公 司 研 究 / 石 油 石 化 / 证 券 研 究 报 告 恒力石化（600346）财报点评 恒力石化：Q3 业绩大增，"反内卷"逻 辑再强化 2025 年 11 月 03 日 【投资要点】 挖掘价值 投资成长 增持（维持） 《恒力石化：周期底部业绩承压，"反内卷" 有望优化行业格局》 2025.08.26 《全产业链协同发展，长期分红能力可期》 东方财富证券研究所 证券分析师：张志扬 证书编号：S1160524100006 证券分析师：马小萱 证书编号：S1160525070002 相对指数表现 -10% 0% 10% 20% 30% 40% 2024/11 2025/5 2025/11 恒力石化 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 126,351.84 | | 流通市值（百万元） | 126,351.84 | | 52 周最高/最低（元） | 17.95/13.82 | | 52 周最高/最低（PE） | 17.95/13.82 | | 52 周最高/最低（PB） | 1.99/1.53 | | 52 周涨幅（%） | 29.88 | | 52 周换 ...

公 司 研 究 / 机 械 设 备 / 证 券 研 究 报 告 华工科技（000988）财报点评 盈利能力显著增强，订单高增彰显业绩 放量潜力 2025 年 11 月 03 日 【投资要点】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：马成龙 证书编号：S1160524120005 联系人：陈力涵 相对指数表现 -20% 16% 52% 88% 124% 160% 2024/11 2025/5 2025/10 华工科技 沪深300 基本数据 | 总市值（百万元） | 80,259.23 | | --- | --- | | 流通市值（百万元） | 80,217.96 | | 52 周最高/最低（元） | 99.15/33.83 | | 52 周最高/最低（PE） | 81.94/27.96 | | 52 周最高/最低（PB） | 9.80/3.34 | | 52 周涨幅（%） | 135.94 | | 52 周换手率（%） | 9.05 | | 注：数据更新日期截止 2025 年 10 月 31 日 | | 相关研究 公司发布 2025 三季度财报，前三季度营收稳健增长。2025Q1-Q3 ...

佰仁医疗（688198）财报点评 业绩同比增幅亮眼，后续增长动能充足 2025 年 11 月 03 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 联系人：孙心睿 相对指数表现 《营收增长稳健，研发费用回落释放业绩 潜力》 2025.04.29 -20% -10% 0% 10% 20% 30% 2024/11 2025/5 2025/10 佰仁医疗 沪深300 基本数据 | 总市值（百万元） | 15,779.05 | | --- | --- | | 流通市值（百万元） | 15,779.05 | | 52 周最高/最低（元） | 126.67/98.00 | | 52 周最高/最低（PE） | 118.38/91.59 | | 52 周最高/最低（PB） | 13.89/10.75 | | 52 周涨幅（%） | 16.89 | | 52 周换手率（%） | 145.29 | 注：数据更新日期截止 2025 年 10 月 31 日 相关研究 《业绩增幅亮眼，众多管线取得突破》 2025.08.28 《经导管瓣中瓣获批，完成全 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][5]. Core Insights - The company's performance in Q3 2025 met expectations, with a revenue of 6.132 billion yuan, representing a year-on-year growth of 20.39%. The net profit attributable to shareholders was 704 million yuan, up 15.57% year-on-year [4][5]. - The gross margin has shown recovery, with a sales gross margin of 30.77% for the first three quarters of 2025, and 31.24% for Q3 alone, an increase of 1.83 percentage points compared to Q3 2024 [4]. - The company is actively pursuing international market expansion, focusing on countries along the "Belt and Road" initiative, and has successfully launched projects in Senegal and Pakistan [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 6.132 billion yuan, with a net profit of 704 million yuan. Q3 alone saw a revenue of 2.111 billion yuan, a year-on-year increase of 30.65% [4][5]. - The company forecasts revenues of 8.395 billion yuan, 9.698 billion yuan, and 11.009 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 20.78%, 15.51%, and 13.52% [5][6]. - The projected net profit for the same years is 857 million yuan, 1.006 billion yuan, and 1.133 billion yuan, with growth rates of 19.79%, 17.38%, and 12.62% [5][6]. Market Position and Strategy - The company is positioned to benefit from the increasing demand for data centers and has developed leading technology in the domestic market, particularly in the area of solid-state transformers (SST) [4]. - The international strategy includes a focus on Southeast Asia, the Middle East, Africa, and potential opportunities in Europe, with ongoing projects that demonstrate the company's capabilities in multi-energy microgrid systems [4].

春风动力（603129）财报点评 业绩符合预期，关税扰动下经营显韧性 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 2025 年 11 月 03 日 【投资要点】 公司发布 2025 年三季报。25 年前三季度，公司实现营收 149.96 亿 元，同比+30.1%；实现归母净利润 14.15 亿元，同比+30.9%；实现扣 非归母净利润 13.50 亿元，同比+28.6%；实现经营活动净现金流 32.08 亿元，同比+42.8%。单 Q3 看，公司实现营收 50.41 亿元，同比+28.6%； 实现归母净利润 4.13 亿元，同比+11.0%；实现扣非归母净利润 3.99 亿元，同比+10.1%。 分产品看：两轮出口修复+极核放量拉动收入增长 四轮车：据中国摩托车商会数据，25 年 7-8 月合计出口 3.0 万辆，同 比+6.7%；出口额 1.7 亿美元，同比+29.6%。产能方面，目前墨西哥 工厂月产能达 1500 台，年化接近 2 万台（设计产能 5 万台/年），主要 生产 U10 Pro 车型，预计 26 年有望继续爬产，完成对美高端 U\Z 产 品的产能覆盖。关税方面，公司持续推进美墨加协定 ...

和而泰（002402）财报点评 需求端景气度延续，盈利能力显著提升 2025 年 11 月 03 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：马成龙 证书编号：S1160524120005 联系人：隆军德 相对指数表现 基本数据 总市值（百万元） 47,455.31 -10% 64% 138% 212% 286% 360% 2024/11 2025/5 2025/10 和而泰 沪深300 | 总市值（百万元） | 47,455.31 | | --- | --- | | 流通市值（百万元） | 41,355.29 | | 52 周最高/最低（元） | 56.31/12.53 | | 52 周最高/最低（PE） | 140.49/31.26 | | 52 周最高/最低（PB） | 11.13/2.48 | | 52 周涨幅（%） | 309.58 | | 52 周换手率（%） | 4.05 | 注：数据更新日期截止 2025 年 10 月 31 日 相关研究 《数智变革时代引领者，智能控制器业务 多点开花》 2025.09.27 《业绩持续增长，市场&产品拓展提速》 202 ...

中金公司（601995）财报点评 利润同比倍增，多业务齐头并进 增持（维持） 2025 年 10 月 31 日 【投资要点】 挖掘价值 投资成长 公 司 研 究 / 非 银 金 融 / 证 券 研 究 报 告 注：数据更新日期截止 2025 年 10 月 30 日 10 月 29 日，中金公司发布 2025 年三季报：2025Q1-3 公司实现营收 207.61 亿元，同比+54.4%；归母净利润 65.67 亿元，同比+129.8%； 年化加权平均 ROE 8.39%，同比+4.87pct。Q3 单季度营收 79.33 亿 元，同比+74.8%，环比+11.6%；归母净利润 22.36 亿元，同比+254.9%， 环比-2.3%。 自营、经纪业务仍是收入增长核心，信用收入小幅承压。2025Q1-3 经 纪/投行/资管/信用/自营业务净收入分别为 45.16/29.40/10.62/-10.20/ 109.66 亿元，分别同比+76%/+43%/+27%/不适用/+47%，占整体营收 比重分别为 22%/14%/5%/不适用/53%。Q3 单季度经纪/投行/资管/信 用/自营业务净收入分别为 18.63/12 ...

龙蟠科技（603906）动态点评 海外布局领先，铁锂行业或反转 2025 年 10 月 30 日 【事项】 证券分析师：周旭辉 证书编号：S1160521050001 证券分析师：李京波 证书编号：S1160522120001 相对指数表现 -20% 0% 20% 40% 60% 80% 2024/10 2025/4 2025/10 龙蟠科技 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 11,050.32 | | 流通市值（百万元） | 9,114.72 | | 52 周最高/最低（元） | 17.56/8.94 | | 52 周最高/最低（PE） | -15.96/-8.13 | | 52 周最高/最低（PB） | 3.79/1.93 | | 52 周涨幅（%） | 80.43 | | 52 周换手率（%） | 9.40 | | 注：数据更新日期截止 2025 年 10 月 29 日 | | 9 月 16 日公司发布公告，与宁德时代签署合同，预计将由锂源（亚太） 及其子公司自 26Q2-31 年间合计向宁德时代海外工厂销售 15.75 万吨 磷酸铁锂正极材料，合同 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has shown impressive growth in Q3 2025, with revenue reaching 53.5 billion yuan, a year-on-year increase of 39.0%, and net profit of 17.7 billion yuan, up 100.5% [4][5] - The growth is primarily driven by the successful leasing of commercial spaces in the Global Digital Trade Center, enhancing market operations and trade service profits [4][5] - The report highlights the high prosperity of Yiwu's import and export activities, with a total import and export value of 554.26 billion yuan from January to August 2025, a year-on-year increase of 24.9% [4][5] - The company has completed the leasing of over 3,700 shops in the Global Digital Trade Center, which is expected to support rapid future growth [4][5] - New business initiatives, including AI applications and financial payment services, are anticipated to drive further growth [4][5] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 130.6 billion yuan, a 23.1% increase year-on-year, and a net profit of 34.6 billion yuan, up 48.5% [4][5] - The forecast for revenue from 2025 to 2027 is 206.1 billion yuan, 281.8 billion yuan, and 347.7 billion yuan respectively, with net profits projected at 43.5 billion yuan, 67.6 billion yuan, and 78.6 billion yuan [5][6] - The company's earnings per share (EPS) are expected to be 0.79 yuan, 1.23 yuan, and 1.43 yuan for the years 2025, 2026, and 2027 respectively [5][6] - The report indicates a significant increase in cash flow from operating activities, projected to reach 16.54 billion yuan in 2025 [7][9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The company's coal machinery business shows steady growth, while the automotive parts segment is transforming and opening new opportunities [1][5]. - The company has demonstrated robust revenue growth from 2020 to 2024, with revenue increasing from 26.52 billion to 37.05 billion, reflecting a compound annual growth rate (CAGR) of approximately 8.7% [4][22]. - The net profit attributable to shareholders is projected to reach 4.32 billion in 2025, corresponding to a price-to-earnings (P/E) ratio of 10 times based on the market value as of October 24, 2025, which is lower than comparable companies in the coal machinery and automotive parts sectors [5][6]. Company Overview - The company is a significant global supplier of coal mining technology and equipment, as well as an influential manufacturer of automotive parts, with operations in 17 countries and 28 production, research, and sales bases [4][12]. - Established in 1958, the company has evolved into a multinational enterprise with a dual focus on coal machinery and automotive components [12][17]. Financial Analysis - The company's revenue has shown consistent growth since 2018, with a notable increase in profitability, as evidenced by a net profit of 3.93 billion in 2024, more than doubling since 2020 [22][25]. - The coal machinery segment has maintained a significant contribution to the company's overall revenue, with 2024 figures showing coal machinery products accounting for 51.3% of total revenue [25][27]. - The automotive parts segment is also growing, with a focus on new energy and international markets, contributing to the company's long-term growth potential [5][25]. Industry Analysis - The coal machinery industry is experiencing an upward trend, driven by fixed asset investments in coal mining and the demand for intelligent mining solutions [39][46]. - The report highlights the increasing demand for hydraulic supports, which are crucial for safe and efficient mining operations, as they account for 45% of the investment in comprehensive mining equipment [43][46]. - The coal machinery market is expected to continue its growth trajectory, supported by government policies promoting intelligent mining and technological advancements [39][46].