证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 22 日 [Table_Title] 发布 2026 年股权激励草案，促进机器人业务发展 [Table_Title2] 安联锐视(301042)事件点评 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 301042 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 97.19/28.31 | | 目标价格： | | 总市值(亿) | 56.36 | | 最新收盘价： | 80.84 | 自由流通市值(亿) | 53.37 | | | | 自由流通股数(百万) | 66.02 | [Table_Summary] 事件概述 公司发布 2026 年限制性股票激励计划（草案），此次激励计划拟向激励对象授予权益 220 万股，占公告时公司 总股本 3.16%。激励对象为 7 名核心骨干人员，授予价格为 40.14 元/股，业绩考核条件为 2026-2028 年，以 2025 年为基数，营业收入增长率或净利润增长率分别>=10%、20%、30%，预计 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The demand for stealth materials is on the rise, supported by the growth in defense budgets and the upgrading of military equipment, which is expected to drive the company's revenue growth [5][6] - The company has established a complete closed-loop system from preparation to engineering application in the electromagnetic functional materials and structures (EMMS) field, with significant advantages in core technologies [4][5] - The company is expected to achieve a compound annual growth rate (CAGR) of over 30% in stealth materials revenue from 2024 to 2027 [5][51] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 9.81 billion yuan in 2023 to 22.56 billion yuan in 2027, with a CAGR of 43.96% from 2019 to 2024 [7][20] - The net profit attributable to the parent company is expected to increase from 564 million yuan in 2023 to 964 million yuan in 2027, with a CAGR of 47.34% from 2019 to 2024 [7][20] - The company's gross margin is expected to remain above 70%, with a slight decline from 76.9% in 2023 to 73.4% in 2027 [7][25] - The earnings per share (EPS) are projected to rise from 1.41 yuan in 2023 to 2.41 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 47.9 in 2023 and 28.0 in 2027 [7][4] Business Overview - The company focuses on stealth functional materials and electromagnetic compatibility materials, with a significant portion of revenue derived from stealth coating materials and structural components [19][21] - The company is expanding its business boundaries by developing new-generation electromagnetic measurement and control services, aiming to evolve into an integrated platform enterprise [4][19] - The company has a stable supply chain and pricing mechanism that helps maintain high gross margins [6][60] Market Dynamics - The stealth materials market is expected to grow significantly due to the increasing demand for military aircraft and the modernization of defense capabilities [5][42] - The company is well-positioned to benefit from the high demand for stealth materials driven by the upgrading of military equipment and the need for maintenance in the aftermarket [46][48] - The competitive landscape in the stealth materials market is characterized by high barriers to entry, with established players like the company maintaining a strong market position [48][50]

Investment Rating - The report assigns a "Buy" rating to the company [2] Core Insights - The company is expected to experience a significant recovery in core profits, driven by the optimization of its asset structure and the anticipated decline in financing costs due to expected interest rate cuts by the Federal Reserve [9][13] - Despite a projected net loss of 2.5 billion to 5 billion yuan in 2025 due to one-time goodwill impairment, the core net profit is expected to increase significantly when excluding this impact [9] - The company is expected to generate substantial cash flow from asset disposals, which will help reduce high-interest debt and improve financial conditions [9] Financial Forecasts - Revenue projections for 2023, 2024, 2025E, 2026E, and 2027E are 33,675 million, 38,431 million, 49,115 million, 39,287 million, and 37,222 million yuan respectively, with growth rates of 5.5%, 14.1%, 27.8%, -20.0%, and -5.3% [8] - The expected EBITDA for the same years is 22,757 million, 23,534 million, 16,332 million, 17,387 million, and 20,410 million yuan [8] - The projected net profit attributable to the parent company for 2023, 2024, 2025E, 2026E, and 2027E is 1,281 million, 904 million, -315 million, 2,784 million, and 3,487 million yuan, with growth rates of 164.5%, -29.5%, -134.8%, 984.2%, and 25.3% [8] Valuation and Price Target - The reasonable value per share is estimated at 5.26 yuan, based on a 1x price-to-book ratio for 2026 [9][13] - The company is expected to achieve a significant turnaround in 2026, with a projected net profit of 27.84 billion yuan and a book value per share of 5.26 yuan [13]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][8]. Core Viewpoints - The company is recognized as a leading enterprise in high-end equipment manufacturing, focusing on advanced manufacturing and exploring new opportunities in the field [6][12]. - The company has a strong position in the high-end forming machine tool industry and intelligent sorting equipment, with significant market shares in various segments [9][12]. - The report highlights the potential for growth in traditional high-end equipment manufacturing and the emerging field of nuclear fusion equipment, which is expected to become a new pillar of development for the company [12][58]. Summary by Relevant Sections Market Performance - The closing price of the company's stock is 25.90 yuan, with a total market capitalization of approximately 12,805.33 million yuan [4]. Financial Data - The company is projected to achieve revenues of 2,074 million yuan in 2024, representing a year-on-year growth of 17.43%. However, it is expected to incur a net loss of 89 million yuan [7][25]. - The forecast for net profit from 2025 to 2027 is -15 million yuan, 118 million yuan, and 190 million yuan, respectively, with corresponding P/E ratios of -826.98, 108.35, and 67.44 [10][61]. Business Segments - High-end forming machine tools are expected to benefit from equipment upgrades and domestic substitution opportunities, with a focus on reducing reliance on imports [40][42]. - The intelligent sorting equipment segment is projected to maintain stable growth, driven by increasing demand across various industries, including agriculture and waste management [45][51]. - The nuclear fusion equipment segment is anticipated to become a significant growth area, with the company actively participating in key projects and collaborations [52][58]. Investment Logic - The company is well-positioned to leverage its capabilities in high-end equipment manufacturing and is expected to gradually overcome challenges in its traditional business segments while expanding into cutting-edge manufacturing [12][61].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market by more than 15% over the next 12 months [6]. Core Insights - The company achieved a significant increase in net profit, reaching 1.9 billion RMB, which represents a year-on-year growth of 253%, exceeding expectations. The fourth quarter performance was particularly strong, driven by improved profitability in thermal power and a reduction in financial costs [6][9]. - The company completed a total electricity generation of 48.6 billion kWh in 2025, with a focus on increasing installed capacity through new thermal power projects. The expected increase in installed capacity is projected to contribute positively to profits [6][9]. - A market value management plan has been implemented, emphasizing shareholder returns through cash dividends. The company has maintained a consistent dividend policy over the past decade, with a notable dividend payout of 180 million RMB in the third quarter of 2025 [6][9]. - Profit forecasts for the company indicate net profits of 1.877 billion RMB, 1.818 billion RMB, and 1.948 billion RMB for 2025, 2026, and 2027, respectively. The latest closing price corresponds to a price-to-book (PB) ratio of 1.4, 1.2, and 1.1 for the respective years [6][9]. Financial Summary - Revenue for 2023 is projected at 18.946 billion RMB, with a growth rate of 3.5%. For 2024, revenue is expected to rise to 23.517 billion RMB, reflecting a growth rate of 24.1% [2][9]. - EBITDA is forecasted to increase significantly from 1.922 billion RMB in 2023 to 5.943 billion RMB in 2025, indicating strong operational performance [2][9]. - The company's return on equity (ROE) is expected to improve from 1.7% in 2023 to 16.0% in 2025, showcasing enhanced profitability [2][9]. - The company’s debt-to-asset ratio is projected to decrease from 67.5% in 2023 to 59.0% in 2025, indicating improved financial stability [2][9].

证券研究报告 | 2026年01月21日 2026年01月22日 立高食品（300973.SZ） 商超渠道节奏良好，新品积极布局 |  公司研究·公司快评 | | |  | 食品饮料·食品加工 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 张向伟 | | | zhangxiangwei@guosen.com.cn | 执证编码：S0980523090001 | | 联系人： | 王新雨 | 021-60875135 | | wangxinyu8@guosen.com.cn | | 事项： 公司公告：立高食品发布业绩预告，2025 年全年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%； 扣非归母净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。 国信食饮观点：1）商超渠道节奏良好，成本回落叠加费效提升，利润有望平稳回升；2）资源聚焦高潜渠 道，新品积极布局 2026；3）我们预计 2025-2027 年公司实现营业总收入 43.5/49.3/53.9 亿元（前预测 ...

Investment Rating - The report initiates coverage with a "Buy" rating and a target price of 11.49 CNY [5][11]. Core Views - The company is positioned as a pioneer in China's new energy vehicle industry, with dual-brand synergy driving positive transformation. The leading layout in autonomous driving and a diversified product matrix are expected to support revenue growth [2][19]. - The company anticipates significant revenue growth, with projected revenues of 29 billion CNY in 2025, 58 billion CNY in 2026, and 89 billion CNY in 2027, reflecting year-on-year growth rates of 100%, 101%, and 53% respectively [13][19]. - The dual-brand strategy, focusing on the premium and luxury segments, is expected to enhance revenue and performance recovery, with the company aiming for over 200,000 vehicle sales in 2025, a year-on-year increase of 84.06% [11][19]. Financial Summary - Total revenue is projected to reach 14,319 million CNY in 2023, with a significant increase to 88,885 million CNY by 2027, representing a compound annual growth rate of 52.6% [4][12]. - The net profit attributable to the parent company is expected to improve from a loss of 5,400 million CNY in 2023 to a profit of 1,267 million CNY by 2027 [4][12]. - The gross margin is anticipated to turn positive in the third quarter of 2025, with a projected gross profit of 1 billion CNY in 2025 and 107 billion CNY in 2027 [11][19]. Business Segment Forecast - Vehicle sales are expected to generate revenues of 272.45 billion CNY in 2025, 564.67 billion CNY in 2026, and 870.48 billion CNY in 2027, with corresponding gross profits turning from a loss to a profit by 2026 [13][16]. - The vehicle operation revenue is projected to grow steadily, reaching 2.36 billion CNY in 2025, with consistent growth of 10% year-on-year [14]. - Material sales and leasing revenues are expected to remain stable, with minor growth anticipated in leasing income [14][15]. Valuation - The company is valued using a price-to-sales (P/S) ratio, with a target P/S of 1.1 times for 2026, leading to a target price of 11.49 CNY [19][20].

[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） | 1,410 | 1,572 | 1,823 | 2,173 | | 增长率（%） | 48.2 | 11.5 | 16.0 | 19.2 | | 归属母公司股东净利润（百万元） | 388 | 414 | 476 | 575 | | 增长率（%） | 27.8 | 6.7 | 14.9 | 20.7 | | 每股收益（元） | 2.01 | 2.14 | 2.46 | 2.97 | | PE | 31 | 29 | 25 | 21 | | PB | 5.0 | 4.0 | 3.5 | 3.1 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 21 日收盘价） | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 62.40 元 | 爱博医疗（688050.SH）公告点评 拟收购德美医疗 51%股权，切入运医培育新增长点 glmsz ...

宁波银行（002142.SZ）：全年盈利平稳, 中收增长亮眼 ——2025 年业绩快报点评 事件：1 月 20 日，宁波银行发布 2025 年业绩快报，全年实现营业收 入、归母净利润 719.7 亿、293.3 亿，同比增长 8.0%、8.1%（1-3Q25： 8.3%、8.4%）。年化加权平均 ROE 为 13.11%，同比下降 0.48pct。年末 不良率 0.76%，环比持平；拨备覆盖率 373.2%，环比下降 2.8pct。 点评： 营收利润增速环比微降，中收增长亮眼。2025 年宁波银行营业收入、归 母净利润 719.7 亿、293.3 亿，同比增长 8.0%、8.1%，增速较前三季度 均下降 0.3pct。拆分营收来看：（1）净利息收入同比+10.8%，主要是规 模驱动；增速较前三季度下降 1pct，与四季度规模增速季节性放缓有 关，息差或基本保持平稳。（2）中收同比+30.7%，增速较前三季度提升 1.4pct。中收高增既有低基数因素，也受益于资本市场回暖带来的财富管 理、托管等中收快速增长。截至 2025 年末，宁波银行个人客户 AUM 同 比增长 13.07%，增速高于一般存款；托管业务 C ...

[Table_Title2] 安联锐视(301042)事件点评 证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 22 日 [Table_Title] 发布 2026 年股权激励草案，促进机器人业务发展 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 301042 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 97.19/28.31 | | 目标价格： | | 总市值(亿) | 56.36 | | 最新收盘价： | 80.84 | 自由流通市值(亿) | 53.37 | | | | 自由流通股数(百万) | 66.02 | [Table_Summary] 事件概述 公司发布 2026 年限制性股票激励计划（草案），此次激励计划拟向激励对象授予权益 220 万股，占公告时公司 总股本 3.16%。激励对象为 7 名核心骨干人员，授予价格为 40.14 元/股，业绩考核条件为 2026-2028 年，以 2025 年为基数，营业收入增长率或净利润增长率分别>=10%、20%、30%，预计 ...