证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 24 年 月 日 行业：丁腈手套综合性能优异，需求持续景气。丁腈手套过敏率低，综合 性能表现优异，可应用于医疗、工业、民用等各类使用场景，渗透率持续 提升。据马来西亚丁腈手套龙头贺特佳，25 年全球橡胶手套需求约 3250- 3750 亿只，未来有望保持大单位数增长趋势。从供需结构来看，欧美需求 占比约 60%；供给则集中在中国和马来西亚，各占比 30%-40%。我们预 计在需求稳健增长、供给集中度提升的背景下，行业竞争将进一步回归成 本与效率。 核心壁垒：技术领先+原材料自供/燃煤优势+规模效应，成本优势突出。 丁腈手套行业竞争充分，成本优势为核心。公司通过技术、原材料、能源 及规模四个维度构筑难以复制的成本壁垒：① 产线新、自动化水平高， 生产效率持续领先；② 原材料与能源合计占成本约 6-7 成，其中公司核 心原材料丁腈胶乳自供比例达 80%，低于同业的外采依赖；同时公司为主 要全球手套厂商中少数以燃煤为主要能源结构的企业，较天然气或外购蒸 汽具备明显成本优势；③ 公司已成为全球最大的丁腈手套生产商，扩产 仍在推进，规模效应有望进 ...

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-24 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 84.15 | | --- | --- | | 总股本/流通股本（亿股）1.70 | / 1.70 | | 总市值/流通市值（亿元）143 | / 143 | | 周内最高/最低价 52 | 106.78 / 19.30 | | 资产负债率(%) | 7.2% | | 市盈率 | 350.63 | | 第一大股东 | 更多亮照明有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 硅材料到硅零部件一体化生产，充分受益存储扩产 l 投资要点 25Q4 收入大幅增长，具备较强业绩弹性。根据公司 2025 年业绩 预告，营收方面，预告范围为4.3-4.5亿元，同比增长42.04%-48.65%， 公司前三季度单季度平均收入约为 1 亿元（未经审计），第四季度收 入 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][57]. Core Insights - The company is transitioning from a single-product model to a platform-based beverage giant, with energy drink sustainability and new product expansion being key factors influencing performance and stock price [8]. - The energy drink segment is expected to stabilize in the short term, with long-term growth potential remaining significant due to market expansion and increasing consumer demographics [11][14]. - New product launches, particularly in milk tea and unsweetened tea, are anticipated to catalyze sales growth in the upcoming months [18][23]. - Multiple internal and external factors are expected to contribute to margin improvement, including raw material cost reductions and operational efficiencies [29]. - The company is focusing on expanding its presence in Southeast Asia, with significant revenue potential projected for the region by 2030 [37]. Financial Forecasts - Revenue projections for 2025 to 2027 are estimated at 211 billion, 271 billion, and 330 billion CNY, respectively, with year-on-year growth rates of 33%, 28%, and 22% [48]. - The net profit for the same period is forecasted to be 45 billion, 59 billion, and 73 billion CNY, reflecting growth rates of 37%, 30%, and 23% [49]. - The company's price-to-earnings (PE) ratios are projected to be 33, 25, and 20 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation compared to industry peers [57].

上 市 公 司 公 司 研 究 / 公 司 深 度 市场数据： 2026 年 02 月 13 日 收盘价（元） 51.18 一年内最高/最低（元） 91.27/30.63 | 市净率 | 4.5 | | --- | --- | | 股息率%（分红/股价） | 0.29 | | 流通 A 股市值（百万元） | 6,127 | | 上证指数/深证成指 4,082.07/14,100.19 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 11.34 | | 资产负债率% | 26.39 | | 总股本/流通 A 股（百万） | 133/120 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -100% 0% 100% 200% 02-13 03-13 04-13 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 01-13 02-13 雷迪克 沪深300指数 (收益率) 证券分析师 王珂 A023052112000 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9]. Core Insights - The company is a leading manufacturer of disposable gloves, particularly nitrile gloves, and has significantly expanded its production capacity from 19 billion units in 2019 to 56 billion units by mid-2025, establishing itself as a global leader in the nitrile glove market [1][15]. - The nitrile glove industry is experiencing robust demand due to its superior performance and low allergy rates, with global rubber glove demand projected to reach approximately 325 to 375 billion units by 2025, maintaining a strong growth trend [1][40]. - The company has built a strong cost advantage through technological leadership, self-supply of raw materials, and economies of scale, making it difficult for competitors to replicate its cost structure [2][47]. Company Overview - The company generates over 90% of its revenue from medical protective products, primarily nitrile and PVC gloves, with a significant portion of its sales coming from overseas markets, particularly North America and Europe [20][31]. - The management team is stable, with key executives having extensive experience in manufacturing, supply chain management, and international sales [27][30]. Industry Analysis - The nitrile glove market is characterized by a high-quality price ratio, with increasing penetration in various applications beyond medical use, driven by heightened public health awareness [31][36]. - The supply structure is dominated by manufacturers from Malaysia and China, with the demand primarily concentrated in the U.S. and Europe, which account for about 60% of global consumption [44][45]. Financial Projections - The company is expected to achieve revenues of 10.01 billion, 12.56 billion, and 14.48 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.15%, 25.41%, and 15.34% [11][9]. - The net profit forecast for the same period is projected to be 1.26 billion, 1.71 billion, and 2.19 billion yuan, reflecting growth rates of -14.1%, 36.2%, and 27.9% [11][9].

证券研究报告：食品饮料 | 公司深度报告 发布时间：2026-02-23 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 投资要点 节前我们集中性进行了量贩零售业态实地调研，本次调研覆盖石 家庄、成都、郑州、长沙、汕头等地核心商圈的好想来、零食很忙、 零食有鸣等竞品门店进行对比观察。调研时间集中于 2026 年 1-2 月， 正值春节消费旺季，能够充分反映各品牌的实际运营状态和消费者行 为特征。我们认为未来行业将呈现以鸣鸣很忙、好想来引领的全国性 量贩巨头+区域性品牌+传统零售跨界融合长期并存的割据格局。 结合调研感受及业绩考量，我们认为万辰集团作为头部零食量贩 品牌具备龙头效应及业绩弹性，在此重申推荐逻辑。经过 2024 年至 2025 年的密集开店与市场培育，万辰集团量贩零食业务已迎来关键经 营拐点。从单店趋势看，老店业绩企稳、新店爬坡完成，叠加升级店 型对单店 GMV 的提振作用逐步显现；从外部催化看，2026 年春节时点 靠后带来的消费集中效应，有望在 1-2 月形成显著旺季脉冲。 1）驱动因素一：老店企稳、新店爬坡，开店节奏有序提升。24H2 集中开设的新店（尤其是两湖两广新市场门店 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - Baoli Foods has established itself as a leader in the Western compound seasoning industry, evolving from single product offerings to comprehensive solutions over its 20-year history [15][16]. - The company has shown steady revenue and profit growth, with a projected CAGR of 14.09% from 2022 to 2024, and a net profit of 1.92 billion yuan in Q1-Q3 2025, reflecting a year-on-year increase of 10.59% [1][15]. - The compound seasoning market is expected to grow from 99.7 billion yuan in 2020 to 126.5 billion yuan by 2024, with a CAGR of 6.1% [2]. Company Overview - Baoli Foods operates three main business segments: compound seasonings, light cooking solutions, and beverage dessert ingredients, serving both B-end and C-end markets [15]. - The company has a stable management team with extensive industry experience, which supports strategic execution and innovation [26][29]. - The financial performance indicates a robust growth trajectory, with revenue expected to reach 2.998 billion yuan in 2025, reflecting a year-on-year growth rate of 13.1% [10]. Industry Analysis - The compound seasoning market is characterized by strong demand from both enterprise and individual customers, with enterprise customer revenue projected to grow from 58.8 billion yuan to 73.1 billion yuan from 2020 to 2024, and individual customer revenue expected to increase from 40.9 billion yuan to 53.4 billion yuan [2]. - The restaurant service market in China is projected to reach 5.6 trillion yuan by 2024, with a CAGR of 8.78% from 2020 to 2024, driven by the growth of chain restaurants and the takeout market [3]. - The C-end market for pre-prepared meals is expected to grow significantly, with the market size projected to increase from 171.2 billion yuan in 2019 to 485 billion yuan by 2024, achieving a CAGR of 23.15% [4].

汽车/汽车零部件 松原安全（300893.SZ） 本土汽车被动安全新星，业绩高增迈向全球 2026 年 02 月 23 日 投资评级：买入（首次） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(元) | 23.44 | | 一年最高最低(元) | 41.16/22.45 | | 总市值(亿元) | 110.87 | | 流通市值(亿元) | 58.80 | | 总股本(亿股) | 4.73 | | 流通股本(亿股) | 2.51 | | 近 3 个月换手率(%) | 94.41 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 松原安全 沪深300 | 邓健全（分析师） | 赵悦媛（分析师） | 赵旭杨（分析师） | | --- | --- | --- | | dengjianquan@kysec.cn | zhaoyueyuan@kysec.cn | zhaoxuyang@kysec.cn | | 证书编号：S0790525090003 | 证书编号：S0790525100003 | 证书编号：S ...

Investment Rating - The report maintains a strong buy rating for the company, with a target valuation corresponding to a PE of 12X [1][11]. Core Insights - The company, Aorijin, is positioned as a leading player in the metal packaging industry, with expected profit recovery driven by industry improvements, accelerated overseas expansion, and product innovation [1][11]. - The company’s revenue for Q1-Q3 2025 reached 18.346 billion yuan, a year-on-year increase of 68.97%, and the net profit attributable to shareholders was 1.076 billion yuan, up 41.40% year-on-year, largely due to the acquisition of COFCO Packaging [1][16]. Summary by Sections Aorijin: Metal Packaging Leader, Profit Improvement Expected - Aorijin has a solid foundation in three-piece can business and has expanded into two-piece can business since 2012 through self-built capacity and acquisitions, including COFCO Packaging in 2025 [1][16]. - The company’s net profit is projected to be 1.16 billion yuan, 1.20 billion yuan, and 1.34 billion yuan for 2025, 2026, and 2027 respectively, indicating a recovery in profitability [1][11]. Two-Piece Can: Profitability Needs Repair, Company Actively Seeks Breakthroughs - The domestic beer canning rate is expected to rise to 32% by 2024, with significant room for growth compared to developed countries [2][36]. - The company’s two-piece can production capacity is expected to reach nearly 300 billion cans after the acquisition of COFCO Packaging, enhancing market share and pricing power [3][11]. Three-Piece Can: Healthy Industry Development, Improved Customer Structure - The demand for three-piece cans in China is steadily increasing, with a relatively strong profitability compared to two-piece cans [5][9]. - The company has reduced its reliance on major customers, with the largest customer’s revenue share decreasing from 72% in 2013 to 36% in 2024 [9][11]. New Business: Integrated Industry Chain Layout, Gaining Initiative - Aorijin is expanding into the consumer and health sectors with its own brand products, including sports nutrition drinks and pre-prepared meals, leveraging its metal packaging capabilities [11][16]. - The company’s revenue from metal packaging products is projected to be 23.08 billion yuan, 24.47 billion yuan, and 26.06 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 69%, 6%, and 6% [11][10].

25 年业绩扭亏为盈，海外储能业务弹性较大 固德威(688390) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 吴志鹏(分析师) | 021-23215736 | wuzhipeng@gtht.com | S0880525070004 | 本报告导读： 25 年业绩扭亏为盈，26-28 年具备较高成长性。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,353 | 6,738 | 8,455 | 11,987 | 14,472 | | (+/-)% | 56.1% | -8.4% | 25.5% | 41.8% | 20.7% | | 净利润(归母) | 852 | -62 | 143 | 717 ...