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 ...

证券研究报告·公司点评报告·保险Ⅱ 中国平安（601318） 2025 年三季报点评：Q3 单季净利润与 NBV 高增，综合投资收益率明显提升 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） | 913789 | 1028925 | 1076278 | 1141689 | 1217782 | | 同比（%） | 3.8% | 12.6% | 4.6% | 6.1% | 6.7% | | 归母净利润（百万元） | 85665 | 126607 | 141925 | 156422 | 177255 | | 同比（%） | -22.8% | 47.8% | 12.1% | 10.2% | 13.3% | | 每股 EV（元/股） | 76.77 | 78.56 | 83.49 | 88.85 | 94.58 | | PEV | 0.75 | 0.74 | 0.69 | 0.65 | 0.61 | [Table_Tag] [ ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-10-29 宏观策略 [Table_MacroStrategy] 宏观点评 20251028："十五五建议"的三大亮点：消费、科技、财政金融 10 月 28 日，新华社受权发布二十届四中全会审议通过的《中共中央关于 制定国民经济和社会发展第十五个五年规划的建议》和习近平主席《关于 <中共中央关于制定国民经济和社会发展第十五个五年规划的建议>的说 明》。 此前四中全会《公报》发布后，我们通过对比已经基本梳理了"十 五五"和"十四五"的主线逻辑区别，如内需和消费更重要、强调科技自 立自强等，接下来我们主要看看《建议》和《说明》中有哪些增量信息值 得关注，消费、科技、财政金融可能是三大亮点。提高居民消费率是"十 五五"的重要目标。逻辑是：居民消费率明显提高→应对经济下行压力和 有效需求不足→确保"十五五"期间经济增长保持适当速度→实现 2035 年"人均 GDP 达到中等发达国家水平"目标。习主席在《说明》中指出： "2035 年基本实现社会主义现代化，一个重要标志性指标就是人均国内 生产总值达到中等发达国家水平，这要求'十五五'时期经济社会发展保 持适当 ...

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]

证券研究报告·公司点评报告·军工电子Ⅱ 振华科技（000733） 2025 年三季报点评：军品高端元器件升级放 量、民品底部磨底蓄力 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） | 7,789 | 5,219 | 5,729 | 6,837 | 7,862 | | 同比 | 7.19 | (32.99) | 9.76 | 19.35 | 14.99 | | 归母净利润（百万元） | 2,682.09 | 970.18 | 1,082.88 | 1,252.35 | 1,446.71 | | 同比 | 12.57 | (63.83) | 11.62 | 15.65 | 15.52 | | EPS-最新摊薄（元/股） | 4.84 | 1.75 | 1.95 | 2.26 | 2.61 | | P/E（现价&最新摊薄） | 10.98 | 30.35 | 27.19 | 23.51 | 20.35 | 股价走势 -2 ...

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]

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 粤海投资（00270.HK） 2025 年三季报点评：归母净利同增 13.2%， 水务主业稳健&降费增效 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 24,200 | 18,505 | 18,794 | 18,982 | 19,103 | | 同比(%) | 4.33 | (23.53) | 1.56 | 1.00 | 0.64 | | 归母净利润（百万港元） | 3,122 | 3,142 | 4,536 | 4,649 | 4,741 | | 同比(%) | (34.46) | 0.64 | 44.35 | 2.51 | 1.97 | | EPS-最新摊薄（港元/股） | 0.48 | 0.48 | 0.69 | 0.71 | 0.73 | | P/E（现价&最新摊薄） | 14.95 | 14.86 | 10.29 | 10.04 | 9.85 | [T ...

证券研究报告·公司点评报告·通用设备 [Table_Tag] [投资要点 Table_Summary] 2025 年 10 月 28 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 新莱应材（300260） 2025 年三季度报点评：Q3 营收稳健增长，看 好公司持续受益于半导体&液冷双增长极 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） | 2,711 | 2,849 | 3,018 | 3,422 | 3,989 | | 同比（%） | 3.49 | 5.08 | 5.93 | 13.40 | 16.57 | | 归母净利润（百万元） | 235.90 | 226.34 | 254.72 | 314.03 | 414.73 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from the expansion of intelligent driving and industry outreach [1] - The Q3 2025 revenue was 7.69 billion, with a year-on-year growth of 17.72% for the first three quarters [8] - The company is focusing on expanding its production capacity and global strategy, which is anticipated to support future profitability [1][8] Financial Performance Summary - Total revenue forecast for 2023A is 21.91 billion, with a year-on-year growth of 46.71% [1] - Net profit attributable to shareholders for 2023A is projected at 1.55 billion, reflecting a year-on-year increase of 30.57% [1] - The latest diluted EPS for 2023A is estimated at 2.59 yuan per share [1] Revenue and Profit Forecast - Revenue projections for 2025E are 33.38 billion, with a year-on-year growth of 20.87% [1] - Net profit attributable to shareholders for 2025E is forecasted at 2.59 billion, with a year-on-year growth of 29.32% [1] - The P/E ratio for 2025E is expected to be 29.73 [1] Market Data - The closing price is 129.13 yuan, with a market capitalization of approximately 77.07 billion [6] - The company has a P/B ratio of 4.89 and a total asset-liability ratio of 45.73% [7][6] Strategic Developments - The company is expanding its production lines and facilities, with ongoing construction projects increasing from 4.45 billion at the beginning of the year to 8.20 billion by the end of September [8] - The global strategy is progressing, with new production capacities being established in Indonesia, Mexico, and Spain [8]

证券研究报告·公司点评报告·普钢 新兴铸管（000778） 2025 年三季报：符合预期，坚定看好水管网 管材配置机遇 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） | 43,253 | 36,194 | 33,871 | 36,761 | 42,034 | | 同比（%） | (9.44) | (16.32) | (6.42) | 8.53 | 14.34 | | 归母净利润（百万元） | 1,350.82 | 167.44 | 273.33 | 987.89 | 2,712.92 | | 同比（%） | (19.40) | (87.60) | 63.24 | 261.43 | 174.62 | | EPS-最新摊薄（元/股） | 0.34 | 0.04 | 0.07 | 0.25 | 0.68 | | P/E（现价&最新摊薄） | 12.67 | 102.25 | 62.64 | 17.33 | 6.31 | ...