Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Ningde Times, China Railway, and Shanghai Jahwa, reflecting strong market confidence in these sectors [1][2]. Group 2 - On January 29, the companies with the highest target price increases were Ningde Times (75.79%), China Railway (53.99%), and Shanghai Jahwa (52.17%), indicating significant bullish sentiment in the battery, infrastructure, and cosmetics industries respectively [1][2]. - A total of 27 listed companies received broker recommendations on January 29, with Qingdao Bank receiving the most recommendations at 5, followed by Mingyang Smart Energy and Ruoyuchen with 2 each [1][3]. - Three companies had their ratings upgraded on January 29, including TBEA, which was upgraded from "Hold" to "Buy" by Huatai Securities, reflecting improved outlooks for these firms [4][6]. - Five companies received initial coverage on January 29, with Qingdao Bank rated "Recommended" by Guolian Minsheng Securities, indicating new interest from analysts in these stocks [6][7].

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Insights - The company's performance exceeded market expectations, with a projected net profit of 3.5 billion yuan for 2025, representing a year-on-year increase of 56.93% [8] - The company is expected to benefit significantly from the high demand in the downstream power and energy storage sectors, with a notable increase in overseas orders and revenue [8] - The company is positioned as a leader in module/pack equipment and structural components, which are expected to benefit from the growth in lithium battery and solid-state battery markets [8] Financial Projections - Total revenue is projected to grow from 2,448 million yuan in 2023 to 4,370 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.86% [1] - The net profit attributable to shareholders is expected to increase from 39.95 million yuan in 2023 to 521.29 million yuan in 2027, reflecting a CAGR of 16.27% [1] - The earnings per share (EPS) is forecasted to rise from 0.32 yuan in 2023 to 4.12 yuan in 2027, indicating strong growth potential [1] Market Data - The closing price of the stock is 87.09 yuan, with a market capitalization of approximately 11,011.31 million yuan [6] - The price-to-earnings (P/E) ratio is projected to decrease from 275.60 in 2023 to 21.12 in 2027, suggesting an improving valuation as earnings grow [1][9] Business Strategy - The company is focusing on expanding its overseas business, with overseas orders accounting for 68% of total orders by the end of 2024 [8] - Collaboration with Qingtao Energy for the development of solid-state battery equipment is a key strategic initiative, enhancing the company's technological capabilities [8]

证券研究报告·公司点评报告·电池 先惠技术（688155） 2025 年业绩预告点评：业绩超市场预期，设 备出海&固态电池设备布局成效显著 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 股价走势 -8% 7% 22% 37% 52% 67% 82% 97% 112% 127% 142% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 先惠技术 沪深300 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,448 | 2,464 | 2,899 | 3,646 | 4,370 | | 同比（%） | 35.63 | 0.64 | 17.64 | 25.80 | 19.86 | | 归母净利润（百万元） | ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **Xianhui Technology**, a company in the **battery equipment** industry, particularly focusing on solid-state battery technology and its growth prospects. Key Points and Arguments 1. **2025 Profit Forecast** - The company expects to achieve a net profit attributable to shareholders of approximately **350 million** CNY and a net profit excluding non-recurring items of about **340 million** CNY, representing year-on-year growth of **56.93%** and **64.07%** respectively [1][1][1] 2. **Q4 Performance Exceeds Expectations** - In Q4 2025, the company anticipates a net profit attributable to shareholders of around **145 million** CNY and a net profit excluding non-recurring items of about **143 million** CNY, reflecting quarter-on-quarter increases of **174%** and **175%** respectively [1][1][1] - The outperformance is attributed to accelerated delivery of equipment orders and significant growth in orders from major clients [1][1][1] 3. **Rapid Growth in Equipment Business** - The equipment business is projected to contribute approximately **210 million** CNY in profits in 2025, driven by a rapid release of orders from vehicle manufacturers and a faster growth rate in lithium battery equipment orders [1][1][1] 4. **Clear Expansion Signals from Major Clients** - For 2026, major clients in the battery sector are expected to signal clear capacity expansion, with overall order growth anticipated to exceed **50%**. The pace of confirmed orders is also expected to accelerate, providing a solid growth guarantee for 2026-2027 [2][2][2] 5. **Revenue Contribution from Dongheng** - Dongheng is estimated to contribute over **1.5 billion** CNY in revenue in 2025, maintaining a net profit margin of over **14%**, with a net profit contribution of approximately **130 million** CNY [2][2][2] - As a primary supplier of pack structural components for Ningde, Dongheng is expected to achieve high growth in 2026 alongside strong production schedules from Ningde [2][2][2] 6. **Solid-State Battery Equipment Layout** - The company is making comprehensive layouts in solid-state battery equipment, with successful deliveries of dry roller press equipment to clients [3][4][4] - The company has also made significant breakthroughs in backend high-voltage discharging and pack assembly equipment, which are critical areas for major clients in the solid-state battery sector [4][4][4] 7. **Future Performance Expectations** - The company is projected to achieve over **400 million** CNY in profits in 2026, with accelerated order growth and confirmations expected as downstream battery cell manufacturers ramp up production [4][4][4] 8. **Strategic Positioning in Solid-State Equipment** - The company is strategically positioned in the solid-state equipment market and is expected to achieve significant breakthroughs this year [5][5][5] Additional Important Insights - The value of backend pack assembly is estimated to exceed **50 million** CNY per GWh, with potential for further expansion in solid-state pack structural components, which may surpass expectations [4][4][4]

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

Core Viewpoint - The company, Xianhui Technology, forecasts a significant increase in net profit for the year 2025, projecting a rise of 56.93% compared to the previous year [1] Financial Performance - The expected net profit attributable to the parent company's owners for 2025 is 350 million yuan [1] - This represents an increase of 126.9771 million yuan from the previous year's legally disclosed data [1]

Group 1 - The company expects to achieve a net profit attributable to shareholders of 350 million yuan for the fiscal year 2025, representing an increase of 127 million yuan compared to the previous year [1] - This projected net profit reflects a year-on-year growth of 56.93% based on statutory disclosure data [1]

智通财经APP讯，先惠技术(688155.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 润为3.5亿元，与上年同期(法定披露数据)相比，将增加1.27亿元，同比增加56.93%。 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be 350 million yuan, an increase of 126.98 million yuan, representing a year-on-year growth of 56.93%[2] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be 340 million yuan, an increase of 132.77 million yuan, reflecting a year-on-year increase of 64.07%[2] - The total profit for the previous year was 345.99 million yuan, with a net profit attributable to shareholders of the parent company of 223.02 million yuan[4] - The earnings per share for the previous year was 1.87 yuan[5] Operational Efficiency - The company achieved a profit margin improvement due to the implementation of lean management principles, enhancing operational efficiency[7] - The gross profit margin of overseas projects has significantly improved, contributing to the increase in the company's main business gross profit margin for 2025[7] Performance Forecast Validity - The performance forecast data is based on preliminary calculations by the company's financial department and has not been audited by certified public accountants[3] - As of the announcement date, the company has not identified any significant uncertainties affecting the accuracy of the performance forecast[8] - Investors are advised that the forecast data is preliminary and the final audited financial data will be disclosed in the official annual report for 2025[9] Announcement Details - The announcement was made by the board of directors of Shanghai Xianhui Automation Technology Co., Ltd. on January 29, 2026[11]

Core Viewpoint - Xianhui Technology (688155.SH) expects a significant increase in net profit for the fiscal year 2025, projecting a net profit of 350 million yuan, which represents a year-on-year increase of 56.93% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company of 350 million yuan for 2025, an increase of 127 million yuan from the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be 340 million yuan, reflecting a year-on-year increase of 64.07% [1] Growth Drivers - The primary reasons for the growth in 2025 include the implementation of lean management principles, which have driven efficiency improvements across the entire value chain, leading to enhanced operational efficiency and an increase in the profit margin of the main business [1] - The company has also seen a significant advantage in gross profit margins from overseas projects, with an increase in revenue recognition from these projects in 2025 compared to 2024, effectively boosting the gross profit margin of the main business [1]