公司近一年市场表现 | 年 市场数据：2025 10 | 月 日 31 | | | --- | --- | --- | | 收盘价（元）： | | 21.17 | | 年内最高/最低（元）： | | 23.00/11.70 | | 流通A股/总股本（亿）： | | 16.25/16.27 | | 流通 A 股市值（亿）： | | 344.02 | | 总市值（亿）： | | 344.37 | | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.91 | | 摊薄每股收益(元)： | | | 0.91 | | 每股净资产(元)： | | | 6.62 | | 净资产收益率(%)： | | | 16.78 | 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 事件点评 光伏板块收入持续增长，海内外优质市场出货量同比提升。2025 年前三 季度，公司光伏产业实现收入约 114.7 亿元，同比增长 43.6%；光伏产品实 现 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [2][9] Core Insights - The company's revenue for the first three quarters of 2025 reached 2.439 billion yuan, a year-on-year increase of 3.67%, with a net profit attributable to shareholders of 145 million yuan, up 6.96% year-on-year [5] - The company's gross margin improved to 34.92%, an increase of 2.13 percentage points compared to the same period last year, driven by product structure optimization and the maturity of self-developed products [6] - AI product commercialization is accelerating, with AI business revenue reaching approximately 210 million yuan in the first three quarters, and a target of 300 million yuan in AI revenue for the current year [7] Financial Performance - For the first three quarters of 2025, the company's revenue from industrial digitalization reached 833 million yuan, a year-on-year increase of 13.58%, while financial digitalization revenue was 577 million yuan, up 4.55% [6] - The company reported a net profit margin of 6.13% for the first three quarters, an increase of 0.14 percentage points year-on-year [6] - The projected earnings per share (EPS) for 2025-2027 are 0.25, 0.30, and 0.36 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 72.4, 60.6, and 50.0 [8][11]

汽车零部件Ⅲ 亚太股份（002284.SZ） 增持-A(首次) Q3 营收利润均创单季新高，持续投入丰富智能化产品 2025 年 11 月 3 日 单击或点击此处输入文字。 公司研究/公司快报 公司近一年市场表现 事件描述 近日，公司发布 2025 年三季报。25Q1-Q3 公司实现营收 39.73 亿元，同 比+32.24%；实现归母净利润为 3.28 亿元，同比+109.12%；实现扣非净利润 2.90 亿元，同比+108.40%。 事件点评 市场数据：2025 年 10 月 31 日 收盘价（元）： 14.18 年内最高/最低（元）： 14.43/7.07 流通A股/总股本（亿）： 7.31/7.39 流通 A 股市值（亿）： 103.69 总市值（亿）： 104.80 25Q3 业绩创单季度新高，盈利能力大幅提升。公司 Q3 营收达到 13.72 亿 元 ， 同 比 / 环 比 +37.23%/2.12% ； 实 现 归 母 1.28 亿 元 ， 同 比 / 环 比 +142.81%/27.30%；扣非 1.08 亿元，同比/环比+128.33%/24.91%，单季度营 收、利润均创历史新高。Q3 盈 ...

炼焦煤 永泰能源（600157.SH） 增持-A(维持) 前三季度煤电一体对冲波动，未来业绩或受益煤价上涨 公司钒电池储能核心技术实现行业性突破。公司所属新加坡 Vnergy 公 司研发的第 1 代正极固体增容材料，可将正极电解液成本降至传统方案的 40%～60%，结合短流程工艺后更有望 再下降 40%，还可将原有系统工作温 度区间从 10℃～40℃扩大至 5℃～70℃，从而提高热稳定性，且完全兼容现 有钒电池电堆系统，可实现"零改造升级"，为行业带来 突破性解决方案。 投资建议 分析师： 考虑到公司明确海则滩煤进展，且电力业务毛利率提升，预计公司 2025-2027 年归母净利分别为 3.78/7.57/16.60 亿元。公司坚持"煤电为基、 储能为翼"的发展战略，内生与外延成长同步推进，且公司重视股东合理回 报，维持"增持-A"投资评级。 风险提示 投资要点 事件：2025 年 10 月 29 日，公司发布三季报。前三季度公司实现营业收 入 177.28 亿元，同比减少 20.77%；实现归母净利 1.98 亿元，同比减少 86.48%。 三季度单季公司实现营业收入 70.52 亿元，同比减少 10.31 ...

研究早观点 2025 年 11 月 3 日 星期一 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,954.79 | -0.81 | | 深证成指 | 13,378.21 | -1.14 | | 沪深 300 | 4,640.67 | -1.47 | | 中小板指 | 8,210.62 | -1.23 | | 创业板指 | 3,187.53 | -2.31 | | 科创 50 | 1,415.53 | -3.13 | 资料来源：最闻 【公司评论】达梦数据(688692.SH)：达梦数据（688692.SH）：收入持 续高增，盈利能力大幅改善 【公司评论】赞宇科技(002637.SZ)：赞宇科技-受益于棕榈油大周期修 复，25Q3 业绩大幅改善 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证农业】巨星农牧 2025 年 3 季报点评-生猪出栏保持增长，养殖 成本继续挖潜 【山证新材料】骏鼎达 2025 三季报点评-Q3 业绩稳健增长， ...

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook for its stock performance [4][7]. Core Views - The company has shown growth in pig production, with a significant increase in the number of pigs sold and a focus on reducing breeding costs [4][5]. - Despite a decline in net profit due to market price fluctuations, the company is implementing various cost-control measures to enhance efficiency [5][6]. - The projected net profits for 2025-2027 are estimated at 161 million, 444 million, and 873 million yuan, respectively, with corresponding EPS of 0.32, 0.87, and 1.71 yuan [7]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 5.639 billion yuan, a year-on-year increase of 42.57%, while net profit was 107 million yuan, down 58.69% [5]. - The third quarter alone saw revenue of 1.922 billion yuan, an 11.57% increase year-on-year, but a net loss of 74 million yuan, reflecting a 124.32% decline [5]. - The company's asset-liability ratio stood at approximately 66.62% at the end of the third quarter [5]. Production and Sales Data - In the first half of 2025, the company sold 1.91 million pigs, a 74.47% increase year-on-year, generating sales revenue of 3.432 billion yuan [6]. - In the third quarter, the company sold approximately 1.02 million pigs, with sales revenue of 1.722 billion yuan [6]. - The total pig sales revenue for the first three quarters reached 5.153 billion yuan, with a total of 2.93 million pigs sold [6]. Future Projections - The company expects to achieve revenues of 7.744 billion yuan in 2025, with a year-on-year growth of 27.4% [9]. - The projected net profit for 2025 is 161 million yuan, with a significant increase expected in subsequent years [9][11]. - The report anticipates a gradual improvement in profitability, with a net profit margin projected to reach 8.2% by 2027 [9][12].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company's performance is closely linked to the palm oil market, which has shown signs of recovery. The increase in palm oil prices has positively impacted the company's product pricing and gross margins [6][4]. - The company reported a significant improvement in its financials for Q3 2025, with a revenue increase of 6.22% year-on-year and a net profit increase of 83.15% year-on-year, primarily driven by the recovery in palm oil prices [4][5]. - The Indonesian government's B50 biodiesel policy is expected to create a long-term upward trend in palm oil prices, which will benefit the company [5][6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 9.676 billion yuan, a year-on-year increase of 27.92%, and a net profit of 151 million yuan, up 24.96% year-on-year [4]. - The gross margin for Q3 2025 was reported at 6.95%, with a net margin of 1.59%, indicating a recovery in profitability [5]. - The forecast for net profit from 2025 to 2027 is projected to be 210 million yuan, 430 million yuan, and 570 million yuan, respectively, with corresponding P/E ratios of 25, 12, and 9 [6][9].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [6] Core Views - The company has shown a profit margin improvement driven by automation and military trade growth, despite a slight decline in revenue and net profit in Q3 2025 [4][5] - The company is actively expanding its presence in the high-end military trade market, leveraging geopolitical tensions to enhance demand for its products [5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 7.894 billion yuan, a year-on-year increase of 11.07%, and a net profit attributable to shareholders of 386 million yuan, up 6.18% year-on-year [2] - In Q3 2025, the company achieved revenue of 2.167 billion yuan, a decrease of 6.59% year-on-year, with a net profit of 96 million yuan, down 3.85% year-on-year [4] - The company improved its gross margin by 0.57 percentage points to 14.77% and net margin by 0.17 percentage points to 4.47% in Q3 2025 [4] Market Position and Strategy - The company is focusing on the development of unmanned intelligent combat capabilities and actively exploring military trade markets, transitioning from mid-to-low-end products to high-end offerings [5] - The company has successfully upgraded its military trade products, achieving significant results in new market expansions, which is expected to enhance its foreign trade performance [5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.41, 0.49, and 0.56 yuan respectively, with corresponding PE ratios of 46.6, 39.8, and 34.6 based on the closing price of 19.34 yuan on October 29 [6]

Investment Rating - The report maintains a "Buy-B" rating for the company [2][9]. Core Views - The company achieved a revenue of 728 million yuan in the first three quarters of 2025, representing a year-on-year growth of 23.43%. The net profit attributable to the parent company was 137 million yuan, up 18.82% year-on-year [4]. - The gross margin for the third quarter was 39.13%, an increase of 1.00 percentage points year-on-year, while the net margin was 17.11%, up 1.58 percentage points year-on-year [4]. - The company is expanding its domestic market presence with the completion of the Dongguan project and the opening of a subsidiary in Shandong, which will enhance its regional business network [4]. - The company is increasing its investment in overseas markets, including a planned investment of 4 million USD in its subsidiary in Mexico, and is also looking to establish a presence in Morocco and Vietnam [5]. - The company is actively developing in emerging fields such as humanoid robots, low-altitude economy, photovoltaic, wind power, energy storage, and healthcare, with significant progress in humanoid robot products [6]. Financial Performance - The company forecasts revenues of 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22.0%, 21.8%, and 19.7% [7][11]. - The net profit is projected to be 214 million yuan, 273 million yuan, and 336 million yuan for the same years, with corresponding growth rates of 21.4%, 27.8%, and 23.0% [11][12]. - The diluted earnings per share (EPS) are expected to be 2.73 yuan, 3.48 yuan, and 4.28 yuan for 2025, 2026, and 2027 respectively [11][12].

Investment Rating - The report maintains a "Buy-A" rating for the company [4][7]. Core Insights - The company has shown strong revenue growth, with a 31.90% year-on-year increase in revenue for the first three quarters of 2025, reaching 830 million yuan. The net profit attributable to shareholders increased by 89.11% year-on-year to 330 million yuan [4][5]. - The company's gross margin improved to 96.26%, up 9.93 percentage points from the previous year, driven by a higher proportion of high-margin software product licensing revenue [5]. - The company is benefiting from the acceleration of domestic innovation demand in key sectors such as energy, finance, and transportation, leading to significant revenue growth [5][6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a net profit margin of 39.33%, an increase of 12.19 percentage points year-on-year [5]. - The company’s earnings per share (EPS) for 2025 is projected to be 4.46 yuan, with expected EPS growth of 6.01 yuan in 2026 and 7.68 yuan in 2027 [7][9]. - The projected revenue for 2025 is 1.338 billion yuan, with a year-on-year growth rate of 28.1% [9][11]. Market Position and Strategy - The company is positioned as a leading domestic database provider, benefiting from government policies promoting self-reliance in technology and increased procurement of innovative products [6]. - The company has successfully completed compatibility testing for its products with a major domestic cloud platform, enhancing its service offerings across various transportation sectors [6].