Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 2.002 billion, 2.608 billion, and 3.060 billion RMB respectively, corresponding to dynamic PE ratios of 27x, 20x, and 17x [5]. Core Insights - The company reported a revenue of 21.7 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 29%. The net profit attributable to the parent company reached 1.48 billion RMB, up 143% year-on-year, while the net profit excluding non-recurring items was 1.197 billion RMB, marking a 270% increase [2]. - In Q3 2025, the company achieved a revenue of 8.369 billion RMB, a 33% increase year-on-year, with a net profit of 481 million RMB, up 235% year-on-year, and a net profit excluding non-recurring items of 389 million RMB, reflecting a 334% increase [2]. - The traditional fiberglass segment is showing resilience, with a trend of inventory reduction in the industry. The average price for winding direct yarn in Q3 2025 was 3,568 RMB/ton, down 3% year-on-year and 5% quarter-on-quarter. The industry inventory at the end of Q3 was 865,000 tons, a decrease of 23,000 tons from Q2 [3]. - The company is accelerating the expansion of its special fiberglass projects, having achieved sales of 8.95 million meters of special fiber cloth in H1 2025. It is now the only domestic supplier and the second globally capable of large-scale production of low-expansion cloth, breaking the foreign monopoly [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company reported a total revenue of 21.7 billion RMB, a 29% increase year-on-year, and a net profit of 1.48 billion RMB, which is a 143% increase year-on-year. The net profit excluding non-recurring items was 1.197 billion RMB, reflecting a 270% increase [2]. Operational Analysis - The traditional fiberglass sector is experiencing a recovery, with a notable reduction in industry inventory. The average price for winding direct yarn decreased slightly, while the industry is moving towards a reduction in inventory levels [3]. - The company is positioned as a leader in the special fiberglass market, with significant advancements in product offerings and market penetration, particularly in low-expansion and ultra-low-loss low dielectric cloths [4]. Financial Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 2.002 billion, 2.608 billion, and 3.060 billion RMB, with corresponding dynamic PE ratios of 27x, 20x, and 17x, indicating a strong growth outlook [5].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 1.37 billion, 1.76 billion, and 2.11 billion RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of +30%, +29%, and +20% [6]. Core Insights - The company reported a revenue of 17.0 billion RMB for the first three quarters of 2025, a year-on-year increase of 11.5%, and a net profit of 940 million RMB, up 19.3% year-on-year [2]. - The gross margin for Q3 was 23.2%, slightly down by 0.6 percentage points compared to the previous year, but overall performance met expectations [2]. - The company holds a strong market position with an 8.3% market share in the domestic power grid equipment sector, benefiting from a historical high investment of over 825 billion RMB in the national grid [3]. - The company has a robust order backlog with contract liabilities of 5.07 billion RMB, up 29% year-on-year, and inventory of 5.67 billion RMB, up 15% year-on-year, indicating a healthy pipeline for future revenue [4]. - Cost control measures have been effective, with sales, management, and R&D expense ratios showing improvements or stability, contributing to a net profit margin of 6.9%, up 0.4 percentage points year-on-year [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 17.0 billion RMB and a net profit of 940 million RMB, with a gross margin of 22.1% [2]. - The Q3 revenue was 5.67 billion RMB, reflecting a 15.7% year-on-year increase, while the net profit was 340 million RMB, up 1.8% year-on-year [2]. Market Position - The company maintains a leading position in the domestic market with a market share of 8.3%, supported by a significant increase in national grid investment [3]. - The company has secured contracts worth 5.6 billion RMB in the first eight months of 2025, marking a 15% year-on-year increase [3]. Order Backlog and Future Prospects - The company has a strong order backlog with contract liabilities of 5.07 billion RMB and inventory of 5.67 billion RMB, indicating a solid foundation for future growth [4]. - The initiation of bidding for ultra-high voltage equipment is expected to further enhance the order backlog, with anticipated bidding amounts exceeding 15 billion RMB [4]. Cost Management - The company has effectively managed costs, with sales, management, and R&D expense ratios showing improvements, leading to a net profit margin of 6.9% [5]. - The gross margin for the first three quarters of 2025 was 22.1%, an increase of 1.7 percentage points year-on-year [5].

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 8% to 12% and net profit growth of 16% to 23% from 2025 to 2027 [6]. Core Insights - The company reported a revenue of 8.44 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.0%, and a net profit of 980 million yuan, up 14.6% year-on-year [2]. - The company's gross margin improved to 25.1%, with a slight increase of 0.8 percentage points year-on-year [2]. - The decline in Q3 revenue and net profit is attributed to slower domestic deliveries, which aligns with expectations [2]. - The company has solidified its leading position in the high-voltage sector, with a market share increase to 8.5% following a 55% year-on-year increase in contract wins [3]. - The company has made significant strides in international markets, successfully entering the European market with its self-developed 145 kV environmentally friendly GIS equipment [3]. - The company has a robust order backlog, with a total investment in the national grid projected to exceed 825 billion yuan in 2025, marking a historical high [4]. - The company has effectively controlled sales and management expenses while increasing R&D investment, with a successful development of the world's first 800 kV 80 kA circuit breaker [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 8.44 billion yuan and a net profit of 980 million yuan, with respective year-on-year growth rates of 7.0% and 14.6% [2]. - Q3 revenue was 2.74 billion yuan, down 3.6% year-on-year, while net profit was 320 million yuan, down 1.8% year-on-year [2]. Market Position and Growth - The company has a strong foothold in the high-voltage equipment sector, with a 23% year-on-year increase in the first four batches of national grid bidding, totaling 68.2 billion yuan [3]. - The company’s international expansion is marked by the introduction of high-end power equipment to Europe, enhancing its global presence [3]. Order and Investment Outlook - The company has a healthy order reserve, with contract liabilities increasing by 46% year-on-year to 1.87 billion yuan [4]. - Upcoming approvals for several ultra-high voltage lines are expected to provide continuous order growth [4]. Cost Management and R&D - The company has maintained good control over sales and management expenses, with respective rates of 3.4% and 3.0%, while R&D expenses increased to 4.5% [5]. - The successful development of advanced circuit breaker technology positions the company favorably for future growth [5].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The current convertible bond of Yingliu Co., Ltd. raises 1.5 billion yuan. After deducting issuance fees, it will be used for the blade machining and coating project, the intelligent upgrading project of advanced nuclear energy materials and key components, and supplementing working capital and repaying bank loans. It will be listed on October 22, 2025. - The expected listing price is above 130 yuan. The bond rating of Yingliu Convertible Bond is AA+. The latest parity is 112.5 yuan. Considering the high sentiment in the convertible bond market since July and the high prosperity of the company's industry, the conversion premium rate on the listing day is expected to be between 25 - 30%, and the listing price will be above 130 yuan. If the price is below 140 yuan, it can be actively concerned [1]. Summary by Directory I. Convertible Bond Clause Analysis - The issuance scale of the company's current convertible bond is 1.5 billion yuan, with a term of 6 years. The initial conversion price is 30.47 yuan. Calculated at the initial conversion price, it can be converted into 49.2287 million A - shares of Yingliu Co., Ltd. The dilution rate of full conversion on the company's total A - share capital and non - restricted tradable shares is 7.25%. The conversion period starts from March 25, 2026, to the maturity date of the convertible bond (September 18, 2031). The original shareholder placement ratio is 78.4% [10]. - The 6 - year coupon rates of the convertible bond are 0.10% in the first year, 0.30% in the second year, 0.60% in the third year, 1.00% in the fourth year, 1.50% in the fifth year, and 2.00% in the sixth year, slightly lower than the industry average. The maturity redemption price is 109 yuan. The bond is rated AA+ for both the issuer and the bond, and there is no guarantee. The additional terms include a conversion price correction clause (15/30, 85%), a conditional redemption clause (15/30, 130%), and a put clause (30, 70%) [11][12]. - As of October 20, 2025, the latest closing price is 34.27 yuan, corresponding to a parity of 112.47 yuan. The calculated pure bond value is 97.67 yuan, with good bond - bottom protection. The yield to maturity is 2.00%, higher than the yield of the same - term treasury bond [12]. II. Underlying Stock Fundamentals - It is a private enterprise with relatively dispersed equity. As of the first half of 2025, Mr. Du Yingliu directly holds 1.71% of the company's shares and controls 27.37% through Yingliu Investment. Together with the shares held by the consistent action persons of the controlling shareholder, he controls 34.74% of the company's shares in total and serves as the chairman and general manager [13]. - The company's main products are high - temperature alloy products, precision cast steel products, nuclear power and other medium - and large - sized cast steel products, and new materials and equipment, which are mainly used in high - end equipment fields such as aerospace, gas turbines, and nuclear power. Its manufacturing technology and production equipment are domestically leading, and its products are exported to more than 40 countries and regions, serving more than 100 customers, including domestic and global industry leaders [16]. - In the first half of 2025, the company's sales revenue was 1.384 billion yuan, a year - on - year increase of 9.11%. The revenue of high - temperature alloy products and precision castings was 842 million yuan, accounting for 63%. The revenue scale of the two - engine products has been steadily increasing, and the overseas revenue accounted for 47.4% [19]. - The company's gross profit margin has remained at a high level, around 36% in the past few years. The period expenses have gradually decreased, with the management expense rate dropping to around 8%, the sales expense rate remaining at around 1%, and the financial expense rate dropping to around 4% [22]. - The company has maintained a high - intensity R & D investment, with an R & D expense rate of over 10% for many years and a long - term technical staff ratio of over 20% [26]. - The two - engine business has high industrial chain prosperity. The downstream orders in the gas turbine and aero - engine fields are growing rapidly, and the company's two - engine business orders are also growing rapidly. As of the first half of 2025, the on - hand orders exceeded 1.5 billion yuan [29][30]. - The nuclear power business is recovering. The domestic nuclear power industry has maintained a good development momentum, and the company is an important domestic supplier in the nuclear power field. It signed a strategic cooperation agreement with Shengu Nuclear Power in the first half of 2025 and won multiple nuclear energy material projects. It also holds 60% of the equity of Jubian New Materials [34]. - The company's profitability is gradually improving. As a heavy - asset industry, with the increase in capacity utilization, the company's net profit margin, asset turnover rate, and ROE have all increased. The ROE has increased from 2% to around 10% [34]. III. Analysis of Convertible Bond Fund - Raising Projects - The company's current convertible bond raises 1.5 billion yuan. After deducting issuance fees, it will be used for the blade machining and coating project, the intelligent upgrading project of advanced nuclear energy materials and key components, and supplementing working capital and repaying bank loans [1][41]. - The blade machining and coating project is an extension of the company's existing product deep - processing processes, which can improve the service life and efficiency of high - temperature alloy components and form a complete production chain. The planned construction period is 48 months, starting from July 2022 and expected to be completed in June 2026 [41]. - The intelligent upgrading project of advanced nuclear energy materials and key components produces materials that have passed national - level industry appraisals. The project is expected to be completed in October 2026, with a construction period of 24 months starting from November 2024 [41].

业绩简评 2025 年 10 月 20 日，公司发布 2025 年第三季度报告。2025 年 1- 3Q 实现营收 7946.66 亿元，同比+0.41%；实现归母净利润 1153.53 亿元，同比+4.0%。Q3 单季度实现营收 2508.97 亿元，同比+2.53%； 实现归母净利润 311.18 亿元，同比+1.43%。 经营分析 主营业务增长跑赢行业，EBITDA Margin 稳健：行业端国内 7 月/8 月电信主营业务收入分别同比-2.62%/+1.02%。3Q25 公司主营业 务收入达 2162 亿元，同比+0.8%，略跑赢行业。1-3Q25 公司 EBITDA 为 2654 亿元，同比增长 0.9%，EBITDAMargin 保持稳健，1-3Q25 的 EBITDA Margin 约为 33.4%，同比+0.2pct。公司经营现金流净 额同比下滑 28.1%，我们认为主要因公司支持产业链而加快付款 进度。 毛利率略有下滑，AI 与新兴业务驱动增长：公司 3Q25 毛利率 29.94%，同比-0.88pct，环比-6.09pct，短期承压，我们认为主要 系传统业务 ARPU 值下滑、新兴业务仍处 ...

Group 1: Stock Index Futures Market Overview - The main performance of the four major index futures contracts showed a decline, with the CSI 500 index futures experiencing the largest drop of -5.32%, while the SSE 50 index futures had the smallest decline of -0.32% [3][11] - Average trading volumes for the current, next, and seasonal contracts of IC, IF, and IH increased, with IH showing the largest increase of 23.91% [3][11] - As of last Friday's close, the annualized basis rates for the current contracts of IF, IC, IM, and IH were -3.60%, -12.20%, -12.83%, and -0.90% respectively, indicating a deepening of the basis for IF and IC, while IH shifted from premium to discount [3][11] Group 2: Cross-Period Price Differences - The cross-period price difference rates for the current contracts of IF, IC, IM, and IH were at the 92.30%, 97.70%, 92.80%, and 85.30% percentiles since 2019 [4][12] - Currently, there are no arbitrage opportunities for the main IF contract and the next month contract based on the closing prices [4][12] - The estimated impact of dividends on the CSI 300, CSI 500, SSE 50, and CSI 1000 indices over the next year is projected to be 76.75, 82.44, 68.62, and 63.50 points respectively [4][12] Group 3: Recent Sell-Side Strategy Insights - Seven brokerages are optimistic about the A-share market outlook, while six believe that policy expectations and liquidity easing will support the market [5][49] - There is a consensus among brokerages regarding the AI industry chain, non-ferrous metals, deep technology, green transformation, modern services, and high-dividend assets [5][49] - Divergence exists among brokerages regarding market trends, with some expecting a stable or slow bull market while others anticipate short-term adjustments [5][52]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q3 2025 met expectations, with a revenue of 104.2 billion RMB, a year-on-year increase of 13% and a quarter-on-quarter increase of 11%. The net profit attributable to shareholders was 18.5 billion RMB, reflecting a year-on-year increase of 41% and a quarter-on-quarter increase of 12% [1][2] - The company is positioned as a global leader in lithium batteries, benefiting from accelerated capacity expansion and technological breakthroughs. The previous pressure on volume and price due to industry competition is gradually easing, and with the surge in demand for energy storage and commercial vehicles, along with breakthroughs in sodium batteries and solid-state technologies, the company's performance is expected to continue to exceed previous highs [3] Performance Analysis - In Q3 2025, the company shipped over 180 GWh, with actual receipts at 165 GWh, representing a year-on-year increase of 32% and a quarter-on-quarter increase of 10%. The revenue growth is attributed to the stabilization of product prices at 0.55-0.60 RMB/Wh, while costs are estimated to be between 0.40-0.45 RMB/Wh [2] - The gross margin and net profit margin for Q3 were 25.8% and 16%, respectively, remaining stable compared to the previous quarter [1][2] - The company’s inventory at the end of Q3 was 80.2 billion RMB, an 11% increase from the previous quarter, aligning with the growth in shipment volume [2] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 70.1 billion RMB, 91.5 billion RMB, and 113.4 billion RMB for the years 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 24x, 18x, and 15x [3]

Economic Growth - The cumulative growth rate for the first three quarters is 5.2%, establishing a solid foundation for achieving the annual target of 5%[3] - The minimum GDP growth requirement for the fourth quarter is set at 4.6% to meet the annual goal[3] Policy Measures - Continuous and stable policies will be maintained, with potential for monetary policy adjustments such as interest rate cuts if pressures increase[3] - Fiscal policy may involve increasing the scale of policy financial tools and utilizing government bond balances to support growth[3] GDP Performance - In Q3, GDP at constant prices grew by 4.8% year-on-year, down from 5.2%, while nominal GDP growth was 3.7%, also lower than the previous 3.9%[5] - Q3 fixed asset investment (FAI) saw a significant decline of 6.6%, while retail sales growth dropped to 3.4%[5] Economic Disparities - The gap between constant price GDP growth and nominal GDP growth indicates a disparity in economic performance, with nominal GDP growth at its lowest for 2023[8] - The GDP deflator index has shown negative growth for ten consecutive quarters, reflecting ongoing price pressures in the economy[8] Sectoral Insights - Industrial value added increased by 5.8% year-on-year in Q3, with high-tech manufacturing growing by approximately 9.6%[12] - Service sector value added rose by 5.4%, with information technology services leading at 11.2% growth[12] Investment Dynamics - Despite a decline in fixed asset investment, capital formation contributed positively to GDP growth, adding 0.9 percentage points[19] - The performance of intangible asset investments, particularly in software, has been relatively strong, benefiting from advancements in artificial intelligence[19] Future Outlook - Economic growth may slow in Q4 due to high base effects, particularly in consumer goods, with automotive retail showing negative growth[21] - Policy efforts will focus on boosting service consumption and fixed asset investment, with an estimated 2.2 percentage point support from new fiscal measures[21] Risk Factors - Risks include US-China trade tensions, tariff increases, and global supply chain adjustments, which may impact exports and corporate profits[4] - Ongoing geopolitical changes and international market fluctuations could affect commodity prices and related industries[4]

业绩简评 2025 年 10 月 20 日，公司发布 2025 年三季报。公司 2025 年第 三季度实现营收 60.8 亿元，同比增长 10.0%，毛利润为 24.5 亿 元，同比增长 8.6%；归母净利润为 1.4 亿元，同比增长 202.4%； 扣非后归母净利润为 0.3 亿元，同比增长 76.5%。 现金流方面，公司 2025 年第三季度销售商品、提供劳务收到的现 金为 70.8 亿元，同比增长 18.2%，快于同期营收增速；经营活动 现金流量净额为 9.0 亿元，同比增长 25.2%。 经营分析 收入方面，根据公司 2025 年上半年披露的营收结构及增速，C 端、B 端、G 端业务营收占比分别为 32%、42%、26%，其中 C 端业务同比增长 38%，我们判断第三季度 C 端业务依然是营收 增长的主要驱动因素。 费用端，2025 年第三季度公司销售、管理、研发费用之和同比 增长 9.7%，快于当期毛利润增速。其中销售费用同比增长 23.1%，根据上半年销售费用结构，我们判断主要系公司增加了 渠道营销推广费用，从而拉动学习机等 C 端硬件营收的增长。管 理、研发费用增长相对平稳，分别同比下滑 1.4 ...

上周（10/13-10/17）债券型 ETF 资金净流出共 133.6 亿元，信用债 ETF、利率债 ETF、可转债 ETF 分别净流出 74.6 亿元、49.6 亿元、9.4 亿元。业绩表现来看，信用债 ETF、利率债 ETF、可转债 ETF 累计单位净值周度涨跌幅分别为 +0.11%、+0.32%、-1.77%，可转债 ETF 回撤较大，信用债与利率债 ETF 净值边际修复。 发行进度跟踪： 上周无新发行债券 ETF。 存量产品跟踪： 截止 2025 年 10 月 17 日，利率债 ETF、信用债 ETF、可转债 ETF 流通市值分别为 1341 亿元、3682 亿元、660 亿元， 信用债 ETF 规模占比为 64.8%。其中，海富通中证短融 ETF、博时可转债 ETF 流通市值位居前二，分别为 607 亿元、 577 亿元。相较于上周，利率债 ETF、信用债 ETF、可转债 ETF 流通市值分别减少 37.6 亿元、34.1 亿元、21.6 亿元。 ETF 业绩跟踪： 近期市场呈现区间震荡，近两周利率债 ETF、信用债 ETF 累计单位净值分别收于 1.18、1.02。从截止 10 月 17 日的累 ...