传媒 qiaoqi@ccnew.com 021-50586985 毛利率达近年新高，业绩增长稳健 ——分众传媒(002027)季报点评 证券研究报告-季报点评 买入(维持) 市场数据(2025-11-03) | 收盘价(元) | 7.78 | | --- | --- | | 一年内最高/最低(元) | 8.76/6.21 | | 沪深 300 指数 | 4,653.40 | | 市净率(倍) | 6.82 | | 流通市值(亿元) | 1,123.60 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 1.14 | | 每股经营现金流(元) | 0.37 | | 毛利率(%) | 70.40 | | 净资产收益率_摊薄(%) | 25.75 | | 资产负债率(%) | 29.26 | | 总股本/流通股(万股) | 1,444,219.97/1,444,219 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -13% -8% -3% 2% 8% 13% 18% 23% 2024.11 2025.03 2025.07 2 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 国际市场表现 | 指数名称 | | 收盘 | 涨跌幅(%) | | --- | --- | --- | --- | | 道琼斯 | | 30,772.79 | -0.67 | | 标普 | 500 | 3,801.78 | -0.45 | | 纳斯达克 | | 11,247.58 | -0.15 | | 德国 | DAX | 12,756.32 | -1.16 | | 富时 | 100 | 7,156.37 | -0.74 | | 日经 | 225 | 26,643.39 | 0.62 | | 恒生指数 | | 26,158.36 | 0.97 | 资料来源：聚源，中原证券研究所 证券研究报告-晨会聚焦 发布日期：2025 年 11 月 04 日 【财经要闻】 1、第八届中国国际进口博览会将于 11 月 5 日-10 日在上海举办。国务院 总理李强将出席开幕式及相关活动并发表主旨演讲。 2、外交部表示，中方决定将对法国等国的免签政策延长至 2026 年 12 月 31 日。此外，中 ...

锂电池 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 行业景气持续向上，维持"强于大市"评级 ——锂电池行业十五五规划专题 证券研究报告-行业专题研究 强于大市(维持) 锂矿发布日期：2025 年 11 月 03 日 锂电池相对沪深 300 指数表现 相关报告 《锂电池行业点评报告：电解液产业价格上 涨，关注细分龙头》 2025-10-28 《锂电池行业月报：销量持续增长，板块持续 关注》 2025-10-15 《锂电池行业专题研究：净利润恢复增长，板 块持续关注》 2025-09-22 联系人：李智 马嶔琦 电话： 0371-65585629 021-50586973 地址： 郑州郑东新区商务外环路10号18楼 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼上海浦东新区世纪大道1788 号T1 座22 楼 风险提示：国内外宏观经济下滑超预期；新能源汽车销售不及预期； 行业政策执行力度不及预期；行业竞争加剧；细分领域价格大幅波动； 系统风险。 本报告版权属于中原证券股份有限公司 www.ccnew ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 光伏电网行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：软件传媒行业领涨 A 股震荡整 理》 2025-10-31 《市场分析：电池钢铁行业领涨 A 股震荡整 固》 2025-10-30 《市场分析：光伏证券行业领涨 A 股震荡上 行》 2025-10-29 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 11 月 03 日 投资要点： ◼ A 股市场综述 周一（11 月 03 日）A 股市场先抑后扬、小幅震荡上行，早盘股指低 开后震荡回落，盘中沪指在 3937 点附近获得支撑，午后股指震荡回 升，盘中电网设备、光伏设备、银行以及游戏等行业表现较好；电 池、小金属、半导体以及珠宝首饰等行业表现较弱，沪指全天基本 呈现小幅震荡上行的运行特征。创业板市场周一震荡上扬，创业板 成分指数全天表现弱于主板市场。 ◼ 后市研判及投资 ...

Investment Rating - The report assigns an "Accumulate" investment rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [13][25]. Core Insights - The company achieved a revenue of 20.928 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 8.14%, while the net profit attributable to shareholders was 1.967 billion yuan, down 11.97% year-on-year [6][7]. - The company is expanding its customer base and optimizing its product structure, which has driven steady revenue growth. Collaborations with major domestic and international automotive companies are increasing, particularly in the electric vehicle sector [7][11]. - The company is facing short-term profit pressure due to increased depreciation from new overseas production bases and rising R&D expenses, which grew by 26.12% year-on-year [8][12]. - The company is accelerating its international market strategy, with ongoing capacity expansion in North America and Europe, and plans for a production base in Thailand by the end of 2025 [11][12]. - The company is making significant advancements in its robotics and thermal management businesses, securing orders worth 1.5 billion yuan in the thermal management sector [12]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 7.994 billion yuan, a year-on-year increase of 12.11% and a quarter-on-quarter increase of 11.54%. The net profit for the same period was 672 million yuan, down 13.65% year-on-year [6][7]. - The gross profit margin for Q3 2025 was 18.64%, a decrease of 2.24 percentage points year-on-year, attributed to competitive pricing pressures and increased depreciation [8]. Business Strategy - The company is enhancing its product line and optimizing its structure, focusing on interior components, lightweight chassis, and thermal management systems, which are showing steady sales growth [7][12]. - The company is also developing its robotics capabilities, with a strong competitive edge in actuator technology and a comprehensive product layout in the robotics sector [12]. Market Outlook - The company is expected to achieve net profits of 3.034 billion yuan, 3.600 billion yuan, and 4.425 billion yuan in 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 1.75 yuan, 2.07 yuan, and 2.55 yuan [13][14].

Z 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 11 月 03 日 资料来源：聚源，中原证券研究所 -12% -6% 0% 5% 11% 17% 23% 29% 2024.11 2025.03 2025.07 2025.10 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,954.79 | -0.81 | | 深证成指 | | 13,378.21 | -1.14 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,640.67 | -1.47 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,489.21 | -1.49 | | 中证 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [15]. Core Viewpoints - The A-share market experienced a slight decline on October 31, with the Shanghai Composite Index closing at 3954.79 points, down 0.81%. The Shenzhen Component Index fell by 1.14% to 13378.21 points, while the ChiNext Index decreased by 2.31% [3][8]. - Key sectors such as cultural media, software development, automotive parts, and internet services showed strong performance, while insurance, small metals, semiconductors, and electronic components lagged behind [3][8]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.33 times and 50.25 times, respectively, indicating a favorable environment for medium to long-term investments [3][14]. - The market is supported by multiple positive factors, including the "14th Five-Year Plan" emphasizing technological self-reliance and modern industrial system construction, as well as a thawing in U.S.-China relations, which enhances market risk appetite [3][14]. Summary by Sections A-share Market Overview - On October 31, the A-share market opened lower and experienced slight fluctuations, with the Shanghai Composite Index finding support around 3954 points. The market showed a mixed performance across various sectors, with over 70% of stocks rising [8][10]. - The total trading volume for the day was 23,501 billion, which is above the median of the past three years [3][14]. Future Market Outlook and Investment Recommendations - The report suggests a balanced allocation strategy between technology growth and dividend value, focusing on both offensive and defensive positions. Short-term investment opportunities are recommended in cultural media, software development, automotive parts, and internet services [3][14].

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector [1] Core Insights - The photovoltaic sector shows signs of quarterly improvement in performance, despite a backdrop of overcapacity and significant reductions in capital expenditure [3][4] - The industry is currently in an adjustment cycle, with overcapacity and low product prices forcing companies to reduce operating rates and eliminate outdated production lines [4][5] - The performance of the photovoltaic sector is influenced by policy-driven demand surges, operational efficiency improvements, cost reductions, and decreased asset impairment provisions [15][37] Summary by Sections 1. Performance Recovery and Market Dynamics - The photovoltaic sector's performance has shown signs of recovery in Q2 2025, driven by policy-induced demand and operational improvements [15][37] - The overall revenue for 73 A-share photovoltaic companies reached CNY 490.5 billion in the first half of 2025, a year-on-year decline of 11.51%, while net profit dropped by 98.01% to CNY 1.62 billion [15][21] - The second quarter saw revenues of CNY 2,673.52 billion, reflecting a year-on-year decline of 8.85%, but net profit improved to CNY 5.81 billion, a significant recovery from losses in Q1 [3][15] 2. Subsector Performance Variability - The four main material sectors are experiencing a gradual recovery, with losses narrowing each quarter [4][37] - The photovoltaic equipment sector reported a revenue decline of 13.59% to CNY 246.67 billion, with net profit down 28.91% to CNY 33.68 billion due to weak downstream demand [5][21] - In contrast, the photovoltaic inverter sector achieved a revenue increase of 28.56% to CNY 680.38 billion, with net profit rising 44.21% to CNY 106.21 billion, driven by increased demand from domestic and overseas markets [9][21] 3. Investment Recommendations - The photovoltaic industry remains undervalued historically, with potential for valuation recovery as measures to combat excessive competition and improve product quality are implemented [11][39] - Investment focus should be on leading companies in subsectors such as energy storage inverters, BC batteries, perovskite batteries, photovoltaic films, photovoltaic glass, and leading firms in the polysilicon sector [11][39]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [26]. Core Views - The company reported a year-on-year revenue growth of 10.87% for the first three quarters of 2025, reaching 2.551 billion yuan, with a net profit attributable to shareholders of 574 million yuan, up 14.85% [6][10]. - The company plans to establish a production base in Saudi Arabia to enhance its international business development [9][10]. - The growth in lubricant additive exports from Henan province significantly contributed to the company's performance, reflecting a recovery in downstream inventory levels [9]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 889 million yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 9.27%. The net profit attributable to the parent company was 204 million yuan, up 12.68% year-on-year and 16.48% quarter-on-quarter [6][9]. - The company’s gross profit margin stands at 35.86%, with a diluted return on equity of 15.68% and a debt-to-asset ratio of 23% [2]. Production Capacity and Expansion - The company has a designed production capacity of 315,000 tons per year for lubricant additives, with an additional 435,000 tons under construction. The completion of these projects is expected by the end of 2025 [9][10]. - The establishment of a joint venture in Saudi Arabia aims to create a production base for lubricant additives, targeting markets in the Middle East, Africa, and India [9][10]. Market Outlook - The lubricant additive market is projected to have significant growth potential, with the company positioned as a leading player in the domestic market [10]. - Revenue forecasts for 2025-2027 are estimated at 3.852 billion, 4.411 billion, and 4.949 billion yuan, respectively, with corresponding net profits of 891 million, 1.024 billion, and 1.171 billion yuan [10].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [20]. Core Insights - The company reported a revenue of 6.462 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.07%, while the net profit attributable to shareholders was 486 million yuan, down 8.77% year-on-year [6]. - In Q3 alone, the company achieved a revenue of 2.759 billion yuan, a 4.20% increase year-on-year, with a net profit of 325 million yuan, a slight decline of 1.77% year-on-year. However, the net profit excluding non-recurring items grew by 22.06% year-on-year [6]. - The company is a global leader in RF components, accelerating its new business layout and product implementation, particularly in AI hardware and commercial satellite communication [9][10]. Financial Performance - The gross profit margin for the first three quarters of 2025 was 21.53%, an increase of 0.73 percentage points year-on-year, while the gross profit margin for Q3 was 25.45%, up 1.69 percentage points year-on-year [9]. - The company has increased its R&D investment, with R&D expenses accounting for 7.5% of revenue in the first three quarters of 2025, focusing on core materials and advanced antenna technologies [9][10]. Market Position and Growth Potential - The company has successfully entered the AI hardware supply chain for new North American clients, providing comprehensive solutions for smart terminal products [10]. - The commercial satellite communication sector is expected to experience a new growth phase, driven by advancements in low Earth orbit satellite constellations and increasing demand for satellite internet services [10]. Earnings Forecast - The company is projected to achieve net profits of 673 million yuan, 823 million yuan, and 978 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 51.02X, 41.75X, and 35.12X [11].