Group 1: Meinian Health / Medical Services - The company achieved a revenue of 6.925 billion yuan in the first three quarters of 2025, a decrease of 3% year-on-year, while the net profit attributable to shareholders was 52 million yuan, an increase of 111% [3] - In Q3 2025, the company reported a revenue of 2.816 billion yuan, down 4% year-on-year, with a net profit of 273 million yuan, up 14% [3] - The revenue generated from AI technology amounted to 250 million yuan, reflecting a growth of 71% [3] - The company has implemented cost reduction and efficiency improvement measures, as evidenced by a 0.63 percentage point increase in gross margin to 46.06% in Q3 2025 [4] Group 2: BYD / Passenger Vehicles - In Q3 2025, BYD reported a revenue of 194.985 billion yuan, a decrease of 3.05% year-on-year, while the net profit attributable to shareholders was 7.823 billion yuan, down 32.60% [6][7] - The automotive business gross margin was 20.6%, reflecting a 1.9 percentage point increase quarter-on-quarter [7] - The company sold 1.1142 million vehicles in Q3 2025, a decrease of 1.8% year-on-year, but showed improvements in single-vehicle profitability [7][8] - BYD is accelerating its global expansion, entering new markets such as Argentina and Cambodia, and has launched its high-level intelligent driving system [8] Group 3: SAIC Motor Corporation / Passenger Vehicles - SAIC Motor reported a total revenue of 169.4 billion yuan in Q3 2025, an increase of 16.2% year-on-year, with a net profit of 2.08 billion yuan, up 644.9% [10][11] - The company sold 1.141 million vehicles in Q3 2025, with a gross margin of 9.0%, reflecting a 0.5 percentage point increase quarter-on-quarter [11][12] - The company has been adjusting its product structure to meet market demand, which has led to significant improvements in operational efficiency [12]

研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 胡惠民 S0350525030004 [Table_Title] 2025Q3 毛利率环比向上，扣非利润同比改善 最近一年走势 | 相对沪深 300 | 表现 | | 2025/11/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 上汽集团 | -7.1% | -11.3% | 20.4% | | 沪深 300 | -0.3% | 12.8% | 14.4% | | 市场数据 | | | 2025/11/05 | | 当前价格（元） | | | 15.90 | | 52 周价格区间（元） | | | 13.15-21.30 | | 总市值（百万） | | | 182,774.91 | | 流通市值（百万） | | | 182,774.91 | | 总股本（万股） | | | 1,149,527.75 | | 流通股本（万股） | | | 1,149,527.75 | 相关报告 事件: 2025 年 11 月 06 日 公司研究 评级：买入( ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown improvement in profitability, with a revenue growth of 71% attributed to the integration of AI technology [2][6] - In the first three quarters of 2025, the company achieved a revenue of 6.925 billion yuan (down 3% year-on-year) and a net profit attributable to shareholders of 52 million yuan (up 111%) [6] - The third quarter of 2025 saw a revenue of 2.816 billion yuan (down 4% year-on-year) and a net profit of 273 million yuan (up 14%), with a gross margin of 46.06% (up 0.63 percentage points) [6] - The company is committed to an "All-in AI" strategy, focusing on cost reduction and efficiency improvements, with the "Smart Main Inspection System" launched in 217 health examination centers [6][8] - The company has introduced innovative business lines, including weight loss clinics and AI health management services, which are becoming new growth points [6] Financial Projections - Revenue projections for 2025-2027 are 10.4 billion yuan, 11.4 billion yuan, and 12.6 billion yuan, with year-on-year changes of -3%, +9%, and +11% respectively [6][8] - Net profit projections for the same period are 400 million yuan, 820 million yuan, and 1.25 billion yuan, with year-on-year growth rates of 42%, 105%, and 52% respectively [6][8] - The price-to-earnings (P/E) ratios are projected to be 54 times, 27 times, and 17 times for 2025, 2026, and 2027 respectively [6][8]

2025 年 11 月 06 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 盈利能力改善，结合 AI 技术手段取得的收入增 长 71% ——美年健康（002044）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/11/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 美年健康 | 11.9% | 6.5% | 12.6% | | 沪深 300 | -0.3% | 12.8% | 14.4% | | 市场数据 | 2025/11/05 | | --- | --- | | 当前价格（元） | 5.56 | | 52 周价格区间（元） | 4.09-7.79 | | 总市值（百万） | 21,763.25 | | 流通市值（百万） | 21,540.71 | | 总股本（万股） | 391,425.39 | | 流通股本（万股） | 387,422.76 | | 日均成交额（百万） | 389.41 | | 近一月 ...

2025 年 11 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 189 期 观点精粹: 最新报告摘要 Q3 收入同比显著增长，受益半导体等领域成长--茂莱光学/光学光电子(688502/212703) 科创板公司动态研究 2025Q3 毛利率环比提升，机器人业务进展加速--均胜电子/汽车零部件(600699/212802) 公司点评 前三季度归母净利润同比+173.46%，拟收购锐成芯微及纳能微--概伦电子/软件开发(688206/217104) 科创板 公司普通报告 二级市场整体承压，新基建板块迎结构性行情--资产配置报告 电商增长有韧性，AWS 收入提速--亚马逊/海外(AMZN/2180) 点评报告（港股美股） Q3 营收同比+84.04%，坚持领先技术创新--曙光数创/计算机(872808/2171) 北交所公司普通报告 利润短期承压，终止收购不改产业链整合潜质--华大九天/软件开发(301269/217104) 公司点评 利息净收入带动业绩修复，社保进入前十大股东-- ...

2025 年 11 月 05 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn [Table_Title] 电商增长有韧性，AWS 收入提速 最近一年走势 相对市场表现 | 1M | | 3M | 12M | | --- | --- | --- | --- | | 亚马逊 | 9% | 19% | 30% | | 纳斯达克指数 | -7% | -2% | 15% | | 市场数据 | | | 2025/11/03 | | 当前价格（美元） | | | 254.00 | | 周价格区间（美元） 52 | | | 161.38-258.60 | | 总市值（百万美元） | | | 128,815.59 | | 流通市值（百万美元） | | | 128,815.59 | | 总股本（万股） | | | 50,714.80 | | 流通股本（万股） | | | 50,714.80 | | 日均成交额（百万美元） | | | 24,519 ...

2025 年 11 月 05 日 公司研究 评级：增持(下调) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | [Table_Title] 毛利率改善，费率上行拖累盈利表现 ——三只松鼠（300783）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/11/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 三只松鼠 | -2.2% | -8.1% | -16.4% | | 沪深 300 | -0.3% | 12.8% | 14.4% | | 市场数据 | | | 2025/11/05 | | 当前价格（元） | | | 23.56 | | 52 ...

2025 年 11 月 05 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 魏连昆 S0350125050006 | | | | weilk@ghzq.com.cn | [Table_Title] 业绩落于预告上沿，关注产品新地区上线 ——吉比特（603444）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/11/04 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 吉比特 | -20.4% | 25.8% | 133.1% | | 沪深 300 | -0.5% | 13.5% | 17.1% | | 市场数据 | | | 2025/11/04 | | 当前价格（元） | | | 452.01 | | 52 ...

2025 年 11 月 05 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | [Table_Title] Q3 收入增速企稳回升，盈利能力环比改善 ——甘源食品（002991）公司动态研究 最近一年走势 投资要点: | | 日 次 食 元 | | 沪深300 | | | --- | --- | --- | --- | --- | | 26% | | | | | | 15% | | | | | | 5% | | | | | | -5% | | | | | | -15% | | | | | | -25% | | | | | | 2024/11/04 | 2025/02/03 | 2025/05/05 | ...

2025 年 11 月 05 日 公司研究 评级：买入(维持) | 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 刘熹 | S0350523040001 | | | | | liux10@ghzq.com.cn | | 联系人 | ： | 朱谞晟 | S0350125070003 | | | | zhuxs@ghzq.com.cn | | [Table_Title] 前三季度归母净利润同比+173.46%，拟收购锐 成芯微及纳能微 ——概伦电子（688206）2025 年三季报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/11/05 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 概伦电子 | | -17.3% | 12.9% | 63.9% | | 沪深 300 | | -0.3% | 12.8% | 14.4% | | 市场数据 | 2025/11/05 | | --- | --- | | 当前价格（元） | 34.89 | | 周价格区间（元） ...