证 券 研 究 报 告 石头科技（688169）2025 年业绩快报点评 强推（维持） 外销延续增长，业绩表现承压 目标价：200 元 事项： 公司发布 2025 年业绩快报，预计 25 年收入实现 186.2 亿元，YoY+55.9%；归 母净利润 13.6 亿元，YoY-31.2%；扣非归母净利润 10.9 亿元，YoY-32.9%。折 算 25Q4 单季度收入 65.5 亿元，YoY+32.6%；归母净利润 3.2 亿元，YoY-36.1%； 扣非归母净利润 2.5 亿元，YoY-41.8%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 11,945 | 18,616 | 23,565 | 28,178 | | 同比增速(%) | 38.0% | 55.8% | 26.6% | 19.6% | | 归母净利润(百万) | 1,977 | 1,360 | 2,188 | 2,715 | | 同比增速(%) | -3.6% ...

编者按： "我们再难再苦，不能减少创新和研发的投入。"庄建华深知，想要让中国创造被世界看到、体现中国价 值，必须打出自己的品牌。 科沃斯1999年成立研发中心，2007年推出第一代扫地机器人，并发展成为服务机器人领域的领军企业。 如今，民营企业已成为科技创新的主力军。数据显示，我国累计培育超60万家科技和创新型中小企业， 其中大部分是民营企业；在国家高新技术企业中，民营企业占比扩大至92%以上。 但创新从来不是为了创新而创新。庄建华认为，创新的本质是要考虑当下的技术发展以及消费者痛点， 真正站在用户的角度帮助他们解决问题。 这种务实的创新观，同样体现在业务发展的战略眼光上。2018年上市后，面对积累二十多年的代工业务 团队，科沃斯没有选择剥离，而是选择了转型。 2025年2月17日，一场聚焦民营经济发展的高规格座谈会在京召开，习近平总书记出席并发表重要讲 话。春风化雨培沃土、处处新景涌生机。一年来，民营企业发展得怎么样，有什么新目标、新突破？中 新网、中新经纬联合推出"新春走基层·民企这一年"专题报道。 2025年春天，一场高规格座谈会为民营经济发展注入了新的底气与活力。"加强自主创新，转变发展方 式，不断提 ...

转自：刘晓博说财经 今天（2月24日）是农历马年的第一个工作日，广东召开了"新春第一会"——全省高质量发展大会。 这是广东连续第四年召开"新春第一会"，而且4年来连续聚焦同一个大主题——高质量发展。今年的侧 重点，是"制造业与服务业协同发展"。 广东是中国常住人口最多、经济总量最大、出口额最高、对全国财政贡献最大的省级行政区，是"全方 位的第一省"。所以，广东"新春第一会"传递的信号非常值得关注。 广东连续几年聚焦"高质量发展"，这很容易理解。因为这是国家战略，而广东作为经济总量连续37年位 居全国第一的省份，当然要成为"高质量发展"的排头兵。 第一，制造业和服务业是广东经济的两大基石、是双翼，它们共同撑起了广东第一大省的地位。 以2025年为例，广东第二产业占GDP的比重是37.7%，其中制造业占GDP比重大约30%。 广东约有160种工业品产量位居全国第一，30多个重要品类位居全球第一。比如智能手机产量占全国的 40%以上，工业机器人占全国的44%，服务机器人占全国的80%；消费级无人机占全球的70%，空调、 微波炉、电饭煲、电风扇则占了全球的40%到50%。 正是因为有强大的制造业基础，广东经济才能行稳 ...

2026广东高质量发展 南方都市報 舆一网OeeeErra 面方都有報 東一网Oceeee 外贸进出口规模连续40年居全国首位 ●外贸进出口总额(单位:万亿元) 9.49 9.11 8.30 2025年 2023年 2024年 区域创新能力连续9年全国第一 ● R&D经费投入(单位:亿元) 5350 数读 数据见证三年来广东如何"马力全开" 再造一个新广东,蹄疾步稳!自2023年以来,每年开春首个工作日,广东均召开全省高质 量发展大会,摺响奋进催征的战鼓。一组数据见证这三年广东的"马力全开"! 去年广东GDP突破14万亿 14.16 14.58 13.57 2023年 2024年 2025年 (单位 南方都市報 奥 一网 Oeeecom 2023年 2024年 2025年 "深圳一香港一广州"创新集群 跃居全球首位 全省发明专利有效量、高价值 发明专利拥有量、PCT国际专 利申请量均居全国首位 2025年,广东人工智能核心 产业规模预计达3000亿元 工业机器人产量、服务机器人 产量全国第一 规模以上工业企业数量达 7.6万家,居全国第一 境内外上市公司总量达 1224家 全省经营主体突破2000万户 ● 登 ...

据南方日报，2026年2月24日，农历正月初八，全省高质量发展大会将在广州召开，本次大会主题为"制造业与服务业协同发展"。 据悉，全省高质量发展大会会期第一天，当天上午将举行全体大会。下午将围绕产业融合与政策创新、科技创新赋能产业融合、金融创新赋能产业融合、 智能制造与工业互联网、数字经济与贸易新业态、"百千万工程"县域产业融合与高质量发展等主题举行分会场会议。 会议结束后还将举行新闻发布会，由省发展改革委发布广东省制造业与服务业协同发展白皮书，由省有关部门解读制造业与服务业协同发展相关扶持政 策，并答记者问。 2026年1月26日，广东省第十四届人民代表大会第五次会议开幕。省长孟凡利在政府工作报告提到：2025年，广东地区生产总值增长3.9%，总量连续37年 位居全国首位。 地方一般公共预算收入增长3%。货物进出口总额达9.5万亿元，增长4.4%，贡献全国进出口增量的24.1%。服务贸易总额突破2500亿美元，增长12.5%。实 际使用外资1126.6亿元，增长11.3%，新设外资企业3.6万家，增长38.7%。 工业生产稳步提升，规模以上工业企业达7.6万家，增加值增长3%。无人机、工业机器人、服务机器人 ...

会议结束后还将举行新闻发布会，由省发展改革委发布广东省制造业与服务业协同发展白皮书，由省有 关部门解读制造业与服务业协同发展相关扶持政策，并答记者问。 据南方日报，2026年2月24日，农历正月初八，全省高质量发展大会将在广州召开，本次大会主题为"制 造业与服务业协同发展"。 据悉，全省高质量发展大会会期第一天，当天上午将举行全体大会。下午将围绕产业融合与政策创新、 科技创新赋能产业融合、金融创新赋能产业融合、智能制造与工业互联网、数字经济与贸易新业 态、"百千万工程"县域产业融合与高质量发展等主题举行分会场会议。 2026年1月26日，广东省第十四届人民代表大会第五次会议开幕。省长孟凡利在政府工作报告提到： 2025年，广东地区生产总值增长3.9%，总量连续37年位居全国首位。 广东省第十四届人民代表大会第五次会议现场，图据中央广电总台国际在线 地方一般公共预算收入增长3%。货物进出口总额达9.5万亿元，增长4.4%，贡献全国进出口增量的 24.1%。服务贸易总额突破2500亿美元，增长12.5%。实际使用外资1126.6亿元，增长11.3%，新设外资 企业3.6万家，增长38.7%。 工业生产稳步提升，规 ...

Core Insights - The A-share "Suzhou sector" has officially entered the "30 trillion yuan market value" era, with a total market value of 31,442.66 billion yuan as of February 10, reflecting an increase of approximately 1.43 trillion yuan compared to the beginning of last year, marking a significant year-on-year growth of 83.05% [1][6]. Group 1: Market Value Growth - Suzhou is the first city in the province and the fifth in the country to surpass a total market value of 30 trillion yuan in A-shares, highlighting the increasing influence of "Suzhou power" in the capital market [1][6]. - The growth in market value is attributed to a solid industrial foundation that has nurtured leading enterprises, capital market reforms that have activated listing momentum, and a focus on technological innovation that enhances investment value [1][6]. Group 2: Leading Enterprises - The "Suzhou sector" has cultivated four companies with a market value exceeding 100 billion yuan and seven companies with a market value above 50 billion yuan, all of which are deeply engaged in core technology sectors such as AI computing and high-end electronics [2][4]. - The four leading companies with market values exceeding 100 billion yuan are Tianfu Communication, Dongshan Precision, Hudian Co., and Hengtong Optic-Electric, with respective market values of 2,237.95 billion yuan, 1,410.89 billion yuan, 1,390.55 billion yuan, and 1,023.94 billion yuan, showing significant increases in market value since the beginning of 2025 [2][3]. Group 3: Industry Dynamics - The continuous rise in market value is supported by the increasing global demand for AI training and inference, which has accelerated the construction of data centers, thereby driving up the market demand for related products such as optical devices and high-end PCBs [3][8]. - Suzhou's complete electronic information industry ecosystem provides robust support for production capacity release and stable delivery, aligning with the policy trend of domestic substitution [3][8]. Group 4: Capital Market Expansion - The number of listed companies in Suzhou has rapidly expanded, with the total surpassing 200 in 2023, reaching 231 companies, ranking fifth nationwide [6][7]. - In 2025, Suzhou added 12 new A-share listed companies, marking the highest growth rate among major cities in the country [6][7]. Group 5: Technological Innovation - The continuous enhancement of technological innovation and the shift from traditional manufacturing to hard technology sectors are identified as core drivers of the steady increase in the market value of the "Suzhou sector" [8][9]. - Suzhou has 58 companies listed on the Sci-Tech Innovation Board, ranking third in the country, with a total market value of approximately 740.3 billion yuan, showcasing a diverse layout and strong capabilities in core technology sectors [9][10].

Group 1 - The APEC informal leaders' meeting will be held in Shenzhen, China, on November 18-19, marking China's third time as the host [1][12] - The Asia-Pacific region accounts for one-third of the world's population, over 60% of the global economy, and nearly half of global trade, highlighting its significance as a growth engine [1] - China aims to promote a more inclusive, sustainable, and high-quality development direction for APEC cooperation, providing a "Chinese solution" for the future agenda [3][12] Group 2 - The theme for the 2026 APEC meeting is "Building the Asia-Pacific Community and Promoting Common Prosperity," with three priority areas: openness, innovation, and cooperation [4][12] - China emphasizes the importance of balancing the needs of developed and developing economies in the region, addressing potential imbalances in key areas such as digital economy innovation and supply chain security [4][5] - The APEC high-level meetings serve as a crucial platform for policy exchange and cooperation, facilitating discussions on technology innovation, regulatory coordination, and digital transformation [8][11] Group 3 - China's leadership in APEC is characterized by its commitment to high-level openness and integration with regional trade agreements like RCEP and CPTPP, which enhances trade and investment facilitation [11][12] - The APEC cooperation mechanism has evolved to include new areas such as digital governance and green transformation, reflecting the changing dynamics of global trade and cooperation [11][12] - The APEC high-level meetings are seen as a central platform for fostering collaboration and consensus among member economies, crucial for addressing global challenges and enhancing regional integration [8][11]

Investment Themes - The report identifies several investment themes based on market trends, including "right-side breakout" for Huangjiu, soybeans, and epoxy propylene, which are showing sustained performance [4][10] - "Right-side trends" are noted in sectors such as photovoltaics, power IoT, target materials, new energy equipment, and aluminum, indicating ongoing positive momentum [4][10] - New themes showing signs of stabilization at the bottom include generic drugs, service robots, consumer finance, smart logistics, and electric vehicles [4][10] - Newly identified themes indicating a bottom reversal include lithium hexafluorophosphate, lithium battery electrolytes, and mobile phone batteries [4][10] Right-Side Breakout Opportunities - The Huangjiu index has shown a 5% increase over 20 days, while the soybean index has experienced a 3% increase, indicating potential investment opportunities [11] - The epoxy propylene index has a 12% increase over 20 days, suggesting strong performance in the basic chemical sector [11] Right-Side Trend Opportunities - The photovoltaic index has shown a 13% increase year-to-date (YTD), indicating strong growth potential in the power equipment sector [13] - Other indices such as the BC battery index and the power IoT index have also shown positive trends with YTD increases of 17% and 9%, respectively [13] Bottom Stabilization Opportunities - The CAR-T therapy index and the generic drug index have shown signs of stabilization, with the latter having a 3-day performance of 0% [17] - The electric vehicle index has also stabilized, with a slight increase of 1% over 5 days, indicating potential for recovery [17] Bottom Reversal Opportunities - The mobile phone battery index has shown a 2% increase over 5 days, while the lithium hexafluorophosphate index has a 3% increase, suggesting a potential turnaround in these sectors [19] - The lithium battery electrolyte index has also shown a 3% increase, indicating a positive shift in market sentiment [19]

Core Insights - The press conference highlighted the achievements of Guangdong's modern industrial system construction during the 14th Five-Year Plan period, showcasing significant advancements in various sectors. Group 1: Industrial Development - Guangdong's new industrialization has progressed significantly, with the AI core industry expected to reach a scale of 300 billion yuan by 2025, and the production of industrial and service robots ranking first in the country [1] - The province produced over 6.9 million civilian drones last year, maintaining its position as the national leader [2] - Guangdong's manufacturing sector includes 44 industrial products with over 10% national market share, 23 products with over 20%, and 11 products with over 30% [2] Group 2: Service Sector Growth - The quality and efficiency of the service industry have improved, with new business models like home services and fresh e-commerce emerging, leading to a projected 9.6 billion tourists and 1.24 trillion yuan in tourism revenue by 2025 [3] - The province has seen a significant increase in the number of listed companies, with over 220 new listings, bringing the total to 1,224 and a total market value of 30.8 trillion yuan, an increase of 14.6 trillion yuan [2] Group 3: Infrastructure and Innovation - By the end of 2025, Guangdong's high-speed rail operating mileage is expected to reach 3,411 kilometers, a 65.2% increase from 2020 [3] - The province has established six national manufacturing innovation centers and 28 key manufacturing pilot platforms, leading the nation in both categories [4] - R&D investment in Guangdong is projected to rise from 347.99 billion yuan in 2020 to 535 billion yuan by 2025, with R&D intensity increasing from 3.14% to 3.6% [4] Group 4: Agricultural and Consumer Sector - The total output value of agriculture, forestry, animal husbandry, and fishery in Guangdong is expected to reach 979.87 billion yuan by 2025, with a year-on-year growth of 4.9% [6] - The province's consumer goods replacement program achieved sales of 264.2 billion yuan, accounting for 10% of the national total, benefiting 61 million people [6]