证券日报网1月26日讯 ，楚天科技在接受调研者提问时表示，目前国内行业竞争依然激烈但逐步缓解， 同时也呈现出一些新的特点和变化，比如：国产替代加速，市场集中度提升，头部企业优势扩大，国际 市场拓展成为新增长点。行业竞争焦点从传统设备性能转向技术集成、系统解决方案和全球化服务能 力。公司之所以能在2025年度实现较上年扭亏增盈的好成绩，主要还是基于公司多年的产品技术与制造 技术的双积累，整体解决方案能力和全球化服务能力的提升，以及2024年及时调整发展策略，大力拓展 海外市场，持续提升国际订单份额，和实施一系列降本增效等措施。 （文章来源：证券日报） ...

Group 1: General Information - Research object: Tianlu Technology [17] - Industry: Optics and optoelectronics [17] - Reception time: January 26, 2026 [17] - Company receptionist: Investor Relations Director Li Yanru [17] Group 2: Research Institutions - Institutions participating in the research: Xitai Asset Management, Zhongyou Securities [2][18] Group 3: Core Views and Business Strategies - The company plans to terminate the original fundraising project "Expansion of Medium and Large-sized Light Guide Plate Project" and invest the remaining funds in the TAC film project of its subsidiary Anhui Jiguang and the reflective polarizing brightness enhancement film project of Suzhou Yijia to achieve the second growth curve [22] - The two optical film projects are domestic substitution projects to solve the "choke point" problem, with TAC film mainly monopolized by Japanese suppliers and reflective polarizing brightness enhancement film mainly supplied by US and Japanese companies [22] Group 4: TAC Film Market and Competition - The demand for TAC film is expected to reach 1.229 billion square meters in 2025 [23] - Over 70% of the downstream panel capacity and about 70% of the polarizer capacity after integration are in mainland China [23] - TAC film accounts for over 50% of the polarizer film material cost and is a key material affecting polarizer companies' profitability [23] - Mainland China's TFT - grade TAC film is basically imported, with Japanese manufacturers Fuji Film and Konica Minolta accounting for about 75% of the global market [24] Group 5: TAC Film Project Progress - In terms of factory building construction, Anhui Jiguang obtained the construction permit in June 2025 and the construction is progressing steadily [26] - Main equipment will be delivered and commissioned in the first half of this year [26] - The trial - produced film has been sent to downstream polarizer and panel factories for testing, and the results are consistent with Anhui Jiguang's self - testing [26] Group 6: TAC Film Equipment Procurement - TAC film production lines are customized, requiring the company to have in - depth knowledge of product characteristics [27] - There have been no new TAC film production lines overseas in nearly 10 years, and the company had to purchase equipment in segments globally [27] - Some overseas suppliers' unreasonable demands led to delays, but the company replaced them and will use more domestic equipment in the second phase [27] - Equipment procurement difficulties have been gradually overcome since last下半年, and the first batch of equipment will arrive after the Spring Festival for installation [27]

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 总股本(百万股) | 211.14 | | --- | --- | | 流通股本(百万股) | 211.14 | | 市价(元) | 40.91 | | 市值(百万元) | 8,637.68 | | 流通市值(百万元) | 8,637.68 | | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 1,519 | 2,276 | 2,541 | 3,750 | 4,850 | | | | 增长率 yoy% | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The company achieved a significant turnaround in net profit and net profit after non-recurring items in 2025 compared to 2024, mainly due to increased international market expansion, a product differentiation strategy, cost reduction and efficiency improvement measures, and refined management [22]. - The company's performance improvement in 2025 is mainly based on its long - term product and manufacturing technology accumulation, enhanced overall solution capabilities and globalization service capabilities, as well as timely strategic adjustments in 2024 [23]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Chutian Technology [17] - Industry: Medical devices [17] - Reception time: 2026 - 01 - 26 [17] - Listed company reception staff: Board Secretary Huang Yuting, Securities Affairs Representative Zhou Dewei [17] 3.2 Detailed Research Institutions - Reception object type: Securities company - Institution: China Merchants Securities - Number of related personnel: 2 [20] 3.3 Research Institution Proportion - Not detailed in the content 3.4 Main Content Data 3.4.1 Reasons for the Company's Profit Improvement in 2025 - Increased international market expansion: In 2025, overseas business entered a rapid growth channel, with breakthroughs in Southeast Asia, the Middle East and Africa, and the Americas. The proportion of international business in the company's overall business increased significantly, driving profit growth [22]. - Product differentiation and cost - reduction: Since the second half of 2024, the company adopted a product differentiation strategy to improve order quality and carried out a series of cost - reduction and efficiency - improvement measures, which significantly increased the gross profit margin [22]. - Refined management: Since the second half of 2024, the company carried out refined management measures, and the overall operating cost in 2025 was effectively controlled, with a significant decrease in total period expenses compared to the same period in 2024 [22]. 3.4.2 Industry Trends - Domestic industry competition is still fierce but gradually easing, with characteristics such as accelerated domestic substitution, increased market concentration, expanded advantages of leading enterprises, and international market expansion becoming a new growth point [23]. - The focus of industry competition has shifted from traditional equipment performance to technological integration, system solutions, and global service capabilities [23]. 3.4.3 Overseas Export in 2025 - The company's international sales and service system team has been growing, with local sales and service outlets established in more than 20 key countries and regions. It focuses on five major regions and promotes high - quality sales and services [23]. - The export orders in 2025 increased compared to 2024 [23]. 3.4.4 Pharmaceutical Robot Layout - The company's pharmaceutical robot business layout focuses on the core pharmaceutical equipment industry chain and the medical clean core sector, aiming to upgrade pharmaceutical equipment to unmanned and intelligent levels [23]. - The company has achieved self - production and product implementation of clean robots and sorting robots, which can effectively meet the needs of existing business scenarios [24]. - The core competitive advantages are a deep understanding of application scenarios and downstream pharmaceutical production processes, which can help product iteration and efficiency improvement [24]. 3.4.5 Operating Conditions of ROMACO - ROMACO Group's operating conditions have improved steadily compared to 2024, and its core business indicators and market competitiveness have increased [24]. - Whether goodwill will be impaired and the impairment amount need to be based on formal reports from third - party asset appraisal companies and audit institutions [24]. 3.4.6 New Product Development - The company has been insisting on technological innovation, with a high R & D investment proportion in the industry. It has continuously launched new products and technologies in recent years [25]. - Future products include continuous BFS, fully automatic intelligent lamp inspection machines, etc. The company will continue to implement the "dual - priority" strategy of product and manufacturing technology [25]. 3.4.7 Business Outlook in 2026 - In the business aspect, the company will continue to expand overseas markets, promote the globalization strategy, and increase the proportion of international business in revenue. It will also focus on innovation to drive the integration of the pharmaceutical equipment industry chain with the international market [25]. - In the management aspect, the company will continue to implement "quality improvement and efficiency enhancement", using technological means and management measures to achieve cost reduction and efficiency improvement [25].

Core Viewpoint - The domestic production of POE (polyolefin elastomer) in China is advancing significantly, with major projects expected to reduce reliance on imports and enhance supply capabilities in strategic industries such as photovoltaics and automotive lightweight components [1][2][3]. Group 1: Industry Developments - China Petroleum's Dushanzi Petrochemical Company has made significant progress in its domestic POE adaptation project, aiming to produce nearly 60,000 tons of POE by 2025 [1]. - The reliance on imported POE in China remains high, with an import dependency of approximately 95% projected until the third quarter of 2025, highlighting the urgency for domestic production [1]. - The import volume of POE in China has increased from 224,400 tons in 2017 to 913,000 tons in 2024, with an average annual growth rate of 19.7% [1]. Group 2: Company Initiatives - Domestic companies are accelerating efforts to enhance POE supply capabilities, with Dingjide investing in a petrochemical new materials project in Dalian, planning for an annual capacity of 200,000 tons of POE [2]. - Dongfang Shenghong's Shenghong Petrochemical has launched a 100,000 tons/year POE project, with the first batch of 320 tons of high-quality products already delivered [3]. - China Petroleum's Dushanzi Petrochemical has focused on high-end polyolefin research since 2015, achieving a significant technological breakthrough in POE production by 2024, with total POE capacity expected to exceed 300,000 tons by the end of 2026 [3].

Core Insights - The article emphasizes that a company's growth capability, determined by its foresight, adaptability to technological changes, market expansion execution, and competitive landscape shaping, is crucial for future success [1][2] - The latest competitiveness rating data from JIAN Jin Xin highlights the top 100 companies in the A-share market based on their development capabilities, showcasing their strong potential in R&D investment, market expansion, and strategic foresight [1][2] Group 1: Development Capability Assessment - The assessment of "development capability" focuses on several key factors: R&D investment ratio, contribution from new products/markets, patent quantity and quality, strategic foresight, and growth stability [2] - Higher scores indicate stronger growth momentum and greater long-term value potential within their respective sectors [3] Group 2: Key Sectors and Companies - The list is heavily concentrated in sectors such as technology, high-end manufacturing, pharmaceuticals, new energy, and military industry, which are seen as "hardcore growth tracks" [3] - Notable companies in the semiconductor and AI chip sector include Cambricon, Jingjia Micro, and others, which are pivotal for domestic substitution and China's technological self-reliance [3][4] - In the biopharmaceutical sector, companies like Baillie Tenheng and Dize Pharmaceutical have made significant breakthroughs in cancer treatment [4] - The military and aerospace sectors are represented by companies like AVIC Chengfei and China Shipbuilding, which are crucial for national strategic security [4] Group 3: Emerging Technologies and Innovations - New energy and new materials companies are at the forefront of the energy revolution, with firms like Fulede and Gansu Energy rapidly rising due to technological upgrades and innovative models [5] - Emerging tech companies such as Fulede and Cambricon have quickly become market stars due to their disruptive technologies and clear strategic paths [5] Group 4: Development Capability Ratings - A detailed list of companies with their development capability ratings includes top-rated firms like Fulede, Jingjia Micro, and Cambricon, all rated AAA [6][7] - The ratings serve as a roadmap for assessing a company's growth potential and strategic vision [9]

Core Viewpoint - Kema Technology forecasts a revenue of 1.06 billion to 1.08 billion yuan for 2025, representing a year-on-year growth of 23.63% to 25.96%, while net profit is expected to range from 286.1 million to 335.85 million yuan, with a year-on-year change of -8.00% to 8.00% [2] Revenue Summary - The growth in revenue is attributed to the large-scale production and delivery of the core product, the "function-structure" modular product [3] - The company has completed the relocation of its ceramic heater production line and is enhancing related facilities to gradually release production capacity within the year [3] - The ceramic heaters are primarily supplied to domestic semiconductor wafer manufacturers and mainstream equipment manufacturers, with some products already in mass production for wafer film deposition processes [3] Profit Summary - The lower growth rate of net profit compared to revenue is due to changes in the revenue structure, driven by strong market demand for ceramic structural components, which have a lower gross margin than modular products [4] - The overall gross margin for 2025 is expected to decline compared to 2024 due to the increased revenue share of lower-margin ceramic structural components [4] - The company is increasing R&D investment to ensure delivery capabilities and strengthen market competitiveness, including new R&D projects and the acquisition of Suzhou Kaixin Semiconductor Technology Co., Ltd. [4] Stock Performance - Kema Technology's stock price fell by 10.97% on January 26, 2026, closing at 123.22 yuan per share, with a market capitalization of approximately 53.72 billion yuan [4] - The stock price increased by 179.0% over the 40 trading days from November 24, 2025, to January 20, 2026 [4]

风险提示：需求下滑的风险，竞争激烈度超预期的风险，费用投放力度超预期的风险，食品安全问题的 风险。 短期看好26Q1 收入端表现，长期新渠道与国产替代持续贡献增量。短期来看，2026 年春节备货期集中 在1 月，叠加公司近期在山姆渠道上市新产品并且动销较好，因此我们判断26Q1 公司收入端有较好表 现。长期来看，2026年山姆、盒马等新渠道仍将持续快速开店，叠加公司不断强化产品研发能力，我们 看好新渠道增长的持续性；此外，在政策支持与国内奶价地位的支撑下，我们持续看好奶油等烘焙原材 料国产替代的机会，公司作为国内烘焙原料头部企业有望享受相关红利。 投资建议： 根据公告调整盈利预测， 预计2025~2027 年收入分别为43.5/49.1/54.4 亿元，同比 +13%/13%/11%，归母净利润分别为3.2/4.0/4.8亿元，同比+20%/24%/19%，PE 为25/20/17X。我们短期 看好26Q1 收入端表现，长期新渠道与国产替代持续贡献增量，维持"推荐"评级。 事件：公司近期披露2025 年业绩预告。 全年收入提速增长，Q4 增速环比略放缓。公司公告预计2025 年实现收入42.6~44.2 亿元 ...

截至2025年四季度末，公募基金持仓数据已随季报披露完毕。从整体配置看，科技成长与高端制造仍是基 金布局的核心方向，传统行业龙头及部分周期股也保持较高配置水平。 专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ 公募基金Top50重仓股：科技成长与高端制造核心方向 超千只基金持有宁德时代、中际旭创、紫金矿业 在持股市值排名前50的个股中，前十大重仓股多集中于通信、AI、电子等科技板块，包括中际旭创、新易 盛、寒武纪、立讯精密等龙头，体现出机构对科技创新与产业升级的持续看好。新能源方向以宁德时代、 阳光电源为代表；资源股如紫金矿业、洛阳钼业配置稳定，反映对周期板块的结构性布局。消费行业仍以 贵州茅台、美的集团为核心持仓；医药板块中恒瑞医药、药明康德持续入选，但持股基金数量有所波动。 | 公司代码 | 公司名称 | 基金持有总市值 (万元) | 占流通股比例 (%) | 持股数 (万股) | 持有该股的基金个数 | | --- | --- | --- | --- | --- | --- | | 300308 | 中际旭创 | 7842059.35 | 11.63 | 12,855. ...

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 2026年全球AI服务器出货同比有望增超 28%，AI相关芯片涨价持续 ➢ 电子板块观点： ...