[Table_Title] 中国巨石（600176.SH） 普通电子布步入涨价大周期，特种电子布有望突破 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 15,856 | 18,881 | 22,355 | 24,735 | 26,629 | | 增长率（ % ） | 6.6% | 19.1% | 18.4% | 10.6% | 7.7% | | EBITDA | 5,176 | 7,169 | 10,304 | 11,755 | 12,874 | | 归母净利润 | 2,445 | 3,285 | 5,910 | 6,872 | 7,565 | | 增长率（ ） % | -19.7% | 34.4% | 79.9% | 16.3% | 10.1% | | EPS（元/股） | 0.61 | 0.82 | 1.48 | 1.72 | 1.89 | | 市盈率（P/E） ...

证券研究报告 广发证券 (000776 CH/1776 HK) 港股通 投资扩表与国际化并行 2026 年 3 月 31 日│中国内地/中国香港 证券 公司公布 2025 年年度报告，全年收入 354.93 亿元，同比+34%；归母净利 润 137.02 亿元，同比+42%。分业务看，投资、经纪弹性亮眼。Q4 单季度 归母净利润 27.67 亿元，环比-38%。公司已于 2026 年 1 月完成配售 H 股 及发行 H 股可转换债券，合计募资约 61.2 亿港元，3 月公告拟向广发香港 增资不超过 61.01 亿港元，我们认为有望增厚广发香港资本实力、强化公司 跨境服务能力。维持 AH 股买入评级。 资管优势稳固，投行稳步复苏 风险提示：业务开展不及预期，市场波动风险。 金融投资规模显著扩张 2025 年末公司总资产 9,755 亿元，较年初+29%，增长较多。其中金融投资 规模 4,833 亿元，较年初+31%。从投资结构看，股票 TPL（主要是衍生品 业务代客持仓）规模 629 亿元，较年初+63%；股票 OCI 规模 96 亿元，较 年初+114%；固收类投资（债券 TPL+债权投资+其他债权投资）规模 ...

证券研究报告 昭衍新药 (603127 CH/6127 HK) 港股通 4Q25 新签订单金额显著提速 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年实现收入/归母净利 16.58/2.98 亿元（yoy-17.9%/+302.1%），符 合业绩预告预期；历史期国内行业竞争阶段性加剧的滞后影响下，公司 25 年收入有所下滑，但期内生物资产公允价值变动及资金管理收益助力公司利 润端明显改善。公司 4Q25 收入 6.73 亿元（yoy-1.5%），历史期低质订单 对于公司收入端的负面影响已边际明显减轻。公司 25 年整体在手订单金额 约 26 亿元（yoy+18.2%），新签订单金额约 26 亿元（yoy+41.3%），其 中 4Q25 新签订单金额 9.6 亿元（yoy+118.2%），国内行业下游需求持续 复苏背景下，公司新签订单金额边际显著提速。考虑国内行业需求积极回暖， 叠加公司海外业务持续拓展，看好公司业务中长期成长空间。公司 A、H 股 均维持"买入"评级。 毛利率短期下滑，现金流水平显著向好 公司 25 年毛利率为 20.7%（yoy-7.7pct ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2025 met expectations, with a year-on-year revenue growth of 15% and a net profit growth of 38% [9] - The growth was driven by strong overseas business performance, recovery in domestic sales, and a reduction in stock incentive expenses [3][9] - The company is expanding its global presence and product categories, which opens up new growth opportunities [4] Financial Summary - Revenue for 2025 was 52.1 billion yuan, with a net profit of 4.86 billion yuan [6][9] - The operating cash flow for 2025 reached 4.9 billion yuan, a 128% increase year-on-year [3] - The projected net profits for 2026, 2027, and 2028 are 6.11 billion, 7.65 billion, and 9.45 billion yuan respectively, with growth rates of 26%, 25%, and 24% [9] Business Performance - The company achieved a gross margin of 28.0% in 2025, with a net profit margin of 9.3% [9] - The overseas revenue and gross profit accounted for 59% and 64% of total revenue and gross profit respectively, showing a year-on-year growth of 31% and 25% [9] - The domestic sales of earthmoving machinery grew by over 13%, while export sales increased by over 57%, outperforming the industry [9] Product and Market Expansion - The company is focusing on three main sectors: engineering machinery, agricultural machinery, and mining machinery, which are all contributing to growth [4] - The agricultural machinery segment saw a year-on-year sales increase of over 21%, while mining machinery sales tripled in overseas markets [9] - The company is also advancing in humanoid robotics, with several units already in operation across various industrial applications [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market by more than 15% over the next 12 months [13][22]. Core Views - The company reported a net profit attributable to shareholders of RMB 2.85 billion for 2025, representing an 18.1% year-on-year increase, with a non-recurring net profit of RMB 2.69 billion, up 51% year-on-year [8][9]. - The overseas cement business is experiencing significant growth, with a 25% increase in sales volume to 2.03 million tons in 2025, contributing to 33% of revenue and 46% of gross profit from overseas operations [10][11]. - The domestic cement business showed a slight improvement in profitability, with a projected sales volume of 4.165 million tons in 2025, down 5.5% year-on-year, but with expected gross margin improvement due to cost reductions [10][11]. Financial Summary - Revenue projections for the company are as follows: - 2024: RMB 34.22 billion - 2025: RMB 35.35 billion - 2026: RMB 39.66 billion - 2027: RMB 42.53 billion - 2028: RMB 45.43 billion - Growth rates are projected at 1.4%, 3.3%, 12.2%, 7.3%, and 6.8% respectively [2]. - EBITDA is expected to grow from RMB 8.15 billion in 2024 to RMB 14.31 billion in 2028, reflecting a strong upward trend [2]. - The company’s net profit is projected to reach RMB 5.17 billion by 2028, with a compound annual growth rate of 11.7% from 2026 to 2028 [2][12]. Valuation Metrics - The report estimates the company's price-to-earnings (P/E) ratio to be 10.4 in 2024, increasing to 17.9 in 2025, and then decreasing to 8.5 by 2028 [2][12]. - The estimated reasonable value for the company's A-shares is RMB 28.24 per share, while the H-shares are valued at HKD 21.33, based on a target P/E of 15 times for 2026 [13].

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" with a current price of 23.42 CNY and a reasonable value of 30.16 CNY for A-shares and 30.09 HKD for H-shares [4]. Core Views - The company reported a net profit attributable to shareholders of 8.1 billion CNY in 2025, representing a year-on-year increase of 5.4%. The net profit for Q4 was 1.81 billion CNY, down 27.6% year-on-year and 6.6% quarter-on-quarter [8][9]. - The company benefits from a decline in coal prices, leading to a slight increase in profitability for cement, while aggregate and concrete gross profits decreased by 2.4% [10]. - Capital expenditures are expected to decrease, with a cash dividend of 4.486 billion CNY in 2025, reflecting a slight increase in the dividend payout ratio to 55% [13]. - The company is projected to have a net profit of 9.1 billion CNY in 2026, with corresponding P/E ratios of 13.5, 11.0, and 9.5 for 2026, 2027, and 2028 respectively [14]. Summary by Sections Financial Performance - Revenue for 2025 was 82.532 billion CNY, with a growth rate of -9.3%. EBITDA was 17.534 billion CNY, and net profit attributable to shareholders was 8.113 billion CNY, with a growth rate of 5.4% [2][18]. - The company’s earnings per share (EPS) for 2025 was 1.53 CNY, with a projected increase to 1.71 CNY in 2026 [18]. Business Segments - Cement and clinker sales volume in 2025 was 265 million tons, down 1.13% year-on-year, with an average price of 230 CNY per ton, a decrease of 16 CNY year-on-year [10]. - Aggregate revenue was 4.2 billion CNY, down 10% year-on-year, while concrete revenue increased by 20% to 3.2 billion CNY, with a gross profit margin of 12.4% [10]. Capital Expenditure and Dividends - Capital expenditure for 2025 was 11 billion CNY, with a planned increase to 11.8 billion CNY in 2026, significantly lower than the levels from 2021 to 2024 [13]. - The company’s cash dividend for 2025 was 4.486 billion CNY, with a payout ratio of 55%, indicating a slight increase from the previous year [13]. Profitability Outlook - The company is expected to maintain a net profit of approximately 30 CNY per ton in 2024-2025, with a potential improvement in profitability in 2026 due to supply-side adjustments [13][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The integration of Minsheng Securities has significantly driven the company's performance, with a remarkable increase in net profit attributable to shareholders, which reached 2.01 billion yuan in 2025, representing a year-on-year growth of 405% [1] - The company has adjusted its market trading volume and price fluctuation assumptions, leading to revised profit forecasts for 2026-2028, with expected net profits of 2.2 billion, 2.5 billion, and 2.7 billion yuan respectively, reflecting year-on-year growth of 11%, 11%, and 8% [1] - The current stock price corresponds to a price-to-book ratio (PB) of 1.0 for 2025, and 0.9 for 2026 and 2027, indicating a favorable valuation as the integration progresses and business synergies enhance profitability and growth potential [1] Financial Performance Summary - In 2025, the company's net income from brokerage business reached 2.1 billion yuan, up 193% year-on-year, with significant contributions from securities brokerage, seat trading, and distribution services [2] - The investment banking segment generated a net income of 900 million yuan, a 165% increase year-on-year, completing 10 equity financing projects, including 5 IPOs [2] - Asset management net income was 780 million yuan, reflecting a 19% year-on-year increase, with total entrusted funds in securities asset management reaching 196 billion yuan, a 38% increase [2] - Investment income, including fair value changes, was 3.46 billion yuan, up 254% year-on-year, with a self-operated investment return rate of 5.11% [3] - The company’s total revenue is projected to grow from 7.67 billion yuan in 2025 to 10.22 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 8.1% [4][7] Valuation Metrics - The company’s earnings per share (EPS) is expected to increase from 0.35 yuan in 2025 to 0.47 yuan in 2028, with a corresponding price-to-earnings (P/E) ratio decreasing from 25.9 to 19.3 [4][7] - The return on equity (ROE) is projected to stabilize around 4.2% to 4.7% from 2026 to 2028, indicating a steady improvement in profitability [4][7] - The gross margin is expected to remain stable at approximately 33% over the forecast period, reflecting effective cost management [4][7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - In 2025, the company achieved a total revenue of 3.696 billion yuan, representing a year-on-year growth of 31.38%, and a net profit attributable to shareholders of 1.031 billion yuan, up 24.61% [11] - The company is expected to continue its growth trajectory with projected revenues of 4.740 billion yuan in 2026 and 5.865 billion yuan in 2027, alongside net profits of 1.314 billion yuan and 1.669 billion yuan respectively [4][11] - The company is focusing on expanding its product portfolio, particularly in the hepatitis B treatment space, with the launch of new products and collaborations aimed at enhancing its market position [11] Financial Summary - Total revenue is projected to grow from 3.696 billion yuan in 2025 to 7.028 billion yuan by 2028, with a compound annual growth rate (CAGR) of approximately 19.8% [4] - Net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2025 to 2.081 billion yuan in 2028, reflecting a CAGR of around 24.7% [4] - The earnings per share (EPS) is forecasted to rise from 2.53 yuan in 2025 to 5.10 yuan in 2028 [4] Market Data - The target price for the company's stock is set at 80.51 yuan, based on a 25x price-to-earnings (PE) ratio for 2026 [11] - The stock has a current price of 65.24 yuan, with a market capitalization of 26.63 billion yuan [6][11] - The stock has traded within a range of 64.39 to 91.33 yuan over the past 52 weeks [6] Product Development - The company’s antiviral drug, Paigebin, generated revenue of 3.091 billion yuan in 2025, marking a 26.34% increase year-on-year [11] - The company is also advancing its pipeline with new products such as the long-acting growth hormone Yipeisheng, which has been approved and included in medical insurance, expected to drive significant revenue growth [11] - Ongoing research and development efforts are focused on innovative drugs in the fields of immunology and metabolism, with substantial investments planned [11]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company achieved a revenue of 4.517 billion yuan in 2025, a year-on-year increase of 0.84%, and a net profit attributable to shareholders of 105 million yuan, a significant year-on-year growth of 141.94% [1]. - The company is positioned for a performance turning point in 2025, driven by dual engines of energy digitization and energy internet [1]. - The energy digitization business saw a revenue of 2.107 billion yuan in 2025, a slight decline of approximately 1.88%, while the energy internet business generated 1.977 billion yuan, reflecting a year-on-year growth of about 9.56% [1]. Business Segments Summary Energy Digitization - The company is collaborating with the Shanghai Lingang Computing Power Center to build a virtual power plant, exploring scalable paths for computing and electricity synergy [2]. - The profitability of the energy digitization business significantly improved in 2025 due to the focus on grid digitization and the divestment of non-core businesses [2]. - The potential market for adjustable computing power is estimated to be between 40 to 70 billion kilowatt-hours by 2030, indicating a new growth area for computing and electricity synergy [2]. AI Power Trading - The company reported a threefold increase in electricity trading volume in 2025, with a projected fourfold increase in new contracts for 2026 [3]. - The company conducted market-based electricity trading across multiple provinces, leveraging its AI energy model for precise forecasting of electricity prices and load curves [3]. - The overall trading volume exceeded 6 billion kilowatt-hours in 2025, marking a year-on-year increase of over 300% [3]. New Electric Path - The registered user base for the New Electric Path charging platform grew by 50% year-on-year, surpassing 27 million users, with over 2.4 million charging devices connected [3]. - The platform's annual charging volume increased by approximately 30%, and the distributed photovoltaic cloud platform has connected over 50 GW of capacity [3]. Financial Projections - Revenue projections for 2026, 2027, and 2028 are estimated at 6.270 billion yuan, 8.327 billion yuan, and 10.672 billion yuan, respectively, with net profits expected to reach 478 million yuan, 876 million yuan, and 1.131 billion yuan [4][9].

Investment Rating - The investment rating for Hisense Home Appliances is maintained at "Buy" [5]. Core Views - The company reported a total revenue of 879.28 billion yuan for 2025, a decrease of 5.19% year-on-year, and a net profit attributable to shareholders of 31.87 billion yuan, down 4.82% year-on-year. In Q4 2025, the revenue was 163.96 billion yuan, a decline of 26.03% year-on-year, with a net profit of 3.75 billion yuan, down 32.46% year-on-year [1][2]. - The dividend payout ratio for 2025 increased to 54.95%. The gross profit margin improved by 0.53 percentage points to 21.31%. The net profit margin slightly decreased by 0.14 percentage points to 5.38% [2]. - Operating cash flow for 2025 was 57.96 billion yuan, an increase of 12.94% year-on-year, with cash received from sales amounting to 803.26 billion yuan, up 4.90% year-on-year [2]. Financial Summary - For 2025, the company achieved total revenue of 879.28 billion yuan and a net profit of 31.87 billion yuan. The projected net profits for 2026, 2027, and 2028 are 32.12 billion yuan, 34.97 billion yuan, and 37.49 billion yuan, reflecting year-on-year growth rates of 0.8%, 8.9%, and 7.2% respectively [2][4]. - The earnings per share (EPS) for 2025 is reported at 2.30 yuan, with projections of 2.32 yuan, 2.52 yuan, and 2.71 yuan for the following years [4]. - The return on equity (ROE) is expected to decline from 18.2% in 2025 to 13.7% by 2028 [4].