证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 2025 年 Q3，公司实现营收 9.10 亿元，同比+40.26%，环比+15.97%；归母净利润 0.69 亿 元，同比+2.82%，环比+15.78%。收入实现连续 11 个季度环比增长，单季度实现毛利率 36.99%，环比增长。 AI 电源与车规级产业双管齐下，打开远期成长空间。公司 2025 年三季度发布多款新品，涵 盖工业、汽车、消费等多个下游领域。多相电源方面，公司推出四相双路同步降压转换器 SC634X，可支持高达 2MHz 的开关频率，以减小解决方案尺寸，适用于 AI PC、平板、电视 等消费应用及光模块、边缘计算、工业电脑、分布式电力系统等工业应用。AI 服务器电源方 面，公司推出工业级大功率 LLC SR 控制器 SC3530/SC3531，适用于 AI 服务器电源及大功 率工业电源，可直接替换整流二极管，无需外部控制即可实现自适应通断，支持双通道驱动 及纳秒级快速关断，满足 AI 服务器领域 CoC V5 和 DoE VI 最高能效标准，进一步拓宽了公 司在工业级大功率电源领域的布局。车规 PMIC ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown steady revenue and profit growth, with Q3 2025 achieving a revenue of 20.70 billion yuan, a year-on-year increase of 19.25% and a quarter-on-quarter increase of 30.23% [1]. - The company is benefiting from high-quality development in its main businesses, including consumer electronics and smart automotive sectors, which are expected to continue driving growth [1][4]. - The company is positioned to benefit from the development of AI technology across various business lines, with projected revenue growth rates of 32%, 23%, and 18% for 2025, 2026, and 2027, respectively [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 53.66 billion yuan, a year-on-year increase of 16.08%, and a net profit attributable to shareholders of 2.84 billion yuan, up 19.91% year-on-year [1]. - In Q3 2025, the company reported a net profit of 1.70 billion yuan, reflecting a year-on-year increase of 12.62% and a quarter-on-quarter increase of 138.20% [1]. Consumer Electronics - The company is deepening its layout in AI edge hardware, benefiting from the accelerated replacement cycle of smartphones and computers due to AI technology [2]. - The company has gained market share and profitability in high-end mobile phone components, with successful mass production of several new flagship models [2]. Smart Automotive - The company is enhancing its product matrix and market penetration in smart cockpit products, with successful integration of ultra-thin laminated car window glass into production systems of leading domestic automakers [2]. - The company is expected to see a rapid increase in the value per vehicle as it expands its production capacity for car window glass [2]. Emerging Fields - The company is expanding its collaboration with leading North American clients in the smart headset and robotics sectors, with significant production capabilities in humanoid and quadruped robots [3]. - The company is also exploring new technologies in foldable devices and AI servers, with plans for large-scale production in the near future [3]. Profit Forecast and Investment Advice - The company is expected to achieve revenues of 92.0 billion yuan, 113.1 billion yuan, and 133.9 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 5.24 billion yuan, 6.80 billion yuan, and 8.13 billion yuan [4][6]. - The current stock price corresponds to a PE ratio of 30, 23, and 19 for 2025, 2026, and 2027, respectively, indicating a favorable investment opportunity [4].

2025Q3 单季煤机/燃机上网电量分别实现 1000/88 亿千瓦时，分别同 比-7.16%/-0.30%，与上半年公司煤电上网电量同比下滑 7.06%相比， Q3 电量压力仍存在。主要系公司继续推进新能源转型，三季度公司下 属华能聊城热电 5、6 号机组（2×140 兆瓦）与华能新华发电公司 5 号机组（200 兆瓦）关停，影响煤电与热电发电电量。电价方面，25 年 前三季度上网电价平均 478.71 元/兆瓦时，同比-3.54%，环比-1.35%， 电价仍然承压。成本方面，受益于成本煤价继续下降，对冲电价下降压 力，Q3 单季度利润总额口径煤电实现度电利润 0.060 元，同比提升 0.036 元/度，环比提升 0.015 元/度，盈利能力稳健提升。 新能源装机扩张带动电量高增长，拉动利润规模提升。装机与电量方 证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 华能国际（600011.SH） 成本下行释放火电弹性，业绩超预期，股息吸引力提升 公司发布 2025年三季报。2025年前三季度公司实现营业收入1729.75 亿元，同比下降 6.19%；归母净利润 148. ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 通威股份（600438.SH） 2025 年三季报点评：业绩拐点已现，盈利修复可期 三季度业绩大幅改善，亏损收窄超预期。前三季度公司实现营业收入 646.0 亿元，同比下降 5.38%；归母净利润-52.70 亿元，第三季度单季营收达 240.91 亿元，同比降幅收窄至 1.57%；归母净利润-3.15 亿元，亏损大幅 收窄 62.69%，环比第二季度减亏 86.68%，创 2023 年四季度以来单季最 低亏损水平。基本每股收益由去年同期-0.19 元/股回升至-0.07 元/股，盈 利边际修复显著。 价格回升与成本优化共促盈利改善。三季度多晶硅价格显著反弹，据硅业 分会统计数据，N 型复投料均价从 7 月初的 3.47 万元/吨升至 9 月下旬的 5.32 万元/吨，涨幅达 53.3%。价格回升带动存货跌价准备计提减少，前 三季度资产减值损失同比收窄 34.68%。管理费用同比下降 34.47%，体 现精细化管理成效；研发费用达 8.16 亿元，持续的技术投入巩固公司长 期竞争力。 技术领先与全球产能布局构筑核心优势。公 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown a significant recovery in its equipment manufacturing and power plant engineering businesses, with a notable increase in revenue in Q3 2025 [2][4] - The company is expected to enter a new growth phase with its hydrogen energy and flexible coal power transformation projects nearing commercialization [3][4] Summary by Sections Financial Performance - In Q3 2025, the company achieved total revenue of 22.45 billion yuan, a substantial increase of 52.33% year-on-year, while the net profit attributable to shareholders was 0.59 billion yuan, a decrease of 29.92% year-on-year [1] - For the first three quarters of 2025, the company reported a net profit of 3.44 billion yuan, down 28.46% year-on-year, primarily due to high base effects from significant asset disposals in the previous year [1][4] - The company's non-recurring net profit for the first three quarters was 3.08 billion yuan, reflecting a year-on-year growth of 34.85%, indicating improved profitability in core operations [1] Business Segments - The equipment manufacturing segment continued its strong growth trajectory, with revenue growth exceeding 20% in the first half of 2025, driven by demand for efficient boiler equipment and overseas market expansion [2] - The traditional power plant engineering business has shown signs of recovery, contributing positively to Q3 revenue growth [2] Future Outlook - The company is poised to realize new growth drivers from its hydrogen energy projects, with the first batch of large-scale electrolyzers successfully delivered for a hydrogen energy industrial park project [3] - The flexible transformation of coal power projects is also progressing, with successful field tests completed, indicating potential for future project orders [3][4] Valuation Metrics - The report projects the company's net profit attributable to shareholders for 2025-2027 to be 7.19 billion, 8.03 billion, and 9.07 billion yuan respectively, with corresponding EPS of 0.75, 0.84, and 0.95 yuan per share [4]

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 瑞鹄模具（002997.SZ） 业绩稳健增长，布局机器人打造成长新动能 事件：公司发布 2025 前三季度业绩。2025 年前三季度，公司收入 26.0 亿 元，同比+51%，归母净利润 3.6 亿元，同比+41%；其中 2025 Q3，公司 收入 9.4 亿元，同比+56%，环比+3%；归母净利润 1.3 亿元，同比+41%， 环比-1%。 零部件产能释放+模具业务订单充足，业绩稳健增长。零部件方面，Q3 国 内新能源车销量 340 万辆，环比+12%，其中吉利销量 44.3 万辆，同比 +96.2%，环比+14.7%，奇瑞销售 22.8 万辆，同比+51%，环比+16%。 从而带动公司 Q3 业绩增长。模具方面，公司是国内少数能够同时为客户 提供完整的汽车白车身高端制造装备、智能制造技术及整体解决方案的专 用装备及零部件供应企业之一。截至 2025H1，汽车制造装备业务在手订 单 43.8 亿元，较上年末增长 13.59%。 内部降 ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 10 29 年 月 日 家用电器 望圆科技：泳池清洁机器人龙头，有望进入快速增长通道 ➢ 公司介绍：泳池清洁机器人龙头，产品矩阵丰富 公司为泳池清洁机器人龙头，于 2005 年成立，拥有全面的泳池清洁机器 人产品组合，主要通过电商平台向以欧美为主的终端消费者销售 WYBOT 及 Winny Pool Cleaner 两大自有品牌产品，同时开拓第三方商家销售。此 外还以 ODM 方式为全球泳池设备品牌（如 Bestway、CASH 及 Productos QP）销售委托产品，近年来自有品牌占比提升迅速，带动收入结构有所优 化。公司股权结构高度集中，管理人员深耕行业经验丰富。2024/2025H1 实现营收 5.4/3.8 亿元，同比增长 43.8%/41.6%，实现归母净利润 0.7/0.6 亿元，同比增长 15.9%/24.9%。 ➢ 行业情况：市场规模达 25 亿美元，成长潜力足，行业格局集中 泳池清洁机器人 2024 年全球规模约 25 亿美元/450 万台，成长空间较大。 得益于产品可靠性提升与技术能力的持续进步，加之机器替人等需求提 ...

事件：公司发布 2025 年三季报。公司 2025Q1-Q3 实现营业 总收入 5.77 亿元，同比-43.03%；实现归母净利润-2.18 亿 元，同比-1546.12%。其中，2025Q3 单季营业总收入为 2.03 亿元，同比 -35.81%；归母净利润为 -0.95 亿元，同比 -265.08%。 证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 火星人（300894.SZ） 经营承压明显，盈利能力下滑 盈利能力下滑较多。毛利率：2025Q3 公司毛利率同比提升 0.36pct 至 39.44%。费率端：2025Q3 销售/管理/研发/财务 费率为 44.69%/14.09%/9.74%/4.43% ，同比 分别增加 13.88pct/3.78pct/1.14pct/4.68pct。财务费用率变动主要系债 券利息费用化所致。净利率：公司 2025Q3 净利率同比变动 -38.54pct 至-46.76%。 现金流：2025Q3 公司销售商品收到的现金为 1.99 亿元，同 比-41.87%。经营性现金流净额-0.58 亿元。 盈利预测与投资建议。考虑到公司 202 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is experiencing steady growth with a revenue increase of 20% year-on-year for the first three quarters of 2025, reaching 11.06 billion yuan, and a net profit of 670 million yuan, up 11% year-on-year [1]. - The digital energy sector is expected to expand significantly, with the data center temperature control market projected to reach 40 billion yuan by 2025, driven by national policies [2]. - The company is well-positioned to capitalize on the growing liquid cooling market for data centers, which is anticipated to grow from 3 billion USD to 8 billion USD from 2025 to 2030, with a compound annual growth rate exceeding 20% [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.89 billion yuan, a 27% increase year-on-year and a 4% increase quarter-on-quarter. The gross profit margin was 19.4%, with a net profit margin of 6.9% [1]. - The projected revenues for 2025 to 2027 are 15.24 billion yuan, 17.99 billion yuan, and 21.22 billion yuan, respectively, with corresponding net profits of 954 million yuan, 1.26 billion yuan, and 1.61 billion yuan [4]. Business Development - The company has secured over 300 projects in the digital energy sector, with new projects expected to generate an additional annual revenue of 950 million yuan upon reaching full production [2]. - The company has developed various liquid cooling products and is expanding its smart robotics segment through partnerships, enhancing its competitive edge [3]. Valuation - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 32, 25, and 19 times, respectively, reflecting the anticipated growth in net profits [3].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company reported a 17% decline in revenue for Q3 2025, while net profit attributable to shareholders increased by 14%, aligning with expectations. The revenue for Q3 was 2.18 billion yuan, with a gross margin improvement of 1 percentage point to 28.5% [1] - For the first three quarters of 2025, the overall revenue decreased by 37.3% to 6.77 billion yuan, but the gross margin increased by 9.2 percentage points to 29.7% [1] - The franchise business continues to close inefficient stores, with a 56% decline in revenue for the first three quarters of 2025, totaling 3.345 billion yuan [1] - The self-operated offline business showed resilience, with a 1% decline in revenue to 1.342 billion yuan for the first three quarters, but a 21% increase in gross profit to 471 million yuan [2] - E-commerce revenue grew significantly, with a 19.458% increase in the first three quarters, although gross profit decreased by 6% [3] - The company aims to optimize store and product structures, expecting a 6% growth in net profit attributable to shareholders in 2025 [4] Summary by Sections Revenue and Profitability - Q3 2025 revenue decreased by 16.7% to 2.18 billion yuan, while net profit increased by 13.6% to 290 million yuan, resulting in a net profit margin of 13.2% [1] - For the first three quarters, revenue fell by 37.3% to 6.77 billion yuan, with net profit increasing by 3.1% to 880 million yuan [1] Franchise Business - Franchise revenue for the first three quarters dropped by 56% to 3.345 billion yuan, with a gross profit decline of 22% [1] - The company closed 380 inefficient franchise stores, ending Q3 2025 with 4,275 franchise stores [1] Self-operated Business - Self-operated offline revenue decreased by 1% to 1.342 billion yuan, but gross profit rose by 21% to 471 million yuan [2] - The number of self-operated stores increased by 47 in the first three quarters, totaling 400 stores by the end of Q3 2025 [2] E-commerce - E-commerce revenue increased by 19.458% in the first three quarters, with a significant 68% growth in Q3 alone, reaching 780 million yuan [3] - The gross profit for e-commerce decreased by 19% in Q3 [3] Future Outlook - The company anticipates a 6% growth in net profit attributable to shareholders in 2025, focusing on optimizing store and product structures [4]