丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨海达股份（300320.SZ） [Table_Title] 收入稳健增长，毛利率继续修复 报告要点 [Table_Summary] 公司发布 2025 年三季报：2025 年前 3 季度公司实现收入 26.67 亿，同比提升 13.4%；归属净 利润 1.67 亿，同比增长 43.0%；扣非业绩 1.65 亿，同比增长 43.7%。 分析师及联系人 [Table_scodeMsg2] 海达股份（300320.SZ） cjzqdt11111 [Table_Title2] 收入稳健增长，毛利率继续修复 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 公司发布 2025 年三季报：2025 年前 3 季度公司实现收入 26.67 亿，同比提升 13.4%；归属 净利润 1.67 亿，同比增长 43.0%；扣非业绩 ...

Market Overview - The rubber sector increased by 2.0% on October 27, with Kexin Innovation leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Performers in Rubber Sector - Kexin Innovation (300731) closed at 46.43, up 8.79%, with a trading volume of 180,400 shares and a turnover of 831 million [1] - Zhen'an Technology (300767) closed at 22.32, up 8.56%, with a trading volume of 215,100 shares and a turnover of 470 million [1] - Tongcheng New Materials (603650) closed at 43.40, up 4.28%, with a trading volume of 377,800 shares and a turnover of 1.691 billion [1] Underperformers in Rubber Sector - KQ Co., Ltd. (920665) closed at 13.31, down 1.63%, with a trading volume of 13,200 shares and a turnover of 17.496 million [2] - Yanggu Huatai (300121) closed at 15.94, down 1.48%, with a trading volume of 284,100 shares and a turnover of 46 million [2] - Sanwei Equipment (920834) closed at 15.62, down 1.33%, with a trading volume of 26,600 shares and a turnover of 41.6175 million [2] Capital Flow Analysis - The rubber sector experienced a net outflow of 4.703 million from main funds, while speculative funds saw a net inflow of 9.5428 million, and retail investors had a net outflow of 4.8398 million [2][3] - Kexin Innovation had a main fund net inflow of 16.7754 million, while retail investors had a net inflow of 2.36898 million [3] - Zhen'an Technology saw a main fund net inflow of 7.9603 million, but speculative funds had a net outflow of 28.3319 million [3]

Core Insights - Company reported a total operating revenue of 2.667 billion yuan and a net profit attributable to shareholders of 167 million yuan for Q3 2025 [1] Financial Performance - Operating cash flow net inflow was 262 million yuan [1] - The latest asset-liability ratio stands at 32.72% [3] - Gross profit margin is reported at 18.99% [4] - Return on equity (ROE) is 6.76% [4] - Diluted earnings per share (EPS) is 0.28 yuan [5] Efficiency Metrics - Total asset turnover ratio is 0.70 times [4] - Inventory turnover ratio is 3.73 times, which is a decrease of 0.09 times compared to the same period last year, reflecting a year-on-year decline of 2.32% [6] Shareholder Information - The number of shareholders is 23,700, with the top ten shareholders holding a total of 253 million shares, accounting for 42.08% of the total share capital [6] - The top shareholders and their respective holdings are as follows: - Qian Zhenyu: 11.6% - Qian Yanyun: 9.60% - Hu Hefa: 8.63% - Sun Jumai: 4.37% - Wang Yang: 2.41% - Wang Xincui: 1.97% - Zhao Xiafen: 1.00% - Hong Kong Central Clearing Limited: 0.98% - Ge Yannan: 0.72% - Wu Tianyi: 0.70% [6]

Core Insights - The company reported a revenue of 902,062,715.16 yuan for the third quarter of 2025, representing a year-on-year growth of 1.53% [1] - The net profit attributable to shareholders of the listed company was 58,297,182.64 yuan, showing a significant year-on-year increase of 48.57% [1] Financial Performance - Revenue for Q3 2025: 902.06 million yuan, up 1.53% year-on-year [1] - Net profit for Q3 2025: 58.30 million yuan, up 48.57% year-on-year [1]

Core Viewpoint - Haida Co., Ltd. reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 2.667 billion yuan, representing a year-on-year growth of 13.43% [1] - The net profit attributable to shareholders of the listed company was 167 million yuan, showing a year-on-year increase of 42.99% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 165 million yuan, reflecting a year-on-year growth of 43.65% [1] - Basic earnings per share stood at 0.2772 yuan [1]

Core Viewpoint - Haida Co., Ltd. reported a year-on-year increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 902 million yuan, representing a year-on-year increase of 1.53% [1] - The net profit attributable to shareholders was 58.2972 million yuan, showing a significant year-on-year increase of 48.57% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 56.7310 million yuan, reflecting a year-on-year increase of 47.11% [1]

海达股份公告，第三季度营收为9.02亿元，同比增长1.53%；净利润为5829.72万元，同比增长48.57%。 前三季度营收为26.67亿元，同比增长13.43%；净利润为1.67亿元，同比增长42.99%。 ...

江阴海达橡塑股份有限公司 2025 年第三季度报告 证券代码：300320 证券简称：海达股份 公告编号：2025-042 江阴海达橡塑股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 适用 □不适用 | | | 单位：元 | | | --- | --- | --- | --- | | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | 非流动性资产处置损益（包括已计提资 | -134,389.67 | -3,471,899.40 | | | 产减值准备的冲销部分） | | | | | 计入当期损益的政府补助（与公司正常 经营业务密切相关、符合国家政策 ...

Core Insights - On October 22, Haida Co., Ltd. experienced a stock price increase of 0.50%, with a trading volume of 67.47 million yuan [1] - The company reported a net financing outflow of 1.99 million yuan for the same day, with a total financing and securities balance of 347 million yuan [1] - As of June 30, the number of shareholders decreased by 6.41% to 25,700, while the average circulating shares per person increased by 6.85% to 18,900 shares [2] Financial Performance - For the first half of 2025, Haida Co., Ltd. achieved operating revenue of 1.765 billion yuan, representing a year-on-year growth of 20.66% [2] - The net profit attributable to the parent company for the same period was 108 million yuan, reflecting a year-on-year increase of 40.16% [2] Shareholder Returns - Since its A-share listing, Haida Co., Ltd. has distributed a total of 305 million yuan in dividends [3] - Over the past three years, the cumulative dividend payout amounted to 61.93 million yuan [3]

截至6月30日，海达股份股东户数2.57万，较上期减少6.41%；人均流通股18900股，较上期增加6.85%。 2025年1月-6月，海达股份实现营业收入17.65亿元，同比增长20.66%；归母净利润1.08亿元，同比增长 40.16%。 分红方面，海达股份A股上市后累计派现3.05亿元。近三年，累计派现6192.71万元。 责任编辑：小浪快报 10月20日，海达股份涨0.41%，成交额6106.32万元。两融数据显示，当日海达股份获融资买入额583.76 万元，融资偿还491.40万元，融资净买入92.36万元。截至10月20日，海达股份融资融券余额合计3.51亿 元。 融资方面，海达股份当日融资买入583.76万元。当前融资余额3.51亿元，占流通市值的5.96%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，海达股份10月20日融券偿还0.00股，融券卖出300.00股，按当日收盘价计算，卖出金额 2940.00元；融券余量300.00股，融券余额2940.00元，超过近一年60%分位水平，处于较高位。 资料显示，江阴海达橡塑股份有限公司位于江苏省江阴市周庄镇云顾路585号，成立日期1 ...