盈利预测 预测公司2025-2027 年收入分别为23.54、33.21、39.88 亿元，EPS 分别为0.65、1.22、1.62 元，当前股 价对应PE 分别为41、22、17 倍。公司传统外贸业务稳健发展，睿特菲品牌进入加速收获期；将聚焦国 内市场，持续拓展，有望以"祈福文创+潮玩+AI 玩具"打开第二增长空间。首次覆盖，给予"买入"投资 评级。 风险提示 宏观经济发展不及预期风险；海外市场政策变化风险；新业务开拓不及预期风险；行业竞争加剧风险 等。 "锦福"新品首发，树立传统文化IP 商业化标杆中国IP 经济市场的市场规模从2020 年的994 亿元上升至 2024 年的1742 亿元，复合年增长率为15.1%。2025 年11 月17 日，创源股份与五台山联名新品"锦福"正 式发布。创源股份紧扣当前消费市场中"情绪价值"与"国潮自信"两大趋势，发挥公司在文化创意、产品 研发及供应链管理方面的综合能力，依托京东平台数据与全域营销能力，构成文化IP商业闭环。"锦福× 五台山"模式的落地，对传统文化IP 的商业化开发具有标杆意义。 主业务稳健增长，"双循环"市场体系构建 公司深耕文教休闲、运动健身及生活 ...

Summary of Key Points from Conference Call Records Industry Overview Lithium Market - The lithium market is experiencing a second wave of price increases, with futures prices surpassing 120,000 yuan and approaching 130,000 yuan, driven by strong demand and weak supply [1][4] - Short-term supply-demand dynamics indicate weak supply and strong demand, with lithium carbonate prices doubling in less than a quarter [1][4] - By 2026, a significant increase in lithium supply is expected, with conservative estimates of 350,000 to 400,000 tons, while demand growth could exceed 30% [1][4][5] Rare Earth Industry - The rare earth sector is benefiting from the implementation of export policies and fundamental recovery, with overseas end-users able to bear higher prices [1][6] - A positive feedback mechanism may develop between rare earth prices and magnetic material pricing, with 2026 being a critical year for resolving competition among Chinese rare earth groups [1][6][8] Strategic Metals Sector - 2025 is seen as a year of value discovery for the strategic metals sector, with supply constraints due to resource endowments and policy restrictions leading to global raw material supply tightness [1][9] - The market perception of strategic metals has shifted, with companies like Northern Rare Earth and China Europe High-Tech seeing significant valuation increases, reflecting a recognition of these metals as essential under de-globalization trends [1][10] Core Insights and Arguments Lithium Market Insights - Current trading conditions for lithium are characterized by a strong demand that cannot be quickly met by supply, leading to favorable short-term price conditions [4][5] - Upstream companies are opting for futures and spot trading to achieve higher premiums, indicating a bullish sentiment in the market [4][5] Rare Earth Market Insights - The rare earth market has shown significant performance improvements, with export policies enhancing price recovery [6][7] - The upcoming year is expected to see rapid recovery in demand due to inventory buildup driven by limited export licenses [7][8] Strategic Metals Insights - The strategic metals market is experiencing price and valuation breakthroughs, with supply constraints from both resource endowments and policy measures [9][10] - The anticipated resolution of competition among Chinese rare earth companies in 2026 is expected to optimize supply-side dynamics [8][9] Additional Important Content - The small metals market has shown overall positive performance this year, despite recent adjustments due to rapid price increases and heightened sensitivity to negative news [2][3] - Tin prices are projected to have significant upside potential, with a target price of around 450,000 yuan, as current prices are close to cost levels [2][11] - The TT price has been weak due to year-end inventory adjustments and reduced demand following holiday preparations, but long-term supply constraints are expected to support price recovery [13][14] - The overall price performance this year has exceeded expectations, driven by hidden demand not previously observed, indicating a robust price transmission within the industry [14][15] Companies to Watch - Companies such as Zhongwu Gaoxin, Xiamen Property, and Hong Kong Jiaxing International Resources are highlighted as having strong growth prospects in the current market environment [16]