Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company's performance meets expectations, with domestic business gradually recovering. In Q3 2025, the company reported revenue of 2.843 billion yuan, a year-on-year increase of 75.41%. Domestic market revenue reached 6.866 billion yuan, growing by 23.70%, driven by the implementation of equipment upgrade policies and a recovery in medical demand [2][6] - The company adheres to a global strategy of "high-profile and multi-wing," with overseas markets continuing to show strong growth. In the first three quarters of 2025, overseas revenue reached 1.993 billion yuan, up 41.97%, with overseas revenue accounting for 22.50% of total revenue [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 8.859 billion yuan, a year-on-year increase of 27.39%. The net profit attributable to the parent company was 1.120 billion yuan, up 66.91%, and the non-recurring net profit was 1.053 billion yuan, increasing by 126.94% [6] - In Q3 2025 alone, the company achieved revenue of 2.843 billion yuan, a 75.41% increase year-on-year, with a net profit of 122 million yuan, up 143.80% [6] Market Strategy - The company is focused on maintaining a stable cost structure, with R&D expenses for the first three quarters of 2025 amounting to 1.250 billion yuan, a decrease of 5.11%. The R&D expense ratio was 14.11%, down 4.83 percentage points [12] - The company plans to launch ultrasound products in November 2025, which are expected to contribute to revenue growth in 2026. The ultrasound business aims for "full coverage, high performance, and intelligentization" [12] Growth Projections - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 2.000 billion yuan, 2.500 billion yuan, and 3.150 billion yuan, respectively. The current stock price corresponds to P/E ratios of 58X, 46X, and 37X for these years [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q3 2025 revenue of 10.24 billion yuan, representing a year-on-year increase of 32.3% and a quarter-on-quarter increase of 5.4%. The net profit attributable to shareholders was 1.36 billion yuan, up 79.0% year-on-year and 14.9% quarter-on-quarter. The company is positioned as a global leader in the bus industry, showcasing strong long-term growth potential and a consistent high dividend capability, highlighting its investment value [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company sold 12,200 buses, a year-on-year increase of 13.4% and a quarter-on-quarter decrease of 0.6%. Export sales accounted for approximately 4,700 units, with over 1,300 units being electric buses, showing significant growth compared to previous periods. The export ratio reached a record high of 38.6%, while the proportion of electric buses in exports was 27.8% [2][4]. - The average selling price (ASP) per bus in Q3 2025 was 837,000 yuan, reflecting a year-on-year increase of 16.7% and a quarter-on-quarter increase of 6.1%. The gross margin for Q3 2025 was 24.0%, up 3.3 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [4][9]. - The net profit margin for Q3 2025 was 13.3%, an increase of 3.5 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net profit attributable to the parent company reached 1.36 billion yuan, with a single-unit profit of approximately 111,000 yuan, up 57.9% year-on-year and 15.6% quarter-on-quarter [4][9]. Market Strategy - The company is enhancing its direct sales and service model, improving service quality and efficiency. The domestic market is expected to benefit from the "old-for-new" policy and the natural replacement cycle for electric buses, which will likely stimulate the bus market recovery. Internationally, the company is expanding its presence with a new electric commercial vehicle factory in Qatar, expected to be operational by the end of 2025, with an initial annual production capacity of 300 units, expandable to 1,000 units [4][9]. - The company is also experiencing a successful entry into markets in the Americas and Europe, with 287 high-end electric buses delivered to Norway, equipped with smart driving technology that meets EU standards [4][9]. Investment Outlook - The company is recognized as a global bus industry leader with strong long-term growth prospects and a commitment to high dividends. The domestic market is seeing continuous growth in seated buses, supported by government policies, while the international market is benefiting from globalization and high-end strategies that enhance profitability and support ongoing performance improvements. The company is expected to distribute a total dividend of 3.32 billion yuan in 2024, with a dividend rate of 80.7% and a yield of 4.6% [4][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 7.99 billion yuan in Q3 2025, representing a year-on-year increase of 12.1%, while the net profit attributable to shareholders was 670 million yuan, down 13.7% year-on-year. The company is expected to enter a turning point in operations next year as it expands its nine product lines globally [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 79.9 billion yuan, up 12.1% year-on-year and 11.5% quarter-on-quarter. The net profit attributable to shareholders was 6.7 billion yuan, down 13.7% year-on-year and 7.9% quarter-on-quarter, with a net profit margin of 8.4%, a decrease of 2.5 percentage points year-on-year [2][4][8]. Market Dynamics - The domestic downstream market showed high prosperity, with passenger vehicle production reaching 7.693 million units, up 13.9% year-on-year. Key clients like Tesla and Geely contributed to revenue growth, although overseas client sales were below expectations, impacting profit margins [8]. Future Outlook - The company is set to enhance its production capacity to 1.5 million sets by 2025, with new factories in various locations including Mexico and Thailand. The expansion into new fields such as robotics and liquid cooling is expected to drive future growth, with anticipated net profits of 2.8 billion, 3.39 billion, and 4.13 billion yuan for 2025-2027 [8][4].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨继峰股份（603997.SH） [Table_Title] 继峰股份三报点评：座椅业务盈利向上，格拉默 整合成效持续显现，三季度盈利水平改善明显 报告要点 [Table_Summary] 公司 2025Q3 实现营收 56.1 亿元，同比-4.9%；归母净利润 1.0 亿元，同比大幅扭亏。展望未 来，公司在格拉默加持下，凭借自身生产、研发效率优势及高自制率带来的成本优势快速突破 全球各大整车厂，在手订单丰富，未来订单落地放量，公司乘用车座椅项目盈利可期。同时， 公司海外整合成效逐步体现，未来随海外盈利能力改善将带来较大利润弹性。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 继峰股份（603997.SH） cjzqdt11111 [Table_Title 继峰股份三报点评：座椅业务盈利向上，格拉 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨科锐国际（300662.SZ） [Table_Title] 2025 年三季报点评：海外市场恢复，利润增长 提速 报告要点 [Table_Summary] 单三季度，营业收入 36.80 亿元，同比+23.70%，归母净利润 9322.72 万元，同比+89.62%， 扣非后归母净利润 6059.50 万元，同比+26.90%。前三季度，营业收入 107.55 亿元，同比 +26.29%，归母净利润 2.20 亿元，同比+62.46%，扣非后归母净利润 1.57 亿元，同比+40.20%。 预计 2025-2027 年归母净利润分别为 2.90/3.42/4.13 亿元，对应 PE 分别为 19/16/13X，维持 "买入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 科锐国际（3 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total revenue of 3.33 billion yuan for the first three quarters of 2025, a year-on-year decrease of 18.53% - The net profit attributable to the parent company was 400 million yuan, down 28.04% year-on-year, while the net profit excluding non-recurring items was 363 million yuan, a decline of 29.99% - In Q3 2025, the total revenue was 849 million yuan, a significant drop of 47.55% year-on-year, with a net profit of approximately 79.39 million yuan, down 68.48% year-on-year [2][4][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company experienced a total revenue of 3.33 billion yuan, a decrease of 18.53% year-on-year - The net profit attributable to the parent company was 400 million yuan, reflecting a 28.04% decline year-on-year, and the net profit excluding non-recurring items was 363 million yuan, down 29.99% - In Q3 2025, the total revenue was 849 million yuan, a year-on-year decrease of 47.55%, with a net profit of 79.39 million yuan, down 68.48% year-on-year [2][4][10]. Regional Performance - The company performed relatively better in its domestic market, with revenue from the Hebei region at 2.02 billion yuan, a decrease of 13.82% year-on-year - Revenue from the Hunan region was 644 million yuan, down 20.20% year-on-year, while the Anhui region saw a revenue of 299 million yuan, a decline of 34.72% - The Shandong region reported revenue of 137 million yuan, down 3.24% year-on-year, and other provinces contributed 202 million yuan, a decrease of 32.80% [10]. Profitability Metrics - The net profit margin for Q3 2025 decreased by 6.21 percentage points to 9.36%, while the gross margin fell by 5.4 percentage points to 61.37% - The expense ratio increased by 1.62 percentage points to 32.9%, with specific changes in expense categories: sales expense ratio decreased by 1.86 percentage points, management expense ratio increased by 3.45 percentage points, and financial expense ratio increased by 0.1 percentage points [10]. Future Outlook - The company operates with a dual-brand strategy and focuses on three major product series, with a clear product structure in the old Baijiu series - The company is expected to benefit from market expansion in Hebei, and while short-term demand impacts have led to a slowdown, the company maintains strong competitive advantages in the long term - EPS is projected to be 0.61 yuan for 2025 and 0.66 yuan for 2026, corresponding to a PE ratio of 27 and 25 times, respectively [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In the first three quarters of 2025, the company achieved revenue of 4.3 billion yuan, a year-on-year decrease of 2.3%, while the net profit attributable to the parent company was 500 million yuan, an increase of 74.6%. The net profit excluding non-recurring gains and losses was 320 million yuan, down 8.2% year-on-year. In Q3 alone, the revenue was 1.47 billion yuan, a decrease of 6.2% year-on-year, with a net profit of 140 million yuan, up 20.4% year-on-year, and a net profit excluding non-recurring gains and losses of 100 million yuan, up 10.7% year-on-year [2][4]. Summary by Sections Financial Performance - The company reported total revenue of 4.3 billion yuan for the first three quarters of 2025, reflecting a decline of 2.3% year-on-year. The net profit attributable to the parent company was 500 million yuan, marking a significant increase of 74.6% year-on-year. The net profit excluding non-recurring items was 320 million yuan, down 8.2% year-on-year. For Q3, the revenue was 1.47 billion yuan, a decrease of 6.2% year-on-year, while the net profit was 140 million yuan, an increase of 20.4% year-on-year, and the net profit excluding non-recurring items was 100 million yuan, up 10.7% year-on-year [2][4]. Market Trends - The overall revenue continued to face pressure, with expectations that the apparel segment will perform better than the fabric segment. The fabric business is impacted by a slowdown in customer orders, while the apparel business benefits from increased market expansion efforts, leading to improved capacity utilization. The overall trend is expected to continue into Q4 2025 [6]. Cost Management - The company has effectively managed its expenses, with a gross margin of 22.9%, down 1.0 percentage points year-on-year. The selling, administrative, and financial expense ratios changed by +0.1 percentage points, -0.5 percentage points, and -2.0 percentage points year-on-year, respectively. The decline in financial expenses is primarily attributed to foreign exchange gains. The net profit margin attributable to the parent company increased by 2.1 percentage points to 9.7% year-on-year, supported by positive contributions from investment income [6]. Future Outlook - In the short term, the apparel segment is expected to maintain stable operations, while the fabric segment faces challenges. As uncertainties related to tariffs diminish, the company's operations are anticipated to return to a stable growth trajectory. In the medium to long term, the company’s leading position in the industry is expected to drive continued growth, with projected net profits attributable to the parent company of 620 million yuan, 660 million yuan, and 710 million yuan for 2025, 2026, and 2027, respectively. The current price corresponds to a PE ratio of 9, 9, and 8 times for the respective years, with a projected dividend yield of 5.3% under a 50% payout assumption [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 23.127 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.84% - The net profit attributable to the parent company was 10.762 billion yuan, down 7.17% year-on-year, while the net profit excluding non-recurring items was 10.742 billion yuan, also down 7.11% year-on-year - In Q3 2025, the total revenue was 6.674 billion yuan, a decline of 9.80% year-on-year, with a net profit of 3.099 billion yuan, down 13.07% year-on-year, and a net profit excluding non-recurring items of 3.092 billion yuan, down 13.41% year-on-year [2][4][6]. Financial Performance Summary - The company's gross profit margin for Q3 2025 was 87.17%, a decrease of 0.95 percentage points year-on-year - The net profit margin attributable to the parent company decreased by 1.75 percentage points to 46.44% - The operating expense ratio increased by 1.51 percentage points to 16.13%, with sales expense ratio increasing by 1.74 percentage points and management expense ratio increasing by 0.26 percentage points [6][9]. Future Outlook - The company is actively reducing inventory and is expected to operate with a lighter load in the future - The company is gradually assisting distributors in inventory clearance, and long-term, the national expansion of high-end products is progressing steadily, with increasing competitiveness of mid-tier products - The company is expected to achieve stable development, with projected EPS for 2025 and 2026 at 8.14 yuan and 8.43 yuan, respectively, corresponding to a PE ratio of 16 and 15 times [6][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a total revenue of 130.90 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.32% - The net profit attributable to shareholders was 64.63 billion yuan, also showing a year-on-year increase of 6.25% - In Q3 2025, the total revenue was 39.81 billion yuan, with a slight year-on-year growth of 0.35% - The net profit for Q3 2025 was 19.22 billion yuan, reflecting a year-on-year increase of 0.48% [2][4][11] Revenue and Profit Analysis - The wholesale channel experienced rapid growth, while the direct sales channel saw a decline, primarily due to the performance of the i-Moutai platform - Direct sales revenue in Q3 2025 was 15.55 billion yuan, down 14.87% year-on-year, while wholesale channel revenue was 23.50 billion yuan, up 14.39% year-on-year - Moutai liquor revenue in Q3 2025 was 34.92 billion yuan, up 7.26% year-on-year, while series liquor revenue was 4.12 billion yuan, down 34.00% year-on-year [11][11] Profitability Metrics - The company's net profit margin improved by 0.06 percentage points to 48.29%, and the gross margin increased by 0.21 percentage points to 91.44% - The operating expense ratio decreased by 1.04 percentage points to 7.33%, with specific changes in expense categories: sales expense ratio decreased by 1.02 percentage points, management expense ratio decreased by 0.33 percentage points, and financial expense ratio increased by 0.33 percentage points [11][11] Long-term Growth Potential - Despite short-term impacts from demand fluctuations, the long-term growth potential of the company remains strong - The company has a three-year dividend plan, indicating a gradual establishment of dividend yield value - EPS is projected to be 72.88 yuan and 76.68 yuan for 2025 and 2026, respectively, corresponding to a PE ratio of 20 and 19 times [11][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q3 2025, the company reported a revenue of 12.49 billion yuan, a year-on-year decline of 25.5%, and a net loss attributable to shareholders of 470 million yuan, compared to a loss of 350 million yuan in the same period last year. For the first three quarters, the total revenue was 42.43 billion yuan, down 22.2% year-on-year, with a net loss of 710 million yuan. The company is entering a more refined stage of adjustment [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue decreased by 25.5% year-on-year, primarily due to intense industry competition and the proactive closure of underperforming stores. However, the company has been continuously improving store operations, with a total of 450 stores at the end of Q3, a net decrease of 102 stores. The number of adjusted stores reached 222, with a net increase of 98 stores, indicating a focus on enhancing the quality of existing stores [10]. - The gross profit margin for Q3 was 19.8%, an increase of 0.65 percentage points year-on-year, attributed to improved gross profit structure and enhanced product strength. Additionally, the total expenses for sales, management, finance, and research and development decreased by 18% year-on-year, suggesting an overall improvement in store quality and a potential recovery in profitability [10]. Strategic Adjustments - The company is transitioning from horizontal adjustments to a more refined and in-depth phase. In Q3, it continued to upgrade its supply chain, reducing the supplier base with a 40.4% elimination rate. The company has also launched new products under its own brand, with significant sales growth in certain categories, such as a 195% year-on-year increase in sales of a specific seafood product [10]. - The company aims to establish 200 core strategic partners and develop 100 billion-yuan-level flagship products within three years, positioning itself as a trusted choice for quality living among Chinese families [10]. Future Outlook - The company is committed to a quality retail strategy, focusing on management, supply chain, and store operations to enhance product and service capabilities. As the adjusted stores enter a deeper operational phase, there is potential for profit elasticity if revenue stabilizes and profitability improves. The expected EPS for 2025-2027 is projected to be -0.11, 0.06, and 0.17 yuan, respectively [10].