证券研究报告·公司点评报告·环境治理 伟明环保（603568） [Table_Tag] [投资要点 Table_Summary] ◼ 事件：2026 年 3 月 2 日，公司公告收到印度尼西亚主权投资基金发来 的中标通知书，确认公司作为牵头人组成的联合体中标巴厘岛项目。 中标印尼巴厘岛 1500 吨/日垃圾焚烧项目， 固废出海启航 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,025 | 7,171 | 9,765 | 13,482 | 17,292 | | 同比（%） | 34.66 | 19.03 | 36.17 | 38.07 | 28.26 | | 归母净利润（百万元） | 2,048 | 2,704 | 3,003 | 3,574 | 4,029 | | 同比（%） | 23.09 | 31.99 | 11.06 | 19.02 | 12.73 | | EPS-最新摊薄（元/股） | 1.20 | ...

Investment Rating - The report assigns a "Buy" rating for the company, Jiuhua Company (689009.SH), indicating a positive outlook on its investment potential [4]. Core Insights - The market has concerns regarding the new national standards affecting the electric two-wheeler industry and the EU's anti-dumping investigation on Chinese lawnmowers. However, the company is actively responding to external fluctuations, and growth momentum remains strong across its business lines. The report emphasizes the importance of monitoring future data to capitalize on the undervaluation of quality companies [1][4]. Summary by Relevant Sections Electric Two-Wheelers - The two-wheeler business is adapting to new national standards, with the company focusing on expanding products, stores, channels, and brand presence. Despite challenges in high-tier cities, growth potential remains robust, with expectations for a positive trend in Q1 2026 due to increased demand from electric motorcycles and high dealer purchasing intentions [1][2]. - Revenue projections for the two-wheeler segment are optimistic, with expected growth rates of 68.0%, 26.1%, and 25.0% for the years 2025, 2026, and 2027, respectively [11]. Lawn Mowers - The impact of the anti-dumping investigation on the lawn mower segment is expected to be limited in the short term, as the company is actively expanding overseas production capacity and has been proactive in shipping before tariffs take effect. The introduction of new products at CES in January is anticipated to drive penetration rates higher [2][11]. - The lawn mower market is projected to grow significantly, with expectations of a 254.8% year-on-year increase in revenue for the robot business in 2024, maintaining high growth rates in subsequent years [11]. Other Businesses - The company is also seeing positive trends in its scooter and all-terrain vehicle segments, with expected revenue growth rates of 19.1%, 12.8%, and 15.1% for scooters, and 10%, 20%, and 10% for all-terrain vehicles over the next three years [11]. - The report highlights the company's strategic focus on product innovation and channel expansion, which is expected to sustain growth across its various business lines [12]. Financial Projections - The company is projected to achieve a net profit of 1.79 billion, 2.42 billion, and 3.20 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18.0, 13.8, and 10.7 [2][14].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 200 yuan [2][8]. Core Insights - The company is expected to achieve a revenue of 18.62 billion yuan in 2025, representing a year-over-year increase of 55.9%. However, the net profit attributable to shareholders is projected to decline by 31.2% to 1.36 billion yuan [2][4]. - The fourth quarter of 2025 is anticipated to see a revenue of 6.55 billion yuan, a year-over-year increase of 32.6%, but the net profit is expected to drop by 36.1% to 320 million yuan [2][4]. - The company is experiencing pressure on its performance due to domestic market challenges, including the reduction of government subsidies and high base effects, while its international sales continue to grow significantly [2][8]. Financial Summary - Total revenue is projected to grow from 11.95 billion yuan in 2024 to 18.62 billion yuan in 2025, with a growth rate of 55.8% [4]. - The net profit is expected to decrease from 1.98 billion yuan in 2024 to 1.36 billion yuan in 2025, reflecting a decline of 31.2% [4]. - Earnings per share (EPS) are forecasted to be 5.25 yuan in 2025, down from 7.63 yuan in 2024 [4][9]. Market Performance - The company has shown resilience in the face of industry challenges, outperforming the market in certain product categories, particularly in international sales [2][8]. - The report highlights that the company’s sales of floor cleaning machines and washing machines have significantly outperformed the overall market, with year-over-year increases of 50% and 255% respectively during the Black Friday sales period [2][8]. Future Outlook - The report suggests that while short-term pressures exist, the company is expected to experience higher growth in the future as certain disruptive factors dissipate. The washing machine business is anticipated to stabilize, and new product innovations may enhance operational flexibility [2][8]. - The company is positioned to benefit from the ongoing international market expansion, especially as competitors face challenges [2][8].

证券研究报告：电子 | 公司点评报告 股票投资评级 瑞芯微(603893) 买入 |上调 个股表现 2025-03 2025-05 2025-07 2025-10 2025-12 2026-02 -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 瑞芯微 电子 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） | 175.59 | | --- | --- | | 总股本/流通股本（亿股）4.21 | / 4.21 | | 总市值/流通市值（亿元）739 | / 739 | | 52 周内最高/最低价 | 246.30 / 134.55 | | 资产负债率(%) | 16.9% | | 市盈率 | 123.65 | | 第一大股东 | 励民 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 生态共赢，务实前行 l 投资要点 AI 技术重塑电子产品，AIoT 迈入高速发展周期 ...

证券研究报告·公司点评报告·纺织制造 伟星股份（002003） 2025 年业绩快报点评：Q4 营收增长环比提 速，利润受短期费用影响承压 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,907 | 4,674 | 4,787 | 5,162 | 5,566 | | 同比（%） | 7.67 | 19.66 | 2.41 | 7.83 | 7.82 | | 归母净利润（百万元） | 558.11 | 700.33 | 641.64 | 678.21 | 728.59 | | 同比（%） | 14.21 | 25.48 | (8.38) | 5.70 | 7.43 | | EPS-最新摊薄（元/股） | 0.47 | 0.59 | 0.54 | 0.57 | 0.61 | | P/E（现价&最新摊薄） | 21.66 | 17.26 | 18.84 | 17.83 | 16.60 | [Table_Tag] [ ...

25 年业绩符合预期 26 年有望边际提速 核心观点 伟星股份 002003.SZ 公司研究 | 动态跟踪 盈利预测与投资建议 ⚫ 根据公司本次业绩快报以及下游服饰行业的经营形势和我们的草根跟踪，我们调整 对公司的盈利预测（主要下调了未来 3 年纽扣和拉链的收入增速、考虑股权激励、 人民币升值预期和折旧等因素上调了期间费用比率）预计公司 2025-2027 年每股收 益分别为 0.54、0.57 和 0.66 元（原预测为 0.58、0.64 和 0.75 元），DCF 估值对 应目标价为 15.78 元，维持"买入"评级。 风险提示 下游服饰复苏预期、贸易摩擦、汇率波动和海外产能爬坡低于预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,907 | 4,674 | 4,787 | 5,147 | 5,616 | | 同比增长 (%) | 7.7% | 19.7% | 2.4% | 7.5% | 9.1% | | 营业利润(百万元) | 67 ...

北交所信息更新 新材料、新能源、制药等领域收入增长，2025 年归母净利润同比+222% ——北交所信息更新 | 诸海滨（分析师） | 车欣航（分析师） | | --- | --- | | zhuhaibin@kysec.cn | chexinhang@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050001 | 2025 年业绩快报：营收 3.62 亿元，同比+16.63%；归母净利润 4211.72 万元 公司发布 2025 年业绩快报，2025 年公司实现营业收入 3.62 亿元，同比增长约 16.63%；实现归母净利润 4211.72 万元，同比增长 222.20%；扣非归母净利润 3557.01 万元，同比增长 821.24%。根据业绩快报，我们小幅下调 2025 年并维持 2026-2027 年盈利预测，预计 2025-2027 年归母净利润为 0.42（原 0.43）/0.53/0.64 亿元，对应 EPS 为 0.49/0.62/0.75 元/股，对应当前股价 PE 为 49.5/39.4/32.6 倍， 看好公司多项科学仪器新品达领先水平， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has reported a significant increase in revenue and has turned losses into profits, benefiting from the rising demand in the computing power industry [6][9] - The company achieved a revenue of 6.497 billion yuan in 2025, representing a year-on-year growth of 453.21%, with a net profit of 2.059 billion yuan, compared to a loss of 0.452 billion yuan in the previous year [5][6] - The fourth quarter of 2025 saw a revenue of 1.89 billion yuan, up 91.10% year-on-year, and a net profit of 0.454 billion yuan, marking a 66.91% increase [5][6] Revenue and Profit Growth - The company’s revenue and profit have shown remarkable breakthroughs, with a full-year revenue of 6.497 billion yuan and a net profit of 2.059 billion yuan, indicating a complete turnaround from previous losses [6][10] - The quarterly performance in Q4 2025 reflects a strong growth trajectory, with significant improvements in both revenue and net profit [6][10] Market Demand and Product Deployment - The growth in performance is attributed to the increasing demand for computing power, with successful large-scale deployments in key sectors such as telecommunications, finance, and the internet [6][9] - The company’s products support various large models, including LLaMA, GPT, and BLOOM, facilitating the training and inference tasks essential for AI applications [6][9] Future Projections - Revenue projections for 2025 to 2027 are estimated at 6.497 billion yuan, 17.008 billion yuan, and 24.488 billion yuan respectively, with net profits expected to reach 2.059 billion yuan, 6.839 billion yuan, and 9.406 billion yuan [10][11] - The company is positioned to benefit from the growing demand for large models and ongoing product optimization, with a projected price-to-sales ratio (PS) of 77.36, 29.55, and 20.52 for the years 2025 to 2027 [10][11]

公 公司深度报告 PCB 微钻领先者，钨矿资源注入可期 ——中钨高新(000657)深度报告 分析师： 张珂 SAC NO： S1150523120001 2026 年 3 月 3 日 有色金属-------钨 投资要点： 中国五矿旗下上市公司，业绩受益于钨价上涨 公司是中国五矿旗下的钨行业上市公司，业务覆盖钨产业链的多个环节。2024 年中国五矿旗下的优质钨矿资源开始注入公司，公司利润规模和盈利能力得 到明显提升。2025 年前三季度受益于钨价上涨，公司业绩表现继续向好。 钨行业：供给刚性强，需求有支撑 钨在高科技和国防领域具备重要的战略价值，我们看好钨行业未来景气度。 供给端，短期产量增长有限：我国拥有全球 80%以上钨矿供应和 50%以上钨 矿储量，而我国对钨矿开采严格管控，短期国内钨矿供应难有明显增长；海外 钨矿项目面临资金和成本压力，实际产能增量较小。需求端，多领域有望支撑 未来需求：工厂自动化和技术进步、主要经济体进入降息周期、我国建设雅下 水电工程、我国设备以旧换新政策等因素将支撑硬质合金的钨需求，光伏钨 丝渗透率提升将带动钨丝需求，全球军费增长趋势将带动钨特钢需求，数据 中心发展将带动电子领域 ...

证券研究报告·公司点评报告·纺织制造 伟星股份（002003） 股价走势 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2025/3/3 2025/7/2 2025/10/31 2026/3/1 伟星股份 沪深300 2025 年业绩快报点评：Q4 营收增长环比提 速，利润受短期费用影响承压 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,907 | 4,674 | 4,787 | 5,162 | 5,566 | | 同比（%） | 7.67 | 19.66 | 2.41 | 7.83 | 7.82 | | 归母净利润（百万元） | 558.11 | 700.33 | 641.64 | 678.21 | 728.59 | | 同比（%） | 14.21 | 25.48 | (8.38) | 5.70 | 7.43 | | EPS-最新摊薄（元/股） | 0.47 | ...