Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company achieved a revenue of 1.81 billion yuan in 2025, representing a year-on-year growth of 25.83%, and a net profit of 454 million yuan, up 13.39% year-on-year [1] - The C-end business is the core growth engine, with revenue reaching 1.544 billion yuan in 2025, a 28.11% increase year-on-year, driven by user base expansion and improved conversion rates [2] - The B-end business showed steady growth, generating 257 million yuan in revenue, a 14.56% increase year-on-year, supported by advancements in AI capabilities [3] - The overseas business experienced rapid growth, with a 34% increase in revenue, enhancing the company's global influence [4] Financial Performance - The company expects revenues of 2.266 billion yuan, 2.826 billion yuan, and 3.506 billion yuan for 2026, 2027, and 2028 respectively, with net profits projected at 591 million yuan, 755 million yuan, and 930 million yuan for the same years [4][6] - The company's earnings per share (EPS) for 2025 is 3.24 yuan, with projections of 4.22 yuan, 5.40 yuan, and 6.64 yuan for the following years [6] - The net asset return rate (ROE) is expected to increase from 15.5% in 2025 to 20.3% by 2028 [6]

| 基本状况 | | --- | | 总股本(百万股) | 190.15 | | --- | --- | | 流通股本(百万股) | 190.15 | | 市价(元) | 36.18 | | 市值(百万元) | 6,879.68 | | 流通市值(百万元) | 6,879.68 | 股价与行业-市场走势对比 1、《主业固本拓新强根基，看好 IP 与 AI 布局赋能》2026-03-05 中信出版：2025 年业绩稳健，IP、AI 布局实现突破 出版 中信出版（300788.SZ） 证券研究报告/公司点评报告 2026 年 03 月 17 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2024A | | 2025A | 2026E | 2027E | 2028E | | 分析师：康雅雯 | | 营业收入（百万元） | | 1,687 | 1,702 | 1,785 | 1,865 | 1,948 | | | | 增长率 yoy% | | - ...

| 日期 | 2026/3/16 | | --- | --- | | 当前股价(元) | 9.66 | | 一年最高最低(元) | 11.10/8.43 | | 总市值(亿元) | 870.95 | | 流通市值(亿元) | 812.75 | | 总股本(亿股) | 90.16 | | 流通股本(亿股) | 84.14 | | 近 3 个月换手率(%) | 46.39 | 房地产/房地产开发 招商蛇口（001979.SZ） 投资聚焦核心城市，行业排位稳步提升 2026 年 03 月 17 日 投资评级：买入（维持） 股价走势图 -20% -10% 0% 10% 20% 30% 2025-03 2025-07 2025-11 招商蛇口 沪深300 数据来源：聚源 相关研究报告 《毛利率水平明显提升，拿地积极聚 焦一线城市—公司信息更新报告》 -2025.10.31 《收入利润稳中有增，拿地强度同比 提升—公司信息更新报告》-2025.8.29 《销售均价显著提升，拿地强度较高 —公司信息更新报告》-2025.7.14 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@k ...

北交所信息更新 北 交 所 研 究 三祥科技（920195.BJ） 受益主机客户业务增长与国外市场开拓，2025 年归母净利润同比+72% ——北交所信息更新 2026 年 03 月 16 日 投资评级：增持（维持） | 日期 | 2026/3/16 | | --- | --- | | 当前股价(元) | 20.88 | | 一年最高最低(元) | 27.40/11.18 | | 总市值(亿元) | 20.47 | | 流通市值(亿元) | 14.77 | | 总股本(亿股) | 0.98 | | 流通股本(亿股) | 0.71 | | 近 3 个月换手率(%) | 131.53 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 业绩快报：营收 11.34 亿元，同比+17%，归母净利润 1.11 亿元，同比+72% 公司发布 2025 年业绩快报，2025 年，公司实现营收 11.34 亿元，同比增长 17.39%， 归母净利润 1.11 亿元，同比增长 71.71%；扣非归母净利润 1.02 亿元，同比增长 65.46%。根据业绩 ...

北交所信息更新 2 亿可转债落地，智能风机扩产开启新篇章 ——北交所信息更新 | 日期 | 2026/3/16 | | --- | --- | | 当前股价(元) | 35.25 | | 一年最高最低(元) | 68.00/29.90 | | 总市值(亿元) | 25.87 | | 流通市值(亿元) | 13.37 | | 总股本(亿股) | 0.73 | | 流通股本(亿股) | 0.38 | | 近 3 个月换手率(%) | 255.49 | 北交所研究团队 相关研究报告 《拟发行定向可转债，2025Q3 扣非净 利润同比+16%—北交所信息更新》 -2025.11.14 《在手订单 5.77 亿元具潜力，积极布 局输变电行业开拓新增长—北交所信 息更新》-2025.9.4 《电池热保障系统量产，船用与核电 领域产品订单充足—北交所信息更 新》-2025.6.17 截至 2026 年 2 月 13 日，公司发行可转债募集资金总额 2 亿元，实际募集资金净 额为 1.95 亿元，拟投入智能型高效风机建设项目，本次发行对象最终确认为 12 家。募投项目为智能型高效风机建设项目，设计的高速离心鼓风机、智能变频高 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 14.722 billion yuan for 2025, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 1.231 billion yuan, up 10.43% year-on-year [4] - The company plans to distribute a total cash dividend of 12.1 billion yuan for 2025, with a dividend payout ratio of 98.3% [4] - The company has slightly adjusted its profit forecast for 2026-2027 due to rising raw material costs, projecting net profits of 1.269 billion yuan in 2026, 1.328 billion yuan in 2027, and 1.380 billion yuan in 2028, reflecting year-on-year growth rates of 3.1%, 4.6%, and 4% respectively [7] - The company achieved a slight increase in beer sales volume to 2.9952 million tons in 2025, with a product structure that continues to upgrade [7] - The overall gross profit margin for 2025 was 50.88%, an increase of 2.31 percentage points year-on-year, primarily due to a decrease in raw material costs [7] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 14.645 billion yuan in 2024 to 15.586 billion yuan in 2028, with corresponding year-on-year growth rates of -1.2%, 0.5%, 2.3%, 1.8%, and 1.6% [5] - The net profit attributable to shareholders is expected to increase from 1.115 billion yuan in 2024 to 1.380 billion yuan in 2028, with year-on-year growth rates of -16.6%, 10.4%, 3.1%, 4.6%, and 4.0% [5] - The company’s earnings per share are projected to rise from 2.30 yuan in 2024 to 2.85 yuan in 2028 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report emphasizes that Guizhou Moutai is entering a new era of direct-to-consumer (2C) marketing, which is expected to drive continuous growth. The company is shifting its sales strategy to a consignment model for various non-standard products, allowing direct access to consumers through the i Moutai platform. This transition aims to enhance price control and marketing transformation [7]. - The financial forecasts indicate total revenue growth from CNY 150.56 billion in 2023 to CNY 194.49 billion by 2027, with a compound annual growth rate (CAGR) of approximately 5.06%. Net profit is projected to increase from CNY 74.73 billion in 2023 to CNY 93.98 billion in 2027, reflecting a stable growth trajectory [1][8]. - The report highlights a significant change in the relationship with distributors, moving to a fixed commission model that encourages long-term customer cultivation and better brand service. This model is expected to reduce inventory pressure on distributors and enhance the company's ability to manage real sales data [7]. Financial Projections - Total revenue (CNY million): - 2023: 150,560 - 2024: 174,144 - 2025: 183,022 - 2026: 185,125 - 2027: 194,493 - Year-on-year growth rates: - 2023: 18.04% - 2024: 15.66% - 2025: 5.10% - 2026: 1.15% - 2027: 5.06% [1] - Net profit attributable to shareholders (CNY million): - 2023: 74,734 - 2024: 86,228 - 2025: 90,107 - 2026: 90,139 - 2027: 93,980 - Year-on-year growth rates: - 2023: 19.16% - 2024: 15.38% - 2025: 4.50% - 2026: 0.04% - 2027: 4.26% [1] - Earnings per share (CNY): - 2023: 59.68 - 2024: 68.86 - 2025: 71.96 - 2026: 71.98 - 2027: 75.05 [1] - Price-to-earnings ratio (P/E): - 2023: 24.47 - 2024: 21.21 - 2025: 20.29 - 2026: 20.29 - 2027: 19.46 [1]

2026 年 03 月 16 日 证券研究报告|公司研究|公司点评 吉宏股份(002803) AI 全链条赋能降本增效，自有品牌开启第二增长曲线 | 2026年03月13日 | | --- | | ・收盘价(元): | | 公司基本数据 | | | --- | --- | | 总股本(百万股) | 450.41 | | 总市值(百万) | 8,233.41 | | 流通股本(百万股) | 288.77 | | 流通市值(百万) | 5,278.72 | | 12 月最高/最低价(元) | 20.84/9.93 | | 资产负债率(%) | 34.56 | | 每股净资产(元) | 5.86 | | 市盈率(TTM) | 31.32 | | 市净率(PB) | 3.12 | 股价走势图 500% 20% 10% -30% | 作者 | | | --- | --- | | 裴伊凡 | 分析师 | | SAC 执业证书: S0640516120002 | | | 联系电话:010-59562517 | | | 邮箱: peiyf@avicsec.com | | | 郭念伟 | 分析师 | | SAC 执业证书:S0 ...

房地产/房地产开发 招商蛇口（001979.SZ） 投资聚焦核心城市，行业排位稳步提升 2026 年 03 月 17 日 投资评级：买入（维持） | 日期 | 2026/3/16 | | --- | --- | | 当前股价(元) | 9.66 | | 一年最高最低(元) | 11.10/8.43 | | 总市值(亿元) | 870.95 | | 流通市值(亿元) | 812.75 | | 总股本(亿股) | 90.16 | | 流通股本(亿股) | 84.14 | | 近 3 个月换手率(%) | 46.39 | 股价走势图 -20% -10% 0% 10% 20% 30% 2025-03 2025-07 2025-11 招商蛇口 沪深300 数据来源：聚源 相关研究报告 《毛利率水平明显提升，拿地积极聚 焦一线城市—公司信息更新报告》 -2025.10.31 《收入利润稳中有增，拿地强度同比 提升—公司信息更新报告》-2025.8.29 《销售均价显著提升，拿地强度较高 —公司信息更新报告》-2025.7.14 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@k ...

股 票 研 光学玻璃材料龙头，特种玻璃新产品持续推进 戈碧迦(920438) 戈碧迦公司首次覆盖点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 罗青(分析师) | 021-23185966 | luoqing2@gtht.com | S0880525070002 | 本报告导读： 公司作为国内光学玻璃龙头营收稳健增长，特种玻璃在手机及半导体领域多线突破， 长期成长空间逐步打开。 投资要点： 股票研究 /[Table_Date] 2026.03.16 [Table_Industry] 资本货物/工业 | | | | 评级 | 增持 | | --- | --- | | 目标价格(元): | 48.10 | | [当前价格： Table_CurPrice] (元) | 39.60 | [Table_Market] 交易数据 | 52 周内股价区间(元) | 14.88-57.47 | | --- | ...