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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.382 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.17%. The net profit attributable to shareholders reached 334 million yuan, a significant year-on-year growth of 42.23% [1][7] - The strong performance is attributed to optimized cost control and product structure upgrades, leading to an increase in gross profit margin to 48.96%, up by 6.60 percentage points year-on-year [7] - The company's asset-liability structure is healthy, with a debt ratio of 20.51%, down approximately 3.1 percentage points from the same period last year, indicating a stable leverage level [7] - Cash flow from operating activities reached 209 million yuan, a year-on-year increase of 52.80%, reflecting effective working capital management [7] Financial Performance Summary - Total revenue forecast for 2023 is 2.091 billion yuan, with a projected growth to 3.245 billion yuan by 2027, reflecting a compound annual growth rate [8] - The net profit attributable to shareholders is expected to grow from 537.65 million yuan in 2023 to 787.47 million yuan in 2027, indicating a strong upward trend [8] - The earnings per share (EPS) is projected to increase from 1.03 yuan in 2023 to 1.51 yuan in 2027, showcasing improved profitability [8] Financial Health Indicators - The company has a total asset value of 7.122 billion yuan and total liabilities of 1.460 billion yuan as of the end of Q3 2025, indicating a solid financial foundation [7] - The company’s cash flow management is robust, with a significant portion of revenue being converted into cash, as evidenced by the cash received from sales amounting to 1.088 billion yuan, which is 78.79% of total revenue [7] - The report highlights a decrease in sales expenses by 11.12% year-on-year, contributing to a more efficient cost structure [7]

证券研究报告·公司点评报告·能源金属 盛新锂能（002240） 2025 年三季报点评：Q3 印尼工厂开始出货， 业绩实现扭亏 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） | 7,951 | 4,581 | 4,646 | 7,965 | 10,279 | | 同比（%） | (33.96) | (42.38) | 1.41 | 71.43 | 29.06 | | 归母净利润（百万元） | 702.24 | (621.58) | (599.74) | 549.63 | 1,002.72 | | 同比（%） | (87.35) | (188.51) | 3.51 | 191.64 | 82.44 | | EPS-最新摊薄（元/股） | 0.77 | (0.68) | (0.66) | 0.60 | 1.10 | | P/E（现价&最新摊薄） | 28.04 | (31.67) | (32.83) | 35.82 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 650 million yuan, a year-on-year increase of 34.60%, and net profit attributable to shareholders of 128 million yuan, up 53.20% year-on-year [1][7] - The improvement in profitability is attributed to the recovery of military product delivery schedules and the concentration of high-value brake component orders, alongside a low base from the previous year [7] - The company's gross profit margin was 48.85%, showing a year-on-year decline of 15.10 percentage points, but it has stabilized on a quarter-on-quarter basis [7] - The company has a healthy expense structure, with total sales, management, and R&D expenses accounting for 21.85% of revenue, a decrease of 2.30 percentage points year-on-year [7] Financial Performance Summary - For 2023, the total revenue is projected at 954.02 million yuan, with a year-on-year decrease of 4.39%, while the net profit is expected to be 217.43 million yuan, down 30.95% year-on-year [1] - The company anticipates a significant recovery in net profit for 2025, with projections of 210.10 million yuan, reflecting a year-on-year increase of 1,200.61% [1] - The earnings per share (EPS) for 2025 is estimated at 0.63 yuan, with a price-to-earnings (P/E) ratio of 47.95 [1] Cash Flow and Asset Management - The company reported a net cash flow from operating activities of 219 million yuan for the first three quarters of 2025, a significant improvement from a negative cash flow of 56 million yuan in the same period last year [7] - The asset-liability ratio stood at 29.63% at the end of the third quarter of 2025, a decrease of 6 percentage points from the beginning of the year, indicating a low leverage level within the military industry [7] - Accounts receivable decreased by 23.09% year-on-year, reflecting improved collection efforts [7] Future Outlook - The company is expected to continue its growth trajectory, with net profits projected to reach 2.10 billion yuan in 2025, 2.48 billion yuan in 2026, and 2.92 billion yuan in 2027, corresponding to P/E ratios of 48, 41, and 34 respectively [7]