Investment Rating - The investment rating for the company is "Buy" with a target price set to achieve a relative return of over 20% within the next six months [7][18]. Core Insights - The company reported record high performance in Q3 2025, with revenue reaching 86.489 billion yuan, a year-on-year increase of 8.14%, and a total profit of 21.149 billion yuan, up 53.95% year-on-year [1]. - The increase in gold production was significant, with a 25.98% year-on-year growth, primarily driven by the acquisition of the Ghana Akim gold mine [2]. - The company is expanding its resource reserves through acquisitions of operational gold mines both domestically and internationally, enhancing its production capacity [2]. - Despite rising costs, the selling prices of gold and copper have increased more significantly, leading to a substantial rise in revenue [3]. Financial Performance - For the first three quarters of 2025, the company's operating costs were 190.816 billion yuan, reflecting a year-on-year increase of 2.92%, which is lower than the revenue growth of 10.33% [3]. - The financial expenses decreased by 34.60% year-on-year to 588 million yuan, while management expenses increased by 54.15% to 2.653 billion yuan [4]. - The company expects a long-term increase in profitability due to rising prices of copper and gold, supported by enhanced resource reserves [5]. Financial Projections - The projected revenue for 2025 is 424.931 billion yuan, with a growth rate of 39.95% [6]. - The net profit attributable to the parent company is expected to reach 53.935 billion yuan in 2025, reflecting a growth rate of 68.28% [6]. - The earnings per share (EPS) is projected to be 2.03 yuan in 2025, with a price-to-earnings (P/E) ratio of 15.03 [6]. Resource Expansion - The company has successfully completed acquisitions of several operational gold mines, including the Ghana Akim and Kazakhstan Raygorodok gold mines, which have commenced production [2]. - The company is also progressing on key projects such as the Julong Copper Mine and the Juno Copper Mine, with the second phase of the Julong Copper Mine expected to be operational by the end of 2025 [2].

公司报告 | 季报点评 铂科新材（300811） 证券研究报告 Q3 盈利能力整体稳定，期待芯片电感放量 三季报业绩：25 年前三季度实现营收 13.01 亿元，yoy+6%；归母净利润 2.94 亿元，yoy+2.5%；扣非净利润 2.89 亿元，yoy+3%。其中，Q3 实现营收 4.4 亿元，yoy+2.2%，环比-7.8%；归母净利润 1.02 亿元，yoy+1%，环比-13%； 扣非归母净利润 1.01 亿元，yoy-0.1%，环比-13.1%。 Q3 营收环比下滑，盈利能力整体稳定 营收端，公司 25 年前三季度实现 13.01 亿元，yoy+6%，Q3 单季度实现营 收 4.4 亿元，yoy+2.2%，环比-7.8%。Q3 营收环比下滑，我们认为或由于光 伏抢装退坡导致磁芯出货节奏调整，芯片电感 Q2 出货开始逐步恢复，并 持续 保持 增长 态 势。盈 利 端 ，公司 25Q3 毛 利率 42.0% ，同 环比 +1.08/+0.57pct，原材料成本小幅上升(Q3 铁矿石/金属硅/铝均价环比 +4.3%/+0.7%/+2.5%)；期间费用率环比小幅上升 2.18pct 至 13.33%，主要系 ...

Macro Environment Review and Outlook - The overseas macro environment shows weak employment, moderate inflation, and reduced tariff risks, with expectations for a continued interest rate cut cycle [12][14][23] - The domestic macro environment indicates weak recovery in internal demand, strong exports, and structural differentiation, with potential policy adjustments in the near future [13][49] Major Asset Review and Outlook - The U.S. stock market is expected to continue a wide-ranging upward trend, supported by interest rate cuts, soft landing, AI developments, and improved U.S.-China relations [4][10] - The U.S. bond market may see a steepening yield curve in November and December, with short-term yields expected to decline due to interest rate cut expectations [4][30] - The U.S. dollar is anticipated to remain strong in the short term but may face pressure in the medium to long term [5][32] - Gold is expected to consolidate and build momentum in November, with a long-term bullish outlook [5][10] - Commodity markets, particularly oil, face oversupply pressures, while copper is viewed positively in the medium to long term [5][52] Domestic Market Insights - The A-share market is expected to outperform bonds, with a continuation of the trend favoring dividend stocks over growth stocks in the short term [5][10] - The bond market, after a recovery in October, is not expected to present significant trend opportunities, requiring a cautious approach to investment [5][10]

Group 1 - The report discusses the release of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" by the China Securities Regulatory Commission (CSRC) on October 31, which aims to promote high-quality development in the public fund industry [1][7] - The guidelines emphasize the internal control responsibilities of fund managers and the external responsibilities of market institutions, highlighting the need for a robust internal control system covering benchmark selection, disclosure, monitoring, evaluation, and accountability [8][10] - The guidelines require that performance benchmarks be representative and objective, with a focus on selecting indices that accurately reflect the market and establishing a benchmark element library [10] Group 2 - As of October 31, 2025, 79 actively managed equity funds have changed their performance benchmarks this year, compared to only 54 in the entire year of 2024, indicating a significant acceleration in benchmark adjustments [2][11] - The changes in performance benchmarks are more aligned with actual investment characteristics, with over half of the changes involving the selection of more representative stock indices, such as transitioning from the CSI 300 to industry or thematic indices [11][13] - The report notes a shift in the distribution of active equity funds' performance relative to benchmarks, with a decreasing proportion of funds showing significant negative deviations, reflecting the reform direction of emphasizing excess returns relative to benchmarks [2][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a significant improvement in profitability, with a Q3 net profit increase of 59.72% year-on-year, reaching 25.2 billion yuan [1]. - New signed orders for the first three quarters of 2025 totaled 971.73 billion yuan, reflecting a year-on-year growth of 25.16%, indicating strong demand and project development [2]. - The company's net profit margin improved to 7.27% for the first three quarters, up 0.47 percentage points year-on-year, with a notable Q3 margin of 8.53% [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 732.81 billion yuan, a year-on-year increase of 1.95%, and a net profit of 53 billion yuan, up 11.04% [1]. - The gross margin for the first three quarters was 15.12%, a slight decrease of 0.64 percentage points year-on-year, while the expense ratio improved to 5.92%, down 0.98 percentage points [3]. - The company expects to distribute cash dividends of 2.78 billion yuan in mid-2025, demonstrating strong dividend capability [4]. Order and Project Development - The company secured 826.70 billion yuan in new infrastructure orders in the first three quarters, marking a 26% increase year-on-year, with significant projects in both domestic and international markets [2]. - Key projects include the Jiangsu Zhangjingao Yangtze River Bridge and the Chengdu to Qionglai Highway expansion, enhancing the company's market presence [2]. Future Projections - The company forecasts net profits of 78 billion yuan, 86 billion yuan, and 95 billion yuan for 2025, 2026, and 2027 respectively, suggesting a positive outlook for growth [4]. - Revenue projections indicate a recovery trend, with expected growth rates of 8.07%, 10.56%, and 10.83% for the years 2025 to 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][15]. Core Insights - The company reported a revenue of 12.2 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of 3.2%. The net profit attributable to shareholders was 2.98 billion yuan, down 8.7% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 4.03 billion yuan, a decrease of 4.4% year-on-year, with a net profit of 920 million yuan, down 10.3% [1]. - The company is actively expanding into new business areas, particularly in data center solutions and solar lighting, to mitigate the impact of weak demand in the domestic market [2][3]. Financial Performance Summary - The gross margin for Q3 2025 was 41.7%, a decrease of 1.8 percentage points year-on-year. The net profit margin was 22.8%, down 1.5 percentage points year-on-year [2]. - The company reported a significant improvement in operating cash flow, with a net cash flow of 1.24 billion yuan in Q3 2025, up 90% year-on-year, aided by a reduction in inventory [3]. - The company’s inventory decreased by 11.6% year-on-year to 1.17 billion yuan, while contract liabilities increased by 30.7% to 610 million yuan, indicating improved sales and inventory turnover [3]. Financial Forecast - The company is projected to achieve net profits of 4.01 billion yuan, 4.30 billion yuan, and 4.70 billion yuan for the years 2025, 2026, and 2027, respectively [3]. - The expected dynamic P/E ratios for 2025, 2026, and 2027 are 19.7x, 18.4x, and 16.8x, respectively [3]. Market Position and Strategy - The company is recognized as a leader in the electrical appliance sector, with a clear long-term growth strategy focused on its core products and new energy initiatives [3]. - The company has established strong partnerships with major clients such as ByteDance and Tencent, enhancing its market position in the data center business [2].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][3]. Core Views - The company has demonstrated stable operations, outperforming the industry despite challenges in the real estate sector affecting its engineering channel. The retail segment is expected to grow due to consumer preferences for high-quality products supported by government subsidies [2][3]. - The company's gross margin for Q3 2025 was 54.1%, reflecting a slight increase, while the net profit margin was 16.5%, showing resilience in profitability [2][3]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 7.31 billion yuan, a year-on-year decrease of 1.1%, and a net profit of 1.16 billion yuan, down 3.7%. In Q3 2025 alone, revenue was 2.7 billion yuan, an increase of 1.4%, with a net profit of 450 million yuan, up 0.6% [1][2]. - The company’s operating expenses increased, with the selling expense ratio rising to 30.3%, attributed to reduced government subsidies and increased manufacturer support [2][3]. Future Earnings Forecast - The company is expected to achieve net profits of 1.56 billion yuan, 1.71 billion yuan, and 1.91 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding dynamic P/E ratios of 11.8x, 10.8x, and 9.7x [3][10].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6]. Core Views - The company reported a revenue of 25.834 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.38%, while the net profit attributable to the parent company was 7.570 billion yuan, down 28.83% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 9.091 billion yuan, a year-on-year increase of 1.53%, but the net profit attributable to the parent company decreased by 18.69% [1]. - The company is expected to see a revenue growth acceleration in Q4 2025 compared to Q3 2025 [2]. Revenue and Profitability - The revenue breakdown by product line shows that the in vitro diagnostics line generated 3.634 billion yuan in Q3, a decrease of 2.81% year-on-year, while the life information and support line saw a revenue of 2.952 billion yuan, an increase of 2.60% [2]. - The medical imaging line's revenue remained stable at 1.689 billion yuan in Q3, with international revenue accounting for 61% of this line [2]. - The company has increased its R&D expense ratio to 9.43%, reflecting a focus on high-end market breakthroughs [3]. Market Position and International Expansion - The international market grew by 11.9% in Q3 2025, with Europe experiencing a 29% growth [4]. - The company aims to enhance its global supply chain and local production capabilities, which is expected to improve the profitability of its international business [4]. - The company has installed 180 laboratory automation lines domestically, nearing the total for 2024, and has exceeded its international sales target [4]. Financial Forecast - The company’s projected revenues for 2025-2027 are 33.790 billion yuan, 36.977 billion yuan, and 42.223 billion yuan respectively, with net profits of 9.564 billion yuan, 10.996 billion yuan, and 12.746 billion yuan [4]. - The downward revision in forecasts is attributed to intense domestic competition and ongoing healthcare reforms [4].

| 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 行业报告 | 行业研究周报 2025 年 11 月 03 日 吴立 分析师 SAC 执业证书编号：S1110517010002 wuli1@tfzq.com 周新宇 分析师 SAC 执业证书编号：S1110524070007 zhouxinyu@tfzq.com 行业走势图 -12% -6% 0% 6% 12% 18% 24% 2024-11 2025-03 2025-07 中小市值 沪深300 资料来源：聚源数据 相关报告 1 《新兴产业-行业研究周报:菲莫国际、 思摩尔国际发布 2025 年三季度报告， 财务数据表现良好；宁波、黄埔海关查 获 ZYN 侵权产品》 2025-10-26 2 《新兴产业-行业投资策略:哪些"AI+ 应 用 " 赛道 有望 率 先跑 出 龙头 ？ 》 2025-10-17 新兴产业 证券研究报告 国产机器人亮相十五运会火炬传递，重点关注产业链龙头奥比中光、柯力传感！ 本周，国内机器人产业迎来亮眼突破：在第十五届全国运动会（简称十五运会）深圳站火炬传 ...

Group 1 - The report highlights that the stock-bond allocation value has retreated from historical extremes, with the equity risk premium (ERP) stabilizing below one standard deviation [1] - The overall A-share index PE valuation stands at 22.0, with most broad-based indices around the 60th percentile historically, indicating relatively low valuations [1][29] - Market trading indicators show a decline in trading heat, with turnover rates and transaction volumes decreasing compared to the previous month, suggesting a cooling market sentiment [1][29] Group 2 - The "15th Five-Year Plan" suggestions have been officially released, marking a new phase in China's modernization process, emphasizing the importance of building a modern industrial system and financial strength [2] - The report indicates that local governments are likely to draft their own five-year plans by the end of the year, following the central government's guidelines [2] - The AI infrastructure investment is expected to significantly increase, with companies like Microsoft planning to expand their global AI infrastructure spending to meet growing demand [2] Group 3 - The report identifies green methanol as a key alternative fuel, with a projected demand of approximately 6.79 million tons from new methanol-fueled vessels expected to launch in the coming years [5] - China's green methanol production capacity is anticipated to achieve scale ahead of other regions, with a significant portion of global projects being developed in China [5] - The report recommends focusing on green methanol producers and related equipment manufacturers, highlighting companies like Goldwind Technology and Donghua Technology [5] Group 4 - The report notes that the AI server and cloud computing business is experiencing rapid growth, with a significant increase in revenue and profitability for companies involved in AI infrastructure [4] - The demand for AI computing power continues to rise, with GPU server shipments increasing by over five times year-on-year [4] - The report emphasizes the importance of technological advancements and market demand in driving the performance of companies in the AI sector [4] Group 5 - The report discusses the transition from UPS to HVDC technology, with major companies like Meta and NVIDIA making significant advancements in this area [7] - The domestic market is expected to see sustained demand for HVDC technology driven by initiatives like "East Data West Computing" [7] - Investment recommendations include focusing on domestic leaders in HVDC technology and companies that can benefit from the transition from UPS to HVDC [7]