Investment Rating - The report assigns a "Buy" rating for the company, Rilian Technology (688531) [2]. Core Insights - Rilian Technology is a leading enterprise in the industrial X-ray intelligent detection field in China, focusing on the R&D, production, and sales of micro-focus and high-power industrial X-ray intelligent detection equipment and core components, with a dual strategy of domestic substitution and international expansion. The company has achieved rapid revenue growth, with a CAGR of 37.76% for operating income and 76.70% for net profit attributable to the parent company from 2019 to 2024 [5][28]. Company Overview - Rilian Technology has established itself as a national-level specialized and innovative "little giant" enterprise, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2023. The company has a comprehensive product range that includes X-ray sources, AI imaging software, and industrial X-ray intelligent detection equipment, which are widely used in high-end manufacturing quality control [14][22]. Industry Analysis - The global industrial X-ray detection equipment market is projected to grow from 35.12 billion yuan in 2020 to 57.39 billion yuan in 2024, with a CAGR of 13.1%. The Chinese market is expected to grow from 10.69 billion yuan to 18.79 billion yuan during the same period, with a CAGR of 15.1% [6][39]. The growth is driven by advancements in semiconductor processes and the increasing demand for new energy batteries, alongside the acceleration of domestic substitution [39]. Investment Logic - Rilian Technology has successfully achieved comprehensive R&D coverage of core high-tech components, making it the only domestic company capable of mass application of X-ray intelligent detection equipment across nearly all industrial sectors. The company is rapidly expanding through horizontal and vertical mergers and acquisitions, which are expected to enhance its platform capabilities and performance [7][14]. Financial Forecast - The company is projected to achieve total operating revenues of 1.058 billion yuan, 1.591 billion yuan, and 2.132 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.1%, 50.3%, and 34.0%. Net profits attributable to the parent company are expected to be 190 million yuan, 315 million yuan, and 448 million yuan for the same years, with growth rates of 32.8%, 65.3%, and 42.6% [7][8]. Market Position - Rilian Technology has established a strong market presence, particularly in the integrated circuit and electronic manufacturing sectors, where it holds the highest market share in China. The company has built a solid customer base, including major clients such as SMIC, Foxconn, and CATL [22][23]. Research and Development - The company has consistently increased its R&D investment, with R&D expenses reaching 86.26 million yuan in the first three quarters of 2025, a year-on-year increase of 43.94%, representing 11.70% of total revenue. This ongoing investment supports innovation in core technology areas such as X-ray sources [28][30]. Global Expansion - Rilian Technology has expanded its international footprint, with sales covering over 70 countries and regions. The establishment of subsidiaries and factories in Singapore, Hungary, Malaysia, and the United States is expected to accelerate the growth of its overseas business [7][14]. Competitive Landscape - The market for X-ray sources is characterized by a layered structure based on focal size, with micro-focus products facing high technical barriers. The company is positioned to benefit from the increasing demand for high-precision imaging in sectors such as semiconductors and new energy batteries [6][56]. Conclusion - Rilian Technology's strong market position, robust growth prospects, and strategic focus on R&D and international expansion make it a compelling investment opportunity in the industrial X-ray detection sector [7][39].

Investment Rating - The report assigns a "Buy" rating for the company [9] Core Insights - The company, Si Hui Fu Shi, focuses on high-quality printed circuit board (PCB) research, production, and sales, targeting the industrial control, automotive electronics, communication equipment, and medical devices sectors. It has established a global production layout with a new factory in Thailand set to begin trial production in 2024 [4][16] - The global PCB market is experiencing rapid growth, particularly in automotive electronics, industrial control, and optical module PCBs, driven by the increasing demand for electric vehicles and automation technologies [6][38] - The company has a stable and high-quality customer base, including major firms like Hitachi, Panasonic, and Omron, which enhances customer loyalty and supports revenue growth [7][72] Summary by Sections Company Overview - Si Hui Fu Shi specializes in high-quality PCB production, focusing on small-batch, multi-variety, high-reliability, and fast delivery markets. The company was established in 2009 and went public in 2020 [4][16] - The product range includes high-layer boards, HDI boards, thick copper boards, and metal-based boards, serving various industries [4][16] Market Trends - The automotive electronics PCB market is projected to grow significantly, with a compound annual growth rate (CAGR) of 11.2% from 2020 to 2024, reaching a market size of $9.4 billion [6][49] - The industrial control market in China is growing faster than the global market, presenting opportunities for domestic PCB suppliers [6][52] - The demand for optical module PCBs is increasing due to advancements in AI and high-speed data transmission requirements [6][69] Financial Projections - The company is expected to achieve revenues of 1.91 billion, 2.71 billion, and 3.54 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 215 million, 353 million, and 546 million yuan [9][81] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.34, 2.20, and 3.40 yuan, respectively, indicating a strong growth trajectory [9][81] Production Capacity and Expansion - The Thailand factory is set to have an initial capacity of 50,000 square meters per month, with plans to increase to 100,000 square meters per month [7][79] - Domestic projects are underway to expand production capacity significantly, with expectations of high utilization rates as the industry recovers [7][79]

四[Ta会ble富_Sto仕ckN（ameRptType] 300852） 公司覆盖 执业证书号：S0010523060001 电话：13560087214 邮箱：chenyaobo@hazq.com 投资评级：买入 | 收盘价（元） | 44.93 | | --- | --- | | 近 12 个月最高/最低（元） | 48.87/21.86 | | 总股本（百万股） | 161 | | 流通股本（百万股） | 155 | | 流通股比例（%） | 96.53 | | 总市值（亿元） | 72 | | 流通市值（亿元） | 70 | 执业证书号：S0010125060002 电话：18843526025 邮箱：yanchunxu@hazq.com 四会富仕：新兴产业多点开花，产能扩张赋能成长 风险提示 公司价格与沪深 300 走势比较 分析师：陈耀波 全球 PCB 市场呈现高速增长态势，公司核心下游赛道景气度持续提升。 1）汽车电子：受益于新能源汽车出货量持续提升，以及自动驾驶渗透率 持续提升，汽车电子 PCB 市场规模有望迎来高速增长期。按销售额计， 全球汽车电子 PCB 市场规模从 2020 年的 61 ...

环比提速，持续高成长 百龙创园(605016) 本报告导读： 公司 2025Q4 收入环比提速明显，同时产品结构继续优化，净利润加速高增，展现 较高增长质量，持续成长可期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 868 | 1,152 | 1,379 | 1,744 | 2,200 | | (+/-)% | 20.3% | 32.6% | 19.8% | 26.4% | 26.1% | | 净利润(归母) | 193 | 246 | 366 | 480 | 637 | | (+/-)% | 28.0% | 27.3% | 48.9% | 31.2% | 32.8% | | 每股净收益(元) | 0.46 | 0.58 | 0.87 | 1.14 | 1.52 | | 净资产收益率(%) | 12.8% | 14.6% | 18.3% | 19.8% | 21.3% | | 市盈率(现价&最新股本摊薄) ...

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 Q4 业绩预告超预期，分散染料开启涨价周期 --- 闰土股份公司点评 [Table_Summary] 公司发布 25 年业绩预告：预计公司 2025 年归母净利润为 6.0-7.0 亿元， 同比增长 181%-228%，扣非归母净利润预计为 2.7-3.7 亿元，同比增长 27%-74%，扣非业绩增长主要是公司活性染料及基础化学品经营提升； 公司非经常性损益主要为，通过专项投资基金持有的沐曦集成电路(上 海)股份有限公司及公司持有的投资项目的投资收益及公允价值变动收 益，预计为 3.3 亿元。按业绩中值来看，25Q4 扣非归母净利润为 1.26 亿 元，25Q3 为 0.61 亿元，24Q4 为 0.92 亿元，同环比均有大幅增长。 关键中间体还原物涨价，带动分散染料涨价。2-氨基-4-乙酰氨基苯甲醚 是分散染料的关键中间体，主要生产厂家包括浙江龙盛、闰土股份和宁 夏中盛新科技。还原物生产过程涉及硝化、加氢等工艺，且会产生大量 废酸，对安全环保要求极高。过去五年分散染料行业震荡下行，中间体 环节利润也显著压缩，行业产能不断 ...

X 射线检测平台型企业，内生外延共筑成长 [Table_CoverStock] —日联科技(688531)首次覆盖报告 [Table_ReportTime] 2026 年 01 月 23 日 [Table_StockAndRank] 日联科技(688531) 投资评级 买入 上次评级 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_CoverAuthor 王锐 机械行业首席]分析师 韩冰 机械行业分析师 S1500523080006 S1500523100001 wangrui1@cindasc.com hanbing1@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 首次覆盖报告 [Table_BaseData] 公司主要数据 | 收盘价（元） | 77.60 | | --- | --- | | 52 周内股价 | 78.69-33.46 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 25.08 | | 总股本(亿股) | 1.66 | | 流通 A 股比例(％) | 64.59 | | 总市值(亿元) | 128.50 | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6]. Core Views - The company is expected to achieve steady revenue and net profit growth in 2025, driven by the ongoing niche storage cycle and advancements in AI storage solutions [4][9]. - The report highlights the company's proactive approach in customizing storage products for edge AI applications, positioning it well to capitalize on emerging market trends [9]. Financial Summary - The company is projected to generate revenues of approximately RMB 92.03 billion, RMB 120.41 billion, and RMB 160.16 billion for the years 2025, 2026, and 2027, respectively [6][8]. - The expected net profits for the same years are RMB 16.10 billion, RMB 28.35 billion, and RMB 36.18 billion, indicating significant growth rates of 46.1% and 76.0% for 2025 and 2026, respectively [6][8]. - The report anticipates a substantial increase in the company's earnings per share (EPS), projected at RMB 2.31, RMB 4.07, and RMB 5.19 for 2025, 2026, and 2027, respectively [8][10]. Market Performance - The company's stock has shown strong performance, with absolute returns of 121.3% over the past 12 months, significantly outperforming the Shanghai Composite Index [2][3]. - The report notes a positive market sentiment towards the company's stock, with a relative performance of 93.0% against the index over the same period [3]. Industry Outlook - The report emphasizes the ongoing uptrend in the storage industry, particularly in niche storage segments, which is expected to continue benefiting the company [4][9]. - The demand for DRAM products is projected to rise, with significant price increases noted in the market, particularly for DDR4 products, which have seen a price surge of 369% from July 2025 to January 2026 [9].

易德龙（603380.SH）首次覆盖报告 "易"动全球研创新程，柔性 EMS 龙头的价值新周期 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,161 | 2,498 | 3,003 | 3,546 | | 增长率（%） | 12.7 | 15.6 | 20.2 | 18.1 | | 归属母公司股东净利润（百万元） | 184 | 241 | 291 | 350 | | 增长率（%） | 38.2 | 30.9 | 20.6 | 20.3 | | 每股收益（元） | 1.15 | 1.50 | 1.81 | 2.18 | | PE | 35 | 27 | 22 | 19 | | PB | 4.3 | 4.1 | 3.6 | 3.1 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 01 月 21 日收盘价） 推荐 首次评级 当前价格： 40.44 元 [Table_Auth ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [3][11]. Core Insights - The company is undergoing a transformation to a Fab-Lite model, which is expected to pressure short-term performance. For 2025, the company anticipates revenue of approximately 3.72 to 3.75 billion yuan, representing a year-on-year decline of about 16% to 18%. The net profit attributable to the parent company is projected to be between -295 million and -255 million yuan, a decrease of approximately 163.46% to 173.41% year-on-year [2][3]. - The company is actively preparing for growth in optical communication, satellite communication, and high-end RF sectors. Its SOI technology has evolved from a single product application to a comprehensive core technology platform covering all categories of RF front-end. The ongoing breakthroughs in the second-generation SOI process are expected to further solidify its position in the global RF chip market [2][3]. - The company has launched several high-performance, low-power mobile communication signal low-noise amplifier products based on germanium-silicon technology, which is crucial for efficient optoelectronic conversion in silicon photonics [2]. Financial Forecasts and Metrics - Revenue projections for 2025, 2026, and 2027 are estimated at 3.72 billion, 4.20 billion, and 5.00 billion yuan, respectively. The net profit attributable to the parent company is expected to be -270 million, 250 million, and 502 million yuan for the same years [3][5]. - The company’s EBITDA is forecasted to be 1.07 billion, 1.57 billion, and 1.82 billion yuan for 2025, 2026, and 2027, respectively [5]. - The projected EPS for the years 2025, 2026, and 2027 is -0.50, 0.47, and 0.94 yuan per share [5]. Relative Valuation - The company is recognized as one of the leading players in the RF front-end sector within the domestic integrated circuit industry, adopting a Fab-Lite operational model. It offers a comprehensive range of products across various materials and processes, allowing flexibility in meeting market and customer demands [8]. - The average PB ratio for comparable companies in 2026 is expected to be 5.82x, while the company’s projected PB ratios for 2025, 2026, and 2027 are 4.18, 4.13, and 4.03, respectively [8][9].

兴业银行（601166.SH）2025 年度业绩快报点评 营收增速转正，金市扩表明显 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 212,226 | 212,741 | 219,804 | 230,555 | | 增长率（%） | 0.7 | 0.2 | 3.3 | 4.9 | | 归属母公司股东净利润（百万元） | 77,205 | 77,469 | 80,369 | 84,788 | | 增长率（%） | 0.1 | 0.3 | 3.7 | 5.5 | | 每股收益（元） | 3.52 | 3.47 | 3.61 | 3.82 | | PE（X） | 6 | 6 | 5 | 5 | | PB（X） | 0.5 | 0.5 | 0.5 | 0.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 22 日收盘价） 2026 年 01 月 23 日 | 推荐 | 首 ...