Investment Rating - The report maintains a "Buy" rating for Petty Holdings (佩蒂股份) [1] Core Views - The company is experiencing pressure on revenue and net profit due to overseas market challenges, particularly from tariffs, but is expected to see marginal improvements in the future [7] - Despite the challenges, the domestic brand "Jueyan" is anticipated to maintain strong revenue growth, although at a slower pace [7] - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 160 million, 230 million, and 280 million yuan respectively, reflecting a year-on-year change of -13%, +45%, and +23% [7] Financial Performance Summary - For 2023, total revenue is projected at 1,411 million yuan, with a year-on-year decrease of 18.51% [1] - The net profit attributable to the parent company is expected to be -11.09 million yuan in 2023, a significant decline of 108.72% year-on-year [1] - The latest diluted EPS is forecasted at -0.04 yuan for 2023, with a P/E ratio of -383.42 [1] - The gross margin for Q3 2025 is reported at 32.2%, showing a year-on-year increase of 1.3 percentage points [7] - The sales net profit margin for Q3 2025 is 9.5%, down 2.5 percentage points year-on-year [7] Market Data Summary - The closing price of the stock is 17.09 yuan, with a market capitalization of 4,252.51 million yuan [5] - The price-to-book ratio is 2.30, and the total circulating A-share market value is 2,768.34 million yuan [5] - The company has a total share capital of 248.83 million shares, with 161.99 million shares circulating [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant revenue growth, with total revenue for the first three quarters of 2025 reaching 512 million yuan, a year-on-year increase of 145.16%. The net profit attributable to shareholders was 81.99 million yuan, reflecting a substantial year-on-year growth of 995.37% [1][8] - The strong performance is attributed to an accelerated order delivery schedule and an increase in the proportion of high-margin products. The gross profit margin stands at 47.98%, slightly down from 49.74% in the same period last year, indicating robust core business profitability [8] - The company has successfully turned around from a loss in the same period last year, with a net profit margin of 16.03%, showcasing improved cost control and operational efficiency [8] Financial Summary - Revenue Forecast: The company is projected to achieve total revenues of 682.44 million yuan in 2025, 913.23 million yuan in 2026, and 1,203.33 million yuan in 2027, with year-on-year growth rates of 55.83%, 33.82%, and 31.77% respectively [1][9] - Net Profit Forecast: The net profit attributable to shareholders is expected to be 111.17 million yuan in 2025, 141.77 million yuan in 2026, and 164.56 million yuan in 2027, with growth rates of 471.42%, 27.53%, and 16.07% respectively [1][9] - Earnings Per Share (EPS): The latest diluted EPS is projected to be 0.66 yuan in 2025, 0.85 yuan in 2026, and 0.98 yuan in 2027 [1][9] - Valuation Metrics: The price-to-earnings (P/E) ratios are expected to be 56.35 in 2025, 44.18 in 2026, and 38.07 in 2027 [1][9] Operational Efficiency - The company's asset-liability ratio is reported at 35.79%, indicating a manageable level of debt. The company has increased short-term borrowings significantly, but has eliminated long-term debt, reflecting a proactive adjustment of its debt structure [8] - The cash flow from operating activities for the first three quarters of 2025 was -29 million yuan, primarily due to an increase in accounts receivable and inventory, which is typical during a business expansion phase [8]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is a leader in the aluminum plate-fin heat exchanger market and is entering the liquid cooling sector for data centers, which opens up new growth opportunities [2][16]. - The company has a strong technical foundation and customer resources, which are expected to drive growth in both traditional and emerging markets [16][24]. - The demand for efficient and energy-saving heat exchange solutions is surging due to the rapid growth of AI server computing power, aligning the company's capabilities with industry trends [5]. Summary by Sections 1. Company Overview - Founded in 2000, the company focuses on manufacturing aluminum plate-fin heat exchangers for various industries, including air compressors and engineering machinery [2][16]. - The establishment of a joint venture with Suzhou Hexin Precision Technology marks the company's entry into the liquid cooling equipment sector, which is significant for business expansion [2][16]. 2. Traditional Markets - The company has diversified applications in various sectors, including engineering machinery, wind power, compressors, and diesel engines, with significant market potential in each [3][4]. - The engineering machinery market is projected to have a cooling system market space of approximately $14 billion in 2024, driven by the recovery in demand and the electrification trend [3][37]. - The wind power sector is expected to see a cooling system market space of around 14.7 billion yuan in 2024, benefiting from industry recovery and technological upgrades [4][41]. - The compressor market is estimated to reach approximately $9.8 billion in 2024, with traditional and AI data center demands driving growth [4][46]. - The diesel engine market for data centers is projected to reach 74.9 billion yuan by 2028, indicating substantial growth potential [4][59]. 3. Data Center Sector - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, offering advantages such as low energy consumption and high cooling efficiency [4][5]. - The market for liquid cooling systems is expected to grow significantly, with projections of 29.4 billion yuan for ASIC systems and 58.1 billion yuan for NVIDIA systems by 2026 [4]. - The company has established strong ties with key players in the industry, positioning itself favorably within the supply chain for liquid cooling components [4][5]. 4. Financial Projections - The company is expected to see a compound annual growth rate (CAGR) of approximately 13% in revenue from 2015 to 2024, with a notable recovery in profitability [24][26]. - The projected net profit for 2025-2027 is estimated at 1.0 billion, 2.0 billion, and 3.2 billion yuan, respectively, with corresponding dynamic P/E ratios of 49, 25, and 16 times [5].

证券研究报告·公司点评报告·光伏设备 晶盛机电（300316） 2025 年三季报点评：利润环比改善，看好大 尺寸碳化硅衬底加速放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,983 | 17,577 | 12,034 | 13,082 | 14,797 | | 同比（%） | 69.04 | (2.26) | (31.53) | 8.71 | 13.11 | | 归母净利润（百万元） | 4,558 | 2,510 | 1,007 | 1,247 | 1,538 | | 同比（%） | 55.85 | (44.93) | (59.89) | 23.88 | 23.37 | | EPS-最新摊薄（元/股） | 3.48 | 1.92 | 0.77 | 0.95 | 1.17 | | P/E（现价&最新摊薄） | 11.54 | 20.95 | 52.23 | 42.16 | 34.18 | [Tabl ...

通润装备（002150） 2025 三季报点评：汇兑损失叠加海外项目延 迟致 Q3 业绩环降，全年有望持续高增 买入（维持） ◼ 汇率波动导致财务费用环增明显、合同负债大幅提升印证需求旺盛。 2025Q3 期间费用 1.82 亿元，同比-6.67%，环比+5.85%；费用率 20.62%， 同比-2.75pct，环比+1.56pct，其中财务费用达 0.11 亿元，财务费率达 1.23%，环比提升 2.65pct，主要系汇率波动叠加增加借款采购电芯所致； 经营性净现金流+0.06 亿元，同比-89.04%；2025Q3 末存货为 14.66 亿 元，同比+28.31%，2025Q3 末合同负债达 2.3 亿元，环比提升 1.7 亿元， 侧面印证公司需求旺盛。 ◼ 盈利预测与投资评级： 考虑传统工具业务出货同比略有下滑，我们略 微下调 2025 年盈利预测，基本维持 2026-2027 年盈利预测，我们预计 公司 2025-2027 年归母净利润为 2.8/3.9/5.2 亿元（前值为 3.0/3.9/5.2 亿 元），同增 29%/40%/32%，对应 PE 为 24/17/13 倍，给予 2026 年 25 ...

证券研究报告·行业跟踪周报·计算机 计算机行业跟踪周报 脑机接口："十五五"重点布局，技术持续突 破 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 10 月 27 日 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 行业走势 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 2024/10/28 2025/2/25 2025/6/25 2025/10/23 计算机 沪深300 相关研究 《大脑：具身智能落地的关键》 2025-10-24 《美国对所有关键软件实施出口管 制，推荐信创+工业软件》 2025-10-14 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 内容目录 ◼ 政策频发，规范标准逐步清晰：2025 年 9 月，国家医保局发文要求做好 脑机接口等创新医用耗材产品申报赋码工作的公告，这意味着产品一旦 获批，就能快速进入医保结算系统，解决了进院的"最后一公里"问题。 国家药监局发布《采用脑机接口技术的医疗器械术语》行业标准，20 ...

证券研究报告·公司点评报告·通用设备 汉钟精机（002158） 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,852 | 3,674 | 3,171 | 3,436 | 3,802 | | 同比（%） | 17.96 | (4.62) | (13.71) | 8.37 | 10.66 | | 归母净利润（百万元） | 865.03 | 862.59 | 625.26 | 711.41 | 842.36 | | 同比（%） | 34.24 | (0.28) | (27.51) | 13.78 | 18.41 | | EPS-最新摊薄（元/股） | 1.62 | 1.61 | 1.17 | 1.33 | 1.58 | | P/E（现价&最新摊薄） | 16.07 | 16.12 | 22.24 | 19.54 | 16.50 | [Table_Tag] [Table_Summary] 投资要点 2025 年 1 ...

证券研究报告·公司点评报告·专用设备 东威科技（688700） 2025 年三季报点评：Q3 业绩高增，高端 PCB 电镀设备放量贡献业绩 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 909.23 | 750.00 | 964.38 | 1,136.30 | 1,266.38 | | 同比（%） | (10.13) | (17.51) | 28.59 | 17.83 | 11.45 | | 归母净利润（百万元） | 151.43 | 69.27 | 147.05 | 184.69 | 224.36 | | 同比（%） | (29.01) | (54.25) | 112.28 | 25.60 | 21.48 | | EPS-最新摊薄（元/股） | 0.51 | 0.23 | 0.49 | 0.62 | 0.75 | | P/E（现价&最新摊薄） | 75.79 | 165.67 | 78.05 | 62.14 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue from the new energy sector is expected to maintain a steady growth of 25-30% year-on-year, with strong performance in energy storage and wind power markets, while the photovoltaic market shows a slight decline [8] - The AIDC market is accelerating, with expected revenue growth of 20-25% year-on-year in the data center business, driven by rapid growth in the operator and communication power markets [8] - The real estate market continues to be a drag, with a projected revenue decline of 25-30% year-on-year for the company's real estate downstream market [8] - The company has effectively controlled its operating expenses, with a 9% year-on-year increase in expenses, and a significant increase in contract liabilities by 158% year-on-year [8] - The profit forecast has been adjusted downwards due to unexpected price declines in the new energy sector, with revised net profit estimates for 2025-2027 being 3.55 billion, 5.10 billion, and 7.14 billion respectively [8] Financial Summary - Total revenue for 2023 is projected at 4,585 million, with a year-on-year growth of 10.30% [1] - The net profit attributable to the parent company for 2023 is estimated at 510.97 million, reflecting a year-on-year increase of 21.15% [1] - The latest diluted EPS for 2023 is expected to be 0.45 yuan per share [1] - The company's total assets are projected to reach 5,506 million in 2024, with a total liability of 1,529 million [9] - The company's operating cash flow for 2024 is expected to be 456 million [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in Q3 2025 met market expectations, with total revenue reaching 3.5 billion yuan, a year-on-year increase of 24.7% [8] - The company is focusing on "going global + AI" as a dual growth driver, with significant advancements in AI applications across various sectors [8] - The company has made rapid progress in overseas charging pile projects, particularly in Australia and the United States, indicating strong growth potential in this segment [8] - AI is expected to enhance operational efficiency and decision-making across core business areas, contributing to sustained growth [8] - The company forecasts net profits of 796.86 million yuan for 2025, with a projected P/E ratio of 32.52 at the closing price on October 27, 2025 [1][8] Financial Projections - Total revenue is projected to grow from 3.25 billion yuan in 2023 to 4.89 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of 24.57% [1] - Net profit is expected to increase from 179.23 million yuan in 2023 to 796.86 million yuan in 2025, representing a CAGR of 24.33% [1] - The earnings per share (EPS) is forecasted to rise from 0.27 yuan in 2023 to 1.19 yuan in 2025 [1]