Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company's performance is under pressure due to a decline in overseas orders influenced by US-China trade tensions, with a 16% year-on-year drop in non-recurring profit for the first three quarters of 2025 [2] - The company reported a revenue of 346 million yuan for the first three quarters of 2025, a year-on-year increase of 4.64%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 3.92% year-on-year [2] - The gross profit margin for the first three quarters of 2025 was 41.04%, down 0.58 percentage points year-on-year, and the net profit margin was 19.03%, down 1.73 percentage points year-on-year [2] Financial Performance Summary - For 2025, the company expects total revenue to reach 580.67 million yuan, with a year-on-year growth of 20.01%, and a net profit attributable to the parent company of 137.77 million yuan, reflecting a year-on-year increase of 28.50% [1][10] - The company’s earnings per share (EPS) for 2025 is projected to be 1.09 yuan, with a price-to-earnings (P/E) ratio of 30.40 based on the latest diluted EPS [1][10] - The company’s contract liabilities increased by 31% compared to the beginning of the year, driven by customer prepayments for high-pressure sterilization equipment [3] Business Development and Market Position - The company has significant advantages in the rubber hose industry and is expanding horizontally into liquid cooling, nuclear power, and marine hoses, while vertically integrating high-pressure equipment to enter the food processing sector [4] - The company has completed sample trials for various nuclear power hoses and is in the process of supplying samples for liquid cooling hoses to potential customers [4] - The company is focusing on the high-pressure industry chain and steadily advancing its business layout in high polymer materials and high-pressure equipment [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q3 revenue increased by 9% year-on-year, continuing a steady growth trend, with total revenue for the first three quarters reaching 4.7 billion yuan, also up 7% year-on-year [2] - The gross profit margin remains stable at a high level, with a slight decrease in sales gross margin to 50.2%, while the net profit margin improved to 19.8% [3] - The company is advancing a forward-looking, diversified, and international strategy, positioning itself for long-term stable growth [4] Financial Performance Summary - For 2023A, total revenue is projected at 5.605 billion yuan, with a year-on-year growth of 9.24% [1] - The net profit attributable to the parent company is expected to be 910.20 million yuan, reflecting a year-on-year increase of 0.83% [1] - The latest diluted EPS is forecasted at 0.54 yuan per share, with a P/E ratio of 26.42 [1] - The company achieved a Q3 operating cash flow of 420 million yuan, a significant increase of 67% year-on-year [2] - The company’s operating expenses as a percentage of revenue decreased, indicating improved cost control [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 net profit reached a record high, driven by increased investment income, with a year-on-year growth of 173.4% in Q3 [7] - The total revenue for the first three quarters was 8.4 billion yuan, a decrease of 55.3% year-on-year, primarily due to changes in revenue recognition rules for trading business [7] - The report projects an increase in net profit for 2025-2027, adjusting the estimates to 6.5 billion, 7.3 billion, and 8.0 billion yuan respectively [7] Financial Performance Summary - For 2023, total revenue is projected at 23.823 billion yuan, with a year-on-year decrease of 31.5% [1] - The net profit attributable to the parent company for 2023 is estimated at 729 million yuan, reflecting an 8.3% increase year-on-year [1] - The earnings per share (EPS) for 2023 is expected to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 30.67 [1] Revenue Breakdown - Investment income for the first three quarters increased by 24.7% year-on-year, totaling 710 million yuan [7] - The net income from fees remained stable at 400 million yuan for the first three quarters, showing a 4.3% increase year-on-year [7] - Interest income decreased by 11.8% year-on-year, totaling 330 million yuan for the first three quarters [7] Expenditure Overview - Total expenditure for the first three quarters was 8.4 billion yuan, a decrease of 55.3% year-on-year [7] - Business and management expenses were 630 million yuan, showing a slight decrease of 0.1% year-on-year [7] - Credit impairment losses increased significantly by 327% year-on-year, amounting to 60 million yuan [7] Asset and Equity Position - As of the end of Q3, the net assets attributable to the parent company were 13.1 billion yuan, an increase of 2.6% from the beginning of the year [7] - The company's total assets are projected to reach 71.694 billion yuan by 2025 [14]

证券研究报告·宏观报告·宏观深度报告 FedNote#11 技术帖：美联储是如何决策加息降息的？ 2025 年 10 月 29 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 研究助理 王茁 执业证书：S0600124120013 wangzhuo@dwzq.com.cn 相关研究 《"十五五建议"的三大亮点：消费、 科技、财政金融》 2025-10-28 《美国 CPI 势弱，联储 10 月降息几无 悬念 》 2025-10-26 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：特定的历史时期赋予美联储特定的使命，对美联储加息降息 决策起决定性作用。美联储从最初的金融系统稳定者、没有独立性的二 战"印钞机"逐步演变为以就业最大化与物价稳定为双重使命、以泰勒 规则为定量参考决策加息降息的 ...

证券研究报告·公司点评报告·一般零售 北京人力（600861） 2025 三季报点评：利润率稳定，业绩承诺有 望实现 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） | 38,312 | 43,032 | 45,182 | 48,378 | 50,639 | | 同比（%） | 18.47 | 12.32 | 5.00 | 7.07 | 4.67 | | 归母净利润（百万元） | 547.98 | 791.40 | 1,160.74 | 1,029.11 | 1,098.55 | | 同比（%） | 32.24 | 44.42 | 46.67 | (11.34) | 6.75 | | EPS-最新摊薄（元/股） | 0.97 | 1.40 | 2.05 | 1.82 | 1.94 | | P/E（现价&最新摊薄） | 19.37 | 13.41 | 9.14 | 10.31 | 9.66 | [Table_Tag] ...

[Table_Tag] [Table_Summary] 投资要点 2025 年 10 月 29 日 证券分析师 孙婷 证券研究报告·行业点评报告·非银金融 非银金融行业点评报告 公募持仓观察：保险持仓环比下降，券商及 互金持仓环比基本持平——25Q3 非银板块 公募持仓分析 增持（维持） 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/10/28 2025/2/26 2025/6/27 2025/10/26 非银金融 沪深300 相关研究 《广发中证港股通非银 ETF （513750.SH）：业绩高增筑底，估值 修复在途，保险板块景气回升助力港 股通非银稳健领跑》 2025-10-28 《业绩高增长或将驱动保险/券商股 2025-10-26 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 估值修复》 ◼ 事件：2025 年公募基金三季报发布完毕，2025 年三季度末 ...

立高食品（300973） 2025 年三季报点评：收入端稳健，成本拖累 利润端 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） | 3,499 | 3,835 | 4,380 | 4,970 | 5,466 | | 同比（%） | 20.22 | 9.61 | 14.20 | 13.47 | 9.97 | | 归母净利润（百万元） | 73.03 | 267.97 | 333.22 | 409.68 | 468.86 | | 同比（%） | (49.21) | 266.94 | 24.35 | 22.94 | 14.44 | | EPS-最新摊薄（元/股） | 0.43 | 1.58 | 1.97 | 2.42 | 2.77 | | P/E（现价&最新摊薄） | 94.29 | 25.69 | 20.66 | 16.81 | 14.69 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提 ...

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]