2026 年 01 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 傅麒丞 S0350524080001 fuqc@ghzq.com.cn [Table_Title] 营收业绩高增，看好高端产品出货量持续提升 ——思特威（688213）2025 年业绩预告点评 最近一年走势 | 相对沪深 300 | 表现 | | 2026/01/23 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 思特威 | 13.2% | -3.7% | 34.3% | | 沪深 300 | 1.8% | 2.1% | 23.6% | | 市场数据 | | | 2026/01/23 | | 当前价格（元） | | | 102.91 | | 周价格区间（元） 52 | | | 74.10-127.81 | | 总市值（百万） | | | 41,401.39 | | 流通市值（百万） | | | 33,292.36 | | 总股本（万股） | | | 40,230.68 | | 流通股本（万股） | | | 32,350.95 | | 日均成交额（百万） | | | ...

Market Overview - The main board saw significant gains with stocks like Huanrui Century (+10.07%), Dahua Intelligent (+10.05%), and Special Information (+10.04%) leading the charge [1] - The ChiNext board also performed well, with Keda Guochuang and Rongxin Culture both increasing by 20.01% [1] - The Sci-Tech Innovation board was led by Tiancheng Technology (+10.16%) and Guodun Quantum (+9.06%) [1] - Active sub-industries included SW Publishing (+3.07%) and SW Film and Animation (+2.22%) [1] Domestic News - Li Jidian's General Manager Zhu Xianguo indicated that high-end memory is in short supply due to AI demand, with expectations for storage foundry prices to rise in Q4 [1] - Alibaba Cloud's innovative computing pooling solution "Aegaeon" was selected for the top academic conference SOSP2025, showing an 82% reduction in required NVIDIA H20 GPUs for large AI models [1] - STMicroelectronics launched its first 200MP large-format mobile image sensor SCC80XS, set for mass production in Q1 2026 [1] - Guochuang Technology announced the completion of assembly for its G6 full-size new display inkjet printing equipment, compatible with various substrate sizes [1] Company Announcements - Fulede reported a total revenue of 2.146 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.98%, with a net profit of 211 million yuan, up 14.38% [2] - Deep Technology achieved a revenue of 871 million yuan in the first three quarters of 2025, reflecting a 6.28% year-on-year growth, with a net profit of 94 million yuan, up 1.32% [2] - Zhongjing Electronics reported a revenue of 2.401 billion yuan for the first three quarters of 2025, a 15.75% increase year-on-year, with a net profit of 26 million yuan, up 127.34% [2] - Guangha Communication's revenue reached 332 million yuan in the first three quarters of 2025, a 41.9% increase year-on-year, with a net profit of 35 million yuan, up 69.09% [2] International News - Amazon introduced smart delivery glasses currently in development, featuring a single green fixed display and adaptive lenses [3] - STMicroelectronics forecasted Q4 sales below market expectations, with Q3 net revenue at $3.19 billion, a 2.0% decline year-on-year [3] - Apple is advancing the A20 chip development for the 2026 iPhone 18 series, expected to be the first processor using TSMC's 2nm process, with an estimated cost of $280 [3] - South Korea's semiconductor exports are projected to exceed $165 billion this year, building on last year's $141.9 billion [3]