3、联手诺基亚布局6G网络，抢占AI-RAN千亿市场 英伟达与诺基亚达成深度战略合作，推出Aerial RAN Computer计算平台，共同推动6G网络转型与AI融合。双方将打造"AI on RAN"生态，通过AI 优化6G频谱效率，动态适配环境、流量等变量；同时在6G网络之上构建云计算平台，为自动驾驶、无人机等场景提供低时延边缘AI算力。英伟达将 推出Aerial RAN Computer Pro平台，诺基亚以此扩展RAN产品组合，T-Mobile美国公司将参与AI-RAN技术测试，2026年启动试验验证性能与 效率，2030年AI-RAN市场规模累计将超2000亿美元。 点击招商研究小程序查看PDF报告原文 事件： 英伟达CEO黄仁勋10月29日发表主题演讲，核心亮点包括：Rubin NVL144平台实现无缆全液冷设计；Blackwell芯片预计总出货量达2000万块； 同时与诺基亚、甲骨文、等企业达成合作，覆盖6G网络、AI超算、自动驾驶等领域，进一步巩固英伟达在AI基础设施与前沿技术生态的全球主导地 位。综合演讲及材料信息，总结要点如下： 评论： 1、B系列和R系列营收指引超预期，出货量创行业新高。 ...

Core Viewpoint - The company reported strong financial performance for the first three quarters of the year, with significant year-on-year growth in revenue and net profit, indicating robust demand in key business areas such as PCB and AI-related products [2]. Financial Performance Summary - For the first three quarters, the company achieved revenue of 16.75 billion, a year-on-year increase of 28.4%, and a net profit of 2.33 billion, up 56.3% year-on-year [2]. - In Q3 alone, revenue reached 6.30 billion, reflecting a year-on-year growth of 33.3% and a quarter-on-quarter increase of 11.1%. Net profit for Q3 was 970 million, showing a year-on-year increase of 92.9% and a quarter-on-quarter rise of 11.2% [2]. - The gross margin for the first three quarters was 28.2%, up 2.3 percentage points year-on-year, while the net margin was 13.9%, an increase of 2.5 percentage points year-on-year [2]. Business Segment Insights - The PCB business was a major growth driver, contributing approximately 400 million in quarter-on-quarter growth, driven by strong demand in AI servers, switches, and optical modules [2]. - The BT substrate business also saw a quarter-on-quarter increase of about 200 million, primarily due to rising demand in the storage market and upward price trends [2]. - The electronic assembly business experienced a slight decline quarter-on-quarter [2]. Future Outlook - The company is expected to continue benefiting from strong demand in AI computing and ongoing capacity expansion, with new projects in Thailand and Nantong progressing well [3]. - The company is actively enhancing its production capabilities and optimizing product structure, which is anticipated to lead to further profitability improvements [3]. - In the medium to long term, the company is well-positioned in both overseas and domestic computing supply chains, with plans for significant capacity expansion in AI computing [3].

点击招商研究小程序查看PDF报告原文 事件： 投资建议： 25Q3收入同比高增长，利润同比稳健增长，利润稳健增长，公司研发进度显著加快，90:1 CCP设备即将进入市场，薄膜沉积设备快速放量。 我们预计25-27年营收预期为 亿元，归母净利润为 亿 元，对应PE为 倍， 投资评级。 1、 2025前三季度刻蚀和沉积设备收入快速增长，公司显著加大研发投入力度 。 2025前三季度公司实现收入80.63亿元，同比+46.4%，其中刻蚀设备收入61.01亿元，同比+38.26%， LPCVD和ALD等薄膜设备收入4.03亿元，同比+1332.69%；归母净利润12.11亿元，同比+32.66%；扣非 净利润8.87亿元，同比+9.05%；公司显著加大研发投入力度，2025前三季度研发支出25.23亿元，同比 +63.44%，研发支出占收入比例达31.29%。 2、 25Q3单季收入同比高增长，利润环比改善明显 。 25Q3公司收入31亿元，同比+50.6%/环比+11.3%；毛利率37.9%，同比-5.8pcts/环比-0.6pct；归母净利润 5.05亿元，同比+27.5%/环比+28.6%；扣非净利润3.48亿 ...

点击招商研究小程序查看PDF报告原文 安费诺（APH）发布2025年第三季度财报，25Q3营收61.94亿美元，同比+53%/环比+10%；调 整后营业利润率27.5%，同比+5.6pct/环比+1.9pct；调整后EPS为0.93美元。综合财报及交流会 议信息，总结要点如下： 1 、 Q3 业绩再创历史新高，营收、利润率、订单均超预期。 25Q3 营收 61.94 亿美元，超市场 预期并创历史纪录，同比 +53%/ 环比 +10% ，有机同比 +41%/ 环比 +9% 。业绩高增主要系 IT 数据通信、通信网络、商用航空、国防市场、工业市场、移动设备和汽车市场增长及收购贡献。 GAAP 与经调整营业利润均为 17.2 亿美元，营业利润率均为 27.5% ，经调整同比 +5.6pct/ 环 比 +1.9pct ，创历史新高。利润率提升主要得益于销售量增加带来的强劲运营杠杆，以及收购业务 盈利能力改善。 GAAP 摊薄每股收益达 0.97 美元，同比 +102% ；经调整摊薄每股收益 0.93 美 元，同比 +86% ，均超市场指引。 EBITDA 达 20 亿美元。季度订单额 61.11 亿美元，同比 +38 ...

点击招商研究小程序查看PDF报告原文 事件：北方华创发布2025三季报，25Q3收入111.6亿元，同比+38.3%/环比+40.6%；归母净利 润19.22亿元，同比+14.6%/环比+18%。公司在手订单充沛，平台型优势不断增强，未来收入有 望延续健康成长态势。 25Q3收入环比高增长，归母利润同环比稳健增长。 25Q3收入111.6亿元，同比+38.3%/环比 +40.6%；毛利率40.3%，同比-2pcts/环比-1pct；归母净利润19.22亿元，同比+14.6%/环比 +18%；扣非净利润19.2亿元，同比+18%/环比+19.3%；扣非净利率17.2%，同比-3pcts/环 比-3pcts。公司收入环比高增长，主要系收入确认节奏所致；利润增速低于收入增速，主要系公司 销售、管理、研发等费用增长，同时信用减值损失有所增加。 公司拓展离子注入机、电镀机等新品，平台型优势不断增强。 公司在首款离子注入设备Sirius MC 313后发布多款12英寸离子注入机台，同时发布首款12英寸电镀设备（ECP）Ausip T830，专为 2.5/3D先进封装TSV镀铜设计。公司同时为芯源微控股股东并取得对芯源微控 ...

Core Viewpoint - The company reported strong financial performance for the first three quarters of the year, with revenue of 20.61 billion, a year-on-year increase of 39.8%, and net profit attributable to shareholders of 2.44 billion, up 78% year-on-year, driven by rising AI demand and continuous product structure optimization [2] Financial Performance Summary - Q3 revenue reached 7.93 billion, reflecting a year-on-year growth of 55% and a quarter-on-quarter increase of 12% - Q3 net profit attributable to shareholders was 1.02 billion, up 131% year-on-year and 18% quarter-on-quarter - The gross margin for Q3 was 28.1%, an increase of 5.3 percentage points year-on-year, while the net margin was 15.6%, up 6.4 percentage points year-on-year [2] Profit Structure Analysis - The company holds a 62.9% stake in its subsidiary, which contributed 370 million in PCB business profit and approximately 650 million in CCL business profit for Q3, with CCL profit showing a year-on-year increase of 70% [3] - Concerns regarding the sequential growth of CCL profit are attributed to rising raw material costs and significant R&D investments related to new product testing [3] AI-Related High-Speed Materials Growth - The company is experiencing month-on-month growth in AI-related high-speed materials, with new customers expected to continue certification and integration - The company is actively expanding its customer base to include major overseas clients such as AWS, Meta, and Google, leveraging its technological capabilities and production capacity [4] Industry Outlook and Growth Potential - The CCL industry is expected to maintain a positive outlook, with the company’s high-end products in AI computing and other sectors driving new growth opportunities - The company anticipates further revenue and profit growth due to rising CCL prices and increased production capacity for high-speed materials [5]

Core Viewpoint - The company reported strong Q3 performance with continued high growth in revenue and improved profitability, driven by accelerated capacity expansion and a global strategy that is expected to sustain high growth in performance [2][3]. Financial Performance - For the first three quarters, revenue reached 13.512 billion, a year-on-year increase of 49.96%, while net profit attributable to shareholders was 2.718 billion, up 47.03% year-on-year. The non-recurring net profit was 2.676 billion, reflecting a 48.17% increase year-on-year [3]. - In Q3 alone, revenue was 5.019 billion, showing a year-on-year growth of 39.92% and a quarter-on-quarter increase of 12.62%. The net profit attributable to shareholders was 1.035 billion, up 46.25% year-on-year and 12.44% quarter-on-quarter [3]. - The gross margin for Q3 was 35.84%, a year-on-year increase of 0.90 percentage points, while the net margin was 20.62%, up 1.05 percentage points year-on-year [3]. Key Indicators - As of the end of Q3 2025, fixed assets amounted to 5.22 billion, a 29.4% increase from the beginning of the year, primarily due to construction projects being transferred to fixed assets [4]. - Inventory increased to 3.59 billion, up 0.5 billion from the end of Q2, and accounts receivable rose to 4.87 billion, indicating strong demand from downstream computing power customers [4]. Future Outlook - Looking ahead to Q4, the company expects continued improvement in capacity utilization and product structure optimization, which may further enhance profitability [4]. - The acceleration of global AI technology development is anticipated to drive demand for computing power, with the company planning to deepen strategic cooperation with leading clients in Europe and the U.S. [4]. - The company is advancing its overseas capacity construction and improving its global supply chain, which is expected to enhance customer service capabilities and market responsiveness [4].

鄢凡： 北京大学信息管理、经济学双学士，光华管理学院硕士，17年证券从业经验，08-11年中信证券，11年加入招商证 券，现任研发中心董事总经理、电子行业首席分析师、TMT及中小盘大组主管。 团队成员： 王恬、程鑫、 谌薇、 涂锟山、 研究助理（王虹宇、赵琳）。 点击招商研究小程序查看PDF报告原文 事件：公司公告25年前三季度收入68.3亿元同比+115%，归母净利11.1亿同比+ 498%，扣非归母净 利11.1亿同比+526%；毛利率32.0%同比+10.3pct，净利率 16.3%同比+10.5pct。结合公司近况， 我们点评如下： Q3业绩大超市场预期，源于新增产能爬坡顺利，AI服务器及高速交换机持续放量持续带动业务结构 优化。 Q3收入30.6 亿同比+153.7%环比+39.8%，归母净利5.8亿同比+545.9%环比+76.8%， 扣非归母净利5.8亿同比+570.7%环比+76.8%，毛利率33.9%同比+9.0pct环比+3.1pct，净利率 19.1%同比+11.6pct环比+4.0pct。据我们对市场的跟踪，公司此次季度业绩表现大超市场预期。 而据我们对公司的跟踪来看，业绩超预期源于： ...

点击招商研究小程序查看PDF报告原文 风险提示：下游需求不及预期；行业竞争加剧；技术发展路径不确定性等。 团队介绍 事件：公司发布2025年三季报，前三季度公司实现收入50.3亿元，同比+19.9%，归母净利润7.7 亿元，同比+23.2%，扣非归母净利润7.3亿元，同比+23.0%。单季度看，25Q3营收18.1亿元， 同比+20.2%/环比+2.5%，归母净利润2.8亿元，同比+10.6%/环比+12.1%，扣非归母净利润2.7 亿元，同比+9.2%/环比+11.9%，单季度营收及净利润创历史新高。我们点评如下： 前三季度营收延续同比稳定增长，净利润创历史新高。 公司前三季度收入50.3亿元，同比增长 19.9%，归母净利润7.7亿元，同比增长23.2%，扣非归母净利润7.3亿元，同比增长23.0%，毛利 率36.7%，同比-0.57pct。分产品来看，信号处理/电源管理/汽车电子或储能专用/陶瓷、PCB及 其他营收业务线的营收分别为18.2/17.6/10.5/4.0亿元，同比 +9.5%/+24.4%/+36.1%/+15.7%。手机通讯、消费电子等传统市场应用稳步成长，AI+应用、汽 车电子、数据中 ...

金海通发布25Q3财报，25Q3收入1.74亿元，同比+138%/环比-2.6%；归母净利润0.49亿元， 同比+833%/环比-2.7%。公司下游封测行业边际复苏，细分市场客户不断增长，高端三温分选机 产品需求旺盛，**"**"评级。 25Q3收入同比高增长，利润同比大幅提升。 25Q3收入1.74亿元，同比+138%/环比-2.6%；归 母净利润0.49亿元，同比+833%/环比-2.7%；扣非净利润0.48亿元，同比+1413%/环 比-3.7%。公司收入利润同比均大幅增长，主要系下游半导体封测行业产能利用率提升，对分选机 等需求回暖。 下游封测行业景气度持续复苏，公司高端三温分选机持续放量。 国内封测厂商在经过2022-2023 年行业景气低谷之后，2024年至今整体稼动率持续复苏，同时资本支出亦有所恢复。受益于行业景 气度回暖，公司分选机产品收入同比增长明显。同时公司高端三温分选机在车规芯片等高端测试场 景持续放量，公司产品可用于-55℃~200℃的测试环境，EXCEED-9000系列收入占比不断提升， 9800系列针对效率要求更高的大规模、复杂测试需求。 点击招商研究小程序查看PDF报告原文 事件 ...