[Table_scodeMsg1] 公司研究丨点评报告丨燕京啤酒（000729.SZ） 丨证券研究报告丨 [Table_Author] 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% [Table_Title] 燕京啤酒跟踪点评：重看改革路，书写新篇章 报告要点 [Table_Summary] 历经内部改革，燕京啤酒迎来新生。作为老牌北京啤酒企业，燕京啤酒曾因淘汰过剩产能及高 端化转型速度落后于其他公司，产品销量持续下滑，2021 年公司归母净利率仅 1.9%，与行业 有较大差距。2021 年，燕京啤酒在耿董事长的带领下正式开启了蜕变之旅，几年间实现了收 入、利润快速增长，通过 U8 大单品战略、内部改革提效，公司实现了收入、利润快速增长， 盈利能力实现质的跨越。 分析师及联系人 %% %% research.95579.com 丨证券研究报告丨 2026-01-27 公司研究丨点评报告 1 [Table_scodeMsg2] 燕京啤酒（000729.SZ） cjzqdt11111 [Table_Titl ...

基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 683.8/683.8 | | --- | --- | | 总市值/流通市值（百万元） | 5211/5211 | | 一年内最高/最低（元） | 9.45/7.27 | | 30 日日均成交量/成交额（百万） | 8.34/63.72 | | 近 3 个月/6 个月涨跌幅（%） | -2.93/-10.14 | [Table_PicQuote] 相对市场表现 -22% -12% -1% 9% 20% 30% 01/25 03/25 05/25 07/25 09/25 11/25 01/26 华设集团 沪深300 [Table_Page] 公司深度研究|工程咨询服务Ⅱ 证券研究报告 | Table_Invest] [公司评级 | 增持 | | --- | --- | | 当前价格 | 7.73 元 | | 合理价值 | 10.30 元 | | 报告日期 | 2026-01-26 | | [分析师： Table_Author]耿鹏智 | | --- | | SAC 执证号：S0260524010001 | | 021-3800362 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant revenue growth in 2025, with total revenue projected to be between 43.87 billion and 44.27 billion RMB, representing a year-on-year increase of 39.88% to 41.15%. The net profit attributable to shareholders is forecasted to be between 10.23 billion and 11.03 billion RMB, reflecting a year-on-year growth of 71.97% to 85.42% [7] - The company has established a dual-track strategy focusing on "SoC + co-processor" development, which is expected to drive growth in various sectors including automotive electronics and industrial applications. The introduction of the RK182X co-processor is anticipated to address bandwidth and power consumption challenges in deploying large models at the edge [7] - The company is well-positioned to capitalize on the rapid growth of edge AI applications in 2026, with a strong competitive advantage in the AIoT sector [7] Financial Projections - Total revenue projections for 2025, 2026, and 2027 are 44.07 billion, 55.58 billion, and 69.62 billion RMB respectively, with net profits expected to be 10.6 billion, 14.6 billion, and 19.0 billion RMB [7] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.52, 3.47, and 4.52 RMB respectively, with a price-to-earnings (P/E) ratio decreasing from 73.99 in 2025 to 41.33 in 2027 [1][8] - The company is expected to maintain a gross margin of approximately 41.20% in 2025 and 2026, with a net profit margin increasing to 26.25% by 2026 [8]

公 司 研 究 / 基 础 化 工 / 证 券 研 究 报 告 百龙创园（605016）动态点评 全年业绩亮眼，25Q4 环比加速 2026 年 01 月 26 日 【事项】 公司发布业绩快报：预计 2025 年实现营业总收入 13.79 亿元，同比 +19.75%；实现归母净利润 3.66 亿元，同比+48.94%；实现扣非归母 净利润 3.61 亿元，同比+55.87%。测算得 25Q4 分别实现营收 4.10 亿 元，同比+23.8%；实现归母净利润 1.01 亿元，同比+60.6%；实现扣 非归母净利润 1.01 亿元，同比+72.0%。 【评论】 挖掘价值 投资成长 相关研究 产品结构优化，利润弹性持续释放。公司膳食纤维系列产品中高毛利 的抗性糊精产品的销售占比进一步提升，带动了利润的增长。同时依 托公司研发技术，推进生产工艺技术改造，优化物料成本结构，降低 直接材料成本。"年产 30,000 吨可溶性膳食纤维项目"和"年产 15000 吨结晶糖项目"随着公司产品订单需求的增加，产能利用率进一步提 升。 品类景气度较优，产能瓶颈有所缓解。2025Q4 公司营收环比提速， 功能糖干燥扩产与综合提升项目 ...

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 总股本(百万股) | 211.14 | | --- | --- | | 流通股本(百万股) | 211.14 | | 市价(元) | 40.91 | | 市值(百万元) | 8,637.68 | | 流通市值(百万元) | 8,637.68 | | 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：何俊艺 | | 营业收入（百万元） | | 1,519 | 2,276 | 2,541 | 3,750 | 4,850 | | | | 增长率 yoy% | ...

股票研究 /[Table_Date] 2026.01.26 26 年目标扭亏为盈，前瞻布局太空光伏 天合光能(688599) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 吴志鹏(分析师) | 021-23215736 | wuzhipeng@gtht.com | S0880525070004 | 本报告导读： 公司股权激励草案计划的目标 26 年扭亏为盈，在太空光伏领域进行前瞻布局。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 113,411 | 80,282 | 78,589 | 86,891 | 103,652 | | (+/-)% | 33.3% | -29.2% | -2.1% | 10. ...

报告原因：有业绩公布需要点评 买入（维持） 2026 年 01 月 26 日 华勤技术 (603296) ——2025 归母净利润同比增长 37%+，数据业务高速成长 | 市场数据： | 2026 年 01 月 26 日 | | --- | --- | | 收盘价（元） | 90.52 | | 一年内最高/最低（元） | 111.03/55.50 | | 市净率 | 3.7 | | 股息率%（分红/股价） | 0.99 | | 流通 A 股市值（百万元） | 51,703 | | 上证指数/深证成指 | 4,132.61/14,316.64 | | 注："股息率"以最近一年已公布分红计算 | | 相关研究 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 24.48 | | 资产负债率% | 75.30 | | 总股本/流通 A 股（百万） | 1,016/571 | | 流通 B 股/H 股（百万） | -/- | 杨紫璇 A02305240 ...

Investment Rating - The report indicates a significant downgrade in the investment outlook for the company, with a projected net profit drop of 78.7% to 84.0% for 2025 compared to 2024 [4][12]. Core Insights - The company, Kosi Co., Ltd. (科思股份), is experiencing a severe decline in profitability, with a forecasted net profit of only 0.9 to 1.2 billion yuan for 2025, marking a drastic fall from previous years [4][12]. - The gross margin has plummeted from 48.8% in 2023 to 29.6% in 2025, indicating a loss of pricing power and profitability [9][10]. - The company's revenue for the first three quarters of 2025 was 11.2 billion yuan, but this was accompanied by a significant drop in cash flow, which decreased by nearly 79% year-on-year [12]. - Kosi Co., Ltd. has historically benefited from a strong position in the sunscreen market, holding over 20% of the global market share, but is now facing challenges due to reduced demand from major clients [15][16]. - The company's reliance on international clients for over 80% of its revenue has made it vulnerable to global market fluctuations, particularly as clients begin to reduce inventory [16][21]. - The report highlights the company's ongoing expansion efforts, including projects in Malaysia, despite the current downturn in performance [25][28]. Summary by Sections Performance Overview - The company has issued a shocking profit warning, projecting a net profit of only 0.9 to 1.2 billion yuan for 2025, a stark contrast to previous years [4]. - The gross margin has decreased significantly, dropping from 48.8% in 2023 to 29.6% in 2025 [9][10]. Market Position and Challenges - Kosi Co., Ltd. has been a leading player in the sunscreen market, but the slowdown in demand from major clients has exposed vulnerabilities in its business model [15][16]. - The company’s gross margin for its core product, cosmetic active ingredients, fell from 53.1% in 2023 to 35.3% in 2025 [17]. Strategic Moves - Despite the downturn, the company is pursuing expansion projects, including a significant production facility in Malaysia, indicating a commitment to long-term growth [25][28]. - The report notes that the actual controller of the company has reduced their holdings, which may signal a lack of confidence in the near-term outlook [22][23].

股票研究 /[Table_Date] 2026.01.26 26 年目标扭亏为盈，前瞻布局太空光伏 天合光能(688599) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 吴志鹏(分析师) | 021-23215736 | wuzhipeng@gtht.com | S0880525070004 | 本报告导读： 公司股权激励草案计划的目标 26 年扭亏为盈，在太空光伏领域进行前瞻布局。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 113,411 | 80,282 | 78,589 | 86,891 | 103,652 | | (+/-)% | 33.3% | -29.2% | -2.1% | 10. ...

财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 467 | 510 | 533 | 571 | 612 | | 同比增长 | -5% | 9% | 5% | 7% | 7% | | 营业利润(百万元) | 89 | 63 | 66 | 71 | 77 | | 同比增长 | 4% | -29% | 5% | 6% | 8% | | 归母净利润(百万元) | 76 | 54 | 57 | 61 | 66 | | 同比增长 | 1% | -29% | 6% | 6% | 8% | | 每股收益(元) | 0.38 | 0.26 | 0.28 | 0.30 | 0.32 | | PE | 81.8 | 116.0 | 109.5 | 103.1 | 95.4 | | PB | 6.6 | 6.4 | 6.2 | 6.0 | 5.8 | 证券研究报告 | 公司深度报告 2026 年 01 月 26 日 春晖智控（300943.SZ） 拟收购春晖仪表，如收 ...