证券研究报告：电子 | 公司点评报告 股票投资评级 卓胜微(300782) 光通信、卫星通讯、高端射频积极储备 l 事件 公司发布业绩预告，预计 2025 年营收同比下降约 16%-18%，归 母净利润同比减少约 163.46%-173.41%。 l 投资要点 Fab-Lite 模式转型过程中，短期业绩承压。2025 年受产能建设 的投入增加及供应转化、行业竞争持续激烈、供给侧部分原材料产品 交付环节紧张、下游客户库存结构优化调整等因素影响，公司预计 2025 年实现营业收入 37-37.5 亿元，同比下降约 16%-18%，归母净利 润-2.95 到-2.55 亿元，同比减少约 163.46%-173.41%。 光通信、卫星通讯、高端射频积极储备，未来成长可期。在 SOI 工艺方面，目前公司的 SOI 技术已从单一产品应用发展为覆盖射频前 端全品类的核心技术平台，随着第二代 SOI 工艺的持续突破，将进一 步巩固其在全球射频芯片市场的地位。在锗硅工艺方面，公司发布多 款基于锗硅工艺的高性能低功耗移动通信信号低噪声放大器产品。锗 硅也是硅光平台实现高效光电转换的核心材料，能够弥补硅在 1.31/1.55um ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company is an industry-leading provider of optical device solutions and advanced packaging manufacturing services, focusing on high-speed optical devices and optical sensing products [7]. - The company is expected to see significant growth in net profit, with forecasts for 2025 indicating a year-on-year increase of 40% to 60%, driven by the demand for high-speed optical devices and AI server growth [5][8]. - The company is strategically expanding its production capacity in Thailand and Jiangxi, which will enhance the value of its 1.6T supporting products [8]. Financial Performance - The company anticipates a net profit for 2025 in the range of 1.881 to 2.150 billion yuan, with a year-on-year growth of 40% to 60% [5]. - The projected net profit for Q4 2025 is estimated to be between 416 to 685 million yuan, reflecting a year-on-year increase of 50.14% [8]. - Revenue forecasts for 2025 to 2027 are 20.61 billion yuan, 31.90 billion yuan, and 41.74 billion yuan, respectively, with corresponding P/E ratios of 75.42X, 48.74X, and 37.25X [8][10]. Market Dynamics - The demand for AI servers is expected to drive growth in high-speed optical modules, with the optical device market projected to grow over 60% year-on-year [8]. - The company is focusing on the development of 1.6T optical modules, which are anticipated to experience explosive growth with a CAGR of 180% from 2024 to 2029 [8]. - The company has established a dual-headquarters and multiple production bases strategy, enhancing its international presence and R&D capabilities [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The report emphasizes that "A New Era, New SANY" is set to begin, with the engineering machinery industry experiencing upward resonance both domestically and internationally, positioning the leading Chinese engineering machinery company for global expansion [1] - The company is identified as one of the most elastic stocks in terms of performance during the excavator cycle, with a significant portion of its revenue derived from excavators [4][11] - The report highlights the ongoing globalization strategy of the company, with international revenue and gross profit showing substantial growth [4][11] Industry Overview - The engineering machinery industry is experiencing a cyclical reversal, with both domestic and international markets showing positive trends. The global market size for engineering machinery is projected to reach $213.5 billion in 2024 and $296.1 billion by 2030, with a CAGR of 6% from 2024 to 2030 [2] - The domestic excavator market is expected to see a gradual recovery, driven by demand from agriculture, forestry, and municipal projects, with total excavator sales projected to reach 235,257 units in 2025, a 17% increase year-on-year [2][18] - The company is benefiting from increased market share overseas, particularly in emerging markets in Asia, Africa, and Latin America, which are experiencing industrialization and urbanization [3][11] Company Performance - The company’s excavator revenue accounted for 39% of its total revenue in the first half of 2025, indicating strong potential for performance elasticity as the excavator industry enters an upward cycle [4][27] - The company’s international revenue and gross profit represented 60% and 68% of its main business revenue and gross profit, respectively, in the first half of 2025, with year-on-year growth of 12% and 10% [4][28] - The successful listing of H-shares is expected to further advance the company's globalization strategy, with net proceeds from the offering allocated to expanding global sales and service networks, enhancing R&D capabilities, and optimizing production efficiency [5][23] Financial Forecast - The company is projected to achieve a net profit attributable to shareholders of 8.51 billion, 11.04 billion, and 14.12 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 42%, 30%, and 28% [13][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.01-1.02 billion yuan in 2025, representing a year-on-year growth of 10%-11% [4] - In Q4 2025, the company anticipates a net profit of 201-209 million yuan, with a year-on-year increase of 15%-20% [5] - The company is focusing on enhancing its competitive advantages through various strategies, including deepening its 123 strategy, upgrading service quality, increasing investment in technological innovation, and implementing digital transformation [5] - The company has shown significant improvement in cash flow, with a rapid increase in operating cash flow and optimized collection quality [5] - Strategic mergers and international expansion projects are expected to gradually release growth momentum in the long term [5] Financial Performance Summary - The company forecasts revenues of 6.608 billion yuan for 2025, with a growth rate of 9% [6] - The projected net profit for 2026 is 1.171 billion yuan, reflecting a growth rate of 15% [6] - The company maintains a stable gross margin of 49% across the forecast period [7] - The price-to-earnings (P/E) ratio is expected to be 27 for 2025, decreasing to 20 for 2027 [7]

证券研究报告·公司点评报告·专用设备 2025 年年度业绩预告点评：PCB 与泛半导体 双轮驱动，业绩实现高质量增长 芯碁微装（688630） 全年公司归母与扣非净利润均实现 70% 以上高增长，扣非增速显著高于归母增速， 反映主营业务盈利能力持续强化，非经常性损益影响较小。分季度看，四季度业绩 加速增长，单季归母净利润同比增幅高达 1238% 至 1594%，环比亦大幅提升，主 要得益于下游需求集中释放及二期产能投产的交付能力提升。 ◼ AI 算力驱动 PCB 产业升级，高端设备+产能释放打开成长空间。 全球 AI 算力需求爆发，驱动 PCB 产业向高多层、高密度加速升级，高端激光直 接成像（LDI）设备作为核心生产装备，市场需求持续高企。公司作为全球直写光 刻设备领军企业，旗下高端 LDI 设备契合产业升级诉求，技术指标与性能广受认 可，在手订单充足且结构持续优化。高精度 CO₂激光钻孔设备凭借自研算法实现技 术突破，成功批量导入头部 PCB 厂商，丰富产品矩阵并拓宽市场边界。二期生产 基地顺利投产，有效扩充高端设备产能，全面保障订单交付效率。。 买入（维持） | [Table_EPS] 盈利预测与估值 ...

Investment Rating - The report assigns a "Buy" rating for Longxin General (603766.SH) for the first time [2]. Core Viewpoints - Longxin General has a strong focus on the motorcycle and general machinery sectors, with recent asset restructuring and the elimination of impairment losses, allowing the company to concentrate on its core business and drive growth [5][6]. - The company is expected to benefit from the increasing demand for high-displacement motorcycles domestically and the expansion of its global presence, particularly in Europe and Latin America [7][8]. - The financial outlook is positive, with projected revenue growth and improving profitability driven by the successful performance of its VOGE brand and other product lines [9]. Company Overview - Longxin General has been deeply engaged in the motorcycle and general machinery sectors since its establishment in 1993, with a focus on expanding its core business [13]. - The company has undergone several strategic shifts, with a recent emphasis on "motorcycles + general machinery" as its main strategy, gradually divesting non-core businesses [24][26]. - The product structure includes motorcycles (both fuel and electric), all-terrain vehicles, and general machinery, with a strong emphasis on high-displacement motorcycles under the VOGE brand [16][18]. Financial Analysis - The company has shown significant revenue growth, with total revenue projected to increase from 13,066 million yuan in 2023 to 27,632 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 14% [2]. - The net profit attributable to shareholders is expected to rise from 583 million yuan in 2023 to 2,787 million yuan in 2027, with a notable increase in profitability driven by the core motorcycle business [2]. - The company's overseas revenue has increased significantly, accounting for nearly 70% of total revenue, driven by the success of its VOGE and general machinery products in international markets [27]. Motorcycle Industry Insights - The domestic market for motorcycles is facing challenges, but the high-displacement segment is experiencing growth, with the share of motorcycles over 250cc increasing from 6.6% to 10.1% from 2023 to 2025 [43][45]. - The competitive landscape in the high-displacement motorcycle market is becoming more concentrated, with leading companies like Longxin General capturing significant market share [45]. - The export market, particularly in Europe and Latin America, is expected to be a major source of growth, with increasing demand for high-displacement motorcycles [8][43].

证券研究报告·公司点评报告·专用设备 芯碁微装（688630） 2025 年年度业绩预告点评：PCB 与泛半导体 双轮驱动，业绩实现高质量增长 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） | 828.86 | 953.94 | 1,610.48 | 2,141.94 | 2,741.69 | | 同比（%） | 27.07 | 15.09 | 68.82 | 33.00 | 28.00 | | 归母净利润（百万元） | 179.31 | 160.70 | 294.67 | 550.50 | 800.94 | | 同比（%） | 31.28 | (10.38) | 83.37 | 86.82 | 45.49 | | EPS-最新摊薄（元/股） | 1.36 | 1.22 | 2.24 | 4.18 | 6.08 | | P/E（现价&最新摊薄） | 135.37 | 151.05 | 82.37 | 44.09 | ...

Investment Rating - The report assigns a "Buy" rating for Longxin General (隆鑫通用) for the first time [2]. Core Insights - Longxin General has a strong focus on motorcycles and general machinery, with recent asset restructuring and the elimination of impairment drag, positioning the company for growth in its core business [5][6]. - The company is expected to benefit from the increasing demand for high-displacement motorcycles domestically and is expanding its global footprint, particularly in Europe and Latin America [7][8]. - The financial forecast indicates significant growth in revenue and net profit over the next few years, with a projected net profit of 2.79 billion yuan by 2027, reflecting a strong upward trend in valuation [9]. Company Overview - Longxin General has been deeply involved in the motorcycle and general machinery sectors since its establishment in 1993, with a focus on expanding its core business [13]. - The company has undergone several strategic shifts, now concentrating on "motorcycles + general machinery" while divesting non-core businesses [24]. - The recent asset restructuring has strengthened resource synergies with Zongshen, enhancing operational efficiency [22]. Financial Analysis - The company has shown robust revenue growth, with a projected increase from 13.066 billion yuan in 2023 to 27.632 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 14% [2]. - The net profit is expected to rise from 583 million yuan in 2023 to 2.787 billion yuan in 2027, with a significant year-on-year growth rate of 92% in 2024 [2][9]. - The motorcycle segment is the primary revenue driver, accounting for approximately 60% of total revenue, with a notable increase in the share of high-value products [37]. Motorcycle Industry Insights - The domestic market for motorcycles is experiencing a shift, with a decline in total sales but an increase in the high-displacement segment, which is expected to grow due to changing consumer preferences [43]. - The company is well-positioned in the high-displacement motorcycle market, with a significant increase in sales volume and market share [45]. - Export markets, particularly in Europe and Latin America, are anticipated to contribute significantly to revenue growth, with the company expanding its presence in these regions [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company is expected to achieve a revenue of 9.203 billion yuan in 2025, representing a year-on-year growth of 25%. The net profit attributable to shareholders is projected to be 1.61 billion yuan, a 46% increase year-on-year [1][3]. - The growth in performance is primarily driven by the accelerated demand for AI computing power, benefiting the company’s products in PC, server, and automotive electronics sectors. The storage industry cycle is steadily improving, leading to a rise in both price and volume of products [1][3]. - The company has a significant advantage in the customized storage sector, with ongoing projects expected to yield results starting in 2026 [3]. Financial Projections - The company is projected to achieve revenues of 9.203 billion yuan in 2025, 12.424 billion yuan in 2026, and 15.530 billion yuan in 2027, with year-on-year growth rates of 25.1%, 35%, and 25% respectively [3]. - The net profit attributable to shareholders is expected to be 1.611 billion yuan in 2025, 3.145 billion yuan in 2026, and 3.914 billion yuan in 2027, with growth rates of 46.1%, 95.2%, and 24.4% respectively [3]. - The current stock price corresponds to a P/E ratio of 130 for 2025, 67 for 2026, and 54 for 2027 [3].

证券研究报告 | 公司点评 gszqdatemark 2026 01 23 年 月 日 兆易创新（603986.SH） 三大产品全线涨价，存储龙头充分受益 兆易创新发布 2025 全年业绩预告。公司 2025 全年实现营业收入 92.03 亿元，同比+25%，实现归母净利润 16.1 亿元，同比+46%，扣非后归母 净利润 14.23 亿元，同比+38%。从 25Q4 单季度来看，兆易创新 25Q4 实 现营收 23.7 亿元，同比+39%，环比-11%，实现归母净利润 5.3 亿元， 同比+96%，环比+4%，扣非后归母净利润 3.8 亿元，同比+53%，环比 -23%。公司业绩增长主要系 AI 算力建设提速带动需求显著提升，公司面 向 PC、服务器、汽车电子等领域产品深度受益，存储行业周期稳步上行， 供需结构优化推动产品价量齐升。 三大产品全线涨价，存储龙头充分受益。 风险提示：产品推广不及预期；下游需求不及预期；贸易摩擦加剧。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | ...