| - 级: | | --- | | 増す 自 次 | 通信设备 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 | 永鼎股份（600105.SH） 证券研究报告/公司点评报告 2026 年 02 月 27 日 | 增持（首次） 评级： | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杨雷 | 营业收入（百万元） | | 4,345 | 4,111 | 4,690 | 5,650 | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing short-term pressure on profits due to high R&D investments, but the long-term outlook remains positive, particularly in the Switch chip industry [1][9] - The company has established strong customer relationships and localized services, enhancing competitive barriers and positioning within the industry [3] - The company is expected to benefit from the domestic substitution trend and the increasing demand for computing power [9] Financial Performance Summary - The company is projected to achieve total revenue of 1.15 billion yuan in 2025, representing a year-on-year growth of 6.39% [1] - The net profit attributable to shareholders is expected to be a loss of 149.91 million yuan in 2025, with a significant year-on-year decline of 119.59% [1] - The earnings per share (EPS) is forecasted to be -0.37 yuan in 2025, with a recovery expected in subsequent years [1][10] R&D and Competitive Position - The company is committed to high R&D spending to maintain its technological leadership in Ethernet switching chips, which is crucial for meeting the demands of the fully interconnected era [8] - Key technological advantages have been established in features such as FlexE, programmable pipelines, and OAM/APS engines, enhancing product competitiveness [8] - The company is advancing its high-end products into large-scale data centers and cloud scenarios, with flagship specifications gradually entering the market [8] Market Data - The closing price of the company's stock is 180.20 yuan, with a market capitalization of approximately 73.88 billion yuan [6] - The company has a price-to-book ratio of 31.10 and a total share capital of 410 million shares [6][7]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兖矿能源(600188) 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮箱：lichunchi@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,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] 兖煤澳洲：量增本降显韧性，价涨利增看弹性 [Table_ReportDate] 2026 年 2 月 27 日 事件：2026 年 2 月 25 日晚，兖矿能源的海外核心子公司兖煤澳大利亚 （3668.HK）发布 2025 年业绩。2025 年，公司实现营业收入 59.49 亿澳 元，同比下降 14%；实现归母净利润 4 ...

消费者服务行业 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn | 主要数据 2026 | 年 2 月 26 | | --- | --- | | 日 | | | 收盘价(元) | 139.62 | | 总市值（亿 | 107.97 | | 元） | | | 总股本 ( 亿 | 0.77 | | 股) | | | 流 通 股 本 | 0.19 | | (亿股) | | | ROE（TTM） | 27.65% | | 12 月最高价 | 166.50 | | (元) | | | 12 月最低价 | 125.00 | | (元) | | 股价走势 资料来源：东莞证券研究所，IFind 相关报告 投资要点： 增持 （首次） 陕西文旅龙头，盈利能力强劲 陕西旅游（603402）深度报告 2026 年 2 月 27 日 公 司 研 究 证 券 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险 自担。 请务必阅读末页声明 ...

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 faced slight pressure on external sales due to a decrease in orders from major overseas clients, leading to a minor 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 expenses have increased due to higher marketing and R&D investments [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 expected revenue for Q4 2025 is 5.87 billion yuan, with a projected net profit of 730 million yuan, indicating a year-on-year decline [1] Sales Performance - Domestic sales are projected to grow steadily, with a 2.7% increase in 2025, while external sales are expected to face challenges due to tariffs and other external factors [2][3] Profitability Metrics - The company's net profit margin decreased by 0.8 percentage points to 9.2% in 2025, with a further decline in Q4 to 12.4% [3] - The company has adjusted its profit forecast 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] Valuation Metrics - The company is currently valued at a price-to-earnings ratio (PE) of 17 for 2025, with projections of 16 for 2026 and 15 for 2027 [3][4]

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 ...