Investment Rating - The investment rating for the company is "Strong Buy" [2][3] Core Views - The company's revenue slightly exceeded expectations, but the structure has dragged down profitability. For the first three quarters of 2025, total revenue reached 2.411 billion yuan, a year-on-year increase of 2.0%, while net profit attributable to shareholders was 392 million yuan, a year-on-year decrease of 9.3% [2][3] - In Q3 2025, total revenue was 1.020 billion yuan, up 13.8% year-on-year, and net profit attributable to shareholders was 211 million yuan, an increase of 8.9% year-on-year. The company has maintained a high net profit margin despite slight declines due to increased sales expenses [2][3][6] Financial Summary - **Revenue Forecasts**: - 2024A: 3,476 million yuan - 2025E: 3,571 million yuan - 2026E: 3,872 million yuan - 2027E: 4,164 million yuan - Year-on-year growth rates are projected at 10.4%, 2.7%, 8.4%, and 7.5% respectively [2][6] - **Net Profit Forecasts**: - 2024A: 625 million yuan - 2025E: 601 million yuan - 2026E: 677 million yuan - 2027E: 746 million yuan - Year-on-year growth rates are projected at 36.8%, -3.8%, 12.6%, and 10.2% respectively [2][6] - **Earnings Per Share (EPS)**: - 2024A: 0.59 yuan - 2025E: 0.56 yuan - 2026E: 0.64 yuan - 2027E: 0.70 yuan [2][6] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E is 20 times, and for 2026E is 18 times [2][6] Market Performance - The company has shown a revenue increase in Q3 2025, with specific product lines such as hot pot base and recipe-style condiments growing by 24.96% and 14.95% year-on-year respectively. Online sales channels have seen a significant increase of 60.56% year-on-year [2][6][7] - The company has a total market capitalization of 12.152 billion yuan, with a total share capital of approximately 106.5 million shares [3][6]

Investment Rating - The report maintains a "Strong Buy" rating for Chongqing Beer, with a target price of 67 yuan [2][9]. Core Views - The company reported a total revenue of 13.06 billion yuan for the first three quarters of 2025, which is approximately flat year-on-year. The net profit attributable to shareholders decreased by 6.8% to 1.24 billion yuan [2][9]. - The report highlights that despite short-term profit pressure, the value of dividends is becoming more prominent. The company is expected to improve profitability in the coming year due to various factors including cost management and tax rate stabilization [9]. Financial Performance Summary - For Q3 2025, the company achieved a total revenue of 4.22 billion yuan, a slight increase of 0.4% year-on-year, while the net profit attributable to shareholders fell by 12.7% to 380 million yuan [2][9]. - The report projects total revenue for 2024 to be 14.645 billion yuan, with a slight decline of 1.1% year-on-year, and anticipates a recovery in net profit growth starting in 2025 [5][9]. - The company’s gross margin improved by 1.7 percentage points to 50.9% in Q3 2025, attributed to cost optimization and product mix upgrades [9]. Market and Product Insights - The report notes that high-end products are performing well, with a 3.7% increase in sales for premium products, while mainstream and economy products saw declines of 3.2% and 10.5% respectively [9]. - The company is actively expanding its high-end product offerings and exploring new channels to capture growth, particularly in underperforming regions [9]. Future Outlook - The report suggests that the company’s profitability is expected to improve in the coming years due to sustained cost advantages and a focus on high-margin products [9]. - The earnings forecast for 2025-2027 has been adjusted to 1.154 billion yuan, 1.264 billion yuan, and 1.346 billion yuan respectively, reflecting a positive outlook for the company's financial performance [9].

证 券 研 究 报 告 新城控股（601155）2025 年三季报点评 推荐（维持） 住宅销售下滑，商业运营收入稳增 目标价：19 元 事项： 2025 年 1-9 月公司实现营业收入 343.7 亿元，同比下降 33.34%；归母净利润 9.74 亿元，同比下降 33.05%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 88,999 | 63,948 | 57,387 | 54,139 | | 同比增速(%) | -25.3% | -28.1% | -10.3% | -5.7% | | 归母净利润(百万) | 752 | 637 | 831 | 952 | | 同比增速(%) | 2.1% | -15.4% | 30.5% | 14.5% | | 每股盈利(元) | 0.33 | 0.28 | 0.37 | 0.42 | | 市盈率(倍) | 42 | 50 | 38 | 34 | | 市净率(倍) | 0.5 | 0. ...

Investment Rating - The report maintains a "Recommendation" rating for CITIC Bank, with a target price of 10.57 CNY / 10.02 HKD [2][8]. Core Insights - CITIC Bank's Q3 2025 results show a balanced development in volume, price, and quality, with improvements in credit structure. The bank's net profit attributable to shareholders increased by 3.02% year-on-year [2][8]. - The bank's non-performing loan (NPL) ratio remained stable at 1.16%, while the provision coverage ratio decreased by 3.4 percentage points to 204.2% [2][8]. - The report highlights a decline in other non-interest income, which negatively impacted revenue growth, but core revenue capabilities improved due to a stable net interest margin [8]. Financial Performance Summary - For the first three quarters of 2025, CITIC Bank achieved operating income of 156.6 billion CNY, a decrease of 3.46% year-on-year. Operating profit was 65.42 billion CNY, up 4.70% year-on-year, and net profit attributable to shareholders was 53.391 billion CNY, up 3.02% year-on-year [2][8]. - The bank's total assets were reported at 9.532 trillion CNY, with a loan balance of 5.720 trillion CNY, reflecting a year-on-year growth of 6.4% in interest-earning assets [8][10]. - The report projects a modest growth in net profit for 2025-2027, with expected growth rates of 2.4%, 3.0%, and 4.1% respectively [8][9]. Asset Quality and Credit Structure - The report indicates that while the overall asset quality remains stable, the NPL generation rate increased slightly to 1.22%. However, there are signs of improvement in the quality of mortgage loans, with the mortgage NPL ratio decreasing to 0.45% [8][12]. - Retail loans showed better growth compared to corporate loans, with retail loan balances increasing by 75.1 billion CNY in Q3 2025 [8][12]. Valuation and Market Position - The report adjusts the target price based on historical average price-to-book (PB) ratios, raising the 2026E target PB to 0.75X, which corresponds to the target price of 10.57 CNY [8][9]. - CITIC Bank's competitive position among national joint-stock banks is viewed positively, supported by the comprehensive financial capabilities of CITIC Group [8][9].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [21]. Core Insights - The company reported a significant year-on-year revenue increase of 30.17% to 9.639 billion yuan and a net profit growth of 93.70% to 758 million yuan for the first three quarters of 2025 [1]. - The traditional business is experiencing high prosperity, with the machinery business showing a revenue increase of 73% and net profit growth of 140% in the first half of the year [2]. - The emerging aviation power business is expected to benefit from the booming low-altitude economy and strategic partnerships, enhancing its competitive edge [6]. Financial Performance Summary - For Q3 2025, the company achieved a record high quarterly performance, with revenues of 2.946 billion yuan, marking a 13.68% year-on-year increase [1]. - The investment income for the first three quarters was 116 million yuan, primarily from the investment in Longxin General [1]. - The company’s earnings per share (EPS) are projected to be 0.83 yuan, 0.95 yuan, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 25, and 21 [7]. Business Outlook - The company is positioned in a high-growth phase for both traditional and emerging businesses, with expectations for continued strong performance in the machinery sector and significant potential in the aviation power segment [2][6]. - The strategic acquisition and integration with Longxin General are anticipated to create synergistic effects, enhancing market competitiveness [2]. - The company is also focusing on the development of new energy and storage systems, which are expected to present strategic opportunities [6].

证 券 研 究 报 告 安孚科技（603031）2025 年三季报点评 强推（维持） | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,638 | 4,797 | 5,161 | 5,588 | | 同比增速(%) | 7.4% | 3.4% | 7.6% | 8.3% | | 归母净利润(百万) | 168 | 271 | 441 | 489 | | 同比增速(%) | 45.2% | 61.3% | 62.6% | 10.9% | | 每股盈利(元) | 0.65 | 1.05 | 1.71 | 1.90 | | 市盈率(倍) | 60 | 37 | 23 | 21 | | 市净率(倍) | 5.5 | 3.2 | 2.9 | 2.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 10 月 30 日收盘价 公司研究 其他电子零组件Ⅲ 2025 年 10 月 31 日 | 目标价：51.3 元 | | | --- | --- | | 当前价：38.98 | 元 | 华创证券 ...

Investment Rating - The report maintains a "Recommended" investment rating for Budweiser APAC (01876.HK) with a target price of HKD 10 [1][7]. Core Insights - The company reported a total revenue of USD 4.691 billion and normalized EBITDA of USD 1.421 billion for the first three quarters of 2025, reflecting a year-on-year decline of 6.6% and 7.7% respectively. The normalized net profit attributable to the parent company was USD 678 million, showing a decrease of 12.7% [1][7]. - In Q3 alone, the company achieved total revenue of USD 1.555 billion and normalized EBITDA of USD 438 million, with year-on-year declines of 8.4% and 6.9% respectively. The normalized net profit for Q3 was USD 204 million, down 9.3% year-on-year [1][7]. - The report highlights that the company is undergoing a structured adjustment phase, focusing on reducing inventory and preparing for future growth despite facing significant pressure in the Chinese market [7]. Financial Summary - **Revenue Forecasts**: - 2024A: USD 6,246 million - 2025E: USD 5,870 million - 2026E: USD 6,014 million - 2027E: USD 6,139 million - Year-on-year growth rates are projected at -8.9% for 2024, -6.0% for 2025, 2.4% for 2026, and 2.1% for 2027 [3][12]. - **Net Profit Forecasts**: - 2024A: USD 726 million - 2025E: USD 671 million - 2026E: USD 717 million - 2027E: USD 754 million - Year-on-year growth rates are projected at -14.8% for 2024, -7.5% for 2025, 6.7% for 2026, and 5.2% for 2027 [3][12]. - **Earnings Per Share (EPS)**: - 2024: USD 0.05 - 2025: USD 0.05 - 2026: USD 0.05 - 2027: USD 0.06 [3][12]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected at 19 for 2024, 20 for 2025, 19 for 2026, and 18 for 2027 [3][12]. Market Performance - The report indicates that Budweiser APAC's performance in the Asia-Pacific region is under pressure, particularly in China, where revenue declined by 15.1%. However, the company is seeing double-digit growth in high-end and super high-end products in India [7][8]. - The company is actively adjusting its operational strategies, focusing on family-oriented channels and innovative product launches to counteract the declining demand [7][8].

证 券 研 究 报 告 【点评报告】 量化看市场系列之一：黄金大跌后的走势演绎 历史梳理来看，牛市急跌后，短期或有反弹 我们统计了 2000 年以来，黄金大跌的原因和未来一段时间后黄金走势的可能 演绎。从黄金历史的回调来看，大致可以分为两类，一类是趋势性转熊、另一 类是牛市中的急跌。 历史经验表明，在黄金定价框架中，美元指数与美国 10 年期国债利率等核心 变量对黄金价格的波动具有显著的解释作用。黄金的趋势性转熊通常源于这些 关键变量的趋势性逆转。从当前数据和市场表现来看，尚未观察到黄金进入趋 势性熊市的明显迹象。 2000 年以来，短期（5 个交易日）急跌超过 8%共 26 次，从统计来看，后续 5 个交易日的平均涨跌幅为 1.86%，后续 10 个交易日为 2.46%，表明市场在短 期急跌后，可能会有一定程度的反弹。 长期看好黄金的配置价值 从长期视角来看，我们认为黄金具备较高的配置价值，值得进行长期投资。根 据瑞·达里奥关于"世界秩序循环"的研究，国家的兴衰大致可分为三个阶段： 上升周期、顶峰阶段和下降周期。当一个国家进入下降阶段时，往往面临内部 债务负担沉重、经济增速放缓以及再融资能力下降等困境。一旦 ...

证 券 研 究 报 告 四川成渝（601107）2025 年三季报点评 强推（维持） 前三季度业绩同比增长 15.78%，财务费用持 续优化，重视存在预期差的低估红利资产 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,362 | 9,946 | 10,246 | 10,717 | | 同比增速(%) | -11.1% | -4.0% | 3.0% | 4.6% | | 归母净利润(百万) | 1,459 | 1,630 | 1,728 | 1,867 | | 同比增速(%) | 22.9% | 11.7% | 6.0% | 8.1% | | 每股盈利(元) | 0.48 | 0.53 | 0.56 | 0.61 | | 市盈率(倍) | 12 | 11 | 10 | 9 | | 市净率(倍) | 0.9 | 0.9 | 0.8 | 0.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 10 月 30 日收盘价 ...

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 14.58 CNY [2][9]. Core Insights - Jiangsu Bank's performance shows steady growth, with a 7.83% year-on-year increase in operating income to 67.183 billion CNY and an 8.32% increase in net profit attributable to shareholders, reaching 30.583 billion CNY for the first three quarters of 2025 [2]. - The bank's non-performing loan (NPL) ratio remains low at 0.84%, with a provision coverage ratio of 322.62%, indicating strong asset quality [2][9]. - The bank's net interest income saw a significant increase of 19.61% year-on-year, amounting to 49.868 billion CNY, driven by effective balance sheet expansion and cost control [9]. Financial Performance Summary - For the first three quarters of 2025, Jiangsu Bank achieved: - Operating income: 67.183 billion CNY, up 7.83% year-on-year [2]. - Net profit attributable to shareholders: 30.583 billion CNY, up 8.32% year-on-year [2]. - NPL ratio: 0.84%, stable compared to the previous quarter [2]. - Provision coverage ratio: 322.62%, down 8.4 percentage points from the previous quarter [2]. - The bank's total assets reached 4.93 trillion CNY, a 24.68% increase from the beginning of the year, with total loans of 2.47 trillion CNY, up 17.87% [9]. Growth Drivers - The bank's growth is primarily driven by: - Strong net interest income growth due to effective management of interest expenses and a robust loan portfolio [9]. - Significant contributions from non-interest income, particularly from fees and commissions, which increased by 19.97% to 4.549 billion CNY [9]. - The bank continues to expand its corporate lending, focusing on infrastructure and manufacturing sectors, while also adjusting its retail loan strategy to manage risks [9]. Future Outlook - The report projects net profit growth rates of 8.5% for 2025 and 2026, and 7.3% for 2027, reflecting a stable growth trajectory [9]. - The target price of 14.58 CNY corresponds to a price-to-book (PB) ratio of 0.95X for 2026, indicating attractive valuation relative to the bank's growth potential [9].