证 券 研 究 报 告 欧派家居（603833）2025 年三季报点评 强推（维持） Q3 业绩短期承压，大家居战略持续深化 目标价：64.86 元 事项： ❖ 公司公布 2025 年三季报。前三季度，公司实现营业收入/归母净利润/扣非归母 净利润 132.14/18.32/17.12 亿元，同比-4.79%/-9.77%/-2.90%。25Q3，公司实现 营业收入/归母净利润/扣非归母净利润 49.73/8.14/7.69 亿元，同比-6.10%/- 21.79%/-22.03%。 评论： ❖ 风险提示：宏观经济影响需求；原材料价格波动风险；渠道拓展不及预期等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 18,925 | 18,293 | 19,267 | 20,428 | | 同比增速(%) | -16.9% | -3.3% | 5.3% | 6.0% | | 归母净利润(百万) | 2,599 | 2,430 | 2,634 ...

证 券 研 究 报 告 润泽科技（300442）2025 年三季报点评 推荐（维持） IDC 规模稳步扩张，业绩环比持续增长 目标价：62.4 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,365 | 5,886 | 8,255 | 9,717 | | 同比增速(%) | 0.3% | 34.9% | 40.2% | 17.7% | | 归母净利润(百万) | 1,790 | 5,217 | 3,171 | 4,327 | | 同比增速(%) | 1.6% | 191.4% | -39.2% | 36.4% | | 每股盈利(元) | 1.10 | 3.19 | 1.94 | 2.65 | | 市盈率(倍) | 42 | 15 | 24 | 18 | | 市净率(倍) | 7.6 | 5.4 | 5.0 | 4.2 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 20 日收盘价 公司研究 云基础设施服 ...

【宏观快评】 宏观研究 证 券 研 究 报 告 美国"缺电"了吗？ 主要观点 ❖ 核心观点： 1、从美国最基本的电力供需数据来看，短期（到明年）暂看不到电力供需紧 张的迹象，甚至供给增速可能是略大于需求的；中长期（到 2030 年），数据中 心的建设主要分布在德州、中大西洋等地，其带来的电力需求增长，可能导致 这些地区面临供给短缺，加剧电网可靠性下降风险（发生停电的频率增加，不 能满足的客户用电需求规模增加）。 2）供给侧来看：短期视角下（到 2026），供给增速或快于需求，发电设备利 用率并不紧张。 当下产能利用情况？2001 年以来，美国发电、输电和配电行业产能利用率呈 趋势下滑，反映供给相对需求保持充裕状态。 ❖ 美国缺电了吗？ 近期，关于美国"缺电"的讨论颇受关注。一类是讨论 AI 行业发展或受制于 电力供应瓶颈。比如微软 CEO 就在播客节目中指出"人工智能行业的问题并 非计算资源过剩，而是缺乏足够电力来支撑所有 GPU 的运行"；另一类则是聚 焦于数据中心"抢电"叙事，称其导致美国居民用电成本飙升，影响美国消费。 那么，美国真的"缺电"了吗，当前电力供需情况如何，居民电费负担是否已 经显著加剧，A ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 5.5 yuan, compared to the current price of 4.79 yuan [3][7]. Core Insights - The company reported a revenue of 2.995 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.94%. The net profit attributable to the parent company was a loss of 294 million yuan, with a year-on-year increase in losses of 38.45% [2][7]. - The decline in revenue is attributed to two main factors: adjustments in medical insurance payment policies leading to a decrease in inpatient service volume and the ongoing reform of the DRG payment method, which has reduced the average cost per inpatient [7]. - Despite the short-term pressure on revenue, the company has seen a steady increase in outpatient and emergency services, with a total of 1.9751 million visits, a year-on-year increase of 4.03% [7]. - The company is focusing on strategic growth areas, including high-barrier projects like the proton therapy center, consumer healthcare, and data assetization, which are expected to enhance long-term competitiveness [7]. Financial Summary - For 2025, the company is projected to have total revenue of 4.055 billion yuan, a decrease of 15.8% year-on-year, with a net profit attributable to the parent company expected to be a loss of 343 million yuan [2][8]. - The company’s financial metrics indicate a projected net profit growth rate of 74.5% in 2026 and 214.8% in 2027, suggesting a potential recovery in profitability [8]. - The company’s total assets are estimated to be 10.422 billion yuan in 2025, with a debt-to-equity ratio of 164.2% [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 69 yuan, reflecting an expected performance exceeding the benchmark index by over 20% in the next six months [2][10][25]. Core Insights - The company reported a revenue of 272 million yuan for the first three quarters of 2025, representing a year-on-year growth of 25.79%. The net profit attributable to the parent company reached 49 million yuan, up 81.48% year-on-year, while the non-recurring net profit was 37 million yuan, increasing by 118.80% [2][9]. - In Q3 2025 alone, the company achieved a revenue of 94 million yuan, marking a 29.80% year-on-year increase, with a net profit of 12 million yuan, which is a significant growth of 283.59% year-on-year [2][9]. - The cell culture product business remains the core pillar of the company's revenue, generating 239 million yuan in the first three quarters of 2025, a 32.56% increase year-on-year. The company continues to invest in product technology optimization, R&D innovation, and market expansion [9][10]. - The CDMO (Contract Development and Manufacturing Organization) business faced challenges, with revenue of 32.58 million yuan in the first three quarters of 2025, showing a slight decline. The company is optimizing internal processes and innovating service models to stabilize and recover this segment [9][10]. - The company has expanded its customer base, serving over 800 domestic and international biopharmaceutical companies and research institutions, with a total of 2,000 clients as of Q3 2025 [9][10]. - Cost control measures have led to an increase in net profit margin to 18.07%, up 5.73 percentage points year-on-year, despite a slight decline in gross margin to 54.57% [9][10]. Financial Summary - The company is projected to achieve total revenue of 381 million yuan in 2025, with a year-on-year growth rate of 28.2%. The net profit attributable to the parent company is expected to reach 71 million yuan, reflecting a substantial growth of 238.1% [5][10]. - Earnings per share (EPS) are forecasted to be 0.63 yuan in 2025, increasing to 1.25 yuan by 2027 [5][10]. - The company maintains a low debt-to-equity ratio of 4.0%, indicating strong financial stability [10].

Investment Rating - The report maintains a "Recommended" rating for Enhua Pharmaceutical with a target price of 32.0 yuan [2][8]. Core Insights - Enhua Pharmaceutical's Q3 2025 revenue reached 1.461 billion yuan, reflecting a 5.70% year-on-year increase, while the net profit attributable to shareholders was 406 million yuan, up 3.67% [2]. - The company's performance is currently under pressure due to the impact of centralized procurement for Etomidate and restrictions on the prescription of Midazolam, but a clear upward turning point in operations is anticipated [2][8]. - The CNS (Central Nervous System) innovative pipeline is highlighted as a valuable asset, with a comprehensive layout in new drug development targeting schizophrenia, depression, Alzheimer's, and Parkinson's diseases [8]. Financial Projections - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 5.698 billion, 6.157 billion, 6.975 billion, and 8.005 billion yuan, respectively, with year-on-year growth rates of 13.0%, 8.1%, 13.3%, and 14.8% [4]. - Net profit attributable to shareholders is forecasted to be 1.144 billion, 1.229 billion, 1.414 billion, and 1.735 billion yuan for the same years, with growth rates of 10.3%, 7.5%, 15.0%, and 22.7% [4]. - The report indicates that the current stock price corresponds to a price-to-earnings (PE) ratio of 20, 17, and 14 for the years 2025, 2026, and 2027, respectively [8]. Market Performance - Enhua Pharmaceutical's stock has shown a performance of -23% over the past 12 months compared to the CSI 300 index [7]. Investment Recommendations - The report suggests that despite short-term pressures from centralized procurement and stock incentive amortization expenses, the long-term growth potential remains strong due to the company's anesthetic line and the clinical transition of CNS innovative drugs [8]. - A valuation of 325 billion yuan is suggested based on comparable company valuations, leading to a target price of 32.0 yuan [8].

证 券 研 究 报 告 英伟达（NVDA）FY26Q3 业绩点评及业绩说明会纪要 业绩与指引双双超预期，GB300+Rubin 系列 5000 亿美金在手订单清晰可见 ❖ 事项： 2025 年 11 月 20 日 NVIDIA 发布 FY26Q3 报告，FY26Q3 截止至 2025 年 10 月 26 日，并召开业绩说明会。 ❖ 评论： 1.业绩情况：FY26Q3 营收 570 亿美元，同比增长 62%，环比增长 22%。GAAP 毛利率为 73.4%，Non-GAAP 毛利率为 73.6%。Non-GAAP EPS 为 1.30 美元， 盈利表现强劲。研发支出 47.1 亿美元，同比增长 39%。 2.营收划分：（1）数据中心业务：FY26Q3 数据中心营收 512 亿美元，同比增 长 66%，环比增长 25%，占总营收 90%以上，其中计算业务营收 430 亿美元 （YoY+56%），网络业务营收 81.9 亿美元（YoY+162%）。（2）游戏业务：FY26Q3 游戏业务营收 43 亿美元，同比增长 30%，受益于 Blackwell 架构在消费级显 卡的渗透。（3）专业可视化业务：营收 7.6 亿美 ...

证 券 研 究 报 告 尚品宅配（300616）2025 年三季报点评 强推（维持） Q3 业绩扭亏为盈，期间费用率收窄 目标价：17.9 元 事项： ❖ 公司公布 2025 年三季报。前三季度，公司实现营业收入/归母净利润/扣非归母 净利润 25.5/-0.79/-0.91 亿元，同比-6.7%/亏损收窄/亏损收窄。25Q3，公司实现 营业收入/归母净利润/扣非归母净利润 10.0/0.01/-0.03 亿元，同比-2.3%/扭亏为 盈/亏损收窄。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,789 | 3,583 | 3,689 | 3,849 | | 同比增速(%) | -22.7% | -5.4% | 3.0% | 4.4% | | 归母净利润(百万) | -215 | -43 | 62 | 107 | | 同比增速(%) | -432.1% | 79.9% | 243.8% | 72.5% | | 每股盈利(元 ...

证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 行业研究 证 券 研 究 报 告 金融资金面跟踪：量化周报（2025/11/10~2025/11/14） 推荐（维持） 私募超额持续正增，小微盘超额有所走强 | 华创证券研究所 | | --- | 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 联系人：杜婉桢 邮箱：duwanzhen@hcyjs.com 本周样本量化私募收益及超额如下：1）300 增强策略周/月/年初以来平均收益分别 为-0.1%/+2.2%/+28.5%，周/月/年初以来平均超额分别为+0.9%/+1.8%/+7.7%；2）500 增 强策略周/月/年初以来平均收益分别为 0%/+1.6%/+38.5%，周/月/年初以来平均超额分别 为 +1.2%/+3.8%/+13.1% ； 3 ） A500 增强策略周 / 月 / 年 初 以 来 平 均 收 益 分 别 为 +0%/+2.6%/+29.9%，周/月/年初以来平均超额分别为+1%/+2.7%/+9. ...

Investment Rating - The report adjusts the investment rating to "Recommended" for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [9][20]. Core Insights - The company reported a 23% year-on-year growth in non-recurring net profit for Q3, indicating a potential for new product launches to drive future growth [2][9]. - Despite a decline in revenue for the first three quarters of 2025, the company achieved a slight increase in net profit for Q3, suggesting an improving trend in profitability [2][9]. - The company’s core product received authoritative recognition, and new products are being launched, which are expected to contribute to future growth [9]. - The company has successfully expanded its overseas business, with foreign revenue increasing by 14.76% year-on-year, now accounting for 20.24% of total revenue [9]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 285 million yuan, a decrease of 8.43% year-on-year, and a net profit of 33 million yuan, down 7.26% year-on-year [2]. - The Q3 revenue was 93 million yuan, down 4.22% year-on-year, while the net profit for Q3 was 11 million yuan, up 1.76% year-on-year [2]. - The company’s gross margin for the first three quarters of 2025 was 45.80%, an increase of 0.94 percentage points year-on-year [9]. Future Projections - The company is expected to see net profits of 43 million yuan, 54 million yuan, and 66 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.8%, 24.8%, and 21.6% [9]. - The target price for the company is set at 40.1 yuan, reflecting a 13% upside from the current price of 35.48 yuan [4][9].