证券研究报告 2026 年 2 月 09 日│中国内地 行业周报（第六周） 本周观点：国际安全形势不确定性增强，重视军贸发展机遇 近期国际安全形势不确定性增强，美伊于 2 月初于阿曼举行了间接谈判，但围绕伊 朗核计划、弹道导弹及地区影响力的核心分歧依然严重，冲突风险并未消除。此外 高市早苗在日本大选获胜，继续担任日本首相，后续的国防政策或将对周边地区造 成影响。近期多国加大国防建设力度，例如美国国防部下属机构防务安全合作局 30 日发表的声明，美国务院已批准一项总额达 66.7亿美元的对以色列大规模军售方案， 其中包括 30 架"阿帕奇"攻击直升机和 3250 辆联合轻型战术车；此外美国务院已 批准一项对沙特阿拉伯的军售方案，其中包括 730 枚"爱国者"导弹及其相关设备， 总价值达到 90 亿美元，军贸市场活跃度明显提升。 国际军贸市场活跃度有望持续提升，而供给端集中度较高，我国是少数能够提供整 套优质解决方案的装备供应商，因此武器装备的海外需求有望提升，建议重视军贸 市场投资机会。 中长期观点：关注新装备建设周期下的新结构 展望"十五五"，国防和军队现代化将实现高质量推进，实现由"量"的增值转向"质" 的 ...

A股市场 黄金概念股涨幅扩大，其中， 湖南白银涨停，白银有色涨超7%， 福达合金、 紫金矿业、 豫 光金铅涨超4%， 鹏欣资源、 贵研铂业涨超3%。 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense sector [8] Core Insights - The aerospace and defense industry is expected to experience significant recovery and growth in 2025, with 30 out of 75 listed companies forecasting positive earnings growth compared to the previous year [11][12] - The report highlights structural opportunities in military equipment demand during the "14th Five-Year Plan" period, focusing on new domains, unmanned systems, advanced weaponry, and low-cost equipment [14][16] Summary by Sections Industry Performance - As of January 31, 2025, 75 out of 120 listed companies in the defense sector have disclosed earnings forecasts, with 30 companies expecting positive growth, 7 expecting positive but declining growth, 17 expecting losses but reduced compared to the previous year, and 21 expecting increased losses [11][12] Key Companies to Watch - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Steel Research (300797 CH) - Guotai Group (603977 CH) - West Superconductor (688122 CH) - Ruichuang Micro-Nano (688002 CH) - Beifang Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Intelligence (300446 CH) - Aerospace Rainbow (002389 CH) [3][8][9] Earnings Forecasts - Notable companies with significant earnings growth forecasts include: - Beimo High-Tech: 1169% growth due to product delivery and cost reduction [12] - Hailanxin: 509% growth from increased self-produced products [12] - *ST Chengchang: 452% growth driven by industry recovery [12] - Zhimin Da: 414% growth from increased demand in previously established product lines [12] - Aileda: 351% growth from increased military and civilian product demand [12] Long-term Outlook - The report emphasizes the importance of new equipment construction cycles and suggests focusing on new products and markets during the "14th Five-Year Plan" [14][16] - The military trade market is expected to grow, with China aiming to increase its market share in global military trade [17] Market Trends - The report notes a decline in the defense sector index by 7.69% over the past week, underperforming the broader market [28] - The current PE (TTM) for the defense sector is 95.23, indicating a high valuation compared to historical levels [36] Investment Opportunities - The report suggests that companies involved in unmanned systems, low-cost munitions, and military AI are likely to see significant growth opportunities [16][18] - The commercial aerospace sector is also highlighted as a growing area, with advancements in satellite internet and low-altitude economy [18][25]

早 报 精 选 4、金价势如破竹站上5400美元；美联储如期按兵不动；油价升至四个月新高。 5、工业富联、科大讯飞、湖南白银发布业绩预告。 宏 观 新 闻 1、 中共中央政治局常委、国务院副总理丁薛祥28日在北京会见美国高盛集团董事长兼首席执行官苏德巍。丁薛祥表示，欢迎外资企 业扩大对华投资合作，更好分享中国发展机遇。苏德巍表示，高盛集团看好中国发展前景和经济增长潜力，将继续深耕中国市场，为 美中关系稳定发展发挥积极作用。 2、北京时间1月28日下午，英国首相斯塔默乘机抵达北京首都国际机场，开启为期4天的访华行程。随行企业名单包括阿斯利康、渣 打、英美资源等，涵盖金融、医药、制造业、文化等领域。 3、外交部发言人郭嘉昆在昨日的例行记者会上表示，中国作为2026年APEC东道主，将于2月1日至10日在广州举办APEC第一次高 官会及相关会议。这是APEC中国年首场正式活动。 4、美联储维持利率不变，符合市场预期。米兰和沃勒投反对票。美联储在最新声明中删除了前三份声明中出现的关于就业下行风险 增加的表述。 5、美联储主席鲍威尔表示，美国经济活动的前景已经改善，重申劳动力市场出现企稳苗头。鲍威尔还表示尚未决定任期届 ...

Core Viewpoint - The company expects a significant increase in net profit for the year 2025, driven by operational improvements and strategic adjustments in its subsidiaries [1][2]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company between 234.97 million yuan and 271.12 million yuan for 2025, representing an increase of 54.22 million yuan to 90.37 million yuan compared to the previous year, which is a year-on-year increase of 30.00% to 50.00% [1][2]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 212.23 million yuan and 240.53 million yuan, reflecting an increase of 70.74 million yuan to 99.04 million yuan year-on-year, or an increase of 50.00% to 70.00% [2]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 267.39 million yuan, with a net profit attributable to shareholders of the parent company of 180.75 million yuan, and a net profit excluding non-recurring gains and losses of 141.49 million yuan [3]. Group 3: Reasons for Performance Increase - The increase in performance is primarily due to the absence of goodwill impairment losses from the subsidiary Beijing Taige Times Electric Co., Ltd., which amounted to 114.65 million yuan in the previous year. The company's civil explosives business is benefiting from cost reduction and efficiency improvements, as well as significant results from automation and information technology in rail transit [5]. - To enhance the production capacity concentration of its civil explosives subsidiaries, starting January 1, 2026, the company will adjust the 12,000-ton emulsified explosive production capacity of its subsidiary Jiangxi Guotai Longsi Technology Co., Ltd. to other civil explosive enterprises, which has received approval from the industry authorities. Longsi Technology will transition to engage in solid rocket engines and firefighting equipment, requiring specific qualifications [5]. - The company plans to make provisions for fixed asset impairment, goodwill impairment, and employee termination benefits totaling approximately 32 million yuan for Longsi Technology, which will reduce the growth rate of the company's operating performance for 2025 by 17 percentage points compared to the previous year [5].

Core Viewpoint - Several companies are projecting significant increases in net profit for 2025, with some expecting growth rates exceeding 300% compared to the previous year [1] Group 1: Companies with High Profit Growth Projections - Youyou Group anticipates a net profit increase of 357%-420% for 2025 [1] - Sanofi Health expects a net profit growth of 311% for 2025 [1] - Fujilai forecasts a net profit increase of 282.17%-296.8% for 2025 [1] - Zongyi Co. predicts a net profit growth of approximately 264.05% for 2025 [1] - Aiko Optoelectronics expects a net profit increase of 262.52%-345.2% for 2025 [1] Group 2: Companies with Moderate to High Profit Growth Projections - Pulit anticipates a net profit increase of 155.76%-194.73% for 2025 [1] - Zhongxing Junye expects a net profit growth of 134.32%-173.37% for 2025 [1] - Yixin Hall forecasts a net profit increase of 127.79%-189.12% for 2025 [1] - Bangji Technology anticipates a net profit growth of 119.43%-169.3% for 2025 [1] - Hengyu Environmental expects a net profit increase of 104.14% for 2025 [1] Group 3: Companies with Lower Profit Growth Projections - Jiaokong Technology anticipates a net profit increase of 86.44% for 2025 [1] - Boya Precision expects a net profit growth of 82.68%-128.36% for 2025 [1] - Huaxin Co. forecasts a net profit increase of 77.48% for 2025 [1] - Qingdao Danone anticipates a net profit growth of 77.47%-104.36% for 2025 [1] - Shenling Environment expects a net profit increase of 77.39%-112.87% for 2025 [1] Group 4: Companies with Further Profit Growth Projections - Keli Yuan anticipates a net profit increase of 72.76%-102.20% for 2025 [1] - Lante Optics expects a net profit growth of 70.04%-81.38% for 2025 [1] - Delijia forecasts a net profit increase of approximately 52.80% for 2025 [1] - Zhongke Electric anticipates a net profit growth of 50%-70% for 2025 [1] - Junsheng Electronics expects a net profit increase of 40.56%-1.35 billion for 2025 [1] Group 5: Companies with Lower Growth Expectations - Shanghai Yanpu anticipates a net profit increase of 35.44%-55% for 2025 [1] - Guotai Group expects a net profit growth of 30%-50% for 2025 [1] - Jiuan Medical anticipates a net profit increase of 21.05%-40.83% for 2025 [1] - AVIC Chengfei expects a net profit growth of 5.47%-11.67% for 2025 [1]

中证智能财讯国泰集团（603977）1月26日晚间披露2025年度业绩预告，预计2025年归母净利润2.35亿元至2.71亿元，同比增长30%-50%；扣非净利润预计 2.12亿元至2.41亿元，同比增长50%-70%。以1月26日收盘价计算，国泰集团目前市盈率（TTM）约为35.29倍-40.72倍，市净率（LF）约2.86倍，市销率 （TTM）约4.25倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) ○- 行业均值 公司 - 100 ହ 90 80 70 63q66 60 59 A 50 4676 40 30 20 20-47 16-05 10 1083 2022-12-37 12-3 88 0 2027-12-37 I 2020-12-37 1 2022-06-30 ' 3-12-37 . +-06-30 1-06-30 r 3-06-30 ' 2n- ← 公司 →〇一 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହି ୨୦ 80 70 6 60 52a12 50 40 39.87 40 30 25-21 2463 2 ...

（编辑 王雪儿） 证券日报网讯 1月26日，国泰集团发布公告称，公司预计2025年度实现归属于母公司所有者的净利润 23，496.94万元到27，111.86万元，与上年同期相比，将增加5，422.37万元到9，037.29万元，同比增加 30.00%到50.00%。 ...

智通财经APP讯，国泰集团(603977.SH)发布公告，公司预计2025年度实现归属于母公司所有者的净利 润2.35亿元到2.71亿元，与上年同期相比，将增加5,422.37万元到9,037.29万元，同比增加30%到50%。 ...

本期业绩预增的主要原因主要系上年同期计提控股子公司北京太格时代电气股份有限公司商誉减值损失 11,465.14万元。2025年公司民爆业务受益于降本增效以及轨交自动化及信息化业务开源节流成效显著， 报告期内实现净利润较上年同期有所增加。 格隆汇1月26日丨国泰集团(603977.SH)公布，经公司财务部门初步测算，预计2025年度实现归属于母公 司所有者的净利润2.35亿元到2.71亿元，同比增加30.00%到50.00%。预计2025年度实现归属于母公司所 有者的扣除非经常性损益的净利润2.12亿元到2.41亿元，同比增加50.00%到70.00%。 ...