2025 年 11 月 04 日 公司研究 评级：增持(维持) 研究所： | 证券分析师： | 林加力 | S0350524100005 | | --- | --- | --- | | | | linjl01@ghzq.com.cn | | 证券分析师： | 徐凝碧 | S0350524110001 | | | | xunb@ghzq.com.cn | | 证券分析师： | 许潇琦 | S0350525080004 | | | xuxq01@ghzq.com.cn | | [Table_Title] 营收利润稳健增长，对公信贷驱动扩表 | 相对沪深 300 | 表现 | 2025/11/03 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 邮储银行 | 0.5% | 2.1% | 15.3% | | 沪深 300 | 0.3% | 14.8% 19.6% | | | 市场数据 | | 2025/11/03 | | | 当前价格（元） | | 5.78 | | | 52 周价格区间（元） | | 4.94-6.44 | | | 总市值（百万） | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant growth in net profit for Q3 2025, driven by the commissioning of new electronic bulk gas projects [5][6] - Digitalization has enhanced management capabilities, improving operational stability and optimizing production processes through advanced control systems [6] - The company's gross margin and net margin showed notable improvements, with a substantial increase in operating cash flow due to better accounts receivable management [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 1.721 billion yuan, a year-on-year increase of 14.85%, and a net profit attributable to shareholders of 201 million yuan, up 10.64% [5] - In Q3 2025, the company recorded operating revenue of 607 million yuan, a 15.40% increase year-on-year, and a net profit of 83 million yuan, reflecting an 82.47% year-on-year growth [6] - The gross margin for Q3 2025 was 27.34%, an increase of 3.33 percentage points year-on-year, while the net margin improved to 14.04%, up 5 percentage points year-on-year [6] Earnings Forecast and Valuation - The revenue forecasts for 2025-2027 have been slightly adjusted to 2.378 billion yuan, 2.867 billion yuan, and 3.583 billion yuan, respectively, with net profit expectations of 295 million yuan, 395 million yuan, and 510 million yuan [6][9] - Corresponding P/E ratios are projected to be 62, 46, and 36 times for the years 2025, 2026, and 2027, respectively [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved continuous high-quality growth in the first three quarters of 2025, with a revenue of 7.897 billion yuan, representing a year-on-year increase of 30.10%. The net profit attributable to the parent company reached 732 million yuan, up 32.36% year-on-year [4][6] - The medical segment reported a revenue of 3.83 billion yuan in Q1-Q3 2025, a year-on-year growth of 44.4%, driven by rapid development in core categories such as surgical consumables and high-end dressings [4][6] - The consumer segment generated a revenue of 4.01 billion yuan in Q1-Q3 2025, with a year-on-year increase of 19.1%, led by strong sales of specific products like sanitary napkins [4][6] Summary by Sections Recent Performance - In Q3 2025, the company achieved a revenue of 2.601 billion yuan, a year-on-year increase of 27.71%, and a net profit of 240 million yuan, up 42.11% year-on-year [4] - The company’s stock performance over the past year shows a 30.4% increase, outperforming the CSI 300 index [3] Medical Segment - The medical segment's revenue for Q1-Q3 2025 was 3.83 billion yuan, with significant growth in surgical consumables (185.3% increase), high-end dressings (26.2% increase), and health personal care products (24.6% increase) [4] - International sales channels contributed 2.18 billion yuan, marking an 81.7% year-on-year growth, with a notable increase in Southeast Asia and the Middle East [4] Consumer Segment - The consumer segment's revenue reached 4.01 billion yuan in Q1-Q3 2025, with the fastest growth seen in sanitary napkins, which generated 760 million yuan, a 63.9% increase [4] - E-commerce channels showed robust growth, achieving 2.46 billion yuan in revenue, a 23.5% increase, with significant contributions from interest e-commerce platforms [4] Financial Forecast - The company is projected to achieve revenues of 11.511 billion yuan in 2025, with a net profit of 995 million yuan, reflecting a growth rate of 28% and 43% respectively [6][7] - The estimated P/E ratios for the next few years are 23.93 for 2025, 20.35 for 2026, and 17.49 for 2027, indicating a favorable valuation trend [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for the first three quarters of 2025 was 31.332 billion yuan, a year-on-year decrease of 10.28%, while the net profit attributable to shareholders was 507 million yuan, an increase of 17.74% [5] - In Q3 2025, the company achieved revenue of 11.424 billion yuan, a year-on-year decrease of 9.62%, and a net profit attributable to shareholders of 152 million yuan, a year-on-year increase of 64.46% [5] - The company is focusing on expanding its "1+2+X" product strategy, with significant growth in AIoT and tablet businesses, which now account for 20.0% and 9.5% of revenue, respectively [5] - The gross margin for Q3 2025 was 9.38%, a year-on-year increase of 4.00 percentage points, indicating improved profitability [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the gross margin was 8.59%, up 2.50 percentage points year-on-year, and the net profit margin was 1.62%, up 0.39 percentage points [5] - The company expects revenues of 46.810 billion, 54.538 billion, and 66.691 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1%, 17%, and 22% [7] - The projected net profits for the same years are 651 million, 927 million, and 1.302 billion yuan, with growth rates of 30%, 42%, and 40% [7] Business Strategy - The company is a leading ODM in smart hardware, focusing on the "1+2+X" strategy, which includes smartphones, AIoT, AI PCs, and automotive electronics [5] - The smart device business is benefiting from seasonal demand and upgrades in emerging markets [5] - The AI PC segment is expanding with new product launches and partnerships with major global clients [5] Market Position - The company is positioned to benefit from the AI wave at the edge and is actively expanding into PC and automotive electronics, which opens up future growth opportunities [5] - The current market capitalization is approximately 21.211 billion yuan, with a circulating market value of about 12.030 billion yuan [4]

2025 年 11 月 04 日 公司研究 评级：买入(维持) 最近一年走势 事件: 2025 年 10 月 30 日，应流股份发布 2025 年三季度报告：2025 年前 三季度实现营业收入 21.21 亿元，同比+11.02%；实现归母净利润 2.94 亿元，同比+29.59%；实现扣非归母净利润 2.78 亿元，同比 +26.17%。 投资要点: 相对沪深 300 表现 2025/11/03 前三季度营收净利同比双增，加工涂层及核能材料产业链加速构建 近一月换手（%） 3.04 2025 年前三季度，公司实现营业收入 21.21 亿元，同比+11.02%； 实现归母净利润 2.94 亿元，同比+29.59%。公司加权平均净资产收 益率为 6.17%，同比+1.18pct；销售毛利率 36.92%，同比+3.02pct； 销售净利率 12.74%，同比+1.71pct；经营活动现金流净额为-0.59 亿元。据公司 2025 年 9 月 17 日发布的可转债募集说明书，公司拟 募资 15 亿元，用于叶片机匣加工涂层项目、先进核能材料及关键零 部件智能化升级项目等。叶片机匣加工涂层项目所涉及的深加工及 涂层工 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][11] Core Insights - The company has shown significant growth in revenue and profitability, with a year-on-year revenue increase of 37.73% for the first three quarters of 2025, reaching 464 million yuan [4][10] - The company is positioned as a leader in the MEMS (Micro-Electro-Mechanical Systems) sector, benefiting from the rise of AI technologies, with substantial growth in sales of pressure and inertial sensors [7][10] - The company has diversified its product offerings, moving from a single product focus to multiple growth drivers, indicating a strong platform-based business model [10] Financial Performance - For Q3 2025, the company achieved a revenue of 160 million yuan, a year-on-year increase of 21.9% [5] - The gross margin for Q3 2025 was 27.68%, up 4.67 percentage points year-on-year [5] - The net profit attributable to the parent company for Q3 2025 was 11 million yuan, an increase of 240 million yuan compared to Q3 2024 [5] Market Position and Product Development - The company has been recognized as one of the top ten MEMS companies in China, reflecting its technological advantages and market dominance [7] - The company has a comprehensive sensor product matrix covering various technologies, with applications in consumer electronics, healthcare, and industrial control [7] - New product launches, such as AI+AR glasses and TWS earphones, highlight the company's innovation and market responsiveness [8][10] Future Projections - Revenue projections for 2025-2027 are 681 million yuan, 904 million yuan, and 1.184 billion yuan, respectively, with corresponding net profits of 55 million yuan, 99 million yuan, and 154 million yuan [9][10] - The company is expected to maintain a strong growth trajectory, with EPS projected to reach 0.98 yuan in 2025 and 2.75 yuan by 2027 [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company experienced a decline in revenue and profit in the first three quarters of 2025, with revenue of 2.039 billion yuan, down 7.14% year-on-year, and a net profit of 400 million yuan, down 8.23% year-on-year [7][8] - The gross profit margin improved year-on-year, and the acquisition of the titanium alloy company is progressing smoothly [8] - The company is expected to benefit from the upgrade of domestic aircraft and the increasing global demand for civil aircraft, leading to a rapid development phase for its aviation products [10] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 2.039 billion yuan, a net profit of 400 million yuan, and a net profit margin of 19.62%, which is a decrease of 0.23 percentage points year-on-year [8] - The average return on equity (ROE) was 3.84%, down 0.46 percentage points year-on-year, while the sales gross margin was 31.14%, up 0.57 percentage points year-on-year [8] - In Q3 2025, the company achieved a revenue of 679 million yuan, a net profit of 120 million yuan, and a cash flow from operating activities of -135 million yuan [9] Revenue and Profit Forecast - The company is projected to generate revenues of 2.958 billion yuan, 3.526 billion yuan, and 4.178 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 564 million yuan, 703 million yuan, and 854 million yuan [10][34]

Group 1: China Petroleum - In Q3 2025, the company reported a 14% increase in net profit attributable to shareholders, demonstrating resilience in the oil and gas sector [4][5] - The company achieved a total revenue of 21,693 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3.9%, with a net profit of 1,263 billion yuan, down 4.9% year-on-year [4][5] - Capital expenditures for 2025 are budgeted at 262.2 billion yuan, focusing on exploration and development in key basins and upgrading refining and chemical projects [6][7] Group 2: Shanghai Film - The company reported a revenue of 361 million yuan in Q3 2025, a year-on-year increase of 101.6%, with a net profit of 86 million yuan, up 123.51% year-on-year [10][11] - The success of the film "Wang Wang Mountain Little Monster" significantly contributed to the revenue growth, with a box office exceeding 1.7 billion yuan [11][13] - The company is actively developing its IP business, with multiple upcoming projects expected to enhance future growth [11][13] Group 3: Foton Motor - Foton Motor's revenue for the first three quarters of 2025 reached 45.45 billion yuan, a year-on-year increase of 27.1%, with a net profit of 1.11 billion yuan, up 157.5% year-on-year [15][16] - The company achieved a market share of 12.6% in heavy truck wholesale, the highest in 10 years, with significant growth in both domestic and export sales [16][17] - The annualized ROE improved to the highest level since 2013, reflecting enhanced profitability and cash flow quality [18][19] Group 4: Bojun Technology - Bojun Technology reported a revenue of 4.075 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.36%, with a net profit of 627 million yuan, up 70.47% year-on-year [20][21] - The company is expanding its production capacity and has established multiple subsidiaries across key regions, enhancing its operational efficiency [22][23] - The human-robot business is steadily advancing, with ongoing collaborations in intelligent robotics [22][23] Group 5: Dingyang Technology - Dingyang Technology achieved a revenue of 431 million yuan in the first three quarters of 2025, a year-on-year increase of 21.67%, with a net profit of 111 million yuan, up 21.49% year-on-year [24][25] - The company is focusing on high-end product development, with significant growth in high-end product sales [25][26] - The overall gross margin remains high at 61.13%, reflecting effective cost management and product pricing strategies [26] Group 6: KEBODA - KEBODA reported a revenue of approximately 17.33 billion yuan in Q3 2025, a year-on-year increase of 11.76%, with a net profit of about 2.18 billion yuan [27][28] - The company is expanding its global presence, with overseas revenue growth outpacing domestic markets [28][29] - KEBODA's acquisition of intelligent technology is expected to enhance its product offerings and market competitiveness [29][30] Group 7: Desay SV - Desay SV reported a revenue of approximately 76.92 billion yuan in Q3 2025, a year-on-year increase of 5.63%, with a net profit of about 5.65 billion yuan [31][32] - The company is focusing on expanding its product structure and optimizing customer relationships to mitigate short-term performance pressures [32][33] - Desay SV is actively exploring new business areas, including smart transportation and autonomous delivery [33][34] Group 8: Aishide - Aishide reported a revenue of 393.75 billion yuan in the first three quarters of 2025, a year-on-year decrease of 31.47%, with a net profit of 33.7 million yuan [35][36] - The company is undergoing a strategic adjustment to focus on high-margin core businesses, showing signs of operational improvement [36][37] - Aishide is establishing an industry fund to invest in emerging technologies, enhancing its growth potential [38][39]

Report Overview - Report date: November 3, 2025 [1] - Title: How Many Institutions Are Optimistic about the Current Bond Market Rally? Bond Research Weekly Report - Core analysts: Yan Ziqi, Guo Xiyuan 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - From October 28 to November 3, the sentiment of bond market sellers significantly rebounded, and the sentiment of buyers turned from negative to positive. Meanwhile, the divergence of sellers' views increased. After events such as the Fourth Plenary Session of the 20th CPC Central Committee and China-US consultations, and with the expectation of restarting treasury bond trading, both buyers and sellers became optimistic about the bond market [4]. 3. Summary by Relevant Catalogs 3.1 Seller Market Sentiment 3.1.1 Seller Market Interest Rate Bond Sentiment Index: Significantly Increased from October 28 to November 3 - The unweighted sentiment index from October 28 to November 3 was 0.54, up 0.36 from October 21 - 27, with an increased proportion of bullish views. Among 24 institutions, 1 was bullish, 12 were moderately bullish, 10 were neutral, and 1 was moderately bearish [13]. - 4% of institutions were bullish, citing factors such as over - consumption due to subsidies, a rapid decline in bank liability costs, and loose liquidity, and predicting that the 10Y treasury bond yield would return to around 1.65% this year [5][13]. - 50% of institutions were moderately bullish, believing that the central bank's restart of treasury bond trading, economic pressure, and the deepening asset shortage, along with potential factors like the new rules on public fund sales fees, might be digested in advance by the market [5][13]. - 42% of institutions were neutral, stating that the tug - of - war between bullish and bearish factors, a strong equity market suppressing the bond market, and weak financing demand and domestic demand limiting the upside of interest rates, creating a "ceiling - floor" pattern [5][13]. - 4% of institutions were moderately bearish, arguing that inflation might rise due to factors like anti - involution and improved corporate profits, long - term yields might follow inflation expectations, the probability of future interest rate cuts was low, and restarting treasury bond trading would not change the upward trend of bond yields [5][13]. 3.1.2 Buyer Market Interest Rate Bond Sentiment Index: Turned from Negative to Positive from October 28 to November 3 - The unweighted sentiment index from October 28 to November 3 was 0.33, up from the previous period. Among 24 institutions, 10 were moderately bullish, 12 were neutral, and 2 were moderately bearish [14]. - 42% of institutions were moderately bullish, due to weak economic data, an asset shortage, positive institutional behavior, and strong allocation demand [6][14]. - 50% of institutions were neutral, suggesting that the central bank might have a target range for the 10 - year treasury bond yield, and the market lacked a clear single driver for a trend - breaking movement, likely to remain in a "narrow - range fluctuation" state [6][14]. - 8% of institutions were moderately bearish, noting that the decrease in positions showed a "price - rising and position - decreasing" pattern, the market's upward momentum was weakening, and the bond market was still in a headwind, with yields likely to rise [6][14].

2025 年 11 月 03 日 公司研究 评级：买入(维持) 证券分析师： 刘洁铭 S0350521110006 [Table_Title] 延续出清，蓄力长期 联系人 ： 郝天宇 S0350124060016 haoty@ghzq.com.cn ——今世缘（603369）2025 年三季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/11/03 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 今世缘 | -1.3% | -1.3% | -10.3% | | 沪深 300 | 0.3% | 14.8% | 19.6% | | 市场数据 | | | 2025/11/03 | | 当前价格（元） | | | 38.79 | | 52 周价格区间（元） | | | 37.82-57.36 | | 总市值（百万） | | | 48,363.37 | | 流通市值（百万） | | | 48,363.37 | | 总股本（万股） | | | 124,680.00 | | 流通股本（万股） | | | 124,680.00 | | 日均成交 ...