Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1] Core Insights - The company is positioned to benefit from a policy turning point in robotic surgery, with an expected improvement in payment policies for orthopedic surgical robots [4] - The company has launched the world's first all-orthopedic surgical robot, establishing a leading advantage in the market [4] - Revenue growth is significant, with consumables and service income projected to become major growth drivers in the future [4] Company Overview - Latest closing price: 18.89 CNY - Total shares: 4.56 billion, with a market capitalization of 8.6 billion CNY [3] - The company has a debt-to-asset ratio of 24.3% and a current P/E ratio of -69.96 [3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 187 million CNY, representing a 103.5% increase year-on-year [4] - The company completed approximately 35,000 surgeries in the first three quarters of 2025, maintaining a dominant position in the domestic market [4] - Revenue projections for 2025-2027 are 266 million CNY, 383 million CNY, and 549 million CNY, respectively, with expected net profits of -151 million CNY, 2 million CNY, and 77 million CNY [5][8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The domestic polyester chain is advancing with self-discipline measures to reduce production, which is expected to enhance profitability for the company. The company is also investing in an Egyptian filament project to expand its international presence and mitigate trade barriers [8]. - The company's revenue and net profit are projected to grow significantly, with net profit expected to reach 2.346 billion yuan by 2027, reflecting a growth rate of 37.29% [1][8]. - The report highlights that the company plans to invest 280 million USD in the Egyptian project, which will produce 360,000 tons of functional polyester fibers annually [8]. Financial Projections - Total revenue is forecasted to increase from 61.469 billion yuan in 2023 to 83.828 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.22% [1]. - The company's net profit is expected to grow from 1.086 billion yuan in 2023 to 2.346 billion yuan in 2027, with a notable increase of 628.44% in 2024 [1]. - Earnings per share (EPS) are projected to rise from 0.71 yuan in 2023 to 1.54 yuan in 2027, indicating a strong upward trend in profitability [1]. Market Data - The company's closing price is reported at 19.54 yuan, with a market capitalization of approximately 29.79 billion yuan [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 27.43 in 2023 to 12.70 in 2027, suggesting an improving valuation as earnings grow [1][9].

| | | | --- | --- | | | | | . | 1 | | . | | | 市场数据: | 2026 年 01 月 12 日 | | --- | --- | | 收盘价（元） | 25.36 | | 一年内最高/最低（元） | 26.28/19.52 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 3.55 | | 流通 A 股市值(百万元) | 77,015 | | 上证指数/深证成指 4,165.29/14,366.91 | | | 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) | 10.48 | | 资产负债率% | 28.25 | | 总股本/流通 A 股 (百万) | 3,073/3,037 | | 流通 B 股/H 股 (百万) | -/- | 市公司 同研究人公司深 年内股价与大盘对比走势: 沪深300指数 相关研究 证券分析师 李绍程 A0230525070002 lisc@swsresearch.com 宋涛 A0230516070001 songtao@sw ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Insights - The company is a leading manufacturer of automotive components, particularly in synchronizers and differentials, with new products expected to ramp up production [1]. - The aerospace and robotics sectors are identified as new growth drivers, with the company having established a strong presence in these areas [2][3]. - The company has formed deep partnerships with numerous reputable domestic and international clients, enhancing its market position [1]. Financial Summary - Projected net profits for 2025, 2026, and 2027 are estimated at 360 million, 410 million, and 496 million respectively, with corresponding P/E ratios of 40x, 34x, and 28x [3]. - Revenue is expected to grow from 2,360 million in 2024 to 3,918 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.37% [4]. - The company's gross margin is projected to be around 34% in the coming years, with a net profit margin of approximately 12.7% by 2027 [4].

上 市 公 司 -20% 0% 20% 40% 01-13 02-13 03-13 04-13 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 新和成 沪深300指数 (收益率) 相关研究 证券分析师 李绍程 A0230525070002 lisc@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | | | | --- | --- | | | | | . | 1 | | . | | | 市场数据： | 2026 年 01 月 12 日 | | | --- | --- | --- | | 收盘价（元） | | 25.36 | | 一年内最高/最低（元） | 26.28/19.52 | | | 市净率 | | 2.4 | | 股息率%（分红/股价） | | 3.55 | | 流通 A 股市值（百万元） | 77,015 | | | 上证指数/深证成指 | ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 11.52 RMB based on a 15x PE for 2026, resulting in a target market value of 187.5 billion RMB [1][16]. Core Insights - The company is positioned as a leading player in textile trade and the electrolyte sector, benefiting from the global restructuring of consumer goods supply chains and the recovery of the new energy industry. The core trading business maintains steady growth through global capacity layout, while the chemical new materials segment is expected to contribute to earnings elasticity due to increased orders from battery clients and improved supply structure [4][13]. Financial Summary - The company forecasts total revenue for 2025-2027 to be 398.6 billion, 413.3 billion, and 425.4 billion RMB, with year-on-year growth rates of +2.3%, +3.7%, and +2.9% respectively. The net profit attributable to the parent company is projected to be 11.93 billion, 12.50 billion, and 13.07 billion RMB, with growth rates of +7.9%, +4.8%, and +4.5% respectively [14][15]. Business Overview - The company operates primarily in the textile trade, which accounts for over 90% of its revenue. The chemical business, while facing challenges, still plays a role in the overall performance. The trading segment is expected to grow steadily, while the chemical segment is projected to recover gradually as market conditions improve [25][19]. Supply Chain Strategy - The company has shifted towards a "world supply chain integration" model, with significant investments in overseas production facilities, particularly in Southeast Asia and Africa. This strategy aims to mitigate external disruptions and ensure stable core orders [4][41]. New Energy and Materials Sector - The new energy materials segment, led by the subsidiary RuTai New Materials, is focused on lithium battery materials and organic silicon. The company anticipates a recovery in this sector as supply and demand dynamics improve, despite facing price pressures in the short term [20][4].

Investment Rating - The investment rating for Rongchang Biologics (688331) is "Buy" (maintained) [2] Core Insights - On January 12, 2026, Rongchang Biologics announced an exclusive licensing agreement with AbbVie for its self-developed PD-1/VEGF bispecific antibody drug RC148. AbbVie will receive exclusive rights for development, production, and commercialization outside Greater China, with an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [5][11] - The deal is seen as a significant entry into the business development (BD) market for 2026, highlighting the growing trend of large licensing transactions in the PD-1/VEGF space, which is crucial for next-generation cancer immunotherapy [6] - AbbVie, a well-established player in oncology, aims to enhance treatment standards for patients with difficult-to-treat cancers, and the acquisition of RC148 will further strengthen its pipeline in immuno-oncology [7] Financial Projections - Revenue projections for Rongchang Biologics are adjusted to 2.25 billion, 7.42 billion, and 3.98 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 31.1%, 229.6%, and -46.3% [11] - The net profit attributable to the parent company is expected to be -763 million, 3.19 billion, and 220 million yuan for the same years, with growth rates of 48.0%, 517.8%, and -93.1% [11] - The gross margin is projected to remain stable, increasing from 80.4% in 2024 to 82.2% in 2027 [13]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is experiencing rapid growth in the new materials sector, particularly with its PMI foam materials, which are essential for various aircraft and other applications. The subsidiary, Zhaoheng Technology, achieved a revenue of 61.836 million yuan and a net profit of 30.4063 million yuan in the first half of 2025, representing year-on-year growth of 29.11% and 45.32% respectively [1]. - The extraction agent project by the subsidiary, Sannuo New Materials, is expected to commence production within the year, significantly enhancing the company's capacity and profitability in various sectors including metallurgy and battery metal recycling [2]. - The electronic new materials business is steadily growing, with products used in semiconductor manufacturing and photovoltaic applications. The company is actively developing new target materials for various advanced technologies [2]. Financial Summary - The projected revenues for the company from 2025 to 2027 are 3.015 billion yuan, 3.858 billion yuan, and 4.881 billion yuan respectively, with net profits expected to be 185 million yuan, 282 million yuan, and 421 million yuan during the same period [4]. - The company’s earnings per share are forecasted to increase from 0.18 yuan in 2025 to 0.41 yuan in 2027, indicating a strong growth trajectory [4]. - The net profit margin is expected to improve from 4.8% in 2024 to 8.6% in 2027, reflecting enhanced operational efficiency [4].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [3][4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 436 million and 533 million yuan in 2025, representing a year-on-year growth of 125% to 175% [4]. - After excluding the goodwill impairment impact from the Fianni handbag business, the net profit is projected to reach 607 million to 704 million yuan, with a year-on-year growth of 73.35% to 101.01% [4]. - For the fourth quarter, the estimated net profit is between 119 million and 216 million yuan, with a median of 167 million yuan [4]. - The company plans to open 163 new stores in 2025, bringing the total number of stores to 1,668 by year-end [4]. - The company is expected to maintain strong store expansion momentum in 2026, with franchisees showing a strong willingness to open new stores [4]. Financial Projections - The company’s fourth-quarter store efficiency continues to show good growth, although there was a slight slowdown in December due to high base effects, tax reforms, and marketing activities [5]. - The company is expected to benefit from the upcoming Spring Festival peak season and continuous product launches, providing support for store efficiency [5]. - The net profit forecasts for 2025-2027 have been revised upwards to 491 million, 628 million, and 736 million yuan respectively, with corresponding P/E ratios of 22.6, 17.7, and 15.1 times [5].

Investment Rating - The report assigns a "Buy" rating for Tongkun Co., Ltd. (桐昆股份) for the first time [1]. Core Views - The report highlights that the polyester chain is undergoing a reversal of internal competition, which is expected to improve the profitability of the company in the future [8]. - The company is the largest producer of polyester filament in the world and is constructing a 1.2 million tons/year green differentiated fiber project [8]. - The report anticipates significant growth in net profit for the company, projecting net profits of 20 billion, 35 billion, and 40 billion yuan for the years 2025 to 2027, respectively [8]. Financial Summary - Total revenue for 2023 is projected at 82.64 billion yuan, with a year-on-year growth of 33.30% [1]. - The net profit attributable to shareholders is expected to reach 797.04 million yuan in 2023, reflecting a substantial year-on-year increase of 539.10% [1]. - The earnings per share (EPS) for 2023 is estimated at 0.33 yuan, with a projected P/E ratio of 52.38 [1]. - The company’s total assets are forecasted to be 104.39 billion yuan in 2024, with a debt-to-asset ratio of 66.30% [6][9]. - The report predicts a gradual increase in net profit margins, with the net profit margin expected to rise from 1.19% in 2024 to 3.88% in 2027 [9].