Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 22.77 billion yuan in 2025, representing a year-on-year growth of 1.5%. However, the net profit attributable to shareholders decreased by 6.6% to 2.1 billion yuan, and the non-recurring profit fell by 7.3% to 1.91 billion yuan [1][3] - The company is expected to maintain stable growth in domestic sales due to continuous innovation and strong channel competitiveness, with a projected revenue growth of 2.7% in the Chinese market for 2025 [1] - The company's external sales were slightly impacted by a decrease in orders from major clients, leading to a slight decline in external sales revenue [2] - The gross profit margin has slightly improved due to cost reduction measures and an increase in the proportion of domestic sales, although overall profit margins have been pressured by increased marketing and R&D expenses [3] Summary by Relevant Sections Financial Performance - In 2025, the company reported a revenue of 22.77 billion yuan, with a net profit of 2.1 billion yuan, reflecting a decline in profitability due to increased expenses [1][4] - The company expects Q4 2025 revenue to be 5.87 billion yuan, a decrease of 0.7% year-on-year, with net profit projected at 730 million yuan, down 10% [1] Sales Performance - Domestic sales showed resilience with a growth of 2.7% in 2025, while external sales faced challenges, particularly in North America and South America, where revenues declined by 9.7% and 11.9% respectively [2] - The company aims to leverage its strong market position and innovative capabilities to sustain domestic revenue growth [1] Profitability and Cost Management - The gross profit margin has seen a slight increase, attributed to effective cost management and a higher share of domestic sales, despite a decrease in net profit margin to 9.2% [3] - The company has increased its investment in marketing and R&D to support domestic growth, leading to a rise in overall expense ratios [3] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 2.1 billion, 2.25 billion, and 2.37 billion yuan respectively, with growth rates of -7%, +8%, and +5% [3][4] - The company maintains a strong dividend policy, which is expected to attract investors despite the challenges faced in external markets [3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 哈尔斯(002615) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 哈尔斯：战略合作小黄鸭落地，加速突破品 牌成长边界 [Table_ReportDate] 2026 年 02 月 27 日 [Table_S 事件：小黄鸭德盈发布公告，已于 ummary] 2 月与哈尔斯签立战略合作协议，截至公 告日期，哈尔斯已间接持有小黄鸭 0.27 亿股股份（占股本约 2.7%）。根据 小黄鸭德盈公告，双方将在内地成立合资公司（哈尔斯控股），专注于小黄 鸭家族品牌、其他国际潮流 IP 的联名杯壶设计、销售与品牌运营。未来双 方将共同构建潮流设计+柔性制造+全域营销协同体系， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.519 billion yuan in 2025, representing a year-on-year growth of 9.50%, with a net profit attributable to the parent company of 60 million yuan, up 10.70% year-on-year [4] - In Q4 2025, the company achieved a revenue of 100 million yuan, a 15.50% increase year-on-year, and a net profit of 12 million yuan, reflecting a significant growth of 55.71% year-on-year [4] - The company is expected to maintain revenue growth in the coming years, with projected revenues of 3.52 billion yuan in 2025, 4.17 billion yuan in 2026, and 4.81 billion yuan in 2027, with respective growth rates of 9.50%, 18.56%, and 15.24% [7] Financial Summary - The company’s total revenue for 2023A is projected at 2.7572 billion yuan, increasing to 3.2138 billion yuan in 2024A, and reaching 3.5192 billion yuan in 2025E [6] - The net profit attributable to the parent company is forecasted to be 515.1 million yuan in 2023A, 541 million yuan in 2024A, and 598.9 million yuan in 2025E, with growth rates of 36.15%, 5.03%, and 10.70% respectively [6] - The company’s return on equity (ROE) is expected to be 13.96% in 2023A, decreasing slightly to 13.26% in 2024A, and then increasing to 13.93% in 2025E [6] Market Performance - The company’s stock price has shown relative performance of -4.46% over the past month, -10.05% over the past three months, and -5.25% over the past year compared to the benchmark [2] - The stock has an absolute return of -7.22% over the past month, a slight increase of 0.55% over the past three months, and a positive return of 11.06% over the past year [2] Industry Outlook - The new energy vehicle market in China is expected to continue growing, with sales projected to reach nearly 17 million units in 2025 and an electric penetration rate of 48.5% [7] - In 2026, the sales of new energy vehicles are forecasted to reach 20 million units, representing a year-on-year growth of 19%, with an electric penetration rate expected to exceed 57% [7] - The export market for new energy vehicles is also anticipated to grow significantly, with exports expected to approach 4 million units in 2026, marking a 54% increase year-on-year [7]

Investment Rating - The investment rating for Supor (002032.SZ) is "Outperform the Market" [5] Core Views - Supor's 2025 performance shows stable revenue growth with a slight decline in profit due to increased expenses. The company achieved a revenue of 22.77 billion yuan, a year-on-year increase of 1.5%, while net profit decreased by 6.6% to 2.1 billion yuan [1][3] - The company maintains a strong market position in domestic sales, with a 2.7% growth in the Chinese market, supported by innovation and competitive channel advantages [1] - External sales faced slight pressure, with a decrease in orders from major clients, leading to a minor decline in external revenue. The company is expected to benefit from SEB's mid-term goal of returning to a 5% annual growth rate [2][3] Summary by Sections Financial Performance - In 2025, Supor's revenue is projected at 22.77 billion yuan, with a net profit of 2.1 billion yuan, reflecting a decline in profit margins due to increased marketing and R&D expenses [3][4] - The company's gross profit margin has slightly improved, while the net profit margin decreased by 0.8 percentage points to 9.2% [3][4] Sales Performance - Domestic sales showed resilience with a 2.7% growth in 2025, while external sales were impacted by a decrease in orders, particularly in North America and South America [2][3] - The company expects to maintain stable growth in domestic sales through innovation and strong market presence [1][2] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 2.1 billion, 2.25 billion, and 2.37 billion yuan respectively, reflecting a growth rate of -7%, +8%, and +5% [3][4]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 哈尔斯(002615) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 风险提示：供应链成本优化不及预期、客户订单不及预期、人民币汇率超预 期波动、自主品牌发展不及预期。 | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,407 | 3,332 | 3,278 | 4,123 | 5,084 | | 增长率 YoY % | -0.9% | 38.4% | -1.6% | 25.8% | 23.3% | | 归属母公司净利润 ...

通信设备 | - 级: | | --- | | 増す 自 次 | 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn 执业证书编号：S0740525100002 Email：sunyw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,461.99 | | 流通股本(百万股) | 1,461.99 | | 市价(元) | 29.60 | | 市值(百万元) | 43,275.05 | | 流通市值(百万元) | 43,275.05 | 长新空间 核心观点：永鼎股份当前展现出"全产业链底座坚实，新翼蓄势待发"的良好发展态 势。公司以"光棒-光纤-光缆"等网络基础通信产品为根基，构建了从基础材料到高 端光电子器件的垂直一体化全链条能力，并在主业稳健发展的基础上，凭借旗下两大 核心高科技子公司——专注于光芯片的鼎芯光电与深耕高温超导材料的东部超导，形 成了强劲的"双轮驱动"增长模式。随着公司依托全产业链优势实现核心环节自主可 控，叠加高端光芯片产能释放以及超导材料在核聚变等前沿领域的应用落地，两大新 兴板块有望彻底打开 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 206.76 CNY, compared to the current price of 145.65 CNY [5]. Core Insights - The company is a leading player in both photovoltaic inverters and energy storage systems, with a strong outlook for its SST products [2]. - The global demand for energy storage is expected to surge, with the company targeting a shipment goal of 40-50 GWh for 2025 and maintaining a growth rate of 40-50% in the energy storage market for 2026 [11]. - The photovoltaic inverter business is showing steady growth, with a revenue increase of approximately 6% year-on-year in the first three quarters of 2025, and an improvement in gross margin due to a shift in market structure [11]. Financial Summary - Total revenue is projected to grow from 72,251 million CNY in 2023 to 135,800 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.8% [4]. - Net profit attributable to the parent company is expected to rise from 9,440 million CNY in 2023 to 22,369 million CNY in 2027, with a CAGR of about 20% [4]. - Earnings per share (EPS) is forecasted to increase from 4.55 CNY in 2023 to 10.79 CNY in 2027 [4]. Business Segments - **Inverters**: Revenue is expected to grow from 276.53 billion CNY in 2023 to 359.77 billion CNY in 2027, with a gross margin of around 30.63% by 2027 [15]. - **Energy Storage**: Revenue is projected to increase significantly from 178.02 billion CNY in 2023 to 675.10 billion CNY in 2027, maintaining a gross margin of approximately 36.41% [15]. - **Power Generation**: Revenue is anticipated to grow from 5.67 billion CNY in 2023 to 25.02 billion CNY in 2027, with a stable gross margin of 55% [14]. - **Other Businesses**: Expected to see revenue growth from 14.95 billion CNY in 2023 to 54.97 billion CNY in 2027, with a gross margin of 25% [14].

Investment Rating - The report maintains a "Buy" rating for Weichai Power Co., Ltd. [5] Core Insights - Weichai Power has established a diversified industrial chain, starting from diesel engines and expanding through acquisitions in related fields. The company is evolving into a global high-end equipment group covering power systems and new energy [4][11]. - The company's main business is expected to stabilize, while new business segments, particularly AIDC-related power generation, are anticipated to experience rapid growth, contributing to profit increments [5][6]. - The company has a strong cash dividend policy, with payout ratios expected to remain high at 50% in 2023 and 55% in 2024, reflecting robust profitability and cash flow [5][37]. Summary by Sections 1. Strategic Upgrade of Weichai Power - Weichai Power has continuously expanded its business scope through acquisitions, establishing a diversified industrial chain. Key acquisitions include the purchase of French Baudouin in 2009 and the restructuring of Lovol Heavy Industry in 2021 [4][11]. 2. Engine Business - The impact of electrification on the engine business is expected to be limited, with natural gas truck penetration likely to stabilize. The company anticipates a modest decline in heavy truck sales, with a recovery in natural gas truck penetration expected [5][51]. 3. AIDC Power Generation - The sales of large-bore diesel generator sets have surged, with over 900 units sold in the first three quarters of 2025, marking a year-on-year increase of over 300%. The demand for AIDC power generation is expected to drive continued growth in the company's performance [5][5]. 4. Profit Forecast and Investment Recommendations - The report adjusts the forecast for the company's net profit attributable to shareholders for 2025-2027 to 11.97 billion, 14.20 billion, and 16.03 billion yuan, respectively, indicating an optimistic outlook for growth [5].

| 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | 20.5RMB | 2026 年 2 月 27 日 m 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2026/2/26) | 18.16 | | 上证指数(2026/2/26) | 4146.63 | | 股价 12 个月高/低 | 27.75/14.89 | | 总发行股数(百万) | 4501.99 | | A 股数(百万) | 4501.99 | | A 市值(亿元) | 817.56 | | 主要股东 | 通威集团有限 | | | 公司(45.24%) | | 每股净值(元) | 9.27 | | 股价/账面净值 | 1.96 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -1.8 -21.0 -15.2 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | -- | -- | -- | | | 产品组合 | | | | | 光伏 | | | 66% | | ...

m 2026 年 2 月 27 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | 20.5RMB | 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2026/2/26) | 18.16 | | 上证指数(2026/2/26) | 4146.63 | | 股价 12 个月高/低 | 27.75/14.89 | | 总发行股数(百万) | 4501.99 | | A 股数(百万) | 4501.99 | | A 市值(亿元) | 817.56 | | 主要股东 | 通威集团有限 | | | 公司(45.24%) | | 每股净值(元) | 9.27 | | 股价/账面净值 | 1.96 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -1.8 -21.0 -15.2 | 近期评等 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 通威股份 (600438.SH) Trading Buy 区间操作 公司筹划收购 ...