公司Q4单季度利润预计0.44-0.9亿元，环比增长41.94%-190%，环比大幅增长。 公司看点：1）beta端 高端出海，受益于全球电力基建投资的扩张，公司下游数据中心、风光储能、新能源汽车等 新兴应用领域蓬勃发展，订单需求旺盛；2）alpha端，高端出海，产品结构优化效果显著，25年全面切入施耐德接 触器用触头材料供应链，实现西门子集团、ABB集团框架断路器用触头材料的供货突破，助力北美数据中心低压 配套头部供应商业务扩张，在关税背景下订单逆势增长显著；孙公司福力达，在高压电学材料新业务实现突破， 已应用至充电桩、储能系统、车载充电模块、工业电源等领域，未来潜力较大。 现有逻辑：数据中心等高端产品海外市占率提升+车规级材料国内部分产品实现国产替代+孙公司福力达高压电学 材料新业务放量 【西部金属】福达合金：国内银电接触材料龙头，高端出海拓市场份额+下游数据中心等需求增长+小市值潜力 股！市值看100亿以上（持续推荐） 业绩：公司预计25年归母净利润1-1.46亿元，同比增长119.14%-219.95%，扣非净利润0.768-1.152亿元，同比增长 615.72%-973.58%。 公司Q4单季度利 ...

深 度 研 汽车行业 买入（维持） 中国客车龙头，海外业务量价齐升 宇通客车（600066.SH）深度报告 2026 年 1 月 29 日 投资要点： SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 公 SAC 执业证书编号： S0340124020014 电话：0769-22117626 邮箱：wuzhenjie@dgzq.com.cn | 邮箱：wuzhenjie@dgzq.com.cn | | | --- | --- | | 主要数据 2026 年 1 | 月 28 日 | | 收盘价（元） | 31.84 | | 总市值（亿元） | 704.92 | | 总股本（百万股） | 2213.94 | | 流通股本（百万股）2213.94 | | | ROE(TTM) | 37.10% | | 12 月最高价（元） | 34.47 | | 12 月最低价（元） | 证 22.79 券 | | 股价走势 | 研 究 | | 资料来源：东莞证券研究所，iFind | | 股价走势 资料来源：东莞证券研究所，iFind ...

深 度 研 汽车行业 买入（维持） 中国客车龙头，海外业务量价齐升 宇通客车（600066.SH）深度报告 2026 年 1 月 29 日 投资要点： SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 公 分析师：刘梦麟 行业龙头地位稳固，全品类产品矩阵完善 宇通客车是国内客车行业首 家上市公司，截至2025年，大中型客车销量已连续23年稳居国内第一， 国内市占率超30%。公司产品覆盖公路、公交、校车、机场摆渡及自动 驾驶微循环车等全细分市场，并具备全系列新能源适配能力。 究 研究助理：吴镇杰 财务盈利能力强劲，从规模向效益成功转型 公司业绩呈现"营收稳健、 利润爆发"的特征，2025年前三季度归母净利润同比增长35.4%，显著 高于营收增速，验证了向"效益驱动"转型的成功。受益于海外高毛 利业务占比提升及国内存量置换，公司净利率稳步提升至12.76%的高 水平。 深筑技术护城河，"睿控E平台"领跑智能化 公司拥有全球商用车行 业规模最大、体系最完善的研发团队，持续保持高强度研发投入。依 托自主研发的"睿控E平台"，集 ...

Core Viewpoint - The company, Chase Technology, officially announced its entry into the automotive industry with plans to launch a super luxury electric sports car by 2027, leveraging its technological advancements and a dedicated team of nearly 1,000 people [1][15][22]. Group 1: Strategic Intent and Background - The automotive initiative is not a spontaneous decision but is backed by a decade of technological accumulation and strategic planning [3][4]. - The founder, Yu Hao, began drafting car manufacturing reports during his time at Tsinghua University, indicating a long-standing ambition in the automotive sector [4][22]. - Chase Technology has made significant breakthroughs in core technologies such as high-speed digital motors and intelligent algorithms, establishing itself as a leader in the smart home appliance industry [5][7]. Group 2: Market Positioning and Strategy - The company aims to avoid the saturated low-end electric vehicle market and instead target the high-end market, which currently has a notable gap for super luxury electric vehicles [9][10]. - Chase Technology's strategy focuses on creating high-performance products without competing on price, utilizing China's mature supply chain to achieve a technology premium [10][11]. - The company plans to leverage its existing global high-end retail network to facilitate market entry and reduce customer education costs for its new automotive brand [13][14]. Group 3: Technological and Operational Advantages - The company has a strong foundation in technology reuse, with its existing innovations in robotics being applicable to automotive development, thus lowering R&D costs and enhancing reliability [12]. - Chase Technology has established partnerships with high-quality suppliers in critical areas such as batteries and motors, benefiting from the robust electric vehicle supply chain in China [13]. - The automotive team comprises a mix of talent from both the smart hardware and traditional automotive sectors, enhancing its capability to innovate and execute [13][14]. Group 4: Financial Strategy and Future Outlook - The company adopts a "long-term investment + precise cost control" strategy to manage the substantial capital required for automotive development, planning to invest between 20 billion to 50 billion yuan to establish market barriers [16]. - The automotive project is seen as a test of the company's accumulated capabilities in technology, organizational culture, and global operations, with a focus on delivering the right products [27][28]. - The success of Chase Technology's automotive venture will be evaluated in 2027, with expectations that it could reshape the automotive landscape similar to how Apple transformed the smartphone industry [18][20].