煤炭开采 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 10,037.48 | | 流通股本(百万股) | 9,999.41 | | 市价(元) | 20.28 | | 市值(百万元) | 203,560.11 | | 流通市值(百万元) | 202,788.06 | 厚业绩》2026-02-02 待》2025-06-20 量增长空间广阔》2025-03-30 兖矿能源（600188.SH） 证券研究报告/公司深度报告 2026 年 03 月 10 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杜冲 | | | 营业收入（百万元） | 150,025 | 139,124 | 133,620 | 162,731 | 173, ...

电力设备/电池 信德新材（301349.SZ） 主、副产品涨价有望释放利润弹性 2026 年 03 月 10 日 投资评级：买入（维持） | 日期 | 2026/3/9 | | --- | --- | | 当前股价(元) | 49.36 | | 一年最高最低(元) | 67.80/27.66 | | 总市值(亿元) | 50.35 | | 流通市值(亿元) | 50.35 | | 总股本(亿股) | 1.02 | | 流通股本(亿股) | 1.02 | | 近 3 个月换手率(%) | 145.55 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2025-03 2025-07 2025-11 信德新材 沪深300 相关研究报告 殷晟路（分析师） 王嘉懿（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790525060004 受益下游需求旺盛及原油涨价，公司主、副产品售价均有望大幅提升 公司是锂电负极包覆材料龙头，主产品为负极包覆材料和沥青基碳纤维制品，副 产品为炭黑原料油（橡胶增塑剂）和裂 ...

投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 33,757 | 34,217 | 35,375 | 39,045 | 42,058 | | (+/-)% | 10.8% | 1.4% | 3.4% | 10.4% | 7.7% | | 净利润(归母) | 2,762 | 2,416 | 2,799 | 3,607 | 4,189 | | (+/-)% | 2.3% | -12.5% | 15.9% | 28.9% | 16.1% | | 每股净收益(元) | 1.33 | 1.16 | 1.35 | 1.74 | 2.01 | | 净资产收益率(%) | 9.5% | 8.0% | 8.8% | 10.7% | 11.6% | | 市盈率(现价&最新股本摊薄) | 17.09 | 19.53 | 16.86 | 13.08 | 11.27 | 股票研究 /[Table_Date] 2026.03.10 公司重点 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company, 大金重工, is a global leader in offshore engineering equipment and is transitioning into a one-stop system service provider for offshore wind power [1][5] - In 2025, the company achieved a revenue of 6.174 billion yuan, representing a year-over-year increase of 63.3%, and a net profit attributable to the parent company of 1.103 billion yuan, up 132.8% year-over-year [4][6] - The company has a robust order backlog, with overseas offshore orders exceeding 10 billion yuan, primarily scheduled for delivery over the next two years [4][5] - The company is strategically positioned in the European offshore wind infrastructure market, with significant partnerships with leading offshore wind developers [5] Financial Summary - Revenue projections for 2026 and 2027 are estimated at 8.251 billion yuan and 9.451 billion yuan, respectively, with corresponding net profits of 1.602 billion yuan and 2.045 billion yuan [6][8] - The company's gross margin is expected to improve from 31.2% in 2025 to 32.4% in 2026, while the net margin is projected to rise from 17.9% to 19.4% in the same period [6][9] - The price-to-earnings (P/E) ratio is forecasted to decrease from 37.8 in 2025 to 26.0 in 2026, indicating a more attractive valuation as earnings grow [6][9]

[Table_Page] 跟踪研究|纺织服饰 证券研究报告 [Table_Title] 台华新材（603055.SH） 锦纶价格反弹+面料扩产，公司盈利有望修复 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -22% -13% -4% 4% 13% 22% 03/25 05/25 07/25 09/25 11/25 01/26 03/26 台华新材 沪深300 | [分析师： Table_Author]糜韩杰 | | | --- | --- | | | SAC 执证号：S0260516020001 | | SFC CE No. BPH764 | | | 021-38003650 | | | mihanjie@gf.com.cn | | | 分析师： | 左琴琴 | | | SAC 执证号：S0260521050001 | | SFC CE No. BSE791 | | | 021-38003540 | | | zuoqinqin@gf.com.cn | | [Table_ 相关研究： DocReport] | 台华新材 | 2025-09-04 | | --- | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company is positioned in a high-growth phase driven by AI computing, with a focus on developing a full-speed optical chip matrix, including 400G, 800G, and 1.6T technologies. The optical communication sector is experiencing significant growth, supported by increasing bandwidth demands and the adoption of next-generation technologies [4]. - The company has established a vertically integrated manufacturing platform for silicon carbide (SiC), with production capabilities across various stages of the supply chain. This positions the company to meet the growing demand in sectors such as new energy vehicles and data centers [5]. - The LED industry is witnessing a recovery in terminal demand, with some product prices stabilizing. The company plans to enhance its high-end LED product offerings and has announced a $239 million acquisition of Lumileds to accelerate its entry into high-end markets [6]. Financial Projections - Revenue projections for the company are estimated at 161.06 billion, 182.41 billion, 217.43 billion, and 257.39 billion yuan for the years 2024, 2025, 2026, and 2027 respectively, with growth rates of 14.61%, 13.26%, 19.20%, and 18.38% [10][11]. - The company is expected to report a net profit attributable to the parent company of -2.4 billion, 4.5 billion, and 9.8 billion yuan for the years 2025, 2026, and 2027, indicating a significant turnaround from a loss in 2025 to profitability in subsequent years [8][10].

公司动态跟踪 | 美芯晟 25 全年营收稳步增长，智能传感解决方案持续完善 证券研究报告 | | | | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 472 | 404 | 555 | 959 | 1,303 | | 增长率 | 7.1% | -14.4% | 37.4% | 72.7% | 36.0% | | 归母净利润 (百万元) | 30 | (67) | (13) | 82 | 201 | | 增长率 | -42.6% | -320.8% | 81.1% | 753.5% | 144.9% | | 每股收益（EPS） | 0.27 | (0.60) | (0.11) | 0.74 | 1.81 | | 市盈率（P/E） | 142.6 | (64.6) | (341.7) | 52.3 | 21.4 | | 市净率（P/B） | 2.1 | 2.3 | 2.2 | 2.1 | 1.9 | 2026 年 03 月 10 日 美芯晟（688458.SH）公司动态跟踪 ...

中国透平风机领先企业，压缩空气储能+工业气体并行 证券研究报告 2026 年 03 月 10 日 陕鼓动力（601369.SH）首次覆盖报告 透平式风机领先企业，2024 业绩稳健上升。陕鼓动力以分布式能源系统解 决方案为核心，涵盖设备、服务、运营、EPC、 金融、智能化、供应链的 "1+7"综合业务模式。2024 年，公司实现营收 102.8 亿元，同比增长 1.3%， 2020-2024 年 CAGR 达 6.2%；实现归母净利润 10.42 亿元，同比增长 2.1%。 2020-2024 年 CAGR 达 11.1%；实现毛利率 22.5%，同比增长 1.0pct，实 现净利率 11.1%，同比提升 0.3pct，三费合计增长 0.7pct。 公司深度研究 | 陕鼓动力 透平式风机壁垒高，公司为轴流压缩机龙头。风机可分为透平式风机和容积 式风机，高端透平式风机技术含量高、成套性强、价值量高，拥有技术+人 才＋品牌与业绩＋资金四大壁垒。公司为透平式风机龙头企业，2023 年公 司轴流压缩机产量相较中国总产量占比 100%。 压缩空气储能优势明显，公司商业化进展顺利。压缩空气储能容量大、安全 性高、寿命长、 ...

电力设备/电池 信德新材（301349.SZ） 主、副产品涨价有望释放利润弹性 2026 年 03 月 10 日 投资评级：买入（维持） | 日期 | 2026/3/9 | | --- | --- | | 当前股价(元) | 49.36 | | 一年最高最低(元) | 67.80/27.66 | | 总市值(亿元) | 50.35 | | 流通市值(亿元) | 50.35 | | 总股本(亿股) | 1.02 | | 流通股本(亿股) | 1.02 | | 近 3 个月换手率(%) | 145.55 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2025-03 2025-07 2025-11 信德新材 沪深300 相关研究报告 殷晟路（分析师） 王嘉懿（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790525060004 受益下游需求旺盛及原油涨价，公司主、副产品售价均有望大幅提升 公 司 信 息 更 新 报 告 开 源 证 券 证 券 研 究 报 请务必参阅正文后面的信息披露和法律声明 ...

公司重点布局的非洲国家盈利、价格强势 华新建材(600801) 华新建材非洲经营跟踪 对公司出海的主要几个非洲国家水泥基本面进行跟踪。赞比亚、坦桑尼亚、南非、 尼日利亚 2025 价格同比均有提升，主要布局尼日利亚的子公司 Lafarge Africa2025 年度净利润超预期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 33,757 | 34,217 | 35,375 | 39,045 | 42,058 | | (+/-)% | 10.8% | 1.4% | 3.4% | 10.4% | 7.7% | | 净利润(归母) | 2,762 | 2,416 | 2,799 | 3,607 | 4,189 | | (+/-)% | 2.3% | -12.5% | 15.9% | 28.9% | 16.1% | | 每股净收益(元) | 1.33 | 1.16 | 1.35 | 1.74 | 2.01 | | 净 ...