投资亮点 2025 年10 月29 日公司公告收到某型外贸产品发动机装药合同4.66 亿元，特种贸易有望为公司打开长期 空间。公司IPO项目A 区、B 区专业化产线产能逐步释放，生产效能得到快速提升；动力模块现有产能 改造优化和扩能建设项目有望助力公司突破产能瓶颈，为业绩快速释放奠定基础。 我们与市场的最大不同：市场认为制导装备和弹药装备长期业绩持续性存疑，但我们认为其储备特性叠 加外贸需求增加，增长确定性较高，同时公司积极跟研新型号和扩充产能，业绩有望快速增长。 潜在催化剂：1）订单超预期；2）扩产进度超预期。 盈利预测与估值 我们预计公司2025/2026 年EPS 分别为1.10/1.41 元，2024-2026年CAGR 为21.8%。当前对应2026 年43x P/E。考虑到公司作为国内少数具有制导装备固发动力和安全控制模块、弹药装备生产能力的企业之 一，长期成长确定性高，我们首次覆盖给予"跑赢行业"评级，目标价70.61 元，对应2026 年50x P/E，潜 在空间18%。 风险 首次覆盖国科军工（688543）给予跑赢行业评级，目标价70.61元，对应2026 年50x P/E。理由如下： 制 ...

此外，永川作业区构建全链条保供体系，高质量完成浙江油田进气点建设及大唐燃机投运，对20余个配 气站输气压力等运行参数实施精细化管控，快速处置各类运行异常，保障管网平稳高效运转;根据冬季 用气高峰、供需失衡等关键场景，细化应急处置流程、强化资源统筹调配，持续提升应急响应的速度与 精准度，为稳定供气提供坚实保障。 在此基础上，永川作业区深化联动协作，建立常态化用户用气梳理研判机制，每周全面梳理用户需求动 态及管网运行状况，精准查摆工作堵点难点，明确下一步重点任务与优化方向;每月启动复盘工作，深 度研判市场变化趋势与用户用能规律，针对性优化下月供气方案与资源调配计划，不断提升销售管理的 精细化与规范化水平。 中化新网讯12月25日，中国石油（601857）西南油气田公司重庆气矿永川采输气作业区天然气单日销量 突破1000万立方米，创造历史最佳纪录。 面对激烈的市场竞争，永川作业区锚定年度销售目标，将产能建设作为核心支撑，系统谋划、精准施策 推进重点项目落地。该作业区先后高质量完成黄202脱水站灼烧炉改造、黄202H6增压气举一体机改造 等关键工程，同步加强黄202井区核心气源的日常运维与动态监测，通过优化生产参数、 ...

Core Viewpoint - The company 康鹏科技 has provided an update regarding its stake in 中科康润, indicating that the latter's 50,000 tons/year ETO base oil project is expected to commence production in the first half of 2026, which is anticipated to positively impact 康鹏科技's performance in the coming year [1] Group 1 - 康鹏科技's stake in 中科康润 is 31.50% [1] - 中科康润's current construction capacity is 50,000 tons/year [1] - The project is expected to be operational by the first half of 2026 [1] Group 2 - 康鹏科技 has not disclosed specific contract details due to confidentiality agreements with clients [1] - The production commencement of 中科康润's project is expected to have a positive effect on 康鹏科技's revenue and profit [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is acquiring a quality asset group from Future Pharmaceuticals for a total price of RMB 356 million, which includes various injectable products and their associated rights [7] - The acquisition is expected to enrich the company's product pipeline and enhance profitability, particularly in the pediatric medication sector [7] - The company has successfully defended against a lawsuit, which is anticipated to remove valuation pressure on its products [7] - The core products, including the Wuling and Bailing series, are expected to see steady growth in production and sales, supported by a planned issuance of convertible bonds for capacity expansion [7] - The company's projected net profit for 2025 is RMB 660 million, with upward adjustments for 2026 and 2027 net profits to RMB 910 million and RMB 1.13 billion, respectively [7] Financial Projections - Total revenue is forecasted to grow from RMB 2.58 billion in 2024 to RMB 4.52 billion in 2027, with a compound annual growth rate (CAGR) of approximately 16.25% [1][8] - The net profit attributable to the parent company is expected to increase from RMB 508 million in 2024 to RMB 1.13 billion in 2027, reflecting a CAGR of 24.22% [1][8] - The earnings per share (EPS) is projected to rise from RMB 0.72 in 2024 to RMB 1.61 in 2027 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease from 23.83 in 2024 to 10.72 in 2027, indicating improving valuation metrics [1][8]

证券日报网讯 12月10日，昊帆生物在互动平台回答投资者提问时表示，淮安昊帆生产基地共规划10个 生产车间，为保障产能建设安全、快速、有序推进，公司拟分期建设生产线，计划在2026年先建设5个 车间的生产线并申请试生产，后续依据市场需求和产品布局开始规划和建设其他车间的生产线。目前该 项目正在按照既定规划有序推进。上述时间为管理层根据目前建设进展和现场情况所作的估计，项目实 施面临各方面不确定性因素，请投资者注意投资风险。为保证信息披露的公平性，公司将在定期报告和 临时公告中披露关于产能建设的重要进展。 （编辑 姚尧） ...

证券日报网讯 12月8日，有研粉材在互动平台回答投资者提问时表示，增材基地建设按可研进度正常进 行中，项目预计2026年10月左右完成基础建设，设备会逐步根据市场需求分批安装，产能预计到2032年 能够全部打满。有研增材以市场调研为基础设计产能，满产后产能规模在同行业中较大。 （文章来源：证券日报） ...

Core Viewpoint - Dongwu Securities report indicates that Zhaoli Pharmaceutical plans to issue convertible bonds to build capacity and develop "Wuling + X" products, supporting long-term growth [1] Group 1: Production and Capacity Expansion - The production scale of Wuling capsules and Bailing capsules is expected to continue growing in the near future [1] - The new production base and capacity expansion project are necessary measures to ensure market supply, consolidate industry position, and support strategic goals [1] Group 2: Research and Development Investment - Increased R&D investment will enrich the Wuling product series [1] - The main purpose of the fundraising project is for the development of innovative drugs and health products in the Wuling series [1] Group 3: Shareholder Returns - The company has maintained a dividend payout ratio around 80% since 2022, ranking among the top in the industry [1] - Considering the company's combination of high growth and high dividends, and the expected continuous release of core product performance in 2026, a "buy" rating is maintained [1]

11月22日，安琪酵母在同一天连续发布了多则公告，涉及三项产能建设计划，合计投资超过15亿元。 具体来看，为增强酵母抽取物产品竞争力，安琪酵母柳州公司拟实施酵母抽取物复配智能制造项目，投资金额约为2.32亿元； 为保障海外酵母类产品供应，安琪酵母俄罗斯公司计划增加注册资本暨实施年产2.2万吨酵母生产线扩建项目，投资金额约为10.62亿元； 为保障食品原料产品供应，安琪酵母园区工厂计划实施年产6万吨食品原料柔性智能制造及配套项目，投资金额约为2.15亿元。 然而，近些年来，安琪酵母的毛利率却在持续下滑。Choice数据显示，在2017年-2024年期间，安琪酵母的毛利率为37.64%、36.32%、35.00%、34.00%、 27.34%、24.80%、24.19%、23.52%。 另外有研报指出，从2025年第三季度业绩来看，安琪酵母主业增速有所放缓，主要与国内需求疲软有关。另外，第三季度安琪酵母国内、国际市场营收分别 同比减少3.5%、同比增加17.7%，目前国内市场需求短期仍有待恢复，国际市场营收增速虽保持增长但增速略有下降。 ...

奇精机械(603677.SH)发布公告，为满足客户的订单需求，进一步提高公司子公司奇精工业(泰国)有限责 任公司(简称"奇精工业")的相关产品产能，根据工业机械事业部和电器机械事业部的产能建设规划，公 司与全资子公司博思韦精密工业(宁波)有限公司(简称"博思韦")和玺轩信息科技(上海)有限公司(简称"玺 轩信息")以自有资金共同对奇精工业增资7.2亿泰铢(按照人民币兑泰铢汇率1:4.5，折合1.6亿元人民币， 实际金额以届时实缴时汇率计算为准)。 ...

Core Viewpoint - The company, Qijing Machinery (603677.SH), announced a capital increase of 720 million Thai Baht (approximately 160 million RMB) to enhance the production capacity of its subsidiary, Qijing Industrial (Thailand) Co., Ltd, in response to customer order demands [1] Group 1: Capital Increase Details - The capital increase will be funded through the company's own resources in collaboration with its wholly-owned subsidiary, Boswei Precision Industry (Ningbo) Co., Ltd, and Xixuan Information Technology (Shanghai) Co., Ltd [1] - The exchange rate used for the conversion is 1 RMB to 4.5 Thai Baht, although the actual amount will be determined based on the exchange rate at the time of payment [1]