Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's net profit attributable to shareholders increased by 31% year-on-year in Q3 2025, indicating a significant acceleration in performance growth [2] - The company's revenue for Q3 2025 reached 2.62 billion yuan, up 24.5% year-on-year, with net profit attributable to shareholders at 660 million yuan, reflecting a 30.6% increase [2] - The excavator segment is expected to see substantial revenue growth, with small, medium, and large excavator cylinder revenues increasing by 60%, 5%, and 25% respectively, driven by market share gains [2] - The company's profitability has improved significantly, with a net profit margin of 25.2% in Q3, up 1.2 percentage points year-on-year [3] - The establishment of a hydraulic component production base in Mexico is expected to enhance the company's access to high-end customers in North America [4] Financial Summary - The company's total revenue is projected to grow from 8.985 billion yuan in 2023 to 15.011 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.78% [1] - Net profit attributable to shareholders is forecasted to increase from 2.499 billion yuan in 2023 to 4.141 billion yuan in 2027, reflecting a CAGR of 21.30% [1] - The latest diluted earnings per share (EPS) is expected to rise from 1.86 yuan in 2023 to 3.09 yuan in 2027 [1]

证券研究报告·公司点评报告·电池 星源材质（300568） 2025 年三季报点评：隔膜价格拐点在即，布 局固态电解质膜打造第二成长曲线 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） | 3,013 | 3,541 | 4,059 | 5,378 | 6,390 | | 同比（%） | 4.62 | 17.52 | 14.63 | 32.50 | 18.81 | | 归母净利润（百万元） | 576.33 | 363.83 | 148.87 | 501.24 | 665.20 | | 同比（%） | (19.87) | (36.87) | (59.08) | 236.68 | 32.71 | | EPS-最新摊薄（元/股） | 0.43 | 0.27 | 0.11 | 0.37 | 0.49 | | P/E（现价&最新摊薄） | 29.80 | 47.21 | 115.37 | 34.27 | 25.82 | [T ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The demand for ultra-high voltage direct current transmission is strong, positioning the company as a leader in nuclear fusion power supply [1] - The company is expected to achieve significant revenue growth driven by its stable traditional business and improving profitability in new energy and charging pile sectors [1] - The company has a solid order backlog in ultra-high voltage projects, ensuring long-term industry prosperity [1] Financial Forecasts - Total revenue is projected to grow from 17,061 million RMB in 2023 to 21,874 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.04% [1] - Net profit attributable to shareholders is expected to increase from 1,005 million RMB in 2023 to 2,126 million RMB in 2027, with a CAGR of about 24.64% [1] - The earnings per share (EPS) is forecasted to rise from 0.99 RMB in 2023 to 2.09 RMB in 2027 [1] Market Data - The closing price of the stock is 26.54 RMB, with a market capitalization of approximately 27,034.23 million RMB [6] - The price-to-earnings (P/E) ratio is projected to decrease from 26.89 in 2023 to 12.72 in 2027, indicating an attractive valuation over time [1][10] Operational Insights - The company has shown effective cost control, with operating expenses increasing by only 7.6% year-on-year in the first three quarters of 2025 [1] - The company’s cash flow from operating activities is expected to significantly improve, reaching 6,105 million RMB in 2025 [10]

证券研究报告·公司点评报告·化妆品 上海家化（600315） 2025 年三季报点评：25Q3 收入同增 28.3%， 调改焕新盈利能力显著提升 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） | 6,598 | 5,679 | 6,277 | 6,950 | 7,688 | | 同比（%） | (7.16) | (13.93) | 10.54 | 10.72 | 10.62 | | 归母净利润（百万元） | 500.05 | (833.09) | 412.15 | 484.15 | 603.20 | | 同比（%） | 5.93 | (266.60) | 149.47 | 17.47 | 24.59 | | EPS-最新摊薄（元/股） | 0.74 | (1.24) | 0.61 | 0.72 | 0.90 | | P/E（现价&最新摊薄） | 36.78 | (22.08) | 44.62 | 37.99 | 3 ...

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） | 41,358 | 22,599 | 32,821 | 45,673 | 57,064 | | 同比（%） | (3.35) | (45.36) | 45.23 | 39.16 | 24.94 | | 归母净利润（百万元） | 1,580.63 | 593.55 | 1,058.53 | 3,012.57 | 4,032.59 | | 同比（%） | (47.44) | (62.45) | 78.34 | 184.60 | 33.86 | | EPS-最新摊薄（元/股） | 2.08 | 0.78 | 1.39 | 3.96 | 5.30 | | P/E（现价&最新摊薄） | 29.64 | 78.93 | 44.26 | 15.55 | 11.62 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·电池 湖南裕能（30 ...

证券研究报告·公司点评报告·航空装备Ⅱ 三角防务（300775） 2025 年三季报点评：产能爬坡完成、盈利质 量修复、现金蓄势待发 证券分析师 苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn 证券分析师 许牧 执业证书：S0600523060002 xumu@dwzq.com.cn 证券分析师 高正泰 执业证书：S0600525060001 gaozht@dwzq.com.cn 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） | 2,271 | 1,590 | 1,883 | 2,172 | 2,585 | | 同比 | 21.05 | (30.02) | 18.43 | 15.35 | 19.04 | | 归母净利润（百万元） | 747.00 | 380.05 | 458.94 | 571.44 | 595.69 | | 同比 | 19.58 | (49.12) | 20.76 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong performance in overseas short drama platforms, particularly with FlareFlow, which has reached over 19 million downloads and has strategic partnerships with over 10 major production companies in North America [8] - The company's revenue for the first three quarters of 2025 increased by 25% year-on-year, reaching 1.01 billion yuan, while the net profit attributable to the parent company was -520 million yuan, a decrease of 177% year-on-year [8] - The report predicts a decline in net profit for 2025 to -490 million yuan, but maintains positive forecasts for 2026 and 2027, expecting net profits of 80 million yuan and 560 million yuan respectively [8] Financial Summary - Total revenue for 2023 is projected at 1.41 billion yuan, with a year-on-year growth of 19.44%, while the net profit attributable to the parent company is expected to be 89.44 million yuan, reflecting a significant increase of 124.71% [1] - The company's gross margin improved by 4.4 percentage points to 34.6% in the first three quarters of 2025, despite rising operating costs and increased sales and R&D expenses [8] - The company's earnings per share (EPS) for 2025 is projected to be -0.67 yuan, with a price-to-earnings (P/E) ratio of -40.35 [1][9]

证券研究报告·公司点评报告·航空装备Ⅱ 钢研高纳（300034） 2025 年三季报点评：高景气赛道优势未改， 蓄势以待下一轮业绩弹性 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） | 3,408 | 3,524 | 4,191 | 4,794 | 5,294 | | 同比 | 18.37 | 3.40 | 18.93 | 14.39 | 10.44 | | 归母净利润（百万元） | 319.13 | 248.66 | 264.86 | 328.55 | 375.87 | | 同比 | (5.17) | (22.08) | 6.52 | 24.05 | 14.40 | | EPS-最新摊薄（元/股） | 0.40 | 0.31 | 0.33 | 0.41 | 0.47 | | P/E（现价&最新摊薄） | 41.83 | 53.69 | 50.40 | 40.63 | 35.52 | [Table_Tag] [事件 ...

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 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 | 4,352 | 5,025 | 5,706 | | 同比（%） | 6.41 | 4.32 | 47.75 | 15.46 | 13.54 | | 归母净利润（百万元） | 374.84 | 65.38 | 693.16 | 883.06 | 1,037.40 | | 同比（%） | 18.58 | (82.56) | 960.24 | 27.40 | 17.48 | | EPS-最新摊薄（元/股） | 0.91 | 0.16 | 1.67 | 2.13 | 2.51 | | P/E（现价&最新摊薄） | 59.21 | 339.49 | 32.02 | 25.13 | 21.39 | [Table_ ...

证券研究报告·公司点评报告·白酒Ⅱ 伊力特（600197） 2025 年三季报点评：夯实渠道，筑牢根基 2025 年 10 月 28 日 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） | 2,231 | 2,203 | 1,752 | 1,865 | 2,114 | | 同比（%） | 37.46 | (1.27) | (20.47) | 6.46 | 13.34 | | 归母净利润（百万元） | 339.85 | 285.80 | 189.88 | 225.36 | 286.20 | | 同比（%） | 105.53 | (15.91) | (33.56) | 18.69 | 27.00 | | EPS-最新摊薄（元/股） | 0.72 | 0.60 | 0.40 | 0.48 | 0.60 | | P/E（现价&最新摊薄） | 21.07 | 25.05 | 37.70 | 31.77 | 25.01 | [T ...