Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 10 Dec 2025 环球富盛理财有限公司 贵州轮胎 Guizhou Tire (000589.SZ) 越南三期顺利推进，拟在摩洛哥建设第二海外生产基地 Vietnam's third phase is progressing & To build a second overseas production base in Morocco 最新动态 ➢ 25Q1-Q3 公司归母净利润同比增长 50.55%。2025 年前三季度，公司实现营收 27.63 亿元，同比增长 3.54%；归母净 利润为 2.01 亿元，同比增长 50.55%；实现扣非净利润 1.86 亿元，同比增长 56.05%。2025Q3，公司实现营收 7.96 亿元，同比增长 1.44%；实现归母净利润为 4.50 亿元，同比下降 19.72%；实现扣非净利润 4.28 亿元，同比下降 20.72%。 动向解读 策略建议 ➢ 盈利预测。我们预测公司 2025-2027 年归母净利润分别为 6.12 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.03 CNY [3][6]. Core Insights - The company has seen a significant increase in new energy vehicle sales, with a year-on-year growth of 54.7% in cumulative sales for the first 11 months [11]. - The establishment of a subsidiary to enter the robotics sector indicates a strategic move towards diversifying its business model [11]. - The company is expected to gradually turn profitable in its self-owned brand segment, supported by a steady global expansion [9]. Financial Forecast and Investment Recommendations - The forecasted net profit attributable to the parent company for 2025-2027 is 6.055 billion, 7.086 billion, and 8.291 billion CNY respectively, with a maintained average PE valuation of 23 times for comparable companies [3]. - Revenue projections for 2025-2027 are 180.654 billion, 200.457 billion, and 219.509 billion CNY, reflecting a growth rate of 13.1%, 11.0%, and 9.5% respectively [5][12]. - The company's gross margin is expected to improve from 16.2% in 2025 to 17.4% in 2027, while the net profit margin is projected to increase from 3.4% to 3.8% over the same period [5][12]. Sales Performance - In November, the company's overall sales reached 284,200 units, marking a 2.5% year-on-year increase and a 2.1% month-on-month increase [11]. - The company's new energy vehicle sales reached a record high in November, with 12,620 units sold, representing a year-on-year growth of 23.3% [11].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has successfully transformed into a modular supplier, with its die-casting business entering a harvest period. Revenue is projected to grow significantly, with net profits expected to reach 9.32 billion, 13.34 billion, and 16.97 billion yuan from 2025 to 2027, respectively [5][61]. - The company has seen rapid revenue growth, from 800 million yuan in 2021 to an estimated 4.2 billion yuan in 2024, indicating a strong upward trajectory in the automotive structural parts sector [5][20]. - The company is positioned to become a leading player in the domestic automotive structural parts market, benefiting from the rise of domestic brands and the acceptance of integrated die-casting technology [6][61]. Summary by Sections 1. Company Overview - Founded in 2004, the company has evolved from mold manufacturing to stamping and die-casting, establishing a comprehensive production capability across various automotive components [12]. - The company has a concentrated shareholding structure, with significant ownership by its founders, which enhances management stability and operational efficiency [16]. 2. Market Potential - The stamping parts market in China is approximately 300 billion yuan, with a global market size of about 15 trillion yuan, indicating substantial growth opportunities [6]. - The integrated die-casting market is expected to exceed 10 billion yuan in 2022 and reach 100 billion yuan by 2025, driven by cost reduction and efficiency improvements [35]. 3. Competitive Advantages - The company has a strong focus on technology and management, which has led to high profitability levels. Its production strategy is based on demand-driven expansion, ensuring efficient capacity utilization [48]. - The company has established relationships with key clients, including major domestic automotive manufacturers, which are expected to drive future revenue growth [51][55]. 4. Financial Projections - Revenue is projected to grow from 2.6 billion yuan in 2023 to 11.2 billion yuan by 2027, with a compound annual growth rate (CAGR) of 66.6% from 2020 to 2024 [8][20]. - The company's net profit margin is expected to improve, with net profit projected to reach 1.7 billion yuan by 2027, reflecting a robust growth trajectory [8][61].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 51.33 yuan over the next six months [5]. Core Insights - The company has shown steady revenue growth with a total revenue of 3.198 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 9.50%. The net profit attributable to shareholders was -104.04 million yuan, improving by 69.18% year-on-year [2]. - The core assets, Kirin Software and Dameng Database, have demonstrated significant profit growth, with Kirin Software achieving a revenue of 910 million yuan (up 16.09%) and a net profit of 203 million yuan (up 39.74%) [2]. - The company is positioned to benefit from the ongoing domestic replacement process in the software industry, with expectations of continued profit growth due to high-margin product attributes [2][9]. Summary by Sections Company Overview - The company is a leader in domestic software and information technology in critical industries, focusing on the development of its core assets, Kirin Software and Dameng Database, which are rare in their respective fields [9]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 3.198 billion yuan, a 9.50% increase year-on-year. The net profit attributable to shareholders was -104.04 million yuan, a 69.18% improvement compared to the previous year [2]. - The forecast for revenue from 2025 to 2027 is 5.993 billion yuan, 6.724 billion yuan, and 7.915 billion yuan, respectively, with net profits expected to reach 104.7 million yuan, 188.9 million yuan, and 375.1 million yuan [11][12]. Market Position and Strategy - The company is actively involved in the "Scale-Up" heterogeneous integration operating system alliance, aiming to build a robust AI infrastructure base [1]. - Kirin Software is enhancing its operating system to support various domestic and international mainstream acceleration cards, ensuring optimal performance through system-level tuning [3]. - The successful implementation of the domestic operating system in the aviation sector demonstrates the feasibility of using domestic technology in complex business operations [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][11]. Core Insights - The termination of a major asset restructuring will not adversely affect the company's operations or financial status in the long term. The company will continue to focus on high-end chip products and maintain strong collaboration with partners [6][8]. - The company reported a revenue of 9.49 billion RMB for the first three quarters of 2025, a year-on-year increase of 54.7%, and a net profit of 1.96 billion RMB, up 28.6% year-on-year. The third quarter alone saw a revenue of 4.03 billion RMB, growing 69.6% year-on-year [8]. - The company is well-positioned in the domestic computing power market, benefiting from the "信创+AI" trend, with its CPU and DCU products gaining traction in various industries [8]. Financial Summary - The company expects net profits of 3.20 billion RMB, 4.67 billion RMB, and 6.71 billion RMB for the years 2025, 2026, and 2027, representing year-on-year growth rates of 65.81%, 45.96%, and 43.56% respectively. The earnings per share (EPS) are projected to be 1.38 RMB, 2.01 RMB, and 2.89 RMB for the same years [10][8]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 166, 114, and 79 respectively, indicating a favorable valuation outlook [10][8].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][13] Core Views - The company is demonstrating confidence in its long-term growth by continuing its share repurchase program, with a total repurchase amount exceeding 55.69 million yuan as of November 30, 2025 [3] - The multi-wall carbon nanotube business is performing steadily, maintaining a leading market position, with estimated shipments exceeding 53,000 tons in the first three quarters of 2025 [3][5] - The single-wall carbon nanotube products are entering a rapid growth phase, significantly enhancing the company's profitability, with estimated shipments of over 2,600 tons in the first three quarters of 2025 [4][5] - The company is expected to achieve net profits of 306 million, 663 million, and 894 million yuan for the years 2025 to 2027, representing year-on-year growth of 22%, 117%, and 35% respectively [12][13] Summary by Sections Share Repurchase and Market Confidence - The company has repurchased 1.1424 million shares, with a total expenditure exceeding 55.69 million yuan, reflecting its confidence in rapid long-term development [3] Product Performance - The multi-wall carbon nanotube shipments are estimated to exceed 53,000 tons in the first three quarters of 2025, with a stable shipment of approximately 17,000 tons in Q3 [3][5] - The single-wall carbon nanotube products have started mass shipments, with Q3 shipments around 1,600 tons, doubling from the previous quarter, indicating a significant profit increase [4][5] Financial Projections - The company is projected to achieve revenues of 14.52 billion, 26.88 billion, and 34.91 billion yuan from carbon nanotube slurry and powder from 2025 to 2027, with corresponding gross margins of 38.3%, 40.5%, and 41.0% [7][12] - The new composite cathode materials are expected to start shipments in 2026, contributing to revenue growth, with projected revenues of 0.01 billion, 1.15 billion, and 3.81 billion yuan from 2025 to 2027 [8][12]

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 北方华创(002371) 超高深宽比刻蚀助力 3D NAND 扩产 证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 457.46 | | --- | --- | | 总股本/流通股本（亿股）7.24 | / 7.24 | | 总市值/流通市值（亿元）3,314 | / 3,312 | | 52 周内最高/最低价 | 468.00 / 318.60 | | 资产负债率(%) | 51.0% | | 市盈率 | 43.27 | | 第一大股东 | 北京七星华电科技集团 | | 有限责任公司 | | l 投资要点 预计中国大陆 2026 至 2028 年间设备支出将达 940 亿美元。 受益于晶圆厂区域化趋势以及数据中心和边缘设备中 AI 芯片需求 激增，SEMI 预计 2025 年全球 300mm 晶圆厂设备支出将首次超过 1,00 ...

Investment Rating - The report assigns an "Outperform" rating to the company [6]. Core Insights - The company aims to become a global leader in full-scenario communication ecosystem services, leveraging AI for future growth [2][13]. - The company's three main product lines—desktop communication terminals, conference products, and cloud office terminals—are showing signs of recovery, with a projected revenue CAGR of 22% from 2017 to 2024 [2][37]. - The UC&C market, where the company operates, is expected to grow steadily, with a market size of $69.2 billion in 2024 and a CAGR of 4.3% from 2024 to 2029 [3][66]. Summary by Sections Company Overview - The company has established a comprehensive "cloud + end + platform" intelligent office ecosystem, with its three main business lines contributing 49.2%, 40.6%, and 10.2% to revenue in 2025H1 [2]. - The company maintains a high gross margin above 60% and emphasizes cash flow management, with a dividend yield of 4.92% in 2024 [2][51]. Market Analysis - The UC&C market is projected to reach $854 billion by 2029, with significant growth in the Asia-Pacific region [66]. - The company has formed a strategic partnership with Microsoft, enhancing its competitive position in the UC&C market [3][4]. Financial Performance - The company's revenue is expected to grow from 4,348 million yuan in 2023 to 8,381 million yuan in 2027, with a notable recovery in 2024 [5][37]. - The net profit attributable to the parent company is forecasted to increase from 2,010 million yuan in 2023 to 3,636 million yuan in 2027, reflecting a strong growth trajectory [5][39]. Product Lines - The desktop communication terminal remains the largest revenue source, while conference products and cloud office terminals are emerging as significant growth drivers [53]. - The company’s products are primarily sold in developed markets such as the US and Europe, with a focus on maintaining high profitability [4][59]. Strategic Direction - The company is committed to a self-owned brand strategy for international expansion, supported by a robust supply chain and sales system [4][30]. - Future strategies will focus on technological innovation, global expansion, and digital transformation to enhance operational efficiency [27][30].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][5] Core Views - The acquisition of Anhui Tuosheng will enhance profitability and expand the product delivery capabilities in the automotive NVH (Noise, Vibration, and Harshness) sector [2][3] - The company is a leader in the polyurethane buffer block market, holding a 36% market share, and aims to build a comprehensive product matrix by integrating rubber-based elastomers through this acquisition [2][3] - The company is also exploring new applications for polyurethane materials in the robotics field, which could open additional revenue streams [3] Financial Summary - The company reported revenues of 4.87 billion, 6.10 billion, and 5.49 billion for Q1-Q3 of 2023, 2024, and 2025 respectively, with net profits of 0.42 billion, 0.59 billion, and 0.47 billion, reflecting net profit margins of 8.6%, 9.7%, and 8.5% [2] - Projected revenues for 2025-2027 are estimated at 8.30 billion, 9.77 billion, and 11.49 billion, with corresponding net profits of 0.89 billion, 1.10 billion, and 1.40 billion [3] - The company’s PE ratios are projected to be 39.73, 32.07, and 25.26 for 2025, 2026, and 2027 respectively [3] Market Position - The company’s automotive damping components account for 65% of total revenue, primarily from polyurethane buffer blocks and top supports used in automotive suspension systems [2] - The company has established a supply chain presence with major domestic automakers including BYD, SAIC-GM, Geely, and others [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The nylon new materials project by Tianchen Qixiang has achieved full production and has entered a phase of efficient and stable operation after a 72-hour full-load performance assessment, with key technical and economic indicators meeting or exceeding design values [5][11]. - The project, which began construction in 2019, aims to break foreign monopolies and address critical supply chain issues, with a total investment of approximately 20 billion yuan and an annual production capacity of 1 million tons of nylon new materials [11]. - The company has signed new contracts totaling 312.67 billion yuan from January to October 2025, reflecting a year-on-year increase of 0.45%, with significant contributions from industrial and new materials sales [11]. Summary by Sections Project Development - Tianchen Qixiang's nylon new materials project has fully achieved production capacity, marking a transition to a stable operational phase [11]. - The project is expected to produce 200,000 tons of nylon 66 products annually, along with other chemical products, thereby establishing a complete nylon 66 chip industry chain [11]. Financial Performance - The company reported a total revenue of 186.61 billion yuan for 2024, with projections of 207.62 billion yuan for 2025, indicating a steady growth trajectory [17]. - The net profit attributable to shareholders is projected to reach 6.35 billion yuan in 2025, reflecting a compound annual growth rate of no less than 15% from 2021 [11][17]. Market Position - The company is positioned to benefit from the ongoing development of coal chemical projects in Xinjiang, with potential orders amounting to 700-800 billion yuan, which could enhance performance [11]. - The company has maintained a high dividend payout ratio of 19.69%, distributing 611 million yuan in cash dividends, demonstrating a commitment to shareholder returns [11].