Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry is experiencing a downward trend in pig prices, leading to a de-stocking cycle in pig farming. The profitability of the agriculture sector has turned negative due to a significant drop in pig prices, with Q3 2025 profits down by 58.8% year-on-year [5][14] - The overall revenue for the agriculture sector in Q1-Q3 2025 reached 872.718 billion yuan, a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion yuan, up 10.63% year-on-year [5][14] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][14] Summary by Sections Q3 2025 Observations - The agriculture sector's profit has decreased significantly due to unexpected declines in pig prices, leading to a negative profit margin for the sector [5][14] - The sales gross margin for the industry in Q1-Q3 2025 was 11.79%, a slight increase of 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [6][17] Profitability and Cost Management - The industry is focusing on cost reduction and efficiency improvement, with the expense ratio for Q1-Q3 2025 at 6.64%, down 0.58 percentage points year-on-year [6][17] - In Q3 2025, the sales gross margin fell to 10.71%, a decrease of 4.68 percentage points year-on-year, and the net profit margin dropped to 3.13%, down 4.71 percentage points year-on-year [6][17] Market Performance - The agriculture index outperformed the market by 1.88 percentage points during the week of October 27-31, 2025, with the agriculture index rising by 1.99% [26][28] - Key stocks such as Zhongxing Junye, Weilan Biotechnology, and Luoniushan led the gains in the agriculture sector, with increases of 19.60%, 13.23%, and 9.08% respectively [26][31] Price Tracking - As of October 31, 2025, the average price of pigs was 12.49 yuan/kg, an increase of 0.67 yuan/kg from the previous week, while the average price of piglets was 18.13 yuan/kg, up 0.47 yuan/kg [37][38] - The average price of beef was 66.30 yuan/kg, reflecting a slight increase of 0.09 yuan/kg from the previous week [38]

Market Overview - The feed sector increased by 0.67% on October 31, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.23, up 3.27% with a trading volume of 239,900 shares and a turnover of 339 million yuan [1] - Other notable gainers include: - Lude Environment (688156) at 19.92, up 3.11% [1] - Bangji Technology (603151) at 25.74, up 2.92% [1] - Lusi Co., Ltd. (920419) at 18.50, up 2.89% [1] - Baiyang Co., Ltd. (002696) at 6.93, up 1.76% [1] Capital Flow Analysis - The feed sector saw a net inflow of 2.7495 million yuan from institutional investors, while retail investors experienced a net outflow of 68.2743 million yuan [2] - The main capital inflow was observed in: - Haida Group (002311) with a net inflow of 25.3688 million yuan from institutional investors [3] - Tiankang Biological (002100) with a net inflow of 17.8393 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the feed sector includes: - Major stocks with significant trading volumes and turnover, such as: - Aonong Biological (603363) with a turnover of 216 million yuan [2] - Zhongchong Co., Ltd. (002891) with a turnover of 267 million yuan [2] - The overall sentiment in the feed sector appears mixed, with some stocks gaining while others faced declines [2][3]

Core Insights - The report highlights a significant increase in the performance of the electronic and TMT sectors, with a focus on the communication, media, and non-ferrous metals industries, indicating a strategic shift towards these areas by active equity funds [2][11] - The report notes that the electronic sector's holding ratio has reached a historical high of 25.7%, indicating a crowded market that may lead to volatility in future performance [11] - The analysis suggests that the market may experience a style shift influenced by the Producer Price Index (PPI) transitioning from negative to positive growth, which historically favors value stocks over growth stocks [11] Industry Configuration - Active equity funds have increased their positions in the ChiNext board and the technology sector, particularly in communication, media, non-ferrous metals, and power equipment [2][11] - The report indicates a reduction in positions in domestic consumption sectors, including home appliances, social services, and automotive industries [11] Performance Metrics - The report details that the electronic sector is projected to see a 54% year-on-year increase in net profit for 2025, with growth rates expected to remain high in subsequent years [11] - The EBITDA margin for a specific company reached approximately 51.7%, reflecting strong operational performance and cash generation capabilities [12] Company-Specific Insights - A specific company reported a revenue of 1.824 billion yuan for the first three quarters of 2025, marking a 15.3% increase year-on-year, with a net profit of 145 million yuan, up 37.3% [12] - Another company achieved a revenue of 428.3 billion yuan for the first three quarters of 2025, with a net profit of 1.629 billion yuan, indicating a 24% increase year-on-year [17] - A third company reported a revenue of 36.71 billion yuan for the first three quarters of 2025, reflecting a 246.01% increase, with a net profit of 3.47 billion yuan, up 299.36% [20] Future Outlook - The report emphasizes the importance of monitoring the PPI as a key indicator for potential market shifts, particularly in identifying opportunities in undervalued sectors during inflation recovery phases [11] - The report suggests that the financial sector, particularly non-bank financials, may see a slower recovery compared to banks, indicating a potential area for cautious investment [11]

Group 1 - The report highlights a significant increase in the performance of the electronic sector, with TMT (Technology, Media, and Telecommunications) sector holdings reaching a historical high of 40% [12][12][12] - The report indicates that the electronic sector's profit growth is expected to be robust, with a projected net profit growth of 54% in 2025, followed by 34% and 25% in 2026 and 2027 respectively [12][12][12] - The report emphasizes the importance of monitoring PPI (Producer Price Index) trends, as a shift from negative to positive growth could influence market style changes, favoring value stocks over growth stocks [12][12][12] Group 2 - The report on Aofei Data (300738) indicates that the company achieved a revenue of 1.824 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 15.3%, and a net profit of 145 million yuan, up 37.3% [13][13][13] - Aofei Data's gross margin improved to 35% in the first three quarters of 2025, reflecting a significant increase of 9.4 percentage points year-on-year, with a further increase to 37.6% in Q3 [13][13][13] - The report notes that Aofei Data's asset and liability structure shows strong delivery potential for data centers, with new fixed assets amounting to 3.161 billion yuan in the first three quarters of 2025 [13][13][13] Group 3 - The report on Jinlei Co., Ltd. (300443) states that the company achieved a gross margin of 24.63% in the first three quarters of 2025, an increase of 1.88 percentage points year-on-year, with Q3 gross margin reaching 26.41% [15][15][15] - The report indicates that the company is expanding its high-end transmission equipment market, with a focus on free forging products, which have seen a compound annual growth rate of 57% over the past three years [15][15][15] - The report maintains a "Buy" rating for Jinlei Co., Ltd., projecting net profits of 447 million yuan, 652 million yuan, and 758 million yuan for 2025-2027 [15][15][15] Group 4 - The report on Hisense Visual (600060) indicates that the company achieved a revenue of 42.83 billion yuan in the first three quarters of 2025, with a net profit of 1.629 billion yuan, reflecting a year-on-year growth of 24% [18][18][18] - Hisense Visual's market share in high-end televisions remains strong, with a 41.65% retail volume share in the 100-inch and above market [18][18][18] - The report maintains a profit forecast for Hisense Visual, expecting net profits of 2.5 billion yuan, 2.757 billion yuan, and 3.012 billion yuan for 2025-2027 [18][18][18] Group 5 - The report on Xinnengda (300207) highlights that the company achieved a revenue of 21.92 billion yuan in 2025, with a projected net profit of 3.516 billion yuan by 2027 [26][26][26] - The report notes that the demand for energy storage batteries is expected to remain strong, with the company investing in a new lithium battery project in Thailand [26][26][26] - The report maintains a "Buy" rating for Xinnengda, projecting a steady improvement in profitability due to the scale effect in the energy storage sector [26][26][26]

Investment Rating - The report maintains a "Buy" rating for Petty Co., Ltd. (佩蒂股份) [7] Core Views - The company's overseas business is impacted by tariffs, while its domestic self-owned brands are steadily growing [7] - The company has adjusted its revenue and profit forecasts due to the cautious order placement from overseas clients and increased costs associated with its New Zealand factory [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 1,490 million yuan, a decrease of 10.2% year-on-year, with a net profit of 150 million yuan, down 17.5% year-on-year [6] - The gross profit margin is expected to be 29.5% in 2025, with a return on equity (ROE) of 7.7% [6] - The company anticipates revenues of 1,705 million yuan in 2026 and 1,955 million yuan in 2027, with corresponding net profits of 176 million yuan and 205 million yuan [6] Business Performance - In Q3 2025, the company reported total revenue of 1.089 billion yuan, down 17.7% year-on-year, and a net profit of 114 million yuan, down 26.6% year-on-year [7] - The gross margin for Q3 2025 was 32.1%, an increase of 4.1 percentage points year-on-year [7] - The company is focusing on expanding its self-owned brand offerings, particularly in staple food categories, which has led to an increase in domestic business gross margins [7] Market Comparison - As of October 30, 2025, Petty Co., Ltd. has a price-to-earnings (PE) ratio of 28 for 2025E, compared to 38 for its comparable company, Zhongchong Co., Ltd. [8] - The average PE for comparable companies is 39 for 2025E, indicating that Petty Co., Ltd. is trading at a lower valuation compared to its peers [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% against the market benchmark index within the next six months [16]. Core Insights - The company reported a total revenue of 1.089 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.68%, with a net profit attributable to the parent company of 114 million yuan, down 26.62% year-on-year [2][3]. - The company's overseas OEM business is experiencing temporary pressure due to client order rhythms, while its self-owned brand, "Jueyan," is leading the high-end dog snack market [3]. - The gross profit margin for Q3 2025 was 32.2%, an increase of 1.3 percentage points year-on-year, but the net profit margin decreased by 2.4 percentage points to 9.5% [4]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 361 million yuan, down 24.29% year-on-year, and a net profit of 34 million yuan, down 39.35% year-on-year [2][3]. - The company expects revenues for 2025-2027 to be 1.502 billion, 1.813 billion, and 2.088 billion yuan, respectively, with year-on-year growth rates of -9.4%, +20.7%, and +15.1% [4][6]. - The projected net profits for the same period are 162 million, 203 million, and 237 million yuan, with year-on-year changes of -10.9%, +24.9%, and +16.9% [4][6].

Group 1: Coal Industry Insights - In Q3 2025, the proportion of coal stocks in actively managed funds decreased to 0.30%, indicating a low level of investment in the coal sector, which is at its lowest since 2008 [4][5][6] - Coal prices have been recovering, with the price of thermal coal reaching 770 RMB/ton by October 24, 2025, marking a new high for the year [6] - The coal mining industry is expected to maintain upward price trends due to seasonal demand and supply constraints from production regulations, with long-term price increases driven by rising operational costs and regulatory pressures [6] Group 2: Easy Point Technology - In Q3 2025, Easy Point Technology reported a revenue of 9.8 billion RMB, a year-on-year increase of 46.8%, driven by the growth of its programmatic advertising platform [10] - The company’s gross margin decreased to 13.06%, primarily due to rising traffic acquisition costs and increased R&D and sales expenses [10][11] - The programmatic advertising platform has seen significant growth, with daily ad requests reaching 220 billion, and the company is investing heavily in R&D to enhance its service capabilities [11][12] Group 3: Amway Corporation - Amway reported a revenue of 16.79 billion RMB in the first three quarters of 2025, a year-on-year decrease of 6.8%, with net profit declining by 19.2% [14][15] - The company is optimizing its product structure and expanding into emerging markets, with a focus on maintaining strong relationships with global clients like Nike and Adidas [17] - Despite challenges, Amway is seeing improvements in its operational performance, particularly in its Vietnam operations [16][18] Group 4: Nanjing Bank - Nanjing Bank achieved a revenue of 419.49 billion RMB in Q3 2025, reflecting an 8.79% year-on-year growth, with net profit increasing by 8.06% [19][20] - The bank's total assets reached 2.96 trillion RMB, a 14.31% increase from the previous year, with a notable growth in corporate loans [20] - The bank's non-performing loan ratio improved to 0.83%, indicating a strengthening of its asset quality [21] Group 5: Linglong Tire - Linglong Tire reported a revenue of 181.61 billion RMB in the first three quarters of 2025, a 13.87% increase, although net profit fell by 31.81% due to rising raw material costs [22][24] - The company’s tire production and sales volumes increased, with a focus on expanding its global footprint through its "7+5" strategy [27][28] - Linglong Tire is positioned as a leader in the domestic market and is actively pursuing international expansion, including a significant investment in Brazil [27][29] Group 6: Wuxi Bank - Wuxi Bank's revenue grew by 3.87% year-on-year in the first three quarters of 2025, with a net profit increase of 3.78% [30][31] - The bank's loan growth exceeded 10%, with a significant increase in corporate loans, indicating strong demand for financing [31] - The non-performing loan ratio remained stable at 0.78%, reflecting effective risk management practices [32] Group 7: China Aluminum - China Aluminum reported a revenue of 1,765 billion RMB in the first three quarters of 2025, with a net profit increase of 20.65% [33][34] - The company benefited from lower costs and rising prices for aluminum and alumina, contributing to improved profitability [34][35] - Production volumes for key products increased, supporting the overall positive performance of the company [34] Group 8: Jin Zai Food - Jin Zai Food achieved a revenue of 18.08 billion RMB in the first three quarters of 2025, with a slight increase of 2.05%, while net profit declined by 19.51% [37][38] - The company’s Q3 revenue growth of 6.55% indicates a recovery in its core product lines, although profitability remains under pressure due to increased costs [38][39] - Jin Zai Food is focusing on quality and new product development to enhance its market position [39] Group 9: China Coal Energy - China Coal Energy reported a revenue of 1,105.8 billion RMB in the first three quarters of 2025, a decrease of 21.2%, with net profit down by 14.6% [40][41] - The company’s Q3 performance improved due to rising coal prices and cost reductions, with a notable increase in profit margins [41] - The coal production and sales volumes showed resilience despite price pressures, indicating operational efficiency [41]

研究所： 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 王思言 S0350524010001 wangsy02@ghzq.com.cn 投资要点: | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 佩蒂股份 | -2.8% | 6.8% | 4.3% | | 沪深 300 | 3.1% | 13.4% | 18.4% | | 市场数据 | | | 2025/10/28 | | 当前价格（元） | | | 17.04 | | 52 周价格区间（元） | | | 12.30-21.09 | | 总市值（百万） | | | 4,240.07 | | 流通市值（百万） | | | 2,760.24 | | 总股本（万股） | | | 24,883.03 | | 流通股本（万股） | | | 16,198.58 | | 日均成交额（百万） | | | 120.30 | | 近一月换手（%） | | | 5.16 | 2025 年 10 月 29 日 公司研究 评级：买入(维持) ——佩蒂股份（300673 ...

Company Overview - Petty Animal Nutrition Technology Co., Ltd. is located in Wenzhou, Zhejiang Province, and was established on October 21, 2002. The company went public on July 11, 2017. Its main business involves the research, production, and sales of pet food, with pet food accounting for 98.05% of its main business revenue [2]. Financial Performance - For the period from January to September 2025, Petty achieved operating revenue of 1.089 billion yuan, a year-on-year decrease of 17.68%. The net profit attributable to the parent company was 114 million yuan, down 26.62% year-on-year [2]. - Since its A-share listing, Petty has distributed a total of 210 million yuan in dividends, with 84.73 million yuan distributed over the past three years [3]. Stock Performance - As of October 29, Petty's stock price decreased by 2.11%, trading at 16.68 yuan per share, with a market capitalization of 4.15 billion yuan. The stock has declined by 4.08% year-to-date, 6.92% over the last five trading days, and 3.70% over the last 20 days, while increasing by 5.97% over the last 60 days [1][2]. - The stock's trading volume was 19.79 million yuan, with a turnover rate of 0.73%. The net outflow of main funds was 351,500 yuan, with large orders buying 2.0094 million yuan (10.15%) and selling 2.3609 million yuan (11.93%) [1]. Shareholder Information - As of October 10, the number of shareholders in Petty was 17,800, a decrease of 0.88% from the previous period. The average circulating shares per person increased by 0.88% to 9,119 shares [2]. Industry Context - Petty operates within the agricultural, forestry, animal husbandry, and fishery sector, specifically in the feed and pet food industry. It is associated with concepts such as the pet economy, Xiaohongshu concept, small-cap stocks, and overseas expansion [2].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue down by 17.68% and net profit down by 26.62% year-on-year. The third quarter alone saw a revenue drop of 24.29% and a net profit drop of 39.35% year-on-year [7] - Despite challenges in overseas business due to trade conflicts, the domestic main brand continues to grow rapidly, with online GMV for the brand increasing by 29% in the third quarter [7] - The company's gross margin improved to 32.1% in the first three quarters, up by 4.1 percentage points year-on-year, while the net margin was 10.5%, down by 1.3 percentage points year-on-year [7] - The company is expected to maintain rapid growth in domestic sales, with projected net profits of 164 million, 219 million, and 267 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 25.9, 19.4, and 15.9 [7] Financial Performance Summary - Revenue for 2023 is projected at 1,411 million yuan, with a growth rate of -18.5%. For 2024, revenue is expected to increase to 1,659 million yuan, a growth rate of 17.6%, and for 2025, it is projected at 1,707 million yuan, a growth rate of 2.9% [5][8] - The net profit for 2023 is expected to be -11 million yuan, with a significant recovery to 182 million yuan in 2024, followed by 164 million yuan in 2025 [5][8] - The company's EPS is projected to be -0.04 yuan for 2023, improving to 0.75 yuan in 2024 and 0.66 yuan in 2025 [5][8] - The company's ROE is expected to recover from -0.6% in 2023 to 9.3% in 2024 and further to 7.9% in 2025 [5][8]