Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The growth logic remains unchanged, with steady improvement in profitability. For the first three quarters of 2025, the company achieved a revenue of 8.434 billion yuan, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of 623 million yuan, up 31.48% year-on-year [1]. - The low-temperature business is performing well, with new product revenue maintaining a double-digit growth rate. The low-temperature yogurt "Huirun" series continues its growth momentum from the first half of the year [2]. - The sales expense ratio has decreased, indicating improved profitability. The gross profit margin for the first three quarters of 2025 was 29.47%, while the net profit margin increased to 7.39% [3]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 8.434 billion yuan, a 3.49% increase year-on-year, and a net profit of 623 million yuan, a 31.48% increase year-on-year. In Q3 alone, revenue was 2.908 billion yuan, up 4.42% year-on-year, with a net profit of 226 million yuan, up 27.67% year-on-year [1]. - The company’s gross profit margin for Q1-Q3 2025 was 29.47%, and for Q3 it was 28.43%, reflecting a slight year-on-year decrease of 0.39 percentage points [3]. Business Segments - The low-temperature product category continues to show strong growth, with double-digit revenue growth year-on-year. The company is also expanding its distribution channels, including successful partnerships with Sam's Club and Hema [2]. Profitability and Efficiency - The sales expense ratio decreased to 15.08% in Q3 2025, down 0.19 percentage points year-on-year, indicating improved efficiency in expense management [3]. - The net profit margin for Q3 2025 was 7.78%, an increase of 1.42 percentage points year-on-year, driven by the low-temperature product category and new channel developments [3]. Earnings Forecast and Valuation - The report maintains the net profit forecast for 2025-2027, with expected EPS of 0.83 yuan for 2025, 0.99 yuan for 2026, and 1.14 yuan for 2027. The current stock price corresponds to P/E ratios of 20, 17, and 15 for the respective years [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The growth logic remains unchanged, with steady improvement in profitability. For the first three quarters of 2025, the company achieved a revenue of 8.434 billion yuan, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of 623 million yuan, up 31.48% year-on-year [1]. - The low-temperature business is performing well, with new product revenue maintaining a double-digit growth rate. The low-temperature yogurt "Huirun" series continues its growth momentum from the first half of the year [2]. - The company has successfully expanded new channels, with the D2C channel showing strong growth, and the Sam's Club channel maintaining good monthly sales levels [2]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company's gross margin was 29.47%, while for Q3 it was 28.43%, reflecting a slight year-on-year decrease of 0.39 percentage points. However, after adjustments, the gross margin for Q3 showed improvement [3]. - The sales expense ratio decreased to 15.08% in Q3 2025, down 0.19 percentage points year-on-year, indicating improved efficiency in expense management [3]. - The net profit margin for Q1-Q3 2025 was 7.39%, increasing to 7.78% in Q3, a year-on-year increase of 1.42 percentage points [3]. Profit Forecast and Valuation - The company’s profit forecasts for 2025-2027 remain unchanged, with expected EPS of 0.83, 0.99, and 1.14 yuan respectively. The current stock price corresponds to P/E ratios of 20, 17, and 15 for the respective years [4][5]. Revenue and Growth Rates - The projected revenue for 2025 is 11.073 billion yuan, with a growth rate of 3.82%. The net profit for 2025 is forecasted at 712 million yuan, reflecting a growth rate of 32.44% [5][11]. Profitability Metrics - The company is expected to achieve a return on equity (ROE) of 19.51% in 2025, increasing to 21.34% by 2027, indicating a strong upward trend in profitability [5][13]. Expense Ratios - The management expense ratio is projected to decrease to 3.26% by 2025, reflecting ongoing cost control measures [14]. Market Data - The total market capitalization of the company is approximately 14.287 billion yuan, with a total share capital of 861 million shares [6].

2025 年 10 月 30 日 公司研究 Q3 新工厂爬坡成效显现，期待龙头高质量增长 ——华利集团（300979.SZ）2025 年三季报点评 要点 事件： 华利集团发布 2025 年三季报。公司 2025 年前三季度实现营业收入 186.8 亿元， 同比增长 6.7%，归母净利润 24.4 亿元，同比下滑 14.3%，扣非归母净利润 25.0 亿元，同比下滑 10.8%，EPS（基本）为 2.09 元。 分季度来看，25Q1/Q2/Q3 公司单季度收入分别为 53.5/73.1/60.2 亿元，分别 同比+12.3%/+9.0%/-0.3%，归母净利润分别为 7.6/9.1/7.6 亿元，分别同比 -3.2%/-16.7%/-20.7%，归母净利率分别为 14.2%/12.4%/12.7%，分别同比 -2.3/-3.8/-3.3PCT，公司持续推进新工厂爬坡以及各工厂降本增效，2025Q3 归 母净利率环比提升 0.3PCT。其中 2025Q3 扣非归母净利润同比下滑 14.8%，降 幅小于归母净利润，主要系该季度为公允价值损失，而去年同期为收益。 点评： 2025Q3 运动鞋量降价增。分量价来看，25 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue continues to be under pressure due to macroeconomic factors, with a need for a demand turning point to emerge [5] - The company reported a revenue of 1.86 billion yuan for the first three quarters of 2025, a year-on-year decline of 21.5%, and a net profit of 1.09 billion yuan, down 31.0% year-on-year [4][5] - The gross margin slightly decreased to 93.4% for the first three quarters of 2025, while the net profit margin fell to 58.6% [5] - Increased competition in the market, particularly for high-priced products, has contributed to the decline in revenue and profit margins [5][6] - The company is expanding its product lineup in the medical beauty sector, which may provide new growth opportunities in the future [7][8] Summary by Sections Financial Performance - For Q3 2025, the company reported revenues of 570 million yuan, a decline of 21.3% year-on-year, and a net profit of 300 million yuan, down 34.6% year-on-year [4][5] - The gross margin for Q3 2025 was 93.2%, down 1.4 percentage points year-on-year, while the net profit margin was 53.7%, down 11.0 percentage points year-on-year [5] - The company's expense ratio increased by 12.5 percentage points to 31.8% for the first three quarters of 2025, with significant increases in sales, management, and R&D expenses [6] Market Position and Strategy - The company is enhancing its product offerings in the medical beauty sector, including the launch of new products and acquisitions to strengthen its market position [7] - The introduction of new products and the expansion into overseas markets are expected to drive future growth [8] Earnings Forecast - The net profit forecasts for 2025-2027 have been revised down to 1.39 billion, 1.53 billion, and 1.70 billion yuan, respectively, reflecting a decrease of 15% to 16% [8] - The report projects earnings per share (EPS) of 4.58 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 36, 32, and 29 for the years 2025, 2026, and 2027 [8][9]

Investment Rating - The report maintains a "Buy" rating for ASMPT, indicating a positive outlook for the company's future performance [2]. Core Insights - The company's Q3 2025 revenue reached USD 468 million (HKD 3.661 billion), reflecting a year-over-year increase of 10% and a quarter-over-quarter increase of 8%, aligning with previous guidance [1]. - The semiconductor solutions business generated revenue of HKD 1.88 billion (USD 240 million), up 5% year-over-year but down 7% quarter-over-quarter, driven by AI infrastructure demand and strong electric vehicle demand in China [1]. - The SMT business saw revenue of HKD 1.78 billion (USD 228 million), a 15% year-over-year increase and a 28% quarter-over-quarter increase, benefiting from AI server demand and smartphone orders [1]. - The overall new orders in Q3 amounted to USD 463 million, a 14% year-over-year increase but a 4% quarter-over-quarter decrease [1]. - The company expects Q4 2025 revenue to be between USD 470 million and USD 530 million, with a midpoint indicating a 14% year-over-year increase and a 7% quarter-over-quarter increase, exceeding market expectations [1]. Summary by Sections Financial Performance - Q3 2025 adjusted net profit was HKD 1.02 billion, a 245% increase year-over-year but a 24% decrease quarter-over-quarter [1]. - The adjusted gross margin for Q3 was 37.7%, down 330 basis points year-over-year and 203 basis points quarter-over-quarter, primarily due to a decline in semiconductor business margins [1]. - The company has adjusted its net profit forecasts for 2025-2027 to HKD 2.03 billion, HKD 13.51 billion, and HKD 19.35 billion, reflecting significant changes in expectations [2]. Business Segments - The semiconductor solutions segment is expected to see a recovery in TCB shipments starting in Q4 2025 and into 2026, driven by demand from major clients [1]. - The SMT segment is showing a recovery trend, with new orders increasing significantly year-over-year [1]. - The company is focusing on enhancing its TCB and HBM capabilities, anticipating accelerated shipments in the upcoming quarters [1]. Market Outlook - The report highlights strong demand for AI infrastructure and electric vehicles as key growth drivers for the company's main business segments [1]. - The company is expected to benefit from cost savings following the voluntary liquidation of its Shenzhen subsidiary, which is projected to improve gross margins in the long term [1].

2025 年 10 月 30 日 公司研究 经营承压，持续调整 ——良品铺子（603719.SH）2025 年三季报点评 要点 事件：良品铺子发布 2025 年三季报，25Q1-Q3 实现营业收入 41.40 亿元，同 比-24.45%；归母净亏损 1.22 亿元，24 年同期盈利 0.19 亿元；扣非归母净亏损 1.46 亿元，24 年同期亏损 315 万元。其中，25Q3 单季度实现营业收入 13.11 亿元，同比-17.72%；归母净亏损 0.29 亿元，24 年同期亏损 450 万元；扣非归 母净亏损 0.27 亿元，24 年同期亏损 1061 万元。 线上流量分化，叠加量贩等线下业态冲击，各业务条线持续调整。分渠道看，25Q3 公司营收端处于调整期，公司线上/线下渠道分别实现营业收入 5.61/9.02 亿元， 同比-14.02%/-20.15%。线上渠道受电商平台整体流量下滑影响，动销表现持续 承压。线下渠道近几年持续受到零食量贩业态竞争，门店业务经营压力较大。 25Q3 直营/加盟零售/团购业务分别实现营业收入 3.74/3.77/1.52 亿元，同比 -19.83%/ -25.58%/-3.5 ...

2025 年 10 月 30 日 公司研究 Q3 归母净利润环比小幅改善，静待炼化景气修复 ——中国石化（600028.SH/0386.HK）2025 年三季报点评 A 股：买入（维持） 当前价：5.52 元 H 股：买入（维持） 当前价：4.22 港元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 市场数据 | 总股本(亿股) | 1211.78 | | --- | --- | | 总市值(亿元)： | 6689.00 | | 一年最低/最高(元)： | 5.25/6.78 | | 近 3 月换手率： | 1.09% | 要点 事件： 公司发布 2025 年三季报，2025 年前三季度，公司实现营业总收入 21134 亿元，同比-10.7%，实现归母净利润 300 亿元，同比-32. ...

2025 年 10 月 30 日 公司研究 业绩增长韧性强，可转债转股可期 ——常熟银行（601128.SH）2025 年三季报点评 买入（维持） 当前价：6.92 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 33.17 | | 总市值(亿元)： | 229.50 | | 一年最低/最高(元)： | 5.72/7.83 | | 近 3 月换手率： | 139.48% | 股价相对走势 规模扩张强度不减，信贷增速稳中有升。3Q25 季末，常熟银行生息资产、贷款同 比增速分别为 11.6%、7.1%，增速较 2Q 末分别提升 0.2、1.9pct，规模扩张强度 不减。季末金融投资、同业资产增速分别为 18.1%、30.6%，增速较年中分别变动 -6、+3.9pct，非信贷类资产维持较高增速，对资产扩张形成一定支撑。贷款方面， ...

Group 1: Macro and Market Insights - The report outlines three quantitative indicators from the "14th Five-Year Plan" that provide a clear roadmap for economic development over the next five years: steady improvement in total factor productivity, significant increase in household consumption rate, and maintaining economic growth within a reasonable range [1] - The A-share and Hong Kong stock markets are expected to continue strong performance, with a monthly stock selection for November 2025 including companies like Sunking Electronics and Tencent Holdings [1] Group 2: High-end Manufacturing Industry - The year 2026 is anticipated to be a breakthrough year for humanoid robots, with strong optimism for the humanoid robot industry [2] - The liquid cooling industry is expected to see increased penetration driven by improvements in power density and reductions in PUE [2] - The PCB equipment industry is projected to maintain high prosperity as manufacturers accelerate the expansion of high-end PCB capacity [2] - Solid-state battery materials are seeing continuous R&D achievements, with equipment orders expected to increase due to market demand [2] - Recommendations include companies like Ampere Dragon and Giant Star Technology [2] Group 3: Non-ferrous Metals Industry - In Q3 2025, the proportion of non-ferrous metal heavy stocks held by active equity funds increased to 5.72%, with notable increases in copper and tin holdings [3] - Investment suggestions highlight that supply supports price increases for copper, aluminum, and rare earths, while precious metals benefit from a weakened US dollar and a rate cut cycle [3] - Recommended stocks include Zijin Mining and Western Mining [3] Group 4: Banking Sector Insights - China Merchants Bank reported a steady increase in net interest income and a significant rise in wealth management income, with a revenue growth rate improving by 1.2 percentage points quarter-on-quarter [5] - Qingdao Bank achieved a revenue of 11 billion yuan in the first three quarters, a 5% year-on-year increase, with a net profit growth of 15.5% [6] - Jiangyin Bank's revenue reached 3.2 billion yuan, growing by 6.2% year-on-year, with a net profit increase of 13.4% [7] - China Bank's revenue growth was 2.7%, with a positive trend in profitability and asset quality [8] - Chengdu Bank reported a revenue of 17.8 billion yuan, a 3% increase, with a net profit growth of 5% [9] Group 5: Chemical and Petrochemical Sector - Jiufeng Energy's Q3 performance was impacted by short-term disturbances, leading to a slight downward adjustment in profit forecasts for 2025-2027 [10] - Yangnong Chemical reported steady growth in pesticide raw material sales, with a positive outlook for the industry [11] - Satellite Chemical's profit forecasts were adjusted downward due to rising ethane prices, but the company is expected to maintain growth [12] Group 6: Food and Beverage Sector - Ganyuan Foods reported a revenue of 1.533 billion yuan in the first three quarters, a decrease of 4.53% year-on-year, with a significant drop in net profit [22] - Lihai Foods showed strong sales momentum in core customers, with a bright outlook for its cream business [23] - Haitian Flavor Industry achieved a revenue of 21.63 billion yuan in the first three quarters, with a slight adjustment in profit forecasts [24] - Yanjinpuzi reported a revenue increase of 14.67% year-on-year, with a notable rise in net profit [25] Group 7: Home Appliance and New Energy Sector - Shun'an Environment is transitioning from a leader in refrigeration components to a benchmark in refrigeration and new energy vehicle thermal management components, with a target price set at 20.39 yuan [21]

Investment Rating - The report maintains an "Accumulate" rating for Jiangyin Bank (002807.SZ) with a current price of 4.80 yuan [1]. Core Views - Jiangyin Bank's net interest income has returned to positive growth, and profitability continues to show double-digit high growth. For the first three quarters of 2025, the bank achieved revenue of 3.2 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 1.28 billion yuan, up 13.4% year-on-year [3][4]. Financial Performance Summary - Revenue, pre-provision profit, and net profit growth rates for the first three quarters were 6.2%, 10.9%, and 13.4%, respectively, with declines of 4.3, 3.8, and 3.2 percentage points compared to the first half of the year [4]. - The annualized weighted average return on equity (ROAE) was 9.05%, an increase of 0.5 percentage points year-on-year [3]. Income Structure Summary - Net interest income and non-interest income growth rates for the first three quarters were 1.2% and 17.7%, respectively, with changes of +1.4 and -12.5 percentage points compared to the first half of 2025 [4]. - Non-interest income accounted for 33.2% of total revenue, with a year-on-year increase of 17.7% [7]. Asset and Liability Management Summary - As of the end of the third quarter of 2025, the bank's interest-bearing assets and loans grew by 4.5% and 8.6% year-on-year, respectively, showing slight acceleration compared to the second quarter [5]. - The bank's deposit growth remained stable, with a year-on-year increase of 12.4% in deposits [6]. Risk Management Summary - The non-performing loan (NPL) ratio was 0.85%, with a slight decrease from the previous quarter [8]. - The bank's capital adequacy ratios were robust, with the core tier one capital ratio at 13.77% [8]. Profitability Forecast and Valuation Summary - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.91, 0.98, and 1.05 yuan, respectively, with corresponding price-to-book (PB) ratios of 0.58, 0.53, and 0.49 [9][10].