恒帅股份（300969.SZ） 业绩稳健增长，新业务放量在即 证券研究报告 | 季报点评 gszqdatemark 2025 10 30 年 月 日 事件：公司发布 2025 前三季度业绩。2025 年前三季度，公司收入 6.8 亿 元，同比-3%，归母净利润 1.3 亿元，同比-21%；其中 2025 Q3，公司收 入 2.5 亿元，同比+4%，环比+11%；归母净利润 0.4 亿元，同比-7%， 环比+4%。 业绩稳健增长，开拓应用场景助力业绩增长。2025 年 Q3，全国新能源车 销量 340 万辆，环比+12%。公司深耕汽车行业多年，主要客户包括宝马、 本田、现代、比亚迪、吉利、长城、博世、大陆等。清洗业务方面，公司 目前已经前瞻布局主动感知清洗系统，自动驾驶商业化应用已逐步落地， 公司相关产品产业化加速渗透；电机业务方面，公司已在隐形门把手和充 电小门领域实现"电机+执行器"的产品拓展，未来有望向集成度更高的 系统产品发展，并且在更多的应用场景上发掘"1+N"的产品开拓机会。 推动磁材小批量生产，深化工艺工程降本。2025 年前三季度，公司销售毛 利率 31.2%，同比-4.5pct，销售净利率 1 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][5] Core Insights - The company reported a total revenue of 14.346 billion yuan for Q1-Q3 2025, a year-on-year increase of 2.87%, and a net profit attributable to shareholders of 977 million yuan, up 18.45% year-on-year [1] - In Q3 2025, the company achieved a single-quarter revenue of 4.869 billion yuan, a decrease of 2.30% year-on-year, while the net profit for the same period was 339 million yuan, reflecting a year-on-year growth of 27.51% [1] - The gross margin for Q3 2025 increased by 3.12 percentage points to 27.16%, indicating improved profitability [1] - The company has shown strong expense management capabilities, with sales, management, R&D, and financial expense ratios demonstrating a decrease [1] - The net profit margin for Q3 2025 increased by 3.03 percentage points to 13.21%, attributed to ongoing optimization of the production chain and enhancement of operational efficiency [1] Financial Performance Summary - The company is projected to achieve net profits of 1.2 billion yuan, 1.33 billion yuan, and 1.457 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.8%, 10.8%, and 9.6% [2] - The financial indicators for 2025E include total revenue of 18.765 billion yuan, a net profit of 1.2 billion yuan, and an EPS of 1.11 yuan per share [4] - The company’s return on equity (ROE) is expected to decline from 32.3% in 2025 to 22.4% in 2027, reflecting a decrease in profitability over time [4]

Group 1 - The report highlights that the wealth management market in China has seen a significant increase in scale, reaching a new high despite valuation rectification pressures, with a third-quarter increase of 1.46 trillion yuan, which is 620 billion yuan more than the same period last year [5] - The report indicates that the financial institutions' deposit growth has slowed down, with a total increase of 4.76 trillion yuan in deposits in the third quarter, which is a decrease of 400 billion yuan year-on-year [5] - The wealth management and bond fund scales have shown a year-on-year decrease in the second half of the year, while deposits have started to recover [5] Group 2 - The report discusses the growth potential of the pool cleaning robot industry, which has a current market size of 2.5 billion USD and is expected to grow to 4.21 billion USD by 2029, with a CAGR of 11.1% from 2024 to 2029 [6] - The company is positioned as a leading player in the pool cleaning robot market, holding a 9.2% market share and ranking third globally, with the top five manufacturers accounting for approximately 74.9% of the market [6] - The report emphasizes the company's competitive advantages, including strong R&D capabilities, comprehensive product offerings, and a robust multi-channel sales strategy [6] Group 3 - The report notes that the company has experienced a slowdown in revenue growth, with a 2025 year-to-date revenue of 1.76 billion yuan, reflecting an 18.7% increase year-on-year, while net profit has decreased by 29% [11] - The company is expected to face continued pressure on profitability due to significant investments in new product molds [11] - The report projects net profits for the company to be 121 million yuan, 145 million yuan, and 171 million yuan for 2025, 2026, and 2027, respectively, indicating a decline in 2025 followed by growth in subsequent years [11] Group 4 - The report indicates that the company has achieved a significant increase in revenue and net profit, with a third-quarter revenue of 19.68 billion yuan, representing a 129.19% year-on-year growth [31] - The new game "杖剑传说" has contributed significantly to the company's revenue growth, with total revenue from this game reaching 11.66 billion yuan in the first three quarters of 2025 [31] - The report highlights the company's strong performance in overseas markets, with a 59.46% year-on-year increase in overseas revenue [33]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown significant performance acceleration in Q3 2025, with revenue reaching 2.362 billion yuan, a year-on-year increase of 18.49%, and a net profit of 188 million yuan, up 40.99% year-on-year. The gross margin improved to 24.57%, and the net margin reached 7.96% [1]. - The growth is driven by increasing demand in the downstream smart automotive and new consumer markets, particularly in the aspheric glass lens business, which is expected to grow rapidly [1][2]. - The company is well-positioned in the non-spherical glass lens market, with a strong foothold in emerging sectors such as drones, action cameras, and AI glasses, benefiting from high demand and limited domestic production capacity [2]. - The company has established a solid market position in the security lens sector, maintaining the largest market share globally for ten consecutive years, and is making progress in expanding its smart home product offerings to overseas clients [3]. - The strategic expansion into automotive optics, including surround view and cabin lenses, is expected to enhance performance, with significant collaborations with major automotive manufacturers [3][4]. Financial Summary - The company is projected to achieve revenues of 3.347 billion yuan in 2025, 4.413 billion yuan in 2026, and 5.697 billion yuan in 2027, with year-on-year growth rates of 22.0%, 31.9%, and 29.1% respectively [4][10]. - Net profit is expected to reach 298 million yuan in 2025, 497 million yuan in 2026, and 697 million yuan in 2027, with growth rates of 62.6%, 66.5%, and 40.3% respectively [4][10]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 38.7, 23.3, and 16.6 times respectively [4][10].

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 吉比特（603444.SH） 三款新游表现优异，《杖剑传说（境外版）》带动境外收入高增 业绩概览：公司发布 2025 年三季报。2025Q1-Q3，公司实现营业收入 44.86 亿元，同比增长 59.17%；实现归母净利润 12.14 亿元，同比增长 84.66%； 实现扣非归母净利润 12.11 亿元，同比增长 97.48%；2025Q3，公司实现 营业收入 19.68 亿元，同比增长 129.19%；实现归母净利润 5.69 亿元， 同比增长 307.70%；实现扣非归母净利润 5.64 亿元，同比增长 273.72%。 《杖剑传说》等三款自研游戏贡献利润增量。新游戏方面，公司代理的国 风题材 RPG 游戏《封神幻想世界》于 2024 年 10 月上线，在 2025Q1-Q3 贡献增量营业收入和利润。2025 年 1 月，放置修仙游戏《问剑长生》上 线，该游戏持续更新版本，推出新的主线剧情，并与修仙小说 IP《道诡异 仙》、经典动画《哪吒传奇》联动。2025 年 1-9 月，《问剑长生》总流水达 7.13 亿元。202 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown robust performance in its core business, with significant growth in revenue and net profit. The revenue for the first three quarters of 2025 reached 1.403 billion yuan, a year-on-year increase of 16.29%, while the net profit attributable to shareholders was 416 million yuan, also up by 16.38% [1] - The company's AI initiatives are progressing well, with a notable increase in the number of members purchasing AI services, indicating a successful implementation of AI solutions to enhance buyer decision-making efficiency [1][2] Financial Performance Summary - For Q3 2025, the company reported revenue of 487 million yuan, a year-on-year increase of 17.01%, but a slight decline in net profit by 1.98% [1] - The gross margin for Q3 2025 was 78.52%, down by 1.40 percentage points year-on-year, attributed to increased spending on buyer-side traffic [2] - The company expects to achieve revenues of 1.911 billion yuan, 2.160 billion yuan, and 2.420 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 510 million yuan, 600 million yuan, and 734 million yuan for the same years [2][4] Membership and Market Expansion - As of Q3 2025, the number of paid members on the China Manufacturing Network platform reached 29,214, an increase of 2,546 members year-on-year [1] - The international market, particularly in the Middle East, Latin America, Africa, and Europe, has shown strong traffic growth, with the Middle East experiencing a 45% increase [1] AI Business Development - The cumulative number of members who have purchased AI services reached 15,687 by Q3 2025, reflecting a growth of 2,687 members from Q2 2025 [1] - The launch of the AI Global Procurement Assistant—SourcingAI 2.0 is expected to further enhance buyer decision-making efficiency [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company has shown strong performance in its gaming segment, particularly with the titles "Supernatural Action Group" and "Space Kill," which have contributed to significant revenue growth [1][4]. - The "Journey" IP has been effectively promoted through a "layered experience + business synergy" strategy, enhancing user engagement and monetization [2]. - The company is expected to achieve substantial profit growth in the coming years, with projected net profits of 2.07 billion, 3.46 billion, and 3.93 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 45.5%, 67.0%, and 13.6% [5][6]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 3.368 billion yuan, a year-on-year increase of 51.84%, and a net profit of 1.417 billion yuan, up 32.31% [1]. - In Q3 2025 alone, revenues reached 1.706 billion yuan, marking a 115.63% increase year-on-year, with net profits of 640 million yuan, an 81.19% increase [1]. - The company's total contract liabilities increased significantly to 1.333 billion yuan by the end of Q3 2025, indicating a strategic adjustment in revenue recognition [1]. Game Development and User Engagement - "Supernatural Action Group" has achieved over 1 million concurrent users, with significant social media engagement, totaling over 3 billion views across platforms [3]. - The "Journey" IP has implemented a non-binding transaction model, enhancing player engagement and retention, with "Original Journey" attracting 5.86 million new users in its first month post-launch [2]. - The AI gameplay in "Space Kill" has been continuously iterated, leading to increased user activity and engagement, particularly in Southeast Asian markets [4].

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 江钨装备（600397.SH） Q4 有望扭亏为盈，钨价重抵历史高点，静待价值重估 公司发布 2025 年三季度业绩公告。公司 2025 年第三季度营业收入 7.3 亿元，同 比减少 51.52%；归属于母公司所有者的净亏损 1690.4 万元，上年同期净亏损 8098 万元，亏损缩窄。 25Q3 安源煤业以其持有的煤炭业务相关资产及负债置换江钨发展持有的本公司 8550 万股股份（对应股比 57.00%），2025 年 8 月 12 日，公司已办理完成工 商变更登记手续，25Q3 仍包含安源煤业原煤炭业务业绩，故对净利润有所影响。 2025 年 1 月 1 日至 7 月 31 日，金环磁选实现归母净利润 1795.1 万元，我们 预计 25Q4 公司业绩有望扭亏为盈。 重大资产置换完成。公司已于 2025 年 8 月完成重大资产置换，将核心煤炭业务资 产（江西煤业 100%股权）全部置出，同时置入江钨控股子公司持有金环磁选 57% 的股份。交易对方承诺金环磁选 2025-2027 年实现的扣非归母净利润分别不低于 546 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 惠城环保（300779.SZ） Q3业绩回暖，废塑料项目蓄势待发 公司 Q3 营收稳步增长，利润同比大幅提高。公司发布 2025 年三季度报 告，公司 2025 年前三季度实现营收 8.7 亿元，同比提升 1.5%；实现归母 净利润 0.3 亿元，同比下降 36.5%。单季度看，2025Q3 实现营收 3.1 亿 元，同比上升 16.0%；实现归母净利润 0.2 亿元，同比上升 167.2%。 催化剂销量和收入增加&灰渣收入增加，Q3 利润同比上升。2025 年前三 季度利润同比降低主要是 1）2 月底蒸汽才实现并网销售，导致收入利润 减少；2）全国多地布局业务，不断开拓新项目，项目效益尚未释放，导致 公司整体费用上升。3）子公司广东东粤环保科技有限公司享受的" 三免三 减半"税收政策进入减半期，所得税比同期增加。Q3 同比收入增加主要 系公司积极开拓市场，催化剂销量和收入增加；同时灰渣处置量增加，灰 渣收入增加。Q3 利润同比上升主要系催化剂销售量和灰渣处置量增加。 毛利率有所提升，经营活动现金净额降幅较大。公司 202 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 10 月 28 日收盘价 | 增持（维持） | | | --- | --- | | 股票信息 | | | 行业 | 小家电 | | 前次评级 | 增持 | | 10 月 28 日收盘价（元） | 29.87 | | 总市值（百万元） | 2,567.19 | | 总股本（百万股） | 85.95 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万股） | 0.83 | 股价走势 -30% -18% -6% 6% 18% 30% 2024-10 2025-02 2025-06 2025-10 倍轻松 沪深300 作者 倍轻松（688793.SH） 盈利水平承压，静待需求恢复 事件：公司发布 2025 年三季报。公司 2025 前三季度实现营 业收入 5.5 亿元，同比-34.1%，主要系线上渠道销售收入下 滑；实现归母净利润-0.7 亿元，同比-601.0%。扣非归母净利 润-0.7 亿元，同比-826.4%。单季度来看，2025Q3 ...