简历显示，赵诣先生:中国,工学硕士,曾任申银万国证券研究所中小盘研究员、机械研究员,农银汇理基金管理有限公司研究员、基金经理助理、基金经理、 投资部副总经理(主持工作)、投资部总经理等。现任泉果基金管理有限公司公募投资部基金经理。 7月14日，恩捷股份连续4个交易日下跌，区间累计跌幅-2.83%。云南恩捷新材料股份有限公司于2016年9月在中国A股上市挂牌,股票简称:恩捷股份,股票代 码:002812,涵盖"新能源"和"包装"两大业务体系,以及"膜类产品""包装印刷产品""纸制品包装"三大产品板块,服务于全球大型锂电池生产企业、卷烟生产企 业、食品饮料生产企业、塑料包装企业、印刷企业等,坚持质量为本和技术创新,产品品质享誉业界。 财报显示，泉果基金旗下泉果旭源三年持有期混合A为恩捷股份前十大股东，今年一季度增持。今年以来收益率2.25%，同类排名3560(总4561)。 泉果旭源三年持有期混合A基金经理为赵诣。 | ○ 基金经理：赵诣 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：7年又 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 23 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 下游日化行业发展促进香精香料行业稳步增长，关注北交所相关标的 ——北交所消费服务产业跟踪第十九期（20250620） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 香精香料市场前景向好，下游化妆品行业繁荣拉动需求。2023 年中国香料香精行业 市场规模约为 439 亿元，同比增长 2.6%，预计 2026 年有望突破 500 亿元。随着中 国居民生活水平的提高与消费结构的升级，日化、食品等行业在下游需求的推动下 得到了持续发展，也为香料香精产业链的上游和中游企业提供了广阔的市场空间和 机遇。2023 年中国化妆品市场规模约为 5169.0 亿元，同比增长 6.4%，2025 年有 望增至 5791.0 亿元。化妆品生产通常可分为自主生产和代工生产两种模式，人群、 渠道、品牌多 ...

Investment Rating - The report assigns a "Buy" rating with a target price of 56.60 CNY, indicating optimism about the company's performance as a leader in educational enterprise reform and its continuous earnings growth [3][10]. Core Insights - The company is positioned as a leader in laser technology and has benefited from educational enterprise reforms, enhancing its operational vitality. It has a diversified business model encompassing communication, laser, sensing, and anti-counterfeiting applications [10][25]. - The company is expected to experience significant revenue growth driven by AI and the increasing demand for optical modules, particularly as a core supplier to major clients like Huawei [10][14]. Financial Summary - The company’s market capitalization is approximately 44.564 billion CNY, with a total share capital of 1,006 million shares [4]. - Revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 10,310 million CNY, 11,709 million CNY, 16,028 million CNY, 23,082 million CNY, and 27,933 million CNY respectively, reflecting a growth rate of 36.9% from 2024 to 2025 [9][19]. - Net profit attributable to the parent company is forecasted to be 1,007 million CNY in 2023A, increasing to 3,015 million CNY by 2027E, with a notable growth rate of 56.9% from 2024 to 2025 [9][19]. Business Segments - The laser processing equipment and intelligent manufacturing line is projected to generate 34.92 billion CNY in revenue in 2024, with a year-on-year growth of 9.45% [14][19]. - The optical device segment is expected to achieve 39.75 billion CNY in revenue in 2024, marking a 27.79% increase, driven by advancements in AIGC applications [16][19]. - The sensitive components segment is anticipated to generate 36.68 billion CNY in revenue in 2024, reflecting a 12.93% growth, supported by strong demand in the automotive and consumer electronics sectors [17][19]. Valuation Methodology - The report employs both PE and PB valuation methods, concluding with a target price of 56.60 CNY based on a 5x PB valuation for 2025 [20][22]. - The estimated EPS for 2025 is projected at 1.90 CNY, with a corresponding PE ratio of 35x, leading to a target price of 66.67 CNY based on PE valuation [21][22]. Historical Performance - The company has shown a consistent revenue growth trajectory, with a CAGR of 17.43% from 2003 to 2024, despite experiencing declines in 2012 and 2023 [33]. - The gross profit margin has improved significantly since the educational reform in 2021, with a projected gross margin of 21.55% for 2024 [39]. Strategic Positioning - The company has established itself as a key player in the laser technology sector, leveraging its roots in higher education and extensive R&D capabilities to drive innovation and market competitiveness [25][26]. - The completion of the educational enterprise reform in 2021 has positioned the company for strategic growth and expansion in both domestic and international markets [25][27].