As A-share listed companies gradually disclose their 2025 performance forecasts, the operating results of Sichuan-based stocks are coming into focus. Preliminary statistics indicate that nearly 60% of Sichuan stocks have already issued their 2025 business performance forecasts.
For those Sichuan stocks that have released performance forecasts so far, although performance divergence remains quite evident, many have delivered report cards for 2025 that pleasantly surprised the market.
Brokerages have raised Eoptolink's target price to 508.8 yuan. Eoptolink: Net Profit Potentially Nearing 100 Billion Yuan With a maximum net profit approaching the 100 billion yuan level! The full-year performance of the highly watched Sichuan stock Eoptolink (300502) in 2025 exceeded market expectations.
According to Eoptolink's latest 2025 performance forecast, the company expects to achieve a net profit attributable to shareholders of 9.4 billion yuan to 9.9 billion yuan in 2025, representing a year-on-year increase of 231.24% to 248.86% compared to 2.837 billion yuan in the same period last year. Simultaneously, the company anticipates achieving a net profit after deducting non-recurring gains and losses of 9.367 billion yuan to 9.867 billion yuan, a surge of 231.02% to 248.69% compared to 2.83 billion yuan in the previous year.
Regarding the reasons for the significant projected increase in 2025 performance, Eoptolink stated that benefiting from sustained growth in computing power investment and rapidly rising demand for high-speed products, the company expects both sales revenue and net profit to increase substantially year-on-year. Eoptolink estimates that non-recurring gains and losses will impact its 2025 net profit by approximately 33 million yuan. Furthermore, the company's 2025 annual report is scheduled for disclosure on April 24, 2026.
It was noted that Eoptolink's maximum projected net profit for 2025 reaches 9.9 billion yuan, significantly higher than the 9 billion yuan forecast by several brokerages, indicating performance that surpassed market expectations.
Guotai Haitong Securities pointed out that Eoptolink's full-year 2025 results exceeded consensus forecasts, with the median net profit attributable to shareholders in the fourth quarter alone reaching 3.323 billion yuan, a quarter-on-quarter increase of 39.38%. The firm raised its forecasts for Eoptolink's net profit attributable to shareholders for 2026 and 2027 to 16.856 billion yuan and 19.081 billion yuan respectively, and increased the target stock price to 508.8 yuan.
Yahua Group: Rising Lithium Salt Prices and Volume Boost Performance After experiencing a cliff-like decline in 2023 performance, Yahua Group (002497) has seen restorative growth over the past two years, with its net profit increasing over fivefold year-on-year in 2024. Although the profit base was rapidly elevated, the company maintained a rapid growth trend in 2025.
According to the 2025 performance forecast disclosed by Yahua Group, the company expects to achieve a full-year net profit of 600 million yuan to 680 million yuan, a year-on-year increase of 133% to 164%. It anticipates achieving a net profit after deducting non-recurring gains and losses of 660 million yuan to 720 million yuan, surging 302% to 339% year-on-year.
It was observed that after stable growth in the first three quarters of 2025, the performance release in Yahua Group's fourth quarter deserves attention. Calculations based on the performance forecast indicate the company achieved a net profit of 270 million yuan to 350 million yuan in the fourth quarter of 2025, representing year-on-year growth of 160% to 238% and quarter-on-quarter growth of 34% to 75%. The net profit after deducting non-recurring items was 370 million yuan to 430 million yuan, skyrocketing 620% to 737% year-on-year and increasing 74% to 102% quarter-on-quarter.
Regarding the primary reasons for the performance change, Yahua Group stated in its announcement that orders from its high-quality major customers remained stable, lithium salt market prices recovered somewhat in the second half of the year, and feedback on end products from some customers was positive, driving a significant increase in the company's product sales volume in the third and fourth quarters. Simultaneously, the company strengthened control over all aspects of production and operations, improving efficiency and reducing costs, leading to a continuous recovery in operating performance.
While performance exceeded expectations, several brokerages also raised their profit forecasts for Yahua Group.
Soochow Securities stated that looking ahead to 2026, it expects Yahua Group's lithium salt production capacity to reach 130,000 tons, with shipments projected to exceed 100,000 tons, a year-on-year increase of 67%. The scale of equity-owned resources is 38,000 tons. Calculated based on a lithium carbonate price of 150,000 yuan per ton, this could contribute over 2.3 billion yuan in profit. Furthermore, the company will further expand its owned mine scale in the future. Additionally, the company's civil explosives business performed steadily, and it has already secured projects in Africa and Australia. As these projects advance, they will gradually contribute incremental growth, with an expected future compound annual growth rate exceeding 25%.
Soochow Securities believes that in 2026, Yahua Group's lithium salt products are expected to see both volume and price increases, and an accelerated release of performance is highly probable. Soochow Securities significantly raised its profit forecasts for Yahua Group for 2026 and 2027 from 1.03 billion yuan and 1.32 billion yuan to 2.76 billion yuan and 3.23 billion yuan respectively. Notably, the 2026 profit forecast was raised by nearly 1.7 times. Soochow Securities indicated that considering the price elasticity of the company's lithium carbonate products, it assigns a 2026 valuation multiple of 16 times, corresponding to a target stock price of 38 yuan, maintaining a "Buy" investment rating.
Chengdu Hi-Micro: Benefiting from Demand Growth in the Aerospace Sector Chengdu Hi-Micro (688709), whose performance was still in a declining trend in the first three quarters of 2025, saw its performance rapidly materialize in the fourth quarter. The substantial growth in single-quarter performance directly pulled the company's full-year growth above market expectations.
According to the performance forecast, Chengdu Hi-Micro expects to achieve a net profit attributable to shareholders of 213 million yuan to 255 million yuan in 2025, a year-on-year increase of 74.35% to 108.73%. It anticipates a net profit after deducting non-recurring gains and losses of 183 million yuan to 220 million yuan, with a year-on-year增幅 as high as 108.86% to 151.09%.
Regarding the significant performance growth, Chengdu Hi-Micro cited two main reasons. On one hand, the company's products are primarily applied in special industries such as electronics, communications, control, and measurement. Influenced by the domestic special industry cycle, downstream customer demand for products in the special integrated circuit industry increased, leading to a year-on-year increase in the company's sales revenue scale. On the other hand, the company undertook several national key scientific research projects in 2025. The implementation of these key R&D projects provided sufficient funding guarantee for the company's technological innovation, ensured its R&D investment, and simultaneously reduced the company's R&D expenses and expenditure of its own funds.
Simple calculations based on the performance forecast indicate that Chengdu Hi-Micro is expected to achieve a net profit of 150 million yuan to 192 million yuan in the fourth quarter of 2025. This figure sets a new record for the company's highest single-quarter profit since its listing. Furthermore, both the year-on-year and quarter-on-quarter performance figures are impressive. Based on the forecast data, the company's fourth-quarter 2025 net profit represents a year-on-year increase of approximately 340% to 460% compared to 34 million yuan in the fourth quarter of 2024. Quarter-on-quarter, the growth in the fourth quarter reached 450% to 610%.
Public information shows that Chengdu Hi-Micro has a rich product line, capable of providing a comprehensive suite of satellite payload electronic component solutions including ADCs, interfaces, memory, and converters. The company's products such as FPGAs, MCUs, ADC/DACs, and RF transceivers can meet the demands of low-orbit satellites, rockets, and other aerospace applications.
"The application prospects for Chengdu Hi-Micro's products in commercial aerospace are promising," China Merchants Securities pointed out. With the development of commercial aerospace and the increase in transmitted information volume, the latency control capability of existing AFDX networks in the aerospace field struggles to meet the stringent quality-of-service requirements for bandwidth, reliability, end-to-end delay, and jitter in today's high-end equipment, creating significant substitution space for TSN technology. Chengdu Hi-Micro has already launched its first TSN product, the "TSN Network Switch Board," and may benefit from the market explosion of TSN in the aerospace sector.
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