Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is expected to experience stable growth in performance, with ongoing developments in solid-state batteries and dry electrode technology, particularly in space applications [3][4] - The company has faced a significant decline in net profit for 2025, estimated between 58 million to 68 million yuan, representing a decrease of 57.98% to 64.16% compared to the previous year [6] - Despite short-term challenges, including a slowdown in lithium battery demand and increased competition, the company is positioned for recovery due to a rebound in capital expenditure and successful overseas market expansion [6] - The company has made substantial progress in solid-state battery equipment, with key devices being delivered to customers, enhancing its product portfolio [6] - The report highlights the potential applications of solid-state batteries and dry technology in harsh environments, such as space, where performance requirements are significantly higher [6] Financial Summary - The company's projected revenue for 2023 is 946 million yuan, with a year-over-year growth rate of 25%. However, a decline in revenue is expected in 2025, with a forecast of 952 million yuan, reflecting a -10% growth rate [4] - The net profit for 2023 is projected at 124 million yuan, with a growth rate of 9%. A significant drop to 65 million yuan is anticipated for 2025, marking a -60% change [4] - The earnings per share (EPS) is expected to decrease from 1.33 yuan in 2023 to 0.41 yuan in 2025 [4] - The report forecasts a recovery in net profit to 120 million yuan in 2026 and 182 million yuan in 2027, with corresponding P/E ratios of 90.9 and 59.9 [4]

乘用车 | 评级: 买入 | | --- | | 维持 | 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | | | | 总股本(百万股) | 9,117.20 | | --- | --- | | 流通股本(百万股) | 7,170.64 | | 市价(元) | 87.37 | | 市值(百万元) | 796,569.55 | | 流通市值(百万元) | 626,498.98 | 股价与行业-市场走势对比 2025-04-26 1、《比亚迪 2025 年中报点评：》 2025-08-30 评：》2025-08-04 比亚迪 2026 年 1 月销量点评： 行业政策过渡短期承压，仍需关注后续新车周期及出口 比亚迪（002594.SZ） 证券研究报告/公司点评 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 410 to 495 million yuan in 2025, marking a significant turnaround from losses, with Q4 2025 projected net profit between 159 to 244 million yuan, reflecting a quarter-on-quarter growth of 63.9% to 151.5% [5] - The company’s seat business is entering a significant growth phase, with projected revenue from passenger car seats exceeding 5 billion yuan in 2025, driven by increased production and efficiency [5] - The report highlights the successful acquisition of multiple clients and projects in the passenger car seat sector, indicating a strong market position and future growth potential [5] Summary by Sections Financial Performance - The company forecasts revenue of 23,091 million yuan for 2025, with a year-on-year growth rate of 4% [3] - The net profit attributable to shareholders is projected to be 451 million yuan in 2025, a significant recovery from a loss of 567 million yuan in 2024 [3] - Earnings per share (EPS) is expected to be 0.35 yuan in 2025, compared to a loss of 0.45 yuan in 2024 [3] Business Development - The passenger car seat business is expected to reach a revenue of over 50 billion yuan in 2025, with a notable increase in profitability as the company crosses the breakeven point [5] - The company has secured 24 projects for passenger car seats, indicating a robust order backlog that supports future profitability [5] - The report emphasizes the company's strategic focus on domestic and global market expansion, leveraging its partnerships and capabilities to enhance its competitive edge [5] Market Position - The report identifies the company as a leading player in the domestic passenger car seat market, with a significant market share and a strong growth trajectory [5] - The global market for passenger car seats is projected to grow, with the company positioned to capitalize on this trend through its innovative products and strategic partnerships [5]

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 汽车零部件 Email：tangsu@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 185.97 | | 流通股本(百万股) | 35.39 | | 市价(元) | 79.99 | | 市值(百万元) | 14,876.01 | | 流通市值(百万元) | 2,830.52 | 海安集团俄罗斯建厂点评：巨胎龙头海外建厂 0-1，在手订单饱 满、全球拓展加速 海安集团（001233.SZ） 证券研究报告/公司点评报告 2026 年 02 月 02 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 2,251 | 2,300 | 2,200 | 2,468 | 3,4 ...

Space X 再申请百万颗卫星，商业航天关注度持续提升 国防军工 证券研究报告/行业定期报告 2026 年 02 月 02 日 Email：mamz@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 143 | | 行业总市值(亿元) | 35,234.26 | 2026-01-25 2、《国产大飞机航司交付及国产化 率双提升，C919 产业链景气上行》 2026-01-18 3、《商业航天高景气上行，国产大 飞机迎双提升机遇》2026-01-11 分析师：陈鼎如 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740523060003 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | | 分析师： ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company is a leading player in the giant tire industry, with a strong focus on overseas expansion and a robust order book, indicating potential for revenue growth [9]. - The global giant tire market is expected to grow at a CAGR of approximately 8.4% from 2023 to 2027, with significant demand driven by the mining sector [7]. - The company plans to establish a joint venture in Russia for tire production, with an estimated investment of 43.19 billion RMB and an annual production capacity of 10,500 tires [6]. Financial Summary - Revenue projections for the company are as follows: 2,251 million RMB in 2023, 2,300 million RMB in 2024, 2,200 million RMB in 2025, 2,468 million RMB in 2026, and 3,404 million RMB in 2027, with growth rates of 49%, 2%, -4%, 12%, and 38% respectively [5]. - The net profit attributable to the parent company is forecasted to be 654 million RMB in 2023, 679 million RMB in 2024, 660 million RMB in 2025, 740 million RMB in 2026, and 1,021 million RMB in 2027, with corresponding growth rates of 85%, 4%, -3%, 12%, and 38% [5]. - The company’s gross margin is projected to remain high at around 55%, with net profit margins stabilizing at approximately 30% from 2025 to 2027 [12]. Market Position and Competitive Landscape - The giant tire market is characterized by high barriers to entry, with a few foreign companies historically dominating the sector. However, domestic companies are beginning to capture market share due to improved product quality and competitive pricing [8]. - The company has established strong customer relationships with major mining enterprises, which enhances its market position and customer retention [9]. - The company’s planned production capacity expansion includes 24,400 tires domestically and 10,500 tires in Russia, which is expected to significantly increase its output and market presence [10].

Investment Rating - The industry investment rating is "Overweight" [4][7] Core Insights - The report highlights the establishment of an independent capacity pricing mechanism for energy storage and a reliable capacity compensation mechanism, which further improves the market-oriented pricing system [6] - The notification from the National Development and Reform Commission and the National Energy Administration clarifies the capacity pricing mechanism for independent energy storage, providing clearer operational income guarantees and revenue expectations for independent storage [6] - The report emphasizes the importance of the reliable capacity concept and its corresponding compensation mechanism, which compensates units that can provide stable power during peak demand periods, marking a significant improvement in the capacity pricing system [6] Summary by Sections Industry Overview - The industry comprises 358 listed companies with a total market value of 51,526.63 billion and a circulating market value of 45,711.37 billion [2] Key Company Status - The report recommends specific companies such as Guoneng Rixin and suggests continuous attention to companies like Langxin Technology and Dongfang Electronics [6] Financial Projections - Guoneng Rixin is projected to have an EPS of 0.85 in 2023, increasing to 1.38 by 2027, with a PE ratio decreasing from 77.38 in 2023 to 36.49 in 2027 [4] - Dongfang Electronics is expected to have an EPS of 0.40 in 2023, rising to 0.76 by 2026, with a PE ratio decreasing from 32.60 in 2023 to 15.02 in 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9] Core Insights - The company is expected to achieve revenue of 130.5 billion, 132.3 billion, and 137.1 billion yuan for the years 2025 to 2027, with growth rates of -6%, 1%, and 4% respectively [7] - The net profit attributable to the parent company is projected to be 10.1 billion, 10.4 billion, and 11.3 billion yuan for the same period, with growth rates of -30%, 3%, and 9% respectively [7] - The company plans to release the value of marginal assets and enhance operational stability through the transfer of its wholly-owned subsidiary, Xintai Coal, which has a significant increase in assessed net asset value [6][7] Summary by Sections Financial Performance - The company reported a total share capital of 10,037.48 million shares and a market price of 14.64 yuan, leading to a market capitalization of approximately 146.95 billion yuan [2] - The earnings per share (EPS) are forecasted to be 1.44, 1.01, 1.04, and 1.13 yuan for the years 2024 to 2027 [7] Asset Management - The company is in the process of transferring the 100% equity of its subsidiary, Xintai Coal, with a base price of 670 million yuan, and the highest bid reaching 3.05 billion yuan [7] - The transaction is expected to release hidden asset value and positively contribute to the company's net profit in 2026 [6][7] Market Position - The company is focusing on optimizing its asset structure by concentrating on core mining areas, which is anticipated to improve overall asset quality and capital allocation efficiency [6][7]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [5] Core Insights - The report highlights the introduction of a national capacity pricing policy for energy storage, which recognizes the capacity value of new energy storage systems [7][21] - It forecasts a significant increase in new energy storage installations, with an expected addition of 62.24 GW/183 GWh by 2025, marking an 84% growth compared to the end of 2024 [24] - The report emphasizes the ongoing high demand for energy storage both domestically and internationally, with leading companies expected to accelerate their performance [7][21] Summary by Sections Energy Storage - The national capacity pricing mechanism for energy storage has been established, allowing independent energy storage systems to receive compensation based on their peak capacity contributions [21][22] - The average storage duration is projected to increase to 2.58 hours, with an expected utilization of 1195 hours in 2025, reflecting a significant improvement in efficiency [25] - Key companies in the energy storage sector include Haibo Shichuang, Sunshine Power, and others, which are expected to benefit from the new policies and market conditions [7] Lithium Battery Sector - Xianhui Technology anticipates a net profit of 350 million yuan for 2025, a year-on-year increase of 56.93%, driven by improved operational efficiency and overseas project contributions [13] - Jiayuan Technology expects revenues between 9.5 billion and 9.75 billion yuan for 2025, with a return to profitability, highlighting a recovery in market demand [14] - The report recommends companies such as Ningde Times and Yiwei Lithium Energy for investment, indicating a positive outlook for the lithium battery sector [7] Electric Equipment - The report notes that Hunan Province plans to invest 45.2 billion yuan in 2026 to promote 24 major energy projects, indicating strong regional support for electric infrastructure [26] - The report also highlights the surge in electricity prices in the U.S., which reached unprecedented levels, suggesting potential volatility in energy markets [29] - Companies like Xujie Electric and Pinggao Electric are recommended for their roles in high-voltage projects and equipment exports [7][26] Photovoltaic Sector - The report indicates that new photovoltaic installations in China are expected to reach 315 GW in 2025, with a focus on companies like Longi Green Energy and Trina Solar [7] - The prices of photovoltaic components are experiencing fluctuations, with recent increases in battery and module prices due to market dynamics [31][33] - The report suggests that the photovoltaic sector remains a key area for investment, particularly in light of upcoming policy changes affecting export taxes [7][33]

2025 年 A 股业绩前瞻：结构分化加剧，资源与制造板块领跑 证券研究报告/策略专题报告 2026 年 02 月 01 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 一、业绩预告全景：整体偏弱，分化显著 截至 2026 年 1 月 31 日共有 2963 家上市公司披露业绩预警，整体喜忧参半，但以"报 忧"为主基调。"报喜"类（预增、续盈、略增、扭亏）公司共 1095 家，占比约 37%； "报忧"类（预减、略减、续亏、首亏）公司则有 1867 家，占比约 63%。整体来看， 2025 年上市公司盈利整体呈现企稳回升趋势，但整体仍处于弱通道。另外，不少企业 盈利同比有所改善，但分化明显，仍有大批公司未能实现盈利增长。 相关报告 行业方面，2025 年出现集中"报喜"的行业有非银金融，有色金属，美容护理，汽车 与公用事业。集中"报忧"的行业有煤炭，房地产，轻工制造，食品饮料和建筑装饰。 非银金融板块集体预增，业绩预警表现远好于其他行业， ...