自主研发筑基，BD 合源，双轮驱动创新价值高效兑现 ——迈威生物深度报告 迈威生物-U（688062.SH） 化学制药 证券研究报告/公司深度报告 2026 年 02 月 25 日 | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入（百万元） | 128 | 200 | 674 | 1,163 | 1,273 | | 增长率 yoy% | 361% | 56% | 238% | 72% | 10% | | 归母净利润（百万元） | -1,053 | -1,044 | -922 | -661 | -355 | | 增长率 yoy% | -10% | 1% | 12% | 28% | 46% | | 每股收益（元） | -2.64 | -2.61 | -2.31 | -1.65 | -0.89 | | 每股现金流量 | -1.96 | -2.39 | -1.81 | -1.29 | 0.17 | | 净资产收益率 | -40% | -6 ...

证券研究报告 | 公司点评 | 电池 锂电池隔膜迎拐点，龙头业绩有望爆发 ——恩捷股份点评报告 投资要点 q 事件 1：公司 2026-01-30 发布 2025 年度业绩预告 2025 年：业绩扭亏为盈，预计归母净利润 1.1~1.6 亿元，中值 1.4 亿元，同比增 加 6.9 亿元。扣非后净利润 0.8~1.3 亿元，中值 1.1 亿元，同比增加 7.2 亿元。 2025Q4 单季度：预计归母净利润 2.0~2.5 亿元，中值 2.2 亿元，同比增加 12.2 亿 元，环比增加 2.2 亿元。扣非后净利润 1.7~2.1 亿元，中值 1.9 亿元。 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 10164 | 13230 | 17610 | 20760 | | (+/-) (%) | -16% | 30% | 33% | 18% | | 归母净利润 | -556 | 137 | 2130 | 3572 | | (+/-) (%) | - | - | 14 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-05 2025-07 2025-09 2025-12 2026-02 -22% -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 中芯国际 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 115.82 | | --- | --- | | 总股本/流通股本（亿股）80.01 | / 20.00 | | 总市值/流通市值（亿元）9,266 | / 2,316 | | 52 周内最高/最低价 | 140.13 / 81.28 | | 资产负债率(%) | 35.2% | | 市盈率 | 251.78 | | 第一大股东 | HKSCC NOMINEES | | LIMITED | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 中芯国际(688981) 收入创新高 l 投资要点 l 投资建议 我们预计公司 2025/2026/2027 年分别实现收入 673/791/910 亿 ...

国内超细纤维龙头，技术突破开启转型新 ——聚杰微纤首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 公司作为国内超纤龙头，超纤主业转型仿皮面料、无尘洁净制品等高端工业用途迎 来价值拐点。深度布局固态电池、具身智能等前沿科技，捕捉未来发展机会。 投资要点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | [Table_Finance] 财务摘要(百万元) | | | | | | | 营业总收入 | 685 | 600 | 592 | 653 | 749 | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Buy" [6][19]. Core Insights - The report highlights that the traditional electronic fabric prices are expected to rise significantly in February, driven by a shortage of traditional fabric due to the conversion of weaving machines to produce AI specialty fabrics. As the largest producer of traditional fabric, the company stands to benefit greatly, with every 1 yuan increase in electronic fabric prices potentially adding 1 billion yuan to the company's profits [2][12]. - The company is projected to see a significant increase in earnings per share (EPS) for 2025-2027, with estimates raised to 0.88 yuan, 1.24 yuan (+0.19), and 1.39 yuan (+0.19) respectively. The target price has been adjusted to 37.16 yuan based on a comparable company PE of 29.97 times for 2026 [12][14]. Financial Summary - Total revenue is forecasted to grow from 14,876 million yuan in 2023 to 23,351 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.7% [4]. - Net profit attributable to the parent company is expected to recover from 3,044 million yuan in 2023 to 5,552 million yuan in 2027, with a notable increase of 44.8% in 2025 and 40.1% in 2026 [4]. - The company's earnings per share (EPS) is projected to increase from 0.76 yuan in 2023 to 1.39 yuan in 2027 [4]. - The return on equity (ROE) is expected to improve from 10.6% in 2023 to 14.6% in 2027 [4]. Market Data - The current stock price is 27.62 yuan, with a target price of 37.16 yuan, indicating a potential upside [6][7]. - The company has a total market capitalization of 110,567 million yuan and a total share capital of 4,003 million shares [7][8]. - The stock has shown a significant absolute increase of 149% over the past 12 months [11].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [9]. Core Views - The company is positioned to benefit significantly from the global power investment cycle, particularly in the high-voltage transformer sector, with a strong emphasis on its technological advantages and international expansion plans [9][7]. - The company has established itself as a leader in the electromagnetic wire market, breaking foreign monopolies in high-voltage applications and achieving recognition as a national "manufacturing single champion" [7][9]. - The establishment of a subsidiary in Saudi Arabia is expected to accelerate the company's overseas business expansion, alleviating domestic production capacity constraints [8][9]. Summary by Sections Company Overview - The company specializes in the research and manufacturing of electromagnetic wires for transformers, achieving a significant market position in high-voltage applications [7]. - It has a stable customer base in the U.S. and has successfully entered the supply chains of major global power equipment manufacturers [7][9]. Financial Performance - The company is projected to achieve revenues of 29.01 billion yuan, 42.11 billion yuan, and 49.82 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40.00%, 45.15%, and 18.30% [9][10]. - Expected net profits for the same years are forecasted at 1.11 billion yuan, 1.63 billion yuan, and 2.07 billion yuan, with growth rates of 9.71%, 46.98%, and 26.61% [9][10]. Market Trends - Global investment in power infrastructure is accelerating, with significant increases in both domestic and international markets, particularly in the U.S. and Saudi Arabia [7]. - The demand for transformers is anticipated to rise sharply due to increased electricity consumption and infrastructure investments [7].

2026 年 02 月 25 日 公司研究●证券研究报告 | | | 拓普集团（601689.SH） 公司快报 2025 年业绩预告点评：全年业绩符合预期，机 器人、液冷蓄势待发 投资要点 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 19,701 | 26,600 | 29,735 | 36,521 | 44,111 | | YoY(%) | 23.2 | 35.0 | 11.8 | 22.8 | 20.8 | | 归母净利润(百万元) | 2,151 | 3,001 | 2,768 | 3,467 | 4,347 | | YoY(%) | 26.5 | 39.5 | -7.8 | 25.3 | 25.4 | | 毛利率(%) | 23.0 | 20.8 | 19.3 | 19.7 | 20.2 | | EPS(摊薄/元) | 1.24 | 1.73 | 1.59 | 2.00 | 2.50 | | ROE(%) | 15.6 | 15. ...

证券研究报告 交通运输 | 物流 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 25 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 高树根 gaoshugen@huayuanstock.com 市场表现： | 基本数据 | | 2026 | 年 | 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 12.90 | | | 一 年 内 最 / 最 | 高 | 低 | | | | | | （元） | | | | | 13.35/9.00 | | | 总市值（百万元） | | | | | 5,901.62 | | | ...

美容护理行业 买入 （首次） 母婴赛道新声，润物生长 润本股份（603193）深度报告 2026年2月25日 魏红梅 SAC执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 研究助理：陈姿倩 SAC执业证书编号： S0340125070028 电话：0769-22119430 邮箱chenziqian@dgzq.com.cn | 主要数据 2026年2月24日 | | | --- | --- | | 收盘价(元) | 23.44 | | 总市值（亿元） | 93.84 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 1.03 | | ROE（TTM） | 14.05% | | 12月最高价(元) | 43.43 | | 12月最低价(元) | 23.20 | 股价走势 资料来源：东莞证券研究所，ifind 相关报告 投资要点： ◼ 风险提示。市场竞争风险、投流税政策变化风险、新品推广不及预 期风险、产品质量与合规风险。 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 ...

农林牧渔行业 买入 （维持） 一体化龙头 竞争优势显著 深 度 研 深 度 研 牧原股份（002714）深度报告 2026 年 2 月 25 日 | 魏红梅 邮箱：whm2@dgzq.com.cn 公 公 司 司 研 研 究 究 主要数据 2026 | | --- | | SAC 执业证书编号： | | S0340513040002 | | 电话：0769-22119410 | | 年 2 月 24 日 | | 收盘价（元） 44.56 | | 总市值（亿元） 2,556.28 | | 总股本（百万股） 5,736.72 | | 流通股本（百万股） 4,082.75 | | ROE(TTM) 29.24% | | 12 月最高价（元） 58.65 | | 12 月最低价（元） 35.01 | 资料来源：iFinD，东莞证券研究所 投资要点： 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。 SAC 执业证书编号： 公司是我国生猪养殖一体化龙头。公司始创于1992年，于2012年养猪事 业走出河南，2014年在深交 ...