交通运输/物流 建发股份（600153.SH） 全年业绩短暂承压下滑，供应链运营业务稳健盈利 2026 年 01 月 26 日 投资评级：买入（维持） 股价走势图 -10% 0% 10% 20% 30% 2025-01 2025-05 2025-09 建发股份 沪深300 数据来源：聚源 相关研究报告 《营收利润同比收缩，回款比例保持 高位—公司信息更新报告》-2025.9.2 《营收规模有所收缩，增强回报保护 股 东 利 益 — 公 司 信 息 更 新 报 告 》 -2025.4.17 ——公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | |  | 全年业绩短暂承压下滑，供应链运营业务稳健盈利，维持"买入"评级 | 建发股份发布 2025 年业绩预告，公司预计 2025 年度实现归母净利润为-100 亿元 到-52 亿元，预计实现扣非归母净利润为-65 亿元到-33 亿元，同比转亏。受美凯 龙业 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Viewpoints - The company is positioned to benefit from the booming demand for optical modules driven by AI and data center construction, with expected revenue growth from 2025 to 2027 [5] - The company has established a comprehensive global presence with multiple production and R&D bases, enhancing its competitive edge in both domestic and international markets [5] - The company has a strong self-research capability in core optical components, ensuring supply chain stability and cost advantages [5] Summary by Sections 1. Company Overview - The company is a pioneer in the optical electronics field, with three main business segments: intelligent manufacturing, connectivity, and sensing [13] - It has deep integration into the optical electronics industry, leveraging resources from Huazhong University of Science and Technology [13] 2. Company Governance - The company completed a separation reform in 2021, enhancing its market competitiveness and establishing a multi-level incentive system [17] - The management team has a strong background in the optical electronics industry, which aids in aligning with industry trends [19] 3. Company Performance - The company's revenue increased from 61.38 billion to 120.11 billion from 2020 to 2022, driven by the growth of 400G optical modules and products for new energy vehicles [25] - In 2025, the company expects to achieve revenues of 152.38 billion, 226.25 billion, and 298.97 billion for the years 2025, 2026, and 2027 respectively [5] - The gross profit margin has improved, with a notable increase in net profit margin to 11.90% in the first three quarters of 2025 [27] 4. Market Demand and Product Development - The demand for optical modules is expected to surge due to the rapid growth of AI and data centers, with a significant increase in capital expenditure from major cloud service providers [5] - The company is focusing on high-end optical modules, with a complete product system that includes 1.6T optical modules, which are expected to gain market share [5] 5. Financial Forecast - The company forecasts a net profit of 18.49 billion, 25.82 billion, and 33.76 billion for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [5][6]

交通运输/物流 建发股份（600153.SH） 全年业绩短暂承压下滑，供应链运营业务稳健盈利 2026 年 01 月 26 日 投资评级：买入（维持） | 日期 | 2026/1/23 | | --- | --- | | 当前股价(元) | 9.39 | | 一年最高最低(元) | 11.71/8.68 | | 总市值(亿元) | 272.27 | | 流通市值(亿元) | 272.27 | | 总股本(亿股) | 29.00 | | 流通股本(亿股) | 29.00 | | 近 3 个月换手率(%) | 59.21 | 股价走势图 -10% 0% 10% 20% 30% 2025-01 2025-05 2025-09 建发股份 沪深300 数据来源：聚源 相关研究报告 《营收利润同比收缩，回款比例保持 高位—公司信息更新报告》-2025.9.2 《营收规模有所收缩，增强回报保护 股 东 利 益 — 公 司 信 息 更 新 报 告 》 -2025.4.17 ——公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@ ...

2026 年 01 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 傅麒丞 S0350524080001 fuqc@ghzq.com.cn [Table_Title] 营收业绩高增，看好高端产品出货量持续提升 ——思特威（688213）2025 年业绩预告点评 最近一年走势 | 相对沪深 300 | 表现 | | 2026/01/23 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 思特威 | 13.2% | -3.7% | 34.3% | | 沪深 300 | 1.8% | 2.1% | 23.6% | | 市场数据 | | | 2026/01/23 | | 当前价格（元） | | | 102.91 | | 周价格区间（元） 52 | | | 74.10-127.81 | | 总市值（百万） | | | 41,401.39 | | 流通市值（百万） | | | 33,292.36 | | 总股本（万股） | | | 40,230.68 | | 流通股本（万股） | | | 32,350.95 | | 日均成交额（百万） | | | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors, with a unique "oxime-silane-hydroxylamine salt" green circular industry chain that showcases industry-leading technology [3][12]. - The company is expected to benefit from the growing demand in the new energy vehicle and electronics sectors, with projected net profits of 201 million, 269 million, and 350 million yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.48, 1.98, and 2.58 yuan per share [3][4]. - The company has successfully developed electronic-grade hydroxylamine water solution, breaking the monopoly of foreign manufacturers and supporting the localization of semiconductor cleaning agents [5][12]. Financial Summary - The company’s revenue is projected to reach 1.239 billion yuan in 2024, with a net profit of 211 million yuan, reflecting a year-on-year growth of 11.2% and 22.3% respectively [4][39]. - The gross profit margin is expected to improve from 27.7% in 2023 to 32.5% in 2027, while the net profit margin is projected to increase from 15.5% to 21.7% over the same period [4]. - The company’s earnings per share (EPS) are forecasted to be 1.48 yuan in 2025, 1.98 yuan in 2026, and 2.58 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 38.6, 28.9, and 22.2 [3][4]. Industry Outlook - The fine chemical industry is experiencing rapid growth, with China's fine chemical industry output expected to exceed 11 trillion yuan by 2027, reflecting a compound annual growth rate of over 19.17% from 2024 to 2027 [55]. - The demand for silane crosslinking agents is anticipated to expand significantly, driven by applications in construction materials, energy, electronics, and new energy vehicles [61][66]. - The production of functional silanes in China is projected to grow from 46.90 million tons in 2024 to 59.88 million tons by 2028, indicating a compound annual growth rate of 6.30% [65][68].

证券研究报告·公司点评报告·旅游零售Ⅱ 中国中免（601888） 收购 DFS 大中华区，引入 LVMH 深化战略 合作 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） | 67,540 | 56,474 | 55,174 | 61,618 | 66,074 | | 同比（%） | 24.08 | (16.38) | (2.30) | 11.68 | 7.23 | | 归母净利润（百万元） | 6,714 | 4,267 | 3,865 | 5,222 | 5,813 | | 同比（%） | 33.46 | (36.44) | (9.42) | 35.11 | 11.31 | | EPS-最新摊薄（元/股） | 3.25 | 2.06 | 1.87 | 2.52 | 2.81 | | P/E（现价&最新摊薄） | 28.76 | 45.25 | 49.95 | 36.97 | 33.21 | [Table_Tag] ...

2026 年 01 月 26 日 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） | 67,540 | 56,474 | 55,174 | 61,618 | 66,074 | | 同比（%） | 24.08 | (16.38) | (2.30) | 11.68 | 7.23 | | 归母净利润（百万元） | 6,714 | 4,267 | 3,865 | 5,222 | 5,813 | | 同比（%） | 33.46 | (36.44) | (9.42) | 35.11 | 11.31 | | EPS-最新摊薄（元/股） | 3.25 | 2.06 | 1.87 | 2.52 | 2.81 | | P/E（现价&最新摊薄） | 28.76 | 45.25 | 49.95 | 36.97 | 33.21 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·旅游零售Ⅱ 中国中 ...

中收增速超 30%，活期存款新增占比高达 70% 宁波银行(002142) 宁波银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 展望 2026 年，宁波银行有望继续在四个维度实现基本面与业绩双改善：信贷高增 长、以综合化经营优势沉淀活期存款、发挥财富管理及国际结算优势推动中收增长、 优化资产布局减轻信用成本压力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 61,585 | 66,631 | 72,223 | 80,024 ...

Investment Rating - The report maintains a rating of "Accumulate" for Tianlu Technology [5] Core Views - The company is expected to see significant revenue growth driven by the upcoming TAC optical film project, which is anticipated to break the foreign monopoly in the market [7] - The company has a stable position in the main business of light guide plates, with a projected increase in net profit from 27 million yuan in 2024 to 134 million yuan in 2027 [5][7] - The report highlights the potential of the reflective polarizing enhancement film project, which aims to meet domestic demand and reduce reliance on imports [7] Financial Summary - The total share capital is 110.32 million shares, with a market price of 38.34 yuan, resulting in a market capitalization of approximately 4,229.61 million yuan [5] - Revenue projections show a growth from 596 million yuan in 2023 to 1,343 million yuan in 2027, with a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [5][8] - The net profit is expected to grow from 9 million yuan in 2023 to 134 million yuan in 2027, reflecting a significant increase in profitability [5][8]

2026 年 1 月 26 日 公司研究 利润短期波动，旺季加快备货 ——立高食品（300973.SZ）跟踪点评 要点 事件：立高食品发布 2025 年度业绩预告，公司预计 25 年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%，预计归母净利润 3.11-3.31 亿元， 同比增长 16.06%-23.52% ，扣非净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。按照区间中位数，估计 25Q4 实现总营收 11.95 亿元，同比增 长 6.92%，归母净利润 0.73 亿元，同比增长 12.79%。此外我们近期跟踪公司 经营情况，更新观点如下： 高基数下 25Q4 收入增速放缓，促销/奖励费用影响当期利润。1）短期看，公司 25Q4 收入端同比增速环比放缓，估计与 24Q4 同期基数较高、26 年春节较晚存 在旺季错期等因素有关。为提前抢占市场份额、保证各渠道旺季供应，公司在 25Q4 加快备货节奏，11 月中旬后即开始提前备货，同时采取相关返利促销/奖 励方案，以提高销售团队和经销商客户积极性。全年来看，公司 25 年收入实现 双位数以上增长，其中核心 ...