Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In the first three quarters of 2025, the company achieved revenue of 2.718 billion yuan, net profit attributable to the parent company of 203 million yuan, and net profit excluding non-recurring items of 194 million yuan, representing year-on-year changes of +33%, -31%, and -33% respectively. In Q3 2025, the company reported revenue of 958 million yuan, net profit attributable to the parent company of 55 million yuan, and net profit excluding non-recurring items of 48 million yuan, with year-on-year changes of +32%, -45%, and -50% respectively [2][6]. Summary by Sections Revenue and Profitability - Q3 revenue grew by 32% year-on-year, showing a sequential acceleration compared to Q2. However, profitability faced pressure with a year-on-year decline in net profit margins [14]. - The gross margin in Q3 improved by 2.2 percentage points, primarily due to an increase in the proportion of self-owned brands. The sales, management, R&D, and financial expense ratios increased by 10.7, 0.1, -0.2, and 0.7 percentage points year-on-year, respectively [14]. Business Operations - The OEM business is gradually recovering, with orders from major clients starting to pick up. The self-owned brand, Dafy, is expected to continue its strong growth [14]. - The company is expanding its overseas production capacity in Peru and Tanzania, targeting emerging markets in Latin America and Africa, which is anticipated to open up new growth opportunities [14]. Market Position and Strategy - Despite the overall pressure in the infant diaper industry, the company is expected to increase its market share, with an estimated domestic market share of 9.3% in 2024, up from 4.2% in 2019. This growth is attributed to strong product capabilities and partnerships with leading brands [14]. - The company is focusing on enhancing its product offerings and optimizing channel operations for its brand, Jieting, which is expected to rejuvenate its market presence [14]. Financial Forecast - The projected net profit attributable to the parent company for 2025-2027 is 290 million, 380 million, and 460 million yuan, corresponding to price-to-earnings ratios of 24, 19, and 15 times [14].

[Table_scodeMsg1] 联合研究丨公司点评丨致欧科技（301376.SZ） [Table_Title] 致欧科技 2025Q3 点评：符合预期，期待 Q4 开 始出现经营拐点 报告要点 [Table_Summary] 致欧科技 2025Q3 实现营收/归母净利润/扣非净利润 20.37/0.81/0.63 亿元，同比+2%/-23%/- 36%。Q4 起有望出现经营拐点，降息有望催化行业需求。 丨证券研究报告丨 分析师及联系人 [Table_Author] 蔡方羿 李锦 米雁翔 秦意昂 SAC：S0490516060001 SAC：S0490514080004 SAC：S0490520070002 SAC：S0490524110002 SFC：BUV463 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% 事件评论 %% %% research.95579.com 1 [Table_scodeMsg2] 致欧科技（301376.SZ） cjzqdt11111 [Table_Title 致欧科技 2025Q3 2] 点评：符合预期，期待 Q4 开 始出现经营拐点 [Table_Summ ...

行业研究丨深度报告丨软件与服务 [Table_Title] 产业与政策共振，车路云赋能智驾 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 当前时点，随着全球汽车产业的深度转型，代表着从传统机械化向高度智能化、网联化的转变 的智能驾驶技术逐渐成为汽车行业创新的主要推动力。车路云一体化建设作为我国主导的智能 驾驶解决方案，有望在政策扶持下，迎来新一轮建设周期，并带动相关产业链加速发展。短期 维度下，路侧建设有望加速，并带动车载终端逐步放量；同时，中长期维度下，运营服务也将 具备广阔市场空间，进而有望驱动各地车路云一体化建设加速，车路云一体化建设或将进入快 车道。建议关注"车路云一体化"全产业链，重点关注车路协同基建厂商。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title2] 产业与政策共振，车 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, the company demonstrated strong profit growth, with revenue reaching 3.26 billion yuan, up 39.7% year-on-year, and net profit attributable to shareholders at 1.21 billion yuan, up 85.3% year-on-year [6][13]. - The third quarter saw a significant market recovery, with the company's revenue benefiting from increased market activity, leading to a 56.7% year-on-year increase in revenue for Q3 [2][13]. - The company is actively integrating AI technologies into its products, enhancing user experience and competitive edge, with a focus on AI large models and intelligent investment advisory applications [2][13]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.26 billion yuan and a net profit of 1.21 billion yuan, reflecting year-on-year increases of 39.7% and 85.3% respectively [6][13]. - The Q3 revenue and net profit were 1.48 billion yuan and 700 million yuan, marking increases of 56.7% and 144.5% year-on-year [6][13]. Market Conditions - The average daily trading volume in Q3 2025 was 2.10 trillion yuan, up 209.7% year-on-year, indicating a significant recovery in market activity [13]. - The company's cash flow from sales and services in Q3 was 1.77 billion yuan, up 85.3% year-on-year, with contract liabilities at 2.52 billion yuan, an increase of 69.5% since the beginning of the year [13]. Cost Management - The company's gross margin and net margin for the first three quarters were 89.0% and 37.0%, reflecting year-on-year increases of 3.4 percentage points and 9.1 percentage points respectively [13]. - Sales expenses increased due to heightened marketing efforts, but overall cost control remained effective, with improvements in various expense ratios [13]. Innovation and Product Development - The company has increased its R&D investment, registering 53 new software copyrights and 17 new invention patents in the first three quarters [13]. - The upgrade of the "Wencai Investment Assistant" product has enhanced its capabilities, significantly improving user experience and reducing errors [13]. Long-term Outlook - The company is well-positioned in the internet finance sector, with a strong platform traffic advantage and a positive outlook for performance elasticity in a strong market [2][13]. - Forecasts for net profit attributable to shareholders are 3.10 billion yuan and 3.69 billion yuan for 2025 and 2026, representing year-on-year growth of 69.9% and 19.1% respectively [13].

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, Jiangsu Jinzu's profit growth is stable, with a significant acceleration in asset deployment. The modern services and transportation sectors are leading in growth. The net interest margin continues to widen, and the cost of liabilities is improving. The non-performing loan ratio remains low, and the provision coverage ratio has increased. The company is expected to maintain stable profit growth while providing high dividend returns to shareholders during a period of strong regulatory oversight [2][6][13]. Summary by Sections Financial Performance - For the first three quarters of 2025, Jiangsu Jinzu achieved operating revenue of 4.64 billion yuan, a year-on-year increase of 17.2%, and a net profit attributable to shareholders of 2.45 billion yuan, up 9.8%. The weighted average return on equity (ROE) decreased by 1.95 percentage points to 9.92% [6][13]. Asset Deployment - As of the end of Q3 2025, the company's receivables from leasing amounted to 147.5 billion yuan, reflecting a year-to-date increase of 19.4% and a quarter-on-quarter increase of 2.7%. The modern services, transportation, and clean energy sectors showed significant growth in receivables, with increases of 41.4%, 19.4%, and 18.7% respectively [13]. Net Interest Margin - The net interest margin for the leasing business was 3.75%, an increase of 8 basis points year-on-year. The asset yield and liability cost rates were 6.1% and 2.2%, respectively, showing a decline of 0.40 percentage points and 0.69 percentage points year-on-year [13]. Asset Quality - By the end of Q3 2025, the total non-performing assets were 1.37 billion yuan, with a non-performing loan ratio of 0.90%, down 1 basis point from the end of the previous half-year. The provision coverage ratio increased to 403%, up 1.5 percentage points [13]. Future Outlook - Jiangsu Jinzu is transitioning towards retail and focusing on small and micro enterprises, leveraging the advantages of the vendor leasing model. The company is expected to achieve net profits of 3.29 billion yuan and 3.63 billion yuan in 2025 and 2026, respectively, with corresponding price-to-book ratios of 1.39 and 1.28 [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company continues to enhance quality and efficiency, with significant room for valuation improvement as a leading property management firm. The core business operates steadily, with impressive market expansion, consolidating its advantages in non-residential sectors while increasing efforts in residential market expansion. The gross profit margin for basic property management has recovered as expected, and the comprehensive gross profit margin has successfully improved year-on-year in the first three quarters [2][7]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.94 billion yuan (up 14.7%) and a net profit attributable to shareholders of 690 million yuan (up 10.7%), with a non-recurring net profit of 670 million yuan (up 13.0%) [7][10]. Business Expansion - The company signed new annual contracts worth 3.02 billion yuan (up 3.9%) in the first three quarters, with a notable acceleration in Q3, where new contracts reached 1.26 billion yuan (up 23.9%). The proportion of new contracts from market expansion reached 92.0% [13]. Margin Improvement - The company has focused on improving quality and efficiency rather than blindly pursuing scale. The comprehensive gross profit margin has been restored, with a year-on-year increase of 0.2 percentage points to 11.6% in the first three quarters [13]. Value-Added Services - The company is optimizing its value-added business layout, focusing on high-value segments such as space operation and comprehensive enterprise services. The revenue from property brokerage increased by 79% year-on-year, and the overall occupancy rate of managed properties is 94% [13]. Future Outlook - The company is expected to maintain steady revenue growth driven by both internal and external expansion, with ongoing improvements in property management quality. The projected net profits for 2025-2027 are 940 million, 1.05 billion, and 1.17 billion yuan, corresponding to current valuations of 12.9, 11.5, and 10.4 times [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 25.76 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.71%. The net profit attributable to shareholders was 1.458 billion yuan, up 10.37% year-on-year. In Q3 2025, revenue reached 7.579 billion yuan, with a year-on-year growth of 11.52%. However, the net profit attributable to shareholders decreased by 32.47% year-on-year to 228 million yuan [2][5]. - The domestic earthmoving machinery market continues to grow, with the company expected to maintain a steady increase in market share. The international business is also performing well, with emerging markets being a major driver. The outlook for both domestic and international earthmoving machinery industries is positive, with expectations of continued rapid growth [2][12]. - The company's profitability is expected to improve due to better gross margins in domestic electric products, ongoing structural optimization, and cost control measures. The company is anticipated to return to a high growth trajectory following impairment provisions [12][12]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 25.76 billion yuan, a year-on-year increase of 12.71%, and a net profit of 1.458 billion yuan, up 10.37%. In Q3 2025, revenue was 7.579 billion yuan, with a year-on-year growth of 11.52%, while net profit decreased by 32.47% to 228 million yuan [5][12]. - The company’s gross margin slightly declined in Q3 2025, primarily due to intense competition in the domestic electric product market. However, recent price increases for domestic electric products are expected to improve gross margins moving forward [12]. Market Outlook - The domestic earthmoving machinery market is on an upward cycle, with the company benefiting as a leading manufacturer. The domestic excavator and loader sales increased by 18% and 17% year-on-year, respectively, indicating a robust market environment [12]. - The international business is also showing positive trends, with a 21.2% year-on-year increase in China's engineering machinery exports in Q3 2025. Emerging markets such as Africa and Central Asia are expected to drive growth [12]. Future Projections - The company is projected to achieve net profits of 1.653 billion yuan and 2.224 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 15 times and 11 times [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.582 billion yuan, a year-on-year increase of 1.5%, and a net profit attributable to the parent company of 626 million yuan, a year-on-year increase of 24.4% [2][4]. - The third quarter continued the positive trend from the first half of the year, with a quarterly heating volume increase of 100% year-on-year and a net profit margin improvement of 4.09 percentage points [2][10]. - The company has entered a pure operation phase since January 2024, with stable processing capacity at 40,300 tons per day, and a cumulative waste volume of 10.9219 million tons in the first three quarters of 2025, a year-on-year increase of 2.00% [10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 899 million yuan, a year-on-year increase of 1.6%, and a net profit of 249 million yuan, a year-on-year increase of 24.2% [4][10]. - The gross profit margin in Q3 decreased slightly by 0.03 percentage points, but the overall gross margin for the first three quarters increased by 3.19 percentage points, indicating good efficiency improvements in the main business [10]. - The company’s operating cash flow in Q3 increased by 35.1% year-on-year, reaching 691 million yuan, supported by significant increases in government subsidy payments and cash received from sales [10]. Operational Efficiency - The company has actively expanded its sludge direct spray disposal, heating, and biogas purification businesses to generate incremental revenue [10]. - The financial expenses in Q3 decreased by 14.35 million yuan, mainly due to lower bank interest rates and reduced borrowing balances [10]. - The company’s asset-liability ratio and interest-bearing asset-liability ratio decreased by 1.7 percentage points and 0.8 percentage points year-on-year, respectively, indicating a trend of decreasing leverage [10]. Future Outlook - The company is expected to achieve net profits of 684 million yuan, 731 million yuan, and 776 million yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.8%, 6.94%, and 6.16% [10]. - Assuming a dividend payout ratio of 60%, 65%, and 70% for the respective years, the corresponding dividend yields are projected to be 3.99%, 4.63%, and 5.29% [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a revenue of 486 million in the first three quarters of 2025, representing a year-over-year increase of 41.47%. The net profit attributable to the parent company was 51 million, up 178.61% year-over-year. In Q3 2025, the revenue reached 257 million, showing an 81.21% year-over-year increase and a 71.37% quarter-over-quarter increase [2][7]. - The rapid revenue growth is primarily driven by the execution of large contracts related to energetic materials, with a significant reduction in contract liabilities by 50.7% to 164 million by the end of Q3 2025. The company is actively producing and stocking products, with inventory increasing by 59.37% to 594 million [14]. - The company has successfully entered the aerospace sector, winning a contract worth 97.22 million for a major state-owned company's assembly systems, marking a significant expansion in its ammunition production capabilities [14]. - The company is focusing on expanding into high-demand sectors such as military and AI, benefiting from increased capital expenditures in the explosives and ammunition safety production fields [14]. Summary by Sections Financial Performance - For Q1-3 2025, the company achieved a gross margin of 24.9%, with a year-over-year increase of 0.98 percentage points. The operating expense ratio decreased to 15.09%, down 4.37 percentage points year-over-year, leading to a net profit margin of 10.58%, an increase of 5.35 percentage points year-over-year [14]. Market Position and Strategy - The company has established strong partnerships with key clients in the military sector and is planning to set up a subsidiary in Vietnam to enhance its AI capabilities, which is expected to contribute significantly to revenue growth [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 3.761 billion in the first three quarters of 2025, a year-over-year decrease of 1.56%. The net profit attributable to the parent company was 806 million, down 11.59% year-over-year. The net profit after deducting non-recurring items was 799 million, a decrease of 11.09% year-over-year. In Q3 2025, the revenue was 1.014 billion, a year-over-year increase of 20.41% but a quarter-over-quarter decrease of 24.67%. The net profit for Q3 was 201 million, down 34.74% year-over-year and 18.59% quarter-over-quarter [2][5][12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.761 billion, with the aerospace new materials business contributing 3.713 billion, a year-over-year decrease of 1.55%. The equipment business generated 44 million, down 3.86% year-over-year. The Q3 revenue was 1.014 billion, reflecting a significant year-over-year increase of 20.41% but a quarter-over-quarter decline of 24.67% due to changes in product delivery structure and customer demand [12] Profitability Metrics - The gross margin for the first three quarters of 2025 was 38.24%, a decrease of 0.28 percentage points year-over-year. The expense ratio was 11.28%, an increase of 1.97 percentage points year-over-year, with R&D expense ratio at 4%, up 1.37 percentage points year-over-year. The net profit margin was 21.62%, down 2.5 percentage points year-over-year. In Q3 2025, the gross margin was 39.47%, a year-over-year decrease of 1.6 percentage points but an increase of 5.23 percentage points quarter-over-quarter [12] Future Earnings Forecast - The company is expected to achieve net profits attributable to the parent company of 1.190 billion, 1.365 billion, and 1.578 billion for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios based on the current market capitalization of 31.6 billion are projected to be 27, 23, and 20 times. Despite the short-term fluctuations in revenue and profit in Q3, the company's strong industry position and growth potential in large aircraft and commercial aircraft sectors during the 14th Five-Year Plan period provide significant valuation advantages [12]