房地产/房地产开发 投资评级：买入（维持） | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 11.10 | | 一年最高最低(元) | 12.80/8.06 | | 总市值(亿元) | 345.37 | | 流通市值(亿元) | 298.13 | | 总股本(亿股) | 31.11 | | 流通股本(亿股) | 26.86 | | 近 3 个月换手率(%) | 79.07 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-10 2025-02 2025-06 滨江集团 沪深300 相关研究报告 《上半年收入利润高增，融资成本降 至央企水平—公司信息更新报告》 -2025.8.27 滨江集团（002244.SZ） 三季度业绩稳健增长，拿地聚焦杭州大本营 2025 年 10 月 31 日 《半年度业绩高增，投资强度维持高 位—公司信息更新报告》-2025.7.15 《归母净利润实现增长，销售冲入行 业 前 十 名 — 公 司 信 息 更 新 报 告 》 -2025.4.28 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue and profit growth in Q3 2025, with a year-over-year revenue increase of 124.15% and a net profit increase of 225.07% [5] - The advanced process equipment has entered large-scale production, exceeding expectations, which has led to an upward revision of the company's profit forecasts for 2025-2027 [5] - The company's gross margin has shown signs of recovery, with expectations for continued improvement as new products complete technical validation and enter mass production [4][5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 42.20 billion yuan, a year-over-year increase of 85.27% [4] - The gross margin for Q3 was 34.42%, with a quarter-over-quarter decline of 4.4 percentage points, attributed to high costs during the validation of new products [5] - The net profit attributable to the parent company for Q3 was 4.62 billion yuan, reflecting a year-over-year increase of 225.07% and a quarter-over-quarter increase of 91.60% [5] Revenue and Profit Forecast - The company is expected to achieve revenues of 64 billion yuan in 2025, 86 billion yuan in 2026, and 106 billion yuan in 2027, with corresponding net profits of 10.2 billion yuan, 20.2 billion yuan, and 27.3 billion yuan respectively [5] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 90.1 for 2025, 45.4 for 2026, and 33.6 for 2027 [5] Product Development and Market Position - The company has successfully validated advanced process equipment, including PECVD Stack and ALD SiCO, which are now in large-scale production [6] - The company is positioned as a leader in the CVD field in China, with a diverse range of thin film deposition equipment [6] - The introduction of three-dimensional integration equipment aligns with trends in advanced packaging and is expected to contribute to long-term growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 39.77 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.05%. The net profit attributable to shareholders reached 47.04 billion yuan, a significant increase of 210.74%, primarily due to equity disposal gains from the transfer of a wholly-owned subsidiary to the Southern Runze Technology Data Center REIT [4][5] - The company is positioned as a leader in liquid cooling AIDC and is expected to benefit from the ongoing demand for high-power cabinets and large-scale clusters driven by AIGC development. The successful listing of the REIT project has led to an upward revision of profit forecasts for 2025 and maintained forecasts for 2026 and 2027 [4][5] - The company has established a significant presence in six major regions across China, with a total of 61 intelligent computing centers and 320,000 cabinets, showcasing substantial scale advantages [6] Financial Summary and Valuation Metrics - For 2025, the expected revenue is 61.96 billion yuan, with a year-on-year growth of 41.9%. The net profit attributable to shareholders is projected to be 5.38 billion yuan, reflecting a year-on-year increase of 200.5% [8] - The company's P/E ratios for 2025, 2026, and 2027 are estimated at 15.1, 26.5, and 21.6 times, respectively, indicating a favorable valuation compared to historical performance [8]

Group 1: Macro Economic Insights - The "14th Five-Year Plan" has achieved significant accomplishments, marking a good start for the new journey towards the second centenary goal [6] - The "15th Five-Year Plan" is crucial for transitioning towards a modern socialist society, emphasizing the need to address uncertainties and enhance high-quality development [7] - The implicit target for economic growth during the "15th Five-Year Plan" is around 5%, with necessary growth rates for GNI and GDP projected to exceed 6.3% and 4.6% respectively [8] Group 2: Power Industry Insights - The power demand in China has maintained steady growth, with total electricity consumption reaching 7.77 trillion kWh, a year-on-year increase of 4.8% [22] - The coal price has bottomed out, leading to a stabilization of electricity prices, with the average monthly trading price in Jiangsu rising to 395.60 RMB/MWh, an increase of 82.80 RMB/MWh [23] - The electricity market is expected to see a balanced supply-demand situation, with a focus on enhancing the profitability of thermal power and the growth of renewable energy sources [24] Group 3: Company-Specific Performance - The company "特锐德" reported a net profit of 3.59 billion RMB for Q3 2025, with a year-on-year increase of 41.53% and a gross margin of 27.76% [28] - "富特科技" achieved a net profit of 0.70 billion RMB in Q3 2025, reflecting a year-on-year growth of 186.93%, driven by effective cost management and scale effects [37] - "招商积余" reported a revenue of 139.42 billion RMB for the first three quarters of 2025, with a year-on-year increase of 14.65% and a net profit of 6.86 billion RMB [31] Group 4: Electronics Industry Insights - "深南电路" achieved record high revenues and profits in Q3 2025, with total revenue reaching 167.54 billion RMB, a year-on-year increase of 28.39% [56] - The company’s gross margin improved to 31.39%, benefiting from an enhanced product mix and increased utilization rates [57]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Insights - The company has shown solid performance in its traditional business and is steadily expanding its overseas operations, with a significant increase in contract amounts [6] - The charging network business has turned profitable year-on-year and is expected to continue contributing positively to profits [6] - The company reported a substantial increase in net profit and revenue for Q3 2025, indicating strong operational efficiency and cost control [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 98.34 billion yuan, a year-on-year increase of 10.53%, and a net profit of 6.86 billion yuan, up 53.55% year-on-year [5] - The Q3 2025 revenue was 35.79 billion yuan, reflecting a year-on-year growth of 1.15% but a quarter-on-quarter decline of 13.83% [5] - The gross margin for Q3 2025 was 27.76%, with a net margin of 10.23%, showing improvements in profitability [5] Future Earnings Forecast - The company maintains its profit forecast for 2025-2027, expecting net profits of 12.46 billion yuan, 16.10 billion yuan, and 20.40 billion yuan respectively, with corresponding P/E ratios of 25.2, 19.5, and 15.4 times [5][7] Business Expansion and Strategy - The company has made significant strides in expanding its traditional business overseas, with a contract amount of approximately 1 billion yuan in the first half of 2025, representing an 84% increase compared to the same period in 2024 [6] - Successful bids for various international projects, including a 700 million yuan project for the Saudi national grid, highlight the company's growing global footprint [6] Charging Network Business - The charging network business has achieved profitability and is expected to maintain this trend, supported by a comprehensive value chain covering manufacturing, operation, and value-added services [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported double-digit growth in both revenue and profit, with a year-on-year increase in market expansion scale [5][6] - The forecast for net profit attributable to the parent company for 2025-2027 is estimated at 919 million, 1.081 billion, and 1.222 billion yuan respectively, with corresponding EPS of 0.87, 1.02, and 1.15 yuan [5] - The current stock price corresponds to a PE ratio of 13.2, 11.2, and 9.9 times for the years 2025, 2026, and 2027 respectively [5] Revenue and Profit Growth - For the first three quarters of 2025, the company achieved revenue of 13.942 billion yuan, a year-on-year increase of 14.65%, and a net profit attributable to the parent company of 686 million yuan, up 10.71% year-on-year [6] - The operating cash flow was -1.21 billion yuan, with gross and net profit margins at 11.55% and 4.97%, respectively, showing a year-on-year increase of 0.25 percentage points and a decrease of 0.30 percentage points [6] Market Expansion and Contract Growth - As of the end of Q3 2025, the company managed 2,410 property projects, a year-on-year increase of 7.0%, with a management area of 367 million square meters, down 8.5% year-on-year [7] - The new contract amount for property management in the first three quarters was 3.023 billion yuan, up 3.9% year-on-year, with market-oriented projects accounting for 92% of the new contracts [7] - The company focused on high-value-added sectors such as space operation and home services, with a 24% year-on-year increase in space resource efficiency and a 79% increase in real estate brokerage revenue [7] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow from 15.627 billion yuan in 2023 to 22.947 billion yuan in 2027, with a compound annual growth rate of approximately 9.0% [9] - The gross margin is expected to improve from 11.6% in 2023 to 12.9% in 2027, while the net margin is projected to increase from 4.7% to 5.3% over the same period [9][12] - The return on equity (ROE) is forecasted to rise from 7.5% in 2023 to 9.4% in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a significant increase in revenue and net profit in Q3 2025, with a revenue of 1.085 billion yuan, a year-on-year increase of 108.27%, and a net profit of 70 million yuan, a year-on-year increase of 186.93% [4][6] - The company's market share in the domestic vehicle power supply sector has notably increased from 5.6% in 2024 to 12.0% in August 2025, driven by partnerships with major domestic manufacturers [5] - The international revenue share has risen from approximately 6.8% in 2024 to over 17% in H1 2025, reflecting the success of the company's internationalization strategy [6] Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 2.559 billion yuan, a year-on-year increase of 116.31%, and a net profit of 137 million yuan, a year-on-year increase of 65.94% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 232 million, 320 million, and 406 million yuan respectively, with corresponding P/E ratios of 29.9, 21.7, and 17.1 [4][8] - The financial metrics indicate a gross margin of 20.5% and a net margin of 6.2% for 2025, with a return on equity (ROE) projected at 18.9% [8][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [10][15]. Core Insights - The company demonstrated robust revenue performance in Q3 2025, with a year-on-year revenue increase of 19.9% and a net profit growth of 27.8%. The gross margin exceeded expectations, reflecting strong operational capabilities [6][8]. - The report highlights the sustained high growth in the security and robotic vacuum cleaner segments, while the charging and energy storage business faced temporary disruptions due to recalls and high base effects from the previous year [7][8]. - The company is expected to benefit from product upgrades and a global supply chain strategy, which will help maintain stable profitability in the long term [8]. Financial Performance Summary - Revenue for Q3 2025 reached 81.5 billion yuan, with a gross margin of 44.6%. The net profit margin was 9.4%, showing a 0.6 percentage point increase year-on-year [6][8]. - The company’s revenue is projected to grow significantly over the next few years, with estimates of 31.17 billion yuan in 2025, 38.76 billion yuan in 2026, and 47.45 billion yuan in 2027, reflecting a compound annual growth rate of 26.1% [9][12]. - The earnings per share (EPS) are forecasted to increase from 4.97 yuan in 2025 to 7.59 yuan in 2027, indicating strong profitability growth [9][12]. Segment Performance - Domestic revenue grew by 22% and international revenue by 28% in the first three quarters of 2025. Online and offline sales increased by 25% and 34%, respectively [7]. - The report anticipates a recovery in the charging and energy storage business as the impact of recalls diminishes and new products are launched [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing stable revenue growth, with AI capabilities opening up long-term growth potential. The expected net profit for 2025-2027 is revised to 171 million, 206 million, and 258 million yuan, respectively, with corresponding EPS of 0.63, 0.76, and 0.95 yuan per share. The current stock price corresponds to PE ratios of 81.6, 67.7, and 54.0 times for the respective years [4][5] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.614 billion yuan, a year-on-year increase of 2.63%. The net profit attributable to the parent company was 51.088 million yuan, up 2.40% year-on-year. The net cash flow from operating activities reached 35.5289 million yuan, a significant increase of 117.85% year-on-year, indicating a substantial improvement in operating cash flow [5] - Revenue from different segments includes 91 million yuan from R&D and design, a 7.39% increase; 877 million yuan from digital management, a 2.88% increase; 247 million yuan from production control, a 13.28% increase; and 390 million yuan from AIoT, a 3.50% decrease due to a focus on high-margin products [6] AI Integration and Future Outlook - The company is enhancing the integration of AI technology with its industrial software products, expanding its application matrix. AI applications have been incorporated into ERP, PLM, and BI systems, with several AI intelligent suite beta versions validated and deployed in mainland China. The company is also advancing its Athena digital native platform and developing various AI intelligent products for key areas such as supply chain collaboration and factory automation, indicating promising future performance [7] Financial Summary and Valuation Metrics - The projected financial metrics for 2023A to 2027E include: - Operating revenue: 2,228 million, 2,331 million, 2,481 million, 2,815 million, and 3,237 million yuan, with year-on-year growth rates of 11.7%, 4.6%, 6.5%, 13.5%, and 15.0% respectively - Net profit attributable to the parent company: 150 million, 156 million, 171 million, 206 million, and 258 million yuan, with year-on-year growth rates of 12.3%, 3.6%, 9.7%, 20.6%, and 25.3% respectively - EPS: 0.55, 0.57, 0.63, 0.76, and 0.95 yuan [8][10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in Q3 performance, driven by the launch of new games and the continued growth of the "Legend Box" business. Revenue for Q1-Q3 2025 reached 4.075 billion yuan, a year-on-year increase of 3.75%, while net profit attributable to shareholders was 1.583 billion yuan, up 23.70% year-on-year. The gross margin for Q1-Q3 was 83.0%, reflecting an improvement in profitability [3][4] - The company has a strong pipeline of new games and is actively expanding its "Legend Box" platform, which has attracted major game developers and is expected to drive further growth in the coming quarters [4][5] Financial Summary - Revenue projections for the company are as follows: - 2023A: 4.295 billion yuan - 2024A: 5.118 billion yuan (YOY +19.2%) - 2025E: 6.342 billion yuan (YOY +23.9%) - 2026E: 7.707 billion yuan (YOY +21.5%) - 2027E: 8.903 billion yuan (YOY +15.5%) [5][7] - Net profit attributable to shareholders is projected to grow significantly: - 2023A: 1.462 billion yuan - 2024A: 1.628 billion yuan (YOY +11.4%) - 2025E: 2.167 billion yuan (YOY +33.1%) - 2026E: 2.788 billion yuan (YOY +28.7%) - 2027E: 3.282 billion yuan (YOY +17.7%) [5][7] - The company's P/E ratio is projected to decrease from 36.5 in 2023A to 16.3 in 2027E, indicating an improving valuation over time [5][8]