25 年业绩符合预期，重视股东回报 天[Ta味ble食_Sto品ckN（ameRptType] 603317） 公司点评 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 执业证书号：S0010125080024 邮箱：zhouyun1@hazq.com 主要观点： ——天味食品 2025 年报点评 | 投资评级： | 买入（维持） | | --- | --- | | 报告日期： | 2026-03-31 | | 收盘价（元） | 12.46 | | 近 12 个月最高/最低（元） | 14.93/10.50 | | 总股本（百万股） | 1,065 | | 流通股本（百万股） | 1,065 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 133 | | 流通市值（亿元） | 133 | 敬请参阅末页重要声明及评级说明 证券研究报告 2025 年公司实现收入 34.5 亿元（同比-0.79%），归母净利润 5.7 亿 元（同比-8.8%），扣非归母净利润 5.1 亿元（同比-10.2%）。 2025Q4 公司实现收入 10.4 亿元（同比-6.7%）， ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of 15.17 CNY [5][11]. Core Insights - The company is a leading provider of internet and security services in China, actively embracing an "AI + Security" dual strategy, launching competitive AI general models and popular AI application products, which are expected to benefit from the vast market space for AI applications [2][11]. - The company has a strong market presence in the internet security sector, having developed products like 360 Security Guard and 360 Browser, and has a dedicated team of over 3,800 security professionals [11]. - The company is focusing on AI development, with its self-developed general model "360 Zhiniao 1.0" and the latest model "360zhinao2-0.1.5," which has shown significant improvements in reasoning capabilities [11]. Financial Summary - Total revenue is projected to decline from 9,055 million CNY in 2023 to 7,948 million CNY in 2024, before recovering to 9,421 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 6.5% from 2025 to 2027 [4][20]. - Net profit attributable to the parent company is expected to turn positive in 2025, reaching 187 million CNY, with projections of 74 million CNY in 2026 and 159 million CNY in 2027 [4][20]. - The company’s earnings per share (EPS) is forecasted to be -0.07 CNY in 2023, improving to 0.03 CNY in 2025 and stabilizing at 0.02 CNY by 2027 [4][20]. Revenue Breakdown - Internet Advertising Services: Revenue is expected to decline by 8% in 2024, with a gradual recovery projected at 1%, 0%, and 3% growth from 2025 to 2027 [14][20]. - Security and Other Services: Revenue is anticipated to decrease by 27.06% in 2024, followed by modest growth of 2.5% and 4% in the subsequent years [15][20]. - Smart Hardware: Revenue is projected to decline initially but is expected to rebound with an 8% growth in 2027 [16][20]. - Internet Value-Added Services - Games: This segment is expected to maintain stable growth, with revenue growth rates of 3%, 1%, and 2% from 2025 to 2027 [17][20]. - Internet Value-Added Services - Other: This segment is projected to see significant growth, with a remarkable 105% increase in 2025, followed by 50% and 20% in the following years [18][20]. Valuation Analysis - The report employs a price-to-sales (P/S) valuation method, assigning a 12x P/S multiple for 2026, resulting in a reasonable valuation of 1,062.15 billion CNY [21][22]. - The company is compared with peers in the digital security and AI sectors, indicating a premium valuation due to its diversified business model and growth potential [21][22].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company achieved a revenue of 35.81 billion yuan in 2025, representing a year-on-year growth of 6.8%, while the net profit attributable to shareholders was 16.38 billion yuan, also up by 6.7%. The non-recurring net profit increased significantly by 80.1% year-on-year [5] - The report emphasizes the company's increasing market share in margin financing and its strong performance in international business development following its refinancing efforts [1][7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: 2026E at 43.69 billion yuan, 2027E at 46.95 billion yuan, and 2028E at 50.36 billion yuan, with respective year-on-year growth rates of 22.0%, 7.47%, and 7.25% [6][8] - The net profit attributable to shareholders is forecasted to be 19.42 billion yuan in 2026E, 22.06 billion yuan in 2027E, and 23.76 billion yuan in 2028E, with year-on-year growth rates of 18.53%, 13.60%, and 7.69% respectively [6][8] - The report indicates an increase in the company's return on equity (ROE) to 10.22% in 2026E, 10.54% in 2027E, and 10.38% in 2028E [6] Business Segments - The company has seen a significant increase in its wealth management and margin financing business, with a margin financing market share of 7.37%, up by 0.22 percentage points year-on-year [7] - In the investment banking sector, the company maintained a stable IPO market share of 12.4% in 2025, with a total underwriting amount of 16.3 billion yuan, reflecting a 90% increase year-on-year [7] - The asset management segment also showed growth, with total assets under management (AUM) reaching 708.5 billion yuan, a 27.4% increase from the beginning of the year [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2025 annual report shows revenue, net profit, and net profit excluding non-recurring items of 16.729 billion, 1.544 billion, and 1.359 billion RMB respectively, with year-on-year growth of 10.08%, 16.60%, and 16.19% [7] - The company has achieved a 20% growth in overseas markets, while domestic growth has improved sequentially [7] - The gross profit margin for 2025 increased by 1.19 percentage points to 24.71%, primarily due to lower raw material costs [7] - The company expects revenue growth in 2026 to be in the low double digits, with further improvements in net profit margin [7] Financial Forecasts - Total revenue is projected to reach 18.732 billion RMB in 2026, with a year-on-year growth of 11.97% [1] - The net profit attributable to the parent company is expected to be 1.823 billion RMB in 2026, reflecting an 18.01% increase [1] - The earnings per share (EPS) is forecasted to be 2.10 RMB in 2026, with a price-to-earnings (P/E) ratio of 19.79x [1] - The company anticipates a net profit of 2.360 billion RMB by 2028, with a year-on-year growth of 13% [1]

公司点评 · 家用电器行业 基本盘稳固，商业及工业成长更快 2026 年 03 月 31 日 核心观点 | 美的集团（股票代码：000333） | | --- | 推荐 维持评级 分析师 何伟 ：hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 刘立思 ：liulisi_yj@chinastock.com.cn 分析师登记编码：S0130524070002 杨策 ：yangce_yj@chinastock.com.cn 分析师登记编码：S0130520050005 陆思源 ：lusiyuan_yj@chinastock.com.cn 分析师登记编码：S0130525060001 | 市场数据 | 2026 年 03 月 30 日 | | --- | --- | | 股票代码 | 000333 | | A 股收盘价(元) | 72.10 | | 上证指数 | 3,923.29 | | 总股本(万股) | 760,328 | | 实际流通 A 股(万股) | 685,205 | | 流通 A 股市值(亿元) | 4,940 | 相对沪深 300 表现图 2026 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 129.46 CNY [4]. Core Insights - The company reported a revenue of 810 million CNY for 2025, representing a year-on-year growth of 52.07%. However, it incurred a net loss of 163 million CNY [2][4]. - The company has entered into a global development and commercialization partnership with AbbVie for ZG006, which is expected to advance overseas clinical progress. AbbVie has obtained exclusive rights for ZG006 outside Greater China, while the company retains rights within Greater China [1][2]. - The company received an upfront payment of 100 million USD in January 2026, with potential milestone payments of up to 67 million USD based on clinical progress, and up to 1.075 billion USD if AbbVie exercises its licensing option [1][2]. Financial Projections - Revenue projections for the company are estimated at 2.05 billion CNY in 2026, 2.09 billion CNY in 2027, and 2.98 billion CNY in 2028. Corresponding net profits are projected to be 665 million CNY, 443 million CNY, and 772 million CNY respectively [2][11]. - The earnings per share (EPS) are expected to be 2.51 CNY in 2026, 1.67 CNY in 2027, and 2.92 CNY in 2028 [2][11]. - The company’s total market capitalization is approximately 25.55 billion CNY [4]. Product Pipeline - The company has a robust pipeline with products such as ZG005 and ZG006 progressing rapidly. Currently marketed products include Donafenib and Jikaxitinib, among others [2][4].

证券研究报告 贵州茅台 (600519 CH) 飞天茅台提价护航公司稳健增长 2026 年 3 月 31 日│中国内地 饮料 | 公司公告，自 2026年 3月 31日起，将飞天 53%vol 500ml贵州茅台酒（2026） | | --- | | 销售合同价由 1169 元/瓶调整为 1269 元/瓶、自营体系零售价由 1499 元/ | | 瓶调整为 1539 元/瓶。本次提价有较强的信号意义，一方面，公司市场化改 | | 革举措陆续落地，一季度 i 茅台上线飞天茅台、非标产品代售制度落地等成 | | 效显著，为本次提价提供坚实基础。另一方面，公司同时调整提升经销商合 | | 同价与指导价，充分反应营销市场化中"随行就市"的定价策略，市场化的 | | 价格调控有望成为公司维持增长的主要工具之一。我们认为公司领先的品质 | | 和品牌优势、日趋精细化的量价策略和公司治理将继续延续，提价进一步验 | | 证公司在行业内的品牌力优势，维持"买入"。 | 提价护航公司增长，市场化营销改革再进一步 对于公司端，综合考虑 26 年公司市场化营销改革对经销及直营渠道的投放 假设，我们测算本次提价对公司 26 年营收的 ...

证券研究报告 中际旭创 (300308 CH) 高速光模块驱动收入与毛利快速提升 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 31 日│中国内地 | 通信设备制造 | 目标价(人民币): | 727.72 | 王兴 研究员 SAC No. S0570523070003 SFC No. BUC499 +(86) 21 3847 6737 高名垚 研究员 gaomingyao@htsc.com SAC No. S0570523080006 SFC No. BUP971 王珂 研究员 SAC No. S0570524080005 SFC No. BWA966 wangke020520@htsc.com 陈越兮* 研究员 SAC No. S0570525070005 chenyuexi@htsc.com 基本数据 | 收盘价 (人民币 截至 3 月 30 日) | 589.08 | | --- | --- | | 市值 (人民币百万) | 654,538 | | 6 个月平均日成 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 47.40 [1][4]. Core Views - The report indicates that the recovery in the coal chemical industry is expected to accelerate, supported by the company's leading cost and scale advantages in the domestic market [1][4]. - The company reported a total revenue of RMB 30.969 billion for 2025, a decrease of 9.5% year-on-year, with a net profit attributable to shareholders of RMB 3.315 billion, down 15% year-on-year [1][2]. - The company plans to distribute a total dividend of RMB 10.6 billion for the year, which represents 32% of the net profit for 2025 [1]. Summary by Relevant Sections Financial Performance - In Q4 2025, the company achieved a net profit of RMB 9.42 billion, an increase of 10% year-on-year and 17% quarter-on-quarter [1]. - The overall gross margin for the company decreased by 0.45 percentage points to 19.2% for the year, while the expense ratio increased by 1.2 percentage points to 5.0% [2]. Product Sales and Pricing - The sales volume of acetic acid and its derivatives increased by 0.8% year-on-year to 1.56 million tons, but revenue decreased by 17% to RMB 3.4 billion due to oversupply in the industry [2]. - New material products saw an 18% increase in sales volume to 3 million tons, with revenue down 5% to RMB 15.6 billion [2]. - The prices of key products such as urea and DMF have significantly recovered, with increases of 8% to 58% compared to the beginning of 2026 [3]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits of RMB 5 billion, RMB 5.6 billion, and RMB 5.7 billion for 2026 to 2028, respectively [4]. - The target price of RMB 47.40 reflects a 20x PE ratio for 2026, compared to an average of 17x PE for comparable companies [4].

证券研究报告 东鹏饮料 (605499 CH/9980 HK) 港股通 Q4 冰柜费用前置等影响单季度净利率 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 饮料 25 年实现收入/归母净利润 208.8/44.2 亿元，同比+31.8%/+32.7%；其中 25Q4 实现收入/净利润 40.3/6.5 亿元，同比+22.9%/+5.7%；符合此前业绩 预告（预计 25Q4 收入同比增长 19.4%-30.3%，归母净利同比下滑 6.5%- 增长 33.9%）。具体来看，25 年东鹏特饮实现收入 156.0 亿（同比+17.3%）， 电解质饮料"补水啦"25 年收入 32.7 亿（同比+119.0%），成功将消费场 景从传统"困累"场景延伸至运动补水的"汗点"场景。从经营节奏来看， 25Q4 公司主动控货，叠加春节错期的背景下，营收增速略有放缓，但公司 渠道库存维持在健康合理水平。25 年公司主要原材料价格同比下行，叠加 规模效应显现、产能利用率维持高位，盈利能力同比持续提振。此外，公司 合同负债同比增加，至 25 年末，公司合同负债 59.7 亿，同比+12.1 亿。展 望看，公司有 ...