Investment Rating - The report maintains a "Buy" rating for the company [1][6][12] Core Views - The company is expected to continue its strong profit growth in Q4 2025, with a positive outlook for revenue and profit performance in 2026 [2][12] - The target price is set at 24.80 CNY per share, based on a 20x PE ratio for 2026E [12][14] Financial Summary - Total revenue is projected to decline from 1,748 million CNY in 2023 to 1,555 million CNY in 2024, before recovering to 1,681 million CNY in 2025 and reaching 1,869 million CNY in 2026 [4][13] - Net profit attributable to the parent company is expected to decrease from 146 million CNY in 2023 to 121 million CNY in 2024, then rebound to 187 million CNY in 2025 and further to 238 million CNY in 2026 [4][13] - Earnings per share (EPS) is forecasted to be 0.76 CNY in 2023, decreasing to 0.63 CNY in 2024, and then increasing to 0.98 CNY in 2025 and 1.24 CNY in 2026 [4][13] - The return on equity (ROE) is projected to improve from 7.5% in 2023 to 11.3% in 2026 [4][13] Market Data - The company's market capitalization is approximately 3,670 million CNY, with a share price range of 14.28 to 22.05 CNY over the past 52 weeks [7][12] - The current share price is 19.17 CNY [12] Production Capacity and Growth - New production capacity is expected to be released gradually, contributing to steady revenue growth [12] - A 30,000-ton soybean protein production line is anticipated to be operational by December 2026, with an expected annual revenue of 260 million CNY [12]

事件：公司公告 25 年业绩预增：归母净利 31.5-33.4 亿同比+68.0%～78.0%， 扣非归母净利 29.9-31.7 亿同比+72.0%～82.0%。结合行业和公司近况，我们 点评如下： ❑ 风险提示：同行竞争加剧、算力客户开拓及订单导入不及预期，产能扩张不 及预期。 财务数据与估值 证券研究报告 | 公司点评报告 2026 年 02 月 04 日 深南电路（002916.SZ） Q4 环降源于新产能爬坡、费用增加，静待 H1 业绩环比高增 TMT 及中小盘/电子 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13526 | 17907 | 23817 | 32153 | 43406 | | 同比增长 | -3% | 32% | 33% | 35% | 35% | | 营业利润(百万元) | 1398 | 2028 | 3530 | 6114 | 8921 | | 同比增长 | -19% | 45% | 74% | 73% | 46% | | ...

Investment Rating - The report maintains a "Buy" rating for the company Yutai Microelectronics (688515) [4] Core Views - The company is expected to reduce its losses significantly in 2025, with a projected net profit attributable to shareholders ranging from -168 million to -105 million yuan, which is an improvement of 33.68 million to 96.68 million yuan compared to the previous year [2] - The anticipated revenue growth is driven by the increasing global semiconductor market and the ramp-up in sales of various Ethernet PHY chips, including 2.5G Ethernet PHY chips, which are now being deployed across multiple provinces in China [2][3] - The company is projected to achieve revenues of 590 million, 900 million, and 1.31 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of -130 million, -10 million, and 10 million yuan [4] Financial Projections - For 2025, the expected revenue is 591 million yuan, with a growth rate of 49.12% compared to 2024 [6] - The EBITDA for 2025 is projected to be -86.63 million yuan, improving from -202.64 million yuan in 2024 [6] - The net profit attributable to shareholders is expected to improve from -201.68 million yuan in 2024 to -126.68 million yuan in 2025, indicating a growth rate of 37.19% [6] - The earnings per share (EPS) is projected to improve from -2.52 yuan in 2024 to -1.58 yuan in 2025 [6] Market Position and Product Development - The company's 2.5G Ethernet PHY chips are gaining traction in the market, overcoming reliance on foreign brands and addressing a critical need in China's communication industry [3] - The chips are characterized by a transmission rate of up to 2.5 Gbps and are being widely used in various networking devices, contributing to the company's growth [3]

证 券 研 究 报 告 巴比食品（605338）2025 年业绩快报点评 强推（维持） Q4 外卖补贴退坡，26 新店加速贡献 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 3 日收盘价 公司研究 速冻食品 2026 年 2 月 4 日 目标价：35.6 元 当前价：31.10 元 华创证券研究所 证券分析师：欧阳予 事项： ❖ 公司发布业绩快报，25 全年实现收入 18.59 亿，同比增长 11.22%；归母净利 润 2.73 亿，同比下降 1.30%，扣非净利润 2.45 亿，同比增长 16.49%。 ❖ 风险提示: 原材料价格大幅波动、市场竞争加剧、开店进度不及预期。 | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,671 | 1,861 | 2,084 | 2,515 | | 同比增速(%) | 2.5% | 11.4% | 12.0% | 20.7% | | 归母净利润(百万) | 277 | 273 | 324 | 407 | | 同比增速(%) ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 153.19 yuan [4][10]. Core Insights - The domestic sales landscape is improving, and there is rapid growth in overseas markets and new business segments [2][10]. - The company reported a revenue of 2.327 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.99%, and a net profit attributable to the parent company of 80 million yuan, indicating a turnaround from losses [10]. - In Q3 2025, the company achieved a revenue of 700 million yuan, a 2.9% increase year-on-year, and a reduced net loss of 9 million yuan compared to the previous year [10]. Financial Summary - Total revenue for 2023 is projected at 3.557 billion yuan, with a decline of 15.8% year-on-year, followed by a slight recovery in 2025 with an expected revenue of 3.644 billion yuan, representing a growth of 7.0% [10][11]. - The net profit attributable to the parent company is expected to decrease to 116 million yuan in 2025, but is projected to rebound significantly to 501 million yuan by 2027, reflecting a growth rate of 40.1% [10][11]. - The company’s earnings per share (EPS) are forecasted to be 1.66 yuan in 2025, increasing to 7.16 yuan by 2027 [10][11]. - The company is expected to maintain a net asset return rate (ROE) of 3.9% in 2025, improving to 13.4% by 2027 [10][11]. Business Developments - The company has launched several new products, including the portable projector Play6 and the flagship home projector RS20 series, enhancing its product matrix in both entry-level and high-end segments [10]. - The company is expanding its international presence, with products entering major offline channels in Europe, North America, Japan, and Australia [10]. - New business initiatives include the development of in-car projection technology, with multiple contracts secured in the smart cockpit and intelligent lighting sectors [10].

证 券 研 究 报 告 批发销量节奏调整，静待后续产品周期 目标价：113.8 元、116.3 港元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 777,102 | 805,565 | 943,584 | 1,070,539 | | 同比增速(%) | 29.0% | 3.7% | 17.1% | 13.5% | | 归母净利润(百万) | 40,254 | 35,214 | 47,042 | 59,979 | | 同比增速(%) | 34.0% | -12.5% | 33.6% | 27.5% | | 每股盈利(元) | 4.42 | 3.86 | 5.16 | 6.58 | | 市盈率(倍) | 20 | 23 | 17 | 13 | | 市净率(倍) | 4.3 | 3.1 | 2.7 | 2.3 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 3 日收盘价 公司研究 乘用车Ⅲ 2026 ...

涪陵电力（600452.SH） 背靠国网综能， "配、微、储"望协同打造新增长极 国网控股背书，双主业布局持续优化。涪陵电力深耕电力行业多年，是国网旗下唯 一配网节能上市平台。公司前身源自涪陵国资委川东电力集团，依托多轮国资整 合，于 2020 年深化再融资、收购国家电网下属多省配电网节能资产，逐步建成区 域电网运营与配网节能业务并举、全国化拓展的经营格局。公司股权结构高度清 晰，国资主导地位稳固，核心高管均具国网系统任职经验，全面赋能公司战略转 型。业务涵盖区域电网运营与配网节能两大领域，主业增长韧性突出，高毛利配电 网业务增厚利润。 区域负荷扩张叠加电改红利，电网业务量价双升。作为重庆涪陵区的核心供电主 体，涪陵电力紧抓区域工业经济向好与电改红利，电网运营板块保持高质量扩张。 2024 年，涪陵全区用电量同比增长 4.67%，工业用电量同比增长 2.96%。公司外 购电量及售电量不断走高，2024 年售电量达 34.64 亿千瓦时，同比提升 7.71%； 电价改革背景下，2024 年单位售电均价升至 0.644 元/千瓦时，购销价差稳步提升 至 0.227 元/千瓦时，电网板块营业收入同比增长 6.34% ...

证券研究报告 | 公司点评 gszqdatemark 2026 02 04 年 月 日 纳思达（002180.SZ） 资产剥离轻装前行，政策引领拐点可期 2026 年 1 月 31 日，纳思达发布 2025 年业绩预告，重大资产出售短期 扰动业绩，资产负债率下修改善财务结构。预计 2025 年度归属于上市公 司股东的净利润为负 6-9 亿元，扣除非经常性损益后的净利润为负 4.5-6.5 亿元，经营业绩亏损主要受重大资产出售、行业政策调整等因素影响。利 盟重大资产出售后，公司资产负债率显著下降，预计利盟股权处置及其他 资产预估减值对归母净利润影响为负 7-9 亿元，剔除后归母净利润为 0-1 亿元。 安全可靠测评工作指南新增打印机主控芯片，有望引领打印机规范化采 购。2025 年 7 月 1 日，中国信息安全测评中心更新了《安全可靠测评工 作指南（V3.0）》，相较于 2024 年 11 月 26 日发布的 2.0 版本，本次更新 将激光或喷墨打印机搭载的主控芯片及人工智能训练推理芯片纳入到产 品测评品类。 分析师 孙行臻 打印机：安可测评短期扰动出货节奏，A3 机型+信创市场持续发力。①整 体态势：2025 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant revenue growth in the coming years [4]. Core Insights - The company is expected to reduce its losses significantly in 2025, with projected net profit ranging from -168 million to -105 million yuan, which is an improvement of 33.68 million to 96.68 million yuan compared to the previous year [2]. - The growth is attributed to the ongoing expansion of the global semiconductor market and increased sales of various Ethernet PHY chip products, including 2.5G Ethernet chips [2][3]. - The company anticipates revenue growth for 2025, with projected revenues of 591 million yuan, representing a year-on-year increase of 49.12% [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 591 million, 904 million, and 1.311 billion yuan, respectively, with corresponding net profits of -126.68 million, -8.61 million, and 104.29 million yuan [4][6]. - The EBITDA is expected to improve from -86.63 million yuan in 2025 to 182.04 million yuan in 2027, indicating a positive trend in operational efficiency [6]. - The company’s earnings per share (EPS) is projected to improve from -1.58 yuan in 2025 to 1.30 yuan in 2027 [6]. Market Position and Product Development - The company’s 2.5G Ethernet PHY chips have achieved significant market penetration in various provinces, transitioning from pilot applications to large-scale supply, addressing a critical gap in the domestic communication industry [3]. - The chips are characterized by a transmission rate of up to 2.5 Gbps and excellent compatibility, making them suitable for high-speed network applications [3].

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 04 年 月 日 涪陵电力（600452.SH） 背靠国网综能， "配、微、储"望协同打造新增长极 国网控股背书，双主业布局持续优化。涪陵电力深耕电力行业多年，是国网旗下唯 一配网节能上市平台。公司前身源自涪陵国资委川东电力集团，依托多轮国资整 合，于 2020 年深化再融资、收购国家电网下属多省配电网节能资产，逐步建成区 域电网运营与配网节能业务并举、全国化拓展的经营格局。公司股权结构高度清 晰，国资主导地位稳固，核心高管均具国网系统任职经验，全面赋能公司战略转 型。业务涵盖区域电网运营与配网节能两大领域，主业增长韧性突出，高毛利配电 网业务增厚利润。 区域负荷扩张叠加电改红利，电网业务量价双升。作为重庆涪陵区的核心供电主 体，涪陵电力紧抓区域工业经济向好与电改红利，电网运营板块保持高质量扩张。 2024 年，涪陵全区用电量同比增长 4.67%，工业用电量同比增长 2.96%。公司外 购电量及售电量不断走高，2024 年售电量达 34.64 亿千瓦时，同比提升 7.71%； 电价改革背景下，2024 年单位售电均价升至 0.644 元 ...