2026 年 1 月 26 日 公司研究 利润短期波动，旺季加快备货 ——立高食品（300973.SZ）跟踪点评 要点 事件：立高食品发布 2025 年度业绩预告，公司预计 25 年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%，预计归母净利润 3.11-3.31 亿元， 同比增长 16.06%-23.52% ，扣非净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。按照区间中位数，估计 25Q4 实现总营收 11.95 亿元，同比增 长 6.92%，归母净利润 0.73 亿元，同比增长 12.79%。此外我们近期跟踪公司 经营情况，更新观点如下： 高基数下 25Q4 收入增速放缓，促销/奖励费用影响当期利润。1）短期看，公司 25Q4 收入端同比增速环比放缓，估计与 24Q4 同期基数较高、26 年春节较晚存 在旺季错期等因素有关。为提前抢占市场份额、保证各渠道旺季供应，公司在 25Q4 加快备货节奏，11 月中旬后即开始提前备货，同时采取相关返利促销/奖 励方案，以提高销售团队和经销商客户积极性。全年来看，公司 25 年收入实现 双位数以上增长，其中核心 ...

证券研究报告：机械设备 |公司点评报告 股票投资评级 买入 |维持 个股表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 川仪股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.23 | | --- | --- | | 总股本/流通股本（亿股）5.13 | / 5.12 | | 总市值/流通市值（亿元）129 | / 129 | | 52 周内最高/最低价 | 26.90 / 20.06 | | 资产负债率(%) | 48.0% | | 市盈率 | 16.60 | | 第一大股东 | 中国四联仪器仪表集团 | | 有限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 川仪股份(603100) 业绩短期承压，看好国产替代大趋势 l 事件描述 公 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 79.64 [1][10]. Core Insights - The company's stock repurchase plan, with a total amount of RMB 100-200 million and a maximum repurchase price of RMB 78.0 per share, reflects management's confidence in long-term growth. This repurchase scale and price are at historical highs, indicating a strong belief in future performance [6][7]. - The company is expected to benefit from the release of overseas production capacity and the growth of its proprietary brands, which aligns with industry trends [6][8]. Summary by Sections Financial Performance - Projected revenue for 2024 is RMB 4,465 million, with a growth rate of 19.15%. By 2027, revenue is expected to reach RMB 8,764 million, growing at 25.77% [5]. - The net profit attributable to the parent company is forecasted to be RMB 393.80 million in 2024, increasing to RMB 724.59 million by 2027, reflecting a growth rate of 31.34% [5]. - The earnings per share (EPS) is projected to grow from RMB 1.29 in 2024 to RMB 2.38 in 2027 [5]. Market Position and Trends - The company's proprietary brands, such as "Wang Pi" and "Ling Xian," are experiencing rapid growth, with projected GMV growth rates of 16% and 58% respectively for 2025 [8]. - The introduction of new product lines, such as the "Pong Pong" series, aligns with market trends towards functional and prescription pet food, indicating a strategic response to consumer demands [8]. Production and Capacity - The progress of the second factory in the United States is on track, which, along with the capacity release from factories in Mexico and Canada, is expected to mitigate tariff impacts [9]. - The exchange rate fluctuations are anticipated to have a manageable impact on revenue, with the USD to RMB exchange rate decreasing from 7.12 to 6.99, suggesting a limited effect on earnings [9].

证券研究报告：机械设备 |公司点评报告 股票投资评级 个股表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 川仪股份 机械设备 买入 |维持 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.23 | | --- | --- | | 总股本/流通股本（亿股）5.13 | / 5.12 | | 总市值/流通市值（亿元）129 | / 129 | | 52 周内最高/最低价 | 26.90 / 20.06 | | 资产负债率(%) | 48.0% | | 市盈率 | 16.60 | | 第一大股东 | 中国四联仪器仪表集团 | | 有限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 川仪股份(603100) 业绩短期承压，看好国产替代大趋势 业绩短期承压，单 ...

2025 年业绩预告点评：Q4 业绩基本符合预 期，产品结构多元化发展 买入（维持） 证券研究报告·公司点评报告·电池 派能科技（688063） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,299 | 2,005 | 3,727 | 8,148 | 11,602 | | 同比（%） | (45.13) | (39.24) | 85.89 | 118.63 | 42.39 | | 归母净利润（百万元） | 515.64 | 41.11 | 75.31 | 516.45 | 843.72 | | 同比（%） | (59.49) | (92.03) | 83.20 | 585.78 | 63.37 | | EPS-最新摊薄（元/股） | 2.10 | 0.17 | 0.31 | 2.10 | 3.44 | | P/E（现价&最新摊薄） | 30.63 | 384.21 | 209.72 | 30.58 | 18.72 | [ ...

证券研究报告·公司点评报告·电池 派能科技（688063） 2025 年业绩预告点评：Q4 业绩基本符合预 期，产品结构多元化发展 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） | 3,299 | 2,005 | 3,727 | 8,148 | 11,602 | | 同比（%） | (45.13) | (39.24) | 85.89 | 118.63 | 42.39 | | 归母净利润（百万元） | 515.64 | 41.11 | 75.31 | 516.45 | 843.72 | | 同比（%） | (59.49) | (92.03) | 83.20 | 585.78 | 63.37 | | EPS-最新摊薄（元/股） | 2.10 | 0.17 | 0.31 | 2.10 | 3.44 | | P/E（现价&最新摊薄） | 30.63 | 384.21 | 209.72 | 30.58 | 18.72 | [ ...

Investment Rating - The report gives a "Strong Buy" rating for the company, marking its first coverage [4]. Core Insights - The company leverages an integrated "end-cloud" architecture and AI to lead in the AIoT full-scenario smart terminal market, addressing the fragmentation challenges in IoT applications [7]. - The overseas business has seen significant growth, with a 25.96% year-on-year increase in overseas revenue in the first half of 2025, indicating improved quality of growth [7]. - The smart sleep terminal business is experiencing explosive growth, projected to increase from 10.08 million yuan in 2023 to 199.00 million yuan in 2024, marking a 1871.25% increase [7]. - The company's financial performance shows strong growth potential, with a 33.95% year-on-year increase in net profit for the first three quarters of 2025 [7]. Financial Data and Valuation - Total revenue is projected to grow from 1,123 million yuan in 2023 to 2,906 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 29% [3]. - Net profit is expected to rise from 174 million yuan in 2023 to 386 million yuan in 2027, reflecting a consistent growth trajectory [3]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 49.6 in 2023 to 22.4 in 2027, indicating improving valuation metrics [3]. Company Overview - The company operates in the core areas of smart sleep, smart vehicle, smart travel, and smart payment, with a focus on integrating communication, positioning, and AI technologies [11][12]. - The company has a strong shareholder structure, with the largest shareholder holding 33.88% of the shares, indicating concentrated ownership [22]. Industry Situation - The global IoT market is expected to grow from $714.48 billion in 2024 to $4,062.34 billion by 2032, indicating robust growth prospects [41]. - The Chinese IoT market has expanded significantly, with a compound annual growth rate exceeding 20% from 2012 to 2023 [41]. - The AIoT solutions market in China is projected to grow from 541 million yuan in 2020 to 1,287 million yuan in 2025, reflecting a strong upward trend [44].

Investment Rating - The report initiates coverage on Chuanheng Co., Ltd. with a "Buy" rating, assigning a target price of RMB 50.73 based on a 19x PE for 2026 [1][8][6]. Core Insights - Chuanheng Co., Ltd. is a leading player in the domestic phosphate chemical industry, possessing a nominal phosphate rock capacity of 3.3 million tons. The company's self-owned phosphate mines contribute to its high gross margin in the industry. The global phosphate supply-demand balance is expected to remain tight in the next 1-2 years, benefiting the company. Additionally, the anticipated growth in new energy demand is expected to enhance the company's business in iron phosphate, ammonium phosphate, and phosphoric acid [1][15][19]. - The company is projected to achieve a net profit of RMB 1.31 billion, RMB 1.62 billion, and RMB 1.8 billion for the years 2025-2027, representing year-on-year growth of 37%, 24%, and 11%, respectively [6][12]. Summary by Sections Phosphate Supply and Demand - The global expansion of phosphate rock production is slow due to limited new supply overseas and regulatory constraints in China. The demand for phosphate fertilizers is expected to grow by 3% annually starting in 2024, driven by the expansion of arable land and increasing new energy needs. The projected global phosphate rock supply-demand gap is estimated to reach 178,000 tons, 95,000 tons, and 121,000 tons from 2025 to 2027 [2][14]. New Energy Demand - The demand for phosphate chemical products has significantly increased due to the rise in lithium battery materials. Although there was a notable price drop in 2023-2024 due to concentrated production, the demand for energy storage and power batteries is expected to improve, leading to a recovery in the industry. The company's iron phosphate and industrial-grade ammonium phosphate are anticipated to benefit from this trend [3][16]. Profitability and Dividend Policy - The company has entered a growth realization phase, with a significant reduction in its debt ratio and an attractive dividend yield. The dividend payout ratio has increased to around 70%, with expected dividend yields of 3.7%, 4.5%, and 5.0% for 2025-2027 [17][33]. The company’s net profit for 2024 is projected to be RMB 956.48 million, reflecting a compound annual growth rate (CAGR) of approximately 37% since 2021 [17][12]. Market Perspective - The report contrasts with market concerns regarding the sustainability of tight phosphate supply. It argues that the demand for phosphate fertilizers remains robust, and the growth in iron phosphate production capacity will support continued tightness in supply. The company is expected to benefit from high phosphate prices and a favorable cost structure due to its significant export share [5][18]. Company Overview - Chuanheng Co., Ltd. is recognized as a leading integrated phosphate chemical enterprise in China, with a comprehensive production base from phosphate mining to fine phosphate chemicals. The company has a total phosphate rock capacity of 3.3 million tons and has been expanding its production capabilities [19][24].

Investment Rating - The report assigns an "Outperform" rating to the company [3][5]. Core Insights - The company has a strong R&D capability and a solid long-term operational experience, particularly with its evergreen IPs "Zhengtu" and "Qiuqiu" [3][31]. - The new product "Supernatural Action Group" has quickly gained popularity, showcasing significant long-term operational potential [3][38]. - Revenue is expected to grow significantly, with projections of CNY 53.7 billion, CNY 92.2 billion, and CNY 110.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 83.9%, 71.6%, and 20.3% [3][48]. Financial Projections - Revenue and net profit forecasts for the company are as follows: - 2025: Revenue of CNY 53.7 billion, net profit of CNY 24.1 billion - 2026: Revenue of CNY 92.2 billion, net profit of CNY 45.3 billion - 2027: Revenue of CNY 110.9 billion, net profit of CNY 51.0 billion [3][48]. - The company's gross margin is expected to remain high, around 90% for self-operated games [21][44]. - The report anticipates a decrease in the sales expense ratio due to rapid revenue growth, projecting it to be 26.0%, 24.5%, and 25.0% for 2025, 2026, and 2027 respectively [44][45]. Company Overview - Founded in 2004 by Shi Yuzhu, the company has evolved from its origins as Zhengtu Network and has established itself as a leading game developer in China [8][14]. - The company has a strong portfolio of self-developed games, which contribute significantly to its revenue, with a gross margin close to 90% [21][28]. - The management team is experienced, with key figures having over 20 years of tenure at the company, ensuring stability and continuity in leadership [11][12]. Market Position - The domestic gaming market is projected to exceed CNY 350 billion, with the company holding a market share of approximately 1.5% [14][18]. - The company ranks 29th among global mobile game publishers in terms of revenue for 2025, indicating a strong competitive position within the industry [14][18].

悍高集团：穿越地产周期的强α，仍在高速成长期 悍高集团创始于 2004 年，是国内家具五金行业龙头，产品体系包 括收纳五金、基础五金、厨卫五金、户外家具等。2020-2024 年收 入/归母净利润 CAGR 分别为+35%/+76%，展现出穿越地产周期的强 阿尔法，高盈利能力和高周转铸就 30%+的高 ROE。 700 亿市场，"金字塔型"格局分化明显 家具五金是家具产业的核心配套与价值提升环节。从需求端看，行 业协会统计广义家具五金市场规模超 2000 亿元，我们测算狭义家 居功能五金（公司核心业务）市场约 700 亿元，存量房翻新需求提 供了稳定支撑。从供给端看，呈现"金字塔型"竞争格局，外资品 牌主导高端，内资龙头凭借高质价比在中高端市场快速崛起并实 现国产替代，大量中小企业则陷入低端红海竞争。龙头企业护城河 源于"硬产品×强品牌×深渠道×高效率"形成的乘数效应。 高壁垒：五金龙头进击之路不易复制 公司打造护城河的路径不易复制。1）品牌塑造：根植于独特的审 美基因与一贯的美学坚持。不同于行业内大部分公司主攻基础五 金，公司从品牌外露、设计感强的拉篮起家，坚持打造 C 端消费者 有认知度的 B 端品牌。2 ...