证券研究报告：电子 | 公司点评报告 发布时间：2026-01-27 股票投资评级 买入 |维持 个股表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -15% -5% 5% 15% 25% 35% 45% 55% 65% 75% 甬矽电子 电子 资料来源：聚源，中邮证券研究所 公司基本情况 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 甬矽电子(688362) 先进封装、海外客户占比持续提升 l 投资要点 盈利能力逐步显现，先进封装占比提升。公司预计 2025 年年 度实现营收 42-46 亿元，同比增加 16.37%至 27.45%，归母净利润 0.75-1 亿元，同比增加 13.08%至 50.77%。报告期内，全球半导体 产业在人工智能、高性能计算、数据中心基础设施建设等需求的拉 动下，延续增长态势。得益于海外大客户的持续放量和国内核心端 侧 SoC 客户群的成长， ...

公 司 研 究 / 纺 织 服 饰 / 证 券 研 究 报 新澳股份（603889）深度研究 宽带战略助力品类及海外扩张，毛价上 升周期或迎新机遇 2026 年 01 月 27 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：赵树理 证书编号：S1160524090003 联系人：金叶羽 相对指数表现 《25H1 业绩相对稳定，新产能陆续释放》 2025.08.31 《24 年羊绒表现亮眼，整体盈利能力稳 定》 2025.04.28 告 毛纺纱线龙头，羊毛及羊绒业务双驱动。公司深耕毛纺行业 30 余年， 前期以毛纺产品为主，2019 年后再切入羊绒纱线领域，目前主要产品 包括羊毛纱线、羊绒纱线及羊毛毛条，同时配套有改性、染整等完整 产业链。2019 年至今，公司借助可持续宽带战略与全球化布局，支撑 新成长，近年多个新产能项目陆续投产，后续仍有新产能待释放。2024 年公司营收/归母净利润分别 48.4/4.3 亿元，同比+9.1%/+6.0%， 2021-2024 年公司营收/归母净利润 CAGR 分别达+12.0%/+12.8%。 2025Q1-Q3 公司营收/归母净利润 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 21.21 billion yuan for 2025, representing a year-on-year growth of 37%. The net profit attributable to shareholders reached 3.16 billion yuan, up 54% year-on-year, while the net profit excluding non-recurring items was 2.96 billion yuan, reflecting a 58% increase [1] - The company is expected to benefit from the ongoing expansion and renovation of the U.S. power grid, with a tight supply-demand situation for high-voltage equipment. The delivery cycles for transformers in the U.S. have reached 143 weeks and 128 weeks for booster and power transformers, respectively [1] - Domestic investment in the power grid is increasing, with the State Grid Corporation expected to invest 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan. The company has shown strong bidding performance in domestic projects, indicating potential for significant growth in its domestic business [2] Financial Performance Summary - Revenue projections for 2025 and 2026 have been revised upwards to 21.21 billion yuan and 26.83 billion yuan, respectively, with a new forecast for 2027 set at 35 billion yuan. The expected revenue growth rates for 2025-2027 are 37.2%, 26.5%, and 30.5% [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 3.16 billion yuan and 4.24 billion yuan, respectively, with a new forecast for 2027 at 6.02 billion yuan. The expected net profit growth rates for 2025-2027 are 54.3%, 34.2%, and 41.8% [3] - Earnings per share (EPS) are projected to be 4.05 yuan for 2025, 5.43 yuan for 2026, and 7.71 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 47X, 35X, and 25X based on the closing price of 189.26 yuan on January 27, 2026 [3]

客流回暖，股东回馈拉动淡季，运力有望 改善 核心观点 盈利预测与投资建议 ⚫ 考虑到 25 全年收入偏弱，运力和交通还需一定时间释放，我们调整 2025-2027 年 EPS 预测为 0.45/0.54/0.61 元（此前为 25-26 年为 0.63/0.69 元），根据可比公司 26 年 32 倍 PE 对应目标价 17.28 元，维持"买入"评级。 风险提示 若宏观出行需求不及预期、极端天气/运力约束影响旺季接待，或茶业等新业务推进与盈 利转化慢于预期，可能导致收入与利润修复不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,045 | 1,013 | 973 | 1,034 | 1,090 | | 同比增长 (%) | 142.3% | -3.0% | -4.0% | 6.3% | 5.4% | | 营业利润(百万元) | 135 | 218 | 230 | 285 | 334 | | 同比增长 (%) | 168.4% | 61 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6]. Core Insights - The company is expected to achieve a significant increase in net profit for 2025, with projections of RMB 120-130 million, representing a year-on-year growth of 61.0%-75.0%. The adjusted net profit is forecasted to be RMB 100-110 million, with a growth of 89.2%-107.4% [7]. - The automotive market is recovering, with total sales in China reaching 34.4 million units in 2025, a year-on-year increase of 9.4%, which is expected to drive growth in the company's chassis and lightweight business segments [9]. - The company is actively developing its planetary roller screw product line, with small-scale deliveries already made and positive customer feedback received. New production bases are being established in Shanghai, Jiangsu, and Thailand to enhance capacity and meet global customer demands [9]. Financial Summary - The company forecasts net profits of RMB 1.2 billion, RMB 1.7 billion, and RMB 2.7 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 71%, 42%, and 57% [9]. - Earnings per share (EPS) are projected to be RMB 0.4, RMB 0.5, and RMB 0.8 for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 140, 99, and 63 [9]. - The company’s revenue is expected to grow from RMB 2.4 billion in 2025 to RMB 3.8 billion in 2027, reflecting a strong upward trend in sales [11].

证券研究报告 | 2026年01月27日 可立克（002782.SZ） 磁性元件头部企业强化海外布局，积极布局固态变压器领域 公司研究·公司快评 电子·其他电子Ⅱ 投资评级：优于大市（首次） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码：S0980523050002 联系人： 王喆萱 wangzhexuan@guosen.com.cn 事项： 2025 年 12 月 20 日，公司发布关于拟设立海外子公司的公告。公司拟通过全资子公司可立克（香港）国际 有限公司和 HONGTING 加坡有限公司在墨西哥设立海外子公司，投资总额不超过 5 亿元人民币。本次对外 投资旨在进一步拓展海外市场，符合公司战略发展需要，有助于提升公司产品在海外市场的竞争力与品牌 影响力，加快落实国际化战略布局。 国信电新观点： 1）国内磁性元件头部企业，服务全球头部客户。公司成立于 1995 年，是国内磁性元件老牌企业，2021 年收购 ...

股票研究 /[Table_Date] 2026.01.27 整体略低预期，期待多项业务发展 天孚通信(300394) 电信运营 [Table_Industry] /信息技术 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格： | 248.20 | [Table_Market] 交易数据 | 52 周内股价区间(元) | 62.23-240.15 | | --- | --- | | 总市值(百万元) | 152,335 | | 总股本/流通A股(百万股) | 777/776 | | 流通 B股/H 股(百万股) | 0/0 | [Table_Balance] 资产负债表摘要(LF) 本报告导读： 下调盈利预测和目标价，维持增持评级。业绩略低预期，不改需求向 好。公司有望持续受益 CPO 方向的高增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业 ...

公 司 深 度 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn 联系人 董经纬 djwei@longone.com.cn | [数据日期 Table_cominfo] | 2026/01/26 | | --- | --- | | 收盘价 | 359.59 | | 总股本(万股) | 28,234 | | 流通A股/B股(万股) | 28,234/0 | | 资产负债率(%) | 67.72% | | 市净率(倍) | 16.64 | | 净资产收益率(加权) | 9.78 | | 12个月内最高/最低价 | 394.00/138.63 | [Table_Reportdate] 2026年01月27日 [Table_QuotePic] -41% -6% 29% 65% 100% 135% 171% 206% 25-01 25-04 25-07 25-10 拓荆科技 沪深300 [相关研究 Table_Report] 1. 刻蚀机：技术追赶步履不停，国产 替代空间充裕——半导体行业深度 ...

[Table_Reportdate] 2026年01月27日 公 司 深 度 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn 联系人 董经纬 djwei@longone.com.cn | [数据日期 Table_cominfo] | 2026/01/26 | | --- | --- | | 收盘价 | 359.59 | | 总股本(万股) | 28,234 | | 流通A股/B股(万股) | 28,234/0 | | 资产负债率(%) | 67.72% | | 市净率(倍) | 16.64 | | 净资产收益率(加权) | 9.78 | | 12个月内最高/最低价 | 394.00/138.63 | [Table_QuotePic] -41% -6% 29% 65% 100% 135% 171% 206% 25-01 25-04 25-07 25-10 拓荆科技 沪深300 [相关研究 Table_Report] 1. 刻蚀机：技术追赶步履不停，国产 替代空间充裕——半导体行业深度 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6]. Core Insights - The company is expected to achieve a significant increase in net profit for 2025, with projections of RMB 120-130 million, representing a year-on-year growth of 61.0%-75.0%. The adjusted net profit is forecasted to be RMB 100-110 million, with a growth of 89.2%-107.4% [7]. - The company is actively developing its planetary roller screw products, which are anticipated to become a new growth driver. Production facilities are being established in Shanghai, Jiangsu, and Thailand to support this initiative [9]. - The earnings forecast for 2025, 2026, and 2027 has been revised upwards, with expected net profits of RMB 120 million, RMB 170 million, and RMB 270 million respectively, reflecting year-on-year growth rates of 71%, 42%, and 57% [9]. Company Overview - The company operates in the automotive industry, with a current A-share price of RMB 50.68 and a market capitalization of RMB 17.15 billion [2]. - Major shareholders include Jing Kun, holding 31.57% of the shares [2]. - The company has shown a stock price increase of 16.3% over the past month and 8.1% over the past three months [2]. Financial Performance - The company reported a net profit of RMB 51 million in 2023, with projections of RMB 71 million in 2024 and RMB 122 million in 2025, indicating a strong growth trajectory [11]. - The earnings per share (EPS) is expected to rise from RMB 0.14 in 2023 to RMB 0.36 in 2025, with a significant increase in the price-to-earnings (P/E) ratio from 364.5 in 2023 to 140.4 in 2025 [11]. Market Position - The company has a strong market presence in the automotive sector, with its product mix heavily weighted towards automotive chassis (64.1%) and air conditioning compressors (27.5%) [3]. - The automotive market in China is recovering, with total sales expected to reach 34.4 million vehicles in 2025, a year-on-year increase of 9.4% [9].