山西汾酒（600809.SH） 买入-A(维持) 2025 年 11 月 4 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：公司发布公告，2025 年第三季度营业收入 89.6 亿元，同比增长 4.05%；归母净利润为 28.99 亿元，同比下降 1.38%。基本每股收益为 2.38 元/股，同比下降 1.24%。 事件点评 市场数据：2025 年 11 月 3 日 收盘价（元）： 193.10 年内最高/最低（元）： 237.00/168.30 青花 20 和玻汾表现较好，省外市场高增长。公司 25Q1-Q3 收入/利润同 比+5.0%/+0.48%，25Q3 收入/利润同比+4.05%/-1.38%，业绩符合预期。分产 品来看，前三季度青花 20 和玻汾贡献主要增量。1）分产品来看，前三季度 汾酒/其他酒类分别实现 321.71/6.47 亿元，同比+5.54%/-15.88%。预计前三 季度青花系列同比增速为 5%+，青花 20 双位数增长，青花 30 下滑比较多； 腰部产品，老白汾相对巴拿马表现较好；玻汾同比增长 10%+，竹叶青等配 制酒同比下滑 16%。2）分区域看，Q3 省内不再压 ...

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,976.52, up by 0.55% [4] - The report highlights the performance of various sectors, including power equipment and new energy, with significant developments in companies like JianTou Energy and others [4][10] Industry Commentary - The power equipment and new energy sector is focusing on multi-energy integration, emphasizing wind, solar, water, and nuclear energy during the 14th Five-Year Plan [6][8] - The National Energy Administration outlined five key areas for the development of new energy during the 14th Five-Year Plan, including expanding supply and improving consumption levels [8] Company Analysis - JianTou Energy reported a significant increase in Q3 earnings, with a net profit of 6.86 billion yuan, up 566.79% year-on-year, driven by cost optimization and stable electricity demand [12][13] - The company plans to enhance its competitive edge through a capital increase to support the construction of the Xibaipo Power Plant, which will utilize advanced coal-fired power generation technology [15] - The report indicates that JianTou Energy's revenue for the first three quarters reached 164.82 billion yuan, a 4.51% increase year-on-year [12] Price Tracking - The report provides insights into the pricing trends of various materials, including polysilicon, silicon wafers, and battery components, indicating a stable pricing environment despite fluctuations in demand [11][9][11] - The average price of polysilicon remains stable at 52.0 yuan/kg, while silicon wafer prices are also holding steady, suggesting a balanced supply-demand scenario [8][9] Investment Recommendations - The report recommends focusing on companies involved in new technologies and supply-side improvements, such as Aiko Solar and Longi Green Energy, while also highlighting opportunities in energy storage and market-oriented electricity sectors [11][12] - Companies like Xinyi Solar and Tongwei Co. are suggested for their strong market positions and growth potential in the renewable energy sector [11][12]

| 年 市场数据：2025 | 11 | 月 日 3 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 8.96 | | 总股本（亿股）： | | | 18.09 | | 流通股本（亿股）： | | | 10.90 | | 流通市值（亿元）： | | | 97.67 | | 基础数据：2025 年 9 月 | 30 日 | | | --- | --- | --- | | 每股净资产（元）： | | 11.37 | | 每股资本公积（元）： | | 2.56 | | 每股未分配利润（元）： | | 2.46 | | 资料来源：最闻 | | | 分析师： 胡博 火电 建投能源（000600.SZ） 买入-A(上调) 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 定增助力项目建设，提升公司长期竞争力。根据《河北建投能源投资股 份有限公司 2025 年度向特定对象发行股票预案》，公司拟定增助力西柏坡电 厂四期工程项目建设。西柏坡电厂四期工程项目采用先进的超超临界燃煤发 电技术，具有高效、环保、节能等优势，同时热电联产模式能够实现能源的 梯级利 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights the recent market performance of the power equipment and new energy industry over the past year, indicating a stable outlook amidst ongoing developments in technology and policy [1]. - It emphasizes the importance of multi-energy integration, including wind, solar, water, and nuclear energy, as outlined in the "14th Five-Year Plan" [4]. - The report notes that the National Energy Administration has set key tasks for the "14th Five-Year" period, focusing on expanding new energy supply, promoting integrated development, and enhancing consumption levels [3]. Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Bowei Alloy (601137.SH) - Buy - A [2]. Price Tracking - The report provides price tracking for various components in the industry: - Polysilicon prices remain stable at 52.0 CNY/kg for dense materials and 50.0 CNY/kg for granular silicon [5]. - Silicon wafer prices are stable, with 182-183.75mm N-type wafers priced at 1.35 CNY/piece and 210mm N-type wafers at 1.70 CNY/piece [6]. - Battery cell prices show a slight decrease for 182-183.75mm N-type cells to 0.310 CNY/W, while 210mm N-type cells remain stable [6]. - Module prices are stable across various types, with 182*182-210mm TOPCon double-glass modules priced at 0.693 CNY/W [7]. Investment Suggestions - The report recommends focusing on specific sectors: - BC new technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side direction: Daqian Energy, Fulete - Light storage direction: Sungrow Power Supply, Deye Co., Ltd. - Power market direction: Langxin Group - Domestic substitution direction: Quartz Co., Ltd. - Overseas layout direction: Hengdian East Magnet, Bowei Alloy [8].

公司近一年市场表现 事件描述 公司披露 2025 年第三季度报告：报告期内，公司实现营收 7.37 亿元 （yoy+44.01%），归母净利润 1.25 亿元（yoy+18.83%），扣非后净利润 0.96 亿元（yoy+41.54%）。25Q3，公司实现营收 2.77 亿元（yoy+54.57%），归母 净利润为 0.42 亿元（yoy+48.84%），扣非后净利润 0.36 亿元（yoy+126.09%）。 事件点评 市场数据：2025 年 11 月 3 日 收盘价（元）： 67.41 年内最高/最低（元）： 75.50/43.99 流通A股/总股本（亿）： 1.07/1.66 流通 A 股市值（亿）： 72.10 总市值（亿）： 111.63 基础数据：2025 年 9 月 30 日 公司新签订单增速表现出色，在手订单执行情况良好，未来业绩有望逐 季度高增。截至 2025Q3 末，公司合同负债为 0.97 亿元，同比增长 46.97%， 相对 2025 上半年末增长 29.33%，在手订单充沛。公司新签订单增速表现出 色，主要系：（1）公司主营业务覆盖领域众多，下游电子半导体行业需求旺 盛，锂电池行业需 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [5][9]. Core Insights - The company achieved record high performance in Q3 2025, with revenue of 12.3 billion yuan, a year-on-year increase of 20.5%, and a net profit of 1.23 billion yuan, up 44.57% year-on-year [6]. - The fluorochemical materials platform is driving growth across multiple sectors, with significant improvements in sales and profitability [7][8]. Financial Performance - For Q3 2025, the company reported revenue of 4.54 billion yuan, with a year-on-year growth of 22.33% and a net profit of 587 million yuan, reflecting an 84.3% increase year-on-year [6]. - The gross margin for Q3 2025 was 28.0%, up 7.7 percentage points year-on-year, while the net profit margin was 14.1%, an increase of 6.4 percentage points year-on-year [8]. Sales Breakdown - The sales volume of fluorocarbon chemicals was 34,000 tons, with an average price of 45,520 yuan per ton, reflecting a 2.5% increase from the previous quarter [7]. - Sales in various segments showed growth: fluorine lithium battery materials (410 million yuan, +10.8% QoQ), fluorine polymers (447 million yuan, +7.1% QoQ), and rubber products (145 million yuan, +23.0% QoQ) [7]. Future Projections - Expected net profits for 2025-2027 are projected at 1.68 billion, 2.51 billion, and 3.32 billion yuan, corresponding to P/E ratios of 24, 16, and 12 times respectively [9][12].

Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][7] Core Views - The company has shown recovery in revenue and net profit in Q3 2025, with a significant year-on-year increase in sales and profitability [5][6] - The company is actively advancing its long-term capability construction, benefiting from high demand for its products, particularly the J-35 stealth fighter and J-15 series aircraft [6][7] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 206.07 billion yuan, a year-on-year decrease of 18.54%, and a net profit attributable to shareholders of 13.62 billion yuan, down 25.10% [4] - In Q3 2025, the company achieved revenue of 59.78 billion yuan, a year-on-year increase of 62.77%, and a net profit of 2.25 billion yuan, up 12.89% [5] - The company's total liabilities reached 399.33 billion yuan, an increase of 11.64% year-on-year, while cash and cash equivalents grew by 8.59% to 97.09 billion yuan [4] Future Earnings Estimates - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.44, 1.65, and 1.84 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 42.6, 37.3, and 33.3 [7][9]

无烟煤 华阳股份（600348.SH） 增持-A(维持) 三季度业绩环比正增，未来仍有修复空间 2025 年 11 月 3 日 公司研究/公司快报 公司近一年市场表现 | 年 市场数据：2025 | | 月 10 | 日 31 | | | --- | --- | --- | --- | --- | | 收盘价（元/股）： | | | | 8.00 | | 年内最高/最低（元/ | | | | 8.25/6.17 | | 股）： | | | | | | 流通 A | 股/总股本（亿 | | | 36.08/36.08 | | 股）： | | | | | | 流通 A | 股市值（亿元）： | | | 288.60 | | 总市值（亿元）： | | | | 288.60 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元)： | 0.31 | | --- | --- | | 摊薄每股收益(元)： | 0.31 | | 每股净资产(元)： | 10.66 | | 净资产收益率(%)： | 3.72 | | 资料来源：最闻 | | 胡博 执业登记编码：S0760522090003 邮箱：hubo1@s ...

珠宝首饰及钟表 潮宏基（002345.SZ） 增持-A(维持) 2025Q3 珠宝业务营收、业绩实现高速增长，品牌影响力持续强化 2025 年 11 月 3 日 公司研究/公司快报 公司近一年市场表现 事件描述 10 月 30 日，公司发布 2025 年 3 季报。2025 年前三季度，公司实现营收 62.37 亿 元，同比增长 28.35%，实现归母净利润 3.17 亿元，同比增长 0.33%，实现扣非净利润 3.14 亿元，同比增长 1.25%。 事件点评 资料来源：最闻，山西证券研究所 市场数据：2025 年 10 月 31 日 收盘价（元）： 13.54 年内最高/最低（元）： 18.18/4.68 流通 A 股/总股本（亿 8.67/8.89 2025Q3，营收增长提速、业绩（剔除商誉减值后）高速增长。营收端，2025 年前 三季度，公司实现营收 62.37 亿元，同比增长 28.35%。其中，25Q1-25Q3 分别实现营 收 22.52 亿元、18.50 亿元、21.35 亿元，同比增长 25.36%、13.13%、49.52%。业绩 端，2025年前三季度，公司实现归母净利润3.17亿元，同比 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2][8]. Core Views - The company is expected to benefit from the rapid growth in advanced electronic materials and battery materials, driven by increasing demand from AI servers and the rising penetration of new energy battery materials [5]. - The company has shown robust growth in synthetic resin sales and continues to expand its product categories, effectively responding to market changes [4]. - The company is enhancing its production capacity, with several projects underway that are expected to contribute significantly to future revenue and profit growth [5][6]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.072 billion yuan, a year-on-year increase of 12.87%, and a net profit attributable to shareholders of 760 million yuan, up 30.81% year-on-year [3]. - In Q3 2025, the company reported revenue of 2.722 billion yuan, a 7.75% increase year-on-year, but a 5.89% decrease quarter-on-quarter [3]. Product and Market Development - The company’s synthetic resin sales reached 588,700 tons in the first three quarters of 2025, representing a 13.90% year-on-year increase, with sales revenue of 4.096 billion yuan, up 4.64% year-on-year [4]. - The company is focusing on high-end product development and expanding its product applications in various sectors, including phenolic resin and casting materials [4]. Capacity Expansion and Future Outlook - The company is expanding its production capacity for advanced electronic materials and battery materials, with several projects expected to be completed by Q3 2026 [5]. - The company plans to raise up to 2.5 billion yuan through convertible bonds, with 2 billion yuan allocated for the industrialization of green new energy battery materials, projected to generate significant annual revenue and profit [5]. Financial Projections - The company is projected to achieve revenues of 11.786 billion yuan, 13.049 billion yuan, and 14.216 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.181 billion yuan, 1.449 billion yuan, and 1.681 billion yuan [8][10].