新希望 20260130 摘要 新希望六和 2025 年因资产清理和减值计提导致亏损，其中 60%以上为 一次性影响，主要为提前处置低效种猪以提升种猪质量，为 2027 年战 略做准备。 饲料业务在 2025 年达到历史最高销量，实现量利双增，国内外市场均 有改善，海外市场保持高速增长，经营性现金流稳定在 92 亿元左右， 吨完全费用同比降低 30 元。 生猪养殖通过健康管理（降低非洲猪瘟发病率，净化伪狂犬病）、生产 管理（提高母猪窝均断奶数，提高育肥效率）和育种改良（引进国外优 质精液）等措施降低成本，运营成本降至 12.2 元/公斤。 2026 年，新希望六和将坚持现有战略，饲料业务上规模、调结构、提 效率，提高单场满负荷率，加强预混料外部市场开发，海外市场提升产 能利用率，并加强海外人才储备。 2026 年生猪养殖目标是每公斤成本降低 1-1.5 元，饲料完全费用再降 20 元，通过种质资源优化、提高养殖效率、减少过程损耗等多方面实现 综合成本下降。 Q&A 请介绍一下新希望六和在 2025 年的业绩表现及主要原因。 新希望六和在 2025 年预计亏损 15 至 18 亿元，同比转亏。主要原因是第四季 ...

招商蛇口 2025 年全口径签约销售额达 1,906 亿元，在上海等 10 个城 市销售排名前三，验证了战略布局及产品竞争力。同时，公司积极推进 轻资产业务，物业服务稳固头部地位，非开发业务收入占比提升，有助 于平滑周期波动。 公司坚持谨慎聚焦策略，在上海、北京、深圳等高能级城市获取 40 多 宗地，总建筑面积超 400 万平方米，总地价超 900 亿元，为未来增长 奠定基础。同时，优化债务结构，年末平均融资成本行业领先，确保资 金安全。 尽管面临短期利润压力，招商蛇口仍保持盈利状态，通过全面管理体系 强化营销，优化债务结构，确保货币资金安全。公司高度重视股东回报， 未来三年现金分红比例不低于归母净利润的 40%。 公司对存在减值迹象的项目进行资产减值准备，2019 年至 2024 年共 计提 240-245 亿减值，以逐步释放亏损并提升资产质量。未来将继续采 取审慎态度，根据市场变化及时调整策略。 2025 年新货值占总货值的 50%左右，项目平均成本净利润率 （ROIC）达到 12%-13%。通过以销定投、以销定资策略，保持良好现 金状况，为后续高质量投资提供基础，优化资产负债结构。 Q&A 招商蛇口 2 ...

Summary of the Conference Call for Greenme (格林美) Company Overview - **Company**: Greenme (格林美) - **Industry**: Nickel and Cobalt Recycling, Tungsten Recovery, Battery Recycling Key Points and Arguments Nickel Project Performance - The Indonesian MHP project shipped over 110,000 tons in 2025, with the company's equity share around 50%-55% and costs controlled between $8,500 and $9,000 per ton. Nickel price increases have ensured project profitability, with total shipments expected to reach 140,000-150,000 tons by 2026, and the company's equity share projected at 75,000-80,000 tons [2][4][8] Tungsten Recovery Business - The tungsten recovery business is expected to grow significantly, with recovery volume projected to increase to around 10,000 tons by 2025, driven by rising tungsten prices. This segment's revenue is anticipated to improve substantially due to price increases and capacity expansion [2][4][8] Strategic Adjustments - The company is adjusting its precursor strategy by reducing low-margin products and shifting focus to high-nickel and ultra-high-nickel products. The cobalt tetroxide business is expected to grow steadily, with annual shipments of over 20,000 tons and a normal growth rate of 5%-10% anticipated for 2026 [2][4][8] Appliance Recycling and Scrap Vehicle Business - The appliance recycling business is expected to be divested in 2026, with an estimated loss of over 100 million yuan impacting 2025 profits. The scrap vehicle business is reducing losses, projected to decrease from over 150 million yuan in 2023 to below 100 million yuan in 2024, and is expected to synergize with the battery recycling business [5][6] Battery Recycling Business - The battery recycling segment has maintained profitability and is expanding, with a nearly 50% year-on-year increase in recovery volume expected in 2025. The business is projected to continue its strong profitability in 2026 due to rising lithium prices [7][8] Nickel Price Forecast - The company expects nickel prices to stabilize in the range of $18,000-$19,000 per ton in 2026, with a projected increase of about 20% compared to 2025. The Indonesian government is implementing quota controls to stabilize the nickel resource market [3][10][15][16] Financial Costs and Impact - Financial costs are calculated based on investment intensity, working capital needs, and turnover rates. The company faces higher costs in foreign operations due to dollar-denominated expenses [9] Market Dynamics and Government Regulations - The Indonesian government controls approximately 60% of global nickel resources and aims to prevent significant price drops through regulatory measures. This aligns with the government's goal of promoting the development of new energy applications through industrial upgrades [16][17] New Capacity and Project Progress - New projects in collaboration with Vale began construction in 2025, with an expected completion date by the end of 2026. However, potential policy adjustments may delay the timeline [18][19] Recovery Business Details - The company recycles various products, including scrap tools and hard alloys, primarily containing tungsten and cobalt. The annual shipment volume is expected to reach 10,000 tons by 2026, with a gross margin maintained between 15%-20% [20][21] Market Share and Competitive Position - The market share for the company's APP terminal products is estimated to be between 10%-20%, although specific data requires confirmation from business departments [23] Pricing Strategies - The company has established long-term pricing agreements with suppliers, with coverage ratios between 60%-70%. The pricing for long-term contracts has increased compared to the previous year [26] Impact of Competitors - The new projects by Qingshan Company are not expected to significantly impact Greenme, as Qingshan's supply to Greenme is minimal [28] Production Capacity - The company’s maximum production capacity is 150,000 tons, with quarterly production expected to range between 36,000 to 39,000 tons, limiting the potential for significant overproduction [29] Inventory Management - Inventory absorption is expected in the third and fourth quarters, primarily through nickel-cobalt hydroxide rather than raw material sales due to tight raw material supplies [30]

国科军工 20260130 摘要 国科军工拥有弹药装备和导弹及火箭弹配套两大业务板块，其中固体火 箭发动机装药及安全控制模块业务增长迅速，是公司最具稀缺性的资产。 公司"十四五"期间收入和利润持续稳健增长，主要得益于动力模块和 主用弹药产品的放量，但 2025 年前三季度受基数和原材料影响有所放 缓，预计 2026 年及以后将恢复高增长。 公司坚持"批产一代、研制一代、预研一代、探索一代"的发展思路， 拥有大量型号储备，包括 43 个批产项目、21 个研制项目和 60 多个预 研项目，将持续贡献增量收入。 公司积极开拓海外市场，已签署 4.66 亿元军贸合同，显示出巨大的国 际市场潜力，同时积极扩产以满足旺盛需求。 公司正在推进航天动力建设项目，提升固体火箭发动机总装能力，拓展 市场格局，该项目将使公司具备生产固体火箭发动机壳体的能力。 公司是国内唯一一家地方国企能够生产固体火箭发动机，拥有多款高性 能复合推进剂和新型隔热材料技术，产品已广泛应用于各类导弹、火箭 武器及军贸市场。 公司在中小口径弹药领域经验丰富，多款主用产品已列装部队，并储备 了许多新型号，同时开发智能化配套产品，如近炸引信、机械引信等， 在 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: Gujia Home Furnishing - **Industry**: Home Furnishing Core Insights and Arguments - The home furnishing industry is expected to stabilize in pricing starting from the second half of 2025, with easing consumer downgrade factors and a strengthening expectation of real estate bottoming out, leading to a potential recovery in new and second-hand housing transactions, which may shift the industry from a reduction phase to a slight growth phase [2][3] - Gujia Home Furnishing stands out among listed home furnishing companies due to its strong strategic execution, high stability, and significant development potential, enhanced by multi-dimensional management reforms that improve organizational efficiency [2][5] - In the era of stock, furniture companies need to seek breakthroughs through overseas expansion, internal reforms, and technological advancements, with Gujia's overseas revenue exceeding 40% [2][6] - The low concentration in the furniture industry is attributed to incomplete industrialization on the supply side and commoditization on the demand side, necessitating empowerment of distributors and a user-centric approach to enhance data infrastructure and agile supply chain construction [2][7][8] Growth Opportunities - There are growth opportunities in niche markets such as old house renovation, rental market decoration, aging-friendly modifications, smart and green home solutions, and lower-tier markets, with leading companies likely to penetrate these areas and drive new growth [2][9] - The top five companies in the furniture industry hold less than 15% market share, indicating significant potential for concentration improvement [9] Company Performance - Gujia Home Furnishing has shown strong performance in the current market environment, with revenue growth exceeding the industry average since Q1 2025, and a reported 10% year-on-year revenue increase in the mid-year report [12] - The gross margin for domestic sales improved from 37.3% in 2022 to 39.6% in the first half of 2025, with net profit margin also increasing [12] - Single-store revenue grew from 2.67 million yuan in 2022 to 3.09 million yuan in 2024, reflecting a year-on-year growth of 3% and 12% respectively [12][13] Strategic Initiatives - Gujia Home Furnishing is enhancing overall operational efficiency through retail transformation, establishing a retail-driven organizational culture, and empowering distributors [11] - The company has implemented a comprehensive retail model focusing on user insights, product design, traffic conversion, customer in-store experience, and product delivery [11] - The governance structure has undergone significant changes, transitioning to a model led entirely by professional managers, which has contributed to improved operational performance [18][19] Future Outlook - Revenue is projected to grow steadily, with an expected growth rate of 7%-8% in 2026, potentially accelerating in the second half of the year [20] - Profit growth may exceed 10% in 2026, with further acceleration anticipated in 2027, supported by improved operational efficiency through retail transformation [20] - Current valuation corresponds to a price-to-earnings ratio of approximately 12-13 times for 2026, with potential recovery to 15-20 times as the real estate market stabilizes, indicating significant upside potential for Gujia Home Furnishing [20]

华东医药 20260130 摘要 华东医药商业板块主要负责浙江省内配送，医保资金充裕，现金流良好， 年利润稳定在 2 亿以上，按一般商业公司估值，市盈率约为 10 倍。 华东医药医疗美容业务 2026 年前三季度国内和海外市场均下滑，预计 国内市场将增长，海外市场力争盈亏平衡，海外医美业务利润估计 2 亿 多，对应估值约 20 多亿。 华东医药工业板块（含仿制药和创新药）预计今年利润超 35 亿，增速 接近 15%，利润增速可能更快，参考百洋和康哲等公司，在 A 股至少应 有 20 倍市盈率。 华东医药免疫线产品麦替马考酚酯在 22 年国采后收入降至 5 亿左右， 基本无集采风险；环孢素与他克莫司面临激烈竞争，预计未来仅个位数 增长。 华东医药糖尿病线产品阿卡波糖受国家治理同价政策及仿制企业增加影 响，保持不下滑已属不易；比格列酮二甲双胍预计今年集采，27 年执行 后将大幅下滑；二甲双胍恩格列净去年集采，今年执行，预计稳态下收 入将大幅减少。 华东医药肾病线百令胶囊销量约 30 亿元，小幅个位数增长，公司主动 控制增速；独家品种吲哚布芬用于取代阿司匹林市场，25 年收入为 24 亿元，今年预计个位数增长。 华 ...

Summary of the Conference Call for 恒星科技 Company Overview - **Company**: 恒星科技 - **Industry**: Chemical and Metal Products Key Points Chemical Segment - From 2022 to mid-2025, the decline in organic silicon prices has led to losses in the chemical segment, but profitability is expected to resume from October 2024 due to technological upgrades [2][3] - The chemical segment incurred losses of over 70 million yuan in 2023 and 30 million yuan in 2024, with expectations for improved performance in 2025 if prices stabilize [3] - The company has a production capacity of 150,000 tons per month for organic silicon, but actual output is around 10,000 tons per month due to industry production restrictions [4][5] - The high-performance silicon polymer project is progressing well, with expected monthly output of over 10,000 tons upon full capacity [4] Metal Products Segment - The metal products segment includes galvanized steel wire, steel strands, and prestressed steel strands, which are stable, but the diamond wire saws have seen price declines due to the photovoltaic industry's downturn [2][5] - The company is transitioning from carbon steel diamond wire to tungsten wire to enhance capacity and reduce costs [5][9] - In 2025, the overall performance of the metal products segment is expected to be stable, benefiting from ultra-high voltage construction, although slightly lower than in 2024 [2][9] Market Dynamics - The domestic organic silicon industry controls production capacity to alleviate competition, with Dow's exit from the market expected to boost domestic companies' performance [6][7] - Domestic organic silicon production accounts for over 50% of global capacity, and a demand rebound could provide significant growth opportunities [8] Future Outlook - The company plans to focus on the chemical segment while stabilizing the metal products segment and expanding overseas operations [4][17] - In 2026, all segments are expected to see revenue growth, with improvements driven by technological advancements and cost reductions [19] - The company is also exploring gold mining opportunities, with ongoing exploration expected to resume in spring 2026 [13][14] Financial Health - Accounts receivable have remained stable, with low risk due to a cash-on-delivery model in the chemical segment and a manageable credit policy in the metal products segment [16] - The company aims to improve profitability through strategic order management, prioritizing high-margin orders [9] Strategic Initiatives - The company is expanding its overseas business, including a steel strand production line in Vietnam, and will adjust its gold mining strategy based on exploration results [17][18] - The organic silicon market is expected to grow, with the company monitoring DMC price trends and maintaining a direct sales model to downstream enterprises [18][20]

Summary of the Conference Call for 欧陆通 Company Overview - 欧陆通 reported a record high revenue of 1.267 billion yuan in Q3 2025, with significant growth in the data center power business, accounting for 47% of total revenue [2][3][4] - The company has set ambitious revenue targets of 4.127 to 4.480 billion yuan for 2025 and 4.669 to 5.159 billion yuan for 2026, focusing on the server power sector [2][4] Key Business Segments 1. **Data Center Power** - Revenue reached 1.6 billion yuan in Q3 2025, up over 60% year-on-year, with high-power products (≥2000W) making up 66% of this segment [2][3][5] - Gross margin for this segment is approximately 24%, with high-power products achieving a gross margin of 28% [2][5] - The company plans to expand production capacity in Suzhou by adding around 1 billion yuan in data center power capacity [2][4] 2. **Power Adapters** - Revenue for power adapters was 1.297 billion yuan, showing a growth of about 6% year-on-year, accounting for 38% of total revenue [3][5] - The gross margin for this segment is around 16%-17%, slightly down due to weak consumer electronics market sentiment [5] 3. **Other Power Products** - This segment includes chargers for lithium-ion power tools and electric vehicles, generating 472 million yuan in revenue, a 2% increase year-on-year, with a gross margin of about 18% [5] Future Outlook - The company aims to focus on the server power sector, anticipating increased demand driven by enhancements in CPU and GPU computing power [3][4] - The pricing strategy is flexible, based on customer needs, order volume, and material costs, with gross margins expected to remain between 28-30% despite a decrease in unit prices for 3kW products [3][9][12] Production and R&D - 欧陆通 has established R&D teams in Shenzhen, Hangzhou, Shanghai, and the US, with production bases in Shenzhen, Dongguan, Ganzhou, Suzhou, Vietnam, and Mexico [6] - The company is developing higher power (above 8kW) PSU products and solutions supporting 800V and ±400V DC-DC conversion [2][6] Challenges and Risks - The company faces challenges from a depreciating dollar, rising raw material costs, and sluggish downstream sales, prompting adjustments in product structure and cost reduction measures [3][17] - The export ratio exceeds 50%, and the anticipated decline in consumer electronics sales could further pressure margins [17] Competitive Strategy - 欧陆通 is focusing on high-value orders and expanding its market share in the data center power sector, leveraging its early investments to maintain a competitive edge [20] - The company does not have specific market share targets but aims to achieve significant revenue growth based on its equity incentive goals [21][22] Conclusion - Overall, 欧陆通 is positioned for growth in the data center power market, with a strong focus on high-power products and strategic capacity expansion, while navigating challenges in the consumer electronics sector and raw material costs. The company remains optimistic about its future prospects and competitive positioning in the industry [2][20][22]

广联航空 20260201 摘要 广联航空从单一客户向多领域客户拓展，营收稳健增长，即使在 2022 年行业波动下仍保持正向增长，显示出较强的抗风险能力，为股票交易 提供积极信号。 广联航空在商业航天领域布局火箭和卫星端，与中国联通、文昌超级卫 星工厂签订协议，有望获得大额订单，并购天津悦风科技增强火箭结构 件配套能力，受益于火箭需求未来五年预计增长 8 至 10 倍。 悦风科技是国内领先的火箭结构件配套企业，几乎覆盖所有非发动机相 关的火箭组件，核心客户包括航天科技集团，受益于"十五"规划带来 的需求增量，并积极拓展商业市场。 广联航空并购悦风科技后，将在辅材结构件领域整合，提升整体竞争力， 共同开拓市场，提高订单获取能力，推动业绩持续增长，为投资者带来 潜在收益。 广联航空已成为多个大型飞机制造项目的重要供应商，积极参与国产大 飞机项目建设，受益于"十四五"期间大飞机产能扩张及任务放量，预 计 2026 年业绩将显著提升。 Q&A 请介绍一下广联航空的基本情况及其发展模式。 广联航空是一家在航空航天领域具有重要地位的公司，主要从事机加工和核心 配套业务。自上市以来，公司一直采用快速扩张的发展模式，不断拓展 ...

三未信安 20260130 摘要 三未信安 2025 年营收未达预期，净利润下降主因研发和销售费用大幅 增加，源于人工智能、物联网、量子计算和区块链等领域的前瞻性投入 及市场拓展，包括海外市场，导致成本上升。 公司对 2026 年持乐观态度，受益于政府领域推迟项目重启、后量子技 术和物联网示范项目用户积累，以及香港市场进展，预计业绩将有积极 影响。 商用密码行业随密评和信创推进发展，虽受资金影响项目曾滞缓，但未 来几年预计改善。公司积极布局能源、交通、运营商、互联网及工业物 联网，拓展 Web 3 东南亚业务。 密评密改推进缓慢，预计 2026-2027 年为关键期，各行业需完成信创 任务。中国已启动后量子算法征集和试点，金融、电力、运营商等已开 展示范项目，公司参与其中。 海外市场，公司重点推广密码机（HSM）和云密码服务，已在香港和新 加坡设子公司，通过集成商销往非洲和东南亚。计划为中国制造企业提 供语音密码服务。 Q&A 在海外市场，公司重点推广密码机（HSM）和云密码服务。目前已在香港和新 加坡设立子公司，通过国内集成商将产品销售至非洲及东南亚国家，如孟加拉 等。公司的策略是先巩固香港市场，再逐步扩展 ...