航发与燃机双轮驱动，"皇冠明珠"金牌供应商 ——华创交运|航空强国系列研究（六） 其他军工Ⅲ 2026 年 03 月 12 日 公司研究 证 券 研 究 报 告 万泽股份（000534）深度研究报告 推荐（首次） 当前价：44.70 元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：张梦婷 邮箱：zhangmengting@hcyjs.com 执业编号：S0360526030003 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱 ...

证券研究报告 东鹏饮料 (605499 CH) 期待旺季表现与平台型饮料企业打造 SAC No. S0570524020001 SFC No. BVO215 wangkexin019215@htsc.com +(86) 21 2897 2228 | 收盘价 (人民币 截至 3 月 12 日) | 226.62 | | --- | --- | | 市值 (人民币百万) | 127,988 | | 6 个月平均日成交额 (人民币百万) | 556.08 | | 52 周价格范围 (人民币) | 220.36-336.50 | | 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 12 日│中国内地 | | 目标价(人民币): | 315.60 | | | | | | 吕若晨 | 研究员 | | SAC No. S0570525050002 | lvruochen@htsc.com | | --- | --- | | SFC No. BEE828 | +(86) 755 8249 238 ...

Investment Rating - The investment rating for Chongqing Beer (600132.SH) is "Outperform" (maintained) [1] Core Views - The company achieved a revenue of 14.72 billion yuan in 2025, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 1.23 billion yuan, up 10.4% year-on-year [4] - The company is steadily advancing its premiumization strategy, which is expected to enhance profitability resilience [4] - The forecast for net profit attributable to shareholders for 2026-2028 is set at 1.30 billion yuan (+0.5%), 1.35 billion yuan (+0.3%), and 1.41 billion yuan, with year-on-year growth rates of 5.7%, 4.0%, and 3.8% respectively [4] Financial Performance Summary - In 2025, the beer segment generated a revenue of 14.30 billion yuan, reflecting a year-on-year increase of 0.9%, with sales volume reaching 2.995 million tons, up 0.7% [5] - The average price per ton was 4,773.6 yuan, a slight increase of 0.2% year-on-year [5] - The company’s gross margin improved by 2.31 percentage points to 50.88%, primarily due to a decrease in raw material costs [7] - The net profit margin increased by 1.47 percentage points to 16.83% [7] Regional Performance - Revenue from the Northwest, Central, and Southern regions in 2025 was 4.03 billion yuan (+3.6%), 5.88 billion yuan (-1.4%), and 4.39 billion yuan (+1.7%) respectively [6] - The Northwest and Southern regions showed good growth, benefiting from effective channel penetration and brand expansion, while the Central region faced pressure from external market conditions and competition [6] Cost Management - The company increased its sales and management expense ratios, reflecting higher investments in sales and digital transformation [7] - The overall financial performance indicates a strategic focus on cost optimization while enhancing market presence [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 2025 revenue of 2.196 billion yuan, representing a year-on-year growth of 26.52%, and a net profit attributable to shareholders of 1.109 billion yuan, with a year-on-year growth of 25.59%. The Q4 2025 revenue was 576 million yuan, with a year-on-year growth of 32.55%, and a net profit of 204 million yuan, reflecting a year-on-year growth of 30.13%. The performance aligns with expectations [4][6] - The company benefits from exports and high power, maintaining rapid growth in its laser cutting main business. The market recognition of its laser cutting control systems is steadily increasing, and the intelligent robotics business has shown growth, indicating the formation of new growth engines [6] - The company maintains strong pricing power, with a net profit margin of 50.49% for 2025, slightly down from 50.86% in 2024. The Q4 2025 net profit margin was 35.45%, down from 36.11% in Q4 2024, but overall profitability remains high [6] - The main business of cutting is expected to continue growing rapidly, driven by high power, pipe cutting growth, and overseas exports. The AI welding segment is accelerating its deployment in the shipbuilding sector, having received certification for intelligent manufacturing system design [6] - The company's business model is evolving from "hardware and software component sales" to "overall solution output," which is expected to enhance customer value and profit margins significantly. This model's replicability allows for rapid expansion into other medium and large shipyards, broadening the market beyond industrial laser cutting [6] - Profit forecasts have been slightly adjusted, with expected net profits for 2025-2027 at 1.109 billion, 1.366 billion, and 1.700 billion yuan, respectively, corresponding to P/E ratios of 38, 31, and 25. The company is positioned for growth due to trends in automation and the potential for technology replication across various industrial automation scenarios [6] Financial Data and Profit Forecast - The total revenue for 2025 is projected at 2.196 billion yuan, with a year-on-year growth rate of 26.5%. The net profit for the same year is expected to be 1.109 billion yuan, with a growth rate of 25.7% [5][7] - The earnings per share for 2025 is estimated at 3.84 yuan, with a gross margin of 78.5% and a return on equity (ROE) of 17.1% [5][7] - The company anticipates total revenues of 2.702 billion yuan in 2026 and 3.359 billion yuan in 2027, with corresponding net profits of 1.366 billion yuan and 1.700 billion yuan [5][7]

[Table_Summary] 核心观点： | [Table_ 单位 Finance] :人民币百万元 | | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | | 1,174 | 6,497 | 15,815 | 26,691 | 42,426 | | 增长率（ | ） % | 65.6% | 453.2% | 143.4% | 68.8% | 59.0% | | EBITDA | | -374 | 2,533 | 4,959 | 8,655 | 14,780 | | 归母净利润 | | -452 | 2,059 | 4,702 | 8,444 | 14,408 | | 增长率（ | % ） | - | - | 128.3% | 79.6% | 70.6% | 盈利预测： | 数据来源：公司财务报表，广发证券发展研究中心 | | --- | | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 1099.00 元 | | 合 ...

证券研究报告 亚翔集成 (603929 CH) 新加坡市场利润率再超预期 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 13 日│中国内地 | 建筑施工 | 目标价(人民币): | 235.62 | 亚翔集成发布 25 年年报，全年实现营收 49.07 亿元（yoy-8.81%），归母 净利 8.92 亿元（yoy+40.3%），超出我们此前预期（归母净利 7.91 亿元）， 主因公司新加坡市场新签大项目下半年陆续进入结算，而订单利润率表现持 续超出此前预期。单四季度看，营业收入为 17.98 亿元（yoy+86.7%， qoq+26.13%），归母净利润 4.5 亿（yoy+128.4%，qoq+59.69%）。考虑 到公司充分受益于全球半导体产业投资景气，头部企业扩产不断加码，公司 新签订单有望继续上行，同时大项目利润率表现出高水平和良好的持续性， 维持"买入"评级。 2H25 新加坡公司毛利率/净利率 31.8%/27.7% 考虑到新加坡市场毛利率表现超出我们此前预期 ...

Investment Rating - The report maintains an "Accumulate" rating with a target price of 462.40 CNY [6][13]. Core Insights - The company achieved a total revenue of 6.03 billion CNY in 2025, representing a year-on-year growth of 44%, and a net profit of 3.21 billion CNY, which is a 75.8% increase [13]. - The increase in revenue is attributed to heightened market activity and a rise in user engagement with the company's app, leading to increased advertising revenue [2][13]. - The integration of AI into the company's operations is expected to drive sustainable growth, with a focus on enhancing investment research, risk management, and marketing capabilities [13]. Financial Summary - Total revenue projections for the years 2024 to 2028 are as follows: 4.19 billion CNY (2024), 6.03 billion CNY (2025), 7.54 billion CNY (2026), 8.68 billion CNY (2027), and 9.78 billion CNY (2028), with respective growth rates of 17.5%, 44.0%, 25.0%, 15.1%, and 12.7% [4]. - Net profit (attributable to shareholders) is forecasted to be 1.82 billion CNY (2024), 3.21 billion CNY (2025), 4.42 billion CNY (2026), 5.12 billion CNY (2027), and 5.75 billion CNY (2028), with growth rates of 30.0%, 75.8%, 37.9%, 15.8%, and 12.4% respectively [4]. - Earnings per share (EPS) estimates for 2026, 2027, and 2028 are 8.22 CNY, 9.52 CNY, and 10.70 CNY respectively [13]. Market Performance - The stock has a market capitalization of 174.53 billion CNY and a current price of 324.64 CNY, with a target price indicating significant upside potential [6][7]. - The stock has traded within a range of 238.17 CNY to 413.14 CNY over the past 52 weeks [7]. Business Segments - Revenue from advertising and value-added telecommunications services saw significant increases, with year-on-year growth rates of 71% and 21% respectively [13]. - The company’s app reached 38.75 million monthly active users in January 2026, marking a 13.4% increase year-on-year, indicating strong demand for financial information services [13].

Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Insights - The company is a pioneer in China's independent computing industry, focusing on CPU and integrated systems, and is expected to benefit from the deepening of the Xinchuang industry and the explosive demand for AI [2][10]. - The company has a stable shareholding structure, with China Electronics being the largest shareholder, holding 39.35% of the shares [10][25]. - The company has made significant contributions to the development of China's independent computing industry, having created several industry firsts [10][24]. Financial Summary - The projected total revenue for 2025-2027 is expected to be 151.80 billion, 170.15 billion, and 188.14 billion yuan, respectively, with a corresponding net profit of -0.56 billion, 1.28 billion, and 2.59 billion yuan [4][18]. - The earnings per share (EPS) for the same period is projected to be -0.02, 0.04, and 0.08 yuan [18]. - The company’s revenue is expected to grow at rates of 10.00%, 15.00%, and 12.00% for its computing industry business from 2025 to 2027 [14][16]. Revenue Breakdown - The computing industry business is projected to generate revenues of 117.72 billion, 135.37 billion, and 151.62 billion yuan from 2025 to 2027, with gross margins of 15.00%, 17.00%, and 17.00% [14][16]. - The system equipment business is expected to see revenues of 25.49 billion, 25.76 billion, and 27.05 billion yuan, with gross margins of 14.00%, 15.00%, and 16.00% [15][16]. - Other business revenues are projected to be 8.59 billion, 9.02 billion, and 9.47 billion yuan, with gross margins of 31.50%, 34.00%, and 36.00% [15][16]. Valuation Analysis - The report uses both PS and PB valuation methods, estimating a reasonable valuation of 740.51 billion yuan and a target price of 22.96 yuan for the company [19][22][23]. - The PS valuation method suggests a valuation based on an average of 11.59 times PS for comparable companies, while the PB valuation method suggests a valuation of 6 times PB [20][22]. Market Position and Strategy - The company is positioned as a key player in the Xinchuang and AI computing sectors, focusing on developing core products and technologies for information security and infrastructure [10][24]. - The company has invested in Feiteng, a leading domestic CPU developer, to enhance its capabilities in high-end chip design and production [10][32][35]. - The company aims to leverage opportunities in the Xinchuang market and solidify its integrated system business [10][14].

资管见长，弹性领先 瑞达期货(002961) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 肖尧(分析师) | 021-23185695 | xiaoyao3@gtht.com | S0880525040115 | 本报告导读： 瑞达期货的核心看点则在于资管业务优势显著，CTA以主观策略为主，竞争力根源 在于团队稳定和体系化运作，公司当前 CTA规模明显增长。在高波动市场环境下， 资管端业绩报酬弹性、经纪业务修复以及创新业务拓展有望共同驱动公司盈利释放。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万） | 926 | 1,810 | 1,880 | 2,290 | 2,633 | | (+/-)% ...

证券研究报告 | 公司深度 | 半导体 涨价提利，多元布局迎新机 ——国科微深度报告 投资要点 ❑ 主业稳健，高端化提振营收弹性 国科微作为国内领先的 AI 与多媒体芯片设计企业，当前主营业务布局稳健。公 司在超高清智能显示（机顶盒）、智慧视觉（安防）等板块凭借核心技术和产品 渗透，不断提升市场份额，预计将持续受益于这些领域的行业需求提升与客户结 构升级。同时，信创业务有望带动公司固态存储主控芯片等相关产品需求回升， 增强营收弹性。公司下游以安防等为主，国补变动对公司影响较小。 ❑ 产品涨价，毛利率有望持续提升 公司下游安防市场和机顶盒产品为主。2026 年 1 月 20 号，国科微发布涨价通知 函，计划对合封 KGD 产品进行价格调整，涨价幅度 40%~80%；公司部分产品 合封存储销售，存储涨价同步利好业绩，在内存涨价带动 soc 涨价过程中，公司 毛利率有望持续提升，盈利能力也有望持续改善。 ❑ 多元布局，长期发展前景广阔 中长期来看，国科微围绕主控芯片 AI 升级、自主 Wi-Fi6 芯片和汽车 SerDes 芯 片积极布局。公司 AI 芯片产品线不断完善，自研 Wi-Fi6 芯片即将导入主流客 户， ...