[Table_scodeMsg1] 联合研究丨公司深度丨特变电工（600089.SH） [Table_Title] 特变电工：圭璋"特"达，"变"启新程 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为特变电工经过多年的深耕和产业拓展布局，目前已经形成装备和能源的多元化布局， 公司正从输变电龙头企业向能源综合巨头发展。近 2 年受到硅料、煤炭价格下降影响，公司整 体经营有所波动。当前时点，我们认为公司几大核心业务有望迎来全面向上发展，并且公司积 极拓展能源一体化业务，未来有望带来增量贡献。 分析师及联系人 [Table_Author] 邬博华 王鹤涛 曹海花 SAC：S0490514040001 SAC：S0490512070002 SAC：S0490522030001 SFC：BQK482 SFC：BQT626 肖勇 司鸿历 易轰 SAC：S0490516080003 SAC：S0490520080002 SAC：S0490520080012 SFC：BUT918 SFC：BVD284 SFC：BUZ394 袁澎 周相君 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index [5][8]. Core Insights - The panoramic and action camera business is experiencing significant growth, driven by the explosion of social media content and the increasing demand for immersive experiences. The company achieved a revenue of 1.198 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 51.65% [3]. - The company is implementing a "3+N" product strategy, focusing on expanding its market share in smart automotive, smart home, and panoramic/action camera sectors, while also exploring emerging fields such as AI hardware and industrial inspection [4]. - The company has secured stable partnerships with major automotive manufacturers and high-end smart home brands, indicating a strong order backlog and market capacity to absorb new production [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1.594 billion yuan, 2.177 billion yuan, and 2.800 billion yuan, respectively, with net profits expected to be 202 million yuan, 283 million yuan, and 368 million yuan [5][9]. - The company anticipates a revenue growth rate of 41.24% in 2024, 45.98% in 2025, and a gradual decline to 28.63% by 2027 [9][12]. - The projected earnings per share (EPS) for the same years are 2.27 yuan, 3.18 yuan, and 4.14 yuan, with a decreasing price-to-earnings (P/E) ratio from 46.20 in 2024 to 20.75 in 2027 [9][12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [8][12]. Core Insights - The company announced a significant increase in new orders for Q4 2025, totaling RMB 2.5 billion, which represents a 130% year-over-year growth and a 56% quarter-over-quarter increase. This growth is primarily driven by demand for AI-related chip solutions [8][11]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet companies increase their investments in AI computing capabilities [8]. - Despite a recent decline in stock price due to shareholder reductions, this presents a long-term buying opportunity as the company's fundamentals remain strong [8][11]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 127.90 as of December 26, 2025. The stock has seen a 12-month high of RMB 216.77 and a low of RMB 44.47. The total market capitalization is approximately RMB 640.78 billion [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 25, 2025 [3]. Product Mix - The company's revenue sources include 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Forecast - The company is projected to achieve revenues of RMB 30.6 billion, RMB 54.1 billion, and RMB 84.7 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 77%, and 57% [11]. - Net profits are expected to turn positive in 2025, with projections of RMB 0.26 billion, RMB 2.7 billion, and RMB 6.4 billion for the years 2025, 2026, and 2027, respectively [10][11].

证券研究报告 环旭电子 (601231 CH) 投建光模块海外产能，协同日月光打 造一体化 AI 封装平台 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 12 月 | 29 日│中国内地 | 消费电子 | 目标价(人民币): | 39.60 | 我们预测公司 25-27 年归母净利润为 16.9/25.3/33.1 亿元，对应 EPS 为 0.75/1.13/1.48 元。下调 25 年归母净利润预测幅度为 4%，主要由于通讯类 产品物料采购成本下降而影响售价；上调 26/27 年归母净利润预测 15%/21%，主要是考虑到 AI 眼镜业务和 AI 加速卡业务均承接大客户订单， 营收有望显著增长。考虑到公司 AI 眼镜和算力新业务成长潜力，且中长期 与日月光具有战略协同优势，给予公司 26 年 35 倍 PE（可比公司一致预期 均值 29 倍），上调目标价为 39.6 元（前值 16.0 元，对应 25 年 20x PE）。 维持买入。 环旭电子 12 月 17 日宣布在越南海防厂投建 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [6][7]. Core Insights - The company is set to establish a joint venture with Zhejiang Rongtai in Thailand, focusing on the smart robotics market, which is expected to leverage both parties' technological and resource advantages [7][8]. - The partnership aims to enhance collaboration in product technology and customer resources, particularly in the fields of servo systems and micro-screws, which are critical for humanoid robots [8]. - The company has slightly adjusted its profit forecasts for 2026 and 2027, expecting net profits of RMB 270 million and RMB 341 million respectively, reflecting year-on-year growth rates of 10% and 26% [8][10]. Financial Summary - The company's projected net profits for 2025, 2026, and 2027 are RMB 270 million, RMB 341 million, and RMB 403 million, with corresponding year-on-year growth rates of 10%, 26%, and 18% [10]. - Earnings per share (EPS) are expected to be RMB 1.26, RMB 1.59, and RMB 1.89 for the years 2025, 2026, and 2027, respectively [10]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 71.69, 56.76, and 48.00, indicating a favorable valuation trend [10].

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1][3]. Core Views - The company is a rare platform-type entity in the A-share market, mastering the underlying technology of ultrasound and continuously advancing applications in various segments, including lithium batteries, semiconductor advanced packaging, and medical aesthetics. This platform capability provides resilience across economic cycles, with the second growth curve already beginning to materialize [1][7][14]. - The company is positioned to replicate its growth trajectory in the lithium battery sector within the advanced packaging equipment market, driven by strong domestic demand for localization [7][21]. Financial Data and Valuation - The company forecasts total revenue growth from 5.25 billion CNY in 2023 to 15.32 billion CNY in 2027, with year-on-year growth rates of 34% and 40% for 2025 and 2026 respectively [2][8]. - The net profit attributable to shareholders is expected to rise from 670 million CNY in 2023 to 3.81 billion CNY in 2027, with significant growth rates of 76% and 64% for 2025 and 2026 respectively [2][8]. - The company's price-to-earnings (PE) ratio is projected to decrease from 206.9 in 2023 to 36.2 by 2027, indicating improving valuation metrics as earnings grow [2][8]. Company Overview - The company has been a leader in the domestic ultrasound equipment market for nearly 20 years, with a comprehensive ultrasound technology platform that supports various industries, including lithium batteries, photovoltaic energy storage, semiconductors, automotive wiring, and medical aesthetics [7][34]. - The company has established a stable revenue stream from consumables, which accounted for 31.42% of total revenue in 2024, reflecting a strong business model that combines equipment sales with high-margin consumables [34][30]. Growth Curves - The first growth curve is driven by the recovery in capital expenditures in the lithium battery sector, with new technologies like solid-state batteries creating additional demand for equipment [18][21]. - The second growth curve focuses on advanced packaging equipment, where the company has secured orders and is positioned to lead in domestic market share [21][22]. - The third growth curve involves strategic expansion into the medical aesthetics sector, with significant market potential anticipated in the coming years [21][22]. Profitability and Financial Performance - The company has shown a compound annual growth rate (CAGR) of 32.32% in revenue from 2018 to 2024, with a notable recovery in profitability expected as market conditions improve [39][42]. - The gross margin for consumables is projected to reach 75.93% in 2024, significantly higher than the overall product margins, contributing to enhanced profitability [27][30]. - The company maintains a high research and development expenditure rate, which supports its long-term growth strategy and technological advancements [51].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Insights - The company is strategically positioned in the photovoltaic and semiconductor industries, leveraging its technological platforms in vacuum, laser, and precision equipment [5][6] - The company has established close collaborations with leading domestic packaging enterprises in the semiconductor sector, which has contributed to a significant revenue increase of 497% year-on-year in the semiconductor and display sectors [5] - The company is focusing on next-generation photovoltaic equipment, particularly heterojunction (HJT) and perovskite/HJT tandem solutions, aiming to enhance solar cell efficiency and reduce production costs [6] Financial Performance - In the first three quarters, the company achieved a revenue of 6.204 billion yuan, a year-on-year decline of 20.13%, with a net profit of 663 million yuan, down 12.56% year-on-year [4] - The company's gross margin reached 35.69%, an increase of 5.02 percentage points year-on-year, while the net profit margin was 10.69%, up 0.92 percentage points year-on-year [4] - Revenue forecasts for 2025, 2026, and 2027 are projected at 8.91 billion yuan, 10.30 billion yuan, and 11.92 billion yuan respectively, with corresponding EPS of 2.74 yuan, 3.45 yuan, and 3.96 yuan [8][10] Market Position - The company has a total market capitalization of 47.8 billion yuan and a current stock price of 171.1 yuan, with a 52-week price range of 65.29 to 182.79 yuan [2] - The company’s diverse customer base supports stable business growth and accelerates technological innovation through collaboration across different sectors [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company, Guangxun Technology, is a leading domestic optical communication enterprise with a vertical integration capability from chip to subsystem, benefiting from the growth of AI computing power in China [1][14] - The demand for high-speed optical modules is surging due to the increasing investment in AI infrastructure by global cloud service providers (CSPs) [2] - The company has a strong market position in the domestic market and is actively expanding into overseas markets, with a significant increase in net profit and revenue expected in the coming years [3][4] Summary by Sections Company Overview - Guangxun Technology has over 50 years of experience in the optical communication field, achieving vertical integration of optical devices through both organic growth and acquisitions [14][15] - The company has a diverse product line that includes optical transceivers, active optical cables, optical amplifiers, and subsystems, widely used in backbone networks, metropolitan networks, access networks, and data centers [19][24] Financial Performance - The company reported a net profit of 347 million yuan for Q3 2025, a year-on-year increase of 35.42% and a quarter-on-quarter increase of 56.00%, marking a historical high [1] - Revenue for 2025 is projected to reach 116.81 billion yuan, with net profits expected to be 10.60 billion yuan, reflecting a significant growth trajectory [3][4] Market Trends - The global AI computing power market is experiencing high demand, with CSPs expected to increase their capital expenditures significantly, which will drive the demand for optical modules [2][49] - The "East Data West Computing" initiative and the development of intelligent computing centers are expected to further boost the demand for transmission networks [2] Technology and Innovation - The company has developed its own optical chips and is expanding production capacity, with plans to raise 3.5 billion yuan for the development of high-speed optical transmission products [3][26] - Guangxun Technology is actively investing in new technologies such as CPO/OCS to lead the upgrade of optical interconnection technology [3][24] Competitive Position - The company ranks fourth globally in the optical device industry and has a leading market share in transmission networks, access networks, and data communication [1][2] - Guangxun Technology's products are increasingly being adopted in both domestic and international markets, with overseas revenue accounting for approximately 25% as of mid-2025 [26][29]

电力设备/光伏设备 爱旭股份（600732.SH） BC 龙头乘风光伏反内卷，高溢价驱动业绩高弹性 2025 年 12 月 29 日 投资评级：增持（首次） | 日期 | 2025/12/26 | | --- | --- | | 当前股价(元) | 13.77 | | 一年最高最低(元) | 17.80/9.20 | | 总市值(亿元) | 291.55 | | 流通市值(亿元) | 217.76 | | 总股本(亿股) | 21.17 | | 流通股本(亿股) | 15.81 | | 近 3 个月换手率(%) | 151.37 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-12 2025-04 2025-08 爱旭股份 沪深300 数据来源：聚源 殷晟路（分析师） 周航（联系人） yinshenglu@kysec.cn zhouhang1@kysec.cn 证书编号：S0790125050020 深耕光伏十六载，BC 破局技领航 公司深耕太阳能电池领域 16 载，积淀了深厚的技术壁垒。2021 年，公司率先发 布 ABC 技术，并于业内最早实现 N 型 BC 的 GW 级量产。当 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The refining profit is expected to recover, with sulfur providing incremental performance [1] - The supply-demand relationship for PX continues to improve, and profitability in the polyester segment is likely to recover [2] - The company benefits from the increase in gasoline and diesel crack spreads due to overseas refinery disruptions [3] - Significant increases in sulfur prices provide profit elasticity for the company [4] - The company is positioned for substantial profit recovery from 2025 to 2027, with projected net profits of 1.38 billion, 2.27 billion, and 2.57 billion yuan respectively [4] Summary by Sections Company Overview - The company is a leading private refining and chemical enterprise in China, with a processing capacity of 40 million tons of crude oil and significant production capabilities in PX and PTA [1][18] - The company has a diversified product range, including high-end materials and new energy products, with ongoing projects expected to launch between 2026 and 2027 [1][18] Market Dynamics - The domestic PX capacity is expected to see minimal expansion from 2024 to 2025, while downstream PTA and polyester capacities are projected to grow, enhancing PX pricing power [2] - Global gasoline and diesel crack spreads have surged due to disruptions in overseas refineries, benefiting the company's refined oil exports [3] Financial Performance - The company achieved a revenue of 227.81 billion yuan in the first three quarters of 2025, with a slight year-on-year decline of 7.09%, but a net profit increase of 1.34% [39] - The projected net profits for 2025-2027 indicate a significant recovery trajectory, with a 90.9% increase expected in 2025 [4][11] Future Outlook - The company is focusing on high-quality development, with strategic investments in new materials and partnerships with major players like Saudi Aramco [28][34] - The ongoing projects in high-end materials and new energy are expected to enhance the company's product chain and profitability in the coming years [28][29]