禾盛新材（002290.SZ）2025 年度业绩预告点评 净利润快速增长，看好 26 年 AI 侧业绩持续放量 glmszqdatemark | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 64.02 元 | [Table_Author] 分析师 张宁 | | 执业证书： S0590523120003 | | --- | --- | | 邮箱： | zhangnyj@glms.com.cn | | 分析师 | 谢致远 | | | 执业证书： S0590525110073 | | 邮箱： | xiezhiyuan@glms.com.cn | 相对走势 -10% 97% 203% 310% 2025/1 2025/7 2026/1 禾盛新材 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,526 | 2,6 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company plans to invest 250 million yuan to acquire a 10% stake in Yizhi Electronics, which has a pre-investment valuation of 2.25 billion yuan [1] - Yizhi Electronics focuses on high-end computing chips, specializing in the research, design, and sales of processors for servers and workstations, and has developed two series of products [1][2] - The company has a strong customer base and has established solid partnerships with several well-known GPU developers, enhancing its capabilities in AI, cloud computing, and edge computing [2] - The subsidiary, Haixi Technology, aims to integrate AI infrastructure and services, supporting Yizhi Electronics in reaching downstream customers more effectively [3] Financial Projections - The company is expected to achieve revenues of 3 billion yuan in 2025, 3.33 billion yuan in 2026, and 3.61 billion yuan in 2027, with corresponding net profits of 208 million yuan, 284 million yuan, and 328 million yuan [4][5] - The projected P/E ratios for 2025, 2026, and 2027 are 41x, 30x, and 26x respectively, indicating a positive outlook for the company's earnings growth [4][5]