详解青岛银行 2025 年三季报：业绩稳健，资产质量持续改善 城商行Ⅱ 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 执业证书编号：S0740524090004 Email：yangcl@zts.com.cn | 总股本(百万股) | 5,820.35 | | --- | --- | | 流通股本(百万股) | 5,404.37 | | 市价(元) | 5.19 | | 市值(百万元) | 30,207.64 | | 流通市值(百万元) | 28,048.66 | 高增；资产质量优化；制造业投放显 著回升》2025-03-28 2025-02-11 | | | 相关报告 2025-08-31 | 评级： 增持（维持） | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析 ...

半导体 | | | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 联系人：冯光亮 Email：fenggl@zts.com.cn | 总股本(百万股) | 265.32 | | --- | --- | | 流通股本(百万股) | 221.16 | | 市价(元) | 97.40 | | 市值(百万元) | 25,842.23 | | 流通市值(百万元) | 21,540.70 | 靶材：全球第二，已实现原材料国产替代，份额持续增加。 股价与行业-市场走势对比 半导体靶材全球第二，大陆第一，公司产品得到国际一流客户认可，铝钛钽靶发展多年， 铜靶正在客户端逐步上量。钽环件、铜锰合金靶材制造难度高，目前只有江丰及头部跨国 企业掌握核心技术，近年来随着高端芯片需求的增长，钽靶及环件、铜锰合金靶材的需求 大幅增长，全球供应紧张。公司通过参股公司、实施募投项目逐步布局上游原材料，已实 现原材料采购的国内化、产业链的本土化，构建了安全稳定的供应链体系。 半导体零部件：全品类覆 ...

通用设备 | | | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 联系人：冯光亮 Email：fenggl@zts.com.cn | 总股本(百万股) | 94.01 | | --- | --- | | 流通股本(百万股) | 72.35 | | 市价(元) | 195.00 | | 市值(百万元) | 18,332.29 | | 流通市值(百万元) | 14,108.58 | 1、《Q2 营收环增 92%，半导体业务 快速放量》2025-08-30 品类积极拓展》2025-05-04 量》2024-11-14 精智达（688627.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A ...

城商行Ⅱ 详解成都银行 2025 三季报： 业绩表现稳健，贷款维持高增，资产质量优异 成都银行（601838.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | | | 营业收入（百万元） | 21,701 | | 22,980 | 24,199 | 26,376 | 28,401 | | 分析师：戴志锋 | | 增长率 yoy% | 7.2% | | 5.9% | 5.3% | 9.0% | 7.7% | | 执业证书编号：S0740517030004 | | 归母净利润（百万元） | 11,670 | | 12,858 | 13,647 | 14,585 | 15,836 | | Email：daizf@zts.com.cn | | 增长率 yoy% | 16.2% | | 10.2% | ...

农商行Ⅱ 详解渝农商行 2025 三季报： 存贷规模稳步增长，资产质量持续提升 渝农商行（601077.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | | 营业收入（百万元） | 27,902 | 28,179 | 28,342 | 28,857 | 29,421 | | | | 增长率 yoy% | -3.6% | 1.0% | 0.6% | 1.8% | 2.0% | | 执业证书编号：S0740517030004 | | 归母净利润（百万元） | 10,900 | 11,513 | 12,134 | 12,721 | 13,230 | | Email：daizf@zts.com.cn | | 增长率 yoy% | 6.1% | 5.6% | 5.4% | 4.8% | 4.0% | ...

2025Q3 业绩高增，完成股权激励促中长期发展 ——公司点评报告 医疗器械 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 执业证书编号：S0740520080004 Email：zhengym@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 211.41 | | 流通股本(百万股) | 200.36 | | 市价(元) | 117.65 | | 市值(百万元) | 24,872.58 | | 流通市值(百万元) | 23,572.67 | 1、《2025Q2 业绩企稳回升，看好球 管、硅基 OLED 背板等新品拓展》 2025-08-17 2、《2024 年探测器业务承压，其他 核心部件及解决方案快速放量》 奕瑞科技（688301.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 ...

元件 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740524030001 Email：liubw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,923.98 | | 流通股本(百万股) | 1,922.43 | | 市价(元) | 80.00 | | 市值(百万元) | 153,918.67 | | 流通市值(百万元) | 153,794.43 | 1、《沪电股份：AI 需求旺盛 25H1 2025-08-22 度受益 AI 大趋势》2025-04-28 2025-03-26 沪电股份（002463.SZ） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company has shown strong growth in revenue and net profit, with a significant increase in sales of copper-clad laminates and an optimized product structure contributing to improved profitability [6][7][10] - The company is well-positioned to benefit from the recovery in downstream demand and is expected to see further price increases for its products, enhancing both its cyclical and growth attributes [9][10] Summary by Relevant Sections Basic Information - Total shares outstanding: 2,429.26 million - Circulating shares: 2,394.50 million - Market price: 67.39 yuan - Market capitalization: 163,708.03 million yuan - Circulating market capitalization: 161,365.46 million yuan [2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 20.614 billion yuan, a year-on-year increase of 39.8%, and a net profit of 2.443 billion yuan, up 78.04% year-on-year [6] - In Q3 2025, revenue reached 7.934 billion yuan, reflecting a year-on-year growth of 55.1%, while net profit surged by 131.18% year-on-year [6] Profitability and Growth Forecast - The company forecasts net profits of 3.662 billion yuan for 2025, 5.851 billion yuan for 2026, and 8.008 billion yuan for 2027, with corresponding growth rates of 110.6% and 59.8% [10] - The report highlights a projected increase in gross margin to 29.0% by 2026 and 30.5% by 2027, indicating ongoing improvements in profitability [12] Product Development and Market Position - The company is actively enhancing its product technology and has established strong partnerships with leading manufacturers in various sectors, including AI servers and telecommunications [9] - The strategic focus on high-value products has solidified the company's competitive advantage in the mid-to-high-end market [7][9]

心血管等主业稳健，医美产品 Q3 快速放量启新章 医疗器械 乐普医疗（300003.SZ） 证券研究报告/公司点评报告 2025 年 10 月 28 日 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：谢木青 | 营业收入（百万元） | 7,980 | 6,103 | 6,610 | 7,558 | 8,636 | | | 增长率 yoy% | -25% | -24% | 8% | 14% | 14% | | 执业证书编号：S0740518010004 | 归母净利润（百万元） | 1,258 | 247 | 1,053 | 1,302 | 1,606 | | Email：xiemq@zts.com.cn | 增长率 yoy% | -43% | -80% | 327% | 24% | 23% | | | 每股收益（元） | 0.67 | 0.13 | 0.56 | 0.69 | 0.85 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company has shown steady performance with a focus on high-margin segments, particularly in life sciences and metal resources, which are expected to drive future growth [3][12]. - The company reported a revenue of 1.933 billion yuan for Q3 2025, reflecting a year-on-year increase of 2.20%, and a net profit of 652 million yuan, up 9.27% year-on-year [3][6]. - The gross margin for the first three quarters of 2025 was 52.81%, an increase of 4.16 percentage points year-on-year, driven by a higher proportion of high-margin products and a decline in raw material prices [3][6]. Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 2.489 billion yuan, with a year-on-year growth rate of 30%. The projected revenue for 2024 is 2.554 billion yuan, with a growth rate of 3% [1]. - The net profit for 2023 was 717 million yuan, with a year-on-year growth of 33%. The forecast for 2024 is a net profit of 787 million yuan, reflecting a growth of 10% [1]. - The earnings per share (EPS) for 2023 was 1.41 yuan, projected to increase to 1.55 yuan in 2024 [1]. Business Segments - The core business segments include ultra-pure water, life sciences, and metal resources, all of which are maintaining growth trends [3]. - The ultra-pure water segment is expected to generate over 500 million yuan in revenue for Q1-Q3 2025, with a year-on-year growth of over 8% [3]. - The life sciences segment is projected to exceed 450 million yuan in revenue for Q1-Q3 2025, with a year-on-year growth of over 10% [3]. - The metal resources segment is anticipated to generate over 200 million yuan in revenue for Q1-Q3 2025, with a year-on-year growth of over 25% [3]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 40.4 in 2023 to 30.4 in 2025, indicating an improving valuation as earnings grow [1]. - The price-to-book (P/B) ratio is expected to decline from 8.4 in 2023 to 6.0 in 2025, reflecting a strengthening financial position [1]. Future Outlook - The company is expected to achieve net profits of 953 million yuan in 2025, 1.169 billion yuan in 2026, and 1.423 billion yuan in 2027, with corresponding P/E ratios of 30.4, 24.8, and 20.3 [3][12]. - The company is focusing on the industrialization of adsorption separation technology and the localization of life science materials, which are expected to contribute to strong growth [3].