证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] 收入延续较快增长，盈利能力呈现环比改善中 [Table_Title2] 博腾股份(300363) [Table_Summary] 事件概述 公司发布 2025 年三季报：25Q1-3 实现营业收入 25.44 亿元，同 比增长 19.72%、实现归母净利润 0.80 亿元，实现扭亏为盈、实 现扣非净利润 0.54 亿元，实现扭亏为盈。 分析判断: ► 收入延续较快增长，盈利能力呈现环比改善中 公司 25Q1-3 实现收入 25.44 亿元，同比增长 19.72%，其中 25Q3 单季度实现收入 9.23 亿元，同比增长约 19%，延续较快增长。公 司 25Q1-3 实现归母净利润约为 0.80 亿元，相对去年同期实现扭 亏为盈，若剔除新业务亏损影响（约亏损 1.64 亿元），小分子原 料药 CDMO 主业实现利润为 2.44 亿元，对应业务净利率为 10.4%，相对 25H1 情况延续向上增长趋势，呈现环比改善中，我 们判断主要受益于规模效应和降本增效等措施的落地影响。 投资建议 考虑到业务确认 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a significant revenue increase of 67.18% year-on-year for the first three quarters of 2025, achieving a total revenue of 6.611 billion yuan [1] - Despite the revenue growth, the net profit attributable to shareholders decreased by 5.95% year-on-year, amounting to 792 million yuan [1] - The company is focusing on increasing sales and R&D investments to support long-term growth [1] Revenue and Profit Analysis - In Q3 2025, the company achieved a revenue of 2.940 billion yuan, representing a year-on-year increase of 92.64% and a quarter-on-quarter increase of 26.98% [2] - The net profit for Q3 2025 was 272 million yuan, down 15.90% year-on-year and 20.82% quarter-on-quarter [2] - The decline in profit is attributed to high R&D investments and diversification efforts, particularly in customized chips and strategic projects [2] Margin and Expense Overview - The gross margin for the first three quarters of 2025 was 49.63%, a decrease of 4.16 percentage points year-on-year [3] - The expense ratio for the same period was 37.22%, an increase of 6.99 percentage points year-on-year, with significant increases in sales and R&D expenses [3] - Sales expenses rose by 102.60% year-on-year to 1.130 billion yuan, driven by increased marketing efforts [3] Stock Incentive Plan - The company announced a stock incentive plan on September 24, 2025, aimed at enhancing long-term development [4] - The plan involves granting 1.387146 million restricted stocks to 695 key employees, excluding directors and major shareholders [4] Financial Forecast - The revenue projections for 2025-2027 are adjusted to 8.808 billion, 12.480 billion, and 16.849 billion yuan, reflecting year-on-year growth rates of 58.0%, 41.7%, and 35.0% respectively [8] - The net profit forecasts for the same period are 1.000 billion, 1.549 billion, and 2.425 billion yuan, with growth rates of 0.6%, 54.9%, and 56.5% respectively [8] - The earnings per share (EPS) are projected to be 2.49, 3.96, and 6.05 yuan for 2025, 2026, and 2027 respectively [8]

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] 业绩超市场预期，上修 25 年全年收入指引、 维持重点推荐 [Table_Title2] 药明康德(603259) [Table_Summary] 事件概述 分析判断: ► 业绩超市场预期，上修 25 年全年收入指引 公司 25Q1-3 持续经营业务实现收入 324.5 亿元，同比增长 22.51%，其中 25Q3 单季度持续经营业务实现收入为 120.5 亿 元，同比增长为 19.7%，业绩超市场预期、延续快速增长趋势。 公司 25Q1-3 经调整归母净利润为 105.4 亿元，同比增长 43.4%， 其中 25Q3 单季度经调整归母净利润为 42.2 亿元，同比增长 42.0%，受益于规模效应以及盈利能力较低业务剥离等因素影 响。截止 25 年 9 月底，公司持续经营业务在手订单为 598.8 亿 元，同比增长 41.2%，呈现略微加快趋势、为未来业绩增长奠定 基础。根据公司 2025 年三季报，公司上修 25 年业绩指引，即预 计 2025 年持续经营业务收入增速从 13%~17%上修至 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 12.88 billion yuan, a year-on-year increase of 25.9%, and net profit attributable to shareholders of 1.42 billion yuan, up 130.6% [1] - The growth in revenue is attributed to strong sales of cleaning appliances, particularly the roller series products, despite challenges in domestic sales due to subsidy reductions [2] - The gross profit margin improved significantly, reaching 49.8% in Q3 2025, an increase of 7.7 percentage points year-on-year, primarily due to the higher sales proportion of roller series products [3] Revenue Summary - For Q3 2025, the company achieved revenue of 4.2 billion yuan, a year-on-year increase of 29.3%, with net profit soaring to 440 million yuan, reflecting a staggering increase of 7160.9% [1] - The online sales growth rates for the company's brands in Q3 were impressive, with the Ecovacs brand's floor cleaning machines growing by 122% year-on-year and the Tineco brand's washing machines by 35% [2] Profit Summary - The net profit margin for Q3 2025 was 10.4%, an increase of 10.2 percentage points year-on-year, driven by the substantial rise in gross profit margin [3] - The company expects to maintain a strong profit trajectory, with projected net profits of 1.99 billion yuan, 2.42 billion yuan, and 2.93 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 146.67%, 21.61%, and 21.23% [4] Financial Forecast - Revenue forecasts for 2025, 2026, and 2027 are set at 20.11 billion yuan, 23.04 billion yuan, and 26.52 billion yuan, representing year-on-year growth rates of 21.55%, 14.57%, and 15.10% [4] - The earnings per share (EPS) are projected to be 3.46 yuan, 4.20 yuan, and 5.10 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 27.15, 22.33, and 18.42 [4]

证券研究报告|行业研究报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] Pilbara Minerals 2025Q3 锂精矿产销量分别环比 +2%、-1%至 22. 48、21.4 万吨，单位运营成本 （含运费和特许权使用费）环比下降 9%至 422 美 元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 2025Q3 生产经营情况 1、锂精矿 2025Q3，锂精矿产量达 22.48 万吨，环比增长 2%，同比 增长 2%。环比增长表明在成功完成 P1000 扩建后，工厂的可 靠性和处理能力得以持续保持。锂回收率显著提升至 78.2%， 高于上一季度的 71.6%，体现了扩建后的工厂和矿石分选设施 持续优化所取得的成效。 包括 P1000 扩建项目在内的 P850 运营模式正在持续优 化，通过精心制定的运营策略来提高接触矿石给矿比例，并利 用矿石分选能力实现单位成本效益最大化。随着该运营策略的 推进，锂回收率预计将出现一定程度的波动；但 2026 财年的 产量仍有望达成全年目标。 2025Q3，锂精矿销量为 ...

[Table_Title] 业绩超预期，线上控折扣叠加自产比例提升 带来毛利率显著改善 [Table_Date] 2025 年 10 月 27 日 [Table_Title2] 罗莱生活(002293) 证券研究报告|公司点评报告 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002293 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 9.96/7.0 | | 目标价格： | | 总市值(亿) | 74.07 | | 最新收盘价： | 8.88 | 自由流通市值(亿) | 73.40 | | | | 自由流通股数(百万) | 826.61 | [Table_Summary] 事件概述 2025Q3公司收入/归母净利/扣非归母净利分别为12.04/1.55/1.43亿元，同比增长9.9%/50.14%/41.97%； 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 33.85/3.40/2.97/5.43 亿元，同比增长 5.75%/30.03%/23.21%/31.36%。我们分析 Q3 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported a slight decline in revenue for the first three quarters of 2025, with a total revenue of 1.306 billion yuan, down 0.72% year-on-year, while the net profit attributable to the parent company increased by 3.82% to 157 million yuan [2] - The company is focusing on both domestic and international markets to enhance its resilience against risks and promote stable long-term performance [3] - The company has improved its cost control capabilities, leading to a gradual optimization of its profitability levels [4] - The acquisition of "Gao Ye Jia" is expected to enhance the company's competitiveness and enrich its industry layout [6] - The company is projected to benefit from the pet economy, with revenue forecasts for 2025-2027 adjusted to 1.966 billion, 2.322 billion, and 2.698 billion yuan respectively [7] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 20.12%, an increase of 0.55 percentage points year-on-year, and a net profit margin of 12.00%, up 0.53 percentage points [4] - The company’s operating cash flow for the first three quarters of 2025 increased by 249.45% year-on-year to 264 million yuan, primarily due to an increase in cash received from sales [2] - The company’s financial summary indicates a projected revenue growth of 34.4% in 2024, followed by 9.4% in 2025 [9] Strategic Initiatives - The company is actively expanding its consumption scenarios and sales channels domestically, utilizing platforms like Douyin and Xiaohongshu to promote pet care concepts [3] - The establishment of the first overseas production base in Cambodia, which began operations in May 2025, is expected to significantly enhance the company's global layout capabilities [3] - The acquisition of "Gao Ye Jia" will help the company complete its domestic pet market layout and enhance its online operational capabilities [6]

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] 业绩符合预期，三大板块齐头并进助力增长 [Table_Title2] 宸展光电(003019) [Table_Summary] 事件概述 宸展光电发布 2025 年三季报。25Q1-Q3 公司实现营收 18.65 亿 元，同比-0.04%，归母净利润 1.56 亿元，同比-4.16%；扣非归 母净利润 1.33 亿元，同比-12.43%。 业绩符合市场预期 单季度看：25Q3 公司实现营收 6.69 亿元，同比+20.17%，环比 +16.52%；归母净利润为 0.44 亿元，同比+34.49%，环比- 29.79%；扣非归母净利润为 0.43 亿元，同比+48.46%，环比- 15.01%。 毛利率相对稳定，期间费用率同比提升 毛利率：25Q1-Q3 公司毛利率为 23.66%，同比+0.20pct。其 中，25Q3 毛利率为 23.21%，同比+0.57pct。 期 间费 用率 ： 25Q1-Q3 公司期间费用率 为 14.07% ，同比 +2.17pct。 其中销 售、 管理 、研 发、 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Insights - The company reported a year-on-year revenue increase of 5.5% for the first three quarters of 2025, reaching 18.1 billion yuan, while the net profit attributable to shareholders decreased by 7% to 870 million yuan [1] - In Q3 2025, the revenue was 7.52 billion yuan, reflecting a 7% year-on-year growth, and the net profit attributable to shareholders increased by 7.8% to 470 million yuan [1] - The company is accelerating the promotion of its education AI products, capitalizing on the ongoing digital transformation in the education sector driven by national policies [2] Revenue Analysis - Domestic education business showed steady growth in Q3, with significant contributions from various software and hardware products [2] - The LCD display main control board segment experienced rapid revenue growth, positively impacting overall revenue for the first three quarters [2] - The home appliance controller segment continued to benefit from a surge in domestic and international orders, maintaining a high growth rate in Q3 [2] - Overseas business faced challenges due to market demand fluctuations and tariff changes, but the MAXHUB overseas brand maintained strong growth [2] - The company's robotics segment saw good revenue growth, with the launch of intelligent flexible robotic arms and commercial cleaning robots in international markets [2] Profitability Analysis - For the first three quarters of 2025, the company's gross margin was 20.3%, a decrease of 1.7 percentage points year-on-year, while the net margin was 5.4%, down 0.3 percentage points [3] - In Q3 2025, the gross margin was 20.0%, down 1.5 percentage points year-on-year, but the net margin improved to 7.1%, an increase of 0.3 percentage points [3] Expense Analysis - The expense ratios for the first three quarters of 2025 showed a decrease in sales and management expenses, while R&D and financial expenses saw slight increases [8] - In Q3 2025, the expense ratios continued to reflect a similar trend, with reductions in sales, management, and R&D expenses [8] Earnings Forecast and Valuation - The company adjusted its revenue forecast for 2025-2027, expecting revenues of 23.89 billion, 27.58 billion, and 31.60 billion yuan respectively, with net profits of 1.00 billion, 1.21 billion, and 1.51 billion yuan [8] - Corresponding EPS estimates are 1.44, 1.74, and 2.16 yuan, with PE ratios projected at 30, 25, and 20 times [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 15.012 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.77%. The net profit attributable to shareholders was 1.539 billion yuan, up 13.24% year-on-year [2] - The company's retail transformation is showing positive results, with significant growth in both domestic and foreign trade revenues. The implementation of a digital supply chain and automated warehousing has improved operational efficiency [3] - The gross margin and net margin for Q3 2025 were 31.42% and 10.45%, respectively, reflecting an increase of 1.62 percentage points and 0.79 percentage points year-on-year [4] - The company is positioned as a leader in the soft furniture industry, focusing on user-centric, digital, and whole-home solutions, and is expected to continue its growth trajectory post-transformation [5] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 5.211 billion yuan, a year-on-year increase of 6.50%, and a net profit of 518 million yuan, up 11.99% year-on-year [2] - The operating cash flow for the first three quarters of 2025 was 1.855 billion yuan, showing an improvement compared to the previous year [2] Revenue Analysis - The company has initiated a product operation transformation, enhancing the efficiency of product management and retail operations through digital tools and data-driven strategies [3] - The retail transformation has led to an 18-fold increase in sales of smart products compared to H2 2024, and over 50% growth in functional product categories [3] Profitability Analysis - The company maintained a strong control over expenses, with a total expense ratio of 17.51% in Q3 2025, which is a decrease of 0.40 percentage points year-on-year [4] - The net profit margin increased to 10.45%, supported by improved gross margins and effective cost management [4] Earnings Forecast - The company is projected to achieve revenues of 20.291 billion yuan, 22.563 billion yuan, and 24.707 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 1.858 billion yuan, 1.991 billion yuan, and 2.167 billion yuan for the same years [5][7]