华图山鼎（300492.SZ）2025 年业绩预告点评 超预期高增长验证有效转型，未来增长逻辑清晰 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） | 2,833 | 3,328 | 4,160 | 4,784 | | 增长率（%） | 1046.3 | 17.5 | 25.0 | 15.0 | | 归属母公司股东净利润（百万元） | 53 | 309 | 380 | 520 | | 增长率（%） | 157.6 | 483.8 | 22.7 | 37.0 | | 每股收益（元） | 0.27 | 1.57 | 1.93 | 2.64 | | PE（X） | 319 | 50 | 41 | 30 | | PB（X） | 58.7 | 51.8 | 26.6 | 15.7 | | | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 28 日收盘价） | | | | 2026 年 ...

证券研究报告 | 公司点评 | 光伏设备 迈为股份(300751) 报告日期：2026 年 01 月 28 日 太空 HJT 光伏星辰大海，半导体设备成长曲线加速 ——迈为股份点评报告 投资要点 ❑ 光伏设备：HJT+钙钛矿设备多轮驱动，受益地面+太空光伏新需求 公司主要产品包括：HJT 异质结电池生产线+钙钛矿叠层设备。我们认为：在白 银价格大幅上涨、及 P 型 HJT 在太空光伏的应用潜力，未来公司 HJT 设备在地面 +太空领域有望齐发力，龙头公司成长空间大。 1）光伏 HJT 设备—— 预 计 公 司 2025-2027 年 归 母 净 利 润 为 7.8/10.1/11.3 亿 元 ， 同 比 变 化 - 16%/+30%/+12%；对应 PE 为 123/95/85 倍。维持"买入"评级。 ❑ 风险提示：光伏行业技术迭代风险、半导体设备研发不及预期风险。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 9830 | 7223 | 8593 ...

the see the see and the series of the seems of the series and the series of the series of the series of the series of the series and the series and the manage the manage th 上让指数/深证成指 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) | 12.28 | | 资产负债率% | 52.83 | | 总股本/流通 A 股 (百万) | 402/324 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比定势： 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 联系人 袁航 A0230521100002 yuanhang@swsresearch.com 事件: 1) 公司发布 2025 年预告,预计 ...

证券研究报告 | 公司点评 | 光伏设备 ——迈为股份点评报告 投资要点 ❑ 光伏设备：HJT+钙钛矿设备多轮驱动，受益地面+太空光伏新需求 公司主要产品包括：HJT 异质结电池生产线+钙钛矿叠层设备。我们认为：在白 银价格大幅上涨、及 P 型 HJT 在太空光伏的应用潜力，未来公司 HJT 设备在地面 +太空领域有望齐发力，龙头公司成长空间大。 1）光伏 HJT 设备—— （4）生产线配套设备：包括自动上下片机、转接机、烧结炉/干燥炉/固化炉/ 烘干炉、检测测试分选机等，确保生产线的高效运作。 2）光伏 HJT+钙钛矿叠层设备—— 据公司官方微信公众号，2025 年 12 月成功取得公司在叠层电池领域的首个商业 化整线订单。此次合作将助力客户建成业内领先的 G12H 全面积钙钛矿/硅异质 结叠层电池量产线。兼具高材料利用率与高生产节拍的喷墨打印技术，以及高 效率且高生产节拍的板式时间型原子层沉积(ALD)技术等。 迈为股份(300751) 报告日期：2026 年 01 月 28 日 太空 HJT 光伏星辰大海，半导体设备成长曲线加速 （2）MiniLED 领域：晶圆隐切、裂片、刺晶巨转、激光键合等全套设备； ...

[Table_Stock] 芯碁微装（688630） 证 券 研 究 报 告 构建"PCB+泛半导体"双引擎增长模式， "技术壁垒+全球协同"助力业绩持续增 长 ——芯碁微装业绩点评 [Tabl投e_资Su摘mm要ary] 事件概述 1月21日，公司发布公告称，预计2025年年度公司实现归属于母公司 所有者的净利润为2.75亿元-2.95亿元，较上年同期增加1.14亿元-1.34 亿元，同比增长 71.13%-83.58%；预计 2025 年年度实现归属于母公 司所有者的扣除非经常性损益的净利润2.64亿元-2.84亿元，较上年同 期增加1.15亿元-1.35亿元，同比增长77.70%-91.16%。 [行Ta业ble_Industry] : 机械设备 日期: shzqdatemark [T分ab析le师_Author] : 颜枫 E-mail: yanfeng@shzq.com 分析与判断 投资建议 我们预测公司2025-2027年营业收入分别为14.73亿元、20.25亿元和 24.42亿元，分别同比增长54.4%、37.5%和20.6%；归母净利润分别 为2.94 亿元、 5.01亿元和 6.35 亿元 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is a leading player in the agricultural wholesale market, with substantial asset value and a market share of over 10% in China's agricultural wholesale sector. It has an average annual transaction volume exceeding 36 million tons and transaction value over 250 billion yuan [1][13] - The company has demonstrated strong growth potential, with a projected revenue CAGR of 16.07% and a net profit CAGR of 44.18% from 2018 to 2024. The revenue for 2024 is expected to be 5.63 billion yuan, with a slight increase of 2.5% year-on-year [1][14] - The company is expanding its integrated supply chain, focusing on upstream agricultural product standardization and downstream distribution services, which are expected to drive future growth [2][3] Company Overview - The company operates 35 wholesale markets across more than 20 major cities, maintaining a national presence. It has established partnerships with over 440,000 acres of agricultural bases [2][42] - The company has a stable shareholder structure, with Shenzhen State-owned Assets Supervision and Administration Commission holding 38.67% and the second-largest shareholder, Life Insurance, holding 25.62% [1][32] Financial Performance - The company’s revenue and net profit forecasts for 2025-2027 are 7.68 billion yuan, 8.92 billion yuan, and 9.91 billion yuan, with corresponding net profits of 415 million yuan, 447 million yuan, and 492 million yuan, indicating steady growth [3][5] - The company’s financial metrics show a projected P/E ratio decreasing from 41.0 in 2023 to 37.4 in 2027, reflecting a potential valuation improvement [5][6] Market Dynamics - The agricultural wholesale market is characterized by strong profitability in mature markets, with over 72% of the company's subsidiaries and joint ventures expected to be profitable in 2024 [2][43] - The company is actively cultivating new markets and enhancing operational efficiency in existing ones, with a focus on leveraging its core market advantages [2][42]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is a leading player in the agricultural wholesale market, with substantial asset value and a market share exceeding 10% in China, maintaining an annual transaction volume of over 360 billion yuan and a transaction weight of over 36 million tons [1][13] - The company has demonstrated strong growth potential, with a projected revenue CAGR of 16.07% and a net profit CAGR of 44.18% from 2018 to 2024 [1][14] - The company is expanding its integrated supply chain, enhancing its operational efficiency and exploring new growth opportunities through initiatives like "Deep Agricultural Kitchen" and import-export trade [2][3] Company Overview - The company operates 35 wholesale markets across more than 20 major cities, forming a nationwide layout and extending its reach to agricultural bases covering approximately 440,000 acres [2][42] - The company has a stable shareholder structure, with Shenzhen State-owned Assets Supervision and Administration Commission holding 38.67% and the second-largest shareholder, Life Insurance, holding 25.62% [1][32] Financial Performance - The company reported a revenue of 5.63 billion yuan in 2024, with a year-on-year growth rate of 2.5%, while the net profit was 384 million yuan, reflecting a decline of 14.4% [5][14] - The forecast for 2025 anticipates revenues of 7.68 billion yuan and a net profit of 415 million yuan, indicating a year-on-year growth of 36.5% and 8.1%, respectively [3][5] Market Position - The company has maintained a strong profitability status, with 72% of its subsidiaries and joint ventures achieving profitability in 2024 [2][43] - The company’s operational model includes a mix of rental income, commissions, and management fees, with the agricultural market operations contributing significantly to its revenue [18][19] Growth Strategy - The company is focusing on enhancing its supply chain capabilities and expanding its market presence through strategic projects and partnerships [41][42] - The introduction of employee stock ownership plans in 2024 aims to broaden the incentive structure, covering 260 key personnel compared to 44 in 2021 [37][39]

市公司 마케▷/카페미 2026 年 01 月 28 日 | 市场数据: 2026 年 01 月 27 日 | | --- | | 收盘价（元） 83.47 | | 一年内最高/最低（元） 93.29/49.60 | | 市净率 6.1 | | 股息率% (分红/股价) 0.47 | | 流通 A 股市值 (百万元) 14.027 | | 上证指数/深证成指 | | 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) | 13.66 | | 资产负债率% | 41.57 | | 总股本/流通 A 股 (百万) | 274/168 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大部对 帝尔激光 (300776) ——TGV 激光微孔设备出口订单顺利发货，非光伏业务布 局取得突破 事件: 公司应用于玻璃基板半导体封装的面板级激光微孔设备出口订单顺利发货, 标志着公司在推 动 TGV (Through-Glass Via，玻璃通孔）技术产业化方面迈出关键一步。 点评: 财务数据及盈利预测 | | 2024 ...

证券研究报告 农林牧渔 | 农产品加工 北交所|首次覆盖报告 hyzqdatemark 2026 年 01 月 28 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 2026 | 年 | 01 | | | | | | | 月 | 27 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 11.15 | | | | | | | | | | 年 | | | | | | | | | 一 | 内 | | | | | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | | | | | | 流通市值（百万元） | | | | | | 2,162.07 | | | | ...

证券研究报告 | 2026年01月28日 大金重工（002487.SZ） 优于大市 全年业绩高增，打造海工全链条服务能力 风险提示：海外海风进度不及预期；原材料价格大幅上涨；行业竞争加剧。 投资建议：上调盈利预测，维持"优于大市"评级。 考虑到公司在手订单结构和海工产业链布局进展，上调 26-27 年盈利预测。 我们预计公司 2025-2027 年实现归母净利润 11.19/17.55/22.62 亿元（原预 测值为 11.94/16.55/20.96 亿元），当前股价对应 PE 分别为 38/24/19 倍。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,325 | 3,780 | 5,646 | 8,600 | 10,663 | | (+/-%) | -15.3% | -12.6% | 49.4% | 52.3% | 24.0% | | 净利润(百万元) | 425 | 474 | 1119 | 1755 | 2262 | | (+/-%) ...