| H70529@capital.com.tw | | --- | | 何利超 目标价(元) 270 | 2026 年 2 月 26 日 公司基本资讯 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2026/2/25) | | | 246.48 | | 上证指数(2026/2/25) | | | 4147.23 | | 股价 12 个月高/低 | | 308.46/127.87 | | | 总发行股数(百万) | | | 2324.34 | | A 股数(百万) | | | 2324.34 | | A 市值(亿元) | | | 5729.03 | | 主要股东 | | 曙光信息产业 | | | | | 股份有限公司 | | | | | | (27.96%) | | 每股净值(元) | | | 9.68 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | -3.0 15.4 | | 60.2 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-4-2 | 153.72 | 买进 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 7.299 billion yuan for 2025, reflecting a year-on-year growth of 6%. The net profit attributable to shareholders is expected to be 660 million yuan, up 15% year-on-year [9] - The company has effectively mitigated the impact of fluctuating tariff policies through proactive business strategies and global capacity coordination, leading to a significant increase in overseas revenue, which has enhanced profitability [9] - The launch of the Yuan Shen ONE series SST products is expected to accelerate the company's growth in the SST market, with a projected market size exceeding 100 billion yuan by 2030 [9] Financial Projections - Total revenue projections for the company are as follows: - 2023: 6.668 billion yuan - 2024: 6.901 billion yuan - 2025: 7.299 billion yuan - 2026: 8.455 billion yuan - 2027: 10.500 billion yuan [1] - Net profit attributable to shareholders is projected to grow as follows: - 2023: 504.66 million yuan - 2024: 574.42 million yuan - 2025: 659.95 million yuan - 2026: 891.92 million yuan - 2027: 1,217.20 million yuan [1] - The earnings per share (EPS) forecast is: - 2023: 1.10 yuan - 2024: 1.25 yuan - 2025: 1.44 yuan - 2026: 1.94 yuan - 2027: 2.65 yuan [1] Market Data - The closing price of the company's stock is 101.88 yuan, with a market capitalization of approximately 46.84 billion yuan [6] - The company has a price-to-earnings (P/E) ratio of 92.82 for 2023, which is expected to decrease to 38.48 by 2027 [1]

2026 年 2 月 26 日 | H70529@capital.com.tw | | --- | | 何利超 目标价(元) 270 | 公司基本资讯 一季度预计高速增长，CPU+DCU 双轮驱动公司成长 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2026/2/25) | | | 246.48 | | 上证指数(2026/2/25) | | | 4147.23 | | 股价 12 个月高/低 | | 308.46/127.87 | | | 总发行股数(百万) | | | 2324.34 | | A 股数(百万) | | | 2324.34 | | A 市值(亿元) | | | 5729.03 | | 主要股东 | | 曙光信息产业 | | | | | 股份有限公司 | | | | | | (27.96%) | | 每股净值(元) | | | 9.68 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | -3.0 15.4 | | 60.2 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | ...

2026 年 02 月 26 日 市公司 研究 公司书 (002032) -2025 年业绩快报点评：内销稳定增长，坚持创新迭代 投资要点: 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 22,427 | 16.897 | 22,772 | 23.924 | 25,008 | | 同比增长率（%） | 5.3 | 2.3 | 1.5 | 5.1 | 4.5 | | 归母净利润（百万元） | 2.244 | 1.366 | 2.097 | 2.226 | 2,383 | | 同比增长率（%） | 3.0 | -4.7 | -6.6 | 6.1 | 7.1 | | 每股收益（元/股） | 2.82 | 1.72 | 2.62 | 2.78 | 2.97 | | 毛利率(%) | 24.7 | 23.7 | 23.7 | 24.6 | 24.7 | | ROE (%) | 34.9 | 24.7 | 33.4 | 34.7 | 36.3 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 is in line with market expectations, with projected revenue of 7.299 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 660 million yuan, up 15% year-on-year [9] - The company has effectively mitigated the impact of fluctuating tariff policies through proactive business strategies and global capacity coordination, leading to a significant increase in overseas revenue, which has enhanced profitability [9] - The launch of the Yuan Shen ONE series SST products is expected to accelerate the company's growth in the SST market, with a projected market size exceeding 100 billion yuan by 2030 [9] Financial Summary - Total revenue projections for the company are as follows: 6.901 billion yuan in 2024, 7.299 billion yuan in 2025, 8.455 billion yuan in 2026, and 10.500 billion yuan in 2027, reflecting growth rates of 3.50%, 5.78%, 15.83%, and 24.18% respectively [1][10] - The net profit attributable to shareholders is forecasted to be 574 million yuan in 2024, 660 million yuan in 2025, 892 million yuan in 2026, and 1.217 billion yuan in 2027, with growth rates of 13.82%, 14.89%, 35.15%, and 36.47% respectively [1][10] - The latest diluted EPS is projected to be 1.25 yuan in 2024, 1.44 yuan in 2025, 1.94 yuan in 2026, and 2.65 yuan in 2027 [1][10] - The current P/E ratios based on the latest diluted EPS are 81.55 for 2024, 70.98 for 2025, 52.52 for 2026, and 38.48 for 2027 [1][10]

上 市 公 司 证 券 研 究 报 告 评 2026 年 02 月 26 日 苏泊尔 (002032) ——2025 年业绩快报点评：内销稳定增长，坚持创新迭代 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,427 | 16,897 | 22,772 | 23,924 | 25,008 | | 同比增长率（%） | 5.3 | 2.3 | 1.5 | 5.1 | 4.5 | | 归母净利润（百万元） | 2,244 | 1,366 | 2,097 | 2,226 | 2,383 | | 同比增长率（%） | 3.0 | -4.7 | -6.6 | 6.1 | 7.1 | | 每股收益（元/股） | 2.82 | 1.72 | 2.62 | 2.78 | 2.97 | | 毛利率（%） | 24.7 | 23.7 | 23.7 | 24.6 | 24.7 | | ROE（%） | 34.9 | 24.7 | 33.4 | 3 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][82]. Core Insights - The company is a leading player in high-end interior design, focusing on "space design + soft decoration," and is positioned in the top tier of the industry [1][14]. - Despite the downturn in the real estate market, the company is expected to benefit from policies promoting high-quality housing, leading to a renewed demand for high-quality design and decoration services [1][21]. - The company's profitability is recovering, with a significant rebound in revenue and profit anticipated starting in 2025, projecting a net profit of CNY 0.58-0.80 billion, representing a year-on-year growth of 72%-137% [1][30]. Financial Health - The company maintains a strong financial position with cash and cash-equivalent assets totaling approximately CNY 16 billion, accounting for 74% of total assets and 37% of market capitalization [2][46]. - The company has minimal interest-bearing debt, with a debt-to-asset ratio of 19.6% as of Q3 2025, indicating a light asset operation model [2][46]. - The operating cash flow has remained stable, with net cash inflows of CNY 1.5 billion in 2025, significantly higher than net profit during the same period [49][53]. Revenue and Profit Forecast - The company forecasts revenues of CNY 7.00 billion, CNY 9.25 billion, and CNY 11.03 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.2%, 32.1%, and 19.3% [70][60]. - The projected net profit for 2025-2027 is CNY 0.69 billion, CNY 1.60 billion, and CNY 2.24 billion, with net profit margins of 9.9%, 17.3%, and 20.3% [70][82]. Valuation - The target valuation range for the company is set between CNY 29.12 and CNY 31.15, corresponding to a total market capitalization of CNY 52-56 billion, indicating a potential upside of 13%-21% from the current stock price [3][82]. - The valuation is supported by both absolute and relative valuation methods, with a projected price-to-earnings ratio of 66.9 for 2025, decreasing to 20.7 by 2027 [4][80].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.02 [1][7]. Core Insights - The company is transitioning from a "market operator" to a "digital foreign trade infrastructure platform," evolving its growth path from a single rental asset to a comprehensive trade service provider driven by multiple factors including physical markets, digital trade, cross-border finance, import hubs, and global logistics [3][4]. - The company is expected to achieve significant revenue growth, with projected revenues of 203.75 billion, 267.99 billion, and 344.55 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 29.47%, 31.53%, and 28.57% [6][7]. Company Overview - The company operates four main business segments: market operations, product sales, digital services, and supporting services. Market operations generated 45.78 billion in revenue in 2024, with a gross margin of 84.27%, while product sales reached 92.57 billion, accounting for 58.82% of total revenue [4][22][23]. - Digital services, including the Chinagoods platform and cross-border payment solutions, are expected to drive significant growth, with Chinagoods projected to exceed 600 billion in GMV by 2024 [5][24]. Financial Performance - The company has shown robust financial growth, with total revenue increasing by 322.4% from 2020 to 2024, and a compound annual growth rate (CAGR) of 43.35% [28]. - The net profit attributable to shareholders is projected to grow significantly, reaching 44.59 billion, 58.57 billion, and 74.9 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 45.08%, 31.35%, and 27.88% [6][7][30]. Industry Landscape - The global trade landscape is undergoing a transformation, with the company positioned as a key player in the "1039 model," which facilitates small batch, multi-channel trade, enhancing its role as a foreign trade infrastructure provider [47][48]. - The company benefits from the growing trend of digitalization in trade, which is reshaping the industry and providing new opportunities for revenue generation through enhanced service offerings [60].

| [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,206 | 1,525 | 1,830 | 2,398 | 3,107 | | (+/-)% | 4.6% | 26.4% | 20.0% | 31.1% | 29.5% | | 净利润(归母) | 180 | 225 | 275 | 354 | 442 | | (+/-)% | 19.6% | 25.1% | 22.1% | 28.9% | 24.7% | | 每股净收益(元) | 0.75 | 0.94 | 1.14 | 1.47 | 1.83 | | 净资产收益率(%) | 5.8% | 7.0% | 7.9% | 9.4% | 10.7% | | 市盈率(现价&最新股本摊薄) | 162.92 | 130.23 | 106.69 | 82.78 | 66.37 | 港交所聆讯通过，全球化战略加速 兆威机电(003021) 公司赴港上市聆讯通过点评 | [姓名tabl ...

分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩稳健增长，拓展多元化应用 l 事件描述 公司发布 2025 年业绩快报，2025 年预计实现营收 23.08 亿元， 同比增长 28.9%；实现归母净利润 5.29 亿元，同比增长 27.63%；实 现扣非归母净利润 4.83 亿元，同比增长 23.33%。 证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 79.97 | | --- | --- | | 总股本/流通股本（亿股）1.80 | / 1.80 | | 总市值/流通市值（亿元）144 | / 144 | | 52 周内最高/最低价 | 85.17 / 61.40 | | 资产负债率(%) | 24.9% | | 市盈率 | 34.47 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 ...