[Table_scodeMsg1] 公司研究丨深度报告丨沪农商行（601825.SH） [Table_Title] 稀缺的稳健型分红标杆 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 沪农商行作为大型农商行，治理机制兼具农商行的市场化基因和大型城商行的效率及稳定性优 势。管理层选拔市场化、专业化色彩鲜明，2021 年上市以来连续每年积极增持股票。借助农信 社基础，分支机构数量领先，并深度覆盖沪郊。新三年预计实现扩表提速、业绩增速上行，且 长期审慎经营保障资产质量，不良生成率保持低位。在大型区域银行中具备更稳健的经营理念 和更雄厚的分红资源，作为超额资本非常充裕的上市银行，红利价值受到长期投资者高度认可。 分析师及联系人 [Table_Author] SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 报告要点 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 马祥云 盛悦菲 [Table_scodeMsg2] 沪农商行（601825.S ...

亮相 2026 荷兰交通展，"数智赋能"融入交通数字化转型 事件：近日，大华股份参加 2026 Intertraffic Amsterdam 荷兰交通展。 证券研究报告 | 公司点评 gszqdatemark 2026 03 18 年 月 日 大华股份（002236.SZ） 大华股份亮相 2026 荷兰交通展，以"数智赋能"融入交通数字化转型。近日， 大华股份再度亮相 2026 Intertraffic Amsterdam 荷兰交通展，以"数智赋能"为 核心，向全球展示了星汉大模型等技术融入交通，助力提升道路交通安全、交通精 细化管理以及推进城市可持续发展的一系列智能交通技术和场景化方案，为全球 城市交通数字化转型贡献智慧力量。 星汉大模型加持，构筑智能交通技术护城河。本次展会，大华股份带来大华星汉 大模型 2.0、雷视融合 2.0 等多项突破性技术成果，构筑起智能交通技术护城河， 为城市交通秩序管理保驾护航。其中，大华星汉大模型 2.0 技术的加载，实现"感 知—分析—决策—控制"智能闭环。通过融合实时视频、交通流数据与法规知识， 不仅能够精准捕捉拥堵、事故与违法行为，还能自动规划响应策略、动态优化信号 配 ...

[Table_Page] 年报点评|汽车零部件 证券研究报告 [Table_Title] 福耀玻璃(600660.SH/03606.HK) 25 年业绩再上新台阶，产能释放助力二次成长 [Table_Summary] 核心观点： 风险提示：宏观经济风险，成本及汇率波动风险，技术升级风险等。 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 39,252 | 45,787 | 53,387 | 62,104 | 72,058 | | 增长率（ % ） | 18.4% | 16.7% | 16.6% | 16.3% | 16.0% | | EBITDA | 11,316 | 13,465 | 14,486 | 16,940 | 19,733 | | 归母净利润 | 7,498 | 9,312 | 10,285 | 12,171 | 14,321 | | ） 增长率（ % | 33.2% | 24.2% | 10.4% ...

Investment Rating - The report maintains an "Outperform" rating for Wanchen Group with a target price of RMB 224.14, based on a current price of RMB 195.09 [2][16]. Core Insights - Wanchen Group reported a revenue of RMB 51.46 billion for 2025, representing a year-on-year increase of 59.2%, with a net profit attributable to the parent company of RMB 1.345 billion, up 360% year-on-year, resulting in a net profit margin of 2.61% [3][11]. - In Q4 2025, the company achieved revenue of RMB 14.9 billion, a 27.2% increase year-on-year, and a net profit of RMB 490 million, up 133.8% year-on-year, with a net profit margin of 3.3% [3][11]. Revenue and Profitability - The bulk snack business generated revenue of RMB 14.7 billion in Q4 2025, reflecting a 27.1% year-on-year increase and a 6.4% quarter-on-quarter increase [4][12]. - The gross profit margin for Q4 2025 was 14.2%, an increase of 2.8 percentage points year-on-year and 2.0 percentage points quarter-on-quarter [5][13]. - The net profit margin for the bulk snack business reached 5.72% in Q4 2025, up 3.0 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [6][15]. Store Expansion and Efficiency - As of the end of 2025, Wanchen Group operated 18,314 stores, an increase of 4,118 stores compared to 2024, with a store closure rate of 3.3% [4][12]. - The company plans to focus on improving single-store operating efficiency in 2026, as the single-store revenue declined by 6.9% year-on-year [4][12]. Financial Forecasts - The report projects net profits for 2026, 2027, and 2028 to be RMB 2.042 billion, RMB 2.655 billion, and RMB 3.061 billion, respectively, with corresponding net profit margins of 3.1%, 3.5%, and 3.6% [8][16]. - The expected diluted EPS for the same years is RMB 10.67, RMB 13.88, and RMB 16.00 [8][16].

Investment Rating - The investment rating for Wanchen Group is "Buy" [5] Core Insights - Wanchen Group achieved a revenue of 51.46 billion yuan in 2025, representing a year-on-year increase of 59.2%, with a net profit of 2.42 billion yuan, up 301.8% year-on-year [1] - The company plans to distribute a cash dividend of 160 million yuan, with a dividend payout ratio of 12.1% [1] - The strong trend in bulk snack sales continues, driven by store expansion, with the bulk snack business generating 50.86 billion yuan in revenue, a 60.0% increase year-on-year [1][2] - The company is focusing on expanding its presence in the North China market while densifying its core market in East China, with a total of 18,314 stores by the end of 2025, a net increase of 4,118 stores [2] Revenue and Profitability - In Q4 2025, the company reported a revenue of 14.9 billion yuan, a year-on-year increase of 27.2%, and a net profit of 830 million yuan, up 222.2% year-on-year [1] - The gross profit margin improved by 1.6 percentage points to 12.4%, and the net profit margin increased by 2.8 percentage points to 4.7% for the year [3] - The company’s net profit margin reached a new high of 5.6% in Q4 2025, indicating strong profitability potential in its vertical business model [3] Future Growth Potential - Wanchen Group is expected to continue its growth trajectory, with projected revenues of 63.04 billion yuan, 74.13 billion yuan, and 83.31 billion yuan for 2026, 2027, and 2028, respectively, reflecting year-on-year growth rates of 22.5%, 17.6%, and 12.4% [9] - The company is also focusing on multi-category expansion, introducing products such as daily chemicals, trendy toys, and frozen goods to enhance revenue per store and meet consumer demand [4] - The recovery of minority shareholder equity is anticipated to further boost the company's net profit attributable to shareholders [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's performance in 2025 met expectations, with a year-on-year revenue growth of 10%, driven by export income, excavator business, and cost reduction [1] - The company aims for a revenue target of 16.1 billion yuan in 2026, representing a 10% year-on-year increase, with overseas revenue expected to reach 10.5 billion yuan, a 20% increase [1][2] - The company is focusing on expanding its presence in the overseas mining sector, leveraging its product portfolio which includes large bulldozers and excavators [2] - The company plans to issue H shares to promote globalization and is addressing competition issues with its subsidiary, Leiwo Engineering Machinery [3] Financial Summary - In 2025, the company reported a revenue of 14.62 billion yuan, a 3% increase year-on-year, with export income of 8.7 billion yuan, accounting for 60% of total revenue and growing by 18% [1] - The net profit attributable to shareholders for 2025 was 1.21 billion yuan, a 10% increase year-on-year, with a non-recurring net profit of 1.19 billion yuan, up 20% [1] - The gross margin for 2025 was 21.5%, an increase of 1.4 percentage points year-on-year, while the net margin was 8.3%, up 0.5 percentage points [1] - The company forecasts net profits of 1.45 billion yuan, 1.76 billion yuan, and 2.18 billion yuan for 2026, 2027, and 2028 respectively, with year-on-year growth rates of 20%, 22%, and 24% [4][8]

Investment Rating - The report maintains a "Buy" rating for Hikvision (002415.SZ) [3][5]. Core Insights - Hikvision showcased its AI capabilities at AWE2026, emphasizing the integration of AI large models into digital operations to address challenges in information retrieval, inspection efficiency, and management complexity [2]. - The company is expected to achieve revenue of CNY 925.52 billion, CNY 982.30 billion, and CNY 1,067.46 billion for the years 2025, 2026, and 2027 respectively, with net profits of CNY 141.01 billion, CNY 152.07 billion, and CNY 162.85 billion during the same period [3]. Financial Summary - Revenue (CNY million) for 2023A, 2024A, 2025E, 2026E, and 2027E is projected to be 89,341, 92,496, 92,552, 98,230, and 106,746 respectively, with year-over-year growth rates of 7.4%, 3.5%, 0.1%, 6.1%, and 8.7% [4]. - Net profit (CNY million) for the same years is expected to be 14,108, 11,977, 14,101, 15,207, and 16,285, with year-over-year growth rates of 9.9%, -15.1%, 17.7%, 7.8%, and 7.1% [4]. - The latest diluted EPS is projected to be CNY 1.54, CNY 1.31, CNY 1.54, CNY 1.66, and CNY 1.78 for the years 2023A to 2027E [4]. - The company’s total market capitalization is approximately CNY 289,793.24 million, with a total share count of 9,164.87 million shares [5].

证券研究报告 | 公司点评 gszqdatemark 2026 03 18 年 月 日 大华股份（002236.SZ） 亮相 2026 荷兰交通展，"数智赋能"融入交通数字化转型 事件：近日，大华股份参加 2026 Intertraffic Amsterdam 荷兰交通展。 大华股份亮相 2026 荷兰交通展，以"数智赋能"融入交通数字化转型。近日， 大华股份再度亮相 2026 Intertraffic Amsterdam 荷兰交通展，以"数智赋能"为 核心，向全球展示了星汉大模型等技术融入交通，助力提升道路交通安全、交通精 细化管理以及推进城市可持续发展的一系列智能交通技术和场景化方案，为全球 城市交通数字化转型贡献智慧力量。 星汉大模型加持，构筑智能交通技术护城河。本次展会，大华股份带来大华星汉 大模型 2.0、雷视融合 2.0 等多项突破性技术成果，构筑起智能交通技术护城河， 为城市交通秩序管理保驾护航。其中，大华星汉大模型 2.0 技术的加载，实现"感 知—分析—决策—控制"智能闭环。通过融合实时视频、交通流数据与法规知识， 不仅能够精准捕捉拥堵、事故与违法行为，还能自动规划响应策略、动态优化信号 配 ...

Investment Rating - The investment rating for Wancheng Group is "Buy" [5] Core Views - Wancheng Group achieved a revenue of 51.46 billion yuan in 2025, representing a year-on-year increase of 59.2%, with a net profit of 2.42 billion yuan, up 301.8% year-on-year [1] - The company continues to expand its store network, with a total of 18,314 stores by the end of 2025, a net increase of 4,118 stores compared to the previous year [2] - The gross profit margin improved to 12.4% in 2025, with a net profit margin of 4.7%, indicating strong profitability potential [3] Revenue and Profit Growth - Revenue for 2025 is projected at 51.46 billion yuan, with a breakdown showing the snack business contributing 50.86 billion yuan, a 60% increase year-on-year [1] - The company plans to distribute a cash dividend of 160 million yuan, with a dividend payout ratio of 12.1% [1] Store Expansion and Market Strategy - Wancheng Group opened 4,720 new stores in 2025 while maintaining a low closure rate of 3.7% [2] - The expansion strategy focuses on the East China market, which accounted for 39.7% of new stores, and the North China market, which accounted for 28.2% [2] Profitability and Cost Management - The company’s gross margin increased by 1.6 percentage points to 12.4%, and the net profit margin rose by 2.8 percentage points to 4.7% in 2025 [3] - The reduction in sales expense ratio to 3.0% reflects effective cost management despite rising absolute salary costs [3] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 63.04 billion yuan, 74.13 billion yuan, and 83.31 billion yuan for 2026, 2027, and 2028, respectively [9] - The return on equity (ROE) is forecasted to be 61.8% in 2026, indicating strong profitability [10]

证券研究报告 | 公司点评 | 工程机械 3）盈利能力：2025 年毛利率 21.5%，同比提升 1.4pct；净利率 8.3%，同比提升 0.5pct。2025Q4 单季毛利率 23.9%，同比下降 3.7pct，环比提升 2.6pct；净利率 9.0%，同比下降 0.7pct，环比提升 1.3pct。 ❑ 推土机迈向全球，挖掘机打开空间，海外矿山领域打开空间 1）2026 年经营目标：预计营业收入 161 亿元，同比增长 10%；其中海外收入 105 亿 元，同比增长 20%。 2）挖掘机有望打开空间：依托推土机渠道及山东重工集团平台和供应链优势，有望 快速崛起。 3）大推新兴市场增长潜力大：非洲、东南亚、南美、中东、澳大利亚等市场矿产资 源丰富，大马力推土机增长潜力大。大马力推土机出口有望提升公司盈利能力。 山推股份(000680) 报告日期：2026 年 03 月 18 日 2025 年业绩符合预期，海外矿山领域有望打开空间 ——山推股份点评报告 事件：3 月 15 日晚，公司发布 2025 年年报。 投资要点 ❑ 业绩符合预期，2025 年业绩同比增长 10%，出口收入+挖掘机业务+降本驱动增长 1 ...