| [Table_Market] 股票数据 | 2026/01/21 | | --- | --- | | 6 个月目标价（元） | / | | 收盘价（元） | 279.46 | | 12 个月股价区间（元） | 139.46~297.21 | | 总市值（百万元） | 42,639.35 | | 总股本（百万股） | 153 | | A 股（百万股） | 153 | | B 股/H 股（百万股） | 0/0 | | 日均成交量（百万股） | 2 | [Table_PicQuote] 历史收益率曲线 [Table_Info1] 春风动力(603129) 汽车 [Table_Date] 发布时间：2026-01-21 [Table_Title] 证券研究报告 / 公司动态报告 全球化布局稳步推进，极核电动有望成为新的增长引擎 [Table_Summary] 营业收入增长强劲，盈利能力稳中向好。收入端，前三季度公司实现营 收 148.96 亿元，同比+30.10%，其中 25Q3 实现营收 50.41 亿元，同比+ 28.56%；利润端，前三季度公司实现归母净利润 14.15 亿元，同比+30.8 9%，其中 2 ...

[Table_Info1] 千里科技(601777) 汽车 [Table_Date] 发布时间：2026-01-21 [Table_Title] 证券研究报告 / 公司动态报告 传统主业表现稳健，转型"AI+车"进展顺利 [Table_Summary] 传统主业表现稳健，提供稳定现金流。25 年全年公司乘用车实现销量 10.63 万台，同比+83.93%。受益于汽车和摩托车销量提升，前三季度公 司实现营业收入 69.46 亿元，同比+44.27%；实现归母净利润 0.53 亿元， 同比+33.37%。经营性现金流方面，公司前三季度经营活动产生的现金流 量净额达到 25.08 亿元，同比+363.95%，实现大幅增长，主要原因是公 司营收增长，收回的贷款增加以及收到政府补助增多。 转型"AI+车"进展顺利，智驾业务成为核心增长引擎。25 年 6 月，千 里智驾正式发布面向 L2+级的智能辅助驾驶解决方案（千里智驾 1.0）， 以及与阶跃星辰联合研发的千里智驾 RLM 大模型。25 年 12 月，由千里 科技、吉利、迈驰、路特斯合资组建的"千里智驾"宣布整合完毕，聚 焦前沿智驾技术和产品，为行业打造具有更"高含模 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The report highlights that the price of yellow chickens has rebounded in Q4, leading to an improvement in profitability on a quarter-on-quarter basis [2][5]. - The company is a leading player in the yellow feathered chicken breeding industry, with a target annual growth rate of 8-10% for yellow feathered chicken output [5]. - The report anticipates a rebound in pig and chicken prices in 2026, which is expected to release profit elasticity for the company [5]. Summary by Relevant Sections Financial Performance - The company expects to achieve a net profit attributable to shareholders of 5.5-6 billion yuan in 2025, a year-on-year decline of 60.55%-63.84% [5]. - In Q4, the company sold 567 million meat chickens, a year-on-year increase of 9.9%, with an average selling price of 11.40 yuan/kg, down 11.9% year-on-year [5]. - The company sold 211.16 million live pigs in 2025, a year-on-year increase of 62.7%, with an average selling price of 13.85 yuan/kg, down approximately 19.94% year-on-year [5]. Profitability and Cost Management - The report indicates that the company has maintained cost advantages through refined management across various segments, leading to improved profitability in the yellow chicken segment starting from August [5]. - The report projects that the company's net profit attributable to shareholders will be 5.75 billion yuan in 2025, 12.02 billion yuan in 2026, and 13.03 billion yuan in 2027, with corresponding EPS of 0.69 yuan, 1.44 yuan, and 1.56 yuan respectively [5][6]. Market Outlook - The report notes a decrease in the breeding stock of yellow feathered chickens, which is expected to support price stability in 2026 [5]. - The report also mentions that the pig price is expected to rise due to a reduction in industry capacity, which could enhance profitability for the company [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a significant growth in 2025, with a projected net profit attributable to shareholders of 273-291 million yuan, representing a year-on-year increase of 50%-60% [4] - The company maintains its profit forecast for 2025-2027, estimating net profits of 286 million yuan in 2025, 360 million yuan in 2026, and 442 million yuan in 2027, with corresponding EPS of 0.63, 0.80, and 0.98 yuan respectively [4] - The current stock price corresponds to a PE ratio of 30.7 for 2025, 24.4 for 2026, and 19.9 for 2027, indicating a favorable valuation [4] Financial Performance Summary - The company reported a revenue of 6,695 million yuan in 2023, with a projected revenue of 7,153 million yuan in 2025, reflecting a year-on-year growth of 29.4% [7] - The gross margin is expected to improve from 46.7% in 2023 to 51.2% by 2027, indicating enhanced profitability [10] - The net profit margin is projected to increase from 5.0% in 2023 to 4.2% in 2027, showing a gradual improvement in operational efficiency [10] Business Growth Drivers - The company's growth is driven by its packaging and cross-border social e-commerce businesses, leveraging long-term partnerships with leading players in the fast-moving consumer goods sector [5] - The integration of AI technology, specifically GEO, is enhancing the company's ability to expand into overseas markets, particularly in small language regions, by improving marketing efficiency and localizing content [6] - The AI system supports operations in over 40 countries and regions, processing 28 languages, and aims to penetrate Latin America, Central Europe, and Eastern Europe markets in 2026 [6]

市公司 时时彩 公司书 我研究报 | 市场数据: | 2026年01月20日 | | --- | --- | | 收盘价（元） | 46.99 | | 一年内最高/最低（元） | 49.20/24.48 | | 市净率 | 9.0 | | 股息率%（分红/股价） | 0.21 | | 流通 A 股市值 (百万元) | 34,636 | | 基础数据: 2025 年 09 月 30 日 | | --- | | 注："股息率"以最近一年已公布分红计算 每股净资产 (元) 5.23 | | 母股净贷户（元） | 5.23 | | --- | --- | | 资产负债率% | 41.11 | | 总股本/流通 A 股 (百万) | 947/737 | | 流通 B 股/H 股 (百万) | - / - | -年内股价与大盛对比走势： 沪深300指数 相关研究 《鼎龙股份 (300054) 点评： Q3 业绩符 合预期，抛光材料、显示材料等高速齐增》 2025/10/30 《鼎龙股份（300054）点评： Q3 业绩符 合预期,泛半导体业务快速成长》 2025/10/10 证券分析师 周超 A0230525090001 ...

证券研究报告 龙净环保 (600388 CH) 源网荷储+矿电联动打开成长空间 2026 年 1 月 21 日│中国内地 环保工程及服务 龙净环保为我国大气治理行业龙头，2022 年 5 月紫金矿业成为龙净控股股 东。龙净定位紫金旗下矿山绿色能源综合服务商，形成"绿电-储能-纯电矿卡" 业务闭环，"源网荷储"和"矿电联动"有望驱动长期发展。2025 年公司 拉果错源网荷储项目已成为重要利润贡献，中标麻米错、刚果金凯兰庚水电 站等项目，同时积极推进海外电站建设，电动矿卡已正式交付。我们认为龙 净环保业务稳健增长，优质电站资源具备稀缺性，清洁能源和电动矿卡成长 空间广阔，维持"买入"评级。 环保主业稳健增长，"源网荷储"和"矿电联动"驱动发展 2017 年以来龙净每年新增环保订单维持 90 亿以上，受益于 2022 年以来国 内煤电"小阳春"行情和钢铁、水泥、焦化等行业超低排放的持续推进，有 望保持平稳发展。龙净环保"源网荷储"和"矿电联动"强力支撑紫金双碳 战略（2029 碳达峰/2050 碳中和），全产业链布局矿山绿色能源解决方案。 矿业场景下盈利可期，紫金扩产打开成长空间 我们与市场观点不同之处 1）市场担 ...

宁波银行（002142.SZ）2025 年度业绩快报点评 中收表现亮眼 glmszqdatemark 2026 年 01 月 21 日 [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） | 66,631 | 71,968 | 80,692 | 90,804 | | 增长率（%） | 8.2 | 8.0 | 12.1 | 12.5 | | 归属母公司股东净利润（百万元） | 27,127 | 29,333 | 32,923 | 37,285 | | 增长率（%） | 6.2 | 8.1 | 12.2 | 13.2 | | 每股收益（元） | 3.95 | 4.29 | 4.83 | 5.49 | | PE（X） | 7 | 7 | 6 | 5 | | PB（X） | 0.9 | 0.8 | 0.8 | 0.7 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 20 日收盘价） | 推荐 | 维持评级 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The report highlights that the price of yellow chickens has rebounded in Q4, leading to an improvement in profitability compared to the previous quarter [2][5]. - The company is a leading player in the yellow feathered chicken breeding industry, with a target annual growth rate of 8-10% for yellow feathered chicken output [5]. - The report anticipates a rebound in pig and chicken prices in 2026, which is expected to release profit elasticity for the company [5]. Summary by Relevant Sections Financial Performance - The company expects to achieve a net profit attributable to shareholders of 5.5-6 billion yuan in 2025, a year-on-year decline of 60.55%-63.84% [5]. - In Q4, the company sold 567 million meat chickens, a year-on-year increase of 9.9%, with an average selling price of 11.40 yuan/kg, down 11.9% year-on-year [5]. - The company sold 211.16 million live pigs in 2025, a year-on-year increase of 62.7%, with an average selling price of 13.85 yuan/kg, down approximately 19.94% year-on-year [5]. Profitability and Cost Management - The report indicates that the company has maintained cost advantages through refined management across various segments, leading to improved profitability in the yellow chicken segment in Q4 [5]. - The company’s production efficiency for pigs has improved, with the total cost in Q3 dropping to approximately 12.6 yuan/kg, and further improvements expected in Q4 [5]. Future Outlook - The report projects net profits for 2025-2027 to be 5.75 billion, 12.02 billion, and 13.03 billion yuan respectively, with corresponding EPS of 0.69, 1.44, and 1.56 yuan [5]. - The company is expected to benefit from a decrease in the supply of yellow feathered chickens and sows, which may lead to higher prices in 2026 [5].

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 [7][14]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of between 1.013 and 1.021 billion yuan in 2025, reflecting a year-on-year growth of 10-11%. The fourth quarter alone is expected to see a net profit of 201 to 209 million yuan, with a growth rate of 15-20% [4][5]. - The company has implemented a multi-faceted strategy focusing on enhancing core competitive advantages through quality service, technological innovation, and digital transformation, which has led to a steady increase in revenue and profit [5]. - The company is strategically expanding into several new productivity sectors, including electric vehicle testing, semiconductor testing, aerospace, and robotics, which are expected to open new growth avenues [6]. Financial Summary - Revenue projections for 2025-2027 are 65.51 billion, 72.81 billion, and 79.73 billion yuan, with year-on-year growth rates of 7.67%, 11.14%, and 9.5% respectively. Net profits are expected to be 1.017 billion, 1.157 billion, and 1.300 billion yuan, with growth rates of 10.37%, 13.78%, and 12.43% [7][10]. - The company's price-to-earnings (P/E) ratios for 2025-2027 are projected to be 27.16, 23.87, and 21.24, indicating a favorable valuation trend [7][10].

城商行Ⅱ 详解宁波银行 2025 业绩快报：各项主要指标均保持稳健 | 总股本(百万股) | 6,603.59 | | --- | --- | | 流通股本(百万股) | 6,599.89 | | 市价(元) | 28.55 | | 市值(百万元) | 188,532.52 | | 流通市值(百万元) | 188,426.78 | 宁波银行（002142.SZ） 证券研究报告/公司点评报告 2026 年 01 月 21 日 | 评级： 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | 营业收入（百万元） | 61,572 | | 66,560 | 71,968 | 78,842 | 86,248 | | 执业证书编号：S0740517030004 | 增长率 yoy% | 6.40% | | 8.10% | 8.10% | 9.60% | 9.40% | | Email： ...