Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [5][3]. Core Insights - The company experienced a revenue decline of 7.48% year-on-year in the first three quarters of 2025, with total revenue reaching 3.127 billion yuan. The net profit attributable to shareholders also decreased by 10.11% to 860 million yuan [1][2]. - In Q3 2025, the company reported a revenue of 1.067 billion yuan, down 9.04% year-on-year, and a net profit of 289 million yuan, down 14.30% year-on-year [1][2]. - The company has achieved multiple product registrations, including innovative testing kits and automated instruments, showcasing its commitment to research and development despite a 19.91% decrease in R&D expenses [2][3]. Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025E Revenue: 4.622 billion yuan, Net Profit: 1.264 billion yuan - 2026E Revenue: 5.214 billion yuan, Net Profit: 1.473 billion yuan - 2027E Revenue: 5.928 billion yuan, Net Profit: 1.722 billion yuan [4][9]. - The company’s P/E ratios are projected to decrease from 17 in 2025 to 13 in 2027, indicating potential value appreciation [4][12]. Market Strategy and Collaborations - The company is deepening domestic market collaborations with strategic partners to expand distribution channels and regional resources, while also pursuing international partnerships to enhance its global footprint [3][2]. - The company has actively contributed to public health initiatives, such as providing high-throughput sequencing platforms for disease control efforts [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [4][6]. Core Insights - The company achieved a revenue of 25.834 billion yuan in the first three quarters of 2025, a year-on-year decrease of 12.38%. However, Q3 2025 saw a revenue increase of 1.53% year-on-year, with a net profit of 2.501 billion yuan, down 18.69% year-on-year [1][2]. - International business revenue grew significantly, with a year-on-year increase of 11.93% in Q3 2025, driven by the expansion of high-end overseas customer bases and improved localization capabilities [2][3]. - The company continues to invest in R&D, with expenses of 828 million yuan in Q3 2025, representing 9.11% of revenue, and has launched several innovative products across various medical fields [3][4]. Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 9.091 billion yuan, a 1.53% increase year-on-year, while net profit decreased by 18.69% to 2.501 billion yuan [1][2]. - The company’s revenue for the first three quarters of 2025 was 25.834 billion yuan, down 12.38% year-on-year, with a net profit of 7.570 billion yuan, down 28.83% [1]. Business Segments - The in-vitro diagnostics segment generated 3.634 billion yuan in Q3 2025, a decrease of 2.81% year-on-year. The life information and support segment saw a revenue of 2.952 billion yuan, up 2.60% year-on-year, with minimally invasive surgery business growing over 25% [2]. - The medical imaging segment reported revenue of 1.689 billion yuan, remaining stable year-on-year [2]. R&D and Innovation - The company’s R&D expenses in Q3 2025 were 828 million yuan, a 1.37% increase year-on-year, highlighting a commitment to innovation [3]. - New product launches include advanced diagnostic kits and systems in various medical fields, enhancing the company's product portfolio [3]. Strategic Initiatives - The company is strengthening domestic and international collaborations, including partnerships for medical talent training and discussions for deeper cooperation with foreign officials [3][4]. - The report emphasizes the importance of these strategic initiatives in supporting the company's global expansion efforts [3].

2025 年 11 月 2 日 公司研究 25Q3 营收企稳，积极拓展海外市场 ——新产业（300832.SZ）2025 年三季报点评 要点 事件： 2025 年前三季度，公司实现营业收入 34.28 亿元，同比下降 0.39%；归 母净利润 12.05 亿元，同比下降 12.92%；扣非归母净利润 11.36 亿元，同比下 降 14.68%。其中，2025 年 Q3 实现营收 12.43 亿元，同比增长 3.28%；归母净 利润 4.34 亿元，同比下降 9.72%；扣非归母净利润 4.10 亿元，同比下降 11.58%。 点评： 25Q3 营收增长利润下降，多项费用率保持稳定：2025 年 Q3 营业收入同比增长 3.28%，归母净利润和扣非归母净利润皆同比下降。销售费用率为 16.74%，同 比+1.08pct；管理费用率为 2.53%,同比-0.04pct；财务费用率为 0.04%，同比 +0.94pct。25Q3 的投资活动产生的现金流量同比少流出了 40.07%，主要系购 买的理财产品期限长短不同，导致报表截止日投资活动产生的现金流量净额差异 较大。 研发投入持续加大，产品注册持续推进：25Q3 ...

2025 年 11 月 2 日 公司研究 Q3 收入利润表现稳健，省内市场增长较快 ——广州酒家（603043.SH）2025 年三季报点评 要点 事件： 25 年前三季度实现营业收入 42.8 亿元，同比+4.4%；归母净利润 4.5 亿 元，同比+0.3%；扣非归母净利润 4.4 亿元，同比+1.7%。其中，25Q3 实现营 业收入 22.9 亿元，同比+4.7%；归母净利润 4.1 亿元，同比+5.3%；扣非归母净 利润 4.1 亿元，同比+6%。 Q3 业绩稳健增长，月饼业务韧性较强。分产品看，1）月饼系列产品：Q3 营收 14.25 亿元，yoy+1.1%，尽管宏观消费环境承压，公司核心月饼业务仍展现出 较强韧性。2）速冻食品：Q3 营收 2.59 亿元，yoy+11.6%。3）餐饮业：Q3 营 收 3.58 亿元，yoy-2.5%。4）其他产品：Q3 营收 2.24 亿元，yoy+43.2%。 分区域看，1）广东省内：Q3 营收 14.29 亿元，yoy+10.2%，基地市场保持稳 健增长。2）境内广东省外：Q3 营收 4.64 亿元，yoy-3.1%。3）境外：Q3 营收 0.15 亿元，yoy ...

2025 年 11 月 2 日 公司研究 ——艾德生物（300685.SZ）2025 年三季报点评 要点 事件：公司发布 2025 年三季度报告，公司前三季度内实现营业收入 8.66 亿元， 同比增长 2.08%；归母净利润 2.63 亿元，同比增长 15.50%；扣非归母净利润 2.50 亿元，同比增长 18.05%。其中，2025 年 Q3 实现营收 2.86 亿元，同比下 滑 6.12%；归母净利润 0.73 亿元，同比下滑 11.92%；扣非归母净利润 0.66 亿 元，同比下滑 18.08%。 25Q3 营收利润承压，投资收益显著增长：25Q3 公司营收同比下降 6.12%，主 要系国内销售受增值税税率调整的影响及药物临床研究服务因项目进度及交付 节奏，达到收入确认里程碑的项目减少所致。25Q3 公司归母净利润同比下降 11.92%，主要系肠癌 SDC2 产品相关权益转让所形成的长期应收款计提坏账准 备所致。25Q3 公司销售费用率为 33.66%，同比+3.61pct；管理费用率为 4.79%， 同比+0.12pct；财务费用率为-0.32%，同比-0.02pct，主要系本期利息收入增加 及汇兑损 ...

2025 年 11 月 2 日 公司研究 息差阶段性企稳，业绩增长韧性强 ——苏州银行（002966.SZ）2025 年三季报点评 买入（维持） 当前价：8.27 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) | 44.71 | | 总市值(亿元)： | 369.72 | | 一年最低/最高(元)： | 7.11/9.48 | | 近 3 月换手率： | 96.28% | 要点 事件： 10 月 30 日，苏州银行发布 2025 年三季报，公司前三季度实现营业收入 94.8 亿， 同比增长 2%，实现归母净利润 44.8 亿，同比增长 7.1%。前三季度年化 ROAE 为 12.03%，同比下降 0.8pct。 点评： 营收盈利增速稳中有升。苏州银行前三季度营收、拨备前利润、归母净利润同比增 速分别为 2%、7.7%、7.1%， ...

2025 年 11 月 2 日 公司研究 25Q3 营收利润承压，多款产品处于注册申报阶段 ——艾德生物（300685.SZ）2025 年三季报点评 要点 事件：公司发布 2025 年三季度报告，公司前三季度内实现营业收入 8.66 亿元， 同比增长 2.08%；归母净利润 2.63 亿元，同比增长 15.50%；扣非归母净利润 2.50 亿元，同比增长 18.05%。其中，2025 年 Q3 实现营收 2.86 亿元，同比下 滑 6.12%；归母净利润 0.73 亿元，同比下滑 11.92%；扣非归母净利润 0.66 亿 元，同比下滑 18.08%。 25Q3 营收利润承压，投资收益显著增长：25Q3 公司营收同比下降 6.12%，主 要系国内销售受增值税税率调整的影响及药物临床研究服务因项目进度及交付 节奏，达到收入确认里程碑的项目减少所致。25Q3 公司归母净利润同比下降 11.92%，主要系肠癌 SDC2 产品相关权益转让所形成的长期应收款计提坏账准 备所致。25Q3 公司销售费用率为 33.66%，同比+3.61pct；管理费用率为 4.79%， 同比+0.12pct；财务费用率为-0.32%，同比 ...

Investment Rating - The report maintains a "Buy" rating for BYD Electronics, indicating a positive outlook for the company's future performance [4]. Core Insights - The report highlights that BYD Electronics experienced a revenue decline of 2.0% year-on-year in Q3 2025, with total revenue reaching 42.68 billion RMB. The gross profit also fell by 20.0%, leading to a net profit decrease of 9.0% to 1.407 billion RMB [1][2]. - The company is expected to benefit from three main growth engines in 2026: North American key customer components, new energy vehicles, and AI data centers. The focus is on monitoring the progress of these business segments [2][3]. Summary by Sections Financial Performance - In Q3 2025, BYD Electronics reported a revenue of 42.68 billion RMB, a decrease of 2.0% year-on-year. The gross profit was 2.946 billion RMB, with a gross margin of 6.9%, down 1.6 percentage points year-on-year. The net profit for the same period was 1.407 billion RMB, reflecting a 9.0% decline [1]. Growth Drivers - The North American key customer segment is anticipated to see both volume and price increases in 2026, driven by the launch of new foldable screen models. The company plans to expand its CNC equipment capacity and improve operational efficiency [2]. - The new energy vehicle business revenue forecast for 2025 has been adjusted downward, but the introduction of advanced driving and suspension products in 2026 is expected to enhance the value per vehicle [2]. - The AI data center segment is facing delays in the delivery of liquid cooling and power products, but the company is expanding its product lines and customer base, which is expected to support future growth [3]. Profit Forecast and Valuation - The report revises the net profit forecast for 2025 down by 11% to 4.319 billion RMB, and for 2026 and 2027 down by 18% and 17% respectively, to 5.241 billion RMB and 6.203 billion RMB. The current market valuation corresponds to P/E ratios of 17, 14, and 12 for 2025, 2026, and 2027 respectively [3][4].

2025 年 11 月 2 日 行业研究 PTA 行业召开反内卷座谈会，看好行业迎来景气反转 ——基础化工行业周报（20251027-20251031） 要点 工信部近日召开 PTA 及瓶片发展座谈会，行业反内卷有望加速推进。2025 年 10 月 27 日，工信部原材料工业司发布《关于召开精对苯二甲酸 PTA 及 瓶级聚酯切片产业发展座谈会的通知》，通知函提到：为防范化解精对苯二 甲酸（PTA）及瓶级聚酯切片行业内卷式竞争，促进产业平稳运行，拟召开 精对苯二甲酸（PTA）及瓶级聚酯切片产业发展座谈会。此次座谈会召开， 有望加速推进 PTA、瓶级聚酯切片等行业反内卷措施落地，推动行业供需格 局加速优化。 PTA 产能显著过剩，行业盈利急需改善。2020 年以来，我国 PTA 行业经历 了长达 5-6 年的投产高峰期，PTA 行业产能过剩问题也逐步凸显。开工率数 方面，据百川盈孚，2024 年以来国内 PTA 行业开工率基本在 70-80%之 间，行业产能过剩问题较为显著；盈利方面，2025 年以来国内 PTA 绝大部 分时间处于亏损状态。我们认为由于供需失衡导致 PTA 行业绝大多数企业都 处于亏损状态的局面 ...

2025 年 11 月 1 日 公司研究 Q3 业绩承压，报表继续出清 ——口子窖（603589.SH）2025 年三季报点评 要点 事件：口子窖发布 2025 年三季报，公司 25 年前三季度实现营业总收入 31.74 亿元、同比下滑 27.24%，实现归母净利润 7.42 亿元、同比下滑 43.39%，扣非 归母净利润 7.25 亿元、同比下滑 42.77%。其中 25Q3 单季总营收 6.43 亿元、 同比下滑 46.23%，归母净利润 0.27 亿元、同比下滑 92.55%，扣非归母净利润 0.27 亿元、同比下滑 92.1%。 25Q3 收入下滑幅度较高，报表继续出清。三季度公司收入端同比下滑 46%，消 费场景受损下公司主动释放压力，报表出清幅度相对明显。1）分产品看，25 年 前三季度高档/中档/低档白酒销售收入分别为 29.61/0.41/1.14 亿元，同比 -27.98%/-15.38%/+25.09%，高档白酒需求受损、收入下滑相对明显，其中单 三季度高档/中档/低档白酒销售收入分别为 5.77/0.09/0.46 亿元，同比 -49.35%/-28.51%/+117.28%。2）分区域 ...