盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 609,408 | 634,552 | 651,200 | 672,300 | 699,200 | | 增长率（ % ） | 6.4% | 4.1% | 2.6% | 3.2% | 4.0% | | EBITDA | 55,502 | 57,664 | 52,420 | 55,014 | 57,698 | | 归母净利润 | 12,988 | 12,015 | 11,254 | 11,580 | 12,209 | | 增长率（ % ） | 13.6% | -7.5% | -6.3% | 2.9% | 5.4% | | EPS（元/股） | 0.75 | 0.70 | 0.65 | 0.67 | 0.71 | | 市盈率（P/E） | 6.5 | 7.8 | 11.0 | 10.7 | 10.1 | | ROE（%） | 8.1% | 7.3% | 6.4% | 6 ...

再生塑料全产业链龙头，2025 年亮眼收官 英科再生(688087) 英科再生公司首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 消费后再生塑料市场蓬勃发展；公司布局再生塑料全产业链，构筑全球化优势。 投资要点： | 风险提示：新产品研发风险；市场竞争风险；原材料价格波动风险。 | | --- | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company experienced a decline in revenue and net profit in 2025, with revenue at 5.824 billion yuan, down 9.74% year-over-year, and net profit attributable to shareholders at 798 million yuan, down 44.09% year-over-year [1]. - The gaming business faced pressure due to intensified global competition and the transitional phase of new projects, while software and IT services showed steady growth driven by AI, cloud, and IoT businesses [1][2]. - The company has a rich pipeline of new gaming products, with two new games, "Stellar Sanctuary" and "Next Agers," launched overseas and expected to contribute positively to revenue as they mature [3]. Financial Summary - Revenue projections for 2025-2027 are 5.824 billion yuan, 5.744 billion yuan, and 6.367 billion yuan, reflecting a year-over-year change of -9%, -1%, and +11% respectively [4]. - Net profit projections for the same period are 798 million yuan, 993 million yuan, and 1.076 billion yuan, with year-over-year changes of -44%, +24%, and +8% respectively [4]. - The company's earnings per share (EPS) for 2025 is projected at 0.41 yuan, with a price-to-earnings (P/E) ratio of 26.1x [4].

证券研究报告 | 年报点评报告 gszqdatemark 2026 03 15 年 月 日 胜宏科技（300476.SZ） 全年业绩同比高增，高 Capex 投入加速产能扩建 胜宏科技发布 2025 年年度报告。公司 2025 年实现营收 192.92 亿元， yoy+79.77%，实现归母净利润 43.12 亿元，yoy+273.52%，实现毛利率 35.22%，yoy+12.5pcts，实现净利率 22.35%，yoy+11.6pcts。单季度来 看，25Q4 实现营收 51.75 亿元，yoy+70.58%，qoq+1.74%；实现归母 净利润 10.67 亿元，yoy+173.76%，qoq-3.14%；实现毛利率 33.51%， yoy+7.81pcts，qoq-1.68pcts，实现净利率 20.62%，yoy+7.77pcts，qoq- 1.04pct。公司 2025 年实现业绩高增主要系抢抓 AI 算力发展机遇，产品 结构持续优化，在 AI 算力、数据中心、高性能计算等关键领域，多款高端 产品已实现大规模量产，带动产品结构向高价值量、高技术复杂度方向升 级，高端产品占比显著提升，推动公司业绩高 ...

1 丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司深度丨春风动力（603129.SH） [Table_Title] 解构龙头系列之八：如何看待春风动力底层能力 和增长潜力？ %% %% %% %% research.95579.com 报告要点 [Table_Summary] 春风动力作为全球主要的娱乐休闲动力设备制造商，具备扎实的底层技术能力，在发动机、车 架等核心领域拥有自主创新能力，并能实现核心技术的跨品类应用。公司的增长基本盘在于全 地形车业务，其凭借突出的产品力与性价比优势，市场份额持续提升，并通过持续迭代的新品 有望开启新一轮产品周期。增长新动能方面，电动两轮车业务尚处快速成长初期；燃油摩托车 则是更明确的增长引擎，内销市场依托产品与渠道优势把握结构升级机遇，外销市场则通过"高 性价比产品+顶级赛事品牌"的双轮驱动模式，有效提升全球品牌形象并吸引优质渠道资源。 分析师及联系人 [Table_Author] SAC：S0490517070017 SAC：S0490517060001 SFC：BUW408 SFC：BUW101 陈亮 高伊楠 请阅读最后评级说明和重要声明 2 / ...

Email：zengbiao@zts.com.cn 执业证书编号：S0740522100005 光伏设备 Email：zhaoyp02@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 279.41 | | 流通股本(百万股) | 193.35 | | 市价(元) | 247.18 | | 市值(百万元) | 69,063.33 | | 流通市值(百万元) | 47,792.85 | 执业证书编号：S0740522020001 迈为股份（300751.SZ） 证券研究报告/公司深度报告 2026 年 03 月 15 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：曾彪 | | 营业收入（百万元） | 8,089 | 9,830 | 8,349 | 9,349 | 11,379 | | | | 增长率 yoy% | 95 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 is expected to significantly improve due to the production of the Inner Mongolia olefin project, with a projected revenue of 48.038 billion yuan, representing a year-on-year increase of 45.64%, and a net profit attributable to shareholders of 11.350 billion yuan, up 79.09% [5][9] - The company is recognized as a leading player in coal-based olefins, with multiple projects progressing smoothly, indicating strong growth potential [9] Summary by Relevant Sections Financial Performance - In 2025, the company achieved an operating income of 48.038 billion yuan, a year-on-year increase of 45.64%, and a net profit attributable to shareholders of 11.350 billion yuan, up 79.09% [5] - The fourth quarter of 2025 saw an operating income of 12.493 billion yuan, a year-on-year increase of 43.46%, but a quarter-on-quarter decrease of 1.83% [5] - The return on equity (ROE) for 2025 was 24.84%, an increase of 9.29 percentage points year-on-year [5] Product Performance - The average price of polyethylene in 2025 was 6,473 yuan/ton, down 8.69% year-on-year, with a sales volume of 2.53 million tons, up 123% [5] - The average price of polypropylene was 6,154 yuan/ton, down 8.10% year-on-year, with a sales volume of 2.46 million tons, up 111% [5] - Olefin products generated 37.6 billion yuan in revenue, a 95% increase year-on-year, with a gross margin of 38%, up 4 percentage points [5] Future Projections - Revenue projections for 2026-2028 are 57 billion, 61.4 billion, and 64.2 billion yuan respectively, with net profits of 16.8 billion, 17.8 billion, and 18.9 billion yuan [9][11] - The company is expected to maintain a price-to-earnings (P/E) ratio of 15, 14, and 13 times for the respective years [9]

公 司 报 告 房地产 2026年03月15日 招商积余(001914.SZ) 经营稳健向好，规模稳步扩张 推荐 ( 维持) 股价:10.76元 行情走势图 相关研究报告 【平安证券】招商积余（001914.SZ）*季报点评*业 绩双位数增长，盈利能力同比改善*推荐20251029 证券分析师 杨侃 投资咨询资格编号 S1060514080002 事项： 研 究 报 告 BQV514 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 17,172 | 19,273 | 20,661 | 21,983 | 23,258 | | YOY(%) | 9.9 | 12.2 | 7.2 | 6.4 | 5.8 | | 净利润(百万元) | 840 | 655 | 979 | 1,059 | 1,150 | | YOY(% ...

藏格矿业（000408.SZ）2025 年年报点评 业绩符合预期，紫金赋能加速成长 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,577 | 7,190 | 13,252 | 20,129 | | 增长率（%） | 10.0 | 101.0 | 84.3 | 51.9 | | 归属母公司股东净利润（百万元） | 3,852 | 8,026 | 12,283 | 14,500 | | 增长率（%） | 49.3 | 108.3 | 53.0 | 18.0 | | 每股收益（元） | 2.45 | 5.11 | 7.82 | 9.23 | | PE | 33 | 16 | 10 | 9 | | PB | 7.7 | 5.7 | 4.3 | 3.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 3 月 13 日收盘价） | 推荐 | 维持评级 | | --- | --- | ...

2026 年 3 月 15 日 公司研究 钾肥价格上涨叠加投资收益提升，25 年业绩大幅增长 公司盈利预测与估值简表 ——藏格矿业（000408.SZ）2025 年报点评 要点 事件：公司发布 2025 年年报。2025 年，公司实现营收 35.77 亿元，同比增长 10.03%；实现归母净利润 38.52 亿元，同比增长 49.32%；实现扣非后归母净利 润 40.31 亿元，同比增长 58.28%。2025Q4，公司单季度实现营收 11.75 亿元， 同比增长 26.76%，环比增长 62.49%；实现归母净利润 11.02 亿元，同比增长 54.70%，环比增长 15.88%。 氯化钾价格上涨驱动营收增长，巨龙铜业投资收益同比大幅增加。2025 年，公 司氯化钾业务实现营收 29.49 亿元，同比增长 33.42%，对应毛利率同比提升 19.81pct 至 64.64%。氯化钾产量 103 万吨，销量 108 万吨，全年平均含税售 价 2,964 元/吨，同比增长 28.6%，平均销售成本 962 元/吨，同比下降 17.6%。 公司碳酸锂业务实现营收 5.93 亿元，同比下降 42.0%，对应毛利率同 ...