证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 大单品战略成效显著，成长动能持续释放 ——燕京啤酒（000729.SZ）首次覆盖报告 投资要点： 食品饮料 | 买入（首次评级） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 市场数据： | | 2025 | 年 | 12 月 | 23 | 日 | | 收盘价（元） | | | | | 12.04 | | | 一年内最高/最低（元） | | | | | 14.36/10.7 | | | 市净率 | | | | | 2.1 | | | 股息率（分红/股价） | | | | | 1.58 | | | 流通 A | 股市值（百万元） | | | | 30,216 | | | 报告原因： | | | | | | | 注："股息率"以最近一年已公布分红计算 | 基础数据： | | 2025 | 月 | | 日 | | | 年 | 09 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][4] Core Insights - The company focuses on data center services, with a strong emphasis on the full lifecycle management of data centers. It is a leading third-party data center service provider in China, with its core business being IDC services, which accounted for a significant portion of its revenue. By mid-2025, the company plans to have established 35 data centers across key regions in China, aligning with the "East Data West Computing" policy [1] - The company's revenue model is primarily wholesale, with 98% of its income derived from wholesale business, serving major global internet clients. The revenue from its largest client is expected to remain stable at 98% for 2024, ensuring a reliable cash flow for the next 8 to 10 years through a flexible billing model [1] - The company employs advanced energy-saving technologies, achieving a minimum PUE of 1.09 and an average PUE of 1.21, which positions it competitively in the market [1] - The company is actively exploring the upstream and downstream of the industry chain to enhance its cloud service offerings, driven by increasing customer demands for customized solutions [2] Financial Summary - The company forecasts revenues of CNY 1.89 billion, CNY 2.05 billion, and CNY 2.19 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 181 million, CNY 225 million, and CNY 272 million [3][10] - The projected growth rates for revenue are 10.02%, 8.02%, and 7.02% for the years 2025, 2026, and 2027, respectively, while net profit growth rates are expected to be 37.30%, 24.07%, and 20.58% for the same years [3][10] - The report indicates a PE ratio of 119.38, 96.21, and 79.79 for the years 2025, 2026, and 2027, respectively, reflecting the company's valuation trends [3][10]

Investment Rating - The report assigns a "Buy" rating for the company, 盛美上海 (688082.SH) [5] Core Insights - The company is expected to benefit from a strong order backlog, particularly in the storage wafer factory expansion, with an estimated order amount of 9.072 billion yuan, indicating a significant focus on storage-related orders [5] - The global semiconductor equipment market is projected to recover, with a compound annual growth rate (CAGR) of 11.3% from 2024 to 2027, while the Chinese market is expected to grow from 49.1 billion USD in 2024 to 66.2 billion USD in 2027 [5] - The company is the largest semiconductor cleaning equipment manufacturer in China, holding approximately 8% of the global market share and over 30% in the single-wafer cleaning equipment sector [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 38.88 billion yuan in 2023 to 98.08 billion yuan in 2027, with year-on-year growth rates of 35.3%, 44.5%, 25.1%, 20.2%, and 16.2% respectively [3][27] - Net profit attributable to shareholders is expected to increase from 911 million yuan in 2023 to 2.323 billion yuan in 2027, with growth rates of 36.2%, 26.7%, 46.1%, 16.8%, and 18.0% respectively [3][27] - Earnings per share (EPS) is forecasted to rise from 1.90 yuan in 2023 to 5.29 yuan in 2027 [3][27] - The company's gross margin is expected to stabilize around 49.4% in 2025 and improve to 51.0% by 2027 [3][27] Industry and Company Situation - The semiconductor cleaning equipment market is highly concentrated, with the top four companies holding a combined market share of 90% [5] - The company is expanding its product matrix beyond single-wafer cleaning equipment to include semiconductor electroplating, copper polishing, and advanced packaging wet process equipment [5] - The company has established a strong customer base, including major semiconductor manufacturers such as 海力士, 华虹集团, and 中芯国际 [22] Key Assumptions - Revenue from semiconductor cleaning equipment is expected to grow significantly, with projections of 27.6%, 22.1%, and 17.7% year-on-year growth from 2025 to 2027 [5] - The gross margin for cleaning equipment is anticipated to improve from 49.4% in 2025 to 55.4% in 2027, enhancing overall profitability [5] Catalysts for Stock Performance - The expansion of storage and logic wafer factories is expected to drive revenue growth, with a strong order backlog translating into sales [5] - Successful validation of equipment in advanced processes and packaging fields will further support the company's growth trajectory [5]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 -30% -22% -14% -6% 2% 10% 18% 26% 34% 42% 50% 信维通信 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 37.92 | | --- | --- | | 总股本/流通股本（亿股）9.68 | / 8.25 | | 总市值/流通市值（亿元）367 | / 313 | | 52 周内最高/最低价 | 38.96 / 18.20 | | 资产负债率(%) | 45.1% | | 市盈率 | 55.24 | | 第一大股东 | 彭浩 | 研究所 端侧复苏释放增量，商业卫星深耕赋能 l 投资要点 经营业绩持续向好。2025 年前三季度，公司实现营业收入 64.62 亿元，同比增加 1.07%；实现归母净利润 4.86 亿元，同比减少 8.77%； 实现扣非归母净利润 4.29 亿元，同比增加 4.69%。Q3 单季，公司实 现营业收入27.59亿元，同比增加4.20%；实现归母 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][11]. Core Insights - The company is a leading enterprise in the rail transit equipment sector, specializing in the research, production, sales, and service of rail transit vehicle supporting products, with a comprehensive service capability from design to delivery [4]. - In the first three quarters of 2025, the company achieved a revenue of 3.516 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 493 million yuan, up 69.79% year-on-year [5]. - The establishment of a new aerospace investment company marks the company's entry into the commercial aerospace sector, which is expected to provide new growth opportunities [5]. Financial Performance and Forecast - The company is projected to achieve revenues of 5.537 billion yuan, 6.312 billion yuan, and 6.975 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23.06%, 13.99%, and 10.51% [6][9]. - The net profit attributable to shareholders is expected to reach 607 million yuan, 669 million yuan, and 746 million yuan for the same years, with growth rates of 100.87%, 10.24%, and 11.52% respectively [6][9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 17.95 in 2025 to 14.60 in 2027, indicating an improving valuation [6][9].

公司研究 资产减值导致业绩下滑，静待 FPSO 合同放量 ——博迈科（603727.SH）跟踪报告 要点 资产减值导致前三季度业绩下滑，毛利率有所改善。 2025 年前三季度，公司实 现营业总收入 13.2 亿元，同比-24.8%，实现归母净利润 2341 万元，同比-75.2%， 实现扣非归母净利润 926 万元，同比-91.5%。2025 年前三季度，公司毛利率为 15.11%，同比+0.16pct，ROE 为 0.73%，同比-2.21pct。截至 2025 年 9 月末， 公司归母净资产为 32 亿元，同比-1.3%，资产负债率为 28.6%，同比-5.65pct。 2025 年前三季度，公司计提资产减值损失 8063 万元，上年同期计提 2070 万元， 对公司盈利能力造成一定影响。 2025 年 12 月 24 日 投资建议：受资产减值影响，前三季度公司业绩承压，考虑到公司 LNG 项目资 产减值压力仍存，我们下调公司 25-26 年盈利预测，新增 27 年盈利预测，预计 公司 25-27 年归母净利润分别为 0.49（下调 81%）、1.59（下调 59%）、3.29 亿元，对应的 EPS 分别 ...

证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,162 | 13,738 | 19,503 | 26,327 | | 同比增速(%) | 52.4% | 49.9% | 42.0% | 35.0% | | 归母净利润(百万) | 1,931 | 3,325 | 4,843 | 6,583 | | 同比增速(%) | 52.9% | 72.2% | 45.7% | 35.9% | | 每股盈利(元) | 0.83 | 1.43 | 2.08 | 2.83 | | 市盈率(倍) | 264 | 153 | 105 | 78 | | 市净率(倍) | 25.2 | 22.0 | 18.7 | 15.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 公司研究 海光信息（688041）重大事项点评 强推（上调） 发布开放平台战略，构建国产算力统一生态 目标价：336 元 事项： ❖ 2025 年 ...

2025 年 12 月 24 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 110 | 公司基本资讯 | 产业别 | 通信 | | --- | --- | | A 股价(2025/12/23) | 92.64 | | 上证指数(2025/12/23) | 3919.98 | | 股价 12 个月高/低 | 113/56.07 | | 总发行股数(百万) | 261.66 | | A 股数(百万) | 261.66 | | A 市值(亿元) | 242.40 | | 主要股东 | 钱鹏鹤 | | | (17.19%) | | 每股净值(元) | 17.28 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 7.5 -12.7 44.3 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-07-11 | 81.77 | 买进 | | 2025-04-29 | 74.60 | 买进 | | 2025-01-23 | 83.17 | 买进 | | 2024-09-23 | 39 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2025 年 12 月 23 日 收盘价（元） 17.06 | 一年内最高/最低（元） | 21.07/13.88 | | | --- | --- | --- | | | 3.8 | 市净率 | | 股息率%（分红/股价） | 3.52 | | | 流通 A 股市值（百万元） | 10,286 | | | 3,919.98/13,368.99 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） | 4.44 | | 资产负债率% | 31.46 | | 总股本/流通 A 股（百万） | 701/603 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 12-23 01-23 02-23 03-23 04-23 05-23 06-23 07-23 08-23 09-23 10-23 11-23 12-2 ...

证券研究报告 | 2025年12月24日 中金公司（601995.SH） 优于大市 从券业整合看并购如何创造长期价值 并购价值创造体现在三方面：即以合理估值识别标的、以具备优势的价格完 成交易，以及通过整合实现潜在的协同增量。本次中金公司吸收合并东兴证 券、信达证券定价相对公允，契合政策导向，将显著增强中金公司的资本实 力、业务网络与综合竞争力，为其长期发展战略注入强劲动力。 合并将大幅增厚中金公司的资本与资产规模。静态测算显示，合并后公司总 资产将突破万亿元级别，归母净资产提升约 48%，行业排名跃升至第 4 位。 财务表现方面，基于 2025 年前三季度数据，合并将使中金公司营业收入增 长约 32%，行业排名提升至第 3 位；归母净利润增长约 45%，行业排名提升 至第 6 位。更重要的是，公司的资本结构将得到优化：这不仅增强了风险抵 御能力，也为未来运用杠杆扩张资产规模提供了广阔空间。 业务协同与整合前景：全方位优势互补，发展潜力充分。一是资本运用与自 营投资：合并后，公司杠杆率存在提升潜力（中金平均 5.4 倍 vs. 东兴、 信达平均 3.5 倍），资金运用效率有望提高。自营投资业务将融合中金控制 ...