2026 年 02 月 04 日 公司研究●证券研究报告 航宇科技（688239.SH） 公司快报 航发环形锻件供应商，打造空天"一站式"制造 平台 投资要点 | | 国防军工 航空军工Ⅲ | | --- | --- | | 投资评级 | 买入(首次) | | 股价(2026-02-03) | 68.10 元 | | 交易数据 | | | 总市值（百万元） | 12,981.91 | | 流通市值（百万元） | 12,981.91 | | 总股本（百万股） | 190.63 | | 流通股本（百万股） | 190.63 | | 个月价格区间 12 | 70.08/31.13 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -0.02 33.91 90.61 绝对收益 0.64 34.06 112.7 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 航发环形锻件供应商 ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer (600132.SH) [5] Core Views - In 2025, Chongqing Beer achieved operating revenue of 14.72 billion yuan, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 1.23 billion yuan, up 10.4% year-on-year [1] - The company experienced a slight increase in sales volume of 0.68% in 2025, despite a challenging market environment where the overall beer industry production decreased by 1.1% [1][2] - The fourth quarter of 2025 saw a revenue of 1.66 billion yuan, representing a year-on-year growth of 5.2%, and a reduction in net loss compared to the previous year [1][2] Summary by Sections Financial Performance - For 2025, the company reported a net profit of 1.23 billion yuan, with a decrease in non-recurring net profit by 2.8% to 1.19 billion yuan [1] - The fourth quarter showed a significant improvement in sales and pricing, with sales volume and price per ton increasing by 2.84% and 1.96% respectively compared to the previous year [2] - The company benefited from a favorable scale effect and a legal settlement, which positively impacted its net profit by approximately 19.08 million yuan [2] Future Outlook - The report anticipates that policies promoting service consumption will support the recovery of on-premise consumption, leading to stable growth in beer consumption [3] - The company's strong brand management capabilities are expected to shine through as external pressures ease [3] Earnings Forecast and Valuation - The net profit forecasts for Chongqing Beer for 2025-2027 have been adjusted to 1.23 billion, 1.28 billion, and 1.32 billion yuan respectively, reflecting increases of 3%, 1%, and 1% [3] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 2.54, 2.64, and 2.73 yuan, with corresponding price-to-earnings (P/E) ratios of 21x for 2025 and 2026, and 20x for 2027 [3][4]

证券研究报告 食品饮料 | 食品加工 非金融|公司点评报告 hyzqdatemark 2026 年 02 月 04 日 市场表现： | 基本数据 | | | | 2026 | 年 | 02 | 月 | 04 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 28.63 | | | 一 年 内 最 低 | 高 | / | 最 | | | | 34.10/16.68 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | 6,858.79 | | | 流通市值（百万元） | | | | | | | | 6,858.79 | | | 总股本（百万股） | | | | | | | | 239.57 | | | 资产负债率（%） | | | | | | | | 19.34 | | | 每股净资产（元/股） | | | | | | | | 9.46 | | | 资料来源：聚源数据 | | | | | | | | | | 巴比食 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is expected to experience stable growth in performance, with ongoing developments in solid-state batteries and dry electrode technology, particularly in space applications [3][4] - The company has faced a significant decline in net profit for 2025, estimated between 58 million to 68 million yuan, representing a decrease of 57.98% to 64.16% compared to the previous year [6] - Despite short-term challenges, including a slowdown in lithium battery demand and increased competition, the company is positioned for recovery due to a rebound in capital expenditure and successful overseas market expansion [6] - The company has made substantial progress in solid-state battery equipment, with key devices being delivered to customers, enhancing its product portfolio [6] - The report highlights the potential applications of solid-state batteries and dry technology in harsh environments, such as space, where performance requirements are significantly higher [6] Financial Summary - The company's projected revenue for 2023 is 946 million yuan, with a year-over-year growth rate of 25%. However, a decline in revenue is expected in 2025, with a forecast of 952 million yuan, reflecting a -10% growth rate [4] - The net profit for 2023 is projected at 124 million yuan, with a growth rate of 9%. A significant drop to 65 million yuan is anticipated for 2025, marking a -60% change [4] - The earnings per share (EPS) is expected to decrease from 1.33 yuan in 2023 to 0.41 yuan in 2025 [4] - The report forecasts a recovery in net profit to 120 million yuan in 2026 and 182 million yuan in 2027, with corresponding P/E ratios of 90.9 and 59.9 [4]

2026 年 2 月 4 日 公司研究 工业 X 射线检测设备龙头，下游高景气度、国产替代趋势双轮驱动 ——日联科技（688531.SH）首次覆盖报告 要点 工业 X 射线检测设备龙头企业。日联科技是国内领先的工业 X 射线智能检测设 备及核心部件供应商，为国家级专精特新"小巨人"。2019–2024 年，公司收 入 CAGR 约 38%，归母净利润 CAGR 约 77%。产品覆盖全球 70+国家和地区， 2025H1 海外收入占比首次超过 10%。 行业：下游应用广泛，需求持续扩容。根据日联科技 2025 年半年报援引沙利文 咨询数据，预计 2025–2030 年全球工业 X 射线检测设备市场规模 CAGR 约 9.9%， 中国市场规模 CAGR 约 10.3%；预计 2030 年该领域全球市场规模有望突破千亿 元，中国市场规模有望突破 300 亿元。 公司：丰富产品线，开展收并购。公司已构建"检测设备+AI 软件+射线源"一 体化产品线，已形成百余款标准化设备。集成电路与电子制造领域，业务已覆盖 头部 PCB/PCBA 客户，市占率位居国内前列。新能源电池方面，公司设备覆盖 动力/储能/消费电池在线与离线 ...

乘用车 | 评级: 买入 | | --- | | 维持 | 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | | | | 总股本(百万股) | 9,117.20 | | --- | --- | | 流通股本(百万股) | 7,170.64 | | 市价(元) | 87.37 | | 市值(百万元) | 796,569.55 | | 流通市值(百万元) | 626,498.98 | 股价与行业-市场走势对比 2025-04-26 1、《比亚迪 2025 年中报点评：》 2025-08-30 评：》2025-08-04 比亚迪 2026 年 1 月销量点评： 行业政策过渡短期承压，仍需关注后续新车周期及出口 比亚迪（002594.SZ） 证券研究报告/公司点评 ...

稀缺原丝龙头，受益于风电需求回升 吉林碳谷(920077) 吉林碳谷首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | 本报告导读： 公司是稀缺的碳纤维原丝龙头，在碳纤维行业底部运行区间原丝盈利稳定度好于碳 丝，伴随 25 年风电需求回暖，公司产销和盈利同步回升。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,049 ...

证券研究报告 | 公司更新 | 饮料乳品 新乳业(002946) 报告日期：2026 年 02 月 04 日 产品竞争力突出，低温龙头势能延续，打开中期利润空间 ——新乳业推荐报告 投资要点 ❑ 一句话逻辑 低温奶龙头，净利率提升幅度和时间跨度有望超预期，打开中期利润空间。 ❑ 超预期点及驱动因素 市场认为：公司近年来净利率弹性多源于原奶成本红利，因此原奶若企稳回升， 公司的净利率会承压。 我们认为：未来三年公司净利率弹性可期。 驱动因素如下： 1、产品结构优化：一方面，公司产品力α突出，近年来公司新品收入贡献持续 超过双位数，有利推动产品结构优化。朝日唯品、活润、24 小时、初心、今日 鲜奶铺五款全国化低温大单品近年来均有亮眼表现，其中：（1）我们预计活润 25 年或实现高速增长，更是有望在低温酸这个竞争激烈的赛道成为现象级十亿 级大单品，26 年继续在功能化方向上推新发力；（2）朝日唯品在山姆持续推出 芭乐风味发酵乳、焦糖布丁、玫瑰红曲酒酿酪乳等火爆单品。我们认为，"爆品 制造机"背后是公司产品创新研发能力的系统化打造和持续兑现。另一方面，前 期并购的区域子公司中，仍有很多低端产品有结构优化空间。 2、D ...

医药 2026 年 02 月 04 日 诺诚健华(688428.SH) 商业化放量与对外合作并进，双轮驱动迈向2.0发展阶段 推荐（维持） 股价：21.51 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.innocarepharma.com | | 大股东/持股 | HKSCC NOMINEES LIMITED/51% | | 总股本(百万股) | 1,765 | | 流通 A 股(百万股) | 268 | | 流通 B/H 股(百万股) | 1,496 | | 总市值（亿元） | 209 | | 流通 A 股市值(亿元) | 58 | | 每股净资产(元) | 3.78 | | 资产负债率(%) | 29.9 | 行情走势图 相关研究报告 【平安证券】诺诚健华（688428.SH）*首次覆盖报告* 始于创新、强于执行力，血液瘤及自免领域管线双开花 *推荐20240321 【平安证券】诺诚健华（688428.SH）*半年报点评*奥 布替尼2024上半年快速放量，血液瘤、自免、实体瘤 在研管线稳步推进*推荐20240821 【平安证券】诺诚健华（688428.SH） ...

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company is transitioning into the mining sector and plans to list in Hong Kong, aiming to enhance its position as a leader in resource utilization [4][18]. - The company has a clear and robust strategic layout focusing on resource recycling, with significant growth expected in its metal resource recycling business [4][16]. - The company has achieved a deep integration of its upstream and downstream operations, which is expected to drive profitability as production capacity is released [16][27]. Summary by Sections Company Overview - The company originated from the Institute of High Energy Physics of the Chinese Academy of Sciences and is one of the earliest enterprises in China to engage in solid waste pollution prevention [18]. - It has expanded its business into hazardous waste management and resource recycling through acquisitions, including plans to acquire stakes in three mining companies to enhance its resource recycling capabilities [4][18]. Financial Performance - The company reported a total revenue of 145 billion yuan in 2024, a year-on-year increase of 37% [23]. - The net profit attributable to the parent company for 2025 is projected to be 823 million yuan, representing a 70.8% increase compared to the previous year [11]. - The gross profit margin for the resource recycling segment has improved from 8.3% in 2023 to 13.4% in the first half of 2025 [16]. Market Dynamics - The metal prices have shown significant increases, with gold rising by 43.1%, silver by 34.8%, and bismuth by 62.5% in 2025, which is expected to enhance the company's profit margins [17]. - The company is well-positioned to benefit from the government's push for circular economy initiatives, which aim to increase resource utilization rates significantly by 2025 [34][35]. Strategic Initiatives - The company is planning to list on the Hong Kong Stock Exchange to support its international expansion and enhance its capital structure [7][18]. - The acquisition of mining rights is expected to create synergies with its existing resource recycling operations, potentially unlocking new revenue streams [17][18].