2026 年 01 月 11 日 油箱龙头海外布局成效显著，开拓航空航天与机 器人新赛道 买入(首次) 投资要点 | 分析师：林子健 | S1050523090001 | | --- | --- | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 6-0 1-0 9 | | 当前股价（元） | 25.85 | | 总市值（亿元） | 133 | | 总股本（百万股） | 513 | | 流通股本（百万股） | 513 | | 52 周价格范围（元） | 13.84-29 | | 日均成交额（百万元） | 135.0 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 120 (%) 亚普股份 沪深300 相关研究 —亚普股份（603013.SH）公司动态研究报告 ▌燃油系统全球龙头产商，新能源转型正当时 燃油系统全球第三，向新能源赛道积极转型。亚普股份成立 于 1988 年，是一家专注于汽车储能系统产品和热管理系统产 品的全球化供应商。汽车油箱 是重要的安全件，亚普是我国 成立最早的汽车塑料油箱生产企业，生产了我国第一只汽车 塑料油箱，现为 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [6] Core Insights - The company, 壹网壹创, has a solid foundation in its agency business, covering various consumer goods categories, and has deep collaborations within the Alibaba ecosystem. With the support of AI technology, it is expected to break through performance ceilings [4] - The company has experienced a decline in revenue and net profit CAGR from 2020 to 2024 due to industry factors, but in Q1-Q3 of 2025, it achieved a 4% year-on-year growth in net profit, indicating significant performance improvement. It is anticipated that 2025 will mark a turning point for performance recovery [4] - The company is actively exploring AI applications in specific business scenarios, with expectations for its AI vertical business to enter a high-growth phase in 2026. The commercialization of tools like "Master Student Map" and "Cloud Meeting" is projected to grow sequentially in Q4 2025 [6] - The company is adapting to the trend of e-commerce search evolution from SEO to GEO, establishing a specialized team to seize growth opportunities in the GEO commercialization wave [6] - The company maintains its position as a leading e-commerce agency service provider, consistently recognized as a "Tmall Six-Star Service Provider," with partnerships across various sectors including beauty, personal care, and health products [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 1,236 million, with a year-on-year growth rate of -4.0%. For 2025, the revenue is expected to be 1,164 million, with a growth rate of -5.8%, followed by a recovery to 1,283 million in 2026 (10.2% growth) and 1,418 million in 2027 (10.5% growth) [5] - The net profit attributable to the parent company is forecasted to be 111 million in 2025, with a significant increase to 146 million in 2026 (30.9% growth) and 181 million in 2027 (24.0% growth) [5] - The earnings per share (EPS) is expected to rise from 0.47 in 2025 to 0.61 in 2026 and 0.76 in 2027 [5] - The company's return on equity (ROE) is projected to improve from 3.8% in 2025 to 4.7% in 2026 and 5.5% in 2027 [5]

Investment Rating - The investment rating for Zoomlion Heavy Industry Science and Technology Co., Ltd. is "Buy" (maintained) [7] Core Views - Zoomlion is positioned as a leading player in the Chinese engineering machinery sector, with growth potential driven by its diversified focus on engineering machinery, agricultural machinery, and mining machinery [1] - The company is benefiting from a recovery in domestic demand, particularly in non-excavator segments, and is advancing its globalization strategy through overseas direct sales and localized production [1][11] - The company is also focusing on low-valuation humanoid robots, which are expected to contribute to future growth [1][11] Industry and Company Analysis Engineering Machinery Sector - The global engineering machinery market is projected to reach USD 213.5 billion in 2024 and USD 296.1 billion by 2030, with a CAGR of 6% from 2024 to 2030 [2] - Domestic recovery in excavators is expected to drive demand for non-excavator machinery, supported by infrastructure and municipal needs [2][3] - The company has a significant market share in various segments, including nearly 50% in the 1000-ton and above crawler crane market [12][24] Agricultural Machinery - The global agricultural machinery market is expected to reach approximately RMB 1.5 trillion in 2024, with China contributing around RMB 300 billion [5] - Emerging markets and green technology are identified as key growth drivers for agricultural machinery [5][25] Mining Machinery - The global mining machinery market is projected to grow from USD 133.1 billion in 2025 to USD 229.2 billion by 2035, with a CAGR of 6% [6] - The company is focusing on green, large-scale, and intelligent mining machinery, with significant growth in sales and market penetration [13][26] Financial Projections - The company is expected to achieve a net profit of RMB 49 billion, 64 billion, and 81 billion from 2025 to 2027, with respective growth rates of 40%, 30%, and 26% [20] - The projected P/E ratios for 2025-2027 are 15, 12, and 9 times, indicating a favorable valuation outlook [20] Globalization and Shareholder Returns - The company plans to issue up to RMB 6 billion in H-share convertible bonds to support its globalization strategy, with 50% of the funds allocated to overseas production and technology development [14][36] - The company has a high dividend payout ratio of 74% for 2024, reflecting its commitment to shareholder returns [36]

证券研究报告 | 公司点评 gszqdatemark 2026 01 11 年 月 日 昊华科技（600378.SH） 主业高景气，新材料平台型龙头扬帆起航 传承 70 余载，昊华科技是共和国化工新材料"核心研发平台"。公司隶属 于中国中化，由 50-70 年代成立的十二家国家级化工材料研究院合并而 成，公司旗下十二家科研院所均应新中国早期特种领域需求诞生。七十年 来，公司在研发上的累计投入与国家给予补助的价值突出。公司在特种涂 料、弹性体、气体、氟材料等细分领域均具有显著的行业地位，下游包括 航空、航天、军工等环节，是我国化工行业由大产能驱动转向研发驱动、 科技驱动新时代的"核心资产"。 整合中化蓝天，制冷剂高景气业绩"持续兑现"。通过整合中化蓝天，公司 氟化工上游产业链完整度大幅提升，涵盖氟碳化学品、氟聚合物、氟精细 化学品、含氟锂电材料等产品。其中，氟碳化学品业务受三代制冷剂涨价 拉动，景气加速。单季度来看，2025Q3 公司实现归母净利润历史新高 5.9 亿元，同比增长 22%。根据公司经营报告，2025 年 1-3Q 公司氟碳化学 品均价达 4.44 万元，同比 2024 年大幅上升 49%。从细分 ...

乘科技之风，迎重要时刻 事件：近期公司与潜在购买方就其收购 BFPC 公司 100%股权事宜签署了 非约束性的《关于购买 Best Formulations PC LLC 股权的意向书》；且公司 公告于 2026 年 1 月 8 日审议通过拟发行 H 股股票并在香港联交所主板上 市的相关议案。 与潜在购买方签署 BFPC 出售意向书，利润弹性有望兑现。公司与潜在购 买方就出售 BFPC 签署意向书，BFPC 剥离有利于进一步优化公司的美国 业务结构，提升公司的整体盈利能力和市场竞争力。根据少数股东损益推 算，2025 年前三季度 BF 子公司亏损达 1.3 亿元，我们预计 BFPC 剥离后 亏损有望显著收窄，大幅提振公司利润表现。 拟 H 股上市，全球化加速。25H1 公司中国大陆/美洲/欧洲/其他区域营收 分别为 8.2/7.6/3.6/1.0 亿元，占比 40.1%/37.2%/17.6%/5.1%，海外业 务占据重要份额。公司拟发行 H 股并在港交所上市，利用国际资本市场优 势，打造多元化资本运作平台，有助于深化公司全球化战略布局，加速拓 展海外市场，打开公司增长天花板。未来美洲市场公司将继续加强团队建 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中国核电（601985.SH） [Table_Title] 产能扩张带动电量稳增，多重因素限制业绩增速 报告要点 [Table_Summary] 2025 年公司控股核电机组发电量 2008.07 亿千瓦时，同比增长 9.66%，但今年以来部分省份 市场化交易电价下降以及部分核电子公司税费增加等因素一定程度或限制核电板块业绩增速。 新能源装机的持续扩张带动 2025 年公司新能源发电量同比增长 31.29%，但同时也使得折旧等 各项成本费用同比显著增加，且考虑新能源电价偏弱以及增资引战后公司对中核汇能的持股比 例降低等影响，新能源板块的业绩贡献预计延续承压。整体来看，虽然核电与新能源均实现良 好的电量表现，但由于受到电价以及税费等因素影响，公司全年业绩展望平稳。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 张子淳 请阅读最后评级说明和 ...

公司点评 · 家用电器行业 商业航天影子龙头，控股乾照光电 2026 年 01 月 11 日 核心观点 | 主要财务指标预测 | | | | | | --- | --- | --- | --- | --- | | | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 58,530 | 61,641 | 69,213 | 75,926 | | 收入增长率% | 9.17 | 5.31 | 12.28 | 9.70 | | 归母净利润(百万元) | 2,246 | 2,677 | 2,997 | 3,413 | | 利润增长率% | 7.17 | 19.20 | 11.93 | 13.88 | | 摊薄 EPS(元) | 1.72 | 2.05 | 2.30 | 2.62 | | PE | 14.12 | 11.84 | 10.58 | 9.29 | 资料来源：公司公告，中国银河证券研究院（注：收盘价为 2026 年 1 月 9 日） 海信视像（股票代码：600060） 推荐 维持评级 分析师 何伟 ：hewei_yj@chinastock.com.cn 分析师登记编码： ...

证券研究报告 | 公司点评报告 2026 年 01 月 10 日 中航西飞（000768.SZ） 关联交易预计仍处于高位，新型号或取得新进展 中游制造/军工 ❑ 盈利预测：预计公司 2025/2026/2027 年归母净利润为 11.41/13.02/14.88 亿 元，对应估值 73、64、56 倍，维持"强烈推荐"评级。 ❑ 风险提示：新型号研制交付进度不及预期，产能释放情况低于预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 40301 | 43216 | 45261 | 51312 | 59188 | | 同比增长 | 7% | 7% | 5% | 13% | 15% | | 营业利润(百万元) | 1023 | 1185 | 1322 | 1510 | 1727 | | 同比增长 | 75% | 16% | 12% | 14% | 14% | | 归母净利润(百万元) | 861 | 1023 | 1141 | 1302 | 1 ...

证券研究报告·公司深度研究·汽车零部件 凌云股份（600480） 汽零领军企业，拓展液冷&机器人新业务 2026 年 01 月 10 日 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） | 18,702 | 18,837 | 19,897 | 21,806 | 24,317 | | 同比（%） | 12.06 | 0.72 | 5.62 | 9.59 | 11.52 | | 归母净利润（百万元） | 631.63 | 655.43 | 800.99 | 908.54 | 1,054.65 | | 同比（%） | 85.44 | 3.77 | 22.21 | 13.43 | 16.08 | | EPS-最新摊薄（元/股） | 0.52 | 0.54 | 0.66 | 0.74 | 0.86 | | P/E（现价&最新摊薄） | 24.13 | 23.25 | 19.03 | 16.78 | 14.45 | [Table ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The coal machinery industry is experiencing a cyclical bottoming, with multiple drivers such as replacement, automation, and export opportunities expected to benefit the leading state-owned enterprises [1] - The company has a comprehensive industry chain layout, with notable performance in safety and automation [2] - The company reported a 7.5% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, despite a 6.9% decline in revenue [2] - The company’s gross margin for the first three quarters of 2025 was 27.2%, down 5.2 percentage points year-on-year, while the net margin increased by 4.4 percentage points to 17.2% [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 20.47 billion yuan, a decrease of 6.9% year-on-year, and a net profit of 2.34 billion yuan, an increase of 7.5% year-on-year [2][10] - The company’s operating income for 2025 is projected to be 30.6 billion yuan, with a compound annual growth rate (CAGR) of 6% from 2025 to 2027 [4] - The net profit attributable to shareholders is expected to be 2.6 billion yuan in 2025, with a CAGR of 10% from 2025 to 2027 [4] - The company’s price-to-earnings (P/E) ratios are projected to be 9.3X, 8.6X, and 7.7X for 2025, 2026, and 2027, respectively [4] Industry Overview - The coal machinery industry is seeing increased concentration, with leading state-owned enterprises poised to benefit from this trend [1] - The demand for coal machinery is driven by factors such as replacement needs, automation, and the trend of consolidating smaller mines into larger operations [1]