2025 年 12 月 09 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘熹 S0350523040001 | | | | liux10@ghzq.com.cn | | 联系人 | ： | 唐锦珂 S0350125070014 | | | | tangjk@ghzq.com.cn | 最近一年走势 [Table_Title] 2027 年订单能见度提高，业绩有望持续高增 ——工业富联（601138）公司点评 | 相对沪深 300 | 表现 | | 2025/12/09 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 工业富联 | -6.5% | 39.4% | 213.3% | | 沪深 300 | -1.7% | 3.7% | 15.9% | | 市场数据 | | | 2025/12/09 | | 当前价格（元） | | | 67.99 | | 52 周价格区间（元） | | | 14.58-83.88 | | 总市值（百万） | | | 1,350,157.92 | ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 17.33 yuan based on a 14x PE for 2026 [5][16]. Core Insights - The company has experienced significant growth in natural gas production and sales, with production increasing by 116% year-on-year to 420 million cubic meters and sales rising by 109% to 640 million cubic meters in the first half of 2025 [1]. - The company benefits from a strong resource reserve and cost control, with proven reserves of coalbed methane reaching 88.7 billion cubic meters and economically recoverable reserves at 34.24 billion cubic meters [1]. - The company has improved its investment efficiency, reducing the single well investment cost to 29 million yuan and achieving a lower cost of 0.53 yuan per cubic meter, a 36.09% decrease from 2024 [1][10]. Revenue and Profit Forecast - Revenue is projected to grow significantly, with estimates of 2.802 billion yuan in 2025, 3.365 billion yuan in 2026, and 3.9 billion yuan in 2027, reflecting growth rates of 81.3%, 20.1%, and 15.9% respectively [4][10]. - The net profit is expected to turn positive, with forecasts of 36 million yuan in 2025, 336 million yuan in 2026, and 556 million yuan in 2027 [10][11]. Business Development - The company has expanded its pipeline network through strategic acquisitions, enhancing its "development-pipeline-sales" business model, which has led to an 85% year-on-year increase in transportation volume to 468 million cubic meters in the first half of 2025 [2]. - The company is positioned to benefit from favorable policies promoting unconventional oil and gas development, which are expected to enhance energy security and increase domestic natural gas supply [3]. Financial Metrics - The report highlights a significant improvement in gross margin, projected to reach 12.5% in 2025, 15% in 2026, and 20% in 2027 [10][11]. - The company’s earnings per share (EPS) is expected to improve from -0.85 yuan in 2023 to 2.04 yuan by 2027 [11][18].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨中国船舶（600150.SH） [Table_Title] 中国船舶：与中国远洋海运集团签订 500 亿元 新造船订单，全年新签订单有望持续提升 报告要点 %% %% [Table_Summary] 中国船舶集团与中国远洋海运集团在上海完成新造船项目的合作签约，合作涉及各型船舶 87 艘，金额约 500 亿元人民币，成为我国船企国内单次合作签约金额最高订单，且订单均由中国 船舶下属子公司承建。公司合并中国重工后，综合造船实力增强，手持订单饱满，全年来看新 签订单有望持续释放。当前美国 301 调查措施暂停实施一年，板块最大压制因素解除，11 月全 球新签订单同环比均有较大幅度提升。下游航运景气叠加油轮运力紧张，后续油轮订单有望接 力集装箱船订单释放。长期来看，行业在旧船更新+绿色环保驱动下向上趋势明确。 分析师及联系人 [Table_Author] 赵智勇 韩轶超 王贺嘉 臧雄 屈奇 SAC：S0490517110001 SAC：S0490512020001 SAC：S0490520110004 SAC：S0490518070005 S ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's main business shows steady growth, with significant potential in AI edge solutions and robotics [7] - The company has experienced a decline in revenue and net profit in the first three quarters of 2025, primarily due to the exclusion of the previously sold business unit [5][7] - The smart module segment has become a new growth direction, accounting for over 55% of revenue in the first half of 2025 [7] - The AI Stack and robotics initiatives have entered the productization and delivery phase, indicating strong future growth potential [7] Financial Summary - The company reported a revenue of 5.366 billion yuan in the first three quarters of 2025, a year-on-year decrease of 13.69% [5] - The net profit for the same period was 316 million yuan, down 51.50% year-on-year [5] - The revenue for Q3 2025 was 1.659 billion yuan, reflecting a 22.56% decline year-on-year, with a net profit of 98 million yuan, down 69.14% [5] - Excluding the impact of the divested business, revenue grew by 7.32% year-on-year, while net profit decreased by 2.19% [7] - The gross margin for Q3 2025 was 18.73%, with a net margin of 5.84%, both showing improvement from the previous quarter [7] Earnings Forecast - Projected revenues for 2023A, 2024A, 2025E, 2026E, and 2027E are 7.716 billion, 8.189 billion, 8.125 billion, 9.726 billion, and 11.622 billion yuan respectively [4] - Expected net profits for the same years are 564 million, 668 million, 452 million, 637 million, and 876 million yuan respectively [4] - The earnings per share (EPS) is forecasted to be 0.74, 0.87, 0.50, 0.71, and 0.97 yuan for the years 2023A to 2027E [4]

2025 年 12 月 09 日 公司研究●证券研究报告 光力科技（300480.SZ） 公司快报 深化封测切割/减薄，在手订单持续稳定增长 投资要点 产品线不断丰富，ADT 整体经营情况逐步恢复以前年度水平。公司半导体封测装 备主要应用于封测中的晶圆切割、封装体切割、晶圆减薄工艺环节。对应两大类设 备，分别是切割划片机和减薄机。公司生产的半导体切割划片机广泛应用于集成电 路、功率半导体器件、MiniLED、传感器等多种产品，可以实现对硅、碳化硅、氮 化镓、砷化镓、蓝宝石、陶瓷、水晶、石英、玻璃等多种材料的划切，已成功应用 于先进封装中划切工艺。晶圆减薄工艺主要应用在封装测试和晶圆材料生产中，目 前在部分功率半导体的晶圆制造环节也是不可或缺的，公司研发生产的减薄机已应 用于硅、碳化硅晶圆的减薄工艺。公司紧跟行业发展趋势和市场需求变化，不断丰 富产品线，推动产品的升级迭代和新产品、新工艺的开发，初步完成了机械切割、 激光切割、研磨设备布局，公司开发的用于基板切割的 JIG SAW 7260 和用于 DBG 工艺且更加智能的 8231 均在验证中，用于半导体 Low-K 开槽的激光划片机 9130 和用于超薄晶圆 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][6] Core Insights - The company has a stable revenue growth trajectory, with total revenue increasing from 312 million yuan in 2017 to 585 million yuan in 2024, representing a CAGR of 9.38% [31][6] - The acquisition of the German company SMS is expected to enhance the company's capabilities in high-precision grinding machines and facilitate the mass production of screw rods, addressing existing technical bottlenecks [6][10] - The company is actively expanding its rolling functional components business, with revenue from linear guide products projected to grow significantly from 4.44 million yuan in 2022 to 34.91 million yuan in 2024 [6][9] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 653 million yuan, with a year-on-year growth rate of 11.7% [5] - The net profit attributable to the parent company is expected to be 61 million yuan in 2025, reflecting a decrease of 30.6% compared to the previous year [5] - The company’s earnings per share (EPS) is projected to be 0.39 yuan in 2025, with a gross margin of 28.9% [5] Business Development and Strategy - The company has diversified its business from metal cutting tools to include intelligent CNC equipment and rolling functional components, enhancing its product matrix [6][17] - The strategic acquisition of SMS is aimed at strengthening the company's equipment capabilities and facilitating the mass production of screw rods, thereby improving operational efficiency [6][10] - The company is focusing on expanding its market presence in the rolling functional components sector, with significant growth expected in the coming years [9][6] Market Position and Competitive Landscape - The global cutting tool market is valued at over 260 billion yuan, with the company positioned to capitalize on the domestic market's growth potential [46][49] - The company has established a strong foothold in the domestic market, with its cutting tools accounting for over 80% of total revenue [33][37] - The company’s overseas revenue reached 47.61 million yuan in the first half of 2025, indicating a 20.62% year-on-year increase, showcasing its expanding international market presence [41][44]

证 券 研 究 报 告 金山办公（688111）跟踪分析报告 强推（维持） WPS 365 升级，金山打造 AI 协同办公龙头 事项： 11 月 25 日，金山办公宣布旗下 WPS 365 正式升级为全球一站式 AI 协同办公 平台，推出 WPS 灵犀企业版、团队空间、"轻舟"引擎等新产品，并对智能文 档库、数字员工两大 AI 核心产品进行升级。此举将让 WPS 365 成为首个拥有 全产品矩阵、覆盖全球主流平台、链接全球各地的 AI 协同办公平台。 评论： 公司研究 云软件服务 2025 年 12 月 09 日 | 目标价：432.9 元 | | | --- | --- | | 当前价：305.45 | 元 | 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 公司基本数据 | 总股本(万股) | 46,317.93 | | --- | --- | | 已上市流通股(万股) | 46,317.93 | | 总市值(亿元) | 1,414.78 | | 流通市值(亿元) | 1,414.78 | | 资产负债率(%) | 27.08 | ...

仅供内部参考，请勿外传！ 股 票 研 究 新能源全链加速落地，传统业务平稳运营 中国天楹(000035) 公司首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 杨寅琛(分析师) | 021-23188562 | yangyinchen@gtht.com | S0880525070008 | 本报告导读： 重力储能切入新能源，"环保+新能源"齐头并进，新能源全链条布局加速落地，垃 圾焚烧项目高效运营，海外市场稳步推进。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 5,324 | 5,667 | 5,843 | 7,092 | 7,609 | | (+/-)% | -20.6% | 6.5% | ...

食品饮料 | 证券研究报告 — 调整盈利预测 2025 年 12 月 9 日 600519.SH 买入 原评级：买入 市场价格:人民币 1,418.22 板块评级:强于大市 本报告要点 贵州茅台 2025 年股东大会点评。股东大会 就茅台当前面临的问题及未来的战略发展 方向与投资者展开交流。公司强调追求中 长期高质量发展，当下聚焦渠道稳定性， 稳步推进改革。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.7) (1.1) (5.5) (6.8) 相对上证综指 (25.0) 0.8 (8.1) (22.0) (9%) (4%) 2% 7% 13% 18% Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Oct-25 Nov-25 Dec-25 贵州茅台 上证综指 | 发行股数 (百万) | 1,252.27 | | --- | --- | | 流通股 (百万) | 1,252.27 | | 总市值 (人民币 百万) | 1,775,994.66 | | 3 个月日均交易额 (人民币 百万) | 5,036. ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨江苏银行（600919.SH） [Table_Title] 低估值+稳增长的红利价值典范 报告要点 [Table_Summary] 江苏银行 2014 年确立"智慧化、特色化、国际化、综合化"四化战略以来，近十余年发展历 程中始终保持战略稳定。2024 年以来强调"不求最快、但求最稳"的经营导向，符合当前市场 环境下长线资金的配置偏好。我们认为未来江苏银行将继续保持战略稳定性和机制优越性，同 时区位优势依然是经营最佳保障。目前江苏省投融资增速继续领先全国，经济内生增长的优势 稳固。我们预计江苏银行基本面业绩增速稳定，资本维持紧平衡，作为市值和资产规模最大的 城商行，吸引配置力量持续加仓，推动红利价值重估。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 风险提示 1 [Table_scodeMsg2] 江苏银行（600919.SH） c ...