Investment Rating - The report maintains a "Buy" rating for China Petroleum (601857) [5] Core Views - The company's performance exceeded expectations, with a stable development in the natural gas business [5] - The overall revenue for the first three quarters of 2025 was 2,169.256 billion yuan, a year-on-year decrease of 3.9%, while the net profit attributable to shareholders was 126.3 billion yuan, down 4.9% year-on-year [5] - The company achieved a gross margin of 21.5% in Q3 2025, reflecting a 0.8 percentage point increase quarter-on-quarter [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2,969.207 billion yuan, with a year-on-year growth rate of 1.1% [4] - The net profit attributable to shareholders for 2025 is projected to be 156.142 billion yuan, representing a year-on-year decrease of 5.2% [4] - Earnings per share for 2025 is estimated at 0.85 yuan [4] - The company’s oil and gas production reached 1.377 billion barrels of oil equivalent in the first three quarters, a year-on-year increase of 2.6% [5] - The average oil price for Q3 2025 was approximately 64.2 USD per barrel, reflecting a quarter-on-quarter increase of 1.9 USD [5] Operational Insights - The refining segment showed improvement, with a processing volume of 1.041 billion barrels of crude oil in Q3 2025, a year-on-year increase of 0.4% [5] - The sales of refined oil products reached 12.0876 million tons in the first three quarters, a year-on-year increase of 0.8% [5] - The natural gas sales volume was 218.5 billion cubic feet, up 4.2% year-on-year, with a significant profit increase of 23.8% in the natural gas sales segment [5]

FFT HE E J/4 2025 年 10 月 31 日 北矿检测 (920160): 有色金属 测"小巨人",募投研发生产 -北交所新股申购策略报告之一百四十八 本期投资提示: 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 干雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王酮睛 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 ○ 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务, 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年公司在国内市 场占有率分别为 3.01%、2.72%、3.04%，在有色金属矿产品检验检测领域排名第一 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in Q3 2025 was below expectations, with total revenue of 25.5 billion yuan, a year-on-year decline of 51.6%, and a net profit of 2.99 billion yuan, down 74.6% year-on-year [5] - Due to the disappointing performance, the profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 4.3 billion, 4.6 billion, and 5.2 billion yuan respectively, reflecting a year-on-year change of -22.1%, +7.7%, and +11.5% [5] - The current price-to-earnings (PE) ratios for 2025-2027 are projected at 20x, 18x, and 16x, which are still within a reasonable range compared to regional peers [5] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 19.284 billion yuan, with a year-on-year growth rate of -18.2% [4] - The net profit for 2025 is projected to be 4.295 billion yuan, with a year-on-year decline of 22.1% [4] - The gross profit margin is expected to remain stable around 79.5% for 2025 [4] - The return on equity (ROE) is forecasted to decrease from 15.6% in 2025 to 13.3% by 2027 [4] Performance Metrics - The company's operating cash flow for Q3 2025 was -1.527 billion yuan, compared to 1.33 billion yuan in the same period last year [5] - The net profit margin for Q3 2025 was 11.7%, down 10.6 percentage points year-on-year, primarily due to increased sales and management expense ratios [5] - The company's total assets and liabilities ratio stands at 30.55% as of September 30, 2025 [1]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company's performance in the first three quarters of 2025 was slightly below expectations, with total revenue of 41 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.21 billion yuan, reflecting a year-on-year growth of 62.5% [6]. - The recovery in second-hand ship prices is expected to boost the shipbuilding market, which will positively impact the upstream engine industry [6]. - Recent policy changes regarding port fees for U.S. vessels are seen as a relief for the shipbuilding industry, potentially leading to a return of orders to China [6]. - The company has established a global service network for low-speed engines, which could contribute approximately 1.1 billion yuan in net profit annually if it fully covers maintenance for WinGD products [6]. - The company has terminated the plan to recover minority stakes in China Ship Diesel Engine, which is a core subsidiary, and attention is drawn to the group's future integration plans [6]. - The profit forecasts for 2025 to 2027 remain unchanged, with expected net profits of 2.1 billion yuan, 3.1 billion yuan, and 3.6 billion yuan respectively, corresponding to P/E ratios of 23, 15, and 13 [6]. Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 54.61 billion yuan, with a year-on-year growth rate of 5.6% [5]. - The net profit attributable to shareholders is expected to reach 2.05 billion yuan in 2025, reflecting a year-on-year increase of 47.6% [5]. - The company's gross margin is forecasted to improve from 16.0% in 2025 to 18.9% by 2027 [5]. - Return on equity (ROE) is expected to rise from 5.0% in 2025 to 7.8% in 2027 [5].

Investment Rating - The investment rating for China Shipbuilding (600150) is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, with a revenue of 107.4 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase, and a net profit of 5.85 billion yuan, up 115% year-on-year [6] - The company has a substantial order backlog, with approximately 21.13 million CGT (compensated gross tonnage) and 55.4 billion USD in orders, indicating a steady increase in production capacity over the next two years [6] - The second-hand ship prices have surpassed pre-recession highs, suggesting a potential upward trend in new ship prices [6] - Recent policy changes regarding port fees between China and the US may alleviate pressures on the shipbuilding industry, leading to a more favorable market environment [6] - The company has adjusted its profit forecasts upward, reflecting the completion of the merger with China Shipbuilding Industry Corporation, with expected net profits of 9.04 billion, 17.73 billion, and 23.52 billion yuan for 2025E, 2026E, and 2027E respectively [6] Financial Data and Profit Forecast - Total revenue for 2025E is projected at 143.56 billion yuan, with a year-on-year growth rate of 82.7% [5] - The net profit attributable to shareholders for 2025E is estimated at 9.04 billion yuan, reflecting a significant increase of 150.2% year-on-year [5] - The gross profit margin is expected to improve from 10.2% in 2024 to 15.6% in 2025E [5] - The return on equity (ROE) is projected to rise from 4.1% in 2025Q1-3 to 6.6% in 2025E [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company reported a revenue of 14.3 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 13%, with a net profit of 660 million RMB, up 250% year-on-year [7] - The company has a strong order backlog of approximately 267 million CGT, valued at 7 billion USD, with expected deliveries in 2026-2027 [7] - The second-hand ship prices have surpassed pre-recession highs, indicating a potential upward trend in new ship prices [7] - Recent policy changes regarding port fees and the suspension of certain investigations by the U.S. have improved the outlook for the shipbuilding industry [7] - The report emphasizes the importance of monitoring the progress of resolving competition issues within the company group [7] - The profit forecast for 2025-2027 remains unchanged, with expected net profits of 1.1 billion, 1.7 billion, and 2.8 billion RMB respectively [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 16.1 billion RMB in 2023 to 29.0 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 21.9% [6][8] - The net profit is expected to increase significantly from 48 million RMB in 2023 to 2.8 billion RMB in 2027, reflecting a strong growth trajectory [6][8] - The earnings per share (EPS) is forecasted to rise from 0.03 RMB in 2023 to 1.98 RMB in 2027 [6][8] - The report indicates a projected PE ratio decreasing from 399.6 in 2023 to 6.9 in 2027, suggesting improved valuation as earnings grow [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported better-than-expected performance for 9M25, with actual net profit of 12.7 billion, exceeding the forecast by 4% [5] - The company achieved a revenue of 27.1 billion for 9M25, a year-on-year increase of 13%, while net profit grew by 2% [5] - The report highlights a significant improvement in the company's self-operated business and stable performance in asset management [1][5] Financial Performance Summary - For 9M25, the company recorded a revenue of 271 billion, with a year-on-year growth of 13% and a net profit of 127 billion, reflecting a 2% increase [5] - The company’s Q3 2025 revenue was 109 billion, down 7% year-on-year but up 37% quarter-on-quarter [5] - The weighted ROE for 9M25 was 7.59%, a decrease of 0.38 percentage points year-on-year [5] Revenue Breakdown - The revenue from various business segments for Q3 2025 is as follows: brokerage at 6.59 billion (+66%), investment banking at 1.95 billion (+44%), and asset management at 1.35 billion (-64%) [7] - The company’s total assets exceeded 1 trillion, with an operating leverage increase from 3.58 times to 3.93 times [7] Investment Analysis - The report suggests an upward revision of profit forecasts due to strong performance in proprietary business, projecting net profits of 17.42 billion, 19.15 billion, and 20.04 billion for 2025-2027 [7] - The company’s market share in financing remained above 7%, with a net income from brokerage business of 2.84 billion in Q3 2025, reflecting a year-on-year increase of 128% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown stable performance with a significant increase in cash flow quarter-on-quarter [1] - The report highlights a decrease in revenue and net profit for the first three quarters of 2025, with a year-on-year decline of 4.1% in revenue and 12.6% in net profit [6] - The company is expected to maintain a good dividend payout ratio due to stable cash flow and capital expenditure [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 421.87 billion, with a year-on-year growth rate of 0.3% [5] - The net profit attributable to the parent company is projected to be 129.79 billion for 2025, reflecting a decline of 5.9% year-on-year [5] - Earnings per share (EPS) for 2025 is expected to be 2.73 yuan, with a projected return on equity (ROE) of 15.9% [5] - The company’s gross margin is forecasted to be 50.6% for 2025, down from 52.2% in 2024 [5] - The company’s operating cash flow for the first three quarters of 2025 was 141.7 billion, with a year-on-year decrease of 6% [6] Operational Performance - The company achieved a net oil and gas production of 578 million barrels of oil equivalent in the first three quarters of 2025, a year-on-year increase of 6.7% [6] - The average realized oil price in Q3 2025 was 66.62 USD per barrel, with a narrowing discount compared to Brent crude [6] - The company’s oil and gas production is expected to continue increasing, driven by new projects and improved operational efficiency [6]

Investment Rating - The report maintains a "Buy" rating for Jinlei Co., Ltd. [6] Core Insights - The company's gross margin continues to improve, with the profitability of castings showing sustained elasticity. In the first three quarters of 2025, the company achieved a gross margin of 24.63%, an increase of 1.88 percentage points year-on-year [6] - The revenue growth in Q3 2025 was primarily driven by an increase in the shipment volume of casting products, supported by strong domestic and international wind power demand [6] - The company is expanding its high-end transmission equipment business, with significant investments in new production lines for bearings, which are expected to enhance market opportunities [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 2,646 million yuan, with a year-on-year growth rate of 34.5% [5] - The net profit attributable to the parent company is expected to reach 447 million yuan in 2025, reflecting a year-on-year increase of 158.9% [5] - The gross margin is forecasted to rise to 27.8% in 2025, continuing its upward trend [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported Q3 2025 earnings that met expectations, with significant revenue and profit growth. Q3 revenue reached 819 million yuan, a year-on-year increase of 123.4%, while net profit attributable to shareholders was 33 million yuan, up 73.2% year-on-year [7]. - The self-owned brand segment has become the primary growth driver, with Q3 revenue from self-owned brands reaching 451 million yuan, a staggering increase of 344.5%, marking its first time accounting for over 55% of total revenue [7]. - The brand management business also saw substantial growth, with Q3 revenue of 204 million yuan, up 114.1% year-on-year, and a cumulative revenue of 539 million yuan for the first nine months, reflecting a 71.1% increase [7]. Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 3,232 million yuan, with a year-on-year growth rate of 83.0%. The net profit attributable to shareholders is expected to be 174 million yuan, representing a 65.0% increase [6]. - The gross margin is forecasted to be 50.5% in 2025, with a return on equity (ROE) of 13.0% [6]. - The company has adjusted its profit forecasts upwards, now expecting net profits of 180 million yuan, 350 million yuan, and 520 million yuan for 2025, 2026, and 2027 respectively [7].