Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has experienced a significant increase in major contracts, with a year-on-year growth of 83.8% for the entire year of 2025, and a 87.1% increase in Q4 2025. This growth is expected to positively impact the company's fundamentals [2][3] - The earnings per share (EPS) estimates for 2025-2027 have been raised to 0.17, 0.25, and 0.28 yuan, reflecting increases of 75%, 42%, and 15% respectively compared to previous estimates [3] - The target price for the company's stock is set at 15 yuan, corresponding to a price-to-earnings (PE) ratio of 60 times for 2026 [3] Summary by Sections Major Contracts - The total amount of major contracts announced by the company in 2025 reached 12.514 billion yuan, representing an 83.8% increase from 2024. In Q4 2025, the total amount was 5.472 billion yuan, showing a year-on-year growth of 87.1% [3] - The breakdown of major contracts by business segment includes: - Thermal engineering contracts at 1.401 billion yuan, down 17.1% - Material transportation system contracts at 6.156 billion yuan, up 571% - Marine engineering contracts at 3.574 billion yuan, up 18% - Hydrogen energy contracts at 0.815 billion yuan, with no contracts reported in 2024 [3] Business Developments - The company has made significant progress in offshore wind power and hydrogen energy contracts, with notable projects including a 3.415 billion yuan contract for a 1 million kW offshore wind project and an 815 million yuan contract for a hydrogen production and green methanol integration project [4] - The company has achieved its best-ever performance in overseas contracts, with successful project implementations in countries such as Indonesia, Peru, Guinea, Nigeria, and Saudi Arabia [5] Financial Projections - The company's total revenue is projected to grow from 7.174 billion yuan in 2023 to 13.895 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.7% [5] - Net profit attributable to shareholders is expected to increase from 98 million yuan in 2023 to 330 million yuan in 2027, with a significant growth rate of 75% in 2025 [5]

证券研究报告·公司点评报告·能源金属 赣锋锂业（002460） 2025 年业绩预告点评：锂价上涨贡献弹性， Q4 业绩反转 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 32,972 | 18,906 | 22,042 | 43,216 | 48,817 | | 同比（%） | (21.16) | (42.66) | 16.59 | 96.06 | 12.96 | | 归母净利润（百万元） | 4,947 | (2,074) | 1,485 | 9,379 | 10,858 | | 同比（%） | (75.87) | (141.93) | 171.58 | 531.75 | 15.77 | | EPS-最新摊薄（元/股） | 2.36 | (0.99) | 0.71 | 4.47 | 5.18 | | P/E（现价&最新摊薄） | 30.90 | (73.71) | 102.97 | 16.30 | 14.0 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has experienced a significant increase in major contracts, with a year-on-year growth of 83.8% in 2025, and a remarkable 87.1% growth in Q4 2025. This rapid growth in major contracts is expected to positively impact the company's fundamentals [2][3] - The earnings per share (EPS) estimates for 2025-2027 have been revised upwards to 0.17, 0.25, and 0.28 yuan, representing increases of 75%, 42%, and 15% respectively. The target price is set at 15 yuan, corresponding to a 60 times price-to-earnings (PE) ratio for 2026 [3] - The company has achieved its best-ever performance in overseas contracts, with successful project implementations in countries such as Indonesia, Peru, Guinea, Nigeria, and Saudi Arabia [5] Summary by Sections Major Contracts - In 2025, the total amount of major contracts announced by the company reached 12.514 billion yuan, marking an 83.8% increase from 2024. The Q4 2025 contracts alone totaled 5.472 billion yuan, reflecting an 87.1% year-on-year increase [3] - The breakdown of major contracts by business segment shows a decline in the thermal engineering segment by 17.1% to 1.401 billion yuan, while the material transportation system engineering segment surged by 571% to 6.156 billion yuan. The marine engineering segment saw a growth of 18% to 3.574 billion yuan, and hydrogen energy contracts amounted to 0.815 billion yuan, with no prior contracts in 2024 [3] Digital and Overseas Business - The company has made significant strides in offshore wind power and hydrogen energy contracts, with notable projects such as the 100 MW offshore wind project in Dandong, valued at 3.415 billion yuan, and a hydrogen production project worth 0.815 billion yuan [4] - The overseas business has achieved historical highs, with a focus on AI applications and low-altitude economy, enhancing the company's competitive edge in engineering design and project management through digital transformation [5] Financial Projections - The total revenue is projected to grow from 7.174 billion yuan in 2023 to 13.895 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.7% [5] - Net profit attributable to the parent company is expected to rise from 98 million yuan in 2023 to 330 million yuan in 2027, reflecting a significant recovery and growth trajectory [5]

25Q4 业绩扭亏，多领域持续发力 海目星(688559) 25 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | [Table_Target] 目标价格： | 88.22 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | | | 本报告导读： 公司 25 年业绩整体承压，25Q4 单季度扭亏，盈利拐点已至。公司在手订单充足、 非锂电领域持续拓展，未来业绩有望改善。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | ...

经纬恒润（688326.SH）系列点评七 2025Q4 业绩超预期 商业航天全面布局 glmszqdatemark [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） | 5,541 | 7,324 | 9,043 | 10,748 | | 增长率（%） | 18.5 | 32.2 | 23.5 | 18.9 | | 归属母公司股东净利润（百万元） | -550 | 94 | 416 | 651 | | 增长率（%） | -153.3 | 117.1 | 341.7 | 56.6 | | 每股收益（元） | -4.59 | 0.78 | 3.47 | 5.43 | | PE | / | 188 | 43 | 27 | | PB | 4.2 | 4.3 | 3.9 | 3.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 27 日收盘价） 2026 年 01 月 28 日 | 推荐 | 维持评级 | | ...

业绩高增，自有品牌及品牌管理多点开花 若羽臣(003010) ——若羽臣 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 闫清徽(分析师) | 021-38031651 | yanqinghui@gtht.com | S0880522120004 | | 杨柳(分析师) | 021-38038323 | yangliu3@gtht.com | S0880521120001 | 本报告导读： 公司公告预计 2025 年归母净利润 1.76-2 亿元，同比+67%-89%，主要受益自有品牌 及品牌管理业务加速成长，看好旗下绽家、斐萃等多品牌高增，打开成长天花板。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

商誉减值致首亏，IDC 交付将改善业绩 光环新网(300383) 光环新网 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 赵文通(分析师) | 010-83939799 | zhaowentong@gtht.com | S0880524030001 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 本报告导读： 公司预告 2025 年由盈转亏，主因对中金云网等并购资产计提大额商誉减值。IDC 及 云计算业务短期承压，但机柜投放显著加速，2026 年业绩有望快速修复。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A ...

[Table_Page] 公告点评|化学制品 证券研究报告 [Table_Title] 百龙创园（605016.SH） 功能糖细分赛道龙头，高成长可期 [Table_Summary] 核心观点： | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 24.92 元 | | 合理价值 | 30.02 元 | | 报告日期 | 2026-01-28 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]符蓉 SAC 执证号：S0260523120002 SFC CE No. BWC944 021-38003552 furong@gf.com.cn 分析师： 谌保罗 SAC 执证号：S0260525120001 0755-82298506 chenbaoluo@gf.com.cn 分析师： 吴鑫然 SAC 执证号：S0260519070004 SFC CE No. BPW070 0755-23942150 wuxr@gf.com.cn 请注意，谌保罗并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 -10 ...

证券研究报告·公司点评报告·能源金属 雅化集团（002497） 2025 年业绩预告点评：锂价上涨贡献弹性， 民爆业务稳健增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,895 | 7,716 | 8,037 | 17,781 | 23,486 | | 同比（%） | (17.72) | (35.14) | 4.17 | 121.24 | 32.08 | | 归母净利润（百万元） | 40.21 | 257.11 | 647.07 | 2,756.83 | 3,226.78 | | 同比（%） | (99.11) | 539.36 | 151.67 | 326.05 | 17.05 | | EPS-最新摊薄（元/股） | 0.03 | 0.22 | 0.56 | 2.39 | 2.80 | | P/E（现价&最新摊薄） | 720.52 | 112.69 | 44.78 | 10.51 | 8.98 ...

证券研究报告 绿联科技 (301606 CH) 看好公司 AI+NAS 的智能生态布局 2026 年 1 月 28 日│中国内地 零售 | 华泰研究 动态点评 | 投资评级(维持): | | 买入 | | --- | --- | --- | --- | | 2026 年 1 月 28 日│中国内地 零售 | 目标价(人民币): | 96.40 | | | 绿联科技作为全球性科技消费品牌，不仅积极开拓新渠道和市场，提升本土 | 樊俊豪 | 研究员 | | | 化运营能力，还不断拓展能力边界，推动 NAS 向家庭数据中枢定位发展， | SAC No. S0570524050001 SFC No. BDO986 | fanjunhao@htsc.com +(852) 3658 6000 | | | 围绕 NAS 推出智能安防 SynCare 系列。公司此前发布业绩预告，预计 25 | | | | | 年全年归母净利润 6.53-7.33 亿元，符合我们预期（7.06 亿元）。展望未来， | 周衍峰 | 研究员 | | | | SAC No. S0570521100002 | | zhouyanfeng@htsc.c ...