再获 1.8 亿美元发电机组订单，海外发电 业务加速 杰瑞股份信息点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | 本报告导读： 公司获取 1.8 亿美元北美发电机组订单，该项目是杰瑞敏电新开拓的重要客户，是 25 年 11 月以来的第四个亿美元项目订单，海外发电业务加速。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,912 | 13,355 | 16,461 | 20,858 | 25,174 | | (+/-)% | 21.9% | -4.0% | 2 ...

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 | | 市净率(倍) | 6.3 | 5.7 | 3.7 | 3.0 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 2 日收盘价 公司研究 锂电化学品 2026 年 02 月 03 日 天赐材料（00270 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 4.10 to 4.95 billion yuan in 2025, marking a turnaround from losses [10]. - The fourth quarter of 2025 is projected to see a net profit of 1.59 to 2.44 billion yuan, representing a year-on-year turnaround and a quarter-on-quarter increase of 63.6% to 151.0% [10]. - The company is accelerating its global seat production, with expected revenue from seat business exceeding 5 billion yuan in 2025, showing a year-on-year growth of over 60% [10]. - The company has a total order value of 1,057 to 1,104 billion yuan, which could potentially yield annual revenues of 176 to 184 billion yuan if all orders are produced in the same year [10]. Financial Forecasts - Revenue projections for the company are as follows: - 2024: 22,255 million yuan - 2025: 22,950 million yuan - 2026: 26,450 million yuan - 2027: 30,950 million yuan - The growth rates for these years are projected at 3.2%, 3.1%, 15.3%, and 17.0% respectively [3][11]. - The net profit attributable to shareholders is forecasted to be: - 2024: -567 million yuan - 2025: 471 million yuan - 2026: 869 million yuan - 2027: 1,179 million yuan - The corresponding growth rates are -378.0%, 183.1%, 84.6%, and 35.6% [3][11]. - Earnings per share (EPS) are expected to be: - 2024: -0.45 yuan - 2025: 0.37 yuan - 2026: 0.68 yuan - 2027: 0.93 yuan [3][11]. Strategic Developments - The company is integrating its European operations to reduce costs and improve profitability, particularly through the consolidation with Grammer [10]. - The company aims to become a global leader in smart cockpits by expanding its product offerings, including smart seats, audio headrests, and vehicle refrigerators [10]. - The company has set ambitious revenue and profit targets for its seat division, with goals of 50 billion yuan in revenue and 1.5 billion yuan in net profit for 2025 [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [7][14]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 785 to 950 million yuan for 2025, representing a year-on-year increase of 40% to 70%. The non-recurring net profit is expected to be between 245 to 301 million yuan, with a year-on-year growth of 30% to 60% [5]. - Revenue forecasts for 2025 to 2027 are 27.95 billion yuan, 33.49 billion yuan, and 40.12 billion yuan, with respective growth rates of 19.75%, 19.79%, and 19.81% [7][10]. - The company has significantly improved its operational quality, particularly in its consumer (C-end) business, which is expected to drive growth [5]. Financial Summary - The latest closing price is 57.00 yuan, with a total market capitalization of 131.8 billion yuan and a circulating market value of 124.8 billion yuan [4]. - The company’s earnings per share (EPS) for 2025 is projected to be between 0.34 and 0.41 yuan, with further increases to 0.38, 0.53, and 0.68 yuan in the following years [5][7]. - The price-to-earnings (P/E) ratio is expected to decrease from 150.26 in 2026 to 84.19 by 2027, indicating improving valuation metrics as earnings grow [7][10].

[Table_Page] 公告点评|家用电器 证券研究报告 [Table_Title] 科沃斯（603486.SH） 海外扫地机高增，国内经营承压静待拐点 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 15,502 | 16,542 | 19,221 | 22,091 | 25,140 | | 增长率（ % ） | 1.2% | 6.7% | 16.2% | 14.9% | 13.8% | | EBITDA | 1,056 | 1,698 | 2,262 | 2,615 | 3,087 | | 归母净利润 | 612 | 806 | 1,765 | 2,123 | 2,537 | | 增长率（ % ） | -64.0% | 31.7% | 118.9% | 20.3% | 19.5% | | EPS（元/股） | 1.06 | 1.40 | 3.07 | 3.69 | 4.41 | | 市 ...

公 司 报 告 兆易创新(603986.SH) 受益于存储行业周期上行，公司业绩实现稳健增长 推荐 ( 维持) 股价:283.39元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.gigadevice.com | | 大股东/持股 | 朱一明/6.86% | | 实际控制人 | 朱一明 | | 总股本(百万股) | 697 | | 流通A股(百万股) | 668 | | 流通B/H股(百万股) | 29 | | 总市值(亿元) | 1,979 | | 流通A股市值(亿元) | 1,893 | | 每股净资产(元) | 26.11 | | 资产负债率(%) | 11.4 | 行情走势图 电子 2026年02月03日 证券分析师 事项： 兆易创新披露2025年度业绩预告以及关于2026年上半年度日常关联交易预计 额度的公告。 平安观点： 证 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,761 | 7,356 ...

继峰股份（603997.SH）系列点评二十三 2025Q4 业绩超预期 座椅全球化加速 glmszqdatemark 风险提示：乘用车销量不及预期；整合不及预期；客户拓展不及预期等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,255 | 22,950 | 26,450 | 30,950 | | 增长率（%） | 3.2 | 3.1 | 15.3 | 17.0 | | 归属母公司股东净利润（百万元） | -567 | 471 | 869 | 1,179 | | 增长率（%） | -378.0 | 183.1 | 84.6 | 35.6 | | 每股收益（元） | -0.45 | 0.37 | 0.68 | 0.93 | | PE | / | 39 | 21 | 16 | | PB | 3.9 | 3.4 | 2.9 | 2.5 | | 执业证书： S0590525110023 | | --- | | 邮箱： cuiyan@ ...

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 证券分析师：张一弛 邮箱：zhangyichi@hcyjs.com 执业编号：S0360525080005 证券分析师：何家金 邮箱：hejiajin@hcyjs.com 执业编号：S0360523010001 证券分析师：程嘉琳 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 71.40 CNY [5][11][15]. Core Insights - The company has a strong foothold in the defense technology industry, focusing on basic components and electronic functional materials, which are widely used in key national projects and civilian applications. The steady growth of the defense budget and demand from various downstream sectors support the company's resilience and growth potential [2][11][23]. - The company is expected to achieve net profits of 9.41 billion CNY, 11.14 billion CNY, and 11.78 billion CNY from 2025 to 2027, with corresponding EPS of 1.70 CNY, 2.01 CNY, and 2.13 CNY [11][15]. - The company is positioned as a leading supplier of high-reliability electronic components, benefiting from a comprehensive product portfolio and strong system-level support capabilities [11][23]. Financial Summary - Total revenue is projected to be 7,789 million CNY in 2023, with a decrease to 5,219 million CNY in 2024, followed by a gradual increase to 7,051 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 14.0% from 2025 to 2027 [4][17]. - Net profit attributable to shareholders is forecasted to decline to 970 million CNY in 2024, before recovering to 1,178 million CNY by 2027 [4][17]. - The company’s net asset return rate is expected to stabilize around 6.7% from 2026 onwards [4]. Business Overview - The company specializes in new electronic components, which accounted for nearly 100% of its revenue in 2024, highlighting its market dominance in this sector [35]. - The company’s product offerings include resistors, capacitors, integrated circuits, and electronic functional materials, which are essential for both military and civilian applications [23][31]. - The company is actively investing in R&D to enhance its product capabilities and maintain its competitive edge in high-reliability electronic components [11][33]. Industry Outlook - The electronic components industry is expected to continue expanding, driven by increasing demand across various sectors, including consumer electronics, automotive electronics, and industrial automation [39][43]. - The global electronic components market is projected to grow from 448.4 billion USD in 2026 to 870.93 billion USD by 2035, with a CAGR of 7.2% [43]. - The company is well-positioned to benefit from structural growth opportunities in the electronic components sector, particularly in the context of rising defense budgets and advancements in technology [11][39].

证券研究报告·公司点评报告·乘用车 比亚迪（002594） 2026 年 1 月销量点评：销量同环比降低，持 续推进高端化和出口 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 602,315 | 777,102 | 839,362 | 887,061 | 990,587 | | 同比（%） | 42.04 | 29.02 | 8.01 | 5.68 | 11.67 | | 归母净利润（百万元） | 30,041 | 40,254 | 35,011 | 45,040 | 56,317 | | 同比（%） | 80.72 | 34.00 | (13.03) | 28.65 | 25.04 | | EPS-最新摊薄（元/股） | 3.29 | 4.42 | 3.84 | 4.94 | 6.18 | | P/E（现价&最新摊薄） | 26.72 | 19.94 | 22.92 | 17.82 | 14.25 | [Ta ...