证券研究报告：机械设备 | 公司点评报告 发布时间：2026-01-13 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.45 | | --- | --- | | 总股本/流通股本（亿股）6.00 | / 0.90 | | 总市值/流通市值（亿元）111 | / 17 | | 52 周内最高/最低价 | 19.00 / 14.20 | | 资产负债率(%) | 13.7% | | 市盈率 | 36.18 | | WIN | SCORE | | 第一大股东 | INVESTMENTS | | LIMITED | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 中集环科(301559) 投资星环聚能，助力可控核聚变事业发展 l 投资要点 事件：公司投资星环聚能，助力可控核聚变事业发展。 公司参与可控核聚变企业星环聚能 A 轮融资，助力下一代聚变 装置建设。2026 年 1 月 12 ...

渝农商行 601077.SH 公司研究 | 深度报告 | | 买入（维持） | | --- | --- | | 股价（2026年01月12日） | 6.51 元 | | 目标价格 | 8.29 元 | | 52 周最高价/最低价 | 7.68/5.43 元 | | 总股本/流通 A 股（万股） | 1,135,700/1,135,158 | | A 股市值（百万元） | 73,934 | | 国家/地区 | 中国 | | 行业 | 银行 | | 报告发布日期 | 2026 年 01 月 13 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 1.4 | 3.01 | 0.31 | 14.48 | | 相对表现% | -0.13 | -1.55 | -3.44 | -13.85 | | 沪深 300% | 1.53 | 4.56 | 3.75 | 28.33 | | 屈俊 | 执业证书编号：S0860523060001 | | --- | --- | | | qujun@orientsec.com.cn | | ...

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].