证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 31 日 [Table_Title] 新华保险 2025 年三季报点评：投资收益提升 推动 Q3 单季净利润高增 [Table_Title2] 新华保险（601336.SH） | [Table_DataInfo] 评级： | 买入 | 股票代码： | 601336.SH | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 73.19/44.25 | | 目标价格： | | 总市值(亿) | 1,877.34 | | 最新收盘价： | 67.81 | 自由流通市值(亿) | 1,414.14 | | | | 自由流通股数(百万) | 2,085.44 | [Table_Summary] 事件概述 新华保险发布 2025 年三季报。2025 年前三季度，公司实现营业收入 1,372.52 亿元，同比+28.3%，Q3 单季 同比+30.8%；归母净利润 328.57 亿元，同比+58.9%，Q3 单季同比+88.2%；期末归母净资产 1,005.08 亿元，较 2024 年 ...

证券研究报告|新股介绍 [Table_Date] 2025 年 10 月 31 日 ►中国已成为全球第一大 PCB 制造基地，PCB 市场增长迅 [Table_Title] 新股介绍|全球汽车电子 PCB 领先企业 速。受益于全球 PCB 产能向中国大陆转移以及下游电子终端 产品制造业蓬勃发展，中国大陆 PCB 行业整体呈现较快的发 展趋势，2006 年中国大陆 PCB 产值超过日本，成为全球第 一大 PCB 制造基地。据 Prismark ，中国大陆 PCB 产值占全球 PCB 总产值的比例已由 2000 年的 8.1%上升至 2024 年的 55.74%，未来五年仍将持续增长，2024 年至 2028 年中国大 陆 PCB 产值复合年均增长率为 4.0%。 ►研发专利为基石，荣誉奖项为背书，树立良好品牌形象。 [Table_Title2] 超颖电子（603175） 公司目前共取得 14 项发明专利和85 项实用新型专利，并积 累了多项非专利技术。根据中国电子电路行业协会的统计， 2024 年公司在综合 PCB 企业排名中位列第 23 位。根据 NTI 报告，2023 年公司为全球前十大汽车电子 PCB供应 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported significant growth in both new business value (NBV) and net profit in Q3, with a year-on-year increase of 91.5% in net profit for the quarter [2] - The company has successfully diversified its product offerings and managed liability costs, leading to improved investment returns [2][3] - The total investment income for the first three quarters increased by 41.0% year-on-year, driven by a favorable stock market environment [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 537.895 billion yuan, a year-on-year increase of 25.9%, with Q3 alone showing a 54.8% increase [2] - The net profit attributable to shareholders reached 167.804 billion yuan, up 60.5% year-on-year, with Q3 showing a remarkable 91.5% increase [2] - The company's total investment assets amounted to 7,282.982 billion yuan, reflecting a 10.2% increase from the beginning of the year [4] New Business Value (NBV) Analysis - The NBV for the first three quarters increased by 41.8% year-on-year, significantly up from 20.3% in the first half of the year [3] - New single premium income for the first three quarters was 218.034 billion yuan, a 10.4% increase year-on-year, with Q3 showing a 52.5% increase [3] - The proportion of new single premium income from life insurance, annuity insurance, and health insurance was 31.95%, 32.47%, and 31.15%, respectively [3] Investment Income and Asset Management - The company achieved total investment income of 368.551 billion yuan in the first three quarters, a year-on-year increase of 41.0%, with Q3 alone contributing 241.045 billion yuan, up 73.3% [4] - The total investment yield reached 6.42%, an increase of 104 basis points year-on-year [4] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been revised upwards, with expected revenues of 542.479 billion yuan, 542.017 billion yuan, and 554.381 billion yuan for the respective years [5] - The projected net profit for 2025-2027 is 170.686 billion yuan, 130.353 billion yuan, and 133.327 billion yuan [5] - The estimated earnings per share (EPS) for 2025-2027 is 6.04 yuan, 4.61 yuan, and 4.72 yuan [5]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 10 月 31 日 [Table_Title] PMI 回落，政策加力正当时 10 月 31 日， 统计局发布 10 月 PMI。制造业 PMI 49.0%，预期 49.6%，前值 49.8%。非制造业 PMI 50.1%，前值 50.0%。关注以下几个方面： 第一，制造业分项接近全线回落，生产分项拖累最大。10 月制造业 PMI 回落 0.8 个百分点至 49.0%，持平 于今年 4 月，而当时正值中美贸易摩擦的峰值。拆分来看，五个主要分项中，生产和新订单分别拖累 0.55、 0.27 个点，原材料库存和从业人员也小幅拖累（0.12、0.04 个点）。仅供应商配送时间小幅拉动 0.12 个点。其 他分项也全面回落，不被纳入 PMI合成指标的其他 8 个变量，10 月相对 9 月平均回落 1.16 个点。 10 月制造业生产活动可能受到工作日减少的影响。由于今年中秋节落在 10 月，使得 10 月仅 18 个工作 日，少于去年同期的 19 个。与之对照，今年 9 月工作日数较去年多出 2 天。因而今年 9 月制造业 PMI生产分项 环比冲高， ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 31 日 [Table_Title] Q3 业绩符合市场预期，平台化布局受益先进 制程扩产 [Table_Title2] 北方华创(002371) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 002371 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 490.03/314.33 | | 目标价格： | | 总市值(亿) | 3,009.79 | | 最新收盘价： | 415.5 | 自由流通市值(亿) | 3,007.38 | | | | 自由流通股数(百万) | 723.80 | [Table_Summary] 事件概述 公司发布 2025 年三季报。 ► 半导体设备业务快速放量，25Q3 营收延续快速增长 考虑公司毛利率波动、费用资本化比例下降等因素，我们调整 2025-2027 年公司营收预测为 385.04、477.62、 592.97 亿元（原值为 390.58、484.54、601.63 亿元），分别同比+29.0%、+ ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a significant year-on-year revenue increase of 42.81% for the first three quarters of 2025, reaching 1.103 billion yuan, with Q3 revenue at 368 million yuan, up 37.96% year-on-year, driven by strong domestic equipment demand and competitive product advantages [3] - The company's net profit attributable to the parent company for the first three quarters of 2025 was 129 million yuan, a slight decrease of 0.99% year-on-year, with Q3 net profit down 23.03% year-on-year, primarily due to increased R&D investments [4] - The company has a strong order backlog, with historical highs in hand orders, indicating continued revenue growth potential [3] Summary by Sections Revenue Growth - The company achieved a revenue of 1.103 billion yuan in the first three quarters of 2025, representing a 42.81% increase year-on-year, with Q3 revenue of 368 million yuan, up 37.96% year-on-year [3] - The growth is attributed to robust domestic demand for equipment and the company's competitive advantages in products like Chiller and L/S [3] Profitability and R&D Investment - The net profit attributable to the parent company for the first three quarters was 129 million yuan, down 0.99% year-on-year, while the net profit for Q3 was 39 million yuan, down 23.03% year-on-year [4] - The company increased its R&D expenses significantly, with a 61% year-on-year rise in Q3, impacting short-term profitability [4] Market Position and Future Outlook - The company has a storage order exposure exceeding 60%, with expectations of significant growth in the semiconductor equipment market due to the establishment of a global storage super cycle [5] - The company is focusing on developing new vacuum pump products, which are expected to open up additional growth opportunities [5] Financial Forecast - Revenue forecasts for 2025-2027 have been adjusted to 1.5 billion, 2.068 billion, and 2.857 billion yuan, respectively, with corresponding net profit forecasts of 204 million, 335 million, and 517 million yuan [6] - The projected EPS for 2025-2027 is 1.21, 1.99, and 3.08 yuan, respectively, with a maintained "Accumulate" rating [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 3.409 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 11.96%, and a net profit attributable to shareholders of 136 million yuan, up 44.01% year-on-year [2] - In Q3 2025 alone, the company achieved a revenue of 909 million yuan, a year-on-year increase of 20.92%, with a net profit of 13 million yuan, reflecting a significant year-on-year growth of 210% [2] - The company’s operating cash flow increased by 324.74% year-on-year to 189 million yuan, primarily due to increased cash receipts from sales of goods and services [2] Revenue Analysis - The company experienced steady revenue growth driven by high-end brands, with notable performance from brands like Yifidan and PA, which are expected to maintain high growth rates due to low base effects [3] - The light luxury brand HB is also showing good growth, while the mass-market brand Yuni has begun to recover following a brand upgrade [3] Profitability Analysis - The gross margin for Q1-Q3 2025 was 66.00%, an increase of 2.91 percentage points year-on-year, while the net profit margin was 3.99%, up 0.89 percentage points year-on-year [4] - In Q3 2025, the gross margin reached 69.82%, reflecting a year-on-year increase of 1.83 percentage points and a quarter-on-quarter increase of 4.55 percentage points [4] - The company’s net profit margin for Q3 2025 was 1.38%, showing a year-on-year increase of 2.91 percentage points but a quarter-on-quarter decline of 4.37 percentage points, attributed to increased marketing expenses [4] Expense Analysis - The company’s expense ratio for Q1-Q3 2025 was 60.04%, an increase of 2.31 percentage points year-on-year, with sales expenses, management expenses, R&D expenses, and financial expenses showing respective increases [5] - In Q3 2025, the expense ratio was 67.04%, a decrease of 1.15 percentage points year-on-year, indicating a strategic focus on long-term brand building despite a slight increase in marketing efforts [5] Investment Recommendations - The company is positioned as the only domestic group operating multiple high-end beauty brands, with expectations for continued revenue and profit growth as brand strength and customer reputation improve [6] - Revenue forecasts for 2025-2027 are adjusted to 4.566 billion, 4.920 billion, and 5.315 billion yuan respectively, with net profits projected at 204 million, 288 million, and 375 million yuan [6] - The corresponding earnings per share (EPS) are expected to be 0.52, 0.74, and 0.96 yuan, with price-to-earnings (PE) ratios of 42, 30, and 23 times [6]

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 30 日 [Table_Title] Q3 业绩接近预告上限，深度受益 AI 国产化& 存储扩产 [Table_Title2] 长川科技(300604) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300604 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 107.66/35.51 | | 目标价格： | | 总市值(亿) | 583.31 | | 最新收盘价： | 92.52 | 自由流通市值(亿) | 449.24 | | | | 自由流通股数(百万) | 485.56 | [Table_Summary] 事件概述 公司发布 2025Q3 业绩公告。 ► CIS、存储测试机等新品放量，Q3 收入端加速增长 2025Q1-3 公司收入为 37.79 亿元，同比+49.05%，其中 Q3 为 16.12 亿元，略超我们预期，同比+60.04%， 进一步提速，主要受益封测行业复苏以及 SoC、CIS 等数字类产品持续放量。展望未来，S ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 30 日 [Table_Title] Q3 净利润同比+75%，盈利能力小幅提升 [Table_Title2] 新锐股份(688257) 公司收入端高速增长主要得益于持续加大市场开发力度以及智利 Drillco 并表，各业务板块协同发展，矿用工具与切削刀具均保持 良好增长态势。Q3 公司利润端快速增长的驱动力之一是公司产 品价格因为原材料价格上涨而全面调整，推动盈利水平进一步提 升。 ► Q3 盈利能力同环比均提升 2025 年前三季度，公司综合毛利率为 32.4%，同比+0.7pp； 期间费用率为 20.2%，同比+1.6pp；净利率为 10.6%，同比- 0.9pp。单 Q3，公司综合毛利率为 32.9%，同比+2.1pp，环比 +0.8pp；期间费用率为 19.8%，同比持平；净利率为 11.0%， 同比+1.9pp，环比+0.9pp。 2025 年前三季度，公司实现营收 17.9 亿元，同比+32.1%，实 现归母净利润 1.7 亿元，同比+22.7%。单 3 季度来看，公司实 现营收 6.5 亿元，同比+38.0%，环比+ ...

[Table_Summary] 事件概述 2025Q3公司实现收入/归母净利/扣非归母净利3.0/0.13/0.11亿元、同比增长-24.91%/-20.32%/12.94%。 2025 前三季度公司收入/归母净利/扣非归母净利/经营性现金流分别为 9.53/0.33/0.27/-1.47 亿元、同比增 长-13.98%/-67.53%/-70.46%/-17.80%，经营性现金流为负主要由于应付账款下降。 2025 年 8 月 26 日，公司公告大股东定增不超过 19.3 亿元，价格为 7.28 元/股，定增后董事长持股由 22% 提升至 33.6%，主要用于夯实户外+芯片双主业。 证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 30 日 [Table_Title] Q3 扣非利润双位数增长，关注定增进展 [Table_Title2] 探路者(300005) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 300005 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 10.62/6. ...