证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 03 日 [Table_Title] Q3 业绩企稳，关注向上拐点 [Table_Title2] 浩洋股份(300833) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 300833 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 54.0/28.35 | | 目标价格： | | 总市值(亿) | 55.57 | | 最新收盘价： | 43.93 | 自由流通市值(亿) | 35.70 | | | | 自由流通股数(百万) | 81.26 | [Table_Summary] 事件概述 浩洋股份发布 2025 年三季报：前三季度实现营收 8.01 元，同比-15.36.%；归母净利润 1.34 亿元，同比- 48.04%；扣非后归母净利为 1.25 亿元，同比-49.14%。单季度看，2025Q3 实现营收 2.79 亿元，同比+0.62%； 实现归母净利润 0.57 亿元，同比+1.96%；扣非后净利润 0.52 亿元，同比+1.76% ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown signs of revenue stabilization and an initial performance turning point, with a year-on-year revenue decline of 15.36% in the first three quarters of 2025, but a slight increase of 0.61% in Q3 2025 [7] - The company is actively expanding overseas opportunities and has acquired Danish SGM's assets to enhance its product offerings and international sales channels [7] - The forecasted net profits for 2025-2027 are expected to be 207 million, 318 million, and 418 million RMB respectively, with corresponding PE ratios of 25.5, 16.6, and 12.6 [7] Financial Performance Summary - For 2023A, the company reported a revenue of 1,304 million RMB, with a projected revenue decline to 1,167 million RMB in 2025E, followed by a recovery to 1,648 million RMB in 2027E [6][8] - The net profit for 2023A was 366 million RMB, expected to drop to 207 million RMB in 2025E, before increasing to 418 million RMB in 2027E [6][8] - The company's gross profit margin for Q3 2025 was 54.77%, showing an increase of 3.29 percentage points year-on-year [7] Market Performance - The company's stock performance over the last 12 months shows a decline of 21%, compared to a 20% increase in the Shanghai Composite Index [4]

Core Viewpoint - The report from Xinda Securities highlights the steady recovery of Haoyang Co., Ltd. (300833.SZ) in its self-owned brand, accelerated product iteration, significant improvement in profitability, and increased optimization of expense ratios, despite short-term fluctuations in operational capacity [1] Group 1: Financial Performance - The company released its Q3 2025 report, indicating a notable improvement in profitability [1] - The expense ratio has been optimized at an accelerated pace, contributing to better financial health [1] Group 2: Product and Brand Development - The self-owned brand is showing a steady recovery, reflecting positive market reception [1] - There is an acceleration in product iteration, suggesting a proactive approach to innovation and market demands [1] Group 3: Operational Challenges - Short-term fluctuations in operational capacity have increased, indicating potential instability in operations [1]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 浩洋股份(300833) 投资评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 自主品牌稳步修复，产品迭代加速。我们预计 Q2 受关税影响，下游客户下单节 奏显著放缓，并且由于出口受阻加剧了内销竞争；伴随关税政策逐步清晰，我们 预计公司订单&出货或已在 Q3 稳步回暖，并且前期代工收缩的客户订单有望逐 步回流（此前受自主品牌扩张影响），Q3 整体 OBM 同比有望平稳增长、环比加 速改善，ODM 有望同比高速修复、环比温和提升。此外，新品牌 SGM 定位为建 筑演艺灯光，与雅顿品牌形成差异化互补，尽管目前体量有限，但伴随新品发售 市场反馈优异，我们判断 Q ...

Core Insights - The company reported a revenue of approximately 800 million yuan for the first three quarters of 2025, representing a year-on-year decline of 15.36%, while net profit attributable to the parent company decreased by 48.04% to around 134 million yuan [2] - The company is actively integrating its Danish subsidiary SGM, which focuses on architectural and performance lighting, to complement its existing Arden brand and expand its product matrix [3] - There are signs of recovery in orders and shipments since the third quarter, with expectations for a stable improvement in the market if US-China trade policies stabilize [4] Financial Performance - Revenue for the first three quarters of 2025 was approximately 800 million yuan, down 15.36% year-on-year [2] - Net profit attributable to the parent company was around 134 million yuan, a decrease of 48.04% compared to the previous year [2] Strategic Initiatives - The company has completed the acquisition of SGM's assets and established subsidiaries in Denmark and the US to enhance technology and production capacity [3] - The company plans to increase R&D investment to drive innovation and improve market share despite current revenue challenges [5] Market Outlook - The company noted a resilient demand in the US market, with three key insights: cost increases from trade friction will be passed to downstream, ODM and OBM customers are less sensitive to upstream price hikes, and the end market shows greater price acceptance than expected [6] - The company will monitor the sustainability of market recovery and adjust product structures to seize opportunities [6] Investor Engagement - During a recent investor meeting, institutions expressed interest in the pace of overseas market recovery, new product development, and cost transmission mechanisms [7] - The company aims to optimize production resources and enhance service quality to achieve sustainable development [7]

Core Viewpoint - Despite a decline in revenue for the first three quarters of 2025, the company is experiencing an increase in the penetration rate of new technology products and a year-on-year growth in sales revenue from new products [1] Group 1: Company Strategy - The company will continue to adhere to independent innovation and increase R&D investment to promote the application and development of new products in the industry [1] - The company aims to further enhance its market share by optimizing product structure and service quality to address market challenges [1] - The focus on sustainable development is a key aspect of the company's future strategy [1]

推出的产品适用于演艺与建筑两大场景，其经营状况进一步好转后，可为公司带来 新的业绩增长点。 2.未来中美贸易政策的变化对公司影响如何？ 公司自第三季度以来订单及出货有所修复，未来中美国际贸易政策趋于稳定的 情况下，预计市场将继续修复趋势，逐步回归正常增长轨道；若中美贸易政策中部 分影响因子减弱，这将降低下游客户采购产品的成本，进而减少向下游传递的成 本，在同等预算下提升最终客户的购买力。 3. 目前公司新技术产品情况如何及新技术发展情况？ 证券代码：300833 证券简称：浩洋股份 广州市浩洋电子股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 详见附件 时间 2025年10月29日 地点 公司会议室 上 市 公 司 接 待人员姓名 董事会秘书 劳杰伟先生 投资者关系活动 主要内容介绍 交流环节： 公司是一家集舞台娱乐灯光设备、建筑照明设备、桁架设备等产品的研发、生 产与销售为一体的高新技术企业。2025年前三季度公司持续加大研发投入，挖掘新 的机遇；整 ...

Financial Performance - The company's revenue for Q3 2025 was CNY 279,155,580.76, an increase of 0.62% compared to the same period last year, while year-to-date revenue decreased by 15.36% to CNY 800,798,421.34[5] - Net profit attributable to shareholders for Q3 2025 was CNY 56,504,590.15, up 1.96% year-on-year, but down 48.04% year-to-date to CNY 134,253,608.01[5] - The basic earnings per share for Q3 2025 was CNY 0.4467, reflecting a 1.97% increase year-on-year, while year-to-date earnings per share decreased by 48.03% to CNY 1.0614[5] - Total operating revenue for the period was ¥800,798,421.34, a decrease of 15.4% compared to ¥946,173,542.27 in the previous period[26] - The net profit for the current period is CNY 135,617,548.85, a decrease of 47.9% compared to CNY 260,867,900.55 in the previous period[27] - The total comprehensive income for the current period is CNY 163,671,676.97, down from CNY 261,890,125.04 in the previous period, reflecting a decline of 37.5%[27] - The basic and diluted earnings per share for the current period are both CNY 1.0614, compared to CNY 2.0425 in the previous period, indicating a decrease of 48.0%[28] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 2,701,412,552.31, a decrease of 0.69% from the end of the previous year[5] - The total assets of the company stood at ¥2,701,412,552.31, slightly down from ¥2,720,279,261.90[24] - The total liabilities decreased to ¥260,632,776.29 from ¥276,296,012.85, a reduction of 5.7%[24] - The company's total equity decreased to ¥2,440,779,776.02 from ¥2,443,983,249.05, a decline of 0.1%[24] Cash Flow - Cash generated from operating activities decreased by 51.33% to ¥97,429,364.74 compared to ¥200,180,992.99 in the same period last year, primarily due to a reduction in cash received from sales of goods and services[14] - Cash flow from investing activities improved by 77.15%, with a net cash outflow of ¥108,048,934.14 compared to ¥472,809,200.10 in the previous year, mainly due to increased cash inflows from maturing investment products[14] - The net increase in cash and cash equivalents was a decrease of 59.28%, amounting to -¥191,746,620.40 compared to -¥470,889,405.09 in the previous year, attributed to increased cash flow from investing activities[14] - Cash flow from operating activities generated a net amount of CNY 97,429,364.74, down 51.4% from CNY 200,180,992.99 in the previous period[28] - Cash flow from investing activities resulted in a net outflow of CNY 108,048,934.14, an improvement from a net outflow of CNY 472,809,200.10 in the previous period[29] - Cash flow from financing activities showed a net outflow of CNY 177,156,585.01, compared to a net outflow of CNY 204,540,882.91 in the previous period, indicating a reduction in cash outflow[29] - The total cash and cash equivalents at the end of the period is CNY 648,548,443.22, slightly down from CNY 648,961,692.35 in the previous period[29] Expenses - The company experienced a 38.61% increase in management expenses, totaling CNY 93,630,801.73, primarily due to higher personnel costs[12] - The financial expenses showed a significant improvement, with a decrease of 87.66% to CNY -2,907,291.36, mainly due to reduced foreign exchange losses[12] - The income tax expense for Q3 2025 was CNY 21,550,919.89, down 55.85% year-on-year, reflecting a decrease in total profit[12] - The company's net profit margin for the period was impacted by increased R&D expenses, which rose to ¥68,599,555.37 from ¥59,882,798.01, an increase of 14.3%[26] - The company reported a tax expense of CNY 21,550,919.89, down from CNY 48,817,150.37 in the previous period, indicating a decrease of 55.7%[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,997, with no preferred shareholders having restored voting rights[16] - The largest shareholder, Jiang Weikai, holds 36.70% of the shares, amounting to 46,415,812 shares, with 34,811,859 shares under lock-up[16] - Jiang Weiqian and Jiang Weihong, both significant shareholders, hold 10.97% and 10.49% of the shares, respectively, with substantial portions also under lock-up[16][17] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[18] - There were no new restrictions on shares for major shareholders during the reporting period, with all lock-up shares adhering to relevant regulations[19] - The company has a total of 34,811,859 shares under lock-up for Jiang Weikai, with no shares released during the reporting period[19] Strategic Outlook - The company has not disclosed any new strategies regarding product development, market expansion, or mergers and acquisitions in the conference call[14] - The company plans to focus on market expansion and new product development in the upcoming quarters[25]

Core Viewpoint - Haoyang Co., Ltd. has experienced fluctuations in stock performance, with a recent increase in share price and notable changes in shareholder structure and financial performance [1][2][3]. Financial Performance - As of June 30, 2025, Haoyang Co., Ltd. reported a revenue of 522 million yuan, a year-on-year decrease of 21.99% [2]. - The net profit attributable to shareholders was 77.75 million yuan, down 61.69% compared to the previous year [2]. - The company has distributed a total of 654 million yuan in dividends since its A-share listing, with 552 million yuan distributed over the past three years [3]. Stock Performance - On October 21, 2023, Haoyang's stock price rose by 2.03%, reaching 41.19 yuan per share, with a trading volume of 26.27 million yuan and a turnover rate of 0.80% [1]. - Year-to-date, the stock has decreased by 3.87%, but it has increased by 9.11% over the last five trading days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 9.03% to 10,700, while the average number of tradable shares per shareholder decreased by 8.29% to 7,620 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 3.54 million shares, a decrease of 40.47% from the previous period [3].

Market Overview - The specialized equipment sector declined by 0.43% on October 13, with Aomeisen leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers in Specialized Equipment Sector - Lihexing (301013) saw a significant increase of 20.01%, closing at 37.90 with a trading volume of 848,000 shares and a transaction value of 3.061 billion [1] - Lingge Technology (920284) rose by 16.90%, closing at 46.01 with a trading volume of 130,000 shares and a transaction value of 561 million [1] - ST Xinyuan (300472) increased by 11.96%, closing at 6.46 with a trading volume of 376,200 shares and a transaction value of 234 million [1] Top Losers in Specialized Equipment Sector - Yunmeima (920080) experienced a decline of 8.11%, closing at 34.10 with a trading volume of 95,200 shares and a transaction value of 323 million [2] - Haoyang Co. (300833) fell by 7.94%, closing at 39.64 with a trading volume of 33,000 shares and a transaction value of 132 million [2] - Rutong Co. (603036) decreased by 6.78%, closing at 22.15 with a trading volume of 191,700 shares and a transaction value of 423 million [2] Capital Flow Analysis - The specialized equipment sector saw a net outflow of 1.135 billion from institutional investors and 170 million from retail investors, while retail investors had a net inflow of 1.305 billion [2] - Notable capital inflows included Beikang Technology (600980) with a net inflow of 99.84 million from institutional investors [3] - Zhengfan Technology (688596) had a net inflow of 64.25 million from institutional investors, while experiencing a net outflow of 113 million from retail investors [3]