证券研究报告 | 2025年10月12日 帝奥微（688381.SH） 筹划收购荣湃半导体股权，有望完善产品线布局 优于大市 |  | 公司研究·公司快评 |  | 电子·半导体 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 胡剑 | 021-60893306 | hujian1@guosen.com.cn | 执证编码：S0980521080001 | | 证券分析师： | 胡慧 | 021-60871321 | huhui2@guosen.com.cn | 执证编码：S0980521080002 | | 证券分析师： | 叶子 | 0755-81982153 | yezi3@guosen.com.cn | 执证编码：S0980522100003 | | 证券分析师： | 张大为 | 021-61761072 | zhangdawei1@guosen.com.cn | 执证编码：S0980524100002 | | 证券分析师： | 詹浏洋 | 010-88005307 | zhanliuyang@guosen.com.cn ...

证券研究报告 | 公司点评报告 2025 年 10 月 12 日 四方股份（601126.SH） 网内订单保持高增速，SST 开始发力 AIDC 领域 中游制造/电力设备及新能源 公司 2025 年上半年实现收入、归母净利润、扣非净利润分别 40.2、4.8、4.6 亿元， 同比增长 15.6%、12.4%、12.7%。其中 Q2 分别 21.92、2.35、2.27 亿元，同比增 长 13.4%、-3.24%、-1.13%。 ❑ 投资建议：预测 2025 年公司实现归母净利润 8.5 亿元，"增持"评级。 ❑ 风险提示：电网投资不及预期、新业务扩张不及预期、竞争加剧等。 | 财务数据与估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业总收入(百万元) | 5751 | 6951 | 8397 | 9946 | 11639 | | 同比增长 | 13% | 21% | 21% | 18% | 17% | | 营业利润(百万元) | 734 | 803 | ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a leading player in Shenzhen's transportation planning and is transitioning into a comprehensive smart transportation service provider, with significant growth in its smart transportation business [1][4]. - The low-altitude economy is expected to see rapid growth due to supportive policies, with infrastructure demand anticipated to increase significantly [2][3]. - The company is deeply involved in the low-altitude construction in Shenzhen, establishing a complete "investment-construction-operation" industrial chain [3]. - The "Vehicle-Road-Cloud" initiative is gaining momentum, with expected industry growth and the company launching various smart transportation applications [4]. Summary by Sections Company Overview - The company, originally established as Shenzhen Urban Transportation Center in 1993, has undergone several transformations, becoming a state-owned enterprise in 2006 and listed on the Shenzhen Stock Exchange in 2021 [14]. - It has shifted focus towards smart transportation services, with a significant increase in the revenue contribution from this sector, rising from 7% in 2017 to 56% in 2024 [18]. Low-Altitude Industry Participation - The company is a core participant in Shenzhen's low-altitude industry, with over 70% of its revenue generated from this region [3]. - It has been involved in formulating national standards and has developed the first intelligent integrated low-altitude system in the country [3]. Vehicle-Road-Cloud Development - The "Vehicle-Road-Cloud" initiative is projected to reach a total industry output value of 2.6 trillion yuan by 2030, with the company launching the first city-level vehicle-road-cloud platform in Shenzhen [4]. Financial Analysis and Forecast - The company is expected to see a recovery in its financial performance, with projected net profits of 106 million yuan in 2025, 115 million yuan in 2026, and 123 million yuan in 2027 [4]. - The company has experienced a decline in traditional planning and design demand, but new business contracts have surged, indicating a potential stabilization in revenue [22][24].

上 市 公 司 公 司 研 基础化工 2025 年 10 月 12 日 江南化工 (002226) ——拟公开摘牌重庆顺安爆破，外延内生持续推进 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 10 日 | | --- | --- | | 收盘价（元） | 7.14 | | 一年内最高/最低（元） | 7.61/4.28 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 1.05 | | 流通 A 股市值（百万元） | 18,913 | | 上证指数/深证成指 | 3,897.03/13,355.42 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.68 | | 资产负债率% | 41.00 | | 总股本/流通 A 股（百万） | 2,649/2,649 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-10 11-10 12-10 01-10 02-10 03-10 04-10 05-10 0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is focusing on expanding its capabilities in the fields of robotics and AI, particularly through the acquisition of Jin Nan Magnetic Materials, which will enhance its product offerings and production capacity [1][8] - Revenue for 2024 is projected to be 500 million yuan, representing a year-on-year increase of 20%, with net profit expected to reach 83 million yuan, a 48% increase year-on-year [2] - The management anticipates revenue growth from 570 million yuan in 2025 to 680 million yuan in 2027, with net profit commitments of no less than 82 million yuan in 2025, 89 million yuan in 2026, and 94 million yuan in 2027 [2] Financial and Profitability Forecast - The company expects revenues of 1.006 billion yuan in 2025, 1.228 billion yuan in 2026, and 1.494 billion yuan in 2027, with respective growth rates of 13%, 22%, and 22% [3] - The projected net profit for 2025 is 165 million yuan, increasing to 243 million yuan in 2026 and 321 million yuan in 2027, with compound annual growth rates of 14%, 48%, and 32% respectively [3] - The company maintains a PE ratio forecast of 34 for 2025, 23 for 2026, and 17 for 2027 [3] Business Development and Strategic Initiatives - The company is investing in the development of precision metal components and high-performance alloy materials, with a focus on applications in emerging fields such as electric vehicles, 5G base stations, and AI servers [2][8] - The acquisition of Jin Nan Magnetic Materials is expected to enhance the company's capabilities in permanent magnet materials, soft magnetic materials, and precision alloy components, with a significant portion of revenue coming from these segments [8]

证券研究报告 | 公司点评 | 工程机械 山推股份(000680) 报告日期：2025 年 10 月 12 日 已回购股份近 1 亿元，公司季度业绩有望开始提速 ——山推股份点评报告 事件：2025 年 10 月 10 日晚，公司发布关于回购股份方案实施进展的公告。 投资要点 ❑ 已回购股份近 1 亿元，未来股权激励或员工持股计划可期 截至 2025 年 9 月 30 日，公司通过股份回购专用证券账户以集中竞价方式回购公司股 份 1076 万股，占公司目前总股本的 0.72%，最高成交价 9.74 元/股，最低成交价 8.64 元/股，成交总金额 9999 万元（不含交易费用）。2025 年 4 月 22 日晚，公司公告拟 1.5 亿~3 亿元回购股份，在未来适宜时机将全部用于股权激励计划或实施员工持 股计划。据公司公告，自 2025 年 9 月 26 日起，因公司实施 2025 年中期权益分 派，本次回购价格将由不超过 13.82 元/股调整为不超过 13.79 元/股。 ❑ 推土机迈向全球，挖掘机打开空间，矿山机械发展潜力大 1）2025 年经营目标：营业收入 157 亿元，预计同比增长 10%，其中海外 ...

9 月销量回到行业第一，预计多款新车上市 将拉动自主销量继续向上突破 核心观点 盈利预测与投资建议 ⚫ 预测 2025-2027 年 EPS 分别为 1.05、1.17、1.31 元，维持可比公司 25 年 PE 平均 估值 25 倍，目标价 26.25 元，维持买入评级。 风险提示 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 上汽集团 600104.SH 公司研究 | 动态跟踪 | | 买入 | | --- | --- | | 股价（2025年10月10日） | 17.13 元 | | 目标价格 | 26.25 元 | | 52 周最高价/最低价 | 21.19/12.6 元 | | 总股本/流通 A 股（万股） | 1,149,528/1,149,528 | | A 股市值（百万元） | 196,914 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2025 年 10 月 12 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 0 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The humanoid robot industry is poised for significant growth, with the company's linear actuators successfully entering mass production [1][2] - The company has developed over 50 new products in the first half of 2025, with nearly 300 new clients added [1] - The company is expected to benefit from the upward cycle in the excavator sector, with domestic sales increasing by 15% year-on-year and exports up by 11% [3] - The company is expanding its product applications in precision ball screws, linear guides, and electric cylinders to enhance its leading position in electric and hydraulic transmission [1][3] Summary by Sections Humanoid Robot Sector - Major players like Tesla and Figure are accelerating their developments, indicating a catalytic period for the industry [2] - The demand for humanoid robots in manufacturing and domestic services in China and the US is projected to reach approximately 2.1 million units by 2030, representing a market space of about 314.6 billion RMB [2] Excavator Segment - The company is positioned to benefit from the ongoing infrastructure projects, with significant growth in excavator cylinder sales, which reached 308,000 units in the first half of 2025, a year-on-year increase of over 15% [3] - Non-excavator segments also saw over 30% growth in pump and valve sales, expanding market share in various machinery sectors [3] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 10.4 billion, 12.1 billion, and 14.1 billion RMB, with year-on-year growth rates of 11%, 16%, and 17% respectively [4] - Net profit forecasts for the same period are 2.7 billion, 3.2 billion, and 3.7 billion RMB, with growth rates of 10%, 15%, and 17% [4] - The company is expected to maintain a PE ratio of 48, 42, and 35 for the years 2025, 2026, and 2027 respectively [4]

证券研究报告·公司点评报告·炼化及贸易 荣盛石化（002493） 石化化工行业稳增长方案推出，民营炼化龙 头有望受益 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 325,112 | 326,475 | 311,311 | 324,706 | 339,440 | | 同比（%） | 12.46 | 0.42 | (4.64) | 4.30 | 4.54 | | 归母净利润（百万元） | 1,158.15 | 724.48 | 1,899.02 | 2,948.71 | 4,091.34 | | 同比（%） | (65.33) | (37.44) | 162.12 | 55.28 | 38.75 | | EPS-最新摊薄（元/股） | 0.12 | 0.07 | 0.19 | 0.30 | 0.41 | | P/E（现价&最新摊薄） | 84.96 | 135.82 | 51.81 | 33.37 | 24.05 ...

证券研究报告 | 2025年10月11日 AI 服务器散热技术领先，将深度受益 AI 服务器液冷需求爆发增长。液冷散 热应用是 AI 算力需求下产业趋势，正在迎来黄金发展期。根据 Markets and Markets 数据，全球数据中心液冷市场规模将从 2025 年的 28.4 亿美元增长 至 2032 年的 211.4 亿美元，2025-2032 年复合增速达 33.21%。公司掌握单 相/两相液冷模组、3D-VC 散热模组等核心技术，AI 服务器散热产品已获得 批量订单并实现量产交付，深度受益数据中心液冷量价齐升的产业趋势。 人形机器人：领先布局散热解决方案，控股收购灵巧手领先企业。2025 年上 半年，公司战略投资控股果力智能，果力智能是业内领先的灵巧手及具身智 能机器人专精特新企业，研发的灵巧手拥有业内独创柔软智能单元，具备触 觉、本体与柔软智能多模态感知能力，技术领先。公司基于散热、电磁屏蔽 领域的核心能力，已开发出应用于机器人灵巧手、关节模组、控制板等部位 的散热与电磁屏蔽解决方案，有望深度受益人形机器人产业发展机遇。 投资建议：公司是领先的热管理平台型公司，受益下游消费电子需求回暖和 AI 服 ...