丨证券研究报告丨 %% %% [Table_scodeMsg1] 公司研究丨点评报告丨三角防务（300775.SZ） [Table_Title] 三季度同比扭亏，经营明显改善 报告要点 [Table_Summary] 公司发布 2025 年三季报，25Q1-3 实现营收 12.47 亿元，同比减少 8.51%；归母净利润 3.75 亿元，同比增长 25.64%；扣非归母净利润 3.48 亿元，同比增长 31.65%。其中 25Q3 实现营 收 4.62 亿元，同比增长 44.87%，环比增长 20.85%；归母净利润 1.05 亿元，同比转正；扣非 归母净利润 0.98 亿元，同比转正。 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 SFC：BUX462 请阅读最后评级说明和重要声明 1 [Table_scodeMsg2] 三角防务（300775.SZ） cjzqdt11111 [Table_Title2] 三季度同比扭亏，经营明显改善 [Table_Summary2] 事件描述 公司发布 2025 年三季报，25Q1 ...

Core Viewpoint - The aviation equipment sector experienced a rise of 1.11% on October 28, with Tongyi Aerospace leading the gains, while the overall market indices showed a decline [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3988.22, down 0.22%, and the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. - Key stocks in the aviation equipment sector showed significant gains, with Tongyi Aerospace rising by 6.00% to a closing price of 17.15 [1]. Group 2: Stock Performance - Notable performers included: - Filihua, which increased by 5.47% to 88.00, with a trading volume of 444,000 shares and a transaction value of 3.838 billion [1]. - Maixinlin, up 5.02% to 65.69, with a trading volume of 81,700 shares and a transaction value of 536 million [1]. - Chengxi Aviation, which rose by 4.91% to 17.31, with a trading volume of 430,300 shares and a transaction value of 739 million [1]. Group 3: Capital Flow - The aviation equipment sector saw a net inflow of 308 million from institutional investors, while retail investors experienced a net outflow of 360 million [2][3]. - Key stocks with significant capital inflows included: - Filihua with a net inflow of 318 million, accounting for 8.30% of its trading volume [3]. - Zhonghang Shenfei with a net inflow of 284 million, representing 11.17% of its trading volume [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has completed its capacity ramp-up, improved profit quality, and is in a strong cash position [1] - For the first three quarters of 2025, the company achieved total revenue of 1.247 billion yuan, a year-on-year decrease of 8.51%, while net profit attributable to shareholders increased by 25.64% to 375 million yuan [1] - The gross profit margin improved by 10.68 percentage points to 42.90%, driven by a higher proportion of high-value-added aerospace forgings and a decline in raw material prices [1] - The company’s asset-liability ratio decreased by 8.29 percentage points to 30.02%, indicating a lower leverage level [1] - Operating cash flow has significantly improved, with a net cash flow from operating activities of -39 million yuan, a 93.42% year-on-year narrowing [1] Financial Summary - The company forecasts net profits of 459 million yuan, 571 million yuan, and 596 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 31, 25, and 24 times [1][8] - The total revenue is projected to grow from 1.590 billion yuan in 2024 to 2.585 billion yuan in 2027, with a compound annual growth rate of approximately 19.04% [1][8] - The company’s net profit margin is expected to improve from 23.91% in 2024 to 23.04% in 2027 [8]

Group 1 - The core point of the article is that Triangle Defense (SZ 300775) held its third board meeting of the fourth session on October 24, 2025, to discuss the proposal regarding not adjusting the conversion price of "Triangle Convertible Bonds" [1] - For the fiscal year 2024, Triangle Defense's revenue composition is as follows: special alloy forging accounts for 95.81%, while other segments account for 4.19% [1] - As of the time of reporting, Triangle Defense has a market capitalization of 14 billion yuan [1] Group 2 - The article also highlights that Chinese innovative drugs have generated $80 billion in overseas licensing this year, indicating a hot secondary market in biomedicine, while the primary market is facing fundraising challenges [1]

二、董事会会议审议情况 证券代码：300775 证券简称：三角防务 公告编号：2025-112 西安三角防务股份有限公司 第四届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 西安三角防务股份有限公司（以下简称"公司"或"本公司"） 第四届董事会第三次会议于2025年10月24日在公司会议室以现场和 通讯相结合的方式召开。本次会议应出席董事12名，实际出席董事12 名。会议由董事长严建亚先生主持，公司部分高级管理人员列席本次 会议。本次会议的召开符合《中华人民共和国公司法》等法律法规、 规范性文件和《公司章程》的规定。 具体内容详见公司同日在巨潮资讯网(www.cninfo.com.cn)披露 的《关于不向下修正三角转债转股价格的公告》（2025-113）。 三、备查文件 《第四届董事会第三次会议决议》。 特此公告。 西安三角防务股份有限公司 董事会 2025 年 10 月 24 日 1．审议通过《关于不向下修正"三角转债"转股价格的议案》 经综合考虑公司的实际情况、股价走势、市场环境等多重因素， 以及对公司长 ...

| | | 西安三角防务股份有限公司 关于不向下修正三角转债转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、自 2025 年 9 月 26 日至 2025 年 10 月 24 日，西安三角防务股 份有限公司（以下简称"公司"）股票已出现连续三十个交易日中至 少有十五个交易日的收盘价低于当期转股价格的 85%（即 26.68 元/ 股）的情形，已触发"三角转债"转股价格向下修正条款。 2、经公司第四届董事会第三次会议审议通过，公司董事会决定 本次不向下修正"三角转债"转股价格，同时在未来一个月内（即 2025 年 10 月 27 日至 2025 年 11 月 26 日），如再次触发"三角转债" 转股价格向下修正条款，亦不提出向下修正方案。 一、可转换公司债券基本情况 9,043,727 张可转换公司债券（以下简称"可转债"），每张面值 100 元，募集资金总额为人民币 90,437.27 万元。公司可转债于 2021 年 6 月 11 日起在深圳证券交易所挂牌交易，债券简称"三角转债"，债券 代码"123114"。 经中国证券监督 ...

Core Insights - Triangle Defense (300775.SZ) reported a decline in revenue for the first three quarters, with total revenue of 1.247 billion yuan, a year-on-year decrease of 8.51% [1] - The net profit attributable to shareholders increased to 375 million yuan, reflecting a year-on-year growth of 25.64% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 348 million yuan, marking a year-on-year increase of 31.65% [1]

Growth - Yian Technology reported a net profit of 19.03 million yuan in Q3, a year-on-year increase of 10,957% [1] - Hwa Woo Co. achieved a net profit of 24.32 million yuan in Q3, up 4,202% year-on-year [1] - Zhuoyi Information's Q3 net profit reached 17.48 million yuan, reflecting a year-on-year growth of 2,074.65% [1] - Jingrui Electric Materials reported a net profit of 58.61 million yuan in Q3, marking a 938.99% increase year-on-year [1] - Hemei Group's Q3 net profit was 61.75 million yuan, up 706.3% year-on-year [1] - Kelin Electric's Q3 net profit was 56.52 million yuan, a year-on-year increase of 705.48% [1] - Hualu Biological's Q3 net profit reached 70.03 million yuan, reflecting a 619.37% year-on-year growth [1] - Triangle Defense reported a net profit of 105 million yuan in Q3, up 466.32% year-on-year [1] - New Meixing achieved a Q3 net profit of 38.44 million yuan, a year-on-year increase of 357.83% [1] - Hailanxin's Q3 net profit was 5.67 million yuan, reflecting a 342.12% year-on-year growth [1] - Zhenlei Technology reported a net profit of 38.64 million yuan in Q3, up 337.49% year-on-year [1] - Tovey Information's Q3 net profit reached 26.04 million yuan, a year-on-year increase of 239.19% [1] - Wanma Co. reported a net profit of 161 million yuan in Q3, reflecting a 227.70% year-on-year growth [1] - Juhua Co. achieved a Q3 net profit of 1.197 billion yuan, up 186.55% year-on-year [1] - Baofeng Energy reported a net profit of 3.232 billion yuan in Q3, marking a 162.34% increase year-on-year [1] - Sanfu Co. achieved a Q3 net profit of 25.68 million yuan, reflecting a 162.25% year-on-year growth [1] - Chuling Information's Q3 net profit was 248.72 million yuan, up 123.93% year-on-year [1] - Fujilai reported a net profit of 30.32 million yuan in Q3, a year-on-year increase of 113.62% [1] - San Sheng Guojian achieved a Q3 net profit of 209 million yuan, reflecting a 101.41% year-on-year growth [1] - Tianchen Medical reported a net profit of 23.73 million yuan in Q3, up 70.74% year-on-year [1] - Oke Yi's Q3 net profit was 50.35 million yuan, reflecting a 69.31% year-on-year growth [1] - Dingtai High-tech reported a net profit of 123 million yuan in Q3, up 47.05% year-on-year [1] - Yiwei Lithium Energy achieved a Q3 net profit of 1.211 billion yuan, reflecting a 15.13% year-on-year growth [1] - Anpeilong reported a net profit of 30.99 million yuan in Q3, up 14.09% year-on-year [1] - Shengtun Mining's Q3 net profit was 649 million yuan, reflecting an 11.32% year-on-year growth [1] - COSCO Shipping Special reported a net profit of 504 million yuan in Q3, up 6.62% year-on-year [1] - Deep Technology achieved a Q3 net profit of 41.45 million yuan, reflecting a 2.8% year-on-year growth [1] Decline and Loss - Qiaqia Food reported a Q3 net profit of 79.36 million yuan, a year-on-year decrease of 72.58% [2] - Ningbo Jingda's Q3 net profit was 10.83 million yuan, down 65.14% year-on-year [2] - Nanhua Futures reported a Q3 net profit of 120 million yuan, reflecting a year-on-year decline of 6.21% [2] - Zhongwen Online reported a Q3 net loss of 294 million yuan [2] - Tuolisi reported a Q3 net loss of 86.45 million yuan [2] - Taiping Bird reported a Q3 net loss of 49.45 million yuan [2] - COFCO Technology reported a Q3 net loss of 28.06 million yuan [2]

Core Viewpoint - Triangle Defense (300775.SZ) reported a decrease in revenue for the first three quarters of 2025, while net profit showed significant growth [1] Financial Performance - The company's operating revenue for the first three quarters was 1.247 billion yuan, a year-on-year decrease of 8.51% [1] - Net profit attributable to shareholders was 375 million yuan, reflecting a year-on-year increase of 25.64% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 348 million yuan, up 31.65% year-on-year [1] - Basic earnings per share stood at 0.68 yuan [1]

Core Insights - The company reported a revenue of 1.247 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 8.51% [1] - The net profit attributable to shareholders reached 375 million yuan, showing a year-on-year increase of 25.64% [1] - Basic earnings per share were 0.68 yuan, reflecting a year-on-year growth of 25.93% [1]