证券研究报告·公司点评报告·休闲食品 甘源食品（002991） 2025 年三季报点评：营收增速转正，净利率 改善 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） | 1,848 | 2,257 | 2,260 | 2,452 | 2,646 | | 同比（%） | 27.36 | 22.18 | 0.13 | 8.46 | 7.94 | | 归母净利润（百万元） | 329.06 | 376.19 | 260.11 | 401.50 | 478.32 | | 同比（%） | 107.82 | 14.32 | (30.86) | 54.36 | 19.13 | | EPS-最新摊薄（元/股） | 3.53 | 4.04 | 2.79 | 4.31 | 5.13 | | P/E（现价&最新摊薄） | 15.41 | 13.48 | 19.49 | 12.63 | 10.60 | [Table_Tag] [Table_S ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains a high market share in silver paste, with an estimated market share of approximately 35% [9] - The company is expanding into the semiconductor sector through the acquisition of SKE's blank mask business, which is expected to enhance growth opportunities [9] - Despite challenges such as pressure on gross margins and increased competition, the company shows resilience in profitability and operational cash flow [9] Financial Performance Summary - Total revenue for 2023 is projected at 10,290 million yuan, with a year-on-year growth of 58.21% [1] - The net profit attributable to shareholders for 2023 is estimated at 442.08 million yuan, reflecting a year-on-year increase of 13% [1] - The earnings per share (EPS) for 2023 is expected to be 1.83 yuan, with a price-to-earnings (P/E) ratio of 35.75 [1] Revenue and Profit Forecast - Revenue is forecasted to grow to 12,488 million yuan in 2024, and 14,080 million yuan in 2025, with growth rates of 21.35% and 12.75% respectively [1] - The net profit is expected to decline to 418.01 million yuan in 2024 and further to 353.03 million yuan in 2025, indicating a decrease of 5.45% and 15.54% year-on-year [1] - The company anticipates a rebound in net profit to 502.73 million yuan in 2026 and 648.28 million yuan in 2027, with growth rates of 42.40% and 28.95% respectively [1] Market Position and Strategy - The company has reported a significant increase in silver paste shipments, with Q3 2025 shipments reaching approximately 520 tons, a year-on-year increase of 16% [9] - The acquisition of SKE is aimed at leveraging the low domestic supply of blank masks, which are critical for semiconductor manufacturing [9] - The company plans to optimize expenses and improve operational cash flow, with a focus on maintaining a strong market position [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance has been positively impacted by the significant increase in copper and cobalt prices, leading to a rise in overall profitability [3] - The gross profit margin for the mining segment reached 53%, with copper and cobalt contributing 70% and 13% to the gross profit, respectively [3] - The company achieved a net profit attributable to shareholders of 14.3 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 73% [3] - The earnings forecast for 2025-2027 has been adjusted upwards due to the rise in copper and cobalt prices, with net profits projected at 18.8 billion, 25.5 billion, and 29.7 billion yuan for 2025, 2026, and 2027, respectively [3] Financial Performance Summary - For 2025, the company reported total revenue of 145.5 billion yuan, a year-on-year decrease of 6%, while the net profit for Q3 2025 was 5.61 billion yuan, up 96.4% year-on-year [8][3] - The company’s copper production reached 543,000 tons in the first three quarters of 2025, a year-on-year increase of 14.1%, achieving 86% of its annual target [8][3] - The projected earnings per share (EPS) for 2025 is 0.88 yuan, with a price-to-earnings (P/E) ratio of 19.06 [1][9]

福莱特（601865） 2025 年三季报点评：Q3 出货环比高增，业绩 超预期 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） | 21,524 | 18,683 | 17,151 | 21,381 | 24,422 | | 同比（%） | 39.21 | (13.20) | (8.20) | 24.66 | 14.22 | | 归母净利润（百万元） | 2,760 | 1,007 | 1,039 | 1,667 | 2,181 | | 同比（%） | 30.00 | (63.52) | 3.22 | 60.42 | 30.86 | | EPS-最新摊薄（元/股） | 1.18 | 0.43 | 0.44 | 0.71 | 0.93 | | P/E（现价&最新摊薄） | 14.19 | 38.89 | 37.68 | 23.49 | 17.95 | [Table_Tag] [Table_Summary] 投资要点 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights a significant increase in net profit and new business value (NBV) for Q3, with a notable improvement in comprehensive investment returns [1][7] - The company's net profit for the first three quarters reached 132.9 billion yuan, a year-on-year increase of 11.5%, with Q3 showing a 45.4% increase [7] - The report indicates strong performance across the company's main business segments, particularly in life insurance and asset management, with a substantial reduction in losses in the asset management sector [7] Financial Performance Summary - Total revenue for 2023 is projected at 913.79 billion yuan, with a year-on-year growth of 3.8% [1] - The net profit attributable to shareholders for 2023 is forecasted at 85.665 billion yuan, reflecting a year-on-year decline of 22.8% [1] - The company’s net asset value at the end of Q3 was 986.4 billion yuan, an increase of 6.2% from the beginning of the year [7] Business Segment Performance - Life insurance NBV increased by 46.2% year-on-year for the first three quarters, with Q3 showing a 58.3% increase [7] - The property insurance segment experienced steady premium growth, with a combined cost ratio improving by 0.8 percentage points to 97.0% [7] - The asset management sector turned profitable, with a significant year-on-year improvement in operational profit [7] Investment Insights - The total investment scale of the company exceeded 6.41 trillion yuan, growing by 11.9% since the beginning of the year [7] - The non-annualized comprehensive investment return rate reached 5.4%, an increase of 1.0 percentage points year-on-year, attributed mainly to the stock market rebound [7] - The report projects an upward revision of net profit forecasts for 2025-2027, with expected profits of 141.9 billion yuan, 156.4 billion yuan, and 177.3 billion yuan respectively [7]

Macro Strategy - The core focus of the "15th Five-Year Plan" emphasizes consumption, technology, and fiscal finance as key highlights, with a significant goal of increasing the resident consumption rate to stimulate economic growth and address downward economic pressures [1]. Fixed Income - The overall credit expansion across industries is moderate, with structural differentiation being the main theme. While some sectors are actively leveraging, the overall leverage increase remains limited, indicating a cautious approach towards maintaining liquidity [2]. - Industries currently experiencing credit expansion include light manufacturing, electronics, and public utilities, characterized by stable cash flows and clear policy guidance, suggesting potential opportunities for credit bond investments [2]. - Conversely, sectors like real estate and food and beverage are facing credit contraction, necessitating a macroeconomic recovery to boost demand [2]. Industry Reports - The "Guangfa CSI Hong Kong Stock Connect Non-Bank ETF" focuses on the insurance sector, showcasing a unique market position with a reasonable valuation and strong dividend yield, indicating good long-term investment potential [4]. - The ETF has shown robust liquidity and growth, with an average daily trading volume of 1.818 billion yuan, reflecting strong institutional demand for high-dividend financial assets [4]. - The insurance sector is expected to benefit from a recovery in market conditions, with the ETF's performance being supported by the overall improvement in the insurance industry's outlook [4]. Company-Specific Insights - Shenghong Co., Ltd. is projected to see a steady increase in net profit from 500 million yuan in 2025 to 820 million yuan in 2027, benefiting from the rapid growth in the charging pile industry and overseas market expansion [6]. - Keda Technology is expected to experience significant profit growth, with net profits forecasted to rise from 590 million yuan in 2025 to 1.25 billion yuan in 2027, driven by the booming charging pile and energy storage sectors [7]. - Hai Li Wind Power reported a substantial revenue increase of 246% year-on-year in the first three quarters of 2025, with a net profit of 350 million yuan, indicating strong operational performance despite short-term pressures [8]. - The company "Xingyuan Material" is adjusting its profit forecasts due to declining separator prices, with expected net profits of 150 million yuan in 2025, down from previous estimates, but still maintaining a "buy" rating due to long-term growth potential [27]. Recommendations - The report recommends focusing on companies with stable cash flows and manageable refinancing pressures in sectors facing credit contraction, while also highlighting opportunities in industries showing signs of credit expansion [2][4]. - Specific companies such as "Huanlan Environment" and "Green Power" are highlighted for their strong positioning in the environmental sector, which is expected to benefit from policy support and market demand [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first three quarters of 2025 reached 1.986 billion yuan, a year-on-year increase of 4.40%, while the net profit attributable to shareholders was 415 million yuan, a year-on-year decrease of 32.55% [1][8] - The decline in profit is attributed to a high base effect, adjustments in the delivery schedule of military orders, and fluctuations in raw material costs impacting short-term profitability [8] - The company's gross margin decreased to 41.18% from 46.76% in the same period last year, and the net profit margin fell from 30.31% to 20.49%, indicating ongoing cost pressures [8] - Despite the profit growth slowdown, the company has significantly increased its R&D investment to 177 million yuan, up 85.03% year-on-year, demonstrating a commitment to core technology development [8] Financial Summary - Revenue Forecast: - 2023A: 2,518 million yuan - 2024A: 2,450 million yuan - 2025E: 2,694 million yuan - 2026E: 3,059 million yuan - 2027E: 3,539 million yuan [1][9] - Net Profit Forecast: - 2023A: 873.17 million yuan - 2024A: 741.18 million yuan - 2025E: 761.01 million yuan - 2026E: 1,074.92 million yuan - 2027E: 1,285.82 million yuan [1][9] - The company's asset-liability ratio as of Q3 2025 was 36.03%, up from 28.45% year-on-year, but still within a safe range [8] - The net cash flow from operating activities for the first three quarters of 2025 was 288 million yuan, a significant increase of 179.27% year-on-year [8] Valuation Metrics - The company is expected to have a P/E ratio of 32, 22, and 19 for the years 2025, 2026, and 2027 respectively [1][9] - The projected EPS for 2025, 2026, and 2027 are 0.92 yuan, 1.29 yuan, and 1.55 yuan respectively [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 3.926 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.98%. The net profit attributable to shareholders was 623 million yuan, a slight decrease of 3.31% year-on-year. Despite the minor decline in profit, the performance reflects strong fundamental resilience [7] - The gross profit margin was 45.67%, down 7.92 percentage points year-on-year, primarily due to fluctuations in raw material costs and adjustments in product structure. The net profit margin was 15.87%, which remains at a relatively high level within the electronic components industry, indicating robust profitability in core operations [7] - The company's asset-liability structure is stable, with a debt ratio of 18.20%, slightly down by 0.25 percentage points year-on-year, indicating a low overall leverage level and a secure financial structure [7] - Cash flow performance is solid, with a net cash flow from operating activities of 642 million yuan, significantly higher than the net profit of 623 million yuan, indicating high profit quality and good cash conversion ability [7] - The company maintains its previous profit forecasts, expecting net profits attributable to shareholders to be 1.083 billion yuan, 1.252 billion yuan, and 1.447 billion yuan for 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 27, 24, and 20 times [7] Financial Summary - For 2023, the total revenue is projected at 7.789 billion yuan, with a year-on-year growth of 7.19%. The net profit attributable to shareholders is expected to be 2.682 billion yuan, reflecting a year-on-year increase of 12.57% [1] - The company anticipates total revenues of 5.219 billion yuan in 2024, with a significant decline of 32.99% year-on-year, followed by a recovery to 5.729 billion yuan in 2025, representing a growth of 9.76% [8] - The earnings per share (EPS) for 2023 is estimated at 4.84 yuan, dropping to 1.75 yuan in 2024, and gradually increasing to 2.61 yuan by 2027 [1][8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in the first three quarters of 2025, with a revenue of 2.721 billion yuan, representing a year-on-year increase of 1.9%. The net profit attributable to the parent company reached 386 million yuan, up 2.6% year-on-year [7] - The company has a strong order backlog and cash flow, with contract liabilities amounting to 2.355 billion yuan, a year-on-year increase of 13.6% [7] - The company is benefiting from both domestic and international market growth, with significant partnerships established with leading battery manufacturers such as CATL, BYD, and Tesla [7] Financial Summary - The total revenue forecast for 2023 is 3.932 billion yuan, with a projected growth of 27.32% in 2025 [1] - The net profit attributable to the parent company is expected to reach 584 million yuan in 2025, reflecting a growth rate of 78.96% [1] - The earnings per share (EPS) is projected to be 0.97 yuan in 2025, with a price-to-earnings (P/E) ratio of 33.68 [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit attributable to shareholders increased by 13.2% year-on-year, driven by stable water business and cost reduction efforts [7] - The water resources segment showed steady performance, with revenue from the Dongshen water supply project increasing, and overall water supply revenue up by 2.6% [7] - The report adjusts the net profit forecasts for 2025-2027 upwards due to better-than-expected cost reduction and efficiency improvements, projecting net profits of HKD 45.36 billion, HKD 46.49 billion, and HKD 47.41 billion respectively [7] Financial Performance Summary - For Q1-Q3 2025, the company reported total revenue of HKD 14.281 billion, a year-on-year increase of 1.3%, and a pre-tax profit of HKD 6.241 billion, up by 9.5% [7] - The water resources business generated revenue of HKD 5.242 billion, with a pre-tax profit contribution of HKD 3.596 billion [7] - The property segment, specifically the Yuehai Tianhe City, saw a pre-tax profit increase of 11.3% to HKD 767 million [7] Earnings Forecast and Valuation - The earnings per share (EPS) is projected to be HKD 0.69 for 2025, with a price-to-earnings (P/E) ratio of 10.29 [1][8] - The report anticipates a dividend payout ratio of 65% for 2025, resulting in a forecasted dividend yield of 6.3% [7]