证券研究报告·公司点评报告·消费电子 福立旺（688678） 2025 年三季报点评： Q3 业绩拐点已现，消 费电子&机器人业务两开花 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） | 991.63 | 1,285.18 | 1,792.51 | 2,444.92 | 3,010.91 | | 同比（%） | 6.99 | 29.60 | 39.48 | 36.40 | 23.15 | | 归母净利润（百万元） | 88.49 | 54.53 | 162.18 | 247.01 | 300.97 | | 同比（%） | (45.36) | (38.38) | 197.44 | 52.30 | 21.85 | | EPS-最新摊薄（元/股） | 0.34 | 0.21 | 0.62 | 0.95 | 1.16 | | P/E（现价&最新摊薄） | 83.65 | 135.76 | 45.64 | 29.97 | 2 ...

证券研究报告·宏观报告·宏观点评 宏观点评 20251028 "十五五建议"的三大亮点：消费、科技、财 政金融 ◼ 2、提高居民消费率是"十五五"的重要目标 ◼ 3、"十五五"期间如何促消费？ 2025 年 10 月 28 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn 证券分析师 潘京 执业证书：S0600524120011 panj@dwzq.com.cn 相关研究 《美国 CPI 势弱，联储 10 月降息几无 悬念 》 2025-10-26 《四季度供需分化格局仍将对物价造 成影响》 2025-10-26 东吴证券研究所 1 / 5 宏观点评 东吴证券研究所 2 / 5 请务必阅读正文之后的免责声明部分 ◼ （3）通过完善三次分配环节，提高居民收入比重、缩小收入差距。 ◼ ①初次分配环节，重点是"按贡献决定分配"以提高效率，《建议》提出 "多劳者多得、技高者多得、创新者多得"。 ◼ ②二次分配环节，重点是通过再分配调节以提高公平，《建议》提出"加 强税收、社会 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the growth in power quality and charging stations, with significant overseas expansion and AIDC layout opportunities [1] - The company is expected to benefit from the rapid development of the charging station industry and increasing overseas shipments in energy storage [1] - The report maintains profit forecasts for the company, projecting net profits of 5.0 billion, 6.8 billion, and 8.2 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 24x, 17x, and 15x [1] Financial Performance Summary - Total revenue for 2023 is projected at 2,651 million, with a year-on-year growth of 76.37% [1] - Net profit attributable to shareholders for 2023 is expected to be 402.83 million, reflecting a year-on-year increase of 80.20% [1] - The latest diluted EPS for 2023 is estimated at 1.29 yuan per share, with a P/E ratio of 29.44 [1] Revenue and Profit Forecasts - Revenue is expected to grow to 3,036 million in 2024, 3,799 million in 2025, and 5,270 million in 2026, with respective year-on-year growth rates of 14.53%, 25.14%, and 38.70% [1][8] - Net profit is projected to reach 428.98 million in 2024, 497.75 million in 2025, and 678.12 million in 2026, with year-on-year growth rates of 6.49%, 16.03%, and 36.24% [1][8] Cash Flow and Financial Health - Operating cash flow for the first three quarters of 2025 is reported at 3.5 billion, showing a significant increase of 2858.2% [1] - The company has increased its R&D expenses to 2.19 billion, up 15.6% year-on-year, indicating a commitment to technology iteration and capacity expansion [1] - The asset-liability ratio stands at 51.14%, reflecting the company's financial leverage [6]

证券研究报告·公司点评报告·军工电子Ⅱ 睿创微纳（688002） 2025 年三季报点评：技术驱动与市场拓展协 同发力，为可持续发展奠定坚实基础 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） | 3,559 | 4,316 | 5,228 | 6,192 | 7,265 | | 同比 | 34.50 | 21.28 | 21.14 | 18.44 | 17.32 | | 归母净利润（百万元） | 495.77 | 568.96 | 779.49 | 1,005.47 | 1,133.84 | | 同比 | 58.21 | 14.76 | 37.00 | 28.99 | 12.77 | | EPS-最新摊薄（元/股） | 1.08 | 1.24 | 1.69 | 2.18 | 2.46 | | P/E（现价&最新摊薄） | 75.20 | 65.53 | 47.83 | 37.08 | 32.88 | [Table_ ...

证券研究报告·北交所公司点评报告·交通运输 路斯股份（920419） 2025 三季报点评：25Q3 业绩环比改善，持续 加大国内外市场开拓 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） | 696.31 | 777.64 | 873.17 | 980.45 | 1,094.32 | | 同比 | 26.82 | 11.68 | 12.29 | 12.29 | 11.61 | | 归母净利润（百万元） | 68.40 | 78.36 | 68.79 | 80.43 | 94.12 | | 同比 | 58.58 | 14.57 | (12.21) | 16.91 | 17.02 | | EPS-最新摊薄（元/股） | 0.66 | 0.76 | 0.67 | 0.78 | 0.91 | | P/E（现价&最新摊薄） | 27.26 | 23.80 | 27.11 | 23.18 | 19.81 | [Table_Su ...

证券研究报告·公司点评报告·风电设备 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） | 1,685 | 1,355 | 5,302 | 6,230 | 7,788 | | 同比（%） | 3.22 | (19.63) | 291.43 | 17.50 | 25.00 | | 归母净利润（百万元） | (88.05) | 66.11 | 507.94 | 920.46 | 1,241.18 | | 同比（%） | (143.00) | 175.08 | 668.30 | 81.21 | 34.84 | | EPS-最新摊薄（元/股） | (0.41) | 0.30 | 2.34 | 4.23 | 5.71 | | P/E（现价&最新摊薄） | (214.06) | 285.09 | 37.11 | 20.48 | 15.19 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：竞争加剧 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 3.61 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 23.9%. The net profit attributable to shareholders was 450 million yuan, up 24.9% year-on-year, and the net profit after deducting non-recurring gains and losses was 420 million yuan, an increase of 27.7% year-on-year. The gross margin was 28.6%, down 3.1 percentage points year-on-year [8] - The data center business is experiencing steady growth, with significant demand recovery in the energy storage sector. The company has established ODM cooperation with overseas and leading UPS customers, achieving substantial breakthroughs in the North American market. New products, including the 800V-HVDC, are expected to enhance market share [8] - The company is expected to benefit from the rapid growth in the charging pile and energy storage industries, with profit elasticity anticipated due to its product, research, and channel advantages. The net profit forecasts for 2025-2027 have been adjusted to 590 million, 870 million, and 1.25 billion yuan, respectively, with corresponding P/E ratios of 42, 28, and 20 times [8] Financial Summary - Total revenue is projected to reach 5.53 billion yuan in 2025, with a year-on-year growth of 32.97%. The net profit attributable to shareholders is expected to be 589 million yuan, reflecting a growth of 49.48% [1][9] - The company’s operating cash flow for the first three quarters of 2025 was 490 million yuan, a significant increase of 195.9% year-on-year, indicating improved cash flow management [8] - The company’s total assets are projected to grow to 10.85 billion yuan by 2026, with a debt-to-asset ratio of 41.70% [9]

证券研究报告·公司点评报告·光伏设备 快可电子（301278） 2025 三季报点评：25Q3 出口订单增多，业绩 环比改善 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） | 1,284.99 | 903.39 | 951.00 | 1,120.15 | 1,290.52 | | 同比（%） | 16.86 | (29.70) | 5.27 | 17.79 | 15.21 | | 归母净利润（百万元） | 193.61 | 99.01 | 31.16 | 52.90 | 75.13 | | 同比（%） | 63.48 | (48.86) | (68.53) | 69.77 | 42.02 | | EPS-最新摊薄（元/股） | 2.16 | 1.10 | 0.35 | 0.59 | 0.84 | | P/E（现价&最新摊薄） | 16.41 | 32.09 | 101.97 | 60.07 | 42.29 | [T ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The approval cycle for LED products has been extended, slightly affecting export rhythm in Q3, but a significant increase in both volume and profit is expected in Q4 [9] - Q3 performance met market expectations, with revenue of 5.8 billion yuan, a year-on-year increase of 20%, and net profit attributable to shareholders of 510 million yuan, a year-on-year increase of 82% [9] - The company anticipates a strong Q4 with an expected shipment of over 200 million units, representing a 20% quarter-on-quarter increase, leading to an annual shipment of 700 million units, a year-on-year increase of 60% [9] Financial Forecasts - Total revenue is projected to reach 6.756 billion yuan in 2024, 8.361 billion yuan in 2025, and 9.722 billion yuan in 2026, with year-on-year growth rates of 29.38%, 23.75%, and 16.29% respectively [1][10] - Net profit attributable to shareholders is expected to be 487.84 million yuan in 2024, 724.87 million yuan in 2025, and 1 billion yuan in 2026, with year-on-year growth rates of 246.43%, 48.59%, and 37.97% respectively [1][10] - The latest diluted EPS is forecasted to be 0.42 yuan in 2024, 0.63 yuan in 2025, and 0.87 yuan in 2026 [1][10] Market Data - The closing price of the stock is 18.43 yuan, with a market capitalization of approximately 21.26 billion yuan [6] - The price-to-earnings ratio (P/E) is projected to be 43.59 for 2024, 29.34 for 2025, and 21.26 for 2026 [10] Operational Insights - The company shipped nearly 180 million units in Q3, maintaining a stable quarter-on-quarter performance [9] - The gross margin for Q3 was 19.8%, an increase of 3.3 percentage points year-on-year [9] - The company has seen a decrease in operating expenses, with a total of 460 million yuan for the first three quarters of 2025, down 1.9% year-on-year [9]

证券研究报告·公司点评报告·风电设备 新强联（300850） 2025 年三季报点评：业绩维持高增长，行业 景气回暖与产品结构升级共振 【勘误版】 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） | 2,824 | 2,946 | 4,870 | 6,289 | 7,677 | | 同比（%） | 6.41 | 4.32 | 65.35 | 29.12 | 22.07 | | 归母净利润（百万元） | 374.84 | 65.38 | 842.02 | 1,183.98 | 1,451.99 | | 同比（%） | 18.58 | (82.56) | 1,187.93 | 40.61 | 22.64 | | EPS-最新摊薄（元/股） | 0.91 | 0.16 | 2.03 | 2.86 | 3.51 | | P/E（现价&最新摊薄） | 57.60 | 330.24 | 25.64 | 18.24 | 14.87 ...