Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 33.30 CNY, compared to the current price of 26.30 CNY [6]. Core Insights - The company's main products continue to see growth in both production and sales, with ongoing projects in diol, bio-based new materials, and light stabilizers ensuring long-term growth [2]. - The company demonstrated resilience in Q3 performance, with a slight decline in revenue and net profit year-on-year, but maintained a stable gross margin and net margin [12]. - The company has a rich project reserve and is steadily advancing capacity construction, which is expected to enhance its competitive position in the market [12]. Financial Summary - Total revenue for 2023 is projected at 2,181 million CNY, with a slight increase to 2,220 million CNY in 2024, and further growth to 2,900 million CNY by 2027, reflecting a CAGR of approximately 13.4% from 2024 to 2027 [4]. - Net profit attributable to the parent company is expected to decline from 250 million CNY in 2023 to 207 million CNY in 2024, before recovering to 292 million CNY by 2027 [4]. - The company's earnings per share (EPS) are forecasted to be 1.20 CNY in 2023, decreasing to 1.00 CNY in 2024, and then gradually increasing to 1.40 CNY by 2027 [4]. Project Development - The company is actively pursuing the construction of various projects, including a 35,000 tons/year light stabilizer project expected to be completed by December 2024, and a new 25,000 tons/year light stabilizer project to enhance product variety and competitiveness [12]. - Technological innovations are being implemented to improve product performance and reduce reliance on traditional fossil resources, with several patents filed and granted in 2024 [12].

持续加码 AI 业务，发布 2025 员工持股计 划彰显未来发展信心 股票研究 / [Table_Date] 2025.11.28 2025-11-28 神州数码(000034) 计算机 [Table_Industry] /信息科技 公 司 季 投资要点： [Table_Summary] 投资建议：维持"优于大市"评级，目标价 55.97 元。我们预计公司 2025-2027 年 EPS 分别为 1.31 /2.00 /2.33 元（原为 1.69/1.95/2.28 元），可比公司 2026 年平均 PE 36.31X，公司持续推进数云融合战 略，在 AI 方向不断加码，深化和互联网大厂合作关系，给予公司 2026 年 28 倍 PE（原为 2025 年 25x），对应目标价 55.97 元（+33%）。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 119,624 | 128,166 | 145,485 | 163,1 ...

公 司 研 究 / 煤 炭 / 证 研 究 报 告 淮河能源（600575）财报点评 东方财富证券研究所 证券分析师：林祎楠 证书编号：S1160525080003 证券分析师：王涛 证书编号：S1160525020003 相对指数表现 三季度归母净利润环比+68%，电力集 团收购获中国证监会批复 2025 年 11 月 28 日 【投资要点】 挖掘价值 投资成长 增持（维持） 基本数据 -20% -10% 0% 10% 20% 30% 2024/11 2025/5 2025/11 淮河能源 沪深300 | 总市值（百万元） | 14,107.13 | | --- | --- | | 流通市值（百万元） | 14,107.13 | | 52 周最高/最低（元） | 4.38/3.08 | | 52 周最高/最低（PE） | 19.91/14.00 | | 52 周最高/最低（PB） | 1.48/1.04 | | 52 周涨幅（%） | 17.86 | | 52 周换手率（%） | 24.77 | 注：数据更新日期截止 2025 年 11 月 28 日 相关研究 《2025H1 量价走弱压制业绩，静待资产 收 ...

镁价低位打开应用空间，技术突破提升生 产效率 ——宝武镁业动态跟踪 核心观点 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -4.1 | -10.21 | -5.68 | 23.63 | | 相对表现% | -3.01 | -5.96 | -8.63 | 8.06 | | 沪深 300% | -1.09 | -4.25 | 2.95 | 15.57 | 盈利预测与投资建议 ⚫ 我们根据当前镁价，调整公司 2025-27 年 EPS 预测分别为 0.14、0.39、0.67 元（原 预测 2025-27 年分别为 0.32、0.52、0.77 元）。我们维持公司 2026 年 35 倍市盈率 估值，对应目标价为 13.65 元，维持买入评级。 风险提示 在建项目产能投放不及预期风险；主要产品销量不及预期风险；镁价大幅波动风险 宝武镁业 002182.SZ 公司研究 | 动态跟踪 | | 买入（维持） | | --- | --- | | 股价（2025年11月27日） | 13.11 元 | | 目标价格 | 13.6 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading global player in the smart security chip market, focusing on AIoT and automotive sectors, with a robust growth trajectory expected in the coming years [8]. - The company is projected to achieve revenues of 29.34 billion yuan, 36.33 billion yuan, and 44.87 billion yuan from 2025 to 2027, with corresponding net profits of 2.7 billion yuan, 4.1 billion yuan, and 5.9 billion yuan [8]. Summary by Sections Company Overview - The company specializes in the research and sales of smart security chips, with applications in smart security, AIoT, and automotive sectors [13]. - It has a stable shareholding structure with significant investment from MediaTek, ensuring no controlling shareholder [14]. Financial Analysis - The company reported a revenue of 2.354 billion yuan in 2024, a year-on-year increase of 16.49%, and a net profit of 256.26 million yuan, up 25.18% year-on-year [20]. - The smart security segment remains the primary revenue source, consistently contributing over 50% to total revenue [23]. Smart Security Market - The global market for smart security is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 6.3% from 2021 to 2026, reaching 29.9 billion USD by 2026 [41]. - The company holds a leading market share in both IPC SoC and NVR SoC segments, with 36.5% and 38.7% market shares respectively in 2021 [49]. Smart IoT and Automotive Sectors - The company is expanding into the smart IoT market, particularly in robotic and AI glasses sectors, leveraging its visual AI and 3D sensing technologies [60]. - In the automotive sector, the company is the second-largest supplier of driving recorder chips in China, with plans to penetrate the front-mounted market [8]. Research and Development - The company maintains a high R&D expenditure, with a rate of 25.59% in 2024, reflecting its commitment to innovation and product development [27]. - The R&D team constitutes 77.5% of the total workforce, indicating a strong focus on technological advancement [27].

——天山铝业动态跟踪 核心观点 盈利预测与投资建议 ⚫ 我们维持公司 2025-27 年每股收益预测为 1.05、1.35、1.51 元。根据可比公司估值 情况，给予 2026 年 11 倍 PE 估值，对应目标价 14.85 元，维持买入评级。 扩产项目提升稀缺属性，绿色转型强化成 本优势 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -0.23 | -2.32 | 30.56 | 64.57 | | 相对表现% | 0.86 | 1.93 | 27.61 | 49 | | 沪深 300% | -1.09 | -4.25 | 2.95 | 15.57 | 风险提示 铝产业链价格波动、下游需求不及预期、贸易政策变化 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 28,975 | 28,089 | 35,253 | 39,166 ...

证券研究报告·公司深度研究·工程机械 中力股份（603194） 全球锂电叉车龙头，引领物料搬运绿色化+智 能化发展 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,921 | 6,552 | 7,166 | 7,906 | 8,742 | | 同比（%） | 18.16 | 10.66 | 9.36 | 10.34 | 10.56 | | 归母净利润（百万元） | 805.75 | 839.81 | 906.71 | 996.15 | 1,133.49 | | 同比（%） | 28.51 | 4.23 | 7.97 | 9.86 | 13.79 | | EPS-最新摊薄（元/股） | 2.01 | 2.09 | 2.26 | 2.48 | 2.83 | | P/E（现价&最新摊薄） | 18.24 | 17.50 | 16.21 | 14.76 | 12.97 | [Table_Tag] [投资要点 Tabl ...

2025 年 11 月 28 日 赵旭东 H70556@capital.com.tw 目标价(元) 99 公司基本信息 | 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2025/11/27) | | 86.40 | | 上证指数(2025/11/27) | | 3875.26 | | 股价 12 个月高/低 | | 98.35/31.67 | | 总发行股数(百万) | | 213.79 | | A 股数(百万) | | 213.79 | | A 市值(亿元) | | 184.72 | | 主要股东 | 南通市伟创电 | | | | | 气科技有限公 | | | | 司(54.12%) | | 每股净值(元) | | 10.83 | | 股价/账面净值 | | 7.98 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -1.4 | 58.3 167.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-04-17 | 45.8 | 买进 | | 2025-06-12 | 45.5 | 买进 | ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 171.00 | | --- | --- | | 总股本/流通股本（亿股）1.16 | / 0.53 | | 总市值/流通市值（亿元）198 | / 90 | | 周内最高/最低价 52 | 180.29 / 66.39 | | 资产负债率(%) | 11.7% | | 市盈率 | 84.65 | | 第一大股东 | 谢毅 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 与建准电机合资设立子公司，拓展超薄微型风扇丰富热管理布 局。目前手机领域主动散热的方案包括 1） "微泵液冷"主动散热，包 括传统金属微泵、压电微泵等；2）"微型风扇"主动散热，包括微型离 心风扇、微型压电风扇、微型离子风扇等；3）"微泵+风扇"组合型主 动散热；主要用于游戏手机的高性能散热。OPPO今年发布的K13 Turbo 手机搭载的微型离心风扇使用行 ...

[Table_StockNameRptType] 伯特利（603596） 公司点评 25Q3 业绩快速增长，积极拓展机器人丝杠业务 | | | | 2025-11-28 | | --- | | 报告日期： | | [收盘价（元） Table_BaseData] | 45.00 | | --- | --- | | 近 12 个月最高/最低（元） | 67.40/41.82 | | 总股本（百万股） | 607 | | 流通股本（百万股） | 607 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 273 | | 流通市值（亿元） | 273 | [公司价格与沪深 Table_Chart] 300 走势比较 -17% 3% 24% 44% 64% 11/24 2/25 5/25 8/25 伯特利 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com 公司 25 年 ...