| 日期 | 2025/12/11 | | --- | --- | | 当前股价(元) | 450.19 | | 一年最高最低(元) | 668.00/198.21 | | 总市值(亿元) | 324.32 | | 流通市值(亿元) | 324.32 | | 总股本(亿股) | 0.72 | | 流通股本(亿股) | 0.72 | | 近 3 个月换手率(%) | 154.44 | 股价走势图 数据来源：聚源 -60% 0% 60% 120% 180% 240% 2024-12 2025-04 2025-08 吉比特 沪深300 相关研究报告 《出海及新游或持续驱动业绩高增长 —公司信息更新报告》-2025.10.29 《Q2 业绩高增，高分红延续，新游及 出海驱动成长 —公司信息更新报告》 -2025.8.20 传媒/游戏Ⅱ 吉比特（603444.SH） 2025 年 12 月 12 日 投资评级：买入（维持） 《新游驱动 2025Q1 业绩改善，关注后 续新产品周期 —公司信息更新报告》 -2025.4.24 《九牧之野》上线在即，看好新游持续驱动公司成长 ——公司信息更新报告 方光照（分析师） fang ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][10]. Core Insights - The company is positioned to benefit from its integrated raw material and formulation strategy, which is expected to drive growth in the coming years [6][9]. - The company is transitioning towards innovation, focusing on self-developed biological drugs in the fields of oncology and autoimmune diseases, with a robust pipeline of projects [9][65]. - The financial forecast indicates a recovery in revenue and profit margins, with significant growth expected from innovative drug approvals [10][26]. Summary by Sections 1. Integrated Raw Material and Formulation Layout - The company has established itself as a leading pharmaceutical manufacturer in China, with a strong focus on both raw materials and formulations [20][23]. - The company has faced pricing pressures in raw materials and formulations but is expected to see a recovery in performance starting in 2024 [24][25]. 2. Dual-Driven Growth from Raw Materials and Formulations - The raw material business remains stable, with a diverse product lineup and a strong global sales network [41][43]. - The formulation segment has seen rapid growth, particularly after benefiting from national procurement policies, with a compound annual growth rate (CAGR) of 24.4% from 2012 to 2024 [59][61]. 3. Focus on Biological New Drugs - The company is actively developing innovative drugs, with over 20 projects in the pipeline, including 12 that have entered clinical trials [65][66]. - Key projects include HB0034, which is nearing commercialization, and HB0017, which has shown promising results in clinical trials for psoriasis and ankylosing spondylitis [69][71]. 4. Financial Forecast and Valuation Analysis - Revenue projections for 2025-2027 are estimated at 86.32 billion, 94.13 billion, and 102.82 billion respectively, with corresponding profit growth rates expected to recover significantly by 2026 [10][26]. - The target market capitalization is set at 344 billion, indicating a potential upside of 30.04% based on industry average price-to-earnings ratios [10][26].

Investment Rating - The report assigns an "Accumulate" rating for the company [5]. Core Insights - The company, Fushite, is a leader in the high-pressure hydraulic pipeline system sector, focusing on the mining maintenance market, which presents new growth opportunities [7]. - The global hydraulic industry has shown a steady upward trend, with a market size increase from €27.67 billion in 2016 to €31.60 billion in 2023, reflecting a CAGR of approximately 1.91% [7][48]. - Fushite's revenue is projected to grow significantly, with estimates of ¥5.9 billion, ¥11.0 billion, and ¥21.2 billion for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 25%, 87%, and 93% [7]. Summary by Sections Company Overview - Fushite has established itself as a leader in the hydraulic pipeline industry, with a strong focus on high-pressure hydraulic systems and a commitment to replacing imports [14]. - The company has expanded its domestic presence and recently listed on the Shenzhen Stock Exchange, enhancing its market reach [14][7]. Financial Analysis - The company has demonstrated outstanding profitability, with a gross margin of 40.44% in 2021, and a consistent performance in net profit margins [27][32]. - Revenue and net profit have shown fluctuations but are expected to rebound, with a projected net profit of ¥0.9 billion in 2025, reflecting a 24% increase year-on-year [7][29]. Industry Context - The hydraulic pipeline system is critical for various industries, including construction and mining, serving as the "blood vessels" of hydraulic equipment [41]. - The market for hydraulic components is expected to exceed $45 billion by 2025, with significant contributions from China [47]. Growth Opportunities - The mining maintenance sector is identified as a high-growth area, with the global market for mining equipment maintenance projected to reach $13.54 billion by 2024 [62]. - Fushite is strategically positioned to capitalize on this growth through its innovative products and services tailored to the mining industry [71].

证券研究报告 公司研究 / 公司点评 2025 年 12 月 12 日 收购光学镀膜装备公司，加速关键环节国产替代 电子 / 半导体 | 报告原因： | | | --- | --- | | 买入（维持） | | | 市场数据： | 2025 年 12 月 11 日 | | 收盘价（元） | 453.10 | | 一年内最高/最低（元） | 468.00/314.33 | | 市净率 | 9.1 | | 股息率（分红/股价） | 0.17 | | 流通 A 股市值（百万元） | 327,998 | | 上证指数/深证成指 | 3,873/13,147 | | 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） | | | | | | | | | 49.8 | | 资产负债率% | | | | | | | 50.90 | | | | 总股本/流通 | | A | 股（百万） | | | ...

2025 年 12 月 12 日 公司研究 总承包建设新材料装置投产，积极拓展新兴业务版图 要点 事件：公司官方公众号消息，中油工程旗下昆仑工程公司 EPC 总承包的大庆石 化 1000 吨/年超细旦腈纶特种长丝项目一次开车成功。 点评： 项目打破国外技术垄断，填补国内特种长丝产业化空白。该项目总投资 1.1 亿元， 采用国内先进纺丝工艺，建成国际领先水平生产线，关键设备实现国产化配套。 项目团队自主开发的"双向切线进料+真空负压"复合脱泡工艺与装备在本项目 中成功应用，实现了工艺自主化、设备国产化的双重突破，解决了传统技术受原 料粘度影响大、能耗高、局部气泡聚集的问题，生产出 150D/80F、75D/40F 等 牌号产品，填补了国内超细旦腈纶特种长丝产业化制造的空白，打破了国外的技 术垄断。在全球纺织新材料向绿色化、功能化、高端化变革的背景下，项目投产 将增强我国纺织产业链自主可控能力，同时为中国石油"炼化生精材"产业链升 级与化纤产业布局优化提供支撑。 项目建设追求速度，精细化管理助力建设目标达成。本项目于 2024 年 6 月可研 批复，7 月基础设计获批，12 月中标 EPC 工程，2025 年 3 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 87.50 CNY [4][12]. Core Insights - The company is increasing its investment in carbon fiber structural components, which is expected to benefit from the ramp-up of foldable devices. The introduction of new material numbers for major clients is anticipated to lead to significant growth in 2026 [2][12]. - The company has acquired an 80% stake in Weiste, which specializes in carbon fiber structural components for foldable phones, with projected revenues of 180 million CNY and a net profit of 16 million CNY in 2024 [12]. - The company is also expanding its presence in AI terminal products, with significant collaboration with Meta, expecting accelerated growth in 2026 [12]. Financial Summary - Total revenue is projected to grow from 1,398 million CNY in 2023 to 6,513 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 32.2% [10]. - Net profit attributable to shareholders is expected to increase from 73 million CNY in 2023 to 692 million CNY in 2027, with a notable growth rate of 47.5% in 2027 [10]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 5.16 CNY in 2027, indicating strong profitability growth [10]. Market Data - The company's market capitalization is approximately 7,885 million CNY, with a 52-week stock price range of 43.42 CNY to 76.69 CNY [5]. - The current price of the stock is 58.80 CNY, with a price-to-earnings (P/E) ratio of 107.48 for 2023, decreasing to 11.39 by 2027 [12][10].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Insights - The company specializes in polyurethane materials and has over 20 years of technical expertise, focusing on three main product categories: polyurethane elastomers, polyester/polyether polyols, and other downstream derivatives [6][15]. - The company achieved revenue of 3.55 billion yuan in the first half of 2025, with a year-on-year growth of 6.98%, and a significant increase in net profit by 54.98% to 112 million yuan [6][25]. - The company is positioned as a national manufacturing champion in the CPU segment, with a market share of 35% in 2021, and is expanding its production capacity to enhance its competitive edge [6][10]. Summary by Sections 1. Business Overview - The company is a leading manufacturer of polyurethane raw materials and derivatives, with a diverse product range that includes elastomers, polyols, and other fine chemical materials [15][22]. - The company has established a robust R&D framework, holding over 520 patents and participating in the formulation of more than 20 national standards [17][19]. 2. Industry Context - China is a major producer and consumer of polyurethane, accounting for approximately 50% of global production, with the market expected to grow to 237.9 billion yuan by 2027 [6][40]. - The industry is characterized by increasing concentration, with major players dominating the upstream raw materials market, particularly in MDI and TDI [43][48]. 3. Competitive Advantages - The company has a leading position in the polyurethane sector, with ongoing capacity expansion projects that will significantly increase its production capabilities [6][10]. - The company is focusing on high-end product development and expanding its applications in various industries, including automotive and renewable energy [10][64]. 4. Financial Projections - The company is projected to achieve net profits of 202 million yuan, 233 million yuan, and 268 million yuan from 2025 to 2027, with corresponding P/E ratios of 21.7, 18.8, and 16.3 [8][29]. - Revenue is expected to grow steadily, with a forecasted increase in operating income from 7.48 billion yuan in 2025 to 9.39 billion yuan in 2027 [7][8].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 48.25 CNY [5][11]. Core Insights - The company is deeply engaged in high-end electronic materials, with the explosion of AI mobile phone demand expected to drive both volume and price increases for its products. Additionally, the continuous expansion into optoelectronic display materials provides ample growth momentum for the future [2][11]. - The company has three main product lines: electronic composite materials, optoelectronic display module materials, and functional adhesives, which are applied in OLED display modules, consumer electronics, AI smart hardware, and automotive electronics. Its products are already utilized by well-known domestic and international consumer electronics brands and display panel industry clients [11]. - The company is investing 2.05 billion CNY in a new high-performance optical adhesive film project, which has already commenced construction. This will further enhance its capabilities in optical display film materials, photosensitive materials, and optical display coating materials [11]. Financial Summary - Total revenue is projected to grow from 511 million CNY in 2023 to 2,008 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 31.4% [4][12]. - Net profit attributable to the parent company is expected to increase from 193 million CNY in 2023 to 698 million CNY in 2027, reflecting a CAGR of about 29.1% [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 2.49 CNY in 2027 [4][12]. Market Position - The company operates in a market where high-end optical materials are predominantly controlled by foreign enterprises from the US, Japan, and South Korea, indicating significant potential for domestic substitution [11]. - The company has successfully broken the monopoly of foreign firms by achieving new customer certifications and mass production sales of its optoelectronic products, which are gradually ramping up [11].

经营质量持续改善，AI 业务落地迅速 汉得信息(300170) 汉得信息跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | 本报告导读： AI 业务推动公司向产品型、数智解决方案供应商逐步转型，AI 生态圈不断扩大，看 好公司在 AI 时代的发展潜力。 | 52 周内股价区间(元) | 11.15-25.22 | | --- | --- | | 总市值(百万元) | 18,973 | | 总股本/流通A股(百万股) | 1,022/977 | | 流通 B 股/H 股(百万股) | 0/0 | [Table_Balance] 资产负债表摘要(LF) | 股东权益(百万元) | 5,508 | | --- | --- | | 每股净资产(元) | 5.39 | | 市净率( ...

公 司 研 究 / 有 色 金 属 / 证 券 研 究 报 告 洛阳钼业（603993）深度研究 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 证券分析师：朱彤 证书编号：S1160525030006 证券分析师：张恒浩 证书编号：S1160525090001 相对指数表现 基本数据 总市值（百万元） 373,544.66 -20% 16% 52% 88% 124% 160% 2024/12 2025/6 2025/12 洛阳钼业 沪深300 | 总市值（百万元） | 373,544.66 | | --- | --- | | 流通市值（百万元） | 304,866.30 | | 52 周最高/最低（元） | 18.69/6.15 | | 52 周最高/最低（PE） | 29.67/9.76 | | 52 周最高/最低（PB） | 5.77/1.90 | | 52 周涨幅（%） | 183.90 | | 52 周换手率（%） | 40.23 | | 注：数据更新日期截止 2025 年 12 月 11 日 | | 多元并购揽全球，远见经略定乾坤 2 ...