循资源之基，启材料新程 ——兴发集团深度报告 农化制品 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 执业证书编号：S0740525030003 Email：caohui@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 1,116.82 | | --- | --- | | 流通股本(百万股) | 1,116.82 | | 市价(元) | 42.70 | | 市值(百万元) | 47,688.41 | | 流通市值(百万元) | 47,688.41 | 兴发集团（600141.SH） 证券研究报告/公司深度报告 2026 年 03 月 03 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：孙颖 | | 营业收入（百万元） | | 28,105 | 28,396 | 2 ...

2026 年 3 月 4 日 公司点评报告 · 农林牧渔行业 产业链并购开启，协同优势凸显 核心观点 | 中牧股份（股票代码：600195.SH） | | | --- | --- | | 推荐 | 维持评级 | | 分析师 | | | 谢芝优 | | | ：021-68597609 | | | ：xiezhiyou_yj@chinastock.com.cn | | | 分析师登记编码：S0130519020001 | | | 市场数据 | 2026-3-3 | | --- | --- | | 股票代码 | 600195.SH | | A 股收盘价(元) | 7.89 | | 上证指数 | 4122.68 | | 总股本(万股) | 102115 | | 实际流通 A 股(万股) | 102115 | | 流通 A 股市值(亿元) | 81 | 相对沪深 300 表现图 2026-3-3 资料来源：Wind，中国银河证券研究院 -10% 0% 10% 20% 30% 40% 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 2025-07 2025-08 202 ...

[Table_Info1] 有研硅(688432) 电子 [Table_Title] 证券研究报告 / 公司点评报告 跨境并购落地，国资保障利基硅片与刻蚀硅供应 事件： [1Table_Summary] 月 28 日，有研硅发布关于收购完成的公告，已支付交易首笔对价款 83397.17 万日元，按购汇汇率折算为人民币 3766.88 万元。截至目前， 标的股权转让已完成，公司持有株式会社 DG Technologies（DGT） 70%的股权。 跨境并购成功落地，延伸开启全球刻蚀硅零部件市场。公司于 2024 年 11 月披露本次现金收购计划，2026 年 1 月完成交割并取得 DGT 70%控 制权。收购落地后，公司产业链位置从硅材料向设备端部件延伸，同时 整合 DGT 在半导体刻蚀设备硅部件领域的技术积累与客户资源，与公 司既有刻蚀设备用硅材料业务形成上下游协同，强化了公司在半导体核 心耗材领域的综合竞争力和品牌影响力。 深耕利基半导体硅片，加码 12 英寸平台产能保供应。公司是国内最早 从事半导体硅材料研制的企业之一，产品体系覆盖 6 至 8 英寸直拉硅单 晶及抛光片、刻蚀设备用硅材料、区熔硅单晶及抛光 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [9]. Core Insights - The company's general manager, Mr. Xie Yang, plans to increase his stake in the company by investing between 100 million to 200 million yuan, representing up to 2% of the total share capital, which reflects strong confidence in the company's long-term development [2][3]. - The company reported a revenue growth of 6.7% year-on-year for the first three quarters of 2025, reaching 3.2 billion yuan, despite a decline in net profit attributable to the parent company by 18.7% to 620 million yuan due to increased sales expenses [2]. - The main brand, Biyinlefen, continues to optimize and upgrade its offerings, featuring three major series: TRENDY, MOTION, and PREMIUM. The brand is enhancing its appeal through celebrity endorsements and collaborations with prestigious institutions [2][3]. - The company is expanding its brand matrix, having recently acquired the K&C brand and launched its autumn/winter collection at London Fashion Week. It is also focusing on niche markets such as outdoor activities and has appointed a former Gucci designer for its CERRUTI 1881 brand [3]. Financial Summary - The company’s projected financials indicate a steady increase in revenue from 4.004 billion yuan in 2024 to 5.484 billion yuan in 2027, with corresponding net profits expected to rise from 781 million yuan to 923 million yuan over the same period [10]. - The earnings per share (EPS) is forecasted to decrease from 1.37 yuan in 2024 to 1.20 yuan in 2025, before recovering to 1.62 yuan by 2027 [10]. - The price-to-earnings (P/E) ratio is projected to decline from 15.63 in 2024 to 9.92 in 2027, indicating an attractive valuation as earnings grow [10].

证券研究报告 电力设备 | 电网设备 北交所|首次覆盖报告 hyzqdatemark 2026 年 03 月 04 日 市场表现： | 基本数据 | | | | 年 | 03 | 03 | | 2026 | 月 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 30.45 | | | | | | 一 年 内 最 低 | 最 | 高 | / | | | | | | | | 48.00/26.53 | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 3,877.19 | | | | | | 流通市值（百万元） | | | | | | | 1,346.61 | | | | | | 总股本（百万股） | | | | | | | 127.33 | | | | | | 资产负债率（%） | | | | | | | 55.52 | | | | | | 每股净资产（元/股） | | | | | | | 7. ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 众鑫股份(603091) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 众鑫股份：加拿大反倾销&反补贴初裁落地， 整体影响有限 [Table_ReportDate] 2026 年 03 月 04 日 报告内容摘要: 我们认为：1）24 年 10 月-25 年 9 月（追溯期）众鑫出口加拿大收入约 0.83 亿 元（收入占比 7.7%），此次税率合计约 30%—40%，我们判断客户未来采购成 本高于东南亚，若订单转移至泰国、对国内产能利用率影响有限（同时泰国加 ...

公司在火电、水电、核电及输变电等领域占据领先地位，同时积极抢占新能源、 储能等市场，竞争优势突出。公司由工程建设主业战略性转向工程建设与投资 运营双轮驱动，盈利水平有望提升。首次覆盖，给予 "增持"投资评级。 ❑ 风险提示：电力需求增长不及预期、项目投产进度不及预期、应收账款回款 增持（首次） 目标估值：NA 当前股价：2.52 元 基础数据 中国能建（601868.SH） 火水风光储氢齐头并进，打造"投建营"一体化新引擎 周期/环保及公用事业/房地产 证券研究报告 | 公司深度报告 2026 年 03 月 04 日 | 总股本（百万股） | 41691 | | --- | --- | | 已上市流通股（百万股） | 32429 | | 总市值（十亿元） | 105.1 | | 流通市值（十亿元） | 81.7 | | 每股净资产（MRQ） | 2.8 | | ROE（TTM） | 6.7 | | 资产负债率 | 77.8% | | 主要股东 中国能源建设集团有限公司 | | | 主要股东持股比例 | 45.21% | 股价表现 % 1m 6m 12m 绝对表现 5 3 11 相对表现 5 -1 -9 资料来 ...

Investment Rating - The report maintains a "Recommended" rating for Zhongmu Co., Ltd. (stock code: 600195.SH) [1] Core Views - The company is engaging in a strategic acquisition of a controlling stake in two subsidiaries of China Nuclear Uranium Industry Co., Ltd. for a total price of RMB 727 million, which is expected to enhance its market competitiveness and open new avenues for international expansion [3] - The acquisition is anticipated to create synergies, extend the industrial chain, and improve resource complementarity, thereby increasing customer loyalty and market share [3] - The company has a strong focus on the chemical pharmaceutical and animal vaccine sectors, and the acquisition of quality enterprises in the industry is expected to provide new momentum for performance growth [3] Financial Performance Summary - The projected revenue for Zhongmu Co., Ltd. is expected to grow from RMB 6,017.19 million in 2024 to RMB 8,623.39 million in 2027, with growth rates of 11.30%, 12.71%, 14.03%, and 11.50% respectively [4] - The net profit attributable to the parent company is forecasted to increase significantly from RMB 70.88 million in 2024 to RMB 377.21 million in 2027, reflecting a growth rate of -82.41% in 2024, followed by 210.77% in 2025, 27.56% in 2026, and 34.24% in 2027 [4] - The earnings per share (EPS) is projected to rise from RMB 0.07 in 2024 to RMB 0.37 in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 114 in 2024 to 21 in 2027 [4] Financial Indicators Summary - The total assets of the company are expected to be RMB 8,844 million in 2024, decreasing to RMB 9,353.69 million by 2027 [5] - The company's return on equity (ROE) is projected to improve from 0.95% in 2024 to 4.90% in 2027 [4] - The net profit margin is expected to increase from 1.02% in 2024 to 4.07% in 2027, indicating improved profitability [6]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is deeply engaged in the precision components sector, with a diversified product layout, and is expected to turn profitable in 2026 after initial losses due to investments in liquid cooling and other new business areas [8][10]. - The demand in downstream industries is projected to grow, driven by a recovery in global PC shipments, stable growth in the automotive market, and the increasing need for liquid cooling solutions due to AI advancements [8][10]. - The company is actively expanding its production capacity to meet rising demand, particularly in the liquid cooling segment, which is anticipated to contribute significantly to revenue growth in the coming years [8][10]. Summary by Sections 1. Deep Engagement in Precision Components - The company specializes in the R&D, manufacturing, and sales of precision fasteners, connectors, and structural components, serving industries such as 3C, automotive, communications, and power equipment [8][10]. - The company has a clear and stable ownership structure, with the actual controller holding 62.75% of the shares [15]. - The management team has extensive industry experience, contributing to the company's strategic direction and operational efficiency [17]. 2. Broad Product Applications and Growing Demand - The company’s products are widely used in various sectors, with a significant focus on 3C and automotive applications, and are beginning to penetrate the liquid cooling market [32][34]. - Global PC shipments are expected to rebound, with AI PCs becoming a new growth engine, projected to reach 274 million units in 2025, a 4.3% increase year-on-year [34][36]. - The automotive market is also showing robust growth, particularly in the new energy vehicle segment, which is expected to see sales of 21.42 million units in 2025, a 25% increase [42][44]. 3. Continuous Exploration of New Markets and Capacity Expansion - The company is diversifying its business by expanding into liquid cooling and automotive sectors, with a focus on high-growth areas [55][56]. - The automotive business is expected to achieve significant revenue growth, with a projected increase of 100% in 2025 [62]. - The company plans to invest 100 million yuan to expand its production capacity for liquid cooling components, aiming to enhance operational efficiency and meet increasing demand [64][67]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.42 billion yuan in 2025, with a projected overall gross margin improvement from 12.98% to 25.95% by 2027 [68].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is deeply engaged in the precision components sector, with a diversified product layout, and is expected to see growth driven by liquid cooling technology [8][10]. - The company is projected to achieve a net profit of -0.19 billion in 2025, with expectations of turning profitable in 2026 [8][10]. - The report highlights the company's strategic expansion into high-growth areas such as automotive and liquid cooling, alongside stable growth in its 3C business [8][10]. Summary by Relevant Sections 1. Deep Engagement in Precision Components - The company specializes in the research, production, and sales of precision fasteners, connectors, and structural components, serving industries such as 3C, automotive, communications, and power equipment [8][10]. - The company has a clear and stable ownership structure, with the actual controller holding 62.75% of the shares [15]. - The management team has extensive industry experience, contributing to the company's operational stability [17]. 2. Broad Product Applications and Growing Demand - The global PC shipment is expected to rebound, with AI PCs becoming a new growth engine, projected to reach 274 million units in 2025, a 4.3% increase [34][36]. - The automotive market is also expected to grow steadily, with global sales of new energy vehicles projected to reach 21.42 million units in 2025, a 25% increase [42][43]. - The demand for liquid cooling solutions is anticipated to rise significantly due to the increasing computational power requirements driven by AI technologies [46][47]. 3. Continuous Exploration of New Markets and Capacity Expansion - The company is actively diversifying its business, expanding from 3C to automotive and liquid cooling sectors, with a focus on increasing production capacity [55][56]. - The automotive business is expected to see significant growth, with a projected revenue increase of 100% in 2025 [62]. - The company plans to invest 100 million yuan to expand its production capacity for liquid cooling components, aiming for a capacity of 130-140 units by 2026 [64][67]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.42 billion, 6.08 billion, and 8.62 billion from 2025 to 2027, with an overall gross margin improvement [68].