国防军工/航空装备Ⅱ 西部超导（688122.SH） 军工材料龙头崛起，多业务协同开启成长新周期 2026 年 03 月 18 日 投资评级：买入（首次） | wangjiawei2@kysec.cn | | --- | 王加煨（分析师） 马智焱（联系人） 西部超导是国内航空发动机钛合金棒丝材的核心供应商，产品技术路线获得权威 认可，配套关系持续稳固。当前，2025 年"两机专项"进入攻坚期，国产大飞 机 C919 批产提速，成飞、西飞等主机厂产能扩张，带动上游材料需求进入放量 周期。我国航空发动机推重比持续提升，钛合金用量占比从第三代发动机的 15% 提升至第四代发动机的 25%以上，单机价值量显著增长。公司作为高端钛合金材 料的核心供应商，有望充分受益于航空装备升级带来的材料需求增长。 超导材料业务有望受益于核聚变产业及医疗影像市场快速扩容 全球核聚变技术突破加速，商业化进程超预期。超导磁体是托卡马克装置的核心 部件，超导线材成本占比最高。西部超导作为 ITER 项目低温超导线材的中国唯 一供应商，已完成全部交付任务，技术实力获得国际认可。中国聚变工程实验堆 （CFETR）及紧凑型聚变能实验装置（BEST ...

2026 年 3 月 18 日 公司研究 PCB 设备和泛半导体设备共驱增长 ——芯碁微装（688630.SH）跟踪报告之三 要点 事件：公司发布 2025 年年报，公司 2025 年实现营收 14.08 亿元，同比增长 47.61%，实现归母净利润 2.90 亿元，同比增长 80.42%。 25Q4 营收利润双增长，订单持续向好。公司 2025 年毛利率为 40.16%，同比增 长 3.18pct，净利率为 20.59%，同比增长 3.74pct。公司 2025Q4 实现营收 4.75 亿元，同比增长 101.08%，环比增长 70.01%；实现归母净利润 0.91 亿元，同 比增长 1521.53%，环比增长 60.48%。公司深化直写光刻技术应用，推进 PCB 高端 LDI 设备迭代升级，丰富泛半导体产品矩阵，泛半导体领域 WLP 系列设备 实现批量交付并助力头部厂商量产。公司东南亚市场订单持续向好，海外业务规 模大幅增长，产品出口至日本、越南等多个国家和地区。 PCB 市场高景气，激光钻孔设备需求旺盛。PCB 高阶设备板块，公司 MAS 系列 设备表现亮眼，广泛应用于 HDI、类载板、IC 载板等高端 ...

证券研究报告 | 2026年03月18日 C 端付费用户增长超 32%，多款新品可期。公司整个 C 端收入达到 15.44 亿 元（+28.11%），其中文字识别（扫描王+名片王）C 端收入 14.86 亿元 （+30.27%），商业大数据（启信宝）C 端收入 0.58 亿元（-10.18%）。截止 25 年底，公司主要 C 端产品（扫描王、名片王、启信宝）月活达到 1.90 亿， 同比增长 11.11%；累计付费用户数 987.76 万，同比增长 32.78%。基于公司 在 C 端积累的产品能力和用户基数，公司持续推出新产品，AI 教育、健康产 品有望持续增长。 B 端表现惊喜，毛利率提升同时收入保持较快增长。公司整个 B 端收入达到 2.57 亿元（+14.56%），其中文字识别（TextIn）B 端收入 0.87 亿元（+16.17%）， 毛利率增加 9.21 个百分点；商业大数据（启信慧眼）B 端收入 1.70 亿元 （+13.75%），毛利率增加 2.79 个百分点。公司 B 端业务进一步优化，因此 毛利率均有提升，但收入依然保持较快增长，在景气低迷的企业 IT 市场进 一步验证公司产品刚需价值，以 ...

导语：海外高歌猛进，国内持续承压。 作者：市值风云 App：木鱼 花四年打个翻身仗！TCL 智家：从亏损到年赚 11 亿 2025 年，全球家电行业面临关税高企、总量趋稳的挑战。 据全国家用电器工业信息中心数据，2025 年我国家电内销市场规模 8,461 亿元， 同比微降 0.1%；海关总署数据显示，全年家电出口额 6,888.5 亿元，同比下降 3.9%。 TCL 智家（002668.SZ）交出了一份不错的 2025 年年报：全年营收 185.31 亿 元，同比增长 0.93%，归母净利润 11.23 亿元，同比增长 10.22%。 TCL 智家如何在变局中实现增长，又面临哪些挑战？ 一、差点退市，被 TCL 花 30 亿捞回来 公司前身是奥马电器，在 2018 年和 2020 年两次陷入巨额亏损的泥潭，一度沦 为"ST 股"。2021 年，TCL 家电集团通过二级市场增持和要约收购，以累计约 30.35 亿元的现金对价获得公司控制权。 李东生入主后，开始剥离金融业务、承担约 3 亿元历史隐性债务、回归冰箱主 业、收购 TCL 旗下合肥家电资产以解决同业竞争问题。2024 年 5 月，公司正式 更名为"T ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6]. Core Insights - The company has experienced a significant decline in revenue and profit for 2025, with total revenue of 154.7 billion yuan, down 13.5% year-on-year, and a net profit of 1.02 billion yuan, down 74.6% year-on-year [6]. - Despite the downturn, the company is actively expanding its land acquisitions, focusing on core cities, with a land acquisition amount of 93.8 billion yuan in 2025, up 93% year-on-year [6]. - The company has a strong cash position with a net debt ratio of 59.0% and a weighted financing cost of only 2.74%, indicating financial stability [6]. Financial Data and Profit Forecast - Total revenue is projected to decline from 178.9 billion yuan in 2024 to 139.3 billion yuan in 2028, reflecting a downward trend in the real estate market [5]. - The company's net profit is expected to recover gradually, with forecasts of 1.3 billion yuan in 2026, 2.0 billion yuan in 2027, and 2.5 billion yuan in 2028, showing a potential rebound [5]. - The gross profit margin is anticipated to decrease from 14.6% in 2024 to 12.8% in 2026, indicating pressure on profitability [5]. Market Comparison - The company's price-to-book (PB) ratio is currently at 0.90, which is lower than the comparable company, Binjiang Group, at 1.14, suggesting potential for valuation improvement [7]. - The company's earnings per share (EPS) is projected to be 0.14 yuan in 2026, compared to 0.94 yuan for Binjiang Group, highlighting a disparity in earnings performance [7].

Investment Rating - The report assigns an "Accumulate" rating for Tiangong Co., Ltd. (天工股份) [1] Core Viewpoints - Tiangong Co., Ltd. is a specialized manufacturer of titanium and titanium alloy products, focusing on technological innovation to strengthen competitive barriers [15] - The company has established a comprehensive production system from sponge titanium to finished products, ensuring stable and efficient production [55] - The titanium industry is experiencing growth, with high-end applications in various sectors such as chemical, aerospace, and consumer electronics, indicating significant market potential [33][37] Summary by Sections 1. Company Overview - Tiangong Co., Ltd. specializes in the research, production, and sales of titanium and titanium alloy materials, with products widely used in chemical and consumer electronics industries [15] - The company is recognized as a national-level "specialized and innovative" small giant enterprise and a high-tech enterprise, emphasizing technological innovation [15][16] 2. Industry Growth - The titanium processing industry in China has shown resilience, with production increasing from 48,600 tons in 2015 to 159,100 tons in 2023, achieving a compound annual growth rate of 15.97% [34] - The demand for titanium in the chemical sector accounted for 51.23% in 2023, with significant growth potential in 3D printing and biomedical applications [37][39] 3. Product Innovation - The company has developed various titanium materials tailored for consumer electronics, achieving performance superior to domestic and international peers [49][51] - Innovations include advanced melting techniques and production processes that enhance product quality and production efficiency [51][52] 4. Financial Performance - Revenue projections for Tiangong Co., Ltd. are expected to reach 631 million yuan in 2025, with net profits of 140 million yuan, reflecting a strong growth trajectory [1][12] - The company has maintained stable gross and net profit margins, with a gross margin of 30.40% in 2024 [22][24] 5. Funding and Expansion - The company plans to invest 360 million yuan in a new production line for high-end titanium and titanium alloy rods and wires, supporting sustainable strategic development [3][16]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has announced a minor adjustment in the conversion price of its convertible bonds due to the cancellation of repurchased shares, which has no substantial impact on the bonds or the underlying stock [7] - The company launched a new 3200W titanium power supply module designed for high-density server cabinets, achieving an average efficiency of approximately 93.34% and receiving 80PLUS titanium certification [7] - The company is expected to benefit from the growing demand for high-power server power supplies, aiming to provide reliable, intelligent, and efficient power electronic products across various industries [7] - The company has a vision to become a leading brand in the industry, focusing on AI computing, data centers, and new energy sectors, leveraging its advanced technology and global production capacity [7] - Revenue projections for 2025-2027 are estimated at 45.80 billion, 54.98 billion, and 66.23 billion RMB, with net profits of 3.31 billion, 4.33 billion, and 5.63 billion RMB respectively, corresponding to PE ratios of 79.0, 60.3, and 46.4 [7] Financial Summary - The company's revenue for 2023 is projected at 2,870 million RMB, with a growth rate of 6.2%, and is expected to reach 6,623 million RMB by 2027, with a growth rate of 20.5% [6][8] - The net profit for 2023 is estimated at 196 million RMB, with a significant growth rate of 116.5%, projected to increase to 563 million RMB by 2027, with a growth rate of 29.9% [6][8] - The earnings per share (EPS) is expected to grow from 1.93 RMB in 2023 to 5.33 RMB in 2027 [6][8] - The return on equity (ROE) is projected to improve from 10.5% in 2023 to 17.3% in 2027 [6][8]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 423.7 billion yuan for 2025, representing a year-on-year increase of 17%. The net profit attributable to shareholders was 72.2 billion yuan, up 42% year-on-year. The non-recurring net profit was 64.5 billion yuan, also up 43% year-on-year. The gross margin stood at 26.3%, with a return on equity (ROE) of 21.4% [1] - In Q4 2025, the company achieved a revenue of 140.6 billion yuan, a 37% increase year-on-year and a 35% increase quarter-on-quarter. The net profit attributable to shareholders for this quarter was 23.2 billion yuan, up 57% year-on-year and 25% quarter-on-quarter, with a gross margin of 28.2% [1] - The company has seen a significant increase in orders, with contract liabilities reaching 49.2 billion yuan, a year-on-year increase of 76.9%. The total cash and trading financial assets amounted to 392.5 billion yuan, and the net operating cash flow for 2025 was 133.2 billion yuan, which is 1.8 times the net profit attributable to shareholders [1] Financial Forecast and Valuation - The company is expected to achieve revenues of 588.9 billion yuan, 704.6 billion yuan, and 851.0 billion yuan for 2026, 2027, and 2028 respectively, with year-on-year growth rates of 39%, 20%, and 21%. The net profit attributable to shareholders is projected to be 93.1 billion yuan, 113.9 billion yuan, and 136.0 billion yuan for the same years, with growth rates of 29%, 22%, and 19% respectively [2] - The three-year compound growth rate for net profit is estimated at 24%, with corresponding price-to-earnings (PE) ratios of 20, 16, and 13 for the years 2026, 2027, and 2028 [2] Business Segments - In the power battery segment, revenue is expected to reach 316.5 billion yuan in 2025, a 25% year-on-year increase, with a gross margin of 24%. The sales volume is projected to be 541 GWh, a 42% increase year-on-year, with global and overseas market shares rising to 39% and 30% respectively [10] - The energy storage battery segment is anticipated to generate revenue of 62.4 billion yuan in 2025, a 9% year-on-year increase, with a gross margin of 26.7%. The sales volume is expected to be 121 GWh, up 29% year-on-year [10] - The company is expanding its production capacity significantly, with a total battery system capacity of 772 GWh in 2025 and a utilization rate of 96.9%. The company is also advancing its overseas production capabilities and exploring new fields such as low-altitude and marine applications [10]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Insights - The company reported a revenue of 423.7 billion yuan for 2025, representing a year-on-year increase of 17%. The net profit attributable to shareholders was 72.2 billion yuan, up 42% year-on-year. The non-recurring net profit was 64.5 billion yuan, also up 43% year-on-year. The gross margin stood at 26.3% and the return on equity (ROE) was 21.4% [1] - In Q4 2025, the company achieved a revenue of 140.6 billion yuan, a 37% increase year-on-year and a 35% increase quarter-on-quarter. The net profit attributable to shareholders was 23.2 billion yuan, up 57% year-on-year and 25% quarter-on-quarter, with a non-recurring net profit of 20.9 billion yuan, increasing 63% year-on-year and 27% quarter-on-quarter. The gross margin for this quarter was 28.2%, an increase of 13.2 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [1] - The company has seen a significant increase in orders, with contract liabilities reaching 49.2 billion yuan, up 76.9% year-on-year. The cash and trading financial assets totaled 392.5 billion yuan, and the net operating cash flow for 2025 was 133.2 billion yuan, which is 1.8 times the net profit attributable to shareholders [1] Financial Forecast and Valuation - The company is expected to achieve revenues of 588.9 billion yuan, 704.6 billion yuan, and 851.0 billion yuan for 2026, 2027, and 2028 respectively, with year-on-year growth rates of 39%, 20%, and 21%. The net profit attributable to shareholders is projected to be 93.1 billion yuan, 113.9 billion yuan, and 136.0 billion yuan for the same years, with growth rates of 29%, 22%, and 19% respectively. The three-year compound growth rate is estimated at 24%, with corresponding price-to-earnings (PE) ratios of 20, 16, and 13 times [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has demonstrated strong growth over 25 years, with significant increases in revenue and profit driven by optical prisms and lenses [4][5] - The revenue for 2025 is projected to be 1.536 billion yuan, representing a year-over-year growth of 48.5%, with a net profit of 389 million yuan, reflecting a year-over-year increase of 76.3% [3] - The company is expected to benefit from the increasing demand in the optical communication sector and the release of production capacity [5][6] Revenue and Profit Forecast - Revenue projections for the company are as follows: - 2024: 1,034 million yuan - 2025: 1,536 million yuan - 2026: 2,256 million yuan - 2027: 2,968 million yuan - 2028: 4,026 million yuan - The corresponding year-over-year growth rates are 37%, 49%, 47%, 32%, and 36% respectively [2] - Net profit forecasts are: - 2024: 221 million yuan - 2025: 389 million yuan - 2026: 628 million yuan - 2027: 860 million yuan - 2028: 1,140 million yuan - Year-over-year growth rates for net profit are 23%, 76%, 61%, 37%, and 33% respectively [2] Business Segment Performance - The optical prism segment generated revenue of 928 million yuan in 2025, with a year-over-year growth of 41.9% and a gross margin of 41.9% [4] - The optical lens segment achieved revenue of 414 million yuan in 2025, reflecting a year-over-year growth of 60.0% and a gross margin of 51.6% [5] - The optical wafer business reported revenue of 117 million yuan in 2025, with a year-over-year growth of 61.3% and a gross margin of 20.6% [6] Stock Incentive Plan - The company has announced a stock incentive plan, granting 2.08 million restricted shares at a price of 21.92 yuan per share to 211 individuals, including directors and key employees [8] - The performance targets for the incentive plan include revenue growth of no less than 25%, 40%, and 50% for the years 2026, 2027, and 2028 respectively, compared to 2025 [8] Valuation Metrics - The projected P/E ratios for the company are as follows: - 2024: 101.5 - 2025: 57.5 - 2026: 35.7 - 2027: 26.0 - 2028: 19.6 [2] - The projected P/B ratios are: - 2024: 12.3 - 2025: 10.2 - 2026: 8.2 - 2027: 6.4 - 2028: 4.9 [2]