证券研究报告 大势较为稳定，行业配置风格转向上游 从国内市场来看，在春节流 动性回流的驱使下，大盘宽基指数均呈现稳定回升的态势，截至 2026 年 2 月 26 日，市场成交额也较春节前低点有近 30%的回升，市场流动性仍 然较为宽松。往后看，参考往年春节至两会期间及两会后的日历效应，大 盘整体稳定的趋势仍将维持一段时间。从行业层面看，两会确定全年经济 增长目标，更多稳增长政策出台，顺周期板块上涨概率更高且平均收益也 相对较高。因此，近期市场风格或从小盘、成长逐步转向大盘、价值，关 注上游行业。 从海外环境来看，春节期间海外市场表现较为强劲也给 A 股市场提供了良好的外部环境。海外 AI 叙事的瑕疵被持续提起，尽管长 期的宽松方向较为明确，但市场定价长远的宽松不妨碍短期市场对 HALO 交易的认同程度较高，因此风格上更多集中于涨价品，A 股交易 也因此受到一定程度的影响。 从短期看，我们认为海外交易与国内日历 效应可能同步呼应，涨价品相对应的油气、有色、化工、公用等中上游方 向有望成为近期的主线，同时，AI 叙事中较为明晰的科技类别硬件涨价 品也有望进一步保持交易热度，如存储等。在流动性宽松进一步明确后， 市 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 7.299 billion yuan for 2025, reflecting a year-on-year growth of 6%. The net profit attributable to shareholders is expected to be 660 million yuan, up 15% year-on-year [9] - The company has effectively mitigated the impact of fluctuating tariff policies through proactive business strategies and global capacity coordination, leading to a significant increase in overseas revenue, which has enhanced profitability [9] - The launch of the Yuan Shen ONE series SST products is expected to accelerate the company's growth in the SST market, with a projected market size exceeding 100 billion yuan by 2030 [9] Financial Projections - Total revenue projections for the company are as follows: - 2023: 6.668 billion yuan - 2024: 6.901 billion yuan - 2025: 7.299 billion yuan - 2026: 8.455 billion yuan - 2027: 10.500 billion yuan [1] - Net profit attributable to shareholders is projected to grow as follows: - 2023: 504.66 million yuan - 2024: 574.42 million yuan - 2025: 659.95 million yuan - 2026: 891.92 million yuan - 2027: 1,217.20 million yuan [1] - The earnings per share (EPS) forecast is: - 2023: 1.10 yuan - 2024: 1.25 yuan - 2025: 1.44 yuan - 2026: 1.94 yuan - 2027: 2.65 yuan [1] Market Data - The closing price of the company's stock is 101.88 yuan, with a market capitalization of approximately 46.84 billion yuan [6] - The company has a price-to-earnings (P/E) ratio of 92.82 for 2023, which is expected to decrease to 38.48 by 2027 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 is in line with market expectations, with projected revenue of 7.299 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 660 million yuan, up 15% year-on-year [9] - The company has effectively mitigated the impact of fluctuating tariff policies through proactive business strategies and global capacity coordination, leading to a significant increase in overseas revenue, which has enhanced profitability [9] - The launch of the Yuan Shen ONE series SST products is expected to accelerate the company's growth in the SST market, with a projected market size exceeding 100 billion yuan by 2030 [9] Financial Summary - Total revenue projections for the company are as follows: 6.901 billion yuan in 2024, 7.299 billion yuan in 2025, 8.455 billion yuan in 2026, and 10.500 billion yuan in 2027, reflecting growth rates of 3.50%, 5.78%, 15.83%, and 24.18% respectively [1][10] - The net profit attributable to shareholders is forecasted to be 574 million yuan in 2024, 660 million yuan in 2025, 892 million yuan in 2026, and 1.217 billion yuan in 2027, with growth rates of 13.82%, 14.89%, 35.15%, and 36.47% respectively [1][10] - The latest diluted EPS is projected to be 1.25 yuan in 2024, 1.44 yuan in 2025, 1.94 yuan in 2026, and 2.65 yuan in 2027 [1][10] - The current P/E ratios based on the latest diluted EPS are 81.55 for 2024, 70.98 for 2025, 52.52 for 2026, and 38.48 for 2027 [1][10]