Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved a revenue of 4.163 billion RMB in Q3 2025, representing a year-over-year increase of 60.71% but a quarter-over-quarter decrease of 6.96%. The net profit attributable to the parent company was 360 million RMB, up 2.51% year-over-year but down 12.14% quarter-over-quarter [1][2]. - For the first three quarters of 2025, the company reported a total revenue of 12.066 billion RMB, a 72.22% increase year-over-year, while the net profit attributable to the parent company was 1.038 billion RMB, down 29.51% year-over-year [1][2]. - The company is accelerating its global expansion and enhancing its brand presence overseas, which is expected to lead to a recovery in net profit margins in the future [1][2]. Revenue Growth - In Q3 2025, the company's revenue growth was driven by the domestic vacuum cleaner market and ongoing brand development in overseas markets, leading to significant increases in product sales [2]. - The online GMV for the company's vacuum cleaner business in China increased by 70% year-over-year, while the washing machine business saw a staggering 1228% increase [2]. Profitability Metrics - The gross margin for Q3 2025 was 42.15%, down 11.80 percentage points year-over-year, primarily due to increased domestic price subsidies. The selling expense ratio decreased to 24.39%, down 1.79 percentage points year-over-year [3]. - The company's R&D expense ratio was maintained at a high level of 8.23% in Q3 2025, reflecting its commitment to innovation [3]. Inventory Management - As of the end of Q3 2025, the company's inventory reached 3.716 billion RMB, an increase of nearly 2 billion RMB year-over-year, primarily due to increased stocking in the U.S. to mitigate tariff risks and growth in European self-operated channels [4]. Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025-2027 to 1.682 billion RMB, 2.385 billion RMB, and 2.801 billion RMB, respectively, reflecting a downward adjustment of 15.19%, 0.94%, and 1.85% [5]. - The target price for the company is set at 230.25 RMB, based on a 25x PE ratio for 2026, indicating potential for profit growth in the coming year [5].

Investment Rating - The report maintains an "Overweight" rating for the company [7]. Core Views - The company demonstrated resilience in operations with a year-on-year increase in net profit attributable to shareholders by 14.5% and revenue by 1.4% for the first nine months of 2025 [1]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 514% as of Q3 [4]. - The report anticipates a gradual recovery in the economy, projecting net profits of 194 billion, 218 billion, and 243 billion RMB for 2025 to 2027, respectively [5]. Summary by Sections Financial Performance - For the first nine months of 2025, the company's net profit, revenue, and pre-provision operating profit (PPOP) increased by 14.5%, 1.4%, and 1.6% year-on-year, respectively [1]. - The annualized return on assets (ROA) and return on equity (ROE) were stable at 0.96% and 16.91%, respectively [1]. Credit and Asset Quality - As of Q3 2025, total assets, loans, and deposits grew by 13.8%, 12.7%, and 14.5%, respectively, compared to the previous quarter [2]. - The bank's non-performing loan ratio remained stable at 0.76%, with a slight decrease in provisions but still at a comfortable level [4]. Wealth Management and Non-Interest Income - The bank's net fee and commission income increased by 12.6% year-on-year, driven by strong performance in wealth management [3]. - However, other non-interest income saw a decline of 24.7% year-on-year due to market fluctuations affecting investment income [3]. Profitability and Valuation - The report forecasts net profits of 19.41 billion RMB for 2025, with a projected price-to-book (PB) ratio of 0.74 times for 2026 [5]. - The target price is set at 21.32 RMB, reflecting a PB of 1.0 times [5].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 68.15 RMB [6][4]. Core Insights - The company reported Q3 revenue of 370 million RMB, an increase of 8% year-over-year and 9% quarter-over-quarter, with a net profit of 41.07 million RMB, up 12% year-over-year and 23% quarter-over-quarter [1]. - The gross margin for the first three quarters of 2025 increased by 1.9 percentage points to 33.8%, driven by the demand for high-end gas products [2]. - The company has successfully introduced products to over 90% of domestic 8-12 inch chip manufacturers, with ongoing projects progressing smoothly [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.04 billion RMB, a decrease of 1% year-over-year, and a net profit of 120 million RMB, down 10% year-over-year [1]. - The report projects net profits for 2025-2027 to be 170 million, 220 million, and 280 million RMB respectively, reflecting year-over-year changes of -5%, +25%, and +29% [4]. Market Position and Growth Potential - The company is positioned to benefit from the accelerated domestic semiconductor production, with several specialty gas products showing strong growth potential [1]. - The ongoing projects include the synthesis and purification of hexafluorobutylene and the purification of hydrogen bromide, which are on track for mass production [3]. Valuation Metrics - The report adjusts the company's net profit estimates downward for 2025-2027 by 19%, 16%, and 18% respectively, while maintaining a PE valuation of 47 times for 2025, leading to a target price of 68.15 RMB [4].

Investment Rating - The report maintains an investment rating of "Hold" for the company [1][12]. Core Views - The company experienced a significant loss of 4.37 billion RMB in the first three quarters of 2025, an increase in loss of 2.02 billion RMB year-on-year, primarily due to a 42% decline in revenue to 17.02 billion RMB and a decrease in project turnover [3][12]. - The company is under financial pressure, with a net debt ratio of 146% and a decrease in cash reserves by 25% year-on-year, although it maintains positive operating cash flow of 4.9 billion RMB [4][12]. - The real estate market is still stabilizing, with the company facing sales pressure, as evidenced by a 22% decline in contract sales amounting to 13.25 billion RMB [5][12]. - The company has initiated land acquisition again, with a new plot in Chongqing costing 460 million RMB, but remains cautious in investment due to ongoing sales pressure [5][12]. - The new chairman, Wu Bingqi, has taken office, bringing experience from major companies, which may signal a new direction for the company [5][12]. Financial Summary - The company reported a revenue of 17.02 billion RMB in Q1-3 2025, down 42% year-on-year, with a net loss of 4.37 billion RMB, reflecting a 20.2% increase in losses compared to the previous year [3][12]. - The projected EPS for 2025 has been adjusted to -0.64 RMB, down from -0.50 RMB, with a target price set at 2.33 RMB based on a 0.39x PB ratio [6][18]. - The company’s financial metrics indicate a continued decline in profitability, with a projected net profit of -5.12 billion RMB for 2025, and a significant reduction in revenue forecasted for the coming years [11][19].

工商银行 1-9 月归母净利润、营业收入、PPOP 分别同比+0.3%、+2.2%、 +2.0%，增速较 1-6 月+1.7pct、+0.6pct、+0.4pct。 公司业绩边际改善，非 息收入增速回升，中收增速由负转正，资产质量稳健。我们认为龙头地位稳 固，A/H 股维持买入/买入评级。 证券研究报告 工商银行 (601398 CH/1398 HK) 港股通 非息增速改善助力业绩回稳 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 国有大型银行 聚焦支持"四稳"，服务实体提质扩面。公司靠前对接各项存量和增量政策， 承销首批股权投资机构科技创新债券，AIC 股权投资试点业务规模行业领 先。突出"工"的主责主业和"商"的专业特色，做好金融"五篇大文章"，加力支 持国民经济重大战略、重点领域和薄弱环节，制造业、科技创新、绿色发展、 普惠小微等领域贷款增速均高于各项平均；积极支持提振消费、保障民生， 加强消费者权益保护，6 月末个人消费贷款增长 10.2%。 给予 A/H 股 26 年目标 PB0.85/0.65 倍 规模持续增长，息差略有波动 9 月末总资产、贷款、存款增速分别为+9.2 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [8] Core Views - The company has shown significant growth in revenue and net profit for Q3 2025, with revenue reaching 10.766 billion RMB (up 51.82% YoY, 31.97% QoQ) and net profit at 4.465 billion RMB (up 85.86% YoY, 20.26% QoQ) [1][2] - The company is planning to issue H shares, with a general authorization to issue up to 20% of the already issued H shares, which could enhance its capital strength and profitability [5][6] Financial Performance - Total assets reached 953.4 billion RMB by the end of Q3 2025, a 26% increase from the beginning of the year and a 17% increase quarter-on-quarter [2] - The leverage ratio increased to 4.76x, up 0.81x year-to-date and 0.63x quarter-on-quarter, indicating rapid leverage growth [2] - The company achieved a net profit of 10.934 billion RMB for the first three quarters of 2025, a 62% increase YoY [2] Business Segments - Investment and brokerage revenues grew significantly, with investment income up 57% and brokerage income up 75% YoY, contributing 36% and 27% to total revenue, respectively [2][4] - The financial investment scale increased by 16% quarter-on-quarter to 482 billion RMB, with trading financial assets rising by 22% [3] - The brokerage business net income for Q3 2025 was 3.1 billion RMB, a 149% increase YoY, driven by a rise in A-share trading volume [4] Profit Forecast and Valuation - The report projects net profits for 2025-2027 to be 14.371 billion, 16.545 billion, and 19.108 billion RMB, respectively, with corresponding EPS of 1.89, 2.18, and 2.51 RMB [6][12] - The target prices are set at 30.95 RMB for A shares and 27.15 HKD for H shares, reflecting a PB valuation of 1.5 for A shares and 1.2 for H shares [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved Q3 revenue of 4.567 billion RMB, representing a year-over-year increase of 25.54% and a quarter-over-quarter increase of 4.65%. The net profit attributable to shareholders was 506 million RMB, up 18.95% year-over-year but down 8.58% quarter-over-quarter. For the first three quarters of 2025, the company reported a total revenue of 12.914 billion RMB, a year-over-year increase of 18.82%, and a net profit of 1.470 billion RMB, up 15.78% year-over-year [1][7] - The growth in revenue is primarily attributed to the sustained demand in the relay sector and the acceleration of new product categories, with expectations for continued performance growth driven by overseas markets and data centers [1][3] Summary by Sections Financial Performance - In Q3 2025, the gross margin was 35.35%, showing a quarter-over-quarter increase of 0.69 percentage points despite rising raw material costs and competitive pricing pressures. The net profit margin was 14.63%, down 1.03 percentage points year-over-year and 2.20 percentage points quarter-over-quarter, mainly due to an increase in the expense ratio [2] - The company generated a net cash flow from operating activities of 1.573 billion RMB in the first three quarters of 2025, reflecting a year-over-year increase of 30.49% [2] Product Development and Market Position - The company is strengthening its core business in relays while actively expanding into new product categories such as fuses and film capacitors. A five-year plan has been established to guide the achievement of phased goals and drive order and revenue growth [3] - The company is also developing modular solutions, such as high-voltage control boxes, to enhance product value and increase the self-manufacturing ratio of new product categories [3] Growth Opportunities - The company has a rich reserve of components and solutions for data centers, including relays, connectors, and various power distribution solutions. The shift from AC to DC power supply architectures in AI data centers is expected to enhance demand for the company's products, providing new growth momentum [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upward by 1.30%, 2.10%, and 3.92% to 1.893 billion RMB, 2.195 billion RMB, and 2.590 billion RMB, respectively, with a three-year compound growth rate of 16.66%. The target price is set at 44.68 RMB, based on a PE ratio of 29.71 for 2026 [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.42 [1]. Core Views - The company reported a revenue of RMB 19.31 billion for the first three quarters, a year-on-year increase of 64%, and a net profit attributable to shareholders of RMB 760 million, up 40% year-on-year. Despite significant stock gains in Q3, inventory impairment offset these gains, primarily due to price adjustments on long-cycle projects, which also led to positive sales growth in Q3 [1][2]. - The company is expected to benefit from improved sales and performance recognition in 2025, alongside favorable real estate policies in key cities and ongoing urban renewal projects [1]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of RMB 160 million, a decrease of 77% year-on-year, mainly due to an inventory impairment of RMB 860 million that offset stock gains from investments in Guoxin Securities and Nanwei Medical, which saw price increases of 17% and 49%, respectively [2][3]. - Cumulatively, for the first three quarters, the company’s net profit grew significantly due to a 44% increase in completed real estate area and improved stock gains, totaling RMB 1.01 billion, an increase of RMB 350 million year-on-year [3]. Sales and Land Acquisition - The company’s sales amount for the first three quarters decreased by 8% to RMB 14.1 billion, but Q3 saw a 3% increase in sales amount and a 103% increase in sales area, attributed to inventory clearance and price adjustments [4]. - The company acquired two land parcels in Beijing for a total price of RMB 5.3 billion, with a land acquisition intensity of 38% and an equity ratio of 40%. A new acquisition in Changping District for RMB 2.8 billion further expands its land reserves [4]. Profit Forecast and Valuation - The profit forecast for the company remains at RMB 835 million, RMB 840 million, and RMB 857 million for 2025-2027, respectively. The estimated BPS for 2026 is RMB 11.42. The average P/B ratio for comparable companies is 0.74, while the company’s reasonable P/B is set at 0.65, maintaining the target price of RMB 7.42 [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.70 [1][5]. Core Insights - The company has experienced significant revenue growth driven by increased settlement volume, achieving Q3 revenue of RMB 3.588 billion, a year-on-year increase of 1264.26% [1]. - The company has turned profitable with a net profit of RMB 133 million in Q3, marking a year-on-year increase of 216.56% [1]. - The outlook for the company remains positive, with expectations of continued high revenue growth due to ample resources awaiting settlement and a strong sales pipeline [2][3]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company reported revenue of RMB 9.515 billion, a year-on-year increase of 938.80%, and a net profit of RMB 287 million, indicating a turnaround from losses [1][2]. - The gross margin is expected to recover to 17.1% in 2025, up 2.6 percentage points from 2024, as the settlement peak for key projects approaches [2]. Sales and Inventory - The company signed sales contracts worth approximately RMB 4.46 billion in the first three quarters, a decrease of 53% year-on-year due to the lack of new project launches [3]. - The unsold inventory is estimated to exceed RMB 70 billion, with 99% located in Shanghai, indicating a strong potential for future sales [3]. Operational Expansion - The rental business has expanded, with rental cash inflow reaching approximately RMB 107 million in Q3, reflecting a quarter-on-quarter increase of 7.2% [4]. - The company has initiated a C-REIT channel, planning to include community assets for further asset securitization, enhancing its operational capacity [4]. Financial Forecast and Valuation - The company forecasts net profits of RMB 569 million, RMB 826 million, and RMB 1.03 billion for 2025, 2026, and 2027, respectively [5]. - The target price is set at RMB 6.70, based on a price-to-book ratio of 0.76 times, reflecting the company's strong position in the Shanghai market and its proactive approach to city renewal [5].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 91.80 [1]. Core Insights - The company reported Q3 revenue of RMB 594 million, a year-over-year increase of 32.40% and a quarter-over-quarter increase of 6.27%. The net profit attributable to the parent company was RMB 137 million, up 24.95% year-over-year but down 3.48% quarter-over-quarter [1]. - The company is expected to see significant growth in ink revenue due to the increasing penetration of digital printing technology [1][4]. - The company is actively expanding its market presence by leveraging the shift from traditional processes to digitalization in downstream industries, which is expected to drive future growth [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a total revenue of RMB 1.632 billion, representing a year-over-year growth of 29.02%, with a net profit of RMB 388 million, up 25.08% year-over-year [1]. - The gross margin for Q3 2025 was 44.37%, and the net margin was 25.05%, showing a slight decline in gross margin compared to the first half of 2025, attributed to changes in product mix [3]. Production Capacity and Future Outlook - The company has increased its fixed assets to RMB 940 million, with ongoing construction projects expected to enhance production capacity significantly. The ink production capacity is projected to reach 47,000 tons annually, which could potentially generate an additional RMB 1.5 billion in revenue once fully operational [4]. - The company anticipates that the new ink production capacity will contribute significantly to its revenue, potentially accounting for 80% of total revenue in 2024 under conservative pricing assumptions [4]. Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 520 million, RMB 610 million, and RMB 730 million, respectively, with a compound annual growth rate (CAGR) of 21% [5]. - The company is valued at a price-to-earnings (PE) ratio of 28 for 2025, with a target price adjustment reflecting a favorable growth outlook in the digital printing sector [5].