股票研究 /[Table_Date] 2026.02.28 [Table_Industry] 资本货物/工业 新签装备系统产品订单，十五五有望再谱新篇 高德红外(002414) 高德红外公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 公司全年业绩扭亏，盈利能力大幅提升；新签装备系统产品订单，十五 五有望再谱新篇，军贸出海开拓全球增长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,415 | 2,678 | 4,611 | 7,000 ...

证 券 研 究 报 告 皖仪科技（688600）2025 年业绩快报点评 强推（维持） 2025 年归母净利同比+296%，科学仪器空间 广阔，核聚变+医疗领域打开成长空间 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 740 | 710 | 1,006 | 1,229 | | 同比增速(%) | -5.9% | -4.1% | 41.7% | 22.2% | | 归母净利润(百万) | 14 | 57 | 103 | 147 | | 同比增速(%) | -67.1% | 295.5% | 80.5% | 42.7% | | 每股盈利(元) | 0.11 | 0.42 | 0.76 | 1.09 | | 市盈率(倍) | 270 | 68 | 38 | 27 | | 市净率(倍) | 4.9 | 4.9 | 4.5 | 3.9 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 27 日收盘价 公司研究 仪器仪表Ⅲ ...

华明装备（002270.SZ）2025 年年报点评 2025 年业绩稳步增长，持续加大海外市场投入 glmszqdatemark [盈利预测与财务指标 Table_Forcast] 2026 年 02 月 28 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 33.60 元 | [Table_Author] | 分析师 | 邓永康 | | --- | --- | | 执业证书： S0590525120002 | | | 邮箱： | dengyongkang@glms.com.cn | | 分析师 | 李佳 | | 执业证书： S0590525110042 | | | 邮箱： | lijia_yj@glms.com.cn | | 分析师 | 许浚哲 | | 执业证书： S0590525110047 | | | 邮箱： | xujunzhe@glms.com.cn | | 项目/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,427 | 2,950 | 3,63 ...

Investment Rating - The report assigns a "Buy" rating for the company, Lihigh Food (300973.SZ), marking its first coverage [1]. Core Insights - Lihigh Food has established a dual-driven model of "Frozen Baking + Baking Ingredients," with frozen baked goods being the core segment, including a variety of products such as mochi, tart crusts, donuts, and frozen cakes. The company has seen significant success with its Swiss roll product, which became a billion-yuan item within a year of its launch [3][4]. - The demand for frozen baked goods is expected to grow significantly, with the market projected to reach 25 billion yuan by 2025, reflecting a growth rate of 26.4%, which is substantially higher than the industry average [4]. - The company is also benefiting from the accelerated domestic substitution of raw materials, particularly in the cream segment, where the domestic market share is expected to rise from 20% in 2020 to 45% by 2024 [4][5]. Company Overview - Lihigh Food's revenue structure shows that baking products account for the highest revenue share, with a projected revenue breakdown for 2024 of 55.62% from baked goods, 27.59% from cream, and 5.87% from sauces [3][33]. - The company has a diversified brand matrix covering the entire industry chain, with brands like "Lihigh," "Aokun," and "Meihuang" targeting different segments of the market [26][30]. Industry Analysis - The baking industry in China is undergoing a transformation characterized by channel diversification and accelerated domestic substitution. The market size is estimated to be around 116 billion yuan, with independent bakeries still dominating but facing increasing competition from cross-industry collaborations [4][46]. - The frozen baking market is expected to see rapid growth, driven by the increasing demand for standardized semi-finished products in both B2B and B2C segments. The penetration rate of frozen baking products in China remains low compared to international markets, indicating significant growth potential [49][50]. - The competition in the frozen baking sector is relatively concentrated, with Lihigh Food holding a leading market share of 15.5%. In contrast, the baking ingredients market is more fragmented, with numerous players competing on product innovation and quality assurance [5][64].

2026 年 02 月 28 日 投资央山医疗，加速产业协同 买入(首次) 事件 | | | | 基本数据 | 2026-02-27 | | --- | --- | | 当前股价（元） | 87 | | 总市值（亿元） | 93 | | 总股本（百万股） | 107 | | 流通股本（百万股） | 72 | | 52 周价格范围（元） | 36.96-87 | | 日均成交额（百万元） | 98.48 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 120 (%) 爱迪特 沪深300 相关研究 —爱迪特（301580.SZ）公司事件点评报告 爱迪特于 2026 年 2 月 27 日官宣以产业战略投资人身份完成 对上海央山医疗科技有限公司（以下简称"央山医疗"） Pre-A+轮战略投资。 爱迪特于 2026 年 1 月 30 日发布新品 3DPro zir Ultra。 投资要点 ▌战略投资央山医疗，完善数字化齿科生态布局 公司战略投资央山医疗，有助于在口腔种植领域构建"材料+ 设备+服务"一体化的数字化诊疗生态。公司主营业务为氧化 锆瓷块等口腔修复材料，并于 ...

股票研究 /[Table_Date] 2026.02.28 新签装备系统产品订单，十五五有望再谱新篇 高德红外(002414) 高德红外公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 公司全年业绩扭亏，盈利能力大幅提升；新签装备系统产品订单，十五 五有望再谱新篇，军贸出海开拓全球增长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,415 | 2,678 | 4,611 | 7,000 | 8,398 | | (+/-)% | -4. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company is experiencing a transformative year in 2025, with significant growth opportunities being established across various segments [6]. - The main brand focuses on golf sports, targeting the elite demographic with a range of products that cater to commuting, socializing, and outdoor activities [6]. - The company has plans for substantial share buybacks by its controlling shareholder, reflecting confidence in the company's future and recognition of its value [4][6]. - The financial forecasts predict a steady increase in revenue and net profit over the next few years, with expected revenues of 4,406 million in 2025 and 5,684 million in 2027 [5][18]. Financial Data Summary - Total revenue is projected to grow from 4,004 million in 2024 to 5,684 million by 2027, with a compound annual growth rate (CAGR) of approximately 15.1% [5][18]. - The net profit is expected to recover from a decline in 2025, with forecasts of 701 million in 2025 and reaching 969 million by 2027, indicating a growth rate of 20% in 2027 [5][18]. - The company's gross margin is expected to remain stable, with a slight increase from 75.6% in 2025 to 76.7% in 2027 [5][18]. - The return on equity (ROE) is projected to improve from 12.8% in 2025 to 14.4% in 2027, reflecting enhanced profitability [5][18].

比音勒芬（002832.SZ） 总经理拟增持股份，彰显长期发展信心 总经理拟增持公司股份，增持金额计划 1~2 亿元。2026/2/27 公司发布《关于控 股股东的一致行动人增持公司股份计划的公告》，公司总经理谢邕先生（董事长谢 秉政先生之子，此前未持有公司股份）计划公告后 6 个月内以集中竞价方式增持 公司股份，拟增持金额 1~2 亿元，增持股份数量不超过公司总股本的 2.0%，彰显 公司实际控制人及一致行动人对业务前景发展的信心及对公司长期价值的肯定。 完善高端品牌矩阵建设，加大户外布局。公司坚持投入品牌建设、完善品牌矩阵， 目前旗下品牌包括：比音勒芬、比音勒芬高尔夫、威尼斯狂欢节、CERRUTI 1881、 KENT&CURWEN、SnowPeak（（权））、Oofos（（权））。我们期待公司持续抢占消费 者心智，通过卓越品牌力带动业务高质量增长。1）主品牌势能持续向上，落实高 端化、专业化：通过生活 PREMIUM、户外 MOTION 和时尚 TRENDY 三大系列满 足商务精英群体全场景着装需求，高尔夫线聚焦高端专业运动，注重面料功能科 技性，通过故宫博物院、哈佛大学等 IP 联名拓展消费客群，集中 ...

Investment Rating - The report indicates a positive investment outlook for Guanggang Gas, highlighting its strong performance and growth potential in the electronic gas sector [5][20]. Core Insights - Guanggang Gas has demonstrated consistent double-digit growth in revenue and net profit, with 2025 revenue reaching 2.424 billion yuan, a year-on-year increase of 15.26%, and net profit of 286 million yuan, up 15.39% [5]. - The company is recognized as a leader in the domestic electronic gas market, providing essential gases for semiconductor and display panel manufacturing, with a focus on high-purity requirements [6][20]. - The business model of "on-site gas production" creates a competitive moat, as it establishes long-term contracts with clients, typically lasting 15 years, making it difficult for customers to switch suppliers [6][8]. Performance Summary - In 2025, Guanggang Gas's performance showed a notable acceleration, particularly in the fourth quarter, where revenue reached a historical high of 703 million yuan [10]. - The third quarter saw a significant rebound in net profit, with a year-on-year increase of 82.47%, driven by the commencement of new projects [13][14]. - New projects in Qingdao, Wuhan, and Dongguan began commercial operations in the latter half of 2025, contributing to profit growth [17][18]. Industry Context - As the first domestic company to enter the global helium supply chain, Guanggang Gas is well-positioned to benefit from the ongoing expansion of the semiconductor industry [20]. - The increasing focus on supply chain security due to geopolitical factors is leading semiconductor manufacturers to prefer domestic suppliers like Guanggang Gas over foreign companies [21]. - The growth trajectory of Guanggang Gas is characterized by stability and resilience, making it a valuable player in a market filled with uncertainties [23].

Investment Rating - The report indicates a positive outlook for the company, highlighting its potential for growth in the electric motor and robotics sectors, particularly driven by the demand for new energy vehicles [1][7]. Core Insights - The company, Xinzhi Group, has transformed from a traditional electric motor supplier to a Tier 1 supplier of key components for new energy vehicles, with a focus on expanding into humanoid robots and drones [3][4]. - The new energy vehicle sector has become the core growth engine for the company, contributing 61% of its revenue in the first half of 2025 [8]. - The company has reported significant profit growth, with a projected net profit increase of 503%-617% year-on-year for 2025, driven by the recovery in core customer orders and improved production capacity [12][15]. Summary by Sections Company Overview - Xinzhi Group, established in 1990, specializes in electric motor core components, including those for automotive generators and various industrial applications [3][4]. - The company has established a strong customer base, including major automotive manufacturers such as Volkswagen and BYD [4]. Business Development - The company is actively developing products for humanoid robots and drones, with plans to introduce core components like frameless torque motors and micro motors [4][5]. - The focus on high power density solutions aims to meet the demands of lightweight and high-performance robots [6]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.86 billion yuan, with a net profit of 50 million yuan, reflecting a significant recovery in profit margins [10][12]. - The gross margin improved to 10.84%, up 0.64 percentage points year-on-year, indicating enhanced operational efficiency [10][15]. - The company anticipates continued improvement in profitability as production capacity increases and customer demand remains strong [10][12]. Market Position - Compared to competitors, the company's gross margin is lower due to a higher proportion of low-margin traditional motor products, but this is expected to improve with the growth of its new energy and robotics businesses [16]. - The company's financial leverage has increased, with a rise in debt ratios, indicating a need for careful management of cash flow during its expansion phase [16][18].