——振江股份（603507.SH）首次覆盖 电力设备 | 报告原因： | | --- | | 市场数据： | 2026 | 年 | 01 月 | 20 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 27.68 | | | | 一年内最高/最低（元） | | | 29.94/21.25 | | | | 市净率 | | | | | 2.1 | | 股息率（分红/股价） | | | | | 1.07 | | 流通 A 股市值（百万元） | | | 5,031 | | | | 上证指数/深证成指 | | | 4,114/14,156 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | 证券研究报告 公司研究 / 首次覆盖 2026 年 01 月 21 日 十张图表解读公司投资价值 | 基础数据： | | 2025 | 年 | 月 30 | | | 09 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | 1 ...

宁波银行（002142.SZ）2025 年度业绩快报点评 中收表现亮眼 glmszqdatemark 2026 年 01 月 21 日 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 66,631 | 71,968 | 80,692 | 90,804 | | 增长率（%） | 8.2 | 8.0 | 12.1 | 12.5 | | 归属母公司股东净利润（百万元） | 27,127 | 29,333 | 32,923 | 37,285 | | 增长率（%） | 6.2 | 8.1 | 12.2 | 13.2 | | 每股收益（元） | 3.95 | 4.29 | 4.83 | 5.49 | | PE（X） | 7 | 7 | 6 | 5 | | PB（X） | 0.9 | 0.8 | 0.8 | 0.7 | [Table_Author] | 分析师 王先爽 | | --- | | 执业证书： S0590525120014 | | 邮箱 ...

上 市 公 司 公 司 研 究 / 公 司 点 证 券 研 究 报 告 评 买入（维持） | 市场数据： | 2026 年 01 月 20 日 | | | --- | --- | --- | | 收盘价（元） | | 78.60 | | 一年内最高/最低（元） | 83.12/45.55 | | | 市净率 | | 3.0 | | 股息率%（分红/股价） | | 0.97 | | 流通 A 股市值（百万元） | 22,035 | | | 上证指数/深证成指 | 4,113.65/14,155.63 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 26.01 | | 资产负债率% | 55.83 | | 总股本/流通 A 股（百万） | 281/280 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% 0% 20% 40% 60% 80% 01-20 02-20 03-20 04-20 05-20 06-20 07-20 08-20 09-20 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [8]. Core Insights - The company has shown robust growth in the first three quarters of 2025, achieving a revenue of 2.0 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 320 million yuan, up 27.2% year-on-year [1]. - The gross margin for the first three quarters stands at 28.4%, reflecting an improvement of 3.5 percentage points compared to the previous year [1]. - The stamping parts business remains the core driver of revenue growth, with a revenue of 850 million yuan in the first half of 2025, marking a year-on-year increase of 41.1% [1]. - The precision plating business has also shown high value, generating 90 million yuan in revenue with a gross margin of 77.4% [1]. Business Performance - The growth in performance is attributed to the recovery in demand from traditional customers and the ramp-up of projects with new energy clients [2]. - The company's assembly business is closely linked to SAIC's vehicle sales, which have been on a steady rise, with a significant increase of 38.7% in sales volume in the third quarter [2]. - The stamping parts business has benefited from partnerships with Tesla, Li Auto, and Xiaomi, contributing to increased output [2]. Future Growth Potential - The company is expanding its precision plating business into the semiconductor sector, which opens up long-term growth opportunities [3]. - A new investment of 200 million yuan is planned to establish a project for automotive power semiconductor components, aiming for an annual production capacity of 2 million sets [3]. - The company has secured a position in the supply chain for Infineon's power semiconductor plating, which is expected to provide additional revenue streams in the medium to long term [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.26 billion yuan, 4.15 billion yuan, and 4.89 billion yuan respectively, with net profits expected to reach 505 million yuan, 610 million yuan, and 711 million yuan [3]. - The corresponding price-to-earnings (PE) ratios are projected to be 16, 14, and 12 times for the respective years [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q4 2025 performance exceeded market expectations, with a projected net profit of RMB 383 to 432 million, representing a year-on-year increase of 105% to 131% [7] - The automotive business remains the primary growth driver, with a forecasted revenue of nearly RMB 1.5 billion from automotive fuses in 2025, reflecting a growth of over 60% year-on-year [7] - The company is expanding into new product categories, including high-voltage direct current relays and integrated BDU, which are expected to contribute significantly to revenue in the coming years [7] Financial Projections - Total revenue is projected to grow from RMB 1,060 million in 2023 to RMB 3,985 million by 2027, with a compound annual growth rate (CAGR) of approximately 30.38% [1] - Net profit is expected to increase from RMB 116.98 million in 2023 to RMB 801.15 million in 2027, with a CAGR of 33.64% [1] - The earnings per share (EPS) is forecasted to rise from RMB 1.19 in 2023 to RMB 8.15 in 2027, indicating strong profitability growth [1] Market Data - The company's closing price is RMB 119.50, with a market capitalization of approximately RMB 11.75 billion [5] - The price-to-earnings (P/E) ratio is projected to decrease from 100.44 in 2023 to 14.67 in 2027, indicating improving valuation metrics [1][5]

Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook on its performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-over-year increase of 34% to 40%. The fourth quarter alone is projected to yield a net profit of 180-210 million yuan, with a year-over-year growth of 26% to 47% [4][6]. - The semiconductor industry has been experiencing a sustained upturn, with the company benefiting from rapid growth in polishing materials and display materials. The demand in the AI sector is driving prices for DRAM and NAND chips significantly higher [6]. - The company plans to issue H shares to accelerate its overseas business expansion, aiming to enhance its global strategic layout and brand influence [6]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3,970 million yuan, with a year-over-year growth rate of 18.9%. The net profit attributable to shareholders is forecasted at 714 million yuan, reflecting a growth rate of 37.1% [5][8]. - The company’s gross margin is expected to improve from 50.1% in 2025 to 52.5% by 2027, indicating a positive trend in profitability [5]. - The return on equity (ROE) is projected to rise from 14.4% in 2025 to 19.8% in 2027, showcasing enhanced efficiency in generating profits from shareholders' equity [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve revenue exceeding 4.00 billion yuan in 2025, representing a year-on-year growth of over 100%. The forecasted net profit attributable to shareholders is between 210 million and 250 million yuan, indicating a year-on-year increase of 122% to 164% [5] - The significant growth in revenue and net profit is attributed to the sustained prosperity of the new energy vehicle industry, increasing customer demand for products, and steady capacity release [5] - The company has deepened its partnerships with leading new energy vehicle manufacturers, benefiting from the sales of popular models, which has driven its development [5] - The global new energy vehicle market continues to grow rapidly, characterized by a dual drive of "domestic expansion + overseas explosion," with the overall industry still in an upward cycle [5] - The company has successfully expanded its production capacity, which aligns well with market demand, providing strong support for continued growth in its vehicle-mounted business [5] Financial Data Summary - For the fiscal year 2025, the company is projected to have total revenue of 4.08 billion yuan, a year-on-year increase of 110.8%, and a net profit of 242 million yuan, reflecting a growth of 155.6% [6] - The projected earnings per share (EPS) for 2025 is 1.56 yuan, with further increases expected in subsequent years [6] - The company's gross margin is expected to stabilize around 20.9% in 2025, with a gradual increase in net profit margin to 5.9% [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [7][14]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 10.13-10.21 billion yuan for 2025, reflecting a year-on-year growth of 10-11%. The fourth quarter alone is expected to see a net profit of 2.01-2.09 billion yuan, with a growth rate of 15-20% [4][5]. - The company has implemented a multi-faceted strategy focusing on enhancing core competitive advantages through quality service, technological innovation, and digital transformation, which has led to a steady increase in revenue and profit [5]. - The company is strategically expanding into several new productivity sectors, including electric vehicle testing, semiconductor testing, aerospace, and robotics, which are expected to open new growth avenues [6]. - The company’s revenue forecasts for 2025-2027 are 65.51 billion, 72.81 billion, and 79.73 billion yuan, with corresponding net profits of 10.17 billion, 11.57 billion, and 13 billion yuan, indicating a consistent growth trajectory [7][10]. Financial Summary - The company’s total market capitalization is 276 billion yuan, with a total share capital of 1.683 billion shares and a circulating share capital of 1.432 billion shares [3]. - The company’s asset-liability ratio stands at 24.2%, indicating a solid financial structure [3]. - The projected earnings per share (EPS) for 2025-2027 are 0.60, 0.69, and 0.77 yuan, respectively, with a decreasing price-to-earnings (P/E) ratio from 27.16 in 2025 to 21.24 in 2027 [10][11].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15% [5] - The company is focusing on electric and international markets, with a notable increase in the sales proportion of electric forklifts and a strategic expansion into emerging markets such as Southeast Asia and Brazil [6] - The company is enhancing its layout in the intelligent field, having acquired a 99.23% stake in Guozi Robotics, and launched its first humanoid logistics robot, the "X1 series" [7] Financial Performance - Revenue projections for 2025-2027 are 18.247 billion, 20.230 billion, and 22.034 billion yuan, with year-on-year growth rates of 10.68%, 10.87%, and 8.92% respectively [8] - The net profit attributable to shareholders is projected to be 2.231 billion, 2.449 billion, and 2.650 billion yuan for the same period, with growth rates of 10.32%, 9.78%, and 8.20% respectively [8] - The company's price-to-earnings (P/E) ratios for 2025-2027 are estimated at 15.88, 14.46, and 13.37 [8]

详解宁波银行 2025 业绩快报：各项主要指标均保持稳健 宁波银行（002142.SZ） 证券研究报告/公司点评报告 2026 年 01 月 21 日 | 评级： 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | 营业收入（百万元） | 61,572 | | 66,560 | 71,968 | 78,842 | 86,248 | | 执业证书编号：S0740517030004 | 增长率 yoy% | 6.40% | | 8.10% | 8.10% | 9.60% | 9.40% | | Email：daizf@zts.com.cn | 归母净利润（百万元） | 25,535 | | 27,127 | 29,333 | 32,257 | 35,421 | | 分析师：邓美君 | 增长率 yoy% | 10.70% | | 6.20% | 8.10% | 10.00% | ...