证券研究报告 公司点评（R3） 维信诺(002387.SZ) 执业证书编号:S0530525090001 zhoujian64@hnchasing.com 相关报告 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万 | 5,925.73 | 7,928.66 | 8,063.00 | 8,508.00 | 8,940.00 | | 元) | | | | | | | 归母净利润(百 | -3,726.12 | -2,505.34 | -2,104.26 | -1,934.62 | -1,737.11 | | 万元) | | | | | | | 每股收益（元） | -2.67 | -1.79 | -1.51 | -1.39 | -1.24 | | 每 股 净 资 产 | 5.83 | 3.97 | 2.47 | 1.08 | -0.16 | | （元） | | | | | | | P/E | -3.36 | -5.00 | -5.95 | -6.48 | -7.21 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is expected to benefit significantly from the ongoing advancements in semiconductor manufacturing processes, particularly in etching and deposition technologies, which are crucial for the production of advanced logic and 3D NAND devices [5][57] - The projected net profits for the company from 2025 to 2027 are estimated to be 21.81 billion, 31.59 billion, and 42.79 billion yuan, reflecting year-on-year growth rates of 35.0%, 44.8%, and 35.5% respectively [3][4] Financial Data and Profit Forecast - Total revenue is projected to grow from 6,263.51 million yuan in 2023 to 20,631.26 million yuan in 2027, with a compound annual growth rate (CAGR) of 41.3% [4][22] - The company's gross margin is expected to stabilize as the thin film deposition segment matures, contributing to overall profitability [31][63] - The company’s return on equity (ROE) is forecasted to improve from 10.02% in 2023 to 14.57% in 2027 [4] Industry Overview - The global semiconductor equipment market is anticipated to grow from 125.5 billion USD in 2024 to 159.9 billion USD in 2026, with a CAGR of approximately 9.1% [40] - The Chinese semiconductor equipment market is projected to expand from 49.1 billion USD in 2024 to 66.2 billion USD in 2027, driven by domestic wafer fab expansions and local replacements [40] Company Positioning - The company is recognized as a leading supplier of front-end semiconductor equipment in China, with a strong focus on etching and deposition technologies [8][18] - The company has established a comprehensive product line that includes advanced etching systems capable of supporting production from 65nm to 5nm nodes and beyond [5][8] - The company is positioned to capture structural growth opportunities in the semiconductor equipment market due to its technological depth and successful customer validations [57]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The company, Suzhou Shihua New Materials Technology Co., Ltd., is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research, production, and sales of functional materials [6][12]. - The company has maintained high growth in revenue and net profit, with a five-year CAGR of 26.96% for revenue and 27.84% for net profit from 2019 to 2024 [6][24]. - The company has established deep cooperation with major clients like Apple and Samsung, which enhances its market position and stability [6][20]. - The company has recently completed a fundraising of 590 million yuan to expand its optical film materials project, which is expected to significantly contribute to future growth [6][24]. Financial Forecast - Total revenue is projected to grow from 511.50 million yuan in 2023 to 1,923.41 million yuan in 2027, with a growth rate of 10.64% in 2023 and 55.36% in 2024 [5]. - Net profit attributable to shareholders is expected to increase from 193.46 million yuan in 2023 to 669.06 million yuan in 2027, with a growth rate of 4.36% in 2023 and 44.56% in 2024 [5]. - The company's EPS is forecasted to be 1.56 yuan in 2025, with a corresponding P/E ratio of 22.61 [5]. Company Overview - The company was established in 2010 and has developed a range of functional materials used in various industries, including consumer electronics and medical electronics [12][20]. - The company operates three manufacturing plants and has over 400 employees, with a strong presence in both domestic and international markets [12][20]. - The management team has extensive experience in the industry, contributing to the company's innovative capabilities and patent development [20][21]. Business Segments - The main business segments include functional electronic materials and high-performance optical materials, with the latter showing rapid revenue growth due to new project developments [29][39]. - The functional electronic materials segment has seen steady growth, while the high-performance optical materials segment is expected to contribute significantly to future revenues [29][39]. Market Trends - The global consumer electronics market is projected to grow from 788.23 billion USD in 2024 to 1,073.77 billion USD by 2032, driven by advancements in AI, IoT, and 5G technologies [53]. - The demand for high-end smartphones is increasing, with a notable shift towards premium devices, which is expected to benefit the company's functional materials [55][58].

汽车零部件Ⅲ 美湖股份（603319.SH） 增持-A(首次) 泵类主业稳中求进，AI+机器人打开成长空间 2025 年 12 月 8 日 公司研究/深度分析 公司近一年市场表现 投资要点： | 市场数据：2025 年 | 12 | 月 5 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 38.78 | | 总股本（亿股）： | | | 3.39 | | 流通股本（亿股）： | | | 3.39 | | 流通市值（亿元）： | | | 131.52 | | 基础数据：2025 年 月 日 9 30 | | --- | | 每股净资产（元/股）： 7.38 | | 每股资本公积（元/股）： 2.62 | | 每股未分配利润（元/ 3.33 | | 股）： | 潘宁河 执业登记编码：S0760523110001 邮箱：panninghe@sxzq.com 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 林挺 执业登记编码：S0760524100003 泵类产品领军企业，多领域布局打开成长空间。公司始建于 1949 年，自 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has launched a restricted stock incentive plan aimed at core personnel, demonstrating its commitment to developing "new momentum" [4][6] - The company is positioned in a niche market with significant growth potential, particularly in deep-sea economy and advanced technology sectors [5][6] Financial Summary - The company’s projected net profit for 2025-2027 is expected to be CNY 0.53 billion, CNY 0.97 billion, and CNY 1.70 billion, with year-on-year growth rates of 179.47%, 82.07%, and 75.41% respectively [5] - The current price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 73, 40, and 23 times respectively [5] - Revenue is expected to grow significantly, with projected figures of CNY 410 million in 2025, CNY 623 million in 2026, and CNY 924 million in 2027, reflecting growth rates of 52.47%, 52.17%, and 48.18% respectively [5][7] Incentive Plan Details - The incentive plan involves granting 2 million shares, representing 1.80% of the total share capital, with a grant price of CNY 17.74 per share [6] - The first phase of the plan requires achieving either CNY 450 million in revenue or CNY 70 million in net profit by 2026, while the second phase targets CNY 650 million in revenue or CNY 100 million in net profit by 2027 [6] Market Performance - The stock incentive plan is expected to accelerate the company's new business development, with a significant focus on core personnel rather than just executives [6] - Recent breakthroughs in high-end domestic substitution and deep-sea listening technology are anticipated to enhance the company's value and market position [6]

公司深度研究 | 中国神华 煤炭龙头，能源航母 中国神华（601088.SH）首次覆盖报告 【核心结论】基于模型分析，我们预计公司 2025-2027 年归母净利润分别为 543.88 亿、558.78 亿、575.04 亿，EPS 分别为 2.74、2.81、2.89 元，同 比增长-7.30%、2.74%、2.91%。考虑 DDM 估值方法，给予公司目标价 48.96 元/股。首次覆盖，给予"增持"评级。 主要逻辑一：供需基本平衡，煤价中枢较为稳定。我们预计 2025-2027 年在 电煤长协充分保障的前提下，现货采购价格中枢依旧维持 700-800 元/吨的 位置，最高价格仍旧存在创新高的可能。 主要逻辑二：公司资源丰富，产销量居全国前列。公司拥有煤炭储量 343.6 亿吨、可开采储量 150.9 亿吨，可开采年限近 50 年，公司煤炭主业规模居 于全国前列。 主要逻辑三：利润稳定、业绩稳健，长期保持高分红。中国神华自上市以来 累计现金分红 20 次，平均分红率高达 61.89%，2024 年公告净利润分红率 超过 75%，未来继续保持高分红概率较大。 风险提示：经济增长不及预期，产能投放超预期，进口超 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company is set to officially launch the Phase IIc clinical trial for its self-developed recombinant human thymosin β4 (NL005) for the treatment of acute myocardial infarction (AMI) following successful communication with the CDE [4][5] - The company anticipates revenue growth from 0.89 billion yuan in 2025 to 6.11 billion yuan in 2027, with net profits projected to shift from a loss of 440 million yuan in 2025 to a profit of 730 million yuan in 2027 [4][7] - The company has established a significant partnership with a well-known domestic ophthalmology company to promote the localization of its balanced salt solution, enhancing its market presence in the ophthalmic medical sector [5] Financial Summary - Revenue projections for 2025-2027 are 0.89 billion yuan, 2.71 billion yuan, and 6.11 billion yuan respectively, with corresponding net profits of -440 million yuan, -20 million yuan, and 730 million yuan [4][7] - The company’s gross margin is expected to improve from 55.8% in 2025 to 71.5% in 2027, while the net margin is projected to turn positive by 2027 [7][10] - The price-to-sales (P/S) ratio is forecasted to decrease from 78.8 in 2025 to 11.5 in 2027, indicating a potential increase in valuation as revenues grow [4][7]

Investment Rating - The investment rating for the company is maintained at "Hold" with a target price of RMB 28.30 [1][5]. Core Insights - The company, Diya Co., is a leading brand in China's diamond ring industry, actively expanding its gold product line and optimizing its channel layout, showing gradual improvement in performance [1]. - For the first three quarters of 2025, the company achieved revenue of RMB 1.156 billion, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of RMB 103 million, a significant increase of 408.0% year-on-year [1][5]. - The company continues to optimize inefficient stores and has introduced new products, which have driven a rapid increase in same-store sales [1][3]. Revenue and Profitability - Online self-operated revenue for the first three quarters of 2025 reached RMB 230 million, a year-on-year increase of 45.8%, while offline direct sales revenue was RMB 820 million, a decrease of 5.0% due to net store closures [2]. - The overall gross margin for the company in the first three quarters was 66.4%, an increase of 0.8 percentage points year-on-year, with core business gross margin at 68.0%, up 2.3 percentage points [2]. Store Optimization and Efficiency - The company closed 32 stores during the first three quarters of 2025, with a net store closure rate slowing down compared to the previous year [3]. - The average revenue per store increased to RMB 2.65 million, a year-on-year growth of 31%, while sales and management expense ratios improved significantly [3]. Product Innovation and Market Expansion - The company focuses on two emotional expression scenarios: "Proposal" and "Wedding," with new product launches in the gold jewelry category [4]. - Diya Co. is actively expanding into overseas markets, achieving significant exposure on platforms like TikTok, with a total exposure of 689 million times by the first half of 2025 [4]. Earnings Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted downwards by 52% and 44% to RMB 136 million and RMB 203 million, respectively, with a new forecast for 2027 at RMB 251 million [5][12]. - The company is currently in a brand transformation phase, leading to significant earnings volatility, and a price-to-book (PB) valuation method is now applied, with a target price set at RMB 28.30 [5].

传媒 2025 年 12 月 08 日 三七互娱 (002555) ——罚款靴子落地，低估值高分红，具备较大成长潜力 报告原因：有信息公布需要点评 买入（维持） | 市场数据： 2025 年 12 月 05 日 | | | --- | --- | | 收盘价（元） | 20.04 | | 一年内最高/最低（元） | 24.35/13.11 | | 市净率 | 3.3 | | 股息率%（分红/股价） | 4.99 | | 流通 A 股市值（百万元） | 32,043 | | 上证指数/深证成指 3,902.81/13,147.68 | | | 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） | 6.08 | | 资产负债率% | 36.29 | | 总股本/流通 A 股（百万） | 2,212/1,599 | | 流通 B 股/H 股（百万） | -/- | 联系人 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 一年内股价与大盘对比走势： -20% 0% 20% 40 ...

证券研究报告 近年来欧洲 MDI 受能源成本高企以及装置年限较久等影响，相关龙头企业 经营压力与日俱增，并于近期通过装置急停、产品涨价等形式集中体现；而 公司相关产品则凭借成本优势与规模优势仍能保持稳健的经营与较好的盈 利空间，全球产业竞争力转移愈发明显。考虑相关产品的近期上涨，我们上 调 25 年盈利预期。未来伴随我国经济的逐步复苏以及海外需求的持续拉动， MDI 景气有望得到修复，万华化学凭借全球规模与成本优势有望充分享受行 业景气弹性，维持"买入"评级。 欧洲 MDI 急停与涨价互现，压力环境下公司韧性凸显 25 年 11 月下旬，亨斯迈荷兰 28 万吨 MDI 装置因故障紧急停车检修；11-12 月以来全球 MDI 巨头涨价函密集发布，亨斯迈、陶氏、巴斯夫等产品价格涨 幅 200 美元-350 欧元不等。受海外涨价以及国内检修预期拉动，据百川盈孚， 截至 12 月 5 日，我国纯 MDI 价格为 19500 元/吨，较 9 月底上涨 11%。近 年来海外装置受能源成本高企以及装置年限较久等因素影响，不可抗力频发， 成本压力逐步体现；而公司装置则凭借良好的成本优势与规模优势仍具备较 好的经济性。我们认为 ...