通用设备 | | | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524040002 Email：yangshuai01@zts.com.cn 分析师：叶光亮 执业证书编号：S0740525110002 Email：yegl@zts.com.cn 执业证书编号：S0740522100003 Email：xiexh@zts.com.cn 1、《三季度业绩超预期，景气趋势 确认》2025-10-31 2、《与川机器人战略合作，人形机 器人业务取得新突破》2025-08-19 3、《基本面出现根本变化，上行趋 势确定》2025-08-15 华锐精密（688059.SH） 证券研究报告/公司点评报告 2026 年 01 月 22 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：冯胜 | | 营业收 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [4]. Core Insights - The company forecasts a significant increase in net profit attributable to shareholders for 2025, estimated between 41 to 44 million yuan, representing a year-on-year growth of approximately 213.65% to 236.61% [1]. - The expected operating revenue for 2025 is around 362 million yuan, reflecting a year-on-year increase of about 16.77% [1]. - The company is actively investing in high-end instruments and has made progress in their smart and digital capabilities, with new products like organic element analyzers and liquid chromatography instruments gaining market recognition [2]. - The company has received multiple invention patents, enhancing its intellectual property moat and supporting future product iterations and market expansion [3]. Financial Summary - The projected financial metrics for the company are as follows: - Operating revenue (million yuan): 341 in 2023, 310 in 2024, 362 in 2025, 435 in 2026, and 499 in 2027, with a year-on-year growth of 18.7% in 2023, -9.1% in 2024, and 16.7% in 2025 [6]. - Net profit attributable to shareholders (million yuan): 45 in 2023, 13 in 2024, 43 in 2025, 53 in 2026, and 64 in 2027, with a year-on-year growth of 1.4% in 2023, -71.0% in 2024, and 225.7% in 2025 [6]. - Earnings per share (EPS): 0.53 in 2023, 0.15 in 2024, 0.50 in 2025, 0.62 in 2026, and 0.75 in 2027 [6]. - Price-to-earnings ratio (P/E): 48.3 in 2023, 166.5 in 2024, 51.1 in 2025, 41.0 in 2026, and 33.9 in 2027 [6].

捷昌驱动（603583） 证券研究报告·公司点评报告·自动化设备 2025 年业绩预告点评：业绩超市场预期，机 器人零部件深化布局 2026 年 01 月 23 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 许钧赫 买入（维持） 执业证书：S0600525090005 xujunhe@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,034 | 3,652 | 4,424 | 5,319 | 6,387 | | 同比（%） | 0.91 | 20.37 | 21.13 | 20.25 | 20.07 | | 归母净利润（百万元） | 205.96 | 281.98 | 415.75 | 544.90 | 711.69 | | 同比（%） | (37.16) | 36.91 | 47.44 | 31.07 | ...

证券研究报告 百龙创园 (605016 CH) 需求高景气支撑 Q4 业绩增长提速 | 华泰研究 | | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 22 日│中国内地 | 食品 | 目标价(人民币): | 28.00 | | | | | | 吕若晨 | 研究员 | | SAC No. S0570525050002 | lvruochen@htsc.com | | --- | --- | | SFC No. BEE828 | +(86) 755 8249 2388 | 基本数据 | 收盘价 (人民币 截至 1 月 22 日) | 22.48 | | --- | --- | | 市值 (人民币百万) | 9,442 | | 6 个月平均日成交额 (人民币百万) | 116.66 | | 52 周价格范围 (人民币) | 16.17-28.55 | 股价走势图 (6) 15 36 57 78 Jan-25 May-25 Sep-25 Jan-26 (%) 百龙创园 沪深300 资料来源：Wind ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company's performance is under short-term pressure due to cyclical challenges, but with ample unrecognized resources and high-quality land reserves gradually being recognized, there is potential for significant profit elasticity once the cycle stabilizes [2][7] - The company remains the industry leader in sales, with proactive investment expansion and a focus on optimizing land reserve quality [2][7] - The expectation of policy easing amid cyclical pressures suggests a potential valuation recovery for this state-owned enterprise [2][7] Financial Performance Summary - In 2025, the company achieved revenue of 308.3 billion yuan, a decrease of 1.1%, and a net profit attributable to shareholders of 1.03 billion yuan, down 79.5%. The non-recurring net profit was 630 million yuan, down 85.2% [7][8] - The company’s sales amounted to 253 billion yuan, a decline of 21.7%, with a sales area of 12.35 million square meters, down 31.2%, and an average price of 20,500 yuan per square meter, up 13.9% [7][8] - The company successfully issued 8.5 billion yuan in convertible bonds with a low coupon rate of 2.20%, reflecting strong investor confidence in its value [7][8] Future Outlook - The company is expected to achieve net profits of 1.2 billion yuan and 1.8 billion yuan in 2026 and 2027, respectively, with corresponding P/E ratios of 65x and 43x [7][8] - The company is actively optimizing its land reserve structure and has increased its land acquisition budget to 79.1 billion yuan, up 15.9% [7][8]

证券研究报告·公司点评报告·自动化设备 捷昌驱动（603583） 2025 年业绩预告点评：业绩超市场预期，机 器人零部件深化布局 买入（维持） 2026 年 01 月 23 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 市场数据 证券分析师 许钧赫 执业证书：S0600525090005 xujunhe@dwzq.com.cn 股价走势 -6% 3% 12% 21% 30% 39% 48% 57% 66% 75% 84% 2025/1/23 2025/5/24 2025/9/22 2026/1/21 捷昌驱动 沪深300 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,034 | 3,652 | 4,424 | 5,319 | 6,387 | | 同比（%） | 0.91 | 20.37 | 21.13 | 20.25 | 20.07 | ...

Investment Rating - The investment rating for Nanjing Bank is "Buy" (maintained) [9] Core Insights - Nanjing Bank's revenue for 2025 is expected to achieve double-digit growth, exceeding market expectations, with a year-on-year increase of 10.5% in revenue and 8.1% in net profit attributable to shareholders [2][3] - The bank's net interest income is projected to grow by 31% year-on-year, driven by active balance sheet expansion and stable interest margins [2] - The bank's non-performing loan (NPL) ratio and provision coverage ratio remained stable at 0.83% and 313%, respectively, as of the end of Q4 2025 [4] Summary by Sections Revenue Performance - Nanjing Bank's revenue and net profit attributable to shareholders for 2025 are forecasted to grow by 10.5% and 8.1% year-on-year, respectively, with an increase of 1.7 percentage points compared to the first three quarters of 2025 [2][3] - The bank's net interest income is expected to continue its upward trend, supported by strong loan growth and stable interest margins [2] Loan and Deposit Growth - As of Q4 2025, Nanjing Bank's loans and deposits grew by 13.4% and 11.7% year-on-year, respectively, although the growth rates showed a slight slowdown compared to Q3 2025 [3] - The bank is expanding its customer base, with a 19% increase in corporate value clients year-on-year [3] Shareholder Activity - On January 12, 2026, Nanjing Bank disclosed that its major shareholder, Zijin Group, increased its stake by 1% from September 11, 2025, to January 12, 2026, reflecting confidence in the bank's future development [5] Profit Forecast and Valuation - The forecasted growth rates for net profit attributable to shareholders for 2025-2027 are 8.08%, 9.54%, and 8.86%, respectively, with corresponding book values per share (BPS) of 14.64, 16.26, and 17.69 yuan [6] - The target price is maintained at 14.64 yuan per share, implying a target valuation of 0.90 times price-to-book (PB) for 2026, with a potential upside of 40% from the current price [6]

Investment Rating - The report maintains an "Increase" rating for the company, indicating a positive outlook for the stock price relative to the market index [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 540 million to 620 million yuan in 2025, representing a year-on-year growth of 78.77% to 105.25% [6]. - The demand for rail transit vehicles is anticipated to rise due to large-scale tenders for the Fuxing high-speed trains, with significant procurement planned by the China State Railway Group [6]. - The company has established a comprehensive service capability from design and development to manufacturing and maintenance, covering over a thousand subcategories of rail transit vehicle components [6]. - The railway transportation capacity is set to upgrade, with plans for new railway lines and high-speed rail expansions, which will drive the market for vehicle components [6]. - The company is actively involved in the research and production of new models, enhancing product innovation and maintenance demand as vehicles age [6]. - The company has invested in emerging industries through its subsidiary, indicating a strategic expansion into new markets [6]. Financial Summary - Total revenue is projected to reach 4,499.39 million yuan in 2024, with a growth rate of 21.69%, and is expected to increase to 5,462 million yuan in 2025 [5]. - The net profit attributable to shareholders is forecasted to be 302.07 million yuan in 2024, growing to 550.58 million yuan in 2025, reflecting an 82.27% increase [5]. - The earnings per share (EPS) is expected to rise from 0.39 yuan in 2024 to 0.70 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 22.56 [5].

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Outperform" [1] Core Views - Yanzhou Coal Mining Company has established itself as a leading coal enterprise with a strong focus on growth and high dividends, supported by a diversified business model that includes mining, high-end chemical materials, high-end equipment manufacturing, smart logistics, and new energy [2][4] - The company has significant coal resources and production capacity, with a total coal resource of 889.74 billion tons and an exploitable reserve of 177.44 billion tons as of the end of 2024 [2][10] - The coal quality is excellent, characterized by low ash, low sulfur, and high calorific value, which enhances its market reputation [2][55] - The coal chemical business is technologically advanced and poised for growth, with plans to expand production capacity significantly in the coming years [2][4] - The company is actively pursuing acquisitions to enhance its resource base and operational capabilities, including recent acquisitions of mining assets [22][24] Summary by Sections 1. Company Overview - Yanzhou Coal Mining Company was founded in 1997 and has listings in multiple stock exchanges, becoming an international energy company with a diversified portfolio [2][10] - The company aims to create green energy and lead energy transformation, focusing on five main industries: mining, high-end chemical materials, new energy, high-end equipment manufacturing, and smart logistics [10][21] 2. Coal Resource and Production Capacity - The company has a rich distribution of coal resources across various regions, including Shandong, Shaanxi, Inner Mongolia, Xinjiang, and Australia, with a total coal resource of 464.3 billion tons and an exploitable reserve of 60.05 billion tons [2][55] - The company plans to achieve a coal production target of 300 million tons per year, with significant capacity expansions expected from new mines in the coming years [2][4] 3. Coal Chemical Business - The coal chemical segment is a key growth area, with advanced technologies and plans for new projects that will enhance production capacity and product diversity [2][4] - The company is set to launch several high-end coal chemical projects, including an 80,000-ton ethylene project and a 50,000-ton high-temperature Fischer-Tropsch project [2][4] 4. Other Business Segments - The company is diversifying into non-coal mining, logistics, and equipment manufacturing, with significant resources in molybdenum and potassium salts [2][4] - Recent acquisitions have strengthened the company's logistics capabilities, enhancing its integrated logistics system [22][24] 5. Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 135.8 billion, 145.7 billion, and 147.4 billion yuan, with net profits of 10.6 billion, 13.3 billion, and 13.4 billion yuan respectively [2][4] - The stock is expected to have a reasonable valuation range of 15.9 to 17.2 yuan by 2026, indicating a potential upside of 15% to 24% compared to the closing price on January 19, 2026 [2][4]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][9]. Core Insights - The increase in Indonesia's crude palm oil export levy from 10% to 12.5% is expected to enhance the profitability per ton for the company's operations in Indonesia [3][4]. - The company is positioned as a leading enterprise in domestic oil chemical, surfactants, and personal care processing, with significant production capacities exceeding 1 million tons per year for oil chemical products and over 1.2 million tons for surfactants [3][9]. - The company anticipates revenue growth of 39% in 2025, followed by 16% in 2026 and 8% in 2027, with net profit projections of 3.0 billion, 4.1 billion, and 5.1 billion yuan respectively during the same period [3][9]. Summary by Relevant Sections Tax Rate Impact - The increase in the export levy is expected to boost the absolute tax amount paid, thereby enhancing the profitability of the company's Indonesian subsidiary, Dukuda [4][6]. Production Capacity and Profitability - Dukuda's new production capacity is being released in an orderly manner, and the combination of increased tax revenue and production capacity is expected to lead to simultaneous volume and price increases, enhancing overall profitability [6][9]. - The utilization rates for surfactants and OEM/ODM processing are steadily improving, which is anticipated to drive profitability upward [7]. Future Growth Potential - The company is focusing on the gradual ramp-up of OPO structured fat production, which is projected to achieve sales in the kiloton range within the year [8]. - The company has secured contracts with major clients such as White Cat and Unilever, which will help improve the operational rates of its processing capacity [7].