苏泊尔(002032.SZ)2025 年业绩快报点评 全年营收稳健收官，费用投放拖累业绩 glmszqdatemark [盈利预测与财务指标 Table_Forcast] [Table_Author] 分析师 管泉森 执业证书： S0590523100007 邮箱： guanqs@glms.com.cn | 分析师 | 孙珊 | | --- | --- | | | 执业证书： S0590523110003 | | 邮箱： | sunshan@glms.com.cn | | 分析师 | 周振 | | | 执业证书： S0590526010001 | | 邮箱： | zhouzhen@glms.com.cn | 相对走势 -20% -3% 13% 30% 苏泊尔 沪深300 相关研究 1． 苏泊尔 2025 年三季报点评：收入展现韧 性，业绩波动无需过忧-2025/10/24 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（ ...

2026 年 2 月 25 日 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 45.0 公司基本资讯 | 产业别 | | | 电子 | | --- | --- | --- | --- | | A 股价(2026/2/24) | | | 32.02 | | 上证指数(2026/2/24) | | | 4117.41 | | 股价 12 个月高/低 | | | 34.98/20.78 | | 总发行股数(百万) | | | 1664.07 | | A 股数(百万) | | | 1664.07 | | A 市值(亿元) | | | 532.84 | | 主要股东 | | 杭州士兰控股有 | | | | | 限公司(30.88%) | | | 每股净值(元) | | | 7.18 | | 股价/账面净值 | | | 4.46 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | 4.7 | 16.3 | 18.3 | | 近期评等 | | --- | | 评等 | | --- | | 前日收盘 | | 出刊日期 | | 产品组合 | | | --- | --- | | 集成电 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1]. Core Insights - The company forecasts a revenue of 1.59 billion yuan for 2025, representing a year-on-year growth of 54.4%, and a net profit attributable to shareholders of 240 million yuan, up 119.6% year-on-year [1]. - The demand for communication connectors is robust, driven by AI, with significant growth in high-speed communication products, particularly the 112G products [1][2]. - The global market for Ethernet optical modules above 100G is projected to grow from 16.5 billion USD in 2025 to 26 billion USD in 2026, benefiting the company as it partners with major manufacturers [2]. - The company is expanding its production capacity significantly, with plans to add 12 million communication connectors and 20 million precision structural components annually [2][3]. - The company has entered mass production of liquid cooling optical modules, with annual production capacity expected to reach 200,000 to 300,000 sets [3]. Financial Performance and Projections - The company expects net profits of 240 million yuan in 2025, 590 million yuan in 2026, and 850 million yuan in 2027, with corresponding EPS of 1.75, 4.26, and 6.10 yuan [7]. - Revenue projections for 2025, 2026, and 2027 are 1.59 billion yuan, 3.06 billion yuan, and 4.44 billion yuan, respectively, with year-on-year growth rates of 54.3%, 91.9%, and 45.5% [8]. - The gross margin is expected to improve from 30% in 2025 to 33.3% in 2026, indicating enhanced profitability [8]. Market Data - As of February 24, 2026, the closing price of the stock is 144.36 yuan, with a total market capitalization of 20.105 billion yuan [5]. - The company has a total share capital of 139 million shares, with a circulating market value of 20.105 billion yuan [5].

证券研究报告：通信 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2025-02 2025-05 2025-07 2025-09 2025-12 2026-02 -24% -14% -4% 6% 16% 26% 36% 46% 56% 66% 76% 中天科技 通信 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） | 24.42 | | --- | --- | | 总股本/流通股本（亿股）34.13 | / 34.13 | | 总市值/流通市值（亿元）833 | / 833 | | 52 周内最高/最低价 | 25.21 / 12.74 | | 资产负债率(%) | 38.5% | | 市盈率 | 29.25 | | 第一大股东 | 中天科技集团有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 中天科技(600522) AI 驱动光通信需求，空芯光纤实现商业化突破 l 投资要点 AI 数据中心与无人机需求快速放量，光纤光缆快速涨价，大幅 贡献利润弹性。2025 年三大运营商及互联网公司全力推 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The demand for optical fibers is expected to surge due to the rapid growth of AI data centers and drone applications, leading to significant profit elasticity for the company. The three major telecom operators and internet companies are pushing for the construction of computing networks, which will drive the demand for high-density, large-core optical cables and new multimode fibers [4][5]. - The company has successfully commercialized the application of anti-resonant hollow-core fibers in data centers, achieving a 30% reduction in transmission latency compared to traditional fibers [5]. - The company has a robust order backlog in its marine business, with approximately 31.8 billion yuan in hand orders, including significant projects in the energy interconnection sector [6]. - The company is positioned to benefit from a 40% increase in capital expenditure by the State Grid, as it is a core supplier for the State Grid and Southern Grid [7]. Financial Projections - The company is projected to achieve revenues of 54.34 billion yuan, 63.60 billion yuan, and 72.86 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 3.35 billion yuan, 4.36 billion yuan, and 5.05 billion yuan for the same years [9][11]. - The company's earnings per share (EPS) is forecasted to be 0.98 yuan, 1.28 yuan, and 1.48 yuan for 2025, 2026, and 2027, respectively [11]. - The price-to-earnings (P/E) ratio is expected to decrease from 29.37 in 2024 to 16.49 by 2027, indicating improving valuation metrics [11]. Market Performance - The stock price has shown a significant upward trend, with a projected increase of 77% year-on-year in optical cable demand driven by AI applications by 2025, significantly outpacing non-AI applications [4]. - The company's market share in high-density, large-core specialty optical cables is expected to continue rising due to the increasing demand [4]. Company Overview - The latest closing price of the company's stock is 24.42 yuan, with a total market capitalization of 83.3 billion yuan [3]. - The company has a debt-to-asset ratio of 38.5%, indicating a relatively stable financial structure [3]. - The largest shareholder is Zhongtian Technology Group Co., Ltd. [3].

公司研究 证 券 研 究 报 告 中航西飞（000768）深度研究报告 推荐（首次） 鲲鹏凌云、振翼西飞——华创交运|航空强国 系列研究（五） 航空军工 2026 年 02 月 24 日 当前价：30.48 元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 公司基本数据 | 总股本(万股) | 278,114.91 | | --- | --- | | 已 ...

证券研究报告·公司深度研究·其他电源设备Ⅱ 东方电气（600875） 东方巨擎，筑能源之基 2026 年 02 月 24 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 60,677 | 69,695 | 80,756 | 90,713 | 99,988 | | 同比（%） | 9.60 | 14.86 | 15.87 | 12.33 | 10.22 | | 归母净利润（百万元） | 3,550 | 2,922 | 3,501 | 4,524 | 5,440 | | 同比（%） | 24.23 | (17.70) | 19.80 | 29.23 | 20.24 | | EPS-最新摊薄（元/股） | 1.03 | 0.84 | 1.01 | 1.31 | 1.57 | | P/E（现价&最新摊薄） | 32.96 | 40.05 | 33.43 | 25.87 | 21.51 | [Table_Tag] [T ...

2026 年 02 月 23 日 公司点评 增持/维持 建发股份(600153) 目标价: 昨收盘:9.28 ■ 事件 2026 年 1 月，建发股份发布业绩预告。预计 2025 年度实现归母净 利润为-100 亿元至-52 亿元。2024 年全年归母净利润为 29.5 亿。 ■ 点评 经公司初步测算披露，2025 年度实现营业收入 6,736 亿元到 6,936 亿元之间。其中三个子板块，拆分情况如下： >>供应链板块，营收约 5200 亿元，利润盈利约+33 亿； 建发股份，2025 业绩预告点评，供应链盈利稳，地产亏损减值 ◼ 走势比较 总股本/流通(亿股) 29/29 总市值/流通(亿元) 269.08/269.08 12 个月内最高/最低价 (元) 11.71/8.68 证券分析师：程志峰 电话：010-88321701 E-MAIL：chengzf@tpyzq.com 分析师登记编号：S1190513090001 >>房地产板块：营收约 1570 亿元，同比 2024 年下降约-15%，主要 系子公司建发房产和联发集团因交付项目减少导致结转收入减少利润减 少；利润约-65 亿至-53 亿元，主要系 ...

公司研究 证 券 研 究 报 告 中航西飞（000768）深度研究报告 推荐（首次） 鲲鹏凌云、振翼西飞——华创交运|航空强国 系列研究（五） 航空军工 2026 年 02 月 24 日 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 当前价：30.48 元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 | 总股本(万股) | 278,114.91 | | --- | --- | | 已上市流通股(万股) | 277,273.60 | | 总市值(亿元) | 844.91 | | 流通市值(亿元) | 842.36 | | 资产负债率(%) | 70.58 | | 每股净资产(元) | 7.84 | | 12 个月内最高/最低价 | 31.07/21 ...

博汇纸业（600966） 白卡龙头迎周期拐点，整合预期打开成长空间 西南证券研究院 轻工研究团队 2026年2月 核心观点 1 推荐逻辑：1）白卡纸行业供给增长放缓，供应压力缩减，行业的供需格局有望边际改善，吨盈利或迎 来触底回升；2）需求端看，高端白卡及白卡出口的需求亮眼，同时在咖啡茶饮等增量需求支撑下，预 计需求端仍将保持平稳增长态势；3）博汇纸业作为国内白卡纸龙头，背靠全球浆纸龙头金光集团，成 为其唯一A股上市平台，在同业竞争资产整合完成后，公司的供应链实力进一步增强，有望带来盈利弹 性的充分释放。 行业盈利触底，供给增长放缓，供需格局有望改善。过去几年行业供给大幅释放，供需失衡导致白卡纸 价一度跌至近4000元/吨，纸厂盈利显著承压。进入25年下半年，"反内卷"倡议下龙头停机供给收缩 ，新产能投产速度明显放缓，纸价从25Q4起触底反弹，浆价目前仍在低位盘整，吨纸盈利有望逐步回 升。未来供给结构持续优化，集中度提升，龙头优势进一步夯实。 以纸代塑趋势不减，结构性机会带动消费量增长趋稳。虽然消费需求的暂时疲弱对白卡纸需求形成一定 压制，但考虑到以纸代塑的政策支持、茶饮放量带动食品级白卡需求增长、白卡出口保 ...