[Table_StockAndRank] 科锐国际(300662) | | | [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 邮 箱：fanxinyue@cindasc.com 相关研究 [Table_OtherReport] 25H1 点评：业绩靓丽，AI 应用深化 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 25Q3 点评：延续稳步增长态势，禾蛙经营数据亮眼 [Table_ReportDate] 2025 年 10 月 29 日 [Table_S 事件：25Q3 ummar，公司实现收入 y] 36.8 亿元、同增 23.7%，实现归母净利润 9323 万元、同增 89.6%，实现扣非后净利润 6060 万元、同增 26.9%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 买入 [Table_Int ...

Investment Rating - The report maintains an "Accumulate" rating for Yunda Holdings (002120) [1][5] Core Views - Yunda Holdings is one of the leading domestic e-commerce express companies, with expectations for continued operational and volume growth [1][4] - The company reported a significant year-on-year decline in net profit for Q3 2025, indicating a need to monitor profitability recovery during peak seasons [2][5] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 37.493 billion yuan, a year-on-year increase of 5.59%, while net profit attributable to shareholders was 730 million yuan, a year-on-year decrease of 48.15% [2] - In Q3 2025, the company recorded operating revenue of 12.660 billion yuan, a year-on-year increase of 3.29%, with a net profit of 201 million yuan, down 45.21% year-on-year [2] - The average revenue per package in Q3 increased slightly by 0.03 yuan, benefiting from the "anti-involution" trend in the express delivery industry [2][4] Business Volume and Market Share - The company’s business volume for the first three quarters increased by 12.98% year-on-year, but its market share decreased by 0.5 percentage points [3] - In Q3 2025, the company handled 6.417 billion packages, a year-on-year increase of 6.61%, but this growth lagged behind the industry average growth rate of 13.3% [3] Pricing and Competitive Landscape - The "anti-involution" trend has led to a significant increase in express delivery prices, with expectations for continued price increases during the peak season [4] - The report suggests monitoring the impact of seasonal volume and pricing on the company's profitability recovery [4] Profit Forecast and Valuation - The forecasted net profits for Yunda Holdings from 2025 to 2027 are 1.388 billion yuan, 1.845 billion yuan, and 2.069 billion yuan, respectively, with corresponding P/E ratios of 15.2, 11.4, and 10.2 [5][6] - The report emphasizes the potential for profit recovery in the express delivery industry due to operational improvements [5]

Investment Rating - The investment rating for Baiyunshan (600332) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth expectations [1]. Core Insights - The company reported a revenue of 616.06 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.31%, and a net profit attributable to shareholders of 33.1 billion yuan, up 4.78% year-on-year [2][3]. - In Q3 2025, the company achieved a revenue of 197.71 billion yuan, representing a year-on-year growth of 9.74%, and a net profit of 7.94 billion yuan, which is a significant increase of 30.28% year-on-year [2][3]. - The report highlights that the increase in profit is primarily attributed to an improvement in gross margin, which rose by 2.34 percentage points to 16.09% in Q3 2025 [3]. - The company is focusing on "R&D innovation, internationalization, and digital transformation," with significant advancements in R&D and a strategic partnership with Huawei for digital upgrades [3]. Summary by Sections Financial Performance - For 2025, the company expects revenues of 790.01 billion yuan, 840.61 billion yuan, and 894.5 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of approximately 5.3%, 6.4%, and 6.4% [3][5]. - The projected net profit for 2025 is 35.38 billion yuan, with expected growth rates of 24.8%, 11.8%, and 11.1% for the subsequent years [3][5]. R&D and Market Strategy - The company has established new national and provincial platforms for R&D and is focusing on cutting-edge fields such as cell gene therapy and AI in pharmaceuticals [3]. - Baiyunshan's core products are expanding in Southeast Asia, South Asia, and Europe and the US, marking a transition from merely exporting products to exporting entire industrial chains [3]. Operational Efficiency - The report indicates that internal reforms and strategic adjustments under new leadership are expected to enhance overall operational efficiency, potentially leading to a performance inflection point in Q4 2025 [3].

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing strong growth driven by AI, with high demand for server and switch PCB products. The performance is primarily benefiting from the structural demand for high-end printed circuit boards (PCBs) in emerging computing scenarios such as high-performance computing and artificial intelligence. The PCB market is projected to grow from $73.6 billion in 2024 to $94.7 billion in 2029, with a five-year CAGR of 5.2% [3] - The company is accelerating capacity expansion to meet the robust downstream demand driven by AI. A project to expand high-end printed circuit board capacity for AI chips has been initiated with a total investment of approximately 4.3 billion yuan, expected to begin trial production in the second half of 2026. The overseas production base in Thailand has entered small-scale production, receiving formal recognition from clients in AI server and switch applications [3] - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to reach 3.882 billion yuan, 5.992 billion yuan, and 7.565 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 39.35, 25.49, and 20.19. The company is viewed as a core player in the computing power industry chain, and the outlook for its development in this field is positive [3] Financial Summary - For the third quarter, the company achieved operating revenue of 5.019 billion yuan, a year-on-year increase of 39.92% and a quarter-on-quarter increase of 12.63%. The net profit attributable to shareholders was 1.035 billion yuan, up 46.19% year-on-year and 12.50% quarter-on-quarter. For the first three quarters, the operating revenue reached 13.512 billion yuan, a year-on-year increase of 49.96%, and the net profit attributable to shareholders was 2.718 billion yuan, up 47.03% year-on-year [1][3] - Key financial indicators for 2025E include total revenue of 17.512 billion yuan, net profit of 3.882 billion yuan, and a gross margin of 38.8% [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated robust performance with a Q3 revenue of 20.702 billion yuan, reflecting a year-on-year increase of 19.24% and a quarter-on-quarter increase of 30.23%. The net profit attributable to the parent company reached 1.7 billion yuan, up 12.58% year-on-year and 138.10% quarter-on-quarter [2][3] - The company is well-positioned in the consumer electronics market, benefiting from a strong product cycle driven by major clients. The global smartphone market saw a 4% year-on-year increase in Q3 2025, with Apple leading the growth at 9% [3] - The company is expanding into new business areas, particularly in AI hardware and humanoid robotics, establishing itself as a core supplier in these emerging markets [3] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 53.663 billion yuan, a year-on-year increase of 16.08%. The net profit attributable to the parent company was 2.843 billion yuan, up 19.91% year-on-year [2] - The company forecasts net profits of 5.094 billion yuan, 7.057 billion yuan, and 8.063 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 32.00, 23.10, and 20.22 [3][4] - The projected revenue for 2025 is 90.526 billion yuan, with a year-on-year growth rate of 29.5% [4]

公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 青岛银行(002948) | | | | | 买入 | | --- | --- | | 上次评级 | | [Table_Author] 张晓辉 银行业分析师 证券研究报告 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 相关研究 [Table_OtherReport] 青岛银行 2025 一季报点评：息差逆势 提升，业绩突出、不良再降 青岛银行 2024 年报点评：规模、效益 与质量协同跃升 青岛银行 2024 业绩快报点评：业绩增 速再提升，不良率持续下降 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 青岛银行 2025 三季报点评：扩规模、调结 构、降成本，不良指标持续优化 [Table_ReportDate] 2025 年 10 月 29 日 [Table_S [Table_S 事件：10ummar ummar 月 y]2y]8 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's Q3 performance showed significant improvement, with total profit increasing by 39% year-on-year [4] - The company achieved a revenue of 541.56 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9.69% [2] - The net profit attributable to the parent company for Q3 was 10.46 billion yuan, up 10.97% year-on-year, primarily due to a low tax base from the previous year [4] Revenue and Profit Analysis - In Q3, the company reported a revenue of 182.72 billion yuan, which is an 8.73% increase year-on-year [2] - The net profit for the first three quarters was 28.77 billion yuan, a slight decrease of 1.83% year-on-year [2] - The company's operating cash flow for the first three quarters was 46.71 billion yuan, reflecting a year-on-year increase of 14.41% [4] Business Volume and Market Share - The company handled 77.21 billion express parcels in Q3, marking a year-on-year increase of 15.05%, which is higher than the industry growth rate of 13.3% [3] - The market share for the company in Q3 was 15.6%, an increase of 0.2 percentage points year-on-year [3] Profitability Forecast - The company is expected to achieve net profits of 44.75 billion yuan, 52.85 billion yuan, and 61.84 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.54%, 18.09%, and 17.00% [5] - The projected price-to-earnings ratios for these years are 13.1x, 11.1x, and 9.5x, indicating a favorable valuation outlook [5]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - In September, the total bond custody scale increased by 921.2 billion yuan month - on - month, with a slower growth compared to August, hitting the lowest level since May last year. The adjustment in the bond market was affected by the change in public - offering regulatory policies, but market sentiment towards government bonds has recovered. The bond market leverage ratio decreased month - on - month, not showing the seasonal increase seen in previous quarter - end months [2]. 3. Summary According to the Directory 3.1 9 - month Bond Custody Increment Shrinks Significantly, Net Financing of Policy Financial Bonds Drops Notably - The total bond custody scale increased by 921.2 billion yuan month - on - month in September, 584.8 billion yuan less than in August. Among them, the custody increment of policy financial bonds decreased significantly, while that of treasury bonds and local bonds decreased slightly. The custody scale of inter - bank certificates of deposit and commercial bank bonds continued to decline with an enlarged decline, and the custody increment of credit bonds increased slightly [2][5]. 3.2 Public - offering Regulatory New Rules Bring Structural Shocks, Demand for Government Bonds has Recovered - Affected by the public - offering regulatory policy changes in September, the bond market adjusted, especially for bonds with large public - offering holdings. The adjustment was mainly due to panic rather than liquidity pressure. Market sentiment recovered at the end of the month. Structurally, different institutions had different behaviors. Generalized funds reduced their holdings of credit and financial bonds, while securities firms increased their holdings. Both reduced their holdings of policy financial bonds and increased their holdings of local bonds. Commercial banks' increase in holdings decreased, while insurance institutions significantly increased their holdings of treasury bonds, and the reduction in holdings by overseas institutions decreased [2][9]. - **Generalized Funds**: The decline in the bond custody scale of generalized funds widened by 5.99 billion yuan month - on - month to 25.15 billion yuan. They reduced their holdings of more credit and financial bonds, and their relative reduction in bond allocation decreased, turning to increase the allocation of inter - bank certificates of deposit [14]. - **Securities Firms**: The bond custody volume of securities firms decreased by 353 million yuan month - on - month. They mainly reduced their holdings of policy financial bonds and increased their holdings of local bonds and medium - term notes. Their relative reduction in bond allocation increased slightly [18]. - **Insurance Companies**: The bond custody increment of insurance companies increased by 43 million yuan month - on - month to 439 million yuan. They significantly increased their holdings of treasury bonds and increased their allocation of bonds relatively [20]. - **Overseas Institutions**: The decline in the bond custody volume of overseas institutions narrowed by 551 million yuan month - on - month to 446 million yuan. They turned to increase their holdings of policy financial bonds, and their relative reduction in bond allocation decreased [24]. - **Other Institutions**: The bond custody increment of other institutions increased by 203 million yuan month - on - month to 3556 million yuan. They increased their holdings of local bonds and medium - term notes, and increased their allocation of bonds relatively [27]. - **Commercial Banks**: The bond custody increment of commercial banks decreased by 6056 million yuan month - on - month to 5945 million yuan. They mainly reduced their holdings of policy financial bonds and treasury bonds, and their relative increase in bond allocation decreased [32]. - **Credit Unions**: The bond custody increment of credit unions increased by 315 million yuan month - on - month to 419 million yuan. They increased their holdings of treasury bonds and policy financial bonds and increased their allocation of bonds relatively [38]. 3.3 The Bond Market Leverage Ratio Declined Counter - seasonally in September, and the Leverage Ratio of Generalized Funds Continued to Decline - Affected by the decline in the repurchase balance, the bond market leverage ratio decreased by 0.2 pct month - on - month to 107.3% in September, remaining at a relatively low level. The leverage ratio of commercial banks decreased by 0.2 pct to 103.6%, while that of non - bank institutions remained unchanged at 116.9%. Among them, the leverage ratio of securities companies increased by 8.2 pct to 223.3%, and that of insurance and non - legal person products decreased by 0.1 pct to 113.7% [40].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth expectations. Core Insights - The company reported a revenue of 8.188 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.4%. The net profit attributable to the parent company was 210 million yuan, up 7.3% year-on-year, while the net profit excluding non-recurring items was 221 million yuan, reflecting a significant increase of 35.4% [1][2]. - In Q3 2025, the company achieved a revenue of 2.843 billion yuan, which is an 8.3% increase year-on-year, and the net profit attributable to the parent company surged by 200.9% to 41 million yuan [1][2]. Summary by Sections Revenue and Profitability - The company has shown robust growth in its apparel and accessories segment, maintaining a continuous growth trend despite a large base. The revenue growth rate has slowed down due to factors such as expanding sales scale of various brands and trade friction impacting short-term shipments [2][3]. - The company has recorded a gross margin of 43.6% for the first three quarters of 2025, slightly down by 1.4 percentage points year-on-year. The gross margin for Q3 2025 was 41.8%, down 0.6 percentage points year-on-year [4]. Inventory and Non-Recurring Losses - The company has made a provision for inventory impairment of approximately 90.73 million yuan due to losses from financial products and equity investments, which have significantly impacted profits. However, the company is optimistic about future improvements in profitability through strategic adjustments [3][4]. Operational Efficiency - The company has effectively controlled its expense ratios, with sales, management, R&D, and financial expense ratios showing slight declines. The inventory turnover days have decreased to approximately 97.4 days, down by about 6.5 days year-on-year, indicating improved operational efficiency [4][6]. Future Projections - The company forecasts net profits attributable to the parent company of 340 million yuan, 560 million yuan, and 690 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 28.3X, 17.4X, and 14.1X [4][6].

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 陕西能源(001286.SZ) | | | 上次评级 买入 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 短期需求好转助力业绩大幅改善，在建产能 如期推进未来可期 [Table_ReportDate] 2025 年 10 月 29 日 [Table_S 事件：202ummar 5 年y]10 月 28 日晚，陕西能源发布 2025 年三季报。2025Q1-3 公 司实现营业收入 163.59 亿元，同比-2.83%；实现归母净利润 24.17 亿元， 同比-3.23% ...