2025 年 11 月 3 日 公司研究 盈利预测、估值与评级：公司为国产 AI 服务器电源龙头，高功率服务器电源产 品技术壁垒高，业务增长势头强劲，盈利能力强，头部客户关系紧密，充分受益 于 AI 电源国产化浪潮，带动公司营收利润增长。我们维持公司 2025-2027 年归 母净利润预测为 3.40、4.57、5.78 亿元。维持"买入"评级。 风险提示：市场竞争较为激烈的风险；原材料价格波动风险；客户较为集中的风 险。 公司盈利预测与估值简表 25Q3 单季度营收创新高，高功率电源持续放量 ——欧陆通（300870.SZ）2025 年三季报点评 要点 事件：公司发布 2025 年三季报。公司 2025 年前三季度实现营收 33.87 亿元， 同比增长 27.16%，实现归母净利润 2.2 亿元，同比增长 41.53%。 25Q3 单季度营收创新高，净利率同环比提升。受益于服务器电源业务的高景气， 公司2025年前三季度营收利润双增长。公司2025年前三季度毛利率为20.47%， 同比下滑 0.81pct，净利率为 6.58%，同比增长 0.69pct。公司经营管理费用优 化，注重技术研发，2025 年前三 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has shown strong performance in the first three quarters of 2025, with a revenue of 34.417 billion yuan, a year-on-year increase of 17.81%, and a net profit of 1.745 billion yuan, up 35.99% year-on-year [1][2]. - The average prices of tin, copper, and zinc have increased year-on-year, contributing to the company's revenue growth [2]. - The company is focused on enhancing the value of existing mines and improving resource utilization, particularly in the Karafang mining area [3]. - The report anticipates a continued upward trend in tin prices due to supply constraints and increasing demand driven by AI applications [3]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 34.417 billion yuan, with a net profit of 1.745 billion yuan, reflecting a year-on-year growth of 35.99% [1]. - The average tin price in the first three quarters was 264,000 yuan per ton, up 7.0% year-on-year, while copper and zinc prices also saw increases [2]. - The company maintained excellent cost control, with total expenses as a percentage of revenue decreasing by 1.21 percentage points [2]. Production and Operations - The company met its production targets for major metals, with total non-ferrous metal output reaching 271,000 tons, including 67,700 tons of tin, 96,800 tons of copper, and 105,300 tons of zinc [2]. - The production completion rates for tin, copper, and zinc were 75.2%, 77.4%, and 80.0%, respectively [2]. Future Outlook - The report maintains profit forecasts for 2025-2027, expecting net profits of 2.359 billion yuan, 2.590 billion yuan, and 2.669 billion yuan, respectively [3][4]. - The company is positioned as a leader in the global tin industry, with anticipated improvements in profitability as tin demand recovers [3].

2025 年 11 月 3 日 公司研究 25Q3Revpar 降幅持续收窄，归母净利润率同比提升 ——锦江酒店（600754.SH）2025 年三季报点评 增持（维持） 当前价：22.51 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 股价相对走势 收益表现 % 1M 3M 1Y 相对 2.22 -12.51 -33.16 绝对 0.76 1.49 -15.52 -25% -13% -2% 10% 22% 10/24 01/25 04/25 07/25 锦江酒店 沪深300 资料来源：Wind 相关研报 25H1 扣非归母净利润同比增长，开店顺利 推进——锦江酒店（600754.SH）2025 年中 报点评（2025-09-01） 25Q1 业绩承压，盈利能力同比下滑——锦江 酒店（600754.SH）2025 年一季报点评 （2025-05-03） 24 年业绩承压，25 年开店计划提速——锦江 酒店（600754.SH）2024 年年报点评 （2025-04-08） 执业证书编号：S09305230700 ...

晨会速递 分析师点评 市场数据 总量研究 【宏观】制造业 PMI 为何超季节性回落？——2025 年 10 月 PMI 点评 10 月制造业 PMI 迎来超季节性回落。一是，受美国高关税政策影响，制造业出口明 显承压，新出口订单指数降至今年 4 月对等关税出台以来的次低水平；二是，受双节 长假扰动，企业生产活动季节性放缓。从结构来看，受外贸形势不确定性影响，小型 企业景气度明显承压；与出口相关度较大的装备制造业、高技术制造业和消费品制造 业 PMI 指数降幅明显大于内需驱动的高耗能行业。 【金工】市场情绪维持高位，基金抱团程度减弱——金融工程量化月报 20251101 2025 年 11 月 3 日 截至 2025 年 10 月 31 日，沪深 300 上涨家数占比指标最近一个月环比上月小幅下降， 上涨家数占比指标高于 60%，市场情绪较高；从动量情绪指标走势来看，近一月快 线慢线同步向下，快线处于慢线下方，预计在未来一段时间内将维持谨慎观点；从均 线情绪指标来看，短期内沪深 300 指数处于情绪景气区间。 【金工】科创成长层首批新股上市，A1 类账户打新收益率可观——打新市场跟踪月 报 20251031 2 ...

Investment Rating - The report maintains a "Buy" rating for Xianhe Co., Ltd. (603733.SH) with a current price of 22.86 CNY [1] Core Insights - The company reported a revenue of 9.06 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 24.8%. However, the net profit attributable to shareholders decreased by 4.8% to 780 million CNY [5][6] - The revenue for Q1, Q2, and Q3 of 2025 was 2.99 billion CNY, 3.00 billion CNY, and 3.07 billion CNY respectively, with year-on-year growth rates of 35.4%, 25.3%, and 15.5% [5] - The gross margin for the first three quarters of 2025 was 14.0%, down 2.5 percentage points year-on-year, while Q3 2025 gross margin was 14.6%, stable year-on-year and up 1.8 percentage points quarter-on-quarter [6][7] Revenue and Profitability - The company has seen an increase in production and sales, which has driven revenue growth in Q3. New production capacities in Hubei and Guangxi have been gradually put into operation since early 2024, contributing to the revenue expansion [6] - The average price per ton of specialty pulp paper for Q1, Q2, and Q3 of 2025 was approximately 7480 CNY, 6920 CNY, and 6830 CNY respectively, with a slight decrease in Q3 [7] - The company’s net profit for 2025-2027 is projected to be 1.09 billion CNY, 1.32 billion CNY, and 1.59 billion CNY respectively, with corresponding EPS of 1.55 CNY, 1.86 CNY, and 2.24 CNY [8] Financial Metrics - The company’s operating expenses ratio for the first three quarters of 2025 was 6.4%, an increase of 0.8 percentage points year-on-year. The financial expense ratio increased primarily due to the capitalization of interest expenses from fixed asset loans [8] - The projected revenue growth rates for 2025, 2026, and 2027 are 24.94%, 18.72%, and 17.45% respectively, indicating a strong growth trajectory [10] - The company is expected to maintain a gross margin of 14.6% in 2025, with a gradual increase to 15.2% by 2027 [13] Market Position and Future Outlook - Xianhe Co., Ltd. is positioned as a leading enterprise in the specialty paper sector, with significant expansion projects in Guangxi, Hubei, and Sichuan underway. The company aims to capture a larger share of the global market through diversified product offerings and high-end customized products [8] - The current stock price corresponds to a P/E ratio of 15, 12, and 10 for 2025, 2026, and 2027 respectively, suggesting a favorable valuation for potential investors [10][14]

有色金属 锂辉石价格连续 2 个月上涨，六氟磷酸锂价格创近 2 年新高 2025 年 11 月 2 日 消费电子新材料：钴酸锂价格上涨。（1）本周四氧化三钴价格 34.48 万元/ 吨，环比+0%。本周钴酸锂价格 381.0 元/千克，环比+1.3%。（2）本周碳化 硅价格 5,800.00 元/吨，环比+0%；本周高纯镓、粗铟和精铟价格分别为 1,825.00 、 2,425.00 、 2,525.00 元 / 千 克 ，分别 环 比 +0% 、 +0% 、 +0%；本周二氧化锗价格 8,950 元/千克，环比+0%。二氧化锗下游 50%用于 光纤，15%用于电子和太阳能器件；高纯镓下游 80%用于半导体。 其他材料：铑价格上涨。本周 99.95%铂、铑、铱价格分别为 418.00 、 2,165.00 、1,100.00 元/克，环比+3.0%、+2.4%、-0.5%。 建议关注标的：继续全面看好金属新材料板块。锂价已达到 7.4 万元/吨附 近，在藏格矿业等矿山停产的供给端扰动下，短期锂价有望抬升，锂矿板块 建议关注成本具有优势且资源端存在扩张的标的：盐湖股份、藏格矿业、中 矿资源、天齐锂业、赣锋锂业、 ...

2025 年 11 月 2 日 业务增长态势良好，利润超预期 ——好未来（TAL.N）FY26Q2 业绩点评 公司研究 要点 事件：好未来 FY26Q2 实现收入 8.61 亿美元，同比+39.1%；实现归母净利润 1.24 亿美元，同比+116.1%；实现 Non-GAAP 归母净利润 1.36 亿美元，同比 +82.7%。 学习服务及其他：FY26Q2 学习服务业务收入同比增长。FY26Q2 线下小班课和 线上增值课收入均实现同比增长，其中线下小班课收入增幅与公司学习中心的扩 张规模基本保持一致，暑期课程平均售价同比保持稳定。从前瞻指标递延收入看， FY2026Q2 末递延收入为 8.23 亿美元，同比+58.9%（去年同期约 5.18 亿美元）， 依然保持较快增长，需求保持韧性。未来公司仍将持续扩张学习中心数量，推动 收入增长，考虑到基数的逐步增大以及公司重视业务的健康、可持续增长，预计 该业务收入增速将逐步放缓。 内容解决方案：FY26Q2 学习设备收入持续增长。FY26Q2 学习设备收入和销量 同比、环比均实现增长，主要受益于新品推出与渠道拓展。FY26Q2 学习设备平 均售价下滑，主要系产品结构变 ...

2025 年 11 月 2 日 公司研究 25Q3 业绩亮眼,脱敏药业务持续推进 ——浩欧博（688656.SH）2025 年三季度报告点评 25Q3 业绩亮眼，多项费用率下降：2025 年 Q3 营业收入同比下降 1.64%，但是 归母净利润大幅增长，主要系 8 月份处置老厂房获得处置收益导致。25Q3，公 司销售费用率为 22.94%，同比-0.93pct；管理费用率为 17.04%,同比-4.64pct； 财务费用率为 0.44%，同比-0.10pct。 自免诊断实力获得认证，产品注册持续推进：25Q3 公司的研发费用 0.12 亿元， 同比增长 4.85%，占营业收入的 11.60%。25 年 8 月，公司自免诊断实力获 NCRC 认证，在参与的 46 个项目比对中，全部取得满分的优异成绩，展现了公司在自 免诊断领域的深厚积淀与专业实力。25Q3 公司在产品注册方面也有新的进展， 过敏原特异性 lgE 抗体检测试剂盒(吸入混合 Sx/磁微粒化学发光法)等三项产品 获得了湖南省药品监督管理局签发的医疗器械注册证。 深入布局诊疗一体化，脱敏药业务持续推进：25 年 9 月，浩欧博与 Inmunotek 公 ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector [4][5]. Core Viewpoints - The proportion of public fund holdings in the pharmaceutical sector has decreased quarter-on-quarter, but the market is expected to experience a rebound [2][23]. - The investment focus should increasingly emphasize the clinical value of pharmaceuticals, driven by domestic and international policy changes [3][34]. - The report highlights the potential for continuous valuation recovery and upward movement in the pharmaceutical sector due to the opening of the US interest rate cut cycle and advancements in domestic innovative drugs [2][35]. Summary by Sections Market Review - Last week, the pharmaceutical and biotechnology index rose by 1.31%, outperforming the CSI 300 index by 1.74 percentage points [1][17]. - The Hong Kong Hang Seng Medical Health Index fell by 0.11%, but still outperformed the Hang Seng Index by 1.97 percentage points [1][17]. Company Updates - Notable clinical application approvals include Shanghai Lai Shi's SR604 injection and YKYY013 injection from Yuekang Pharmaceutical [39]. - Ongoing clinical trials include HRS-8080 from Heng Rui Pharmaceutical and ICP-332 from Nuo Cheng Jian Hua, both in Phase III [39]. Investment Strategy - The report emphasizes a three-stage clinical value investment strategy: "0 to 1" for technological breakthroughs, "1 to 10" for clinical validation, and "10 to 100" for efficiency in the Chinese market [34][35]. - Key recommended companies include Innovent Biologics (H), Eifang Biologics-U, Tian Shi Li, WuXi AppTec (A+H), and Mindray Medical [36]. Fund Holdings - As of Q3 2025, the market value of public funds heavily invested in pharmaceuticals is 11.93%, down by 0.32 percentage points from the previous quarter [2][24]. - The top 20 stocks by market value show significant upward movement for companies like Rongchang Biologics and BeiGene (H) [2][30]. Financial Performance - The pharmaceutical manufacturing industry reported a revenue decline of 2.0% year-on-year for the first nine months of 2025, totaling 182.11 billion yuan [59]. - The report indicates a positive trend in the valuation of the pharmaceutical sector, with a steady recovery in PE ratios since Q1 2025 [34].

要点 事件：好未来 FY26Q2 实现收入 8.61 亿美元，同比+39.1%；实现归母净利润 1.24 亿美元，同比+116.1%；实现 Non-GAAP 归母净利润 1.36 亿美元，同比 +82.7%。 学习服务及其他：FY26Q2 学习服务业务收入同比增长。FY26Q2 线下小班课和 线上增值课收入均实现同比增长，其中线下小班课收入增幅与公司学习中心的扩 张规模基本保持一致，暑期课程平均售价同比保持稳定。从前瞻指标递延收入看， FY2026Q2 末递延收入为 8.23 亿美元，同比+58.9%（去年同期约 5.18 亿美元）， 依然保持较快增长，需求保持韧性。未来公司仍将持续扩张学习中心数量，推动 收入增长，考虑到基数的逐步增大以及公司重视业务的健康、可持续增长，预计 该业务收入增速将逐步放缓。 2025 年 11 月 2 日 内容解决方案：FY26Q2 学习设备收入持续增长。FY26Q2 学习设备收入和销量 同比、环比均实现增长，主要受益于新品推出与渠道拓展。FY26Q2 学习设备平 均售价下滑，主要系产品结构变化，25 年公司推出 P4（入门级）、S4（经典升 级版）、T4 系列（旗舰版）三大系列 ...