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].

—高能环境(603588)公司深度报告 进军矿业开采&赴港上市，资源化龙头扬帆起航 证券研究报告 公司研究 2026 年 2 月 4 日 [Table_CoverAuthor] 郭雪 环保公用联席首席分析师 吴柏莹 环保行业分析师 执业编号：S1500525030002 执业编号：S1500524100001 邮箱：guoxue@cindasc.com 邮箱：wuboying@cindasc.com [公司深度报告 Table_ReportType] [Table_StockAndRank] 高能环境(603588) 投资评级 买入 上次评级 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 [高能Table_T 环境：itle]进军矿业开采&赴港上市，资源化龙头扬帆起 航 [Table_ReportDate] 2026 年 2 月 4 日 本期内容提要: [Table_S [Table_Summary ummary] ] ➢ 行情回顾：截至 5月 9日收盘，水治理板块上涨 3.75%，水务板块上 涨 1.79%；大气 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue zero-coupon convertible bonds amounting to 10 billion yuan, primarily to support the development of its overseas business and supplement other operating funds [8] - The issuance is expected to have a significant dilution effect on H shares but minimal impact on A shares, with an initial conversion price set at 19.7 HKD per H share, representing a 7% premium over the previous trading day [8] - The company’s leverage ratio is projected to increase slightly before the conversion of the bonds but is expected to decrease post-conversion, indicating a manageable impact on overall leverage [8] - The financing is anticipated to bolster the company's international business, which has shown a revenue contribution of 14% in the first half of 2025, with plans to expand into mature and emerging markets [8] - The regulatory environment is supportive of domestic brokers expanding overseas, which aligns with the company's strategic goals [8] - The long-term outlook for the securities industry remains positive, driven by capital market reforms and a recovering macroeconomic environment, which is expected to enhance market investment enthusiasm [8] Financial Projections - Total revenue is projected to be 36.58 billion yuan in 2023, increasing to 42.34 billion yuan by 2027, with a notable decline in 2025 [1] - Net profit attributable to shareholders is forecasted to grow from 12.75 billion yuan in 2023 to 20.99 billion yuan in 2027, with a significant increase in 2025 [1] - The earnings per share (EPS) is expected to rise from 1.41 yuan in 2023 to 2.32 yuan in 2027, reflecting a positive growth trajectory [1] - The price-to-earnings (P/E) ratio is projected to decrease from 15.41 in 2023 to 9.48 by 2027, indicating an attractive valuation over time [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Insights - The company is positioned as a global leader in PCB supply, expanding from consumer electronics into AI computing and advanced communication boards, with potential for exceeding expectations in computing-related business [1] - The company is accelerating its investment in AI PCB capacity, targeting high-potential markets such as servers, AI edge devices, and low-orbit satellites, with significant investments in Thailand and other locations to strengthen its global product matrix [2] - The company continues to demonstrate technical advantages by developing advanced HDI products suitable for GPUs and high-speed transmission interfaces, leveraging its SLP technology for optical communication applications [3] - The parent company is increasing investments in AI server PCB products, with plans to expand production capacity in multiple factories, leading to a significant expected increase in related revenues in 2026 [4] - Revenue forecasts for 2025-2027 are projected at 415.92 billion, 490.54 billion, and 580.14 billion yuan, with year-on-year growth rates of 18.4%, 17.9%, and 18.3% respectively; net profit is expected to reach 45.98 billion, 55.76 billion, and 72.44 billion yuan, with growth rates of 27.0%, 21.3%, and 29.9% [5] Financial Summary - The company's projected revenue for 2025 is 415.92 billion yuan, with a year-on-year growth of 18.36%; net profit is expected to be 4,597.79 million yuan, reflecting a growth of 27.00% [12] - Earnings per share (EPS) are forecasted to be 1.98 yuan in 2025, with a price-to-earnings (P/E) ratio of 31.13 [12]

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is positioned as a leader in the low-temperature milk segment, with expected improvements in net profit margins that may exceed market expectations, thereby opening up mid-term profit potential [1] - The market perceives that the company's recent net profit margin elasticity is largely due to the cost benefits from raw milk, suggesting that any stabilization or increase in raw milk prices could pressure margins. However, the report anticipates that net profit margin elasticity will remain promising over the next three years [2] Summary by Sections Product Competitiveness and Growth Drivers - The company has optimized its product structure, with significant contributions from new products, which have consistently exceeded double-digit revenue growth. Key products include "Huirun," "Asahi Weipin," and others, with expectations for "Huirun" to achieve rapid growth and become a major product in the competitive low-temperature yogurt market [2] - The direct-to-consumer (D2C) channel is being prioritized, allowing the company to reach consumers effectively through e-commerce in high-tier cities and home delivery in lower-tier cities, leading to lower costs and higher profit margins [2] Financial Forecasts and Valuation - Revenue forecasts for 2025 to 2027 are projected at 112.7 billion, 121.9 billion, and 131.4 billion yuan, representing year-on-year growth of 5.7%, 8.1%, and 7.8% respectively. Net profit is expected to reach 7.1 billion, 8.6 billion, and 10.3 billion yuan, with growth rates of 32.0%, 21.5%, and 18.9% respectively [4] - The report suggests a price-to-earnings (P/E) ratio of 20x for 2027, reflecting an upward adjustment in the investment rating [4]