证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 宋城演艺（300144.SZ） 25Q3 经营有所承压，品牌力持续强化，新项目稳步推进 事件：10 月 27 日，公司发布 2025 年三季报，25Q1-3 实现营收 18.33 亿元/同比-8.98%，归母净利润 7.54 亿元/同比-25.22%，扣非归母净 利润 7.26 亿元/同比-26.94%。其中，25Q3 实现营收 7.53 亿元/同比- 9.94%，归母净利润 3.54 亿元/同比-22.60%，扣非归母净利润 3.42 亿 元/同比-23.44%。 Q3 经营有所承压，销售费用增长影响业绩表现。 25Q3，1）收入端： 实现营收 7.5 亿元/同比-9.9%，其中包含 5000 万台州轻资产项目收入 确认，上年同期确认约 2100 万三峡轻资产项目收入，若剔除轻资产收 入影响，营收同比约-13.8%。营收承压主要受整体消费环境、区域旅 游市场需求变化及竞争加剧影响。2）主要财务比率：毛利率同比-3.5pct 至 72.1% ，销售 / 管 理 / 财 务 费 用 率 同 比 +2.8/+0.2/+1.0p ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 业绩逆势环增，经营韧性突出 公司公告 2025 年三季度报告。2025 年前三季度公司营业总收入 147.06 亿元，同比增长 6.86%，归母净利润 11.59 亿元，同比增长 202.82%；扣 非归母净利润 6.32 亿元，同比增长 71.72%；2025 年第三季度公司营业 收入 58.49 亿元，同比增长 18.77%，归母净利润 2.49 亿元，同比减少 11.4%；扣非归母净利润 2.57 亿元，同比减少 6.88%，环比增加 24.9%。 高额溢价持续，经营韧性突出。2025 年前三季度公司销售鸡肉 109.9 万 吨，同比增长 7.4%；销售均价 9578 元/吨，同比下跌 3.1%；第三季度公 司销售鸡肉 43.5 万吨，同比增长 16.3%；销售均价 9398 元/吨，同比下 跌 5.9%， 2025 年第三季度行业鸡肉价格表现低迷，一方面公司依托高 于行业的均价，缓冲行业下行带来的压力，2025Q3 公司鸡肉均价较行业 溢价 778 元/吨，持续 4 个季度超过 600 元/吨，价格优势稳固，近年来 ...

Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Views - The company reported a revenue of 22.8 billion yuan in Q3 2025, reflecting an 8.9% year-on-year increase, while the net profit attributable to shareholders decreased by 56.8% to 0.2 billion yuan due to rising online traffic costs [1][2]. - The gross margin improved by 1.3 percentage points to 25.7% in Q3 2025, primarily driven by an increase in self-produced products and adjustments in channel structure [2]. - The company is actively exploring new business models, including offline distribution and lifestyle stores, to mitigate the pressure from rising online traffic costs [2][3]. Financial Summary - For the fiscal year 2025, the company is projected to achieve revenues of 116.2 billion yuan, 136.5 billion yuan, and 156.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.4%, 17.5%, and 14.6% [3][4]. - The net profit attributable to shareholders is expected to be 2.2 billion yuan, 3.3 billion yuan, and 4.1 billion yuan for 2025, 2026, and 2027 respectively, with a significant decrease of 47.1% in 2025 followed by growth of 53.4% and 23.9% in the subsequent years [3][4]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.54 yuan, with a projected price-to-earnings (P/E) ratio of 43.5 [4][5].

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 乐鑫科技（688018.SH） 25Q3 营收创同期新高，毛利率持续提升 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 10 月 27 日收盘价 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 半导体 | | 前次评级 | 买入 | | 10 月 27 日收盘价（元） | 186.94 | | 总市值（百万元） | 31,245.71 | | 总股本（百万股） | 167.14 | | 其中自由流通股（%） | 93.75 | | 30 日日均成交量（百万股） | 5.25 | 股价走势 -10% 20% 50% 80% 110% 140% 2024-10 2025-02 2025-06 2025-10 乐鑫科技 沪深300 作者 25Q3 营收环比小幅下滑，国补拉货有所放缓。乐鑫科技正式发布 2025 三季报：公司 25Q1-Q3 实现营收 19.1 亿元，yoy+31.0%；实现归母净利 3.8 亿元，yoy+50.0%。单季度来看，25Q3 实现营收 6.7 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 瑞芯微（603893.SH） 25Q3 营收增速放缓，短期扰动不改向上趋势 25Q3 营收增速放缓，利润率环比承压。瑞芯微正式发布 2025 三季报： 公司 25Q1-Q3 实现营收 31.4 亿元，yoy+45.5%；实现归母净利 7.8 亿 元，yoy+121.7%。单季度来看，25Q3 实现营收 11.0 亿元，yoy+20.3%， qoq-5.6%；实现归母净利 2.5 亿元，yoy+47.1%，qoq-22.8%。盈利能力 方面，25Q3 毛利率达到 40.8%，yoy+3.5pcts，qoq-2.5pcts，净利率为 22.7%，yoy+4.1pcts，qoq-5.0pcts。 公司表示，由于 DDR4 存储芯片从供应短缺到价格暴涨，促使部分客户中 高端 AIoT 产品向 DDR5 转型，方案调整时间影响短期需求，导致第三季 度收入增长略缓，随后会继续快速增长。利润方面，我们判断 25Q3 毛利 率的变化主要来自于产品结构的影响，此外 25Q3 销售/管理/研发/财务费 用分别环比增长了 5.9%/16.7%/ ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has demonstrated significant revenue growth, achieving 2.717 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 54.94% [1]. - The net profit attributable to shareholders for the same period was 204 million yuan, reflecting a year-on-year growth of 4.41% [1]. - The company is focusing on a dual-driven strategy of "services + products," enhancing its market share in the cross-border e-commerce sector while deepening its engagement in high-potential areas such as smart home, new consumption, short dramas, and AI products [2]. - The zMaticoo programmatic advertising platform continues to grow rapidly, with a completed upgrade of its SDK and DSP 2.0, significantly optimizing service efficiency and data integration [2]. - The Agentic AI marketing ecosystem is accelerating its formation, with a research and development investment of 109 million yuan, up 64.52% year-on-year [3]. - The company has become the first-level e-commerce agent for AppLovin in Greater China, enhancing its capabilities in user behavior analysis and advertising optimization [4]. Financial Overview - For 2025, the company is projected to achieve a net profit of 253 million yuan, with corresponding P/E ratios of 54.4, 46.9, and 42.9 for the years 2025, 2026, and 2027 respectively [4]. - The company’s revenue is expected to grow from 3.413 billion yuan in 2025 to 4.280 billion yuan in 2027, with growth rates of 34.0% and 10.0% respectively [6]. - The latest diluted EPS is projected to increase from 0.54 yuan in 2025 to 0.68 yuan in 2027 [6].

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 华菱钢铁（000932.SZ） 季度业绩同比回升，后续有望持续高增 事件：公司发布 2025 年三季度报告。公司前三季度营业收入 945.98 亿元，同比 减少 14.96%；归属于母公司所有者的净利润 25.1 亿元，同比增长 41.72%；基本 每股收益 0.3644 元，同比增长 42.18%。 季度业绩同比回升，后续有望持续高增。公司 2025Q3 实现归母净利 7.62 亿元， 同比增长 73.22%，环比减少 35.8%，实现扣非归母净利 7.72 亿元，同比增长 134.06%，环比减少 27.95%；公司 2025Q3 业绩环比 Q2 回落，其原因一方面在 于公司三季度营业外支出显著增长，影响利润规模，另一方面，焦煤、铁矿等原料 三季度涨幅较大，阶段性压制利润实现。前三季度中钢协 CSPI 钢材价格指数均值 为 93.76，同比下降 9.19%，1-8 月份黑色金属冶炼和压延加工业利润总额 837 亿 元，去年同期利润总额为-169.7 亿元，公司前三季度业绩与行业盈利同步改善。 公司 2024Q4~202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has demonstrated strong performance with increased volume and cost reduction, leading to better-than-expected overall results. The growth in hydropower capacity is expected to drive future earnings growth [4][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 125.205 billion yuan, a year-on-year decrease of 6.47%. The net profit attributable to shareholders was 6.777 billion yuan, down 26.27%, while the net profit excluding non-recurring items was 6.424 billion yuan, up 37.99%. The basic earnings per share were 0.38 yuan [1] - In Q3 2025, the company reported operating revenue of 47.551 billion yuan, a year-on-year decrease of 1.01%, and a net profit attributable to shareholders of 3.09 billion yuan, an increase of 24.87% [1][2] Electricity Generation and Pricing - The company's electricity generation increased due to improved demand during peak seasons, with total generation reaching 349.241 billion kWh, a year-on-year increase of 0.68%. In Q3 2025, the generation was 143.215 billion kWh, up 7.57% year-on-year [2] - The average on-grid electricity price in Q3 was 376.36 yuan per thousand kWh, a decrease of 34.12 yuan compared to the previous year [2] Cost Management - The average price of coal decreased to 673 yuan per ton in Q3, down 180 yuan year-on-year, leading to a reduction in operating costs by 3.88% [2] - Significant reductions in sales and management expenses were noted, with decreases of 38.96% and 30.34% respectively [2] Growth Potential in New Energy - As of September 30, 2025, the company had a total installed capacity of 12,324.14 MW, with significant contributions from thermal, hydropower, wind, and solar energy. The company is expected to see new hydropower projects come online, contributing to future growth [3] - The company has plans for additional renewable energy capacity, with approvals for several projects expected to enhance its growth trajectory [3] Investment Outlook - The company is positioned as a leading player in the national power sector, with a resilient business model supported by high dividend commitments. Revenue projections for 2025-2027 are 181.901 billion yuan, 187.893 billion yuan, and 194.669 billion yuan, with corresponding net profits of 7.581 billion yuan, 8.437 billion yuan, and 9.068 billion yuan [4][9]

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 久立特材（002318.SZ） 季度业绩持续改善，高增趋势有望延续 事件：公司发布 2025 年三季度报告。公司前三季度营业收入 97.47 亿元，同比 增长 36.45%；归属于母公司所有者的净利润 12.62 亿元，同比增长 20.73%；基 本每股收益 1.33 元，同比增长 22.02%。 季度业绩同比改善，主业利润持续高增。公司 2025Q3 实现归母净利 4.34 亿元， 同比增长 8.29%，环比减少 0.98%，实现扣非归母净利 4.09 亿元，同比增长 12.32%，环比增长 3.98%；根据 2025 年前三季度利润表，对联营企业与合营企 业的投资收益占营业利润的比例从去年的 5.6%降至 2.0%，该项收益占比显著下 降后，归母利润与主业利润的差距进一步收窄。公司 2024Q4-2025Q3 逐季销售毛 利率分别为 28.96%、28.08%、26.4%、22.07%，逐季销售净利率分别为 11.83%、 13.82%、13.63%、12.09%，受益于国际化布局加快、下游核电投资高增以及高 端产品放 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has demonstrated steady growth in net profit, with a 1.2% year-on-year increase in net profit attributable to shareholders, reaching 9.3 billion yuan in the first three quarters of 2025 [1] - The company's gross margin improved to 34.9%, and net profit margin increased to 17.2%, indicating enhanced profitability and effective cost control [1] - The company is focusing on a dual growth strategy of internal growth and external expansion, supported by a high dividend yield and low valuation, which provides a safety margin for investors [3] Summary by Sections Financial Performance - In the first three quarters of 2025, total revenue was 54.3 billion yuan, a decrease of 3.9% year-on-year, while the net profit was 9.3 billion yuan, reflecting a growth of 1.2% [1] - The company reported a single-quarter revenue of 17.4 billion yuan in Q3 2025, up 2.4% year-on-year, and a net profit of 3.2 billion yuan, an increase of 2.1% [1] - The company’s cash flow from operating activities was 9.8 billion yuan, down 28.7% year-on-year, primarily due to a decrease in cash received from sales [1] Business Highlights - The company is enhancing its full-cycle water service system in the water supply business, focusing on customer satisfaction [2] - In the wastewater treatment sector, the company is leveraging opportunities in green development and exploring integrated operation models to improve urban environmental governance [2] - The gas energy business is actively expanding both installation and sales markets while exploring collaborations in new energy [2] - The solid waste disposal business is developing a comprehensive solution for "waste-free cities" by integrating water, environmental protection, and solid waste management [2] Capital Expenditure and Dividends - Capital expenditures significantly decreased by 58.2% year-on-year to 6.6 billion yuan in the first three quarters of 2025, allowing for sustained high dividends [3] - The company has a dividend payout ratio of around 50% for the years 2022-2024, with a current dividend yield of 5.1% [3] - The company plans to distribute at least 50% of its net profit in cash dividends over the next three years [3] Financial Projections - Expected net profit for 2025-2027 is projected at 12.6 billion yuan, 13.2 billion yuan, and 13.7 billion yuan, respectively, with corresponding EPS of 1.0, 1.0, and 1.1 yuan per share [3] - The projected P/E ratios for 2025-2027 are 9.3X, 8.9X, and 8.5X, indicating a favorable valuation [3]