证券研究报告 机械设备 | 自动化设备 北交所|首次覆盖报告 hyzqdatemark 2025 年 11 月 27 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 11 | | 24 | 日 | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 27.98 | | | | | | 年 内 高 最 低 | / | | | | 最 | | | | | 一 | | （元） | | | | | | | | 29.80/12.85 | | | | 总市值（百万元） | | | | | | 3,924.47 | | | | | | 流通市值（百万元） | | | | | | 3,080.05 | | | | | | 总股本（百万股） | | | | | | 140.26 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][6] Core Views - The company plans to acquire 100% equity of Baiyinhua Coal Power at a transaction price of 11.15 billion yuan, which is expected to significantly enhance profitability [5] - The acquisition is projected to increase the company's net profit attributable to shareholders from 5.34 billion yuan in 2024 to 6.79 billion yuan, marking a growth of 1.45 billion yuan [5] - The integration of Baiyinhua Coal Power's coal, electricity, and aluminum businesses aligns with the company's existing "coal-electricity-aluminum" model, potentially expanding its operational scale [5] - The acquisition is expected to add approximately 2 billion yuan to the company's net profit in 2025, with further asset injections anticipated from the controlling shareholder [5][6] Financial Summary - As of November 26, 2025, the company's closing price is 26.47 yuan, with a total market capitalization of 59,334.45 million yuan and a debt-to-asset ratio of 25.18% [3] - The company's earnings per share (EPS) for 2024 and 2025H1 are projected to be 2.38 yuan and 1.24 yuan respectively, with a slight dilution expected post-acquisition [5] - Revenue forecasts for 2025 are estimated at 31,960 million yuan, with a year-on-year growth rate of 7.04% [7] - The company's net profit for 2025 is projected to be 5,766 million yuan, reflecting a year-on-year growth rate of 7.95% [7] - The company anticipates a dividend yield of 3.21% in 2024, increasing to 3.98% by 2027, indicating an attractive return for investors [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Insights - The company achieved a revenue of 3.507 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 12.23%. However, the net profit attributable to the parent company was 275 million yuan, a year-on-year increase of only 2.23%. In Q3 alone, revenue was 1.173 billion yuan, up 5.22% year-on-year, but the net profit attributable to the parent company dropped to 51 million yuan, down 27.09% year-on-year, indicating a significant short-term decline in profitability [1][4] - The decline in gross margin in Q3 was primarily due to changes in sales structure and fluctuations in product prices. The rapid growth of emerging businesses such as smart distribution and DC contactors, along with an increased share of the new energy sector in the main business, has affected the overall gross margin. Additionally, market competition and annual pricing negotiations with customers have impacted product price differences, leading to a decrease in net margin as a result of the decline in gross margin [1][2] Financial Performance Summary - For 2025, the company is expected to achieve a net profit of 409 million yuan, 526 million yuan, and 663 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30.9%, 28.7%, and 26.0%. The earnings per share (EPS) are projected to be 0.36 yuan, 0.47 yuan, and 0.59 yuan for the same years [2][3] - The company’s revenue is forecasted to be 4.696 billion yuan in 2025, with a growth rate of 10.8%, and is expected to reach 5.770 billion yuan and 7.357 billion yuan in 2026 and 2027, with growth rates of 22.9% and 27.5% respectively [3][8]

公 司 研 究 / 基 础 化 工 / 证 券 研 究 报 告 华鲁恒升（600426）财报点评 华鲁恒升：价差承压致业绩环比下滑， 新项目放量助力远期增长 2025 年 11 月 27 日 【投资要点】 25Q3 受价差环比持续收窄及气化炉装置停产检修影响，业绩环比下 滑。产销方面：醋酸及衍生物产量 39.71 万吨，销量 40.34 万吨（同 比+8.79%，环比+0.05%）；肥料产量 155.29 万吨，销量 139.44 万吨 （同比+34.85%，环比-6.11%）。价差方面：Q3 尿素/醋酸/DMF/碳酸 二甲酯/己二酸/己内酰胺价差环比变化-18.6%/-21.1%/-5.1%/+2.1%/- 2.3%/-9.6%。 增持（维持） "一体两翼""双航母"布局日益完善，气化炉技改及新产能陆续放量 有望推动公司业绩持续增长。2024 年，公司荆州基地 100 万吨/年尿 素、100 万吨/年醋酸、15 万吨/年 DMF 及 15 万吨混甲胺项目以及德 州本部高端溶剂项目持续放量，推动公司"一体两翼""双航母"布局日益 完善。2024 年，公司建成投产了 20 万吨/年己二酸项目，蜜胺树脂单 体材料 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in the desensitization treatment field, with significant advantages in core products and a diversified layout. Its dust mite drops maintain the highest market share, while the mugwort pollen sublingual drops fill a gap in northern pollen allergy treatment, expected to become a new growth point [5][6]. - The allergic market is expanding, with desensitization therapy showing significant advantages over symptomatic treatments. The domestic anti-allergy drug market is projected to reach 43.67 billion yuan by 2029, driven by rising allergy disease incidence [6][47]. - The company's core products are performing strongly, with the dust mite drops showing a five-year CAGR of 8.86% and revenue of 794 million yuan in the first three quarters of 2025, a 13.38% increase year-on-year. The mugwort pollen drops have a CAGR of 64.71% since their launch in 2021, with a 117.58% increase in revenue in the first three quarters of 2025 [7][8]. Summary by Sections Company Overview - The company, established in 2002, focuses on the research, production, and sales of allergen products, specializing in desensitization drugs and diagnostic reagents [18]. Market Potential - The incidence of allergic diseases is rising, with the anti-allergy drug market in China expected to grow significantly. The desensitization treatment is recognized as the only method that can influence the disease process, unlike symptomatic treatments [6][48]. Product Performance - The dust mite drops have shown strong sales performance, with a revenue CAGR of 8.86% and a gross margin consistently above 95%. The mugwort pollen drops have rapidly gained market share since their launch, with a revenue increase of 117.58% in the first three quarters of 2025 [7][8]. Financial Projections - The company is expected to achieve net profits of 399 million yuan, 493 million yuan, and 600 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 41.0, 33.3, and 27.3 [5][9].

证券研究报告 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 阿拉丁(688179) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 参股上海佑科，外延扩张再下一城 [Table_ReportDate] 2025 年 11 月 27 日 [Table_S 事件：公司ummar公告近日 y] 与上海佑科仪器仪表有限公司（简称"上海佑科"）签 订《股权转让意向协议》，公司拟现金购买上海佑科 35%的股权，交易价格 为 6,125 万元，对应目标公司整体估值 1.75 亿元。本次投资完成后，上海 佑科将成为公司的参股子公司。 点评： 公司研究 ➢ 参股上海佑科，协同作用显著。 上海佑科仪器仪表有限公司是一家致力于实验室通用分析 ...

Q3 净利同比实现增长，光通信稳中有进 烽火通信(600498) 烽火通信 2025 年三季报点评 电信运营 [Table_Industry] /信息技术 [Table_Invest] [Table_Target] [Table_CurPrice] 本报告导读： FTTR 出货量持续提升，获取多个工信部万兆光网试点；光网络、光宽带等产品在东 南亚、美洲、非洲等市场相继突破，获取较大份额。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 31,130 | 28,549 | 28,654 | 29,405 | 30,688 | | (+/-)% | 0.7% | -8.3% | 0.4% | 2.6% | 4.4% | | 净利润(归母) | 505 | 703 | 951 | 1,022 | 1,109 | | (+/-)% | 24.4% | 39.0% | 35.4% | 7.4% | 8.5% | | 每股净 ...

事件 2025 年 11 月 26 日，公司公告其全资子公司北新防水有限公司将 以 4.18 亿元的总价，分别受让远大洪雨(唐山)防水材料有限公司 和远大洪雨(宿州)建材科技有限公司各 80%股权。 事件点评 （1）"防水翼"再添一员，补强华北份额。2019 年公司通过联合 重组进入防水材料业务领域，2019-2022 年进入收购高峰期。本次 收购在 2022 年即公布过收购计划、但并未履行，即拟以 6.0 亿元 的对价收购唐山远大洪雨 63.3%以及宿州远大洪雨 70%股权，本次 收购比例和对价有所变化，对价下调估计和防水行业较 22 年景气 度下滑有关。完成收购后，公司预计新增沥青防水卷材/高分子防 水卷材/防水涂料产能 12000 万平米/4000 万平米/159000 吨。 2025H1 北新防水业务收入 24.9 亿左右，同比增长 6%左右，实现 净利润 1.4 亿，同比增长 6%，净利率约 5.6%。 （2）结合拟收购标的的行业影响力看、收购估值相对合理。从行 业估值水平来看，东方雨虹/科顺股份 pb-lf 分别为 1.44x/1.27x。 1）公司收购远大洪雨（唐山）80%股权的对价为 3.36 ...

证 券 研 究 报 告 可孚医疗（301087）2025 年三季报点评 推荐（维持） 核心品类表现亮眼，业务出海加速推进 目标价：56 元 事项： 公司发布 25 年三季报。25Q1-3，营业收入 23.98 亿元（+6.63%），归母净利润 2.60 亿元（+3.30%），扣非净利润 2.22 亿元（+1.46%）。25Q3，营业收入 9.02 亿元（+30.72%），归母净利润 0.93 亿元（+38.68%），扣非净利润 0.86 亿元 （+62.68%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,983 | 3,346 | 3,890 | 4,556 | | 同比增速(%) | 4.5% | 12.2% | 16.2% | 17.1% | | 归母净利润(百万) | 312 | 375 | 452 | 543 | | 同比增速(%) | 22.6% | 20.2% | 20.5% | 20.2% | | 每股 ...

证 券 研 究 报 告 海尔生物（688139）2025 年三季报点评 推荐（维持） 公司研究 新产业收入占比提升，海外业务动能持续 目标价：44 元 事项： 公司发布 25 年三季报。25Q1-3，营业收入 17.61 亿元（-1.17%），归母净利润 1.98 亿元（-35.83%），扣非净利润 1.73 亿元（-37.20%）。25Q3，营业收入 5.66 亿元（+1.24%），归母净利润 0.56 亿元（-25.60%），扣非净利润 0.50 亿元（- 22.47%）。 评论： | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,284 | 2,319 | 2,558 | 2,850 | | 同比增速(%) | 0.1% | 1.5% | 10.3% | 11.4% | | 归母净利润(百万) | 367 | 259 | 294 | 334 | | 同比增速(%) | -9.7% | -29.3% | 13.5% | 13.5% | | 每股盈利(元) | 1.15 | 0. ...