Investment Rating - The report gives a "Buy" rating for the company, Hangya Technology (688510.SH), with a target price of 31.2 yuan based on a 40x valuation for 2026 [2][4][15]. Core Insights - Hangya Technology focuses on precision forging technology, specializing in key components for aircraft engines and medical orthopedic implants. The company has established a strong position in the aircraft engine parts sector since its listing on the Sci-Tech Innovation Board in 2020 [1][4][17]. - The company reported revenues of 530 million yuan and a net profit of 78 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.95% in revenue but a decrease of 16.04% in net profit [1][31]. - The demand for international commercial aircraft engines is increasing, and Hangya Technology has positioned itself advantageously to meet this demand by becoming a reliable supplier for major players like CFM [1][39][44]. Summary by Sections 1. Company Overview - Hangya Technology is centered on precision forging technology, focusing on critical components for aircraft engines and medical implants. The company has made significant advancements in manufacturing techniques since its establishment in 2013 [1][17][20]. 2. Market Demand and Positioning - The international commercial aircraft engine market is characterized by a few dominant players, with CFM leading in delivery volumes. Hangya Technology has successfully positioned itself as a key supplier amid supply chain disruptions [1][39][44]. - CFM is actively seeking domestic suppliers to alleviate supply chain pressures, which presents opportunities for Hangya Technology to expand its market share [1][45][47]. 3. Growth Drivers - The company is experiencing growth across multiple sectors, including domestic aircraft engines, gas turbines, and medical products. Collaborations with major clients like GE and domestic aerospace firms are expected to drive future revenue growth [1][2][11][57]. - The domestic aviation market is projected to grow significantly, with increasing demand for new aircraft, which will benefit Hangya Technology's operations [1][57][59]. 4. Financial Projections - Revenue forecasts for Hangya Technology indicate growth from 817 million yuan in 2025 to 1.512 billion yuan by 2027, with corresponding net profits expected to rise from 130 million yuan to 290 million yuan during the same period [2][15][31]. - The company's earnings per share (EPS) are projected to increase from 0.51 yuan in 2025 to 1.13 yuan by 2027, reflecting strong growth potential [2][15]. 5. Strategic Collaborations - Hangya Technology has established strategic partnerships with key industry players, enhancing its production capabilities and market reach. The collaboration with CFM and other international clients is expected to solidify its position in the market [1][49][54].

证券研究报告 | 2025年12月12日 川恒股份（002895.SZ） 优于大市 磷酸盐主业稳根基，磷矿石资源助增长 资源为基，构建"矿化一体"全产业链壁垒。川恒股份是国内磷化工行业资 源型领军企业，核心竞争力源于优质磷矿资源。公司通过控股福麟矿业 （90%）、黔源地勘（58.5%）及参股天一矿业（40%），布局小坝、新桥、 鸡公岭、老虎洞等高品位矿山，2025 年权益磷矿石产能达 320 万吨，2027 年后将突破 850 万吨。中国以全球约 5%的磷矿储量支撑近半产量，资源禀赋 差、环保约束强，稀缺属性持续强化，为公司提供长期成本优势和战略安全。 磷酸为核心中间体，高纯工艺构筑差异化竞争力。磷酸是磷化工产业链的核 心中间产品，公司依托自有高品位磷矿与半水湿法工艺，生产出铁、铝、镁 等杂质含量显著低于行业标准的高品质磷酸，涵盖工业级、食品级等规格。 广西扶绥基地拥有商品磷酸 20 万吨/年与净化磷酸 10 万吨/年产能，受益于 下游需求刚性增长与供给趋紧，公司磷酸业务毛利率显著高于同业。 饲料级磷酸二氢钙全球龙头，供需格局向好。公司饲料级磷酸二氢钙总设计 产能达 51 万吨/年，为全球最大的生产商。当前行 ...

Investment Rating - The investment rating for the company is "Buy" with a first-time coverage [1]. Core Insights - The company is a leading insulin manufacturer in China, focusing on innovative drug development for metabolic diseases, with a complete product line for diabetes treatment [3][13]. - The company has successfully transitioned from price reduction to volume and price increases in its insulin business due to two rounds of centralized procurement [3][5]. - The innovative pipeline includes the GLP-1RA injection, which is expected to be the first globally approved biweekly formulation, showing superior weight loss and glycemic control data [4][62]. Summary by Sections Company Overview - The company is a high-tech biopharmaceutical enterprise that pioneered the industrialization of insulin analogs in China, with a comprehensive product line covering long-acting, rapid-acting, and premixed insulin [13]. - The company aims to provide integrated diabetes treatment solutions and is expanding into other therapeutic areas such as oncology and cardiovascular diseases [15]. Financial Performance - The company experienced a revenue decline in 2022 due to centralized procurement impacts but has since begun a recovery, with 2023 revenue reaching 26.08 billion yuan, a 52.31% increase year-on-year [33][34]. - For 2025, the company expects significant revenue growth, with projected revenues of 30.47 billion yuan in the first three quarters, a 35.73% increase year-on-year [34]. Market Position and Competitive Advantage - The company has increased its market share in the insulin sector, with a notable rise from 8% to 24% in the third-generation insulin market during the procurement rounds [51][61]. - The company has expanded its medical institution coverage significantly, from 18,000 in 2021 to over 41,000 by the end of 2024, enhancing its market reach [59]. Research and Development - The company has a strong focus on R&D, with a dedicated team and increasing R&D expenditure, reaching 6.46 billion yuan in 2024, representing 21.2% of revenue [20][19]. - The innovative pipeline includes several promising products, such as GZR4, which is in Phase III clinical trials and aims to reduce injection frequency for diabetes patients [62][64]. Future Outlook - The company is well-positioned for future growth, with a robust pipeline and a strong market presence, particularly in the insulin and GLP-1RA segments [5][62].

证券研究报告·公司点评报告·休闲食品 盐津铺子（002847） 开启新征程，海阔凭鱼跃 2025 年 12 月 12 日 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） | 4,115 | 5,304 | 5,936 | 7,050 | 8,165 | | 同比（%） | 42.22 | 28.89 | 11.92 | 18.76 | 15.81 | | 归母净利润（百万元） | 505.77 | 639.95 | 800.12 | 1,005.50 | 1,223.36 | | 同比（%） | 67.76 | 26.53 | 25.03 | 25.67 | 21.67 | | EPS-最新摊薄（元/股） | 1.85 | 2.35 | 2.93 | 3.69 | 4.49 | | P/E（现价&最新摊薄） | 37.46 | 29.60 | 23.68 | 18.84 | 15.49 | 证券分析师 苏铖 执业证书 ...

-年内股价与大盘对比走势: 2025 年 12 月 12 日 芯联集成 (688469) -碳化硅业务再上新台阶,重点覆盖新能源和 AI 数据 中心电源! | 报告原因：有信息公布需要点评 | | --- | | 买入(维持) | | 市场数据: | 2025 年 12 月 11 日 | | --- | --- | | 收盘价（元） | 6.54 | | 一年内最高/最低（元） | 7.69/4.01 | | 市净率 | 4.1 | | 股息率%（分红/股价） | | | 流通 A 股市值 (百万元) | 28.971 | | 上证指数/深证成指 | 3,873.32/13,147.39 | | 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) | 1.58 | | 资产负债率% | 42.24 | | 总股本/流通 A 股 (百万) | 8,383/4,430 | | 流通 B 股/H 股 (百万) | -/- | 相关研究 证券分析师 申万宏源研究微信服务号 联系人 杨紫璇 A0230524070005 ya ...

Investment Rating - The report assigns a "Buy" rating to the company [8]. Core Insights - The company has been deeply engaged in cleanroom integration for 17 years, covering three major fields: medical, laboratory, and electronics. It possesses integrated capabilities across the entire industry chain, including design, construction, procurement, and after-sales service [1][2]. - In 2024, the company is expected to achieve revenue of 1.708 billion yuan, a year-on-year increase of 6.64%, with a net profit attributable to the parent company of 67 million yuan, a decrease of 37.75%. For the first three quarters of 2025, revenue is projected to be 1.431 billion yuan, a year-on-year increase of 32.59%, with a net profit of 61 million yuan, a significant increase of 211.46% [1][2]. - The medical cleanroom business is experiencing high growth, with a rich order backlog. The company's orders in the medical and laboratory sectors have increased from 1.727 billion yuan in 2022 to 3.706 billion yuan in the first half of 2025 [1][2]. - The company has successfully entered the electronic cleanroom sector, establishing an electronic division in 2024 and winning multiple projects, with an order backlog of 121 million yuan as of the first half of 2025 [2]. Financial Summary - Revenue projections for 2025-2027 are 2.581 billion yuan, 3.535 billion yuan, and 5.051 billion yuan, representing year-on-year growth rates of 51.15%, 36.94%, and 42.89% respectively. Net profit attributable to the parent company is expected to be 137 million yuan, 215 million yuan, and 426 million yuan, with growth rates of 104.47%, 57.72%, and 97.83% respectively [2][7]. - Earnings per share (EPS) are projected to be 1.27 yuan, 2.00 yuan, and 3.95 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 24.99, 15.84, and 8.01 [2][7].

证券研究报告 电子 | 消费电子 北交所|首次覆盖报告 投资要点： 雅葆轩(920357.BJ) 投资评级： 增持（首次） ——PCBA 电子制造服务"小巨人"，受益于汽车电子智驾需求和工控数字化转型 hyzqdatemark 2025 年 12 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 年 | 12 | 日 | | 2025 | | 月 | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 25.11 | | | | | | | 一 年 内 最 最 低 | | | | / | | 高 | | | | （元） | | | 31.57/16.24 | | | | | | | 总市值（百万元） | | | 2,010.81 | | | | | | | 流通市值（百万元） | | | 1,117.76 | | | | ...

2025 年 12 月 12 日 投资评级：买入（维持） 食品饮料/白酒Ⅱ 泸州老窖（000568.SZ） 保持战略定力，压力有序释放 | 日期 | 2025/12/11 | | --- | --- | | 当前股价(元) | 121.40 | | 一年最高最低(元) | 146.72/106.75 | | 总市值(亿元) | 1,786.94 | | 流通市值(亿元) | 1,783.69 | | 总股本(亿股) | 14.72 | | 流通股本(亿股) | 14.69 | | 近 3 个月换手率(%) | 37.35 | 前三季度压力有序释放，表现优于行业整体 股价走势图 数据来源：聚源 -30% -20% -10% 0% 10% 20% 2024-12 2025-04 2025-08 泸州老窖 沪深300 相关研究报告 《主动调控，着眼长远—公司信息更 新报告》-2025.5.5 张宇光（分析师） 逄晓娟（分析师） zhangyuguang@kysec.cn pangxiaojuan@kysec.cn 证书编号：S0790521060002 调整期保持战略定力，看好后续改善节奏，维持"买入"评级 泸州老 ...

2025 年 12 月 12 日 芯联集成 (688469) -40% -20% 0% 20% 40% 12-11 01-11 02-11 03-11 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 12-11 芯联集成 沪深300指数 (收益率) 相关研究 证券分析师 杨紫璇 A0230524070005 yangzx@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com | 报告原因：有信息公布需要点评 | | --- | | 买入（维持） | | 市场数据： | 2025 年 12 月 11 日 | | --- | --- | | 收盘价（元） | 6.54 | | 一年内最高/最低（元） | 7.69/4.01 | | 市净率 | 4.1 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 28,971 | | 上证指数/深证成指 3,873.32/13,147.39 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 33.76 CNY for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [4][6]. Core Insights - The company, Longda Co., Ltd., specializes in high-temperature alloy materials and is expected to benefit from the growing demand for AI-related electricity usage. The company has expanded its business from copper-based alloys to nickel-based and high-temperature alloys, with applications in various industries including aerospace, energy, oil and gas, and automotive [1][4]. - The aerospace sector shows strong growth potential, with increasing demand for high-temperature alloys in both military and civil aviation markets. The automotive turbocharger market in China is also expanding, leading to higher usage of high-temperature alloys [2]. - The company has a diverse customer base in the gas turbine sector, including major players like GE and Siemens. It is actively expanding its production capacity, particularly in Malaysia, which is expected to significantly enhance its profitability and customer support capabilities [3][4]. Financial Summary - The projected revenue for the company from 2025 to 2027 is 17.3 billion CNY, 21.9 billion CNY, and 28.0 billion CNY, respectively. The net profit attributable to the parent company is expected to be 1.06 billion CNY, 1.67 billion CNY, and 2.38 billion CNY for the same period [4][5]. - The company anticipates a revenue growth rate of 24.33% in 2025, 26.30% in 2026, and 28.15% in 2027, with net profit growth rates of 59.92%, 57.62%, and 42.61% for the respective years [5][11].