[Table_Page] 公司深度研究|多元金融 证券研究报告 | | | CTA 领先玩家，期货赛道升级 核心观点： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 926 | 1,810 | 2,158 | 2,422 | 2,560 | | 增长率 （ % ） | -56.0% | 95.5% | 19.2% | 12.2% | 5.7% | | EBITDA（百万元） | 390 | 577 | 865 | 1,038 | 1,079 | | 归母净利润（百万元） | 244 | 383 | 568 | 712 | 788 | | 增长率 （ % ） | -16.9% | 56.9% | 48.4% | 25.5% | 10.6% | | EPS（元/股） | 0.55 | 0.86 | 1.19 | 1.49 | 1.65 | | 市盈率（P/E） | 27.09 | 16.71 | 22.51 | 17.94 | 16.21 ...

山东药玻（600529.SH）2025 年年报点评 相对走势 [Table_Author] 分析师 武慧东 执业证书： S0590523080005 | 邮箱： | wuhd@glms.com.cn | | --- | --- | | 分析师 | 朱思敏 | | 执业证书： S0590524050002 | | | 邮箱： | zhusm@glms.com.cn | 需求延续承压，25 年减值影响较大 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） | 4,474 | 4,781 | 5,189 | 5,635 | | 增长率（%） | -8.8 | 6.9 | 8.5 | 8.6 | | 归属母公司股东净利润（百万元） | 690 | 797 | 900 | 1,011 | | 增长率（%） | -26.9 | 15.6 | 12.9 | 12.3 | | 每股收益（元） | 1.04 | 1.20 | ...

山金国际（000975.SZ）2025 年年报点评 惜售影响利润，期待海外项目投产 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） | 17,099 | 22,803 | 25,400 | 27,655 | | 增长率（%） | 25.9 | 33.4 | 11.4 | 8.9 | | 归属母公司股东净利润（百万元） | 2,972 | 6,240 | 7,411 | 8,558 | | 增长率（%） | 36.7 | 110.0 | 18.8 | 15.5 | | 每股收益（元） | 1.07 | 2.25 | 2.67 | 3.08 | | PE（X） | 28 | 14 | 11 | 10 | | PB（X） | 5.7 | 4.5 | 3.6 | 2.9 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 3 月 6 日收盘价） 2026 年 03 月 09 日 [Table ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating confidence in its growth potential and market positioning [5][10]. Core Insights - The company is positioned as a leading precision component manufacturer, focusing on consumer electronics and new energy sectors while strategically expanding into humanoid robotics, which is expected to become a significant growth driver [12][29]. - The humanoid robotics market is entering a phase of commercialization, with the company already integrated into the supply chains of leading domestic and international manufacturers [45][69]. - The consumer electronics segment is expected to benefit from strong partnerships with major clients like Apple, with new product innovations such as AI glasses and foldable screens driving growth [71][83]. Summary by Relevant Sections Investment Rating - The company is rated as "Buy" due to its deep accumulation in the consumer electronics field, stable release of new energy business capacity, and significant growth potential in humanoid robotics [10]. Financial Performance - The company forecasts net profits of 600 million, 908 million, and 1.21 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -22.28%, 51.50%, and 33.24% [7][10]. - Revenue for 2025 is projected at 18.84 billion yuan, with a year-on-year growth of 11.27% [9]. Business Segments - The consumer electronics segment generated revenue of 53.04 billion yuan in the first half of 2025, accounting for approximately 61% of total revenue, while the new energy segment achieved 29.39 billion yuan, reflecting a year-on-year growth of 37.09% [29]. - The humanoid robotics segment, although currently small in revenue, shows strong growth potential, with over 80 million yuan in component sales in the first half of 2025 [68]. Market Trends - The humanoid robotics market is expected to grow significantly, with projections indicating a compound annual growth rate of 51.7% from 2025 to 2035, reaching a market size of over 400 billion yuan [49]. - The AI glasses market is anticipated to see substantial growth, with global shipments expected to reach 5.1 million units in 2025, a year-on-year increase of 158% [83]. Strategic Partnerships - The company has established a long-term partnership with Apple, supplying various components for products such as MacBook and Apple Vision Pro, which is expected to yield stable revenue growth [71][76]. - Collaborations with other major brands in the AI glasses market are also expected to enhance the company's revenue streams [6][83].

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 9 Mar 2026 环球富盛理财有限公司 天禄科技 Talant Optronics (Suzhou) (301045.CH) 公司立足于显示面板行业，发展第二成长曲线 TAC 膜材料 风险提示 行业竞争格局变化风险；下游需求不及预期风险；原材料价格波动风险。 Based in the display panel industry & Developing TAC film materials for the second growth curve 最新动态 ➢ TAC 膜项目稳步推进，产业链协同助力国产替代。2023-2026 年，公司、三利谱光电科技、天津显智 链对安徽吉光子公司先后出资 2.4、0.5、0.4 亿元，分别占比 56.5%、11.5%和 9.2%。安徽吉光作为 天禄科技 TAC 膜项目的实施平台，公司前瞻性联合京东方及三利谱发展高端膜材料，助力面板产业链 自主可控。安徽吉光已于 2025 年 6 月取得建筑工程施工许可证，主要设备将于 202 ...

证券研究报告 机械设备 | 通用设备 北交所|公司点评报告 hyzqdatemark 2026 年 03 月 09 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | 基本数据 | 2026 | 年 | 03 | | 日 | | | 月 | | | | 06 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 33.72 | | | | | | | | | 一 年 内 低 | | | | 55.50/18.31 | | 最 | 高 | | / | 最 | | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 5,405.51 | | | 流通市值（百万元） | | | | | | | | | | | 2,821.37 | | | 总股本（百万股） | | | ...

公 司 报 告 医药 2026年03月09日 昆药集团(600422.SH) 短期业绩承压，期待重回可持续健康发展轨道 强烈推荐( 维持) 股价:12.15元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kpc.com.cn | | 大股东/持股 | 华润三九医药股份有限公司/28.05% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 757 | | 流通A股(百万股) | 757 | | 流通B/H股(百万股) | | | 总市值(亿元) | 92 | | 流通A股市值(亿元) | 92 | | 每股净资产(元) | 7.01 | | 资产负债率(%) | 42.9 | 行情走势图 相关研究报告 【平安证券】昆药集团（600422.SH）*季报点评 *2024Q3单季度营收增速转正，销售费用率改善*推 荐20241028 【平安证券】昆药集团（600422.SH）*深度报告*三 大事业部协调发展，有望加速释放改革红利*强烈推 荐20250310 事项： | | 2023A | 2024A | 2025E | 2026E | 2 ...

通信/通信设备 中兴通讯（000063.SZ） 算力业务跨越式增长，研发投入夯实长期竞争力 2026 年 03 月 09 日 投资评级：买入（维持） | 日期 | 2026/3/6 | | --- | --- | | 当前股价(元) | 37.40 | | 一年最高最低(元) | 55.85/28.67 | | 总市值(亿元) | 1,789.04 | | 流通市值(亿元) | 1,506.33 | | 总股本(亿股) | 47.84 | | 流通股本(亿股) | 40.28 | | 近 3 个月换手率(%) | 170.22 | 股价走势图 duzhiyuan@kysec.cn 证书编号：S0790124070064 营收规模同比增长，毛利率阶段性承压，维持"买入"评级 中兴通讯发布 2025 年年度报告，2025 年公司实现营业收入 1338.95 亿元，同比 增长 10.38%；实现归母净利润 56.18 亿元，同比下降 33.32%；实现扣非归母净 利润33.7亿元，同比下降45.45%。2025年公司实现毛利率、净利率分别为30.25%、 4.16%，同比分别-7.66pct、-2.73pct，在行 ...

[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].