Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" due to expected stabilization and recovery in profitability [1][6]. Core Views - The company is gradually optimizing its business structure, with a continuous narrowing of the year-on-year decline in revenue per package. The operational optimization and profitability recovery are anticipated to improve [1][6]. - The company achieved a revenue of 225.26 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.89%, and a net profit attributable to shareholders of 8.31 billion yuan, up 9.07% year-on-year [6]. - The company is actively expanding its business, with a significant increase in express delivery volume, which reached 4.31 billion packages in Q3 2025, a year-on-year increase of 33.4% [6]. - The internationalization strategy is progressing, with overall growth in international business volume, and the segment is expected to continue reducing losses [6]. - The company has significantly increased its share repurchase amount to enhance shareholder returns, with a total repurchase amount of approximately 15.42 billion yuan as of early December 2025 [6]. Financial Data Summary - The company’s total revenue for 2025 is projected to be 308.92 billion yuan, with a year-on-year growth of 9% [8]. - The net profit attributable to shareholders is expected to be 10.92 billion yuan in 2025, reflecting a 7% year-on-year increase [8]. - The company’s PE ratio is projected to be 17.7 in 2025, indicating a favorable valuation compared to historical levels [8][15].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company is positioned as a leading integrated logistics service provider in air transportation, benefiting from the booming cross-border e-commerce market [1][2]. - The air freight business shows significant profit elasticity, primarily driven by demand from developed economies and cross-border e-commerce [2][3]. - The company has a diversified business model with three main segments: air freight services, integrated logistics solutions, and air cargo station services, with air freight being the most profitable [1][18]. Summary by Sections Company Overview - The company is the only flag carrier cargo airline in China, with a stable and diversified shareholder structure, primarily controlled by state-owned enterprises [1][14]. - Its main operations are based in Shanghai, and it has expanded its business through strategic partnerships and investments [13][14]. Air Freight Market - The air freight market is experiencing a supply-demand imbalance, which is expected to drive up air freight rates [2]. - Demand is closely linked to economic growth in developed markets, with cross-border e-commerce being a key growth driver [2][49]. - Supply constraints are evident, with limited capacity in both freighter and passenger aircraft [2][49]. Financial Performance and Forecast - The company is projected to achieve revenues of 229.5 billion, 249.2 billion, and 268.9 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12%, 9%, and 8% [4][7]. - Net profit forecasts for the same years are 25.6 billion, 27.1 billion, and 29.0 billion yuan, reflecting growth rates of 31%, 6%, and 7% [4][7]. - The current market capitalization corresponds to a price-to-earnings ratio of 28x, 27x, and 25x for the respective years [4]. Business Segments - The air freight segment contributes significantly to the company's gross profit, with full freighter operations showing high elasticity [1][27]. - The integrated logistics solutions segment is expanding, catering to high-end product logistics needs, and is expected to benefit from the growth in cross-border e-commerce [1][3]. - The air cargo station services are also growing steadily, with a projected gross margin improvement [1][3]. Market Dynamics - The company is well-positioned to capitalize on the increasing demand for air freight driven by cross-border e-commerce, which is expected to grow significantly in the coming years [57][58]. - The report highlights that 80% of cross-border e-commerce goods are transported by air, indicating a strong market potential for the company [57].

证券研究报告：电子 | 公司点评报告 股票投资评级 l 投资要点 持续推进 12 吋扩产。公司的主营业务涵盖产品与方案、制造 与服务两大板块，2025H1，制造与服务业务板块/产品与方案业务 板块分别实现收入 3.33/2.88 亿元，分别同比+18.69%/-5.5%。目 前，28nm 12 英寸集成电路生产线项目工程建设有序推进，提前实 现主厂房、CUB 建筑封顶；不断突破工艺技术，55nm、40nm、28nm 3 条工艺路线同步开发；65nm 12 英寸生产线持续推进产品与平台 开发，吸引多家头部客户并完成 60 余款新品导入；8 英寸生产线 持续提升运营效率，产线质量进一步改善，积极推进新品开发与拓 展工作；6 英寸生产线加快转型步伐，持续推进芯片线产品结构调 整，月产能稳定保持 6.5 万片。 强化硅光布局推广。公司 6 英寸 Si/SiC 基生产线工艺平台涵 盖 TVS、Planar MOS、IGBT、FRD、MEMS、VDMOS、SiC 等；8 英寸 Si 基生产线工艺平台涵盖Planar MOS、Trench MOS、FRD、BCD、CMOS、 SiN 硅光等；12 英寸 Si 基生产线工艺平 ...

通信行业 买入 （维持） 从连接模组到智能生态，领军 5G-A 与 AI 时代 深 度 研 究 移远通信（603236）深度报告 2025 年 12 月 31 日 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn 分析师：陈湛谦 S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 主要数据 2025 年 12 月 30 日 | 邮箱：luoweibin@dgzq.com.cn | | --- | | 分析师：陈湛谦 | | SAC 执业证书编号： | | S0340524070002 | | 电话：0769-22119302 | | 邮箱： | | chenzhanqian@dgzq.com.cn | | 主要数据 2025 年 12 月 30 日 | | 证 收盘价(元) 94.11 | | 总市值（亿元） 270.87 券 | | 总股本 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [2] Core Viewpoints - Fuyao Glass is a global leader in the automotive glass industry, with a market share of approximately 37% as of 2025, demonstrating strong resilience and growth potential [6][29] - The company focuses on high-value products, benefiting from the "new four modernizations" in the automotive sector, which drives an upward trend in average selling price (ASP) [6][31] - Fuyao's vertical integration strategy enhances cost control and allows for aggressive capacity expansion, positioning the company to capture global market share [6][38] - The company offers both high growth and high dividend yields, making it a rare quality asset in the market [6][38] - Profit forecasts for 2025-2027 indicate net profits of 98.31 billion, 113.58 billion, and 132.42 billion yuan, with corresponding price-to-earnings ratios of 17.12, 14.82, and 12.71 times, respectively [6] Summary by Sections 1. Automotive Glass Leader with Strong Resilience and Growth Alpha - Fuyao Glass has established a strong competitive moat over its 40 years of development, focusing on the automotive glass sector and achieving significant market share [15][16] - The company has maintained a high revenue concentration in automotive glass, with 91.1% of total revenue coming from this segment in 2025H1 [25][29] 2. Increasing Penetration of New Energy Vehicles and High-Value Products Driving Growth - The penetration rate of new energy vehicles has increased significantly, with high-value products like panoramic roofs and HUDs contributing to revenue growth [43][46] - The ASP of Fuyao's products is expected to continue rising due to the increasing share of high-value products, which accounted for 52.2% of sales by 2025Q3 [46][70] 3. Investment Recommendations - The report suggests that Fuyao Glass is well-positioned for future growth, supported by its strong market position, innovative product offerings, and robust financial performance [6][38]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][8] Core Insights - The company is a leading domestic CMP polishing liquid enterprise, continuously expanding its second growth curve through diversified product offerings [7][16] - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion among wafer fabs, benefiting material suppliers [7][52] - The company maintains a strong focus on R&D and innovation, with a robust "3+1" technology platform that supports its core business in polishing liquids and expands into functional wet chemicals and electroplating solutions [7][8] Financial Data and Profit Forecast - Projected total revenue for 2024 is 1,835 million yuan, with a year-on-year growth rate of 48.2%. For 2025, the expected revenue is 2,506 million yuan, reflecting a growth rate of 36.6% [5] - The company's net profit attributable to shareholders is forecasted to be 534 million yuan in 2024, increasing to 811 million yuan in 2025, with a year-on-year growth rate of 52.1% [5] - The gross margin is expected to stabilize around 56.8% for 2025, with a return on equity (ROE) projected at 24.2% [5][8] Market Position and Growth Drivers - The company has achieved a global market share of over 10% in CMP polishing liquids, with significant growth in functional wet chemicals and electroplating solutions [7][8] - The demand for CMP polishing liquids is driven by advancements in integrated circuit technology, leading to increased usage and value of polishing materials [7][52] - The company is strategically positioned in the largest semiconductor material markets, namely Taiwan and mainland China, enhancing its competitive advantage [7][44] Product and Technology Development - The company has developed a comprehensive product matrix in CMP polishing liquids, functional wet chemicals, and electroplating solutions, catering to various semiconductor manufacturing processes [16][19] - Continuous R&D investment has led to a stable increase in the number of patents, with a focus on high-end differentiated products in the functional wet chemical segment [38][44] Future Outlook - The company is expected to see net profits of 8.11 billion yuan, 10.21 billion yuan, and 12.74 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 45, 36, and 29 [8][9] - The ongoing expansion of domestic semiconductor manufacturing capacity, particularly among leading firms, is anticipated to further benefit the company [52][56]

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Insights - The company is a leading player in the high-voltage switchgear industry, focusing on the research, manufacturing, sales, and service of high, ultra-high, and extra-high voltage AC and DC switchgear equipment. Its products meet international standards and are widely used in key power projects in China [6][13] - The demand for gas-insulated switchgear (GIS) is expected to grow significantly due to high-intensity domestic power investments during the "14th Five-Year Plan" period, which will drive the need for advanced electrical equipment [28][39] - The company has a strong market position in the GIS sector, with a market share exceeding 35% in the extra-high voltage GIS segment. Its products are also expanding into international markets, particularly in Europe and North America, driven by global energy transition trends [9][39] Summary by Sections Company Overview - The company, Henan Pinggao Electric Co., Ltd., is a key enterprise in China's electrical equipment industry, primarily engaged in the development and manufacturing of high-voltage switchgear and related equipment. It has a strong technological foundation and a wide range of products that are essential for major national power projects [13][14] Market Demand and Growth - The report highlights that the demand for GIS is closely linked to the growth of the power generation and transmission sectors, with significant investments expected in the construction of extra-high voltage transmission lines and overseas markets [28][39] - The "14th Five-Year Plan" anticipates substantial investments in clean energy and power infrastructure, which will further enhance the demand for GIS and related equipment [39][40] Financial Performance and Projections - The company has shown consistent revenue growth, with projected revenues increasing from 110.77 billion yuan in 2023 to 209.13 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.93% [7] - Net profit is expected to rise from 8.16 billion yuan in 2023 to 20.63 billion yuan in 2027, indicating a robust growth trajectory [7] Competitive Landscape - The GIS market is characterized by high technical barriers and a concentrated competitive landscape, with only a few companies, including Pinggao Electric, capable of meeting the stringent requirements for extra-high voltage equipment [9][30] - The company is well-positioned to benefit from the ongoing expansion of the extra-high voltage market, supported by its strong technological capabilities and established market presence [9][30]

Investment Rating - The report assigns a "Buy" rating for Chifeng Gold (600988) as a first-time coverage [2][7]. Core Views - Chifeng Gold is an international growth-oriented gold mining company, primarily focused on gold operations, with approximately 90% of its revenue derived from gold [6][14]. - The company is expected to benefit from the upward trend in gold prices, driven by factors such as geopolitical tensions and changes in global credit dynamics [6][33]. - The company has a clear growth path with ongoing projects for capacity expansion and cost control measures in place [6][7]. Summary by Sections 1. Growth-Oriented Gold Mining Company - Chifeng Gold operates six gold mines and one polymetallic mine globally, with a total gold resource of 390 tons and a production increase from 4.6 tons in 2020 to 15.2 tons in 2024, reflecting a compound annual growth rate of 35% [6][14]. - The company has a strong focus on gold, with gold business revenue accounting for about 90% and gross profit margin close to 100% [25][29]. 2. Global Credit Dynamics and Gold Price Outlook - The report highlights that gold's core pricing factors have shifted from yield to safety due to the weakening of dollar reserves and ongoing geopolitical tensions [6][33]. - Central banks are expected to continue purchasing gold, with significant increases in gold demand observed since 2022 [39][63]. 3. Domestic Technological Upgrades and Overseas Acquisitions - Chifeng Gold is enhancing its gold production through technological upgrades and acquisitions, with a projected gold output of 15-16 tons [6][73]. - The company has significant potential for resource expansion, particularly in its existing mines, and is actively pursuing overseas acquisitions to enhance its growth [66][72]. 4. Financial Forecast and Valuation - The projected net profits for Chifeng Gold from 2025 to 2027 are 32.1 billion, 52.5 billion, and 61.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 19, 11, and 10 [7][8]. - The company maintains a cost structure below the global average, which positions it favorably to benefit from rising gold prices [78][82].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8] Core Views - The company has a solid foundation in UPS and is expected to experience high growth driven by AIDC power and energy storage [5][7] - The data center business is the core foundation, with UPS sales achieving the top position among domestic brands for 24 consecutive years [7][10] - The company is well-positioned to benefit from the AI server and new energy industry boom, with projected revenues of 51.48 billion, 63.82 billion, and 79.65 billion yuan for 2025-2027 [8][10] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 51.48 billion yuan, with a year-on-year growth rate of 23.8% [6] - Net profit attributable to shareholders is expected to reach 7.47 billion yuan in 2025, reflecting a significant year-on-year growth of 89.4% [6] - The company’s earnings per share (EPS) is projected to be 1.28 yuan in 2025, with a price-to-earnings (PE) ratio of 38 [6][8] Business Segments - The company has established a dual growth path with a robust basic plate in UPS and high growth in energy storage [5][7] - The energy storage segment is expected to expand significantly, driven by collaboration with CATL and demand from the SolarEdge ODM channel [7][10] - The company’s product line includes UPS, power modules, energy storage inverters, and charging modules, catering to data centers and new energy sectors [5][19] Market Position and Competitive Advantage - The company has a mature manufacturing system and a long-standing presence in the power electronics industry, with approximately 50% of its market share coming from overseas [5][10] - The company is recognized for its ability to provide ODM solutions to overseas cloud manufacturers and equipment suppliers, enhancing its competitive edge [10][47] - The company has been ranked among the top five UPS suppliers globally for five consecutive years, indicating strong market positioning [47]

钙钛矿设备先行者，乘产业化东风启航 京山轻机(000821) 京山轻机首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘绮雯(分析师) | 021-23185686 | liuqiwen@gtht.com | S0880525040096 | 本报告导读： 公司作为国内钙钛矿光伏设备领域布局早、技术覆盖全面的领先者，已构建从研发 到 GW 级量产的全周期解决方案，并成功实现核心设备批量交付。 投资要点： 股票研究 /[Table_Date] 2025.12.31 [Table_Industry] 资本货物/工业 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格 | 17.73 | | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 10.47-14.39 | | --- | -- ...