Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.00 CNY based on a 54x PE for 2025 [3][5]. Core Insights - The company reported a revenue of 500 million CNY for the first nine months of 2025, representing a year-over-year growth of 37.0%, and a net profit attributable to the parent company of 75.43 million CNY, up 41.8% year-over-year [2]. - In Q3 2025, the company achieved a revenue of 179 million CNY, a 27.1% increase, and a net profit of 29.46 million CNY, reflecting a 59.1% rise [2]. - The report highlights a significant improvement in operating cash flow, with a cash inflow of 50.38 million CNY in Q3, compared to an outflow of 13.02 million CNY in the same period last year [2]. Financial Performance Summary - The company’s revenue is projected to grow from 456 million CNY in 2023 to 1.333 billion CNY in 2027, with year-over-year growth rates of 26.9%, 20.5%, 37.1%, 43.9%, and 22.9% respectively [4][10]. - Net profit attributable to the parent company is expected to increase from 84 million CNY in 2023 to 322 million CNY in 2027, with growth rates of 25.6%, 11.1%, 62.6%, 65.5%, and 27.8% [4][10]. - The gross margin is projected to decline from 67.6% in 2023 to 59.7% in 2027, while the net margin is expected to improve from 18.5% to 24.2% over the same period [4][10]. Business Outlook - The report anticipates a rebound in revenue growth and gross margin in Q4 2025, driven by increased demand for distributed photovoltaic power stations [9]. - The company is expected to maintain a downward trend in expense ratios due to improved management efficiency, with total expenses growing at a slower rate than revenue [9]. - The introduction of supportive policies for distributed photovoltaic power and the acceleration of the electricity spot market are expected to create growth opportunities for the company's innovative businesses [9].

润丰股份 301035.SZ 公司研究 | 季报点评 盈利能力持续提升，严控风险轻装上阵 核心观点 盈利预测与投资建议 ⚫ 我们预测 25-27 年公司 EPS 分别为 4.10、4.89、5.94 元，给予可比公司 25 年 21 倍 PE，对应目标价 86.10 元，维持买入评级。 风险提示： ⚫ 市场开拓不及预期；海外经营不确定性风险；原材料等成本波动风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11,485 | 13,296 | 15,073 | 17,376 | 19,900 | | 同比增长 (%) | -20.6% | 15.8% | 13.4% | 15.3% | 14.5% | | 营业利润(百万元) | 945 | 435 | 1,517 | 1,834 | 2,246 | | 同比增长 (%) | -46.8% | -54.0% | 248.7% | 20.9% | 22.4% | | 归属母公司净利润(百万元) | ...

业绩符合预期，公司加强降本增效，Q3 经 营质量有所回升 核心观点 事件：公司发布 2025 年三季报。2025 年前三季度实现营收 43.49 亿元（+8.87%）；实 现归母净利润 1.46 亿元（-62.77%）。单 Q3 实现营收 14.14 亿元，同比增长 31.73%， 归母净利润 0.59 亿元，同比增长 122.54%，环比增长 47.88%。 盈利预测与投资建议 ⚫ 根据 25 年三季报下调营收，调整 25、26、27 年 EPS 为 0.71、1.35、1.79 元（前 值为 0.99、1.77、2.20 元），参考可比公司 26 年 39 倍 PE，给予目标价 52.65 元， 维持买入评级。 风险提示：军品订单和收入确认不及预期；产品价格下降幅度超预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,210 | 5,025 | 5,907 | 7,341 | 8,703 | | 同比增长 (%) | 3.2% | -1 ...

特宝生物 688278.SH 公司研究 | 季报点评 营收高增，派格宾渗透率有望加速提升 ——特宝生物 2025 年三季报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 考虑到九天开曼的并表，我们上调研发费用率预期，下调盈利预期，预测公司 2025- 2027 年每股收益分别为 2.63、3.34、4.15 元（原预测值分别为 2.72、3.66、4.58 元），参考可比公司平均市盈率，我们给予公司 2025 年 35 倍 PE 估值，对应目标价 92.05 元，维持"买入"评级。 风险提示 ⚫ 国内医药行业政策变动风险；派格宾销售不及预期风险；新品商业化和研发进度不 及预期风险；乙肝新药实现临床治愈优效风险等。 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -2.49 | -15.75 | -16.68 | -9.42 | | 相对表现% | -4.74 | -17.24 | -30.14 | -30.51 | | 沪深 300% | 2.25 | 1.49 | 13.46 | 21.09 | | 伍云飞 | 执业证 ...

《杖剑传说》流水稳定，期待《九牧之 野》上线贡献增量 ——吉比特（603444.SH）25Q3 点评 核心观点 盈利预测与投资建议 ⚫ 公司 25Q2 新游戏《杖剑传说》有望在 Q4 维持较高流水，期待 SLG 新产品《九牧之 野》在 26 年贡献增量。我们预计 25/26/27 年归母净利润分别为 16.84/18.05/21.47 亿元（原值为 15.08/17.79/19.36 亿元，因《杖剑传说》稳定性、以及《道友来挖 宝》流水超预期，我们上修游戏预测收入，从而上调盈利预测）。维持可比公司 2025 年 P/E 调整均值 22 倍，我们给予公司目标价 514.14 元，维持"增持"评级。 风险提示 游戏版号不确定性；新产品流水存在不确定性；买量成本提升风险；研发费用提升风 险；资产减值风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,185 | 3,696 | 6,297 | 7,352 | 8,539 | | 同比增长 (%) | ...

特宝生物 688278.SH 公司研究 | 季报点评 营收高增，派格宾渗透率有望加速提升 ——特宝生物 2025 年三季报点评 核心观点 ⚫ 国内医药行业政策变动风险；派格宾销售不及预期风险；新品商业化和研发进度不 及预期风险；乙肝新药实现临床治愈优效风险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,100 | 2,817 | 3,633 | 4,878 | 6,232 | | 同比增长 (%) | 37.6% | 34.1% | 29.0% | 34.3% | 27.7% | | 营业利润(百万元) | 681 | 971 | 1,246 | 1,574 | 1,945 | | 同比增长 (%) | 67.3% | 42.6% | 28.4% | 26.3% | 23.6% | | 归属母公司净利润(百万元) | 555 | 828 | 1,072 | 1,364 | 1,694 | | 同比增长 (%) | 93.5% | 49.0% ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.60 CNY, based on a 20x PE for 2026 [4][6]. Core Insights - The company reported a significant improvement in performance, with Q3 2025 showing a net profit of 3.1 billion CNY, a 301.0% increase quarter-on-quarter [10]. - The core business of brand operation generated revenue of 41.0 billion CNY in the first three quarters of 2025, nearly flat year-on-year, while wholesale and retail segments experienced declines [10]. - The launch of the new product "Dijiao Sujie" is expected to drive growth, targeting middle-aged and elderly consumers with improved bioavailability [10]. - The commercialization of ZAP-X is progressing well, with the first precision radiotherapy center signed in Beijing, and a manufacturing base set to be operational by the end of 2025 [10]. Financial Summary - Revenue for 2023 is projected at 8,256 million CNY, with a year-on-year growth of 9.9%, while 2025 is expected to see revenue of 8,625 million CNY, reflecting a 6.6% increase [5][11]. - The net profit attributable to the parent company is forecasted to be 477 million CNY in 2025, down 31.0% from 2024 [5][11]. - The gross margin is expected to improve from 33.3% in 2023 to 36.3% in 2025, while the net margin is projected to decrease from 8.6% in 2023 to 5.5% in 2025 [5][11]. - The company’s return on equity (ROE) is expected to decline from 27.4% in 2023 to 19.8% in 2025 [5][11].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company's gross margin improved quarter-on-quarter in Q3, indicating a potential recovery in operations next year [2][10]. - The report adjusts the earnings forecast due to challenges from new factory ramp-up and trade friction, projecting EPS for 2025-2027 to be 2.81, 3.42, and 3.94 yuan respectively [3][11]. - The target price is set at 67.44 yuan based on a 24x PE valuation for 2025 [3][11]. Financial Performance Summary - Revenue (in million yuan) is projected to grow from 20,114 in 2023 to 31,127 in 2027, with a CAGR of approximately 9.9% [4][13]. - Net profit attributable to the parent company is expected to increase from 3,200 million yuan in 2023 to 4,600 million yuan in 2027, reflecting a growth rate of 15.2% in 2027 [4][13]. - The gross margin is forecasted to be 22.7% in 2025, improving to 25.4% by 2027 [4][13]. Operational Insights - The company faced challenges in Q3 with a 0.34% year-on-year decline in revenue and a 20.73% drop in net profit attributable to the parent company [10]. - Despite these challenges, the company is actively expanding its customer base to mitigate the impact of declining orders from existing clients [10]. - The report highlights that the company’s operational quality remains stable, with a significant net cash from operating activities of 37.63 billion yuan, approximately 1.55 times its profit for the same period [10]. Market Position and Future Outlook - The company is recognized as a leading global manufacturer of sports shoes, benefiting from strong customer relationships, scale, and innovation capabilities [10]. - The report anticipates a recovery in operations starting next year, with old customer orders expected to gradually resume and new factory efficiencies improving [10].

优质资产注入+深化降本增效，盈利能力有 望继续提升 ——山东钢铁 2025 三季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 25Q3 季报，我们小幅下调相关产品成本等，预测公司 2025-2027 年每股净资产 为 1.79、1.91、2.02 元（2025-2027 年原预测值为 1.77、1.85、1.94 元），根据可 比公司 2025 年 1.08X 的 PB 估值，对应目标价 1.94 元，维持买入评级。 风险提示 宏观经济波动风险、铁矿石价格下降不及预期风险、下游需求不达预期风险、公司管理 变革与协同发展不达预期风险、公司降本效果不及预期风险、公司高端化产品开发不及 预期风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 90,475 | 82,094 | 77,780 | 77,660 | 78,081 | | 同比增长 (%) | -11.5% | -9.3% | -5.3% | -0.2% | 0.5% | | 营业利润(百万 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.85 CNY based on a 2026 PE valuation of 11 times [3][5]. Core Insights - The company is expected to benefit from a decrease in raw material costs, particularly in aluminum ore, leading to improved profitability in the coming years [2][8]. - The company is actively progressing on key projects aimed at enhancing its integrated aluminum industry layout, which is anticipated to support future growth [8]. - The report forecasts significant growth in earnings per share (EPS) from 1.05 CNY in 2025 to 1.51 CNY in 2027, reflecting a positive outlook for the company's financial performance [3][10]. Financial Performance Summary - Revenue is projected to decline from 28,975 million CNY in 2023 to 28,089 million CNY in 2024, before rebounding to 35,253 million CNY in 2025, representing a growth of 25.5% [4][10]. - Operating profit is expected to increase significantly from 2,642 million CNY in 2023 to 5,506 million CNY in 2025, with a notable growth rate of 97.6% in 2024 [4][10]. - Net profit attributable to the parent company is forecasted to rise from 2,205 million CNY in 2023 to 4,901 million CNY in 2025, with a growth of 102.0% in 2024 [4][10]. - The gross margin is expected to improve from 14.1% in 2023 to 23.3% in 2027, indicating enhanced profitability [4][10]. Market Performance - The company's stock has shown strong performance, with a 70.32% increase over the past 12 months [6]. - The stock price as of October 29, 2025, was 13.8 CNY, with a 52-week high of 13.9 CNY and a low of 6.48 CNY [5].