证券研究报告 | 公司点评 gszqdatemark 2026 02 04 年 月 日 纳思达（002180.SZ） 资产剥离轻装前行，政策引领拐点可期 2026 年 1 月 31 日，纳思达发布 2025 年业绩预告，重大资产出售短期 扰动业绩，资产负债率下修改善财务结构。预计 2025 年度归属于上市公 司股东的净利润为负 6-9 亿元，扣除非经常性损益后的净利润为负 4.5-6.5 亿元，经营业绩亏损主要受重大资产出售、行业政策调整等因素影响。利 盟重大资产出售后，公司资产负债率显著下降，预计利盟股权处置及其他 资产预估减值对归母净利润影响为负 7-9 亿元，剔除后归母净利润为 0-1 亿元。 安全可靠测评工作指南新增打印机主控芯片，有望引领打印机规范化采 购。2025 年 7 月 1 日，中国信息安全测评中心更新了《安全可靠测评工 作指南（V3.0）》，相较于 2024 年 11 月 26 日发布的 2.0 版本，本次更新 将激光或喷墨打印机搭载的主控芯片及人工智能训练推理芯片纳入到产 品测评品类。 分析师 孙行臻 打印机：安可测评短期扰动出货节奏，A3 机型+信创市场持续发力。①整 体态势：2025 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant revenue growth in the coming years [4]. Core Insights - The company is expected to reduce its losses significantly in 2025, with projected net profit ranging from -168 million to -105 million yuan, which is an improvement of 33.68 million to 96.68 million yuan compared to the previous year [2]. - The growth is attributed to the ongoing expansion of the global semiconductor market and increased sales of various Ethernet PHY chip products, including 2.5G Ethernet chips [2][3]. - The company anticipates revenue growth for 2025, with projected revenues of 591 million yuan, representing a year-on-year increase of 49.12% [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 591 million, 904 million, and 1.311 billion yuan, respectively, with corresponding net profits of -126.68 million, -8.61 million, and 104.29 million yuan [4][6]. - The EBITDA is expected to improve from -86.63 million yuan in 2025 to 182.04 million yuan in 2027, indicating a positive trend in operational efficiency [6]. - The company’s earnings per share (EPS) is projected to improve from -1.58 yuan in 2025 to 1.30 yuan in 2027 [6]. Market Position and Product Development - The company’s 2.5G Ethernet PHY chips have achieved significant market penetration in various provinces, transitioning from pilot applications to large-scale supply, addressing a critical gap in the domestic communication industry [3]. - The chips are characterized by a transmission rate of up to 2.5 Gbps and excellent compatibility, making them suitable for high-speed network applications [3].

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 04 年 月 日 涪陵电力（600452.SH） 背靠国网综能， "配、微、储"望协同打造新增长极 国网控股背书，双主业布局持续优化。涪陵电力深耕电力行业多年，是国网旗下唯 一配网节能上市平台。公司前身源自涪陵国资委川东电力集团，依托多轮国资整 合，于 2020 年深化再融资、收购国家电网下属多省配电网节能资产，逐步建成区 域电网运营与配网节能业务并举、全国化拓展的经营格局。公司股权结构高度清 晰，国资主导地位稳固，核心高管均具国网系统任职经验，全面赋能公司战略转 型。业务涵盖区域电网运营与配网节能两大领域，主业增长韧性突出，高毛利配电 网业务增厚利润。 区域负荷扩张叠加电改红利，电网业务量价双升。作为重庆涪陵区的核心供电主 体，涪陵电力紧抓区域工业经济向好与电改红利，电网运营板块保持高质量扩张。 2024 年，涪陵全区用电量同比增长 4.67%，工业用电量同比增长 2.96%。公司外 购电量及售电量不断走高，2024 年售电量达 34.64 亿千瓦时，同比提升 7.71%； 电价改革背景下，2024 年单位售电均价升至 0.644 元 ...

证券研究报告 | 公司点评 gszqdatemark 2026 02 04 年 月 日 纳思达（002180.SZ） 资产剥离轻装前行，政策引领拐点可期 2026 年 1 月 31 日，纳思达发布 2025 年业绩预告，重大资产出售短期 扰动业绩，资产负债率下修改善财务结构。预计 2025 年度归属于上市公 司股东的净利润为负 6-9 亿元，扣除非经常性损益后的净利润为负 4.5-6.5 亿元，经营业绩亏损主要受重大资产出售、行业政策调整等因素影响。利 盟重大资产出售后，公司资产负债率显著下降，预计利盟股权处置及其他 资产预估减值对归母净利润影响为负 7-9 亿元，剔除后归母净利润为 0-1 亿元。 安全可靠测评工作指南新增打印机主控芯片，有望引领打印机规范化采 购。2025 年 7 月 1 日，中国信息安全测评中心更新了《安全可靠测评工 作指南（V3.0）》，相较于 2024 年 11 月 26 日发布的 2.0 版本，本次更新 将激光或喷墨打印机搭载的主控芯片及人工智能训练推理芯片纳入到产 品测评品类。 打印机：安可测评短期扰动出货节奏，A3 机型+信创市场持续发力。①整 体态势：2025 年奔图打印机销 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company is expected to see a significant increase in net profit for 2025, with a forecasted range of 3.25 to 3.45 billion yuan, representing a year-on-year growth of 87% to 98% [1] - The growth is driven by the demand for AI-related products and the structural upgrade in high-speed materials [6] - The company is positioned well in the CCL (Copper Clad Laminate) industry, with expectations of continued price increases and strong demand from major clients [6] Financial Data and Valuation - Total revenue is projected to grow from 16.59 billion yuan in 2023 to 56.29 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 36% [1][13] - Operating profit is expected to increase from 1.27 billion yuan in 2023 to 9.50 billion yuan in 2027, reflecting a strong growth trajectory [1][13] - The company's net profit is forecasted to rise from 1.16 billion yuan in 2023 to 7.96 billion yuan in 2027, indicating a robust growth outlook [1][13] - The price-to-earnings (PE) ratio is projected to decrease from 137.4 in 2023 to 20.1 in 2027, suggesting improving valuation metrics as earnings grow [14] Market Position and Strategy - The company is focusing on expanding its high-performance CCL production capacity, with a planned investment of 4.5 billion yuan [6] - The demand for AI PCBs (Printed Circuit Boards) is expected to continue driving growth, with the company gaining significant market share in high-end products [6] - The report highlights the company's proactive market strategies to address rising raw material costs and enhance profitability [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company's Q4 2025 performance met expectations, with revenue of approximately 54.33 billion yuan, a year-on-year increase of 25.45%, and a net profit of approximately 11.05 billion yuan, a year-on-year increase of 49.52% [6]. - The company is expected to benefit from the accelerating demand for high-performance computing servers and artificial intelligence, which will drive structural demand for printed circuit boards [6]. - The company is accelerating its capacity expansion and global strategy, which is anticipated to sustain high growth in performance [6]. - Significant investments in cutting-edge technologies such as CoWoP and mSAP are expected to enhance the company's high-end product capacity and optimize product structure, thereby improving overall profitability and risk resistance [6]. - The report forecasts revenue for 2025-2027 to be 189.5 billion, 265.2 billion, and 371.3 billion yuan, with corresponding net profits of 38.2 billion, 58.5 billion, and 85.2 billion yuan, respectively [6]. Financial Data and Valuation - Total revenue for 2023 is projected at 89.38 billion yuan, with a year-on-year growth of 7%, and is expected to reach 133.42 billion yuan in 2024, a growth of 49% [12]. - The company's net profit for 2023 is estimated at 15.13 billion yuan, with a year-on-year growth of 11%, and is projected to grow to 25.87 billion yuan in 2024, a growth of 71% [12]. - The earnings per share (EPS) is expected to increase from 0.79 yuan in 2023 to 1.34 yuan in 2024, and further to 1.99 yuan in 2025 [13]. - The price-to-earnings (PE) ratio is projected to decrease from 88.5 in 2023 to 35.0 in 2025, indicating an improving valuation [13].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 153.19 CNY, reflecting a premium valuation due to the high growth potential of new business segments [4][10]. Core Insights - The company's domestic sales landscape is improving, and there is rapid growth in overseas markets and new business ventures. The company reported a revenue of 2.327 billion CNY for the first three quarters of 2025, marking a year-on-year increase of 1.99%, and a net profit of 80 million CNY, indicating a turnaround from losses [2][10]. - The company has launched several innovative products, including the portable projector Play6 and the flagship home projector RS20 series, enhancing its market share in entry-level DLP projectors while also expanding its high-end laser projector offerings [10]. - The overseas market strategy is robust, with products entering major retail channels in Europe, North America, Japan, and Australia. Additionally, the company is venturing into the automotive projection business, securing contracts for smart cockpit and intelligent lighting applications [10]. Financial Summary - For the fiscal year 2023, total revenue is projected at 3.557 billion CNY, with a net profit of 121 million CNY. The earnings per share (EPS) for 2025 is estimated at 1.66 CNY, with a growth rate of -3.1% [10][11]. - The company expects significant profit recovery in the coming years, with net profits projected to reach 501 million CNY by 2027, reflecting a growth rate of 40.1% [10][11]. - The financial metrics indicate a net asset return (ROE) of 3.9% for 2023, expected to rise to 13.4% by 2027, showcasing improving profitability [11].

证 券 研 究 报 告 批发销量节奏调整，静待后续产品周期 目标价：113.8 元、116.3 港元 乘用车Ⅲ 2026 年 02 月 04 日 比亚迪（002594）2026 年 1 月销量点评 强推（维持） 当前价：87.37 元、90.00 港元 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：夏凉 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 777,102 | 805,565 | 943,584 | 1,070,539 | | 同比增速(%) | 29.0% | 3.7% | 17.1% | 13.5% | | 归母净利润(百万) | 40,254 | 35,214 | 47,042 | 59,979 | | 同比增速(%) | 34.0% | -12.5% | 33.6% | 27 ...

证券研究报告 | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 13.26 元 | | 合理价值 | 16.88 元 | | 报告日期 | 2026-02-04 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 729.38/729.38 | | --- | --- | | 总市值/流通市值（百万元） | 9671.57/9671.57 | | 一年内最高/最低（元） | 13.26/11.10 | | 30 日日均成交量/成交额（百万） | 12.71/155.00 | | 近 3 个月/6 个月涨跌幅（%） | 17.40/14.78 | [Table_Page] 公司深度研究|旅游及景区 [分析师： Table_Author]嵇文欣 SAC 执证号：S0260520050001 SFC CE No. BUA982 021-38003653 jiwenxin@gf.com.cn 分析师： 包晗 SAC 执证号：S0260522070001 021-38003651 baohan@gf.com.cn 请注意，包晗并非香港 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 70.4 CNY per share based on a 30x PE for 2026 [6][12]. Core Insights - The company is a leading third-party provider of on-board high-voltage power systems in China, benefiting from strong demand from major clients like Xiaomi and NIO, and is expected to maintain high growth rates in revenue and profit [12][46]. - The company has a robust product matrix in the new energy vehicle sector, focusing on high-performance and integrated power solutions, with significant growth potential in both domestic and overseas markets [12][31]. - The HVDC (High Voltage Direct Current) technology presents a substantial market opportunity, with the company leveraging its existing technology to enter this growing segment [12][46]. Summary by Sections 1. Company Overview - Established in 2011, the company has become a top player in the on-board power supply sector, achieving a market share of 8% in the domestic OBC industry by mid-2025 [12][46]. - The company has developed strong relationships with major automotive manufacturers, including Xiaomi, NIO, and Renault, which enhances customer loyalty and market presence [12][18]. 2. Financial Performance - The company reported revenues of 1,835 million CNY in 2023, with projections of 4,154 million CNY by 2025, reflecting a growth rate of 114.8% [6][12]. - Net profit is expected to reach 230.35 million CNY in 2025, representing a year-on-year increase of 143.49% [6][12]. 3. Market Dynamics - The demand for on-board power systems is driven by the rapid growth of the new energy vehicle market, with global sales projected to reach 2,070 million units in 2025 [46][49]. - The company is actively expanding its overseas market presence, with expectations of significant revenue growth from international clients [12][46]. 4. Research and Development - The company places a high emphasis on R&D, which has enabled it to maintain a competitive edge in technology and product offerings [12][31]. - Ongoing investments in R&D are aimed at developing next-generation products, including those utilizing GaN and SiC semiconductor technologies [12][31]. 5. Future Outlook - The company anticipates continued growth in both domestic and international markets, with a projected CAGR of 6.2% for the domestic market and 18.1% for the overseas market from 2025 to 2030 [12][49]. - The HVDC market is expected to reach 176.8 billion CNY by 2030, providing a significant growth avenue for the company [12][46].