证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 三七互娱（002555.SZ） 《斗罗大陆：猎魂世界》表现优异，构建 40 余种 AI 能力 业绩概览：公司发布 2025 年三季报。2025Q1-Q3，公司实现营业收入 124.61 亿元， 同比下滑 6.59%；实现归母净利润 23.45 亿元，同比增长 23.57%；实现扣非归母净利 润 22.60 亿元，同比增长 20.43%；2025Q3，公司实现营业收入 39.75 亿元，同比下 滑 3.23%；实现归母净利润 9.44 亿元，同比增长 49.24%；实现扣非归母净利润 8.73 亿元，同比增长 44.97%。公司 2025 年第三季度利润分配预案拟向全体股东每 10 股 派 2.1 元（含税）。 《斗罗大陆：猎魂世界》《《光大大炸》》等新品表现优异。公司本年度上线的《光大大 炸》》《英雄没有闪》《斗罗大陆：猎魂世界》等多款游戏表现优异，为公司业绩增长提 供了重要支撑。其中《《光大大炸》》1 月 APP 首发荣获 iOS 免费榜第一，后续上线小程 序版本，迅速跻身微信小游戏畅销榜第 4 名；竖屏横版卷轴放置 A ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown significant growth in Q3 2025, with a revenue increase of 31.4% year-on-year and a net profit increase of 61.1% year-on-year, driven by price increases in niche storage products and a recovery in downstream demand [1] - The DRAM market is experiencing price increases due to strong demand from AI applications and a recovery in non-AI applications, with an expected price increase of 8-13% for conventional DRAM in Q4 2025 [2] - NOR Flash demand is steadily increasing, with prices expected to rise moderately over a longer period due to stable growth in total bit demand and supply constraints [3] - The company has a significant advantage in the customized storage sector, with successful project developments and strong partnerships with strategic suppliers [4] - Revenue forecasts indicate substantial growth, with expected revenues of 93.6 billion, 114.6 billion, and 135.5 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 14.6 billion, 19.4 billion, and 23.8 billion yuan for the same years [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 6.83 billion yuan, a year-on-year increase of 20.9%, and a net profit of 1.08 billion yuan, a year-on-year increase of 30.2% [1] - In Q3 2025 alone, the company reported a revenue of 2.68 billion yuan and a net profit of 510 million yuan, marking a quarter-on-quarter increase of 19.6% and 49.0% respectively [1] Market Trends - The DRAM market is seeing a shift as major manufacturers reduce production of older technologies, leading to price increases for DDR4 products, which now account for over 60% of the company's revenue [2] - The NOR Flash market is characterized by stable demand growth, with supply constraints expected to maintain price increases over a longer period [3] Strategic Positioning - The company is well-positioned in the customized storage market, leveraging early advantages and strong collaborations with suppliers to ensure capacity and process advantages [4] - The company is expected to maintain a strong market share in the NOR Flash sector, with a projected revenue contribution of around 15% from 45nm NOR Flash products [3] Future Outlook - The company is projected to achieve significant revenue growth in the coming years, with a compound annual growth rate (CAGR) of 27.3% from 2024 to 2025 [5] - The expected earnings per share (EPS) for 2025 is projected to be 2.19 yuan, with a P/E ratio of 112.8 [11]

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 豪威集团（603501.SH） 25Q3 营收及扣非归母均创新高，CIS 龙头行稳致远 25Q3 营收再创历史新高。豪威集团正式发布 2025 三季报：公司 25Q1- Q3 实现营收 217.8 亿元，yoy+15.2%；实现归母净利 32.1 亿元， yoy+35.1%；实现扣非归母净利 30.6 亿元，yoy+33.5%。 单季度来看，25Q3 实现营收 78.3 亿元，yoy+14.8%，qoq+4.6%；实现 归母净利 11.8 亿元，yoy+17.3%，qoq+1.8%；实现扣非归母净利 11.1 亿元，yoy+20.4%，qoq+0.5%。我们看到，公司 25Q3 营收再次创下历 史新高，主要得益于公司 CIS 产品在智驾、全景、运动相机等领域的持续 渗透，市占率稳步提升。 25Q3 利润率保持稳定，扣非归母净利创下历史新高。盈利能力方面，25Q3 毛利率达到 30.3%，yoy-0.1pct，qoq+0.3pct，毛利率基本保持稳定，我 们认为手机 CIS 高端新料号有望从 25H2 开始陆续放量，因此毛利 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 瀚蓝环境（600323.SH） 业绩快速增长，粤丰并购&降本增效共促高质量发展 公司前三季度业绩快速增长。公司 2025 前三季度实现营收 97.4 亿元， yoy+11.5%，实现归母净利润 16.0 亿元，yoy+15.9%。2025Q3 单季度 实现营收 39.7 亿元，yoy+36.7%，实现归母净利润 6.4 亿元，yoy+28.1%。 公司前三季度营收同比增加 10.1 亿元，主要系：（1）粤丰环保并表增加 收入约 14.9 亿元；（2）主要是垃圾焚烧业务增加收入约 1.1 亿元、排水业 务增加收入约 0.6 亿元。公司前三季度归母净利润同比增加约 2.2 亿元， 剔除去年同期一次性收益影响，则归母净利润同比增加 3.5 亿元，主要系： （1）粤丰环保 6-9 月实现净利润 4.70 亿元，贡献归母净利润约 2.4 亿 元；（（2）公司持续落实降本增效举措取得良好成效；（（3）确认子公司江西 瀚蓝能源有限公司赔偿收入 0.5 亿元。 -20% -8% 4% 16% 28% 40% 2024-10 2025-02 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 伟星股份（002003.SZ） 短期接单表现平稳，2025Q3 利润小幅增长 公司 2025Q3 营收增长 0.9%，归母净利润同比增长 3%，短期接单表 现平稳。公司发布 2025Q3 季报，单 Q3 公司营收同比增长 0.9%至 12.9 亿元，受益于产品结构优化毛利率同比提升 0.9pcts 至 45.2%，销售费用 率同比提升 0.1pcts 至 8.6%，管理费用率同比下降 0.1pcts 至 11.2%，综 合考虑汇兑因素后（（2025Q3 汇兑损失约为 1200 万，2024Q3 汇兑损失约 为 870 万），2025Q3 公司归母净利润同比增长 3%至 2.1 亿元，归母净利 率同比提升 0.3pcts 至 16.5%，整体表现符合预期。 ➢ 前三季度整体来看，公司营收同比增长 1.5%至 36.3 亿元，毛利率同 比提升 1pcts 至 43.7%，销售费用率同比提升 0.5pcts 至 8.7%，管 理费用率同比提升 0.6pcts 至 10.4%，考虑汇兑因素后（2025 年前 三季度汇兑损失约为 2 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company reported a revenue of 3.29 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.0%, with a net profit attributable to the parent company of 260 million yuan, up 8.5% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 18.1%, and a net profit of 100 million yuan, up 16.2% year-on-year, indicating a significant acceleration in revenue growth [1][3] - The company is expanding its business in various channels, including MCN, cross-border e-commerce, and new retail brands, while also enhancing its global supply chain efficiency and targeting emerging markets [1][3] Financial Performance - The gross margin for Q3 2025 increased by 1.1 percentage points to 30.8%, attributed to ongoing cost reduction efforts [2] - The company’s net profit margin for Q3 2025 decreased by 0.4 percentage points to 6.8% due to an increase in income tax [2] - The report forecasts net profits for 2025-2027 to be 370 million, 470 million, and 560 million yuan, respectively, with year-on-year growth rates of 14.7%, 25.8%, and 18.3% [3] Future Outlook - For Q4 2025, the company is expected to maintain good revenue growth, driven by the expansion of new consumer clients in China and increased sales efforts in overseas markets [3] - The potential divestiture or sale of Best Formulations PC LLC is anticipated to enhance overall profitability and provide higher profit elasticity [3]

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 甘源食品（002991.SZ） 收入逐季改善，利润降幅收窄 事件：公司发布 2025 年三季报，前三季度实现营收 15.3 亿元，同比-4.5%， 归母净利润 1.6 亿元，同比-43.7%。25Q3 单季度营收 5.9 亿元，同比 +4.4%，归母净利润 0.8 亿元，同比-26.3%。 收入逐季改善，利润阶段性承压。25Q3 公司营收同比+4.4%至 5.9 亿元， 逐季改善趋势显著，我们预计主要来自于量贩及电商等新兴渠道扩张支 撑，同时公司持续调整传统渠道、拓展海外市场，预计陆续兑现阶段性成 果。25Q3 公司归母净利润同比-26.3%至 0.8 亿元，主因公司阶段性增加 品牌费用投放支撑渠道调整及海外市场拓展。 毛利率改善清晰，费用率环比收窄。25Q3 公司毛利率同比+0.3pct 至 37.1%，为今年以来首次正增长，在棕榈油成本上涨背景下，我们预计公 司以产品结构优化对冲成本压力。销售费用率 17.3%，同比+5.9pct，环 比-2.6pct 已陆续改善，在国内渠道转型、海外市场拓展阶段，公司加强品 牌投放， ...

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company has experienced a slowdown in revenue growth due to business structure adjustments, but profitability has improved. For the first three quarters of 2025, the company achieved revenue of 3.61 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 170 million yuan, a year-on-year increase of 16.3% [1][2] - The gross margin and net margin have improved due to the suspension of low-margin businesses. The gross margin for the first three quarters of 2025 increased by 0.9 percentage points to 49.4%, while the net margin increased by 1.0 percentage points to 19.8% [2] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 274 million yuan, 412 million yuan, and 450 million yuan, representing year-on-year growth rates of 62.8%, 50.5%, and 9.2%, respectively [2] Financial Summary - For 2025, the company is projected to have a revenue of 4.809 billion yuan, with a year-on-year growth rate of 3.7%. The net profit is expected to be 274 million yuan, with a year-on-year growth rate of 62.8% [4] - The latest diluted EPS is projected to be 1.06 yuan per share for 2025, with a P/E ratio of 36.3 times [4] - The company’s total assets are expected to reach 9.16 billion yuan by 2025, with a total liability of 3.27 billion yuan [9]

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 浙江美大（002677.SZ） 收入持续承压，公司盈利能力下滑 事件：公司发布 2025 年三季报。公司 2025Q1-Q3 实现营业 总收入 3.37 亿元，同比-48.52%；实现归母净利润 0.18 亿 元，同比-83.21%。其中，2025Q3 单季营业总收入为 1.24 亿 元，同比-36.16%；归母净利润为 0.06 亿元，同比-37.91%。 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 厨卫电器 | | 前次评级 | 买入 | | 10 月 28 日收盘价（元） | 7.93 | | 总市值（百万元） | 5,123.19 | | 总股本（百万股） | 646.05 | | 其中自由流通股（%） | 82.79 | | 30 日日均成交量（百万股） | 16.91 | 股价走势 -20% -12% -4% 4% 12% 20% 2024-10 2025-02 2025-06 2025-10 浙江美大 沪深300 作者 分析师 徐程颖 盈利能力下滑。毛利率：202 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a slight improvement in revenue growth, with Q3 2025 revenue at 780 million yuan, a year-on-year increase of 3.0%, indicating a stabilization in the company's fundamentals [1]. - The gross margin remained stable at 70.2% in Q3 2025, while the net profit margin decreased by 2.1 percentage points to 20.5% due to increased sales expenses related to whisky investments [2]. - The company is expected to accelerate its pre-mixed beverage business in Q4 2025, supported by new product launches and enhanced marketing efforts for whisky [2]. Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 2.27 billion yuan, down 4.9% year-on-year, and a net profit of 550 million yuan, down 4.4% year-on-year [1]. - The projected net profits for 2025-2027 are 729 million yuan, 877 million yuan, and 1.006 billion yuan, reflecting year-on-year growth rates of 1.4%, 20.3%, and 14.7% respectively [3]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 39, 33, and 28 times respectively [3].