证券研究报告 金融公司|公司点评|同花顺（300033） 业绩持续高增，净利率明显提升 请务必阅读报告末页的重要声明 glzqdatemark1 2025年10月24日 证券研究报告 请务必阅读报告末页的重要声明 1 / 5 刘雨辰 陈昌涛 SAC：S0590522100001 SAC：S0590525070001 金融公司|公司点评 glzqdatemark2 2025年10月24日 同花顺(300033) 业绩持续高增，净利率明显提升 |报告要点 公司发布 2025 年三季报，2025 年前三季度公司实现营业收入 32.61 亿元，同比+39.67%；归 母净利润 12.06 亿元，同比+85.29%；扣非归母净利润为 11.71 亿元，同比+85.50%；ROE 为 16.10%，同比+6.60PCT。 |分析师及联系人 | 行 业： | 计算机/软件开发 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 356.29 元 | 基本数据 | 总股本/流通股本(百万股) | 538/276 | | --- | --- | | 流通 A 股市值(百万元) | 98,1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company achieved a revenue of 3.261 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 39.67%. The net profit attributable to shareholders reached 1.206 billion yuan, up 85.29% year-on-year [1]. - In Q3 2025, the company reported a revenue of 1.481 billion yuan, a significant increase of 56.72% year-on-year, and a net profit of 704 million yuan, which is a remarkable growth of 144.50% year-on-year [1]. - The company is experiencing a recovery in the capital market, with a total trading volume in the A-share market reaching 137.4 trillion yuan, a year-on-year increase of 218.5% [2]. - The company is increasing its investment in AI, enhancing product competitiveness and user experience, which is driving growth in its value-added telecommunications services [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the overall gross margin was 89.0%, an increase of 3.4 percentage points year-on-year. The company maintained good cost control, with sales, management, and R&D expenses increasing by 33.4%, 14.6%, and decreasing by 2.5% respectively [2]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.773 billion, 3.325 billion, and 3.910 billion yuan respectively, with corresponding PE ratios of 70, 59, and 50 times [3][8]. Market Outlook - The report indicates that the financial information industry is expected to recover in 2025, benefiting from increased market transactions and the integration of AI technologies into existing products [3]. - The company’s active user engagement on its website and app has led to increased advertising revenue from financial institutions and non-financial clients [2].

同花顺发布三季报：Q3 实现营收14.81 亿元（yoy+56.72%，qoq+43.66%），归母净利7.04 亿元 （yoy+144.50%，qoq+84.64%）。2025 年Q1-Q3 实现营收32.61 亿元（yoy+39.67%），归母净利12.06 亿元（yoy+85.29%），扣非净利11.71 亿元（yoy+85.50%）。报告期内公司收入利润高速增长，主要受 益于市场活跃度回升以及产品竞争力加强。我们认为市场活跃度有望持续，公司前瞻性指标亮眼，看好 后续业绩继续增长，维持"买入"。 市场活跃度回升带动需求增强，收入与利润双高增长报告期内，资本市场活跃度回升、投资者信心修 复，截至10 月22 日，沪深两市成交额连续100 个交易日突破1 万亿。公司C 端业务与证券市场活跃度紧 密关联，公司网站与APP 活跃度提升、金融信息服务需求增强，带动收入与盈利同向提速，2025 年前 三季度公司实现营业总收入32.61 亿元，同比+39.67%；归属母公司净利润12.06 亿元，同比+85.29%。 此外，由于公司产品活跃度提升，基金、证券、期货等机构在平台加大宣传投放，生活消费、科技等非 金融客户 ...

1、行情 今日指数继续大涨，但市场整体赚钱效应相对平平。 题材方面，存储板块开盘高开大涨，翔港科技、大为股份、普冉股份（20CM）、德明利、香农芯创（20CM）、恒烁股份（20CM炸）先后涨 停，江波龙、佰维存储涨超10%，朗科科技、北京君正、澜起科技、兆易创新等大幅走强； 受航天强国刺激，航天板块也高开高走，航天科技、航天智装（20CM）、上海沪工、中天火箭、国机精工、中国卫星先后涨停，西测测试、航 天环宇等涨超10%； 国产芯片也大幅反弹，新相微、甬矽电子、拓荆科技、英唐智控、寒武纪、恒玄科技等集体大涨； CPO板块大幅走强，中际旭创、长鑫博创涨超10%，新易盛、剑桥科技、天孚通信等大涨，中际旭创刷新历史新高； 地下管网受消息刺激上午迎来局部脉冲，青龙管业涨停，三和管桩、韩建河山、锦州管道等走强； 此外，PCB、半导体、人形机器人等均有一定表现，深地经济、煤炭、湖北国企改革等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨0.71%、2.02%、3.57%，今日市场超3000股上涨，2200余股下跌，两市成交量小幅增长逼近2万亿。 值得一提的是，上证指数今日创下年内新高，创业板指大涨后也重回年内新高附 ...

截至10月24日收盘，同花顺果指数概念上涨4.60%，位居概念板块涨幅第3，板块内，19股上涨，环旭 电子涨停，珠海冠宇、中石科技、立讯精密等涨幅居前，分别上涨10.23%、9.80%、6.27%。 | 002384 | 东山精 | 5.17 | 5.94 | 12240.28 | 2.19 | | --- | --- | --- | --- | --- | --- | | | 密 | | | | | | | 水晶光 | | | | | | 002273 | 电 | 3.83 | 2.62 | 8979.61 | 10.10 | | 600584 | 长电科 | 2.81 | 4.23 | 5322.1 1 | 1.73 | | | 技 | | | | | | 688772 | 珠海冠 | 10.23 | 4.99 | 4109.82 | 2.75 | | | 宇 | | | | | | 300433 | 蓝思科 | 2.90 | 1.50 | 2605.73 | 1.18 | | | 技 | | | | | | 300136 | 信维通 | 5.62 | 8.99 | 1825.04 | 0.84 | | ...

证券研究报告 同花顺 (300033 CH) 市场活跃度提升，业绩动能增强 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 24 日│中国内地 | 计算机应用 | 目标价(人民币): | 395.48 | 同花顺发布三季报：Q3 实现营收 14.81 亿元（yoy+56.72%，qoq+43.66%）， 归母净利 7.04 亿元（yoy+144.50%，qoq+84.64%）。2025 年 Q1-Q3 实现 营收 32.61 亿元（yoy+39.67%），归母净利 12.06 亿元（yoy+85.29%）， 扣非净利 11.71 亿元（yoy+85.50%）。报告期内公司收入利润高速增长， 主要受益于市场活跃度回升以及产品竞争力加强。我们认为市场活跃度有望 持续，公司前瞻性指标亮眼，看好后续业绩继续增长，维持"买入"。 市场活跃度回升带动需求增强，收入与利润双高增长 报告期内，资本市场活跃度回升、投资者信心修复，截至 10 月 22 日，沪 深两市成交额连续 100 个交易 ...

Group 1: OSL Group - OSL Group is currently the only publicly listed licensed virtual asset exchange in Asia, benefiting from a rare licensing barrier and diversified product expansion, which provides a first-mover advantage [1][3] - The company is expected to achieve profitability for the first time in 2024 since its strategic shift to the digital asset industry in 2018, with net profits projected to be -0.66/-0.12/0.20 million HKD for 2025-2027 [2][24] - OSL has obtained dual licenses from the Hong Kong Securities and Futures Commission (SFC) and Anti-Money Laundering Ordinance (AMLO), ensuring compliance and regulatory framework for its operations [3][25] - The company is accelerating global expansion through acquisitions in Japan and Europe, which is expected to drive significant revenue growth [3][25] - A strategic investment of up to 30 million USD in the PayFi ecosystem is planned to enhance payment services, which will be a key focus area for the company in the coming years [4][26] Group 2: Chengde Lululemon - Chengde Lululemon reported a significant revenue recovery in Q3, with a year-on-year growth of 8.91%, although the increase in sales expenses offset the gross margin expansion [5][6] - The company is focusing on the launch of new products, particularly the Lululemon plant-based health water series, which is expected to enhance brand competitiveness and capture market demand [7] - The market for traditional health water is projected to grow significantly, with an expected market size of 30 billion RMB in 2024, indicating a favorable environment for the company's new product line [7] Group 3: GCL Technology - GCL Technology's photovoltaic materials business turned profitable in Q3 2025, with an estimated profit of approximately 9.6 billion RMB, marking a significant recovery [8][34] - The company is expected to achieve net profits of -13.81/13.17/20.55 billion RMB for 2025-2027, reflecting a positive outlook for future profitability [8][34] - The company is benefiting from a reduction in competition and a focus on core business areas, which is expected to enhance its operational efficiency [8][34]

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Core Insights - On October 23, brokerages set target prices for listed companies a total of 32 times, indicating a significant interest in market evaluations [1] Group 1: Target Price Increases - The companies with the highest target price increases include Guibao Pet (61.09%), StarNet Ruijie (50.73%), and Weisheng Information (43.78%), which belong to the feed and communication equipment industries respectively [1] Group 2: Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun receiving 5 recommendations, Guibao Pet receiving 4, and Meihua Biological receiving 3 [1]

Group 1: Macro Insights - The report highlights new goals and strategies from the Fourth Plenary Session, including a focus on enhancing national defense capabilities and international influence by 2035, and the establishment of a "strong aerospace nation" [4] - Key tasks have been prioritized, emphasizing the modernization of the industrial system, opening up to the outside world, and improving people's livelihoods, particularly in promoting high-quality development in real estate [4] - The report suggests that while short-term policies may intensify, the overall approach will lean towards gradual adjustments rather than immediate actions, with a focus on laying groundwork for the upcoming year [4] Group 2: Pharmaceutical Industry - The report on InnoCare Pharma (映恩生物-B) indicates that the company has rapidly advanced its clinical development through a self-built ADC platform, with HER2 ADC expected to file for listing in 2025 [5] - Revenue projections for InnoCare Pharma are set at 1.95 billion, 2.15 billion, and 2.90 billion yuan for 2025-2027, with growth rates of 0.5%, 10.3%, and 35.1% respectively, leading to a target market valuation of approximately 42.67 billion yuan [5] Group 3: Power Sector - The report notes a significant increase in electricity consumption in September, particularly in the secondary industry, which grew by 5.7%, driven by improved water conditions boosting hydropower generation [6] - The report recommends focusing on the thermal power sector, highlighting companies like Huaneng International and Huadian International as potential investment opportunities due to their strong performance and favorable market conditions [6] Group 4: Construction and Decoration - China National Materials (中材国际) has shown steady revenue growth in the first three quarters of 2025, with a strong overseas order intake and an attractive dividend yield [10] - The projected net profits for China National Materials are 3 billion, 3.3 billion, and 3.6 billion yuan for 2025-2027, reflecting growth rates of 1.4%, 10.2%, and 9.2% respectively [10] Group 5: Agriculture and Animal Husbandry - Guibao Pet (乖宝宠物) reported a revenue of 4.737 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 29.03%, while net profit reached 513 million yuan, up 9.05% [11] - The company is focusing on high-end brand strategies, with significant sales growth during the Double Eleven shopping festival, indicating a strong market position in the pet food sector [12] Group 6: Textile and Apparel - Tabo (滔搏) experienced a revenue decline of 5.8% in FY2026H1, but maintained a stable profit margin, with a focus on digital capabilities and operational efficiency [16] - Bosideng (波司登) is expected to achieve stable revenue and healthy profit growth as the winter season approaches, with projected net profits of 3.901 billion, 4.392 billion, and 4.951 billion yuan for FY2026-2028 [18] Group 7: Education Sector - Action Education (行动教育) reported a return to positive growth in Q3, driven by its "effectiveness + AI" strategy, with net profits projected to grow by 11.7%, 10.3%, and 10.3% for 2025-2027 [23] Group 8: Electronics - Shannon Semiconductor (香农芯创) reported a significant revenue increase of 59.9% year-on-year for the first three quarters of 2025, with a strong outlook for Q4 driven by rising demand for enterprise-level SSDs and DRAM products [24][25] - Revenue forecasts for Shannon Semiconductor are set at 38.9 billion, 58 billion, and 79.7 billion yuan for 2025-2027, with corresponding net profits of 605 million, 1.204 billion, and 2.025 billion yuan [26]