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% | ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][8]. Core Views - The company reported strong performance in Q3 2025, with revenue reaching 1.549 billion yuan, a year-on-year increase of 14.22%, and a net profit attributable to shareholders of 471 million yuan, up 20.61% year-on-year. In Q3 alone, revenue was 482 million yuan, reflecting a significant growth of 46.18% year-on-year, and net profit increased by 64.43% [4][5]. - The growth in revenue is attributed to several factors, including the domestic medical equipment replacement policy, stable partnerships with leading dental equipment manufacturers, and increased demand in industrial testing from lithium battery manufacturers [6][7]. - The company has maintained a high level of R&D investment, with R&D expenses amounting to 228 million yuan in the first three quarters of 2025, accounting for 14.71% of revenue [7][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.549 billion yuan, with a net profit of 471 million yuan. The Q3 results showed a revenue of 482 million yuan and a net profit of 136 million yuan [4][5]. - The sales gross margin was 51.98%, a decrease of 2.30 percentage points year-on-year, while the net profit margin improved to 29.48%, an increase of 1.57 percentage points [6]. Growth Drivers - The company benefited from the domestic medical device replacement policy, which boosted demand in the medical imaging sector. Additionally, it became a major supplier in the Korean dental CBCT market, contributing to the recovery of its dental business [6][7]. - New core components and solutions saw significant growth, with some areas exceeding 50% year-on-year growth [6]. R&D and Innovation - The company continues to invest heavily in R&D, with a focus on new technologies and products. In the first half of 2025, it filed 28 new intellectual property applications, including 14 invention patents [7][8]. - As of June 2025, the company had a total of 594 registered or authorized intellectual properties, including 198 invention patents [7]. Future Outlook - The report projects that the company's net profit attributable to shareholders will reach 642 million yuan in 2025, 793 million yuan in 2026, and 963 million yuan in 2027, with corresponding P/E ratios of 38.7, 31.4, and 25.8 [8][10].

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]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index in the next 6 to 12 months [2][17]. Core Insights - The company reported a revenue of 4.938 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.20%. The net profit attributable to shareholders was 982 million yuan, up 22.35% year-on-year [4]. - In Q3 2025 alone, the company achieved a revenue of 1.569 billion yuan, marking an 11.97% increase year-on-year, with a net profit of 291 million yuan, which is a significant growth of 176.18% year-on-year [4]. - The cardiovascular business remains solid, with innovative products expected to offset the impact of centralized procurement [4]. Financial Performance Summary - Revenue and Profitability: - The company’s revenue for 2023 is projected at 7.98 billion yuan, with a year-on-year decline of 25%. However, a recovery is expected with a projected revenue of 6.61 billion yuan in 2025, reflecting an 8% growth [2]. - The net profit attributable to shareholders is forecasted to rebound significantly to 1.053 billion yuan in 2025, a 327% increase from 2024 [2]. - The gross margin for the first three quarters of 2025 was 64.21%, an increase of 1.41 percentage points year-on-year, while the net profit margin reached 20.17%, up 3.80 percentage points year-on-year [4]. - Segment Performance: - The medical device segment generated 2.572 billion yuan in revenue in the first three quarters of 2025, a slight increase of 0.33% year-on-year, with the cardiovascular intervention business contributing 1.793 billion yuan, up 7.45% [4]. - The pharmaceutical segment saw a revenue of 1.570 billion yuan, growing by 6.37% year-on-year, with the formulation business alone achieving a 14.32% increase [4]. - New Growth Areas: - The medical aesthetics and brain-machine interface businesses are emerging as new growth drivers, with the medical services and health management segment achieving a revenue of 321 million yuan, up 28.27% year-on-year [4]. - Innovative products such as the "童颜针" and "水光针" have been launched, contributing to the company's revenue growth [4]. Earnings Forecast and Valuation - The company is expected to maintain a stable operational base, with projected revenues of 6.610 billion yuan, 7.558 billion yuan, and 8.636 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 8%, 14%, and 14% [4]. - The projected net profit for 2025 is 1.053 billion yuan, with further increases to 1.302 billion yuan in 2026 and 1.606 billion yuan in 2027, indicating a strong recovery trajectory [4]. - The current stock price corresponds to a P/E ratio of 32 for 2025, 26 for 2026, and 21 for 2027, supporting the "Buy" rating [4].

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][10]. Core Views - The recovery in coal prices has led to a significant improvement in profitability, with Q3 performance exceeding expectations [1][5]. - The company has shown stable production and sales in its coal business, with a notable improvement in profitability on a quarter-over-quarter basis [5][6]. - The report forecasts a decline in revenue and net profit for 2024, with a gradual recovery expected in subsequent years [4][7]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 110.58 billion yuan, a year-on-year decrease of 21.24%, and a net profit of 12.485 billion yuan, down 14.57% year-on-year [6]. - In Q3 2025, the company achieved revenue of 36.148 billion yuan, a year-on-year decline of 23.78%, but a quarter-over-quarter increase of 0.29% [6]. - The coal production for the first three quarters was 101.58 million tons, a slight decrease of 0.7% year-on-year, while sales increased by 1.1% [6][7]. Profitability Metrics - The report indicates a weighted average ROE of 8.07%, down 1.88 percentage points year-on-year [6]. - The company’s unit cost of coal decreased by 10.1% year-on-year, while the unit price fell by 17.0% [6]. - The report projects net profits for 2025-2027 to be 15.917 billion yuan, 16.942 billion yuan, and 18.892 billion yuan respectively, with corresponding PE ratios of 10.0X, 9.4X, and 8.4X [7][8]. Business Segment Performance - In the coal chemical segment, the report highlights a significant recovery in profitability for polyolefins, while methanol and ammonium nitrate face profitability pressures [6][7]. - The company’s methanol production increased by 21.8% year-on-year in the first three quarters, with a notable increase in unit gross profit [6][7]. - The report also notes a strategic acquisition in the renewable energy sector, enhancing the company's overall asset management [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to achieve revenue and profit growth through both organic and external development strategies, particularly in the industrial coatings business [3] - The company is accelerating its mergers and acquisitions pace to enhance its market position and is actively expanding into overseas markets [5] - Despite facing pressure in its main business, the company is optimistic about its gypsum board segment and the high growth potential in waterproofing and coatings [5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 19.905 billion yuan, a year-on-year decrease of 2.25%, and a net profit attributable to shareholders of 2.586 billion yuan, down 17.77% year-on-year [5] - The company's gross margin for the first three quarters of 2025 was 29.53%, a decline of 1.12 percentage points year-on-year [5] - The company’s operating income for 2023 is projected at 22.426 billion yuan, with a growth rate of 12%, while the net profit is expected to be 3.524 billion yuan, also reflecting a 12% growth [3] Earnings Forecast - The company’s earnings forecasts for 2025 to 2027 are as follows: net profit of 3.278 billion yuan in 2025, 5.471 billion yuan in 2026, and 5.960 billion yuan in 2027 [5][6] - The projected P/E ratios for the company are 12.3 for 2025, 7.4 for 2026, and 6.7 for 2027, indicating a favorable valuation outlook [5][6] Market Conditions - The company faces increased competition in the gypsum board market, with a 15.30% year-on-year decline in housing completion area in China during the first nine months of 2025 [5] - The manufacturing sector's fixed asset investment grew by 4.00% year-on-year, but this was lower than the previous year's growth rates [5] Strategic Initiatives - The company announced its intention to acquire 100% equity in an overseas building materials company, which aligns with its core business and is expected to create synergies [5] - The company is focusing on maintaining stable growth in its gypsum board business while pursuing high growth in waterproofing and coatings through strategic acquisitions [5]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The domestic offshore wind sector is expected to reach a delivery peak, with significant progress in the construction of a new energy system during the 14th Five-Year Plan [10][35] - The report highlights the importance of accelerating the green and low-carbon transition in energy, emphasizing the need for a new energy system that relies heavily on clean energy sources [35][37] Summary by Sections Lithium Battery Sector - CATL's Q3 2025 revenue reached 104.19 billion yuan, a year-on-year increase of 12.9%, with a net profit of 16.42 billion yuan, up 35.47% [14] - EVE Energy's Q3 2025 revenue was 16.832 billion yuan, a 35.85% increase year-on-year, with a net profit of 1.211 billion yuan, up 15.13% [15] - Tesla deployed 12.5GWh of energy storage in Q3 2025, achieving a gross margin of 32.21% [16] Energy Storage Sector - The report notes the signing of a large-scale energy storage project in the Philippines, indicating a push into the Southeast Asian market [22] - Various pricing policies for energy storage in different regions, such as Tianjin and Hunan, are highlighted, with storage prices ranging from 0.26 to 0.45 yuan/kWh [27][32] Power Equipment Sector - The report emphasizes the need for a green low-carbon transition in energy, with a focus on developing non-fossil energy sources and enhancing the efficiency of fossil fuel usage [35][36] - Recommendations include focusing on ultra-high voltage projects and potential opportunities in power equipment exports [8] Photovoltaic Sector - The report tracks fluctuations in silicon material prices and the overall stability in the silicon wafer market, with expectations of continued price stability in the short term [41] - The demand for different types of solar panels is noted, with a preference for 210 specifications despite some inventory build-up [41] Wind Power Sector - The report outlines the progress of various offshore wind projects in China, indicating a well-organized construction pace and the anticipation of a delivery peak [10][10] - Key companies benefiting from domestic and international offshore wind demand are identified, including cable manufacturers and turbine producers [10]