[Table_Title] 激励规模创新高，保障公司长期稳健增长 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨华测导航（300627.SZ） 报告要点 [Table_Summary] 本次股票激励计划覆盖范围高达 1082 人，授予股票 2000 万股，在公司所做激励历史上为规模 最大的一次，充分展现了公司对未来增长的信心，以及愿意与员工共享公司发展成果的理念， 此举有助于公司绑定核心员工，为公司长期稳健成长保驾护航。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 华测导航（300627.SZ） cjzqdt11111 [Table_Title2] 激励规模创新高，保障公司长期稳健增长 [Table_Summary2] 事件描述 公司发布 2025 年第三期限制性股票激励计划（草案）。 事件评论 ⚫ 激励方案概要：拟授予限制性股票不超过 ...

[Table_Title] 解能源桎梏，扬时代风帆 ——美国缺电深度研究报告 联合研究丨行业深度 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 北美 AI 全面发展，电力需求日益增长，而北美电力供应依旧疲弱。2025 年 1 月，《Declaring a National Energy Emergency》宣布美国进入能源紧急状态，市场对美国缺电的担忧逐步强化。 美国为何会陷入缺电，AI 对美国电力将产生多大影响，本篇报告将进行深度分析。 分析师及联系人 [Table_Author] 邬博华 赵智勇 曹海花 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490522030001 SFC：BQK482 SFC：BRP550 司鸿历 袁澎 屈奇 SAC：S0490520080002 SAC：S0490524010001 SAC：S0490524070003 SFC：BVD284 请阅读最后评级说明和重要声明 2 / 49 %% %% %% %% research.95579.com 2 [Ta ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total express delivery volume of 6.52 billion pieces in Q3 2025, representing a year-on-year growth of 10.7% and a market share of 13.2% [2][4]. - The implementation of anti-involution measures since August 2025 has led to a recovery in e-commerce express delivery prices, benefiting the company [2]. - The average price per delivery piece increased to 2.05 yuan, up 2.1% year-on-year and 4.2% quarter-on-quarter [2]. - The company's net profit attributable to shareholders reached 300 million yuan, a year-on-year increase of 40.3% [4]. - The company plans to acquire 100% of Daniao Logistics for 362 million yuan, which is expected to enhance delivery volume and revenue scale [9]. Summary by Sections Financial Performance - In Q3 2025, the company reported operating revenue of 13.55 billion yuan, a year-on-year increase of 13.6% [4]. - The non-net profit attributable to shareholders was 320 million yuan, reflecting a year-on-year growth of 59.6% [4]. - The company maintained good expense control, with total expenses of 420 million yuan, a year-on-year increase of 9.3% [9]. Market Position and Strategy - The company’s market share remained relatively stable, with a slight increase of 0.2 percentage points quarter-on-quarter [9]. - The company is enhancing service experience through digital applications and improving hub node construction [9]. - The anti-involution measures are expected to provide significant profit elasticity in Q4 2025 [2]. Future Outlook - The company anticipates net profits attributable to shareholders of 1.39 billion, 1.78 billion, and 2.03 billion yuan for 2025, 2026, and 2027, respectively [9]. - The report projects a price-to-earnings ratio of 16.8, 13.1, and 11.5 for the same years [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 144.23 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.3%. The net profit attributable to shareholders was 9.16 billion yuan, down 17.5% year-on-year [2][6]. - In Q3 2025, the company achieved a revenue of 53.32 billion yuan, representing a year-on-year increase of 5.5% and a quarter-on-quarter increase of 11.5%. The net profit for the quarter was 3.03 billion yuan, up 4.0% year-on-year but down 0.2% quarter-on-quarter [2][6]. - The company is experiencing a bottom consolidation phase, with potential for upward movement as it navigates through current market challenges [6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 144.23 billion yuan, a decrease of 2.3% year-on-year. The net profit attributable to shareholders was 9.16 billion yuan, down 17.5% year-on-year. The net profit excluding non-recurring items was 9.10 billion yuan, a decrease of 16.7% year-on-year [2][6]. - In Q3 2025, the company reported a revenue of 53.32 billion yuan, which is a 5.5% increase year-on-year and an 11.5% increase quarter-on-quarter. The net profit for the quarter was 3.03 billion yuan, reflecting a 4.0% increase year-on-year but a slight decrease of 0.2% quarter-on-quarter [2][6]. Business Segments - The company’s three main business segments—polyurethane, petrochemicals, and fine chemicals—showed varying performance. Year-on-year sales growth was 9.9% for polyurethane, 32.6% for petrochemicals, and 30.0% for fine chemicals, while revenue was impacted by price declines [12]. - The company is focusing on expanding its fine chemicals and new materials sectors, with successful launches of several key products and technologies [12]. Future Outlook - The company plans to reduce its capital expenditures significantly in 2025, which is expected to improve cash flow as operational performance stabilizes [12]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 12.18 billion yuan, 16.34 billion yuan, and 20.23 billion yuan, respectively [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 37.6 billion yuan for the first three quarters of 2025, a year-on-year decrease of 19.5%. However, the net profit attributable to shareholders was 4.73 billion yuan, an increase of 6.9% year-on-year. The third quarter alone saw a revenue of 12.61 billion yuan, down 14.4% year-on-year but up 5.2% quarter-on-quarter, with a net profit of 1.97 billion yuan, reflecting a year-on-year increase of 24.3% and a quarter-on-quarter increase of 33.7% [6][10]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 12.61 billion yuan, a year-on-year decrease of 14.4% but a quarter-on-quarter increase of 5.2%. The net profit for the same quarter was 1.97 billion yuan, up 24.3% year-on-year and 33.7% quarter-on-quarter. The net profit excluding non-recurring items was 1.92 billion yuan, reflecting a year-on-year increase of 23.7% and a quarter-on-quarter increase of 34.9% [6][10]. Product Sales and Pricing - The company experienced a significant year-on-year increase in phosphate fertilizer sales by 19.9% in Q3 2025, driven by domestic autumn fertilization demand and export market growth. The domestic prices for phosphate fertilizers increased by 16.2% year-on-year, while the price gap for exported phosphate fertilizers widened significantly due to reduced international trade volumes and rising sulfur prices [10][13]. Future Outlook - The company is expected to maintain a strong performance with projected net profits of 5.54 billion yuan, 5.55 billion yuan, and 5.65 billion yuan for the years 2025 to 2027, respectively. The company continues to optimize its internal management and is advancing projects such as the Zhenxiong phosphate mine, which is expected to contribute to future growth [10][13].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨扬农化工（600486.SH） [Table_Title] 葫芦岛项目全面推进，收入稳健增长 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现收入 91.6 亿元（同比+14.2%），实现归属净利润 10.6 亿元（同比+2.9%），实现归属扣非净利润 10.4 亿元（同比+5.8%）。其中 Q3 单季度实现收入 29.2 亿元（同比+26.1%），实现归属净利润 2.5 亿元（同比-5.0%），实现归属扣非净利润 2.5 亿元（同比-0.5%）。 分析师及联系人 [Table_Author] [Table_Title2] 葫芦岛项目全面推进，收入稳健增长 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 扬农化工（600486.SH） cjzqdt11111 [Table_Summary2 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨华能国际（600011.SH） [Table_Title] 火电经营释放向上弹性，单季扣非创历史新高 报告要点 [Table_Summary] 三季度成本的显著回落有效缓解量价下降的压力，三季度公司煤机实现利润总额 59.58 亿元， 同比增长 130.22%，煤机度电利润 0.060 元/千瓦时，同比增长 0.036 元/千瓦时。此外受资源 偏弱影响，风电利润总额 7.20 亿元，同比下降 38.46%；光伏利润总额 14.84 亿元，同比增长 25.23%。除火电主业经营显著改善以外，三季度资产及信用减值仅 3.67 亿元，同比减少 7.09 亿元；营业外支出仅 1.39 亿元，同比减少 5.00 亿元，得益于此，三季度公司实现归母 55.79 亿元，同比增长 88.54%；扣非 52.35 亿元，同比增长 82.97%，单季扣非业绩创历史新高。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S049052308 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨中化化肥（00297.HK） 1 分析师及联系人 [Table_Author] 马太 孙国铭 SAC：S0490516100002 SAC：S0490525090001 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title] 逆势增长，龙头韧性 报告要点 [Table_Summary] 公司发布公告，2025Q1~Q3 营业收入约为人民币 193.7 亿元，同比+6.4%，净利润约为人民 币 13.6 亿元，同比+6.0%；其中 2025Q3 营业收入约为人民币 46.6 亿元，同比+2.8%，净利 润约为人民币 2.6 亿元，同比+10.2%。 [Table_scodeMsg2] 中化化肥（00297.HK） cjzqdt11111 [Table_Title2] 逆势增长，龙头韧性 [Table_Summary2] 事件描述 公司发布公告，2025Q1~Q3 营业收入约为人民币 193.7 亿元，同比+6.4%，净利润约为人民 币 13.6 亿元，同 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨福能股份（600483.SH） [Table_Title] 成本优化主导经营，单季业绩稳健增长 报告要点 [Table_Summary] 2025 年三季度公司实现上网电量 60.63 亿千瓦时，同比下降 1.42%，其中风电上网电量同比 增长 3.74%，火电上网电量同比减少 2.63%。在电量及市场化电价均存在一定压力的背景下， 公司三季度实现营业收入 36.66 亿元，同比降低 4.04%。但得益于煤价的同比显著回落，公司 主业经营依然实现同比改善，三季度毛利润同比增长 8.72%。此外，公司持续压降财务费用， 三季度公司财务费用同比降低 28.28%；公司单季投资收益同比增长 11.77%。得益于成本费用 同比回落、投资收益贡献边际增量，三季度公司实现归母净利润 6.52 亿元，同比增长 11.53%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q3 2025, the company's on-grid electricity volume increased by 3.17% year-on-year, while the on-grid electricity price decreased by approximately 0.021 yuan per kilowatt-hour, leading to a slight decline in revenue to 32.152 billion yuan, down 1.62% year-on-year. However, the significant drop in coal prices resulted in a 10.34% decrease in operating costs, contributing to a 55.43% increase in gross profit. The company reported a net profit of 2.133 billion yuan, a year-on-year increase of 61.18% despite a provision for asset impairment losses of 1.206 billion yuan, primarily due to goodwill impairment related to the acquisition of Anhui Electric Power [2][6][10]. Summary by Sections Revenue and Profitability - The company achieved operating revenue of 32.152 billion yuan in Q3 2025, a decrease of 1.62% year-on-year. The net profit attributable to shareholders was 2.133 billion yuan, reflecting a 61.18% increase year-on-year [6][10]. Electricity Generation and Pricing - The total on-grid electricity volume reached 82.248 billion kilowatt-hours, up 3.17% year-on-year. The average on-grid electricity price for the first three quarters was 0.430 yuan per kilowatt-hour, with Q3 pricing at 0.409 yuan per kilowatt-hour, a decrease of about 4.84% [2][10]. Cost Management - The company experienced a 10.34% reduction in operating costs due to a significant decline in coal prices, with the Q5500 coal price averaging 672.46 yuan per ton, down 175.63 yuan per ton year-on-year. This cost optimization led to a gross profit of 6.731 billion yuan, a 55.43% increase year-on-year [2][10]. Investment and Growth - The company added 3.5903 million kilowatts of installed capacity in the first three quarters of 2025, representing a 4.54% increase from the beginning of the year. The ongoing projects amount to 10.0042 million kilowatts, with approximately 641,000 kilowatts still under construction, which will support future revenue growth [2][10]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.37 yuan, 0.43 yuan, and 0.46 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 10.27, 8.94, and 8.29 [2][10].