丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨涪陵榨菜（002507.SZ） [Table_Title] 涪陵榨菜 2025 年三季报点评：新品上架持续推 进，公司进入修复右侧 报告要点 [Table_Summary] 涪陵榨菜公布 2025 年三季报，公司 2025 前三季度营业总收入 19.99 亿元（同比+1.84%）；归 母净利润 6.73 亿元（同比+0.33%），扣非净利润 6.15 亿元（同比-3.43%）。公司 2025Q3 营业 总收入 6.86 亿元（同比+4.48%）；归母净利润 2.32 亿元（同比+4.34%），扣非净利润 2 亿元 （同比-5.63%）。另外，公司公告披露决定终止收购味滋美。 分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 涪陵榨菜（002507.SZ） cjzqdt11111 [Table_Tit ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨三诺生物（300298.SZ） [Table_Title] 业绩符合预期，收入增长提速 报告要点 [Table_Summary] 业绩符合预期，利润短期受专利费授权费影响有所扰动。2025 年第三季度公司收入 11.90 亿 元，同比增长 13.40%；归母净利润为 0.30 亿元，同比减少 47.55%；净利润大幅下滑主要是 受公司美国子公司 Trividia Health 与罗氏的交叉专利授权的费用影响，根据协议 THI 需向罗氏 支付 1,900 万美元，对公司 2025 年第三季度净利润的影响金额人民币为 1.36 亿元，剔除该影 响，公司 2025 年第三季度实现归母净利润为 1.05 亿元同比增长 82%，2025 年前三季度归母 净利润同比增长 12%。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 [Table_scodeMs ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - In Q3 2025, the company achieved operating revenue of 753 million yuan, a year-on-year decline of 9.94%. The net profit attributable to the parent company was 354 million yuan, down 22.6% year-on-year, and the net profit after deducting non-recurring gains and losses was 342 million yuan, a decrease of 23.44% year-on-year. The company is focusing on its core performing arts business, upgrading old projects to enhance reception capacity and economic efficiency, while gradually nurturing new projects to create stable growth momentum for the medium to long term. The projected net profits for 2025-2027 are 1.056 billion, 1.208 billion, and 1.303 billion yuan, respectively, with corresponding PE ratios of 20, 18, and 16 times [2][6]. Financial Performance Summary - For the first three quarters of 2025, the company reported total operating revenue of 1.833 billion yuan, a year-on-year decline of 8.98%. The net profit attributable to the parent company was 754 million yuan, down 25.22% year-on-year, and the net profit after deducting non-recurring gains and losses was 726 million yuan, a decrease of 26.94% year-on-year [6]. Marketing and Operational Strategies - In Q3 2025, the company conducted various marketing activities, including the "Ancient Love Music Festival" in 12 major scenic spots and the "Fireman Carnival" during the National Day holiday, featuring celebrity performances. These initiatives have increased the company's exposure and improved its conversion ability from traffic to sales, positioning it favorably within the industry [12]. Profitability Analysis - The company increased its marketing investments, leading to a decline in net profit margin. In Q3 2025, the gross margin decreased by 3.5 percentage points to 72.14%. The overall expense ratio rose by 3.86 percentage points to 14.65%, primarily due to increased marketing expenses and a rise in financial costs related to reduced interest income [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a net increase of 361 stores in Q3 2025, representing a year-on-year growth of 98%, bringing the total number of stores to 10,761 as of September 30, 2025 [2][4]. - Revenue for Q3 2025 is estimated to be between RMB 1.85 billion and RMB 2.05 billion, reflecting a year-on-year growth of approximately 13.6% to 25.8% [2][4]. - Core operating profit is projected to be around RMB 65 million to RMB 75 million, indicating a year-on-year increase of about 44.4% to 66.7% [2][4]. Summary by Sections Store Expansion - The company continues to expand its store network, with a significant increase in new store openings in Q3 2025 compared to the same period in 2024 [6]. - The momentum in store openings is expected to continue into Q4 2025 [6]. Revenue Performance - The revenue growth trend from H1 2025 is expected to persist, with Q3 2025 revenue projected to be around RMB 1.95 billion, which is a year-on-year increase of 19.8% [6]. - The upcoming peak season in Q4 is anticipated to further support revenue growth [6]. Profitability - The core operating profit margin is expected to show a year-on-year improvement, with Q3 2025 margins projected at 3.6%, an increase of 0.8 percentage points compared to the previous year [6]. - The company is expected to maintain this upward trend in profitability into Q4 2025 [6]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is RMB 450 million, RMB 562 million, and RMB 684 million, respectively, with corresponding price-to-earnings ratios of 21, 17, and 14 times based on the current stock price [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 363.06 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 13.82%. The net profit attributable to the parent company was 37.88 billion yuan, up 19.51% year-on-year, and the net profit after deducting non-recurring gains and losses was 37.14 billion yuan, an increase of 22.26% year-on-year [4][5]. - In Q3 2025, the company reported a revenue of 111.93 billion yuan, a year-on-year increase of 10.06%, with a net profit of 11.87 billion yuan, up 8.95% year-on-year, and a net profit after deducting non-recurring gains and losses of 10.91 billion yuan, reflecting a growth of 6.95% year-on-year [4][5]. Summary by Sections Revenue Growth - The company experienced double-digit revenue growth, with the C-end business growing by 13% and the B-end business by 18%. Notably, the new energy and industrial technology sectors grew by 21%, while smart building technology saw a growth of 25% [9]. - The OBM (Original Brand Manufacturer) strategy has shown positive results, with OBM revenue accounting for over 45% of C-end export revenue in the first three quarters of 2025 [9]. Profitability - The gross margin for the first three quarters of 2025 was 25.87%, with a slight year-on-year decrease of 0.17 percentage points. The operating profit reached 34.54 billion yuan, reflecting a year-on-year growth of 13.98%, with an operating profit margin of 9.51%, an increase of 0.01 percentage points [9]. - In Q3 2025, the gross margin improved to 26.44%, up 1.20 percentage points year-on-year, with an operating profit of 11.14 billion yuan, a significant increase of 27.76% year-on-year, and an operating profit margin of 9.95%, up 1.38 percentage points [9]. Future Outlook - The company is expected to maintain a dual focus on both C-end and B-end business development, enhancing its product variety and services while strengthening its global business layout for sustainable growth. The projected net profits for 2025, 2026, and 2027 are 44.82 billion yuan, 48.13 billion yuan, and 52.19 billion yuan, respectively, with corresponding P/E ratios of 13.07, 12.17, and 11.22 [9].

Investment Rating - The report maintains a "Buy" rating for the company [8][7]. Core Views - The company reported a revenue of 31.27 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.51%. The net profit attributable to shareholders was 989 million yuan, down 49.41% year-on-year. In Q3 2025, revenue was 10.218 billion yuan, a decline of 16.38% year-on-year and 18.03% quarter-on-quarter, with a net profit of 258 million yuan, down 63.96% year-on-year and 62.28% quarter-on-quarter [2][5]. Financial Performance Summary - For Q3 2025, the company experienced a decrease in solar module profitability, attributed to rising raw material costs, tariffs in Southeast Asia, and operational losses. However, the energy storage business exceeded shipment expectations, maintaining a healthy profit level despite a decline in gross margin [12]. - The Q3 expense ratio was 9.15%, which increased due to a decrease in revenue scale, while absolute expenses remained stable. The company recognized asset impairment losses of 155 million yuan due to falling component prices and credit impairment losses of 97 million yuan, totaling approximately 252 million yuan [12]. - The net cash flow from operating activities increased by 67.17% year-on-year, primarily due to improved sales collections and inventory optimization [12]. Future Outlook - The company has a robust order backlog in the energy storage sector, with expected shipment growth in 2026 likely to exceed industry levels, benefiting from the surge in data center storage demand. In the solar segment, the focus will be on high-margin markets, and the resolution of U.S. trade barriers is anticipated to enhance performance certainty [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 337 million yuan, down 48.52% year-on-year, and net profit at 18 million yuan, down 83.21% year-on-year [4][10]. - The third quarter of 2025 saw revenue of 124 million yuan, a decrease of 36.16% year-on-year, and a net profit of 5.61 million yuan, down 37.91% year-on-year [4][10]. - Despite the challenging external environment, the company remains a leader in the integrated stove sector and is exploring various marketing strategies to boost revenue and profitability [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 38.48%, down 4.79 percentage points year-on-year, while the gross margin for Q3 2025 was 39.09%, down 1.70 percentage points year-on-year [10]. - The operating profit for the first three quarters was 11 million yuan, a decline of 87.82% year-on-year, with an operating profit margin of 3.36%, down 10.82 percentage points year-on-year [10]. - The net cash flow from operating activities was -5.45 million yuan, a significant decrease of 127.03% year-on-year, primarily due to reduced cash receipts from sales [10]. Market Context - The integrated stove industry is experiencing a downturn, with retail sales in the first half of 2025 at 6.57 billion yuan, down 27.6% year-on-year, and retail volume at 781,000 units, down 31.5% year-on-year [10]. - The company's sales and management expenses have been optimized, with a sales expense ratio decrease of 3.05 percentage points for the first three quarters, attributed to adjustments in advertising spending [10]. Future Outlook - The company is expected to recover its profitability and scale, with projected net profits of 29 million yuan, 33 million yuan, and 41 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 171.58, 147.89, and 119.10 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a significant increase in performance for Q3 2025, with revenue reaching 2.619 billion yuan, a year-on-year increase of 24.53%, and a net profit attributable to shareholders of 658 million yuan, up 30.60% year-on-year [2][6] - The growth is attributed to the recovery in domestic excavator demand, the restoration of foreign client demand, and the addition of new clients, leading to a notable increase in the excavator segment's revenue [12] - The company's overall profitability continues to improve, with a gross margin of 42.2% in Q3 2025, an increase of 0.9 percentage points year-on-year [12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 7.790 billion yuan, a year-on-year increase of 12.31%, and a net profit of 2.087 billion yuan, up 16.49% year-on-year [6] - In Q3 2025, the company reported a revenue of 2.619 billion yuan and a net profit of 658 million yuan, reflecting strong growth in both metrics [6] Business Segments - The excavator segment is expected to see significant growth due to the recovery in domestic and foreign demand, with the domestic excavator industry sales increasing by 21.2% year-on-year in Q3 2025 [12] - The non-excavator segment is also projected to improve, with revenue from non-excavator hydraulic cylinders expected to grow due to diversification into various industrial sectors [12] Future Outlook - The hydraulic components business is anticipated to continue its upward trajectory, supported by the steady progress of the linear drive business, which is expected to open new growth opportunities [12] - The company is expected to achieve net profits of 3.004 billion yuan and 3.612 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 42 times and 35 times [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Insights - In Q3 2025, the company achieved operating revenue of 1.13 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year increase of 70.4% [2][4][11]. - The company is expanding its product matrix in aluminum die-casting, extrusion, and forging for automotive components, while also accelerating its layout in magnesium alloys and actively entering the robotics sector [6][11]. - The company aims to establish a triangular production capacity network across China, North America, and Southeast Asia, positioning itself as a global aluminum platform enterprise [6][11]. Summary by Sections Financial Performance - In Q3 2025, the company reported a gross margin of 21.5%, which improved by 3.7 percentage points year-on-year but decreased by 1.3 percentage points quarter-on-quarter due to lower capacity utilization [11]. - The company’s operating expenses ratio was 11.8%, an increase of 1.9 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [11]. - The net profit margin for Q3 2025 was 8.8%, reflecting a year-on-year increase of 3.6 percentage points [11]. Market Position and Strategy - The company has successfully secured approximately 1.9 billion yuan in orders from mainstream North American electric vehicle manufacturers and has concentrated on key projects with leading domestic new energy vehicle manufacturers [11]. - The company’s overseas production facility in Mexico began operations in June 2025, and a new base in Thailand broke ground in July 2025, supporting its global expansion strategy [11]. - The company is also advancing its energy storage business, achieving approximately 300 million yuan in revenue from related projects in the first half of 2025, surpassing the total revenue for 2024 [11]. Future Outlook - The company forecasts net profits attributable to shareholders of 430 million yuan, 580 million yuan, and 740 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 35.3X, 26.0X, and 20.4X [6][11].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨首旅酒店（600258.SH） [Table_Title] 2025 年三季报点评：经济型酒店 RevPAR 回正， 门店持续优化 报告要点 [Table_Summary] 2025 年第三季度，公司实现营业收入 21.21 亿元，同比下滑 1.6%，实现归母净利润 3.58 亿 元，同比下滑 2.21%。展望未来，随着经济的稳步复苏和加盟商投资意愿的逐步提升，酒店行 业有望迎来稳健增长。短期看，公司 2025 年计划新开 1500 家酒店，提速开店节奏，持续打造 酒店产品力。长期看，公司在下沉市场的中高端酒店扩张仍有较大空间，高存量储备店为新店 开拓打下坚实基础，如家 NEO 等产品迭代升级的持续进行有望进一步提升品牌形象。 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] 首旅酒店（600 ...