格隆汇11月12日｜国海证券研报指出，新亚强2025年前三季度实现归母净利润0.79亿元，同 比-20.39%；Q3实现归母净利润为0.20亿元，同比+14.14%，环比-29.56%。主营产品毛利下滑业绩承 压，电子级化学品发力驱动成长。2025年前三季度，公司持续加大技术改造投入，成功攻克多领域定制 化产品的关键技术指标壁垒，技术服务和市场响应能力显著提升，应用领域持续拓展，市场覆盖区域不 断扩大，进一步巩固了行业相对优势地位。功能型湿电子化学品是公司产品体系拓展的重点方向，公司 在电子级六甲基二硅氮烷的基础上，拓展了多个电子级产品在国内外供货。目前已与国内外多家主要半 导体和面板厂商合作，部分已签订常年合作协议。随着进口替代进程加速及电子化学品市场需求的持续 攀升，电子级系列产品的产销占比正稳步提升。另外，公司保持高分红比例与节奏，增强投资者信心。 考虑公司在有机硅精细化学品行业处于领先地位，特种化学品有望放量，首次覆盖，给予"增持"评级。 ...

Core Insights - On November 11, brokerages issued target prices for listed companies a total of 21 times, with notable increases in target prices for Century Huatong, ZTE Corporation, and Zhuhai Smelter Group, showing increases of 50.48%, 47.02%, and 34.74% respectively, across the gaming, communication equipment, and industrial metals sectors [1][2]. Target Price Increases - Century Huatong received a target price of 26.50 yuan, reflecting a target price increase of 50.48% [2]. - ZTE Corporation's target price was set at 60.13 yuan, indicating a 47.02% increase [2]. - Zhuhai Smelter Group's target price reached 20.40 yuan, with a 34.74% increase [2]. - Other companies with significant target price increases include Jinlei Co. (30.79%), Changan Automobile (30.29%), and Sanhua Intelligent Control (29.84%) [2]. Brokerage Recommendations - The top companies recommended by brokerages on November 11 include Zhonglian Heavy Industry, Xinbao Co., and Sany Heavy Industry, each receiving two brokerage ratings [3]. - Zhonglian Heavy Industry had a closing price of 8.44 yuan, while Xinbao Co. closed at 15.30 yuan, and Sany Heavy Industry at 20.91 yuan [3]. Rating Adjustments - Nanjing Steel Group's rating was upgraded from "Hold" to "Buy" by Zhongtai Securities on November 11 [4]. - A total of 14 companies received first-time coverage from brokerages, with Zhejiang Energy Power rated "Hold" and Zhonggu Logistics rated "Hold" as well [5]. Newly Covered Companies - Newly covered companies include Zhejiang Energy Power (rated "Hold"), Zhonggu Logistics (rated "Hold"), and Longxin General (rated "Outperform") [5]. - Other companies receiving first-time ratings include Yifeng Pharmacy (rated "Outperform") and Haier Smart Home (rated "Buy") [5].

Group 1: Baidu Group (9888.HK) - Baidu Group is leveraging its strong internet foundation to build a competitive barrier through a full-stack AI approach, leading the domestic market share in AI cloud services [3][4] - The online marketing business is transitioning from a CPC model to a CPS model, with AI search expected to enhance profitability in the long term, projecting revenues of 623.91, 592.72, and 598.64 billion yuan for 2025, 2026, and 2027 respectively [4][5] - The AI cloud business is positioned as a new profit center, with a leading market share and expected revenues of 273.25, 327.90, and 386.92 billion yuan for 2025, 2026, and 2027 respectively [5][6] - The Robotaxi business is anticipated to grow significantly, with expected revenues of 138.32, 159.07, and 174.97 billion yuan for 2025, 2026, and 2027 respectively [7][8] - Overall revenue projections for Baidu Group are 1309.73, 1356.68, and 1443.07 billion yuan for 2025, 2026, and 2027, with corresponding non-HKFRS net profits of 166.00, 198.64, and 235.48 billion yuan [8] Group 2: Seres (601127) - Seres has successfully listed H shares, with a total of 108,619,000 shares issued, accelerating its globalization strategy [10][11] - In Q3 2025, Seres achieved revenue of 481.33 billion yuan, a year-on-year increase of 15.75% and a quarter-on-quarter increase of 11.28% [11][12] - The company’s gross margin improved to 29.95% in Q3 2025, with a focus on high-end vehicle sales and new product launches [11][12] - The IPO proceeds will primarily fund R&D, marketing, and operational expenses, enhancing Seres' competitive edge [13] Group 3: Duolingo (DUOL) - Duolingo reported Q3 2025 revenue of $270 million, a year-on-year increase of 41%, but has lowered its Q4 guidance due to potential user growth slowdown [14][15] - Monthly active users reached 135 million, with a year-on-year growth of 20%, indicating a trend of slowing user growth [15][16] - The strategic focus has shifted towards long-term user growth, which may impact short-term revenue and profit [16][17] - Revenue projections for Duolingo are $1.031 billion, $1.265 billion, and $1.509 billion for 2025, 2026, and 2027 respectively [18] Group 4: Hua Hong Semiconductor (01347) - Hua Hong Semiconductor reported Q3 2025 revenue of $635 million, a year-on-year increase of 20.7%, driven by ASP optimization and increased wafer shipments [19][20] - The company’s gross margin improved to 13.5%, exceeding market expectations, with a focus on high-margin technology platforms [20][21] - Revenue projections for Hua Hong Semiconductor are $2.400 billion, $3.029 billion, and $3.348 billion for 2025, 2026, and 2027 respectively [22] Group 5: Royal Technology (603181) - Royal Technology launched an employee stock ownership plan to enhance employee engagement and align interests with long-term company goals [24][25] - The company reported Q3 2025 revenue of 626 million yuan, with a year-on-year increase of 0.12 million yuan, indicating stable operations [28][29] - Revenue projections for Royal Technology are 2.502 billion, 3.048 billion, and 3.556 billion yuan for 2025, 2026, and 2027 respectively [31] Group 6: New Asia Strong (603155) - New Asia Strong reported a revenue decline of 19.05% year-on-year for the first three quarters of 2025, with a focus on electronic-grade chemicals to drive growth [32][33] - The company’s gross margin improved in Q3 2025, but overall performance remains under pressure due to declining product prices [33][34] - The company is expanding its electronic-grade chemical product offerings, which are expected to contribute positively to future growth [36] Group 7: Meihua Medical (301363) - Meihua Medical achieved Q3 2025 revenue of 462 million yuan, marking a 3% year-on-year increase, with a focus on stable growth in core business areas [38][39] - The company is expanding into new markets, including weight loss injection pens and brain-machine interfaces, leveraging its existing manufacturing capabilities [40][41] - Revenue projections for Meihua Medical are 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025, 2026, and 2027 respectively [41] Group 8: Automotive Industry - The automotive industry saw a 15.8% year-on-year increase in wholesale sales in Q3 2025, with significant growth in passenger and commercial vehicle segments [42][43] - The overall automotive industry revenue reached 10,585.5 billion yuan, with a net profit of 404.1 billion yuan, indicating robust performance [42][43] - The passenger vehicle segment experienced profit declines, highlighting a trend of increasing competition and performance differentiation among manufacturers [43][44]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][11]. Core Views - The company's main product gross margin has declined, leading to performance pressure in the first three quarters of 2025, with revenue down 19.05% year-on-year to 451 million yuan and net profit down 20.39% to 79 million yuan [2][4]. - Despite the challenges, the company has increased its investment in technological upgrades, successfully overcoming key technical barriers in customized products, which has enhanced its market response capabilities and expanded its application areas [3][4]. - The sales of electronic-grade chemicals are steadily increasing, with the company successfully entering core supply channels of major semiconductor manufacturers [8][11]. Financial Performance - In Q3 2025, the company reported a revenue of 129 million yuan, a decrease of 20.19% year-on-year, while net profit increased by 14.14% year-on-year to 20 million yuan [3]. - The gross margin for Q3 2025 was 17.41%, up 2.92 percentage points year-on-year, while the net profit margin was 16.03%, up 5.37 percentage points year-on-year [3]. - The company’s main products, functional additives and phenyl chlorosilane, saw production increase by 6.5% year-on-year to 11,312.90 tons, although sales prices have declined due to lower prices of organic silicon products [4][5]. Future Projections - The company is projected to achieve revenues of 618 million yuan, 739 million yuan, and 855 million yuan from 2025 to 2027, with corresponding net profits of 101 million yuan, 114 million yuan, and 144 million yuan [10][11]. - The report anticipates a recovery in profit growth, with a projected increase of 27% in net profit by 2027 [11]. Market Performance - As of November 10, 2025, the company's stock price was 17.52 yuan, with a market capitalization of approximately 5.53 billion yuan [6][17]. - The company has maintained a high dividend payout ratio, distributing 0.15 yuan per share in cash dividends, which has bolstered investor confidence [9].

证券代码：603155 证券简称：新亚强 公告编号：2025-063 ●本次委托理财金额：7,500 万元；11,300 万元、10,000 万元。 ●委托理财产品名称：对公人民币结构性存款 2025 年第 58 期 94 天 L 款； 交通银行股份有限公司蕴通财富定期型结构性存款 92 天（挂钩黄金看涨）、交 通银行股份有限公司蕴通财富定期型结构性存款 161 天（挂钩黄金看涨）。 ●委托理财期限：94 天；92 天、161 天。 ●履行的审议程序：新亚强硅化学股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日召开第四届董事会第三次会议、第四届监事会第三次会议，2025 年 4 月 30 日召开 2024 年年度股东大会，2025 年 10 月 29 日召开第四届董事会 第六次会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。 保荐机构对此事项发表了无异议的核查意见。 新亚强硅化学股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完 ...

Core Viewpoint - Xin Ya Qiang (603155.SH) reported its Q3 2025 results, highlighting a slight decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 29, 2025, three institutional investors disclosed holdings in Xin Ya Qiang A-shares, totaling 65.6456 million shares, which represents 20.79% of the total share capital [1] - The combined institutional ownership decreased by 0.20 percentage points from the previous quarter [1] Public Fund Participation - In this reporting period, seven public funds were disclosed, including major funds such as Morgan Stanley ESG Quantitative Mixed Fund, Invesco Great Wall CSI 300 Index Enhanced A, and several others focused on the CSI 2000 ETF [1] Foreign Investment - The report noted that there were no new disclosures from foreign institutions compared to the previous quarter, specifically mentioning China International Capital Corporation Hong Kong Asset Management Co., Ltd. - CICCFT10(Q) [1]

Core Insights - The company XinYaqiang (603155.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 451 million yuan, representing a year-on-year decrease of 19.05% [1] - The net profit attributable to shareholders of the parent company was 78.85 million yuan, down 20.39% year-on-year [1] - The basic earnings per share stood at 0.25 yuan [1]

（一）主要产品的价格变动情况 | 2025年1-9月平均售价 主要产品 （万元/吨） | 2024年1-9月平均售价 （万元/吨） | 变动比率（%） | | | --- | --- | --- | --- | | 功能性助剂 | 3.18 4.19 | | -24.11 | | 苯基氯硅烷 | 2.86 3.28 | | -12.80 | （二）主要原材料的价格变动情况 证券代码：603155 证券简称：新亚强 公告编号：2025-062 新亚强硅化学股份有限公司 关于 2025 年前三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号—行业 信息披露》及相关要求，新亚强硅化学股份有限公司（以下简称"公司"）现将 2025 年前三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 年 | 1-9 月产量 | 2025 | 年 1-9 | 月销量 | 2025 年 | 1-9 月销售金 | | ...

新亚强硅化学股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资种类：安全性高、流动性好、风险等级低、期限不超过 12 个月的保 本型理财产品。 投资金额：公司及子公司拟使用不超过 9,000 万元闲置募集资金，在此 额度及投资期限内资金可以滚动使用。 履行的审议程序：新亚强硅化学股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第四届董事会第六次会议，审议通过了《关于使用部分 闲置募集资金进行现金管理的议案》。保荐机构国金证券股份有限公司对此事项 发表了明确同意的核查意见。本议案无需提交公司股东会审议。 特别风险提示：公司使用闲置募集资金用于投资低风险、期限不超过 12 个月的保本型产品，总体风险可控，但金融市场受宏观经济的影响较大，不排除 收益将受到市场波动的影响。敬请广大投资者注意投资风险。 一、募集资金基本情况 证券代码：603155 证券简称：新亚强 公告编号：2025-061 （三）资金来源 公司及子公司闲置募集资 ...

证券代码：603155 证券简称：新亚强 公告编号：2025-059 新亚强硅化学股份有限公司 第四届董事会第六次会议决议公告 具体内容详见公司于 2025 年 10 月 30 日披露于上海证券交易所网站上的 《2025 年第三季度报告》。 表决结果：5 票同意；0 票反对；0 票弃权。 （二）审议通过了《关于使用部分闲置募集资金进行现金管理的议案》 具体内容详见公司于 2025 年 10 月 30 日披露于上海证券交易所网站上的《关 于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-061）。 保荐机构国金证券股份有限公司已对该事项发表明确同意的核查意见。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 新亚强硅化学股份有限公司（以下简称"公司"）第四届董事会第六次会议 通知于 2025 年 10 月 24 日以电子邮件及专人送达的方式发出，会议于 2025 年 10 月 29 日在公司会议室以现场结合通讯表决方式召开。本次会议应出席董事 5 人，实际出席董事 5 人（其中以通讯表 ...