2025 年 12 月 21 日 新兴业务引领增长，全球化驱动长期价值 —热威股份（603075.SH）公司动态研究报告 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-1 2- 1 9 | | --- | --- | | 当前股价（元） | 21.93 | | 总市值（亿元） | 88 | | 总股本（百万股） | 402 | | 流通股本（百万股） | 41 | | 52 周价格范围（元） | 17.91-25.77 | | 日均成交额（百万元） | 44.14 | 市场表现 -20 -10 0 10 20 30 40 (%) 热威股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《热威股份（603075）：新能源 与智能制造双轮驱动，多领域业务 稳步扩张》2025-07-17 ▌全球化布局深化，海外市场贡献持续增量 海外本地化生产与渠道布局持续完善，泰国基地贴近东南亚 家电与汽车制造集群，降低贸易壁垒影响；境外营收占比超 50%，覆盖欧美、亚洲等多区域，新兴市场需求复苏与客户拓 展推动海外收入稳步增长， ...

[Table_Page] 公告点评|煤炭开采 证券研究报告 [Table_Title] 中国神华(601088.SH/01088.HK) 收购资产方案落地，资源大幅增长，优势进一步凸显 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | | 343,074 | 338,375 | 310,460 | 327,292 | 338,435 | | 增长率（ ） | % | -0.4% | -1.4% | -8.2% | 5.4% | 3.4% | | EBITDA | | 116,805 | 108,630 | 97,963 | 102,898 | 107,101 | | 归母净利润 | | 59,694 | 58,671 | 52,293 | 54,759 | 57,498 | | 增长率（ ） | % | -14.3% | -1.7% | -10.9% | ...

Investment Rating - The report assigns an "Accumulate" rating for the company [6][17]. Core Insights - The company has shown strong profitability in recent quarters, with concerns about the impact of national subsidies and increased competition in the floor cleaning robot market. However, the ongoing operational improvement cycle is expected to mitigate some of these risks [1][15]. - The high gross margin of the company's roller products is attributed to lightweight design upgrades and rapid iteration speed, which provide pricing power. There is potential for further optimization in both short-term and long-term perspectives [1][2]. - The third-party platform business and collaboration within the robotics industry chain are expected to provide additional long-term efficiency improvements [2][56]. Summary by Sections Performance Review - The company has improved its gross and net profit margins significantly in Q1-Q3 of 2025 compared to 2023 [1][25]. - Concerns exist regarding the potential slowdown in domestic sales due to subsidy reductions and increased competition in the cleaning robot market [27]. Roller Product Margins - The high gross margin of roller products is primarily due to their lightweight design and the company's rapid product iteration, which allows for premium pricing [1][32]. - Short-term benefits are expected from an increased proportion of high-margin roller products and enhanced overseas market penetration [1][43]. - Long-term optimization opportunities exist as the company addresses existing pain points in cleaning robots, which could lead to further margin improvements [52]. Third-Party Platform and Robotics Industry Synergy - The company has the capability to build a platform that enhances revenue flexibility and profitability through supply chain localization and cost reduction [2][56]. - Strategic investments in the robotics industry chain are expected to yield direct investment returns and provide cost efficiency and innovation opportunities for the core business [2][58]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 189.23 billion, 219.73 billion, and 249.19 billion yuan, respectively, with year-on-year growth rates of 14.39%, 16.12%, and 13.41% [2][17]. - Net profit forecasts for the same years are 19.54 billion, 23.06 billion, and 27.77 billion yuan, with corresponding growth rates of 142.4%, 18.0%, and 20.4% [2][17].

[Table_scodeMsg1] 公司研究丨点评报告丨四川路桥（600039.SH） [Table_Title] 大股东蜀道新董事长到位，关注公司红利价值 报告要点 [Table_Summary] 12 月 17 日下午，蜀道投资集团有限责任公司召开干部大会，任命张胜同志任蜀道投资集团有 限责任公司党委书记、董事长。 分析师及联系人 丨证券研究报告丨 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 四川路桥（600039.SH） cjzqdt11111 research.95579.com 1 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 [Table_Title2] 大股东蜀道新董事长到位，关注公司红利价值 [Table_Summary2] 事件描述 公司拟以支付现金 6.28 亿元的方式收购关联方新筑股份持有的新筑交科 100%股权、新筑股 份其它与桥梁功能部件业务有关的资产和 ...

2025 年 12 月 20 日 公司专题研究 公司研究 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 联系人 ： 肖江洁 S0350125050005 xiaojj@ghzq.com.cn 最近一年走势 | 相对沪深 300 | 表现 | | 2025/12/19 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中文在线 | -12.1% | -12.6% | -14.0% | | 沪深 300 | -0.4% | 1.5% | 15.8% | | 市场数据 | | | 2025/12/19 | | 当前价格（元） | | | 23.83 | | 52 周价格区间（元） | 17.41-37.15 | | --- | --- | | 总市值（百万） | 17,360.16 | | 流通市值（百万） | 15,737.60 | | 总股本（万股） | 72,850.01 | | 流通股本（万股） | 66,04 ...

继峰股份（603997.SH）系列点评二十二 再获欧洲豪华主机厂定点 座椅全球化加速 glmszqdatemark 风险提示：乘用车销量不及预期；整合不及预期；客户拓展不及预期等。 [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） | 22,255 | 22,950 | 26,450 | 30,950 | | 增长率（%） | 3.2 | 3.1 | 15.3 | 17.0 | | 归属母公司股东净利润（百万元） | -567 | 471 | 869 | 1,179 | | 增长率（%） | -378.0 | 183.1 | 84.6 | 35.6 | | 每股收益（元） | -0.45 | 0.37 | 0.68 | 0.93 | | PE | / | 38 | 20 | 15 | | PB | 3.8 | 3.3 | 2.9 | 2.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2025 年 12 月 19 日收盘 ...

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company plans to acquire 85% of Hubei Jingyi Expressway Co., Ltd. for a total cash consideration of 2.409 billion yuan, avoiding equity dilution and ensuring stable earnings growth [6] - The acquisition is expected to enhance the company's profitability and dividend capacity, with projected net profits from the acquired asset reaching 2.4 billion yuan in 2026, 2.5 billion yuan in 2027, and 2.7 billion yuan in 2028 [6] - The report emphasizes the company's strategy of integrating high-quality road assets to strengthen its core business and enhance shareholder returns [6] Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 10,362 million yuan, 9,946 million yuan, 10,246 million yuan, and 10,717 million yuan respectively, with a year-on-year growth rate of -11.1%, -4.0%, 3.0%, and 4.6% [2] - Net profit attributable to shareholders is forecasted to be 1,459 million yuan in 2024, 1,630 million yuan in 2025, 1,728 million yuan in 2026, and 1,867 million yuan in 2027, reflecting growth rates of 22.9%, 11.7%, 6.0%, and 8.1% respectively [2] - Earnings per share (EPS) are projected to be 0.48 yuan in 2024, 0.53 yuan in 2025, 0.56 yuan in 2026, and 0.61 yuan in 2027 [2] Valuation Metrics - The target price is set at 7.70 yuan for A-shares and 6.81 HKD for H-shares, indicating a potential upside of 24% and 27% from the current prices respectively [3] - The price-to-earnings (P/E) ratio is expected to decrease from 13 in 2025 to 10 in 2027, while the price-to-book (P/B) ratio is projected to remain stable at around 0.9 [2][3]

Investment Rating - The report maintains a rating of "Accumulate" for Hubei Yihua [1][11] Core Views - The company is raising funds through convertible bonds to invest in a high-value utilization project for phosphorus and fluorine resources, with the controlling shareholder, Yihua Group, increasing its stake in the company [2][11] - The phosphorus and fluorine resource utilization project aims to produce refined phosphoric acid, high-end flame retardants, and multifunctional compound fertilizers, while also generating by-products such as fluorosilicic acid and washing acid [11] - The project is expected to enhance the circular economy of phosphorus, fluorine, and silicon resources, leveraging the company's raw material advantages and industrial foundation to expand into new energy and new materials [11] Financial Summary - Total revenue is projected to decrease from 17,046 million in 2023 to 16,964 million in 2024, followed by an increase to 18,711 million in 2025, and reaching 20,767 million in 2026 before slightly declining to 20,671 million in 2027 [4] - Net profit attributable to the parent company is expected to recover from 452 million in 2023 to 653 million in 2024, and further increase to 1,094 million in 2025, 1,254 million in 2026, and 1,394 million in 2027 [4] - Earnings per share (EPS) is forecasted to rise from 0.42 in 2023 to 0.60 in 2024, reaching 1.01 in 2025, 1.15 in 2026, and 1.28 in 2027 [4] Market Data - The company's stock price has ranged between 10.91 and 16.27 over the past 52 weeks, with a total market capitalization of 15,420 million [5] - The company has a total share capital of 1,088 million shares, with 1,058 million shares in circulation [5] Balance Sheet Summary - Shareholder equity stands at 5,898 million, with a book value per share of 5.42 and a price-to-book ratio of 2.6 [6] - The company has a net debt ratio of 152.08% [6] Future Outlook - The report projects a target price of 16.68, down from a previous estimate of 21.28, reflecting a valuation premium based on the growth potential from the convertible bond project [11] - The company is expected to fully utilize its production capacity with new projects coming online by the end of 2025, including an additional 400,000 tons of phosphate fertilizer capacity and 200,000 tons of compound fertilizer capacity [11]

中国神华（601088.SH）事件点评 收购方案发布，EPS 增厚，龙头再铸磐石之基 glmszqdatemark 2025 年 12 月 20 日 [Table_Author] 分析师：周泰 分析师：李航 分析师：王姗姗 执业证书：S0590525110019 执业证书：S0590525110020 执业证书：S0590525110021 邮箱：zhoutai@glms.com.cn 邮箱：lihang@glms.com.cn 邮箱：wangshanshan_yj@glms.com.cn | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 40.59 元 | 相对走势 -20% -3% 13% 30% 2024/12 2025/6 2025/12 中国神华 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 分析师：卢佳琪 执业证书：S0590525110022 邮箱：lujiaqi@glms.com.cn 事件：2025 年 12 月 19 日，公司发布发行股份及支付现金购买资产并募集配套 资金暨关联交易报告书（草案）。本次收购共涉及 ...

2025 年 12 月 19 日 潞安环能(601699.SH) 喷吹煤龙头，资源保障可持续发展 事件：公司公布 11 月主要运营数据，11 月/1-11 月原煤产量 432/5138 万吨，同比-15.1%/-1.7%。商品煤销量方面，11 月/1- 11 月销量 407/4550 万吨，同比-24.1%/-3.4%。 2025 年前三季度煤炭业务产销基本维持稳定，价格承压下行， 喷 吹 煤 占 比 提 升 ， 预计 全 年 单 位成 本 较去年 改善 。 公司 2025Q3/Q1-3 营业收入 70.3/211.0 亿元，同比-21.8%/-20.8%； 归母净利 2.06/15.54 亿元，同比-64.0%/-44.5%。产销方面， 2025Q3/Q1-3 公司原煤产量 1382/4245 万吨，同比-6.63%/-0.05%； 商品煤销量 1233/3758 万吨，同比-8.8%/-1.29%，其中喷吹煤销 量 544/1627 万吨，同比-1.45%/+9.34%。价格方面，2025Q3/Q1- 3 综合售价分别为 527/520 元/吨，同比-15.6%/-21.5%，Q3 较 Q2 环比+6.9 ...