [11]. - The company is recognized as a core supplier by Nvidia, and the CPO sector is anticipated to experience significant growth, particularly with the upcoming Quantum and Spectrum CPO solutions [11]. Financial Summary - Total revenue is projected to grow from 1.94 billion RMB in 2023 to 10.86 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of 62.0% to 19.7% [4]. - Net profit attributable to the parent company is expected to increase from 730 million RMB in 2023 to nearly 4 billion RMB in 2027, with a CAGR of 81.1% to 20.2% [4]. - The company's return on equity (ROE) is forecasted to peak at 43.0% in 2026 before slightly declining to 38.2% in 2027 [4]. Market Data - The company's market capitalization is approximately 152.34 billion RMB, with a current share price of 195.95 RMB [6]. - The stock has experienced a 52-week price range of 62.23 RMB to 240.15 RMB, indicating significant volatility [6]. - The company has a net asset value per share of 6.27 RMB, with a price-to-book ratio of 31.2 [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is positioned as a leader in the wool spinning industry, benefiting from both wool and cashmere businesses, which drive growth [14] - The company has implemented a sustainable broadband strategy and global expansion, supporting new growth opportunities [20] - The company is expected to benefit from rising wool prices starting September 2025, which will positively impact product pricing and profitability [5] Summary by Sections Company Overview - The company has over 30 years of experience in the wool spinning industry, focusing on wool yarn, cashmere yarn, and wool tops, with a strong market presence both domestically and internationally [14] - The company has a market share of 1st in domestic and 2nd in international for fine wool yarn, and 2nd in domestic and 3rd in international for coarse cashmere yarn [14] Industry Analysis - The global supply of wool is limited in the short to medium term, with Australia, the largest wool producer, expected to see an 8.4% decrease in production for the 2025-2026 fiscal year [5] - The application of wool is expanding beyond clothing to outdoor, home textiles, and craft sectors, supporting price stability [5] Competitive Position - The company has maintained a leading market share in both domestic and international markets, with competitors primarily being German firms in the wool yarn sector [5] - The cashmere yarn market is seeing a concentration of competition, with the company's market share expected to grow as it expands into high-end markets [5] Financial Performance - The company’s revenue and net profit are projected to grow steadily, with expected revenues of 50.0 billion, 55.3 billion, and 60.5 billion for 2025E, 2026E, and 2027E respectively, reflecting growth rates of 3.3%, 10.7%, and 9.3% [6] - The company’s net profit is expected to reach 4.52 billion, 5.43 billion, and 5.90 billion for the same years, with growth rates of 5.5%, 20.2%, and 8.6% [6] Future Outlook - The company is set to benefit from the expansion of wool yarn production and the enhancement of cashmere yarn quality, leading to potential revenue and profit growth [5] - The company is actively exploring high-value applications and enhancing its product offerings, which is expected to improve its competitive edge [5]

证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 27 日 [Table_Title] 2025 年业绩超预期，海外业务将持续注入增长动能 [Table_Title2] 思源电气(002028.SZ) [Table_Summary] ►2025 年业绩超预期 公司发布 2025 年业绩快报，2025 年公司实现营收 212.1 亿元， 同比增长 37%；实现归母净利润 31.6 亿元，同比增长 54%；实 现扣非归母净利润 29.6 亿元，同比增长 58%。就 2025Q4 来看， 公司实现营收 73.8 亿元，同比增长 46%，环比增长 38%；实现 归母净利润 9.7 亿元，同比增长 74%，环比增长 8%；实现扣非 归母净利润 9.2 亿元，同比增长 95%，环比增长 15%。 ►在美国供应高压变电站设备，盈利水平有望持续提升 受美国电网扩容改造&AIDC 建设放量等需求驱动，美国高压设备 供 应 紧 张 ， 电力 变 压 器 PPI 指 数 持 续上 升 。 根据 Wood Mackenzie 报告，2025Q2 美国升压变压器、电力变压器交付周 期已分别达到 143 周、 ...