证券研究报告 | 公司点评 | 玻璃玻纤 中国巨石(600176) 报告日期：2025 年 12 月 26 日 量价齐升促高增，股东增持彰显信心 ——中国巨石点评报告 投资要点 三季度业绩表现强劲，量价齐升驱动利润高增长 2025Q3 公司实现营业收入 47.95 亿元，同比增长 23.17%；实现利润总额 11.14 亿元，同比增长 56.75%；实现归属于上市公司股东的净利润 8.81 亿元， 同比增长 54.06%。2025Q1-3，上述三项指标累计同比增幅分别为 19.53%、 73.16%和 67.51%。公司明确指出，产品销量及价格上涨是利润增加的主要原 因。与此同时，2025Q3 业绩公告显示，公司经营活动产生的现金流量净额同比 大幅增长 99.20%，主要系销售商品收到的现金和银行承兑汇票到期托收增加所 致，显示其盈利质量与现金流同步改善。 核心股东连续增持，彰显对公司长期价值的坚定信心 公司控股股东中国建材股份及持股 5%以上股东振石集团 11 月底分别发布增持 计划，拟在未来 12 个月内以自有资金或专项贷款资金增持公司股份，增持金额 合计不低于人民币 6.75 亿元，不超过人民币 13. ...

Investment Rating - The report assigns a "Buy" rating to Yanzhou Coal Mining Company (兖矿能源) with a target price of 16.27 CNY per share [1][5]. Core Insights - The report anticipates that the company's net profit attributable to shareholders will be 9.448 billion, 12.019 billion, and 14.171 billion CNY for the years 2025-2027, with corresponding EPS of 0.94, 1.20, and 1.41 CNY, reflecting a year-on-year growth of -39.61%, 27.21%, and 17.91% respectively [1][20]. - The coal market is expected to maintain a stable price range of 700-800 CNY per ton from 2025 to 2027, despite market concerns about oversupply [2][16]. - The company has substantial coal reserves of 464 billion tons and a recoverable reserve of 60 billion tons, positioning it among the top coal producers in China [2][59]. - The company has a strong track record of cash dividends, with an average payout ratio of 49.82% since its listing, and a projected payout ratio of 53.58% for 2024 [2][20]. Summary by Sections Financial Performance - The company is projected to achieve revenues of 120.47 billion, 127.92 billion, and 131.39 billion CNY for 2025-2027, with growth rates of -13.4%, 6.2%, and 2.7% respectively [3][20]. - The net profit for 2024 is expected to be 15.644 billion CNY, down 23.9% from the previous year, while the 2025 net profit is projected to decline significantly before recovering in subsequent years [3][20]. Business Overview - Yanzhou Coal Mining Company operates as a comprehensive energy operator with a diverse business layout, including mining, high-end chemical materials, and renewable energy [27]. - The coal segment is expected to contribute 66% of total revenue and 83% of total profit in 2024, highlighting its critical role in the company's financial health [12][29]. Market Dynamics - The report indicates that the coal supply-demand balance is expected to remain stable, with domestic coal production projected to stabilize around 38.5-39 billion tons from 2025 to 2027 [55]. - The demand for coal is anticipated to remain robust due to the ongoing reliance on thermal power generation, which still accounts for a significant portion of electricity production in China [48][49].

证券研究报告·公司深度研究·食品加工 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,103 | 3,240 | 3,696 | 4,365 | 5,047 | | 同比（%） | 3.10 | 4.43 | 14.07 | 18.11 | 15.63 | | 归母净利润（百万元） | 276.71 | 341.99 | 442.23 | 502.57 | 584.72 | | 同比（%） | 7.50 | 23.59 | 29.31 | 13.64 | 16.35 | | EPS-最新摊薄（元/股） | 0.45 | 0.56 | 0.73 | 0.82 | 0.96 | | P/E（现价&最新摊薄） | 44.15 | 35.72 | 27.63 | 24.31 | 20.89 | [Table_Tag] [Table_Summary] 投资要点 证券分析师 苏铖 执业证书：S0600524120010 such@dw ...

Investment Rating - The report gives a "Buy" rating for Shengyi Electronics (688183.SH) for the first time [6]. Core Viewpoints - Shengyi Electronics, established in 1985 and listed in 2021, has become a leading PCB supplier in China, focusing on high-end applications in communication networks, computers/servers, and automotive electronics [10][13]. - The company is experiencing significant growth in high-value products, with a revenue increase of 114.79% year-on-year in the first three quarters of 2025, driven by the rising demand for AI and high-speed communication PCBs [17][21]. - Shengyi Electronics is actively expanding its production capacity and investing in high-end PCB projects, with a total investment of 4.5 billion yuan planned for new projects [51][52]. Summary by Sections Company Overview - Shengyi Electronics has a total share capital of 832 million shares and a market capitalization of 87.4 billion yuan, with a major shareholder holding 62.93% [6][15]. - The company has been recognized multiple times as an "Excellent Supplier" and "Gold Supplier" by core clients, reflecting its strong customer relationships and product quality [10]. Financial Performance - The projected revenue for 2023 is 3.273 billion yuan, with a forecasted increase to 10.83 billion yuan by 2025, representing a year-on-year growth of 131.1% [5]. - The net profit is expected to rise from a loss of 25 million yuan in 2023 to a profit of 1.676 billion yuan in 2025, indicating a significant turnaround [5]. Market Trends - The global PCB market is projected to grow, with an expected value of 69.517 billion USD in 2024, increasing to 79.128 billion USD in 2025, driven by the demand for AI infrastructure [25][28]. - Shengyi Electronics is positioned to benefit from the increasing demand for high-end PCBs, particularly in AI servers and high-speed communication equipment, as the industry continues to evolve [30][32]. Strategic Initiatives - The company is focusing on high-end product lines and has successfully transitioned to AI computing infrastructure, achieving large-scale production of AI server motherboards and accelerator cards [48]. - Shengyi Electronics plans to enhance its production capacity through a public offering, aiming to invest 2.6 billion yuan in high-end PCB production facilities [51][52].

事项： 事件：云天化参股子公司取得云南镇雄碗厂 24.38 亿吨磷矿采矿权。云天化于 2025 年 12 月 25 日发布公 告披露其参股子公司云南云天化聚磷新材料有限公司（简称"聚磷新材"）已于 12 月 23 日取得云南省镇 雄县碗厂磷矿的《不动产权证书（采矿权）》与《采矿许可证》。该矿区面积达 23.1564 平方公里，开采 期限至 2040 年 12 月，资源量约 24.38 亿吨、平均品位 22.54%，主采矿种为磷矿，共伴生氟矿。云天化目 前持有聚磷新材 35%股权，其控股股东云天化集团承诺 3 年内将聚磷新材控制权优先注入上市公司；此次 采矿权落地后，聚磷新材将打造磷基新材料产业园区，助力云天化实现磷资源高值高效利用，推动产业结 构升级与核心竞争力提升。 国信化工观点：1）此次聚磷新材取得的镇雄碗厂磷矿是国内少有的大型优质磷矿资源，公司磷矿资源储 备大幅增厚，筑牢成本与竞争壁垒；2）磷矿石稀缺属性持续强化，储能及动力电池驱动磷矿石需求上行； 3）磷矿石价格预期高位运行，矿增贡献的利润增量可期。 投资建议：公司作为化肥及磷化工龙头，资源与产业规模优势显著，我们维持公司 2025-2027 年归母净 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | 市场数据： | 2025 年 12 月 24 日 | | --- | --- | | 收盘价（元） | 17.43 | | 一年内最高/最低（元） | 18.50/7.64 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 0.80 | | 流通 A 股市值（百万元） | 58,434 | | 上证指数/深证成指 | 3,940.95/13,486.42 | | 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） | 9.09 | | 资产负债率% | 73.11 | | 总股本/流通 A 股（百万） | 4,225/3,352 | | 流通 B 股/H 股（百万） | -/774 | 一年内股价与大盘对比走势： -50% 0% 50% 100% 12-24 01-24 02-24 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 金风科技 沪深 ...

资建议： 预测公司 2025-2027 年归母净利润分别为 0.2/2.7/3.6 亿元， 同比-67%/+1469/+32%，EPS 分别为 0.08/1.31/1.73 元，当前股价对应 PE 分别为 234/15/11 倍，首次覆盖给予"买入"评级。 证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 25 年 月 日 苏文电能（300982.SZ） 执配网 EPCOS 牛耳，绘光储充一体蓝海 稀缺的配网 EPCOS 一站式服务商，中长期受益新型电力系统建设。公司 通过 1 个云平台，E（（询设设）） P（（能能造）） C（（装集成）） O（（ 资运营）和 S（（件信息））5 项专业能力，布局变电站 光伏 /风电 储能 充电桩 数字能源 电网 6 类业务板块，服务工厂企业 产业园区 公共 事业 商办中心 住宅小区 成团企业 能能电网七大用户场景。基于一 站式服务能力，公司具备快速响应速度和交付能力，在行业内技术实力突 出，口碑与知名度较高。公司当前市占率不足 1%，在国内新型电力系统 建设持续推进，配电网 资空间持续打开之际，公司作为稀缺的 EPCOS 一 站式电能服务商有望持续） ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7] Core Insights - The company has announced the production commencement of the Weizhou 11-4 oilfield adjustment and surrounding area development project, with a peak production capacity of 16,900 barrels per day expected by 2026 [4][8] - The West Jiang oilfield group 24 area development project is also set to commence production, with a peak production capacity of 18,000 barrels per day anticipated by 2026 [4][9] - A significant discovery of a billion-ton oilfield, Qinhuangdao 29-6, has been made in the Bohai Sea, which is expected to solidify the resource base for increased production [5][10] - The Bohai oilfield is projected to exceed an annual production equivalent of 40 million tons by 2025, contributing significantly to national energy security [6][11] - The company maintains its net profit forecasts for 2025-2027 at 126.3 billion, 129.7 billion, and 135 billion yuan, respectively, with corresponding EPS of 2.66, 2.73, and 2.84 yuan, and PE ratios of 10.6, 10.3, and 9.9x [6][11] Summary by Relevant Sections Project Developments - The Weizhou 11-4 oilfield project will utilize existing facilities and is expected to reach a peak production of 16,900 barrels per day by 2026, with 35 wells planned [4][8] - The West Jiang oilfield group 24 area project will also leverage existing infrastructure, aiming for a peak production of 18,000 barrels per day by 2026, featuring innovative technology for continuous production [4][9] Resource Discoveries - The Qinhuangdao 29-6 oilfield discovery in the Bohai Sea has confirmed geological reserves exceeding 100 million tons of oil equivalent, showcasing the exploration potential in the area [5][10] Production and Financial Forecasts - The Bohai oilfield's annual production is expected to surpass 40 million tons by 2025, marking it as a crucial asset for national energy security [6][11] - The company projects steady growth in net profits and earnings per share over the next few years, maintaining a favorable valuation outlook [6][11]

证 券 研 究 报 告 南京证券（601990）深度研究报告 推荐（首次） 业务矩阵齐发力，区域国资强赋能 目标价：9.45 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,147 | 3,315 | 3,629 | 3,894 | | 同比增速(%) | 27% | 5% | 9% | 7% | | 归母净利润(百万) | 1,002 | 1,242 | 1,369 | 1,462 | | 同比增速(%) | 48% | 24% | 10% | 7% | | 每股盈利(元) | 0.27 | 0.34 | 0.37 | 0.40 | | 市盈率(倍) | 29.4 | 23.6 | 21.4 | 20.0 | | 市净率(倍) | 1.64 | 1.57 | 1.51 | 1.46 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 月 24 日收盘价 公司研究 证券Ⅲ 2025 年 12 月 25 日 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is focusing on expanding its commercial aerospace special gas market share through the development of its Hainan commercial aerospace launch site and strategic partnerships with rocket companies [7] - The first phase of the Hainan launch site has been completed, with core products undergoing multiple rounds of launch verification, including successful applications of liquid hydrogen in various rocket launches [7] - The company plans to expand its production capacity in the second phase to meet the increasing demand for special gases in commercial aerospace, with an estimated total investment of approximately 300 million yuan [7] - The company aims to establish a professional brand in aerospace special gases, anticipating a continuous increase in market share as demand grows [7] Financial Forecasts - Total revenue is projected to be 22,047 million yuan in 2024, with a growth rate of -17.01%, followed by 24,392 million yuan in 2025, representing a growth of 10.64% [1][8] - The net profit attributable to the parent company is expected to be 1,684 million yuan in 2024, with a growth rate of 28.93%, and is projected to reach 1,557 million yuan in 2025, reflecting a decrease of 7.52% [1][8] - The earnings per share (EPS) is forecasted to be 2.42 yuan in 2024 and 2.24 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is estimated to be 16.67 for 2024 and 18.03 for 2025 [1][8]