2025 年 11 月 2 日 公司研究 25Q3 营收企稳，积极拓展海外市场 ——新产业（300832.SZ）2025 年三季报点评 要点 事件： 2025 年前三季度，公司实现营业收入 34.28 亿元，同比下降 0.39%；归 母净利润 12.05 亿元，同比下降 12.92%；扣非归母净利润 11.36 亿元，同比下 降 14.68%。其中，2025 年 Q3 实现营收 12.43 亿元，同比增长 3.28%；归母净 利润 4.34 亿元，同比下降 9.72%；扣非归母净利润 4.10 亿元，同比下降 11.58%。 点评： 25Q3 营收增长利润下降，多项费用率保持稳定：2025 年 Q3 营业收入同比增长 3.28%，归母净利润和扣非归母净利润皆同比下降。销售费用率为 16.74%，同 比+1.08pct；管理费用率为 2.53%,同比-0.04pct；财务费用率为 0.04%，同比 +0.94pct。25Q3 的投资活动产生的现金流量同比少流出了 40.07%，主要系购 买的理财产品期限长短不同，导致报表截止日投资活动产生的现金流量净额差异 较大。 研发投入持续加大，产品注册持续推进：25Q3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company reported a steady performance in Q3 2025, with revenue reaching 4.28 billion yuan, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 450 million yuan, up 0.3% year-on-year [1]. - The "Quality Improvement and Efficiency Enhancement" action plan was announced to boost shareholder confidence and enhance investment value creation capabilities [3]. - The company aims to strengthen its dual business model of "catering + food" and expand into overseas markets, including North America, Europe, and Southeast Asia [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 2.29 billion yuan, a 4.7% increase year-on-year, and a net profit of 410 million yuan, up 5.3% year-on-year [1]. - The mooncake product line generated revenue of 1.425 billion yuan in Q3, showing resilience despite a challenging macroeconomic environment [1]. - The frozen food segment saw a revenue increase of 11.6% year-on-year, while the catering segment experienced a decline of 2.5% [1]. Regional Performance - Revenue from Guangdong province reached 1.429 billion yuan in Q3, reflecting a robust growth of 10.2% year-on-year, while revenue from outside Guangdong decreased by 3.1% [2]. - The company experienced a net decrease of 56 distributors in Q3, with a notable reduction in Guangdong province [2]. Cost Management and Profitability - The gross margin for Q3 2025 improved to 39.79%, primarily due to product mix optimization [2]. - The company has effectively controlled expenses, with a sales expense ratio of 7.21% in Q3, down 0.07 percentage points year-on-year [2]. - The net profit margin for Q3 reached 18.43%, an increase of 0.11 percentage points year-on-year [2]. Future Outlook - The company has adjusted its net profit forecasts for 2025 to 501 million yuan, reflecting a 4% downward revision [3]. - The estimated price-to-earnings (P/E) ratios for 2025-2027 are projected at 19x, 17x, and 15x, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a revenue of 866 million yuan for the first three quarters of 2025, a year-on-year increase of 2.08%. However, Q3 revenue declined by 6.12% to 286 million yuan, with a net profit of 73 million yuan, down 11.92% year-on-year [1][2]. - The decline in revenue is attributed to the impact of VAT rate adjustments on domestic sales and a decrease in project milestones for drug clinical research services [2]. - R&D expenses decreased by 28.03% year-on-year to 41.85 million yuan, accounting for 14.62% of revenue. The company is actively involved in multiple product registrations, including gene detection kits [3]. - The Southeast Asian market shows good growth, with strategic expansions in countries like Singapore, Vietnam, Malaysia, and Indonesia [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 286 million yuan, a decrease of 6.12% year-on-year. The net profit for the same period was 73 million yuan, down 11.92% year-on-year. The first three quarters of 2025 saw a total revenue of 866 million yuan, with a net profit of 263 million yuan, reflecting a 15.50% increase year-on-year [1][2]. R&D and Product Development - R&D expenses for Q3 2025 were 41.85 million yuan, a decline of 28.03% year-on-year. The company is involved in a Phase II clinical trial and has several products in the registration phase, including gene mutation detection kits [3]. Market Expansion - The company has established a strategic presence in the Southeast Asian market, which is experiencing good growth. Key markets include Singapore, Vietnam, Malaysia, and Indonesia, with a focus on building channels through partnerships with distributors and major pharmaceutical companies [3]. Profit Forecast and Valuation - The company is projected to maintain rapid growth, with net profit estimates of 342 million yuan, 379 million yuan, and 425 million yuan for 2025, 2026, and 2027, respectively. The current price corresponds to a PE ratio of 26 for 2025, 24 for 2026, and 21 for 2027 [4][5].

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank (002966.SZ) with a current price of 8.27 CNY [1]. Core Views - Suzhou Bank's performance shows resilience with a steady growth in revenue and profit, despite a slight decline in annualized ROAE [4][5]. - The bank's net interest margin (NIM) has stabilized, and the growth in both loans and deposits remains robust, indicating a strong operational foundation [6][7]. - The bank's asset quality remains solid, with low non-performing loan ratios and strong risk compensation capabilities [9]. Summary by Sections Financial Performance - For the first three quarters of 2025, Suzhou Bank achieved operating income of 9.48 billion CNY, a year-on-year increase of 2%, and a net profit attributable to shareholders of 4.48 billion CNY, up 7.1% year-on-year [4]. - The annualized ROAE for the first three quarters was 12.03%, a decrease of 0.8 percentage points compared to the previous year [4]. Revenue and Profit Growth - Revenue and profit growth rates for the first three quarters were 2%, 7.7%, and 7.1%, respectively, showing an upward trend compared to the first half of 2025 [5]. - The net interest income and non-interest income growth rates were 8.9% and -10.4%, respectively, indicating a mixed performance in income sources [5]. Asset and Loan Growth - As of the end of Q3 2025, the growth rates for interest-earning assets and loans were 16.3% and 11.6%, respectively, reflecting steady expansion [6]. - The bank's loan portfolio saw a slight decrease in new loans, with corporate loans acting as a stabilizing factor [6]. Deposit Growth - The growth rates for interest-bearing liabilities and deposits were 12.8% and 12.9%, respectively, with personal deposits increasing significantly [7]. - The bank's NIM for the first three quarters was 1.34%, showing a slight stabilization compared to previous periods [7]. Non-Interest Income - Non-interest income for the first three quarters was 2.97 billion CNY, down 10.4% year-on-year, with a declining proportion of total revenue [8]. - The bank's net fee and commission income showed minimal growth, while other non-interest income faced a significant decline [8]. Asset Quality and Risk Management - The non-performing loan ratio stood at 0.83%, with a stable risk compensation capacity indicated by a high provision coverage ratio of 421% [9]. - The bank's capital adequacy ratios remain robust, supporting future growth and expansion [9]. Earnings Forecast and Valuation - The report projects EPS for 2025-2027 to be 1.19, 1.25, and 1.29 CNY, with corresponding PB and PE valuations indicating attractive investment opportunities [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 866 million yuan for the first three quarters of 2025, a year-on-year increase of 2.08%, while the net profit attributable to shareholders was 263 million yuan, up 15.50% year-on-year [1][4]. - In Q3 2025, the company experienced a revenue decline of 6.12% year-on-year, primarily due to the impact of VAT rate adjustments and a decrease in project milestones for clinical research services [2][4]. - The company's R&D expenses decreased by 28.03% year-on-year in Q3 2025, accounting for 14.62% of revenue, with several products currently in the registration phase [3][4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 286 million yuan, a decline of 6.12% year-on-year, and a net profit of 73 million yuan, down 11.92% year-on-year [1][2]. - The company’s sales expense ratio was 33.66%, an increase of 3.61 percentage points year-on-year, while the management expense ratio was 4.79%, up 0.12 percentage points year-on-year [2]. R&D and Product Development - The company’s R&D expenses in Q3 2025 were 41.85 million yuan, down 28.03% year-on-year, with several products in the registration phase, including gene detection kits [3][4]. - The company is actively expanding its international business, particularly in Southeast Asia, with a focus on markets like Singapore, Vietnam, Malaysia, and Indonesia [3]. Profit Forecast and Valuation - The company is projected to maintain rapid growth, with net profit forecasts for 2025, 2026, and 2027 at 342 million, 379 million, and 425 million yuan, respectively [4][5]. - The current price corresponds to a PE ratio of 26 for 2025, 24 for 2026, and 21 for 2027 [4][5].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics, indicating a positive outlook for the company's future performance [4]. Core Insights - The report highlights that BYD Electronics experienced a revenue decline of 2.0% year-on-year in Q3 2025, with total revenue reaching 42.68 billion RMB. The gross profit also fell by 20.0%, leading to a net profit decrease of 9.0% to 1.407 billion RMB [1][2]. - The company is expected to benefit from three main growth engines in 2026: North American key customer components, new energy vehicles, and AI data centers. The focus is on monitoring the progress of these business segments [2][3]. Summary by Sections Financial Performance - In Q3 2025, BYD Electronics reported a revenue of 42.68 billion RMB, a decrease of 2.0% year-on-year. The gross profit was 2.946 billion RMB, with a gross margin of 6.9%, down 1.6 percentage points year-on-year. The net profit for the same period was 1.407 billion RMB, reflecting a 9.0% decline [1]. Growth Drivers - The North American key customer segment is anticipated to see both volume and price increases in 2026, driven by the launch of new foldable screen models. The company plans to expand its CNC equipment capacity and improve operational efficiency [2]. - The new energy vehicle business revenue forecast for 2025 has been adjusted downward, but the introduction of advanced driving and suspension products in 2026 is expected to enhance the value per vehicle [2]. - The AI data center segment is facing delays in the delivery of liquid cooling and power products, but the company is expanding its product lines and customer base, which is expected to support future growth [3]. Profit Forecast and Valuation - The report revises the net profit forecast for 2025 down by 11% to 4.319 billion RMB, and for 2026 and 2027 down by 18% and 17% respectively, to 5.241 billion RMB and 6.203 billion RMB. The current market valuation corresponds to P/E ratios of 17, 14, and 12 for 2025, 2026, and 2027 respectively [3][4].

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [4] Core Viewpoints - The PTA industry is expected to see a reversal in its economic situation due to the recent meeting held by the Ministry of Industry and Information Technology, which aims to mitigate internal competition and promote stable industry operations [1][2] - The PTA industry has been experiencing significant overcapacity, with operating rates between 70-80% since 2024, leading to widespread losses among companies. However, the demand for profitability improvement is strong, and the recent meeting may accelerate the implementation of necessary measures [2][3] - The peak production period for PTA has passed, with no new capacity expected in late 2025 and only a modest increase in 2027. This reduction in new capacity, combined with the implementation of anti-involution policies, is likely to improve the supply-demand balance in the PTA industry [3] Summary by Sections Industry Overview - The PTA industry has faced overcapacity issues since 2020, with most companies operating at a loss in 2025. The recent meeting is seen as a catalyst for change [2][3] Market Performance - The basic chemical sector has shown positive performance, with the CITIC basic chemical sector index rising by 3.4%, outperforming other sectors [8][10] Price Trends - Recent price increases have been noted in various chemical products, including Vitamin E and organic silicon, indicating a potential recovery in certain segments of the market [17][18] Sub-industry Dynamics - The polyester filament market is stabilizing, while the polyurethane market is experiencing a slight decline in activity. The titanium dioxide market is under pressure due to weak demand [20][21][22]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced significant revenue decline in Q3 2025, with total revenue of 6.43 billion yuan, down 46.23% year-on-year, and net profit of 0.27 billion yuan, down 92.55% year-on-year [1][2]. - The report highlights that the high-end liquor segment faced the most pressure, with sales revenue dropping by 49.35% in Q3 2025 [2]. - The company has adjusted its profit forecasts for 2025 and 2026, reducing the expected net profit to 0.945 billion yuan and 1.002 billion yuan respectively, reflecting a significant downward revision of 43.77% and 43.68% [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 31.74 billion yuan, a decrease of 27.24% year-on-year, and a net profit of 7.42 billion yuan, down 43.39% year-on-year [1]. - The Q3 2025 gross margin was 62.66%, down 9.25 percentage points year-on-year, indicating pressure on profitability due to declining high-end liquor sales [3]. - The sales cash collection for Q3 2025 was 7.29 billion yuan, a decrease of 48.9% year-on-year [3]. Product and Regional Breakdown - Sales revenue for high-end, mid-range, and low-end liquor for the first three quarters of 2025 were 29.61 billion yuan, 0.41 billion yuan, and 1.14 billion yuan, reflecting year-on-year changes of -27.98%, -15.38%, and +25.09% respectively [2]. - In Q3 2025, sales revenue from Anhui province was 4.86 billion yuan, down 48.95% year-on-year, while sales outside the province were 1.45 billion yuan, down 34.04% year-on-year [2]. Profitability and Cost Structure - The report indicates that the company's selling expense ratio increased to 24.61%, up 12.23 percentage points year-on-year, as the company increased channel subsidies amid declining revenue [3]. - The net profit margin for Q3 2025 was 4.2%, down 26.08 percentage points year-on-year, reflecting significant pressure on profitability [3]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 20 for 2025, 19 for 2026, and 18 for 2027, with an expected EPS of 1.58, 1.68, and 1.78 yuan respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced significant revenue decline in Q3 2025, with total revenue of 6.43 billion yuan, down 46.23% year-on-year, and net profit of 0.27 billion yuan, down 92.55% year-on-year [1][2]. - The report highlights that the high-end liquor segment faced the most pressure, with sales revenue dropping by 49.35% in Q3 2025 [2]. - The company's gross margin decreased to 62.66%, down 9.25 percentage points year-on-year, indicating pressure on profitability due to declining high-end liquor sales [3]. - The report projects a downward revision of net profit forecasts for 2025 and 2026 to 0.945 billion yuan and 1.002 billion yuan, respectively, reflecting a significant reduction of 43.77% and 43.68% from previous estimates [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 31.74 billion yuan, a decline of 27.24% year-on-year, and a net profit of 7.42 billion yuan, down 43.39% year-on-year [1]. - The Q3 2025 sales revenue breakdown shows high-end liquor at 5.77 billion yuan (down 49.35%), mid-range liquor at 0.09 billion yuan (down 28.51%), and low-end liquor at 0.46 billion yuan (up 117.28%) [2]. Profitability and Costs - The Q3 2025 sales gross margin was 62.66%, reflecting a significant decline due to the drop in high-end liquor sales and an increase in low-end liquor sales [3]. - The report notes an increase in tax and additional items as a percentage of revenue to 19.04%, up 2.72 percentage points year-on-year, and a rise in selling expenses to 24.61%, up 12.23 percentage points year-on-year [3]. Forecasts and Valuation - The report revises the net profit forecast for 2025 to 0.945 billion yuan, with EPS estimates of 1.58 yuan, and for 2026 to 1.002 billion yuan, with EPS of 1.68 yuan [4]. - The current stock price corresponds to a P/E ratio of 20 for 2025, 19 for 2026, and 18 for 2027 [4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown marginal improvement in Q3 performance, with efforts to restore market confidence leading to better operational conditions [5][7] - Revenue for the first three quarters of 2025 was 1.987 billion yuan, a year-on-year decrease of 13.17%, while net profit attributable to shareholders was 260 million yuan, down 26.13% year-on-year [4] - The company is expected to continue its recovery in Q4, with a focus on channel health and product matrix improvement [7] Summary by Sections Revenue Performance - In Q3 2025, the company achieved revenue of 669 million yuan, a year-on-year decline of 4.29%, with net profit of 86 million yuan, down 14.55% year-on-year [4] - The core product categories, soy sauce and vinegar, saw revenue declines of 12.3% and 17.2% respectively in the first three quarters, but the decline narrowed in Q3 to 3.6% and 6.9% [5] Regional Performance - Revenue changes by region in Q3 2025 showed a decline in the East and North regions, while the South and Central regions experienced positive growth [5] Channel Performance - Online revenue decreased by 44.2% in Q3 2025, while offline revenue increased by 3.7%, indicating a recovery in offline channels [6] Cost and Profitability - The gross margin for the first three quarters was 37.4%, an increase of 1.2 percentage points year-on-year, while the net profit margin was 13.1%, down 2.3 percentage points [6] - The company has increased its sales and management expenses due to higher advertising and channel investment [6] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 is 408 million yuan, with a corresponding PE ratio of 29x [7][9]