[Table_scodeMsg1] 公司研究丨深度报告丨长沙银行（601577.SH） [Table_Title] 资产质量拐点，PB-ROE 重估 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年为新十年战略开局阶段的收官之年，张曼董事长带领下的新一届管理层淡化规模情结， 核心目标是实现风险出清。预计中短期内信贷增速将合理控制在 10%以内，区域投放聚焦省内 异地，投向上以对公为主。长沙银行历史净息差绝对值高于同业，目前正逐步消化高资产收益 率影响。新一届管理层战略重视风控体系重塑，加大不良资产处置力度，预计 2026~2027 年将 陆续实现核心风险指标的拐点。目前长沙银行 PB 估值 0.53x，相较 11.4%的 ROE 显著被低 估，2025、2026 年股息率分别为 4.46%和 4.83%，给予"增持"评级。 分析师及联系人 [Table_Author] SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 马祥云 盛悦菲 请阅读最后评级说明和重要声明 2 / 2 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 6.12 CNY and a target value of 8.65 CNY [4]. Core Views - The company has received a strategic investment from JD.com in its subsidiary, which is expected to accelerate the development of its urban outlet business. This new business model focuses on locations closer to core urban areas, enhancing consumer accessibility and increasing visitor frequency [8]. - The main business of the company remains stable, with new ventures anticipated to achieve rapid growth. The urban outlet business, along with international market expansion and the Adidas FCC business, is expected to drive significant revenue increases [8]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.44 CNY, 0.48 CNY, and 0.54 CNY respectively. The company is assigned a price-to-earnings (P/E) ratio of 18 times for 2026, leading to a reasonable value estimate of 8.65 CNY per share [8]. Financial Summary - Revenue projections for the company are as follows: - 2023: 21,528 million CNY - 2024: 20,957 million CNY (decrease of 2.7%) - 2025: 21,444 million CNY (increase of 2.3%) - 2026: 23,452 million CNY (increase of 9.4%) - 2027: 26,014 million CNY (increase of 10.9%) [2]. - The company's EBITDA is expected to be: - 2023: 5,406 million CNY - 2024: 4,670 million CNY - 2025: 4,591 million CNY - 2026: 4,988 million CNY - 2027: 5,538 million CNY [2]. - The net profit attributable to shareholders is forecasted as follows: - 2023: 2,952 million CNY - 2024: 2,159 million CNY (decrease of 26.9%) - 2025: 2,104 million CNY (decrease of 2.5%) - 2026: 2,307 million CNY (increase of 9.6%) - 2027: 2,610 million CNY (increase of 13.1%) [2]. - The return on equity (ROE) is projected to be: - 2023: 18.4% - 2024: 12.7% - 2025: 12.2% - 2026: 13.2% - 2027: 14.7% [2].

Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Insights - The company achieved a revenue of 17.1 billion yuan in 2025, representing a year-on-year growth of 25.9%, and a net profit attributable to shareholders of 2.97 billion yuan, up 36.7% year-on-year [3]. - The company's multi-metal reserves have significantly increased, with gold production cost advantages further strengthening, indicating a stable upward cycle in performance [3][5]. - The exploration investment decreased by 36.4% to 112 million yuan in 2025, yet the successful exploration activities led to a substantial increase in multi-metal resources, with new additions of gold (16.62 tons), silver (296.57 tons), and lead-zinc (38,300 tons) [4]. - The company’s gold reserves increased by 9% year-on-year to 149.48 tons, with notable increases in several domestic mines [4]. - The company’s revenue from mineral gold rose by 24% to 5.505 billion yuan, while the production of various metals showed mixed results, with gold production down by 5.47% to 7.60 tons [5]. - The company’s production cost advantages are further reinforced, with unit production costs for gold at 142.18 yuan/gram, maintaining a gross margin of 81.63% [11]. - The company has established a diversified investor return system through cash dividends and share buybacks, with a dividend payout rate of 44.82% for 2025 [12]. Financial Projections - The company is expected to achieve revenues of 20.92 billion yuan, 26.10 billion yuan, and 30.40 billion yuan for 2026, 2027, and 2028 respectively, with net profits projected at 5.03 billion yuan, 7.94 billion yuan, and 10.35 billion yuan [13][14]. - The earnings per share (EPS) are forecasted to be 1.81 yuan, 2.86 yuan, and 3.73 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 16.82x, 10.66x, and 8.18x [13][14].

证券研究报告·公司点评报告 2026 年 3 月 9 日 江海证券研究发展部 执业证书编号：S1410524040001 | 投资评级： | 持有（维持） | | --- | --- | | 当前价格: | 38.02元 | | 市场数据 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总股本(百万股) | | | 118.21 | | | | | | | | | A 股股本(百万股) | | | 118.21 | | | | | | | | | B/H 股股本(百万股) | | | | | | | | -/- | | | | A 股流通比例(%) | | | 55.03 | | | | | | | | | 个月最高/最低(元) | | 60.86/21.60 | | | | | | | 12 | | | 第一大股东 | | | 王万法 | | | | | | | | | 第一大股东持股比例(%) | | | 33.88 | | | | | | | | | 上证综指/沪深 3 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Insights - The company achieved a revenue of 17.1 billion yuan in 2025, representing a year-on-year growth of 25.9%. The net profit attributable to shareholders reached 2.97 billion yuan, up 36.7% year-on-year, with basic earnings per share of 1.1 yuan, also up 36.8% year-on-year. The increase in multi-metal reserves, including gold, silver, lead, zinc, and copper, along with rising metal prices, has driven revenue growth. The company's cost advantage in gold production has further strengthened, indicating a stable upward performance cycle in the company's operations [3][5]. Resource Exploration and Reserves - The company has made significant progress in resource exploration, with a notable increase in multi-metal reserves. In 2025, the company invested 112 million yuan in exploration, a decrease of 36.4% from 2024. However, successful exploration activities led to an increase in multi-metal resources, with new additions of 16.62 tons of gold, 296.57 tons of silver, and 38,300 tons of lead and zinc. By the end of 2025, the company held gold resources of 280.94 tons (up 1.3% year-on-year), silver at 8,021.29 tons (up 1.1%), lead at 636,400 tons (up 4.7%), zinc at 1,241,200 tons (down 2.4%), and copper at 137,800 tons (up 8%) [4][5]. Revenue Growth and Cost Advantages - The company's revenue from mineral gold reached 5.505 billion yuan in 2025, an increase of 24% year-on-year. Revenue from mineral silver grew by 18% to 1.16 billion yuan, while lead concentrate revenue increased by 9% to 169 million yuan. However, the production of various metals did not align with revenue growth, with gold production down 5.47% to 7.60 tons and silver down 16.30% to 164.10 tons. The company is expected to adjust production dynamically in response to rising prices and has plans for new production from Osino gold mine in 2027 and the resumption of production at Huasheng gold mine in 2026 [5][11]. Financial Performance and Shareholder Returns - The company has established a diversified investor return system through cash dividends and share buybacks. For 2025, the company plans to distribute cash dividends of 4.8 yuan per 10 shares, totaling 1.332 billion yuan, with a dividend payout ratio of 44.82%. The company has also initiated a share buyback plan with a total amount not less than 100 million yuan and not exceeding 200 million yuan. The return on equity (ROE) increased from 17.7% in 2024 to 21.3% in 2025, while the return on assets (ROA) rose from 14.1% to 16.8% [12].

股价走势图 汽车/汽车零部件 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2025-03 2025-07 2025-11 威孚高科 沪深300 ——公司首次覆盖报告 投资评级：买入（首次） | 日期 | 2026/3/6 | | --- | --- | | 当前股价(元) | 25.22 | | 一年最高最低(元) | 29.10/17.02 | | 总市值(亿元) | 243.82 | | 流通市值(亿元) | 200.21 | | 总股本(亿股) | 9.67 | | 流通股本(亿股) | 7.94 | | 近 3 个月换手率(%) | 114.98 | 威孚高科（000581.SZ） 从内燃机业务为主，逐步迈向多元化 | 邓健全（分析师） | 赵悦媛（分析师） | 王镇涛（联系人） | | --- | --- | --- | | dengjianquan@kysec.cn | zhaoyueyuan@kysec.cn | wangzhentao@kysec.cn | | 证书编号：S0790525090003 | 证书编号：S0790525100003 | 证书编号：S07901 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) [6] Core Insights - The company has a solid foundation in traditional businesses and is entering a growth phase, transitioning from a focus on internal combustion engine components to a diversified business model with four main pillars: energy conservation and emission reduction, green hydrogen, smart electric, and industrial and other businesses [6][28] - The company is expected to achieve net profits of 1.69 billion, 1.87 billion, and 2.14 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.75, 1.93, and 2.21 yuan per share [6] - The current stock price corresponds to PE ratios of 14.4, 13.1, and 11.4 for the years 2025, 2026, and 2027, indicating potential for growth [6] Summary by Sections 1. Traditional Business Foundation - The company is a leading supplier in China's automotive fuel injection, after-treatment, and intake systems, with a robust multi-technology framework supporting its core business [6][28] - The company has established a comprehensive core component platform that balances traditional and emerging power systems [19] 2. Energy Conservation and Emission Reduction - The energy conservation and emission reduction business is stabilizing and expected to grow steadily, driven by continuous technological iterations and regulatory upgrades [7] - The fuel injection system business benefits from deep technical collaboration with Bosch and is positioned to capitalize on market concentration and regulatory changes [7] 3. Smart Electric Business - The smart electric segment has transitioned from R&D to mass production, with orders and capacity expected to materialize [8] - The company is expanding into electric drive systems, thermal management systems, and autonomous driving capabilities, enhancing its long-term growth potential [8] 4. Financial Performance and Forecast - The company’s revenue for 2023 and 2024 is projected at 11.09 billion and 11.17 billion yuan, respectively, with a net profit of 1.84 billion and 1.66 billion yuan [9] - The gross margin is expected to remain stable between 16% and 18%, with a focus on increasing R&D investment to maintain competitive advantages [50] 5. Shareholder Returns - The company has a history of high dividend payouts, with a cumulative cash dividend of 12.27 billion yuan since its listing, maintaining an average payout ratio of 41.64% [44]

证券研究报告·公司点评报告 2026 年 3 月 9 日 江海证券研究发展部 执业证书编号：S1410524040001 | 投资评级： | 持有（维持） | | --- | --- | | 当前价格: | 13.96元 | 市场数据 | 总股本(百万股) | 136.70 | | --- | --- | | A 股股本(百万股) | 136.70 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 65.88 | | 12 个月最高/最低(元) | 20.80/12.14 | | 广东博源基金管理有限公司- | | | 第一大股东 | | | 业(有限合伙) | | | 第一大股东持股比例(%) | 22.34 | | 上证综指/沪深 300 | 4124.19/4660.44 | 近十二个月股价表现 % 1 个月 3 个月 12 个月 相对收益 8.63 2.83 -5.97 数据来源：聚源 注：相对收益与北证 50 相比 1. 江海证券-公司点评报告-铁大科技 -872541：2025H1 业绩实现稳健增长，进 一步布局机器人领域提升公司综合实力 – 2025.09.03 2 ...

证券研究报告 | 公司点评 | 医疗服务 美迪西(688202) 报告日期：2026 年 03 月 09 日 新签订单超预期，看好 26 年公司业务强势反转 ——美迪西 2025 业绩快报点评 投资要点 ❑ 业绩：2025 全年大幅减亏，25Q4 收入明显提速 2025 年全年：实现营业收入 11.61 亿元，同比增长 11.89%；归母净利润为-1.55 亿元，较上年同期大幅减亏 1.76 亿元；扣非归母净利润为-1.70 亿元，同比减亏 1.78 亿元。 25Q4 单季度：实现营收 3.18 亿元，同比增长 35%，归母净利润-1.25 亿元，同比 大幅减亏。 ❑ 简评：新签订单超预期，海外拓展持续突破 从新签角度看，2025 年公司全年新签订单约 16 亿元，同比增长约 45%，我们预 计主要和 2025 年四季度国内安评业务新签情况较好有关，在投融资及需求端持 续传导下，我们看好 2026 年新签延续高增以及订单高效执行下收入端延续高增 趋势。 从收入结构看，公司境外拓展持续突破，2025 年境外收入占比提升至约 47%， 看好 2026 年在国内与境外双驱结构下公司增长弹性。 从盈利能力角度看，20 ...

分析师：牟国洪 登记编码：S0730513030002 新能源动力系统 mough@ccnew.com 021-50586980 业绩恢复增长，隔膜显著放量 ——璞泰来(603659)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2026-03-06) | 收盘价(元) | 26.61 | | --- | --- | | 一年内最高/最低(元) | 32.15/15.00 | | 沪深 300 指数 | 4,660.44 | | 市净率(倍) | 2.78 | | 流通市值(亿元) | 568.50 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 9.56 | | 每股经营现金流(元) | 1.26 | | 毛利率(%) | 31.72 | | 净资产收益率_摊薄(%) | 11.54 | | 资产负债率(%) | 52.93 | | 总股本/流通股(万股) | 213,639.91/213,639.91 | 《璞泰来(603659)年报点评：一季度业绩增 长，持续推进海外布局》 2025-04-29 联系人：李智 B 股/H 股(万股) 0.00/0.00 个股相对沪 ...