公司研究 证 券 研 究 报 告 生益电子（688183）2025 年三季报点评 强推（维持） 营收利润超预期，利润率弹性值得期待 目标价：140 元 事项： 公司 2025 年前三季度实现营收 68.29 亿元（YoY+114.79%）；归母净利润 11.15 亿元（YoY+497.61%）；扣非净利润 11.12 亿元（YoY+526.11%）。2025Q3 实 现营收 30.60 亿元（YoY+153.71%，QoQ+39.78%）；归母净利润 5.84 亿元 （YoY+545.95%，QoQ+76.84%）；扣非净利润 5.84 亿元（YoY+570.70%， QoQ+76.80%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,687 | 10,077 | 18,023 | 22,501 | | 同比增速(%) | 43.2% | 115.0% | 78.9% | 24.8% | | 归母净利润(百万) | 3 ...

Investment Rating - The report assigns a "Recommendation" rating to the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][9]. Core Insights - The company reported a significant revenue increase of 35% year-on-year and 43% quarter-on-quarter in Q3 2025, reaching 693 million yuan, while the net profit attributable to shareholders was 49 million yuan, reflecting a year-on-year growth of 4.3% and a quarter-on-quarter growth of 7.5% [2][9]. - The company is experiencing pressure on its gross margin, which decreased to 13.6%, down 6.1 percentage points year-on-year and 4.9 percentage points quarter-on-quarter, attributed to the ramp-up of new customer projects [9]. - The company has successfully transitioned to a Tier 1 supplier for automotive seat frames, with new projects expected to generate revenue of 4.671 billion yuan over their lifecycle [9]. - The establishment of a robotics subsidiary marks a strategic move into new high-end equipment sectors, with plans for research and development of core robotic components [9]. Financial Summary - The company is projected to achieve total revenue of 2.584 billion yuan in 2025, with a year-on-year growth rate of 13.5% [5][10]. - The net profit attributable to shareholders is expected to reach 194 million yuan in 2025, reflecting a growth rate of 41.5% [5][10]. - Earnings per share (EPS) are forecasted to increase to 0.92 yuan in 2025, with a price-to-earnings (P/E) ratio of 43 [5][10].

证 券 研 究 报 告 九毛九（09922.HK）2025 年三季报点评 推荐（维持） 同店降幅收窄，鲜活模式提速 目标价：2.24 港元 事项： 九毛九发布 2025 年第三季度最新营运表现公告，三大主要品牌自营门店同 店销售额虽承压，但已连续三个季度改善，太二自营同店日均销售额同比下 降 9.3%，较上半年的-19.0%显著改善，怂火锅与九毛九自营同店日均销售 额同比分别下降 19.1%与 14.8%，亦呈现边际好转；北京、上海等核心城市 同店销售额在第三季度已实现同比正增长。公司持续推进"5.0 鲜活模式" 餐厅升级，截至 9 月底已落地 106 家，计划至年底拓展至 200 家以上，进 一步推进夯实"鲜活食材"战略。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 6,074 | 5,522 | 6,039 | 6,504 | | 同比增速(%) | 1.3% | -9.1% | 9.4% | 7.7% | ...

【华创证券人工智能研究中心】 "十五五"科技细分赛道投资线索 ——多行业联合人工智能 11 月报 策略研究 策略周报 2025 年 11 月 04 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：张一弛 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 邮箱：zhangyichi@hcyjs.co ...

证 券 研 究 报 告 偏股型公募新发创今年3月以来新高 ——流动性&交易拥挤度&投资者温度计周报 2025年11月4日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 股市八路资金雷达图(近三年分位数,%) 股票型ETF净申购 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 3 数据来源：Wind，华创证券 注：公募、两融、外资、ETF、产业资本、自媒体热度为周频数据(截至2025/10/26)、私募(截至2025/8)与新开户(截至2025/9)为月频数据，其中自媒体热度采用近一年日频分位数。 目录 资金流动性：偏股型公募新发创今年3月以来新高 01 ...

Investment Rating - The report maintains a "Strong Buy" rating for Jiufeng Energy (605090) [2][9] Core Views - The company reported a revenue of 15.61 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.5%, and a net profit attributable to shareholders of 1.24 billion yuan, down 19.1% year-on-year [2] - The report highlights the impact of temporary costs on quarterly performance, particularly due to factors such as delayed shipping schedules, extreme weather affecting LPG transportation, and transitional maintenance of newly acquired facilities [9] - Looking ahead to Q4, the report anticipates improved performance in the LPG business as negative factors from Q3 are expected to be resolved, leading to a recovery in profitability [9] - The collaboration on the Xinjiang coal-to-gas project is viewed as a significant opportunity for the company's transformation, with all necessary approvals in place and project progress expected to accelerate [9] - The report projects net profits for 2025, 2026, and 2027 to be 1.592 billion yuan, 1.767 billion yuan, and 2.064 billion yuan respectively, reflecting the potential growth from the coal-to-gas project [9] Financial Summary - For 2025, the company is expected to generate total revenue of 21.56 billion yuan, with a year-on-year growth rate of -2.2% [4] - The projected net profit for 2025 is 1.592 billion yuan, with a year-on-year decrease of 5.4% [4] - The earnings per share (EPS) for 2025 is estimated at 2.29 yuan, with a price-to-earnings (P/E) ratio of 14 [4] - The target price for the stock is set at 45.72 yuan, compared to the current price of 33.06 yuan [5]

公司研究 证 券 研 究 报 告 业绩稳健增长，平台型龙头优势持续显现 目标价：502.5 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 29,838 | 39,509 | 50,146 | 60,221 | | 同比增速(%) | 35.1% | 32.4% | 26.9% | 20.1% | | 归母净利润(百万) | 5,621 | 6,663 | 9,100 | 12,068 | | 同比增速(%) | 44.2% | 18.5% | 36.6% | 32.6% | | 每股盈利(元) | 7.76 | 9.20 | 12.56 | 16.66 | | 市盈率(倍) | 52 | 44 | 32 | 24 | | 市净率(倍) | 9.3 | 7.8 | 6.3 | 5.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 3 日收盘价 半导体设备 2025 年 11 月 04 日 ...

宏观研究 2、从趋势看，近两年限额以下商品消费（不含餐饮）有改善迹象。2023 年两 年平均增速为 2.7%，2024 年为 3.55%，2025 年前三季度为 4.24%。9 月当月 同比为 3.77%，预计 10 月增速回升至 5%左右。 3、从空间与体量看，2019 年限额以下商品消费（不含餐饮）增速为 10.6%， 2025 年前三季度为 4.24%，增速尚有较大回升空间。从体量看，2024 年社零 中，52.2%来自限额以下商品消费（不含餐饮）。若其回升，对社零意义重大。 4、从政策来看，或持续加强普惠性、基础性、兜底性民生建设。例如，2025 年的生育补贴、免费学前教育、城乡居民养老金提升等。"十五五"规划来看， 或继续加力投入。如"合理提高公共服务支出占财政支出比重、稳步推进基本 公共服务均等化、逐步提高城乡居民基础养老金、发挥育儿补贴和个人所得税 抵扣政策作用，有效降低家庭生育养育教育成本、稳步扩大免费教育范围"。 ❖ 一、物价：预计 CPI 同比降幅收窄，PPI 环比或走弱 证 券 研 究 报 告 供需有待 【宏观快评】 限额以下消费或回升——10月经济数据前瞻 ❖ 核心观点：展望 10 月 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 191.86 CNY [2][9]. Core Insights - The company reported a revenue of 1.244 billion CNY for Q3 2025, reflecting a year-over-year increase of 30.28% and a quarter-over-quarter increase of 19.97%. The net profit attributable to shareholders was 286 million CNY, showing a slight decline of 0.71% year-over-year but a 5.14% increase quarter-over-quarter [2][9]. - The company is focusing on opportunities in AI-driven advanced packaging, with significant investments in R&D and production capacity to enhance its core competitiveness. The market share of its CMP products is increasing, and the company is expanding its service offerings [9]. - The company's gross margin for Q3 2025 was 40.97%, down 4.11 percentage points year-over-year, primarily due to lower margins on new products and increased R&D expenses. The net profit margin was 22.99%, down 7.17 percentage points year-over-year [9]. - The company is actively developing new products and technologies to meet the demands of the semiconductor industry, particularly in advanced packaging and chip stacking technologies [9]. Financial Summary - Total revenue projections for the company are as follows: 3,406 million CNY in 2024, 4,571 million CNY in 2025, 5,903 million CNY in 2026, and 7,448 million CNY in 2027, with year-over-year growth rates of 35.8%, 34.2%, 29.1%, and 26.2% respectively [4][10]. - The net profit attributable to shareholders is projected to be 1,023 million CNY in 2024, 1,184 million CNY in 2025, 1,507 million CNY in 2026, and 1,863 million CNY in 2027, with growth rates of 41.4%, 15.7%, 27.3%, and 23.7% respectively [4][10]. - The earnings per share (EPS) are expected to increase from 2.90 CNY in 2024 to 5.27 CNY in 2027, reflecting a strong growth trajectory [4][10].

证 券 研 究 报 告 恒玄科技（688608）2025 年三季报点评 强推（维持） Q3 收入稳健增长，可穿戴 SoC 龙头迎端侧新机遇 事项： ❖ 公司发布2025年三季报：公司2025年三季度实现营收9.95亿元（YoY+5.66%， QoQ+5.42%），实现归母净利润 1.97 亿元（YoY+39.11%，QoQ+72.19%），实 现扣非归母净利润 1.79 亿元（YoY+44.85%，QoQ+67.37%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,263 | 4,306 | 5,832 | 7,548 | | 同比增速(%) | 49.9% | 31.9% | 35.5% | 29.4% | | 归母净利润(百万) | 460 | 741 | 1,220 | 1,611 | | 同比增速(%) | 272.5% | 61.0% | 64.6% | 32.0% | | 每股盈利(元) | 2.73 | ...