Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Views - The company is expected to achieve steady revenue and net profit growth in 2025, driven by the ongoing niche storage cycle and advancements in AI storage solutions [4][9] - The report highlights the company's proactive approach in customizing storage products for edge AI applications, positioning it well for future growth [9] Financial Summary - The company is projected to generate revenues of approximately RMB 92.03 billion, RMB 120.41 billion, and RMB 160.16 billion for the years 2025, 2026, and 2027, respectively [6][8] - The expected net profits for the same years are RMB 16.10 billion, RMB 28.35 billion, and RMB 36.18 billion, indicating significant growth rates of 46.1% and 76.0% for 2025 and 2026, respectively [6][8] - The report anticipates a price-to-earnings (P/E) ratio of 130.4, 74.1, and 58.1 for the years 2025, 2026, and 2027, respectively, reflecting a positive outlook on the company's valuation [6][8] Market Performance - The company's stock has shown strong performance, with absolute returns of 27.9%, 39.3%, and 121.3% over the past month, three months, and twelve months, respectively [3][4] - Relative to the Shanghai Composite Index, the company outperformed with returns of 25.5%, 34.0%, and 93.0% over the same periods [3][4] Industry Outlook - The report indicates a favorable market environment for niche storage products, with significant price increases observed in DDR4 memory products, which are expected to continue into 2026 [9] - The demand for customized storage solutions is anticipated to grow, particularly in sectors such as PC, servers, and automotive electronics, benefiting the company [9]

通信设备 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 上游物料和汇兑因素影响短期业绩，1.6T 光引擎将逐步放量 ——天孚通信(300394)公司点评报告 证券研究报告-公司点评报告 买入(维持) 市场数据(2026-01-22) | 收盘价(元) | 199.98 | | --- | --- | | 一年内最高/最低(元) | 242.00/57.11 | | 沪深 300 指数 | 4,723.71 | | 市净率(倍) | 31.87 | | 流通市值(亿元) | 1,551.55 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 6.27 | | 每股经营现金流(元) | 1.73 | | 毛利率(%) | 51.87 | | 净资产收益率_摊薄(%) | 30.04 | | 资产负债率(%) | 16.45 | | 总股本/流通股(万股) | 77,741.59/77,585.24 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -45% -10% 25% 60 ...

易德龙（603380.SH）首次覆盖报告 "易"动全球研创新程，柔性 EMS 龙头的价值新周期 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,161 | 2,498 | 3,003 | 3,546 | | 增长率（%） | 12.7 | 15.6 | 20.2 | 18.1 | | 归属母公司股东净利润（百万元） | 184 | 241 | 291 | 350 | | 增长率（%） | 38.2 | 30.9 | 20.6 | 20.3 | | 每股收益（元） | 1.15 | 1.50 | 1.81 | 2.18 | | PE | 35 | 27 | 22 | 19 | | PB | 4.3 | 4.1 | 3.6 | 3.1 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 01 月 21 日收盘价） 推荐 首次评级 当前价格： 40.44 元 [Table_Auth ...

证券研究报告：电子 | 公司点评报告 股票投资评级 卓胜微(300782) 光通信、卫星通讯、高端射频积极储备 l 事件 公司发布业绩预告，预计 2025 年营收同比下降约 16%-18%，归 母净利润同比减少约 163.46%-173.41%。 l 投资要点 Fab-Lite 模式转型过程中，短期业绩承压。2025 年受产能建设 的投入增加及供应转化、行业竞争持续激烈、供给侧部分原材料产品 交付环节紧张、下游客户库存结构优化调整等因素影响，公司预计 2025 年实现营业收入 37-37.5 亿元，同比下降约 16%-18%，归母净利 润-2.95 到-2.55 亿元，同比减少约 163.46%-173.41%。 光通信、卫星通讯、高端射频积极储备，未来成长可期。在 SOI 工艺方面，目前公司的 SOI 技术已从单一产品应用发展为覆盖射频前 端全品类的核心技术平台，随着第二代 SOI 工艺的持续突破，将进一 步巩固其在全球射频芯片市场的地位。在锗硅工艺方面，公司发布多 款基于锗硅工艺的高性能低功耗移动通信信号低噪声放大器产品。锗 硅也是硅光平台实现高效光电转换的核心材料，能够弥补硅在 1.31/1.55um ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company is an industry-leading provider of optical device solutions and advanced packaging manufacturing services, focusing on high-speed optical devices and optical sensing products [7]. - The company is expected to see significant growth in net profit, with forecasts for 2025 indicating a year-on-year increase of 40% to 60%, driven by the demand for high-speed optical devices and AI server growth [5][8]. - The company is strategically expanding its production capacity in Thailand and Jiangxi, which will enhance the value of its 1.6T supporting products [8]. Financial Performance - The company anticipates a net profit for 2025 in the range of 1.881 to 2.150 billion yuan, with a year-on-year growth of 40% to 60% [5]. - The projected net profit for Q4 2025 is estimated to be between 416 to 685 million yuan, reflecting a year-on-year increase of 50.14% [8]. - Revenue forecasts for 2025 to 2027 are 20.61 billion yuan, 31.90 billion yuan, and 41.74 billion yuan, respectively, with corresponding P/E ratios of 75.42X, 48.74X, and 37.25X [8][10]. Market Dynamics - The demand for AI servers is expected to drive growth in high-speed optical modules, with the optical device market projected to grow over 60% year-on-year [8]. - The company is focusing on the development of 1.6T optical modules, which are anticipated to experience explosive growth with a CAGR of 180% from 2024 to 2029 [8]. - The company has established a dual-headquarters and multiple production bases strategy, enhancing its international presence and R&D capabilities [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The report emphasizes that "A New Era, New SANY" is set to begin, with the engineering machinery industry experiencing upward resonance both domestically and internationally, positioning the leading Chinese engineering machinery company for global expansion [1] - The company is identified as one of the most elastic stocks in terms of performance during the excavator cycle, with a significant portion of its revenue derived from excavators [4][11] - The report highlights the ongoing globalization strategy of the company, with international revenue and gross profit showing substantial growth [4][11] Industry Overview - The engineering machinery industry is experiencing a cyclical reversal, with both domestic and international markets showing positive trends. The global market size for engineering machinery is projected to reach $213.5 billion in 2024 and $296.1 billion by 2030, with a CAGR of 6% from 2024 to 2030 [2] - The domestic excavator market is expected to see a gradual recovery, driven by demand from agriculture, forestry, and municipal projects, with total excavator sales projected to reach 235,257 units in 2025, a 17% increase year-on-year [2][18] - The company is benefiting from increased market share overseas, particularly in emerging markets in Asia, Africa, and Latin America, which are experiencing industrialization and urbanization [3][11] Company Performance - The company’s excavator revenue accounted for 39% of its total revenue in the first half of 2025, indicating strong potential for performance elasticity as the excavator industry enters an upward cycle [4][27] - The company’s international revenue and gross profit represented 60% and 68% of its main business revenue and gross profit, respectively, in the first half of 2025, with year-on-year growth of 12% and 10% [4][28] - The successful listing of H-shares is expected to further advance the company's globalization strategy, with net proceeds from the offering allocated to expanding global sales and service networks, enhancing R&D capabilities, and optimizing production efficiency [5][23] Financial Forecast - The company is projected to achieve a net profit attributable to shareholders of 8.51 billion, 11.04 billion, and 14.12 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 42%, 30%, and 28% [13][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.01-1.02 billion yuan in 2025, representing a year-on-year growth of 10%-11% [4] - In Q4 2025, the company anticipates a net profit of 201-209 million yuan, with a year-on-year increase of 15%-20% [5] - The company is focusing on enhancing its competitive advantages through various strategies, including deepening its 123 strategy, upgrading service quality, increasing investment in technological innovation, and implementing digital transformation [5] - The company has shown significant improvement in cash flow, with a rapid increase in operating cash flow and optimized collection quality [5] - Strategic mergers and international expansion projects are expected to gradually release growth momentum in the long term [5] Financial Performance Summary - The company forecasts revenues of 6.608 billion yuan for 2025, with a growth rate of 9% [6] - The projected net profit for 2026 is 1.171 billion yuan, reflecting a growth rate of 15% [6] - The company maintains a stable gross margin of 49% across the forecast period [7] - The price-to-earnings (P/E) ratio is expected to be 27 for 2025, decreasing to 20 for 2027 [7]

证券研究报告·公司点评报告·专用设备 2025 年年度业绩预告点评：PCB 与泛半导体 双轮驱动，业绩实现高质量增长 芯碁微装（688630） 全年公司归母与扣非净利润均实现 70% 以上高增长，扣非增速显著高于归母增速， 反映主营业务盈利能力持续强化，非经常性损益影响较小。分季度看，四季度业绩 加速增长，单季归母净利润同比增幅高达 1238% 至 1594%，环比亦大幅提升，主 要得益于下游需求集中释放及二期产能投产的交付能力提升。 ◼ AI 算力驱动 PCB 产业升级，高端设备+产能释放打开成长空间。 全球 AI 算力需求爆发，驱动 PCB 产业向高多层、高密度加速升级，高端激光直 接成像（LDI）设备作为核心生产装备，市场需求持续高企。公司作为全球直写光 刻设备领军企业，旗下高端 LDI 设备契合产业升级诉求，技术指标与性能广受认 可，在手订单充足且结构持续优化。高精度 CO₂激光钻孔设备凭借自研算法实现技 术突破，成功批量导入头部 PCB 厂商，丰富产品矩阵并拓宽市场边界。二期生产 基地顺利投产，有效扩充高端设备产能，全面保障订单交付效率。。 买入（维持） | [Table_EPS] 盈利预测与估值 ...

Investment Rating - The report assigns a "Buy" rating for Longxin General (603766.SH) for the first time [2]. Core Viewpoints - Longxin General has a strong focus on the motorcycle and general machinery sectors, with recent asset restructuring and the elimination of impairment losses, allowing the company to concentrate on its core business and drive growth [5][6]. - The company is expected to benefit from the increasing demand for high-displacement motorcycles domestically and the expansion of its global presence, particularly in Europe and Latin America [7][8]. - The financial outlook is positive, with projected revenue growth and improving profitability driven by the successful performance of its VOGE brand and other product lines [9]. Company Overview - Longxin General has been deeply engaged in the motorcycle and general machinery sectors since its establishment in 1993, with a focus on expanding its core business [13]. - The company has undergone several strategic shifts, with a recent emphasis on "motorcycles + general machinery" as its main strategy, gradually divesting non-core businesses [24][26]. - The product structure includes motorcycles (both fuel and electric), all-terrain vehicles, and general machinery, with a strong emphasis on high-displacement motorcycles under the VOGE brand [16][18]. Financial Analysis - The company has shown significant revenue growth, with total revenue projected to increase from 13,066 million yuan in 2023 to 27,632 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 14% [2]. - The net profit attributable to shareholders is expected to rise from 583 million yuan in 2023 to 2,787 million yuan in 2027, with a notable increase in profitability driven by the core motorcycle business [2]. - The company's overseas revenue has increased significantly, accounting for nearly 70% of total revenue, driven by the success of its VOGE and general machinery products in international markets [27]. Motorcycle Industry Insights - The domestic market for motorcycles is facing challenges, but the high-displacement segment is experiencing growth, with the share of motorcycles over 250cc increasing from 6.6% to 10.1% from 2023 to 2025 [43][45]. - The competitive landscape in the high-displacement motorcycle market is becoming more concentrated, with leading companies like Longxin General capturing significant market share [45]. - The export market, particularly in Europe and Latin America, is expected to be a major source of growth, with increasing demand for high-displacement motorcycles [8][43].

证券研究报告·公司点评报告·专用设备 芯碁微装（688630） 2025 年年度业绩预告点评：PCB 与泛半导体 双轮驱动，业绩实现高质量增长 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） | 828.86 | 953.94 | 1,610.48 | 2,141.94 | 2,741.69 | | 同比（%） | 27.07 | 15.09 | 68.82 | 33.00 | 28.00 | | 归母净利润（百万元） | 179.31 | 160.70 | 294.67 | 550.50 | 800.94 | | 同比（%） | 31.28 | (10.38) | 83.37 | 86.82 | 45.49 | | EPS-最新摊薄（元/股） | 1.36 | 1.22 | 2.24 | 4.18 | 6.08 | | P/E（现价&最新摊薄） | 135.37 | 151.05 | 82.37 | 44.09 | ...