证券研究报告·公司点评报告·地面兵装Ⅱ 北方导航（600435） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,565 | 2,748 | 5,028 | 5,975 | 6,535 | | 同比 | (7.16) | (22.91) | 82.98 | 18.83 | 9.38 | | 归母净利润（百万元） | 192.23 | 59.04 | 222.94 | 273.75 | 303.85 | | 同比 | 3.90 | (69.29) | 277.62 | 22.79 | 10.99 | | EPS-最新摊薄（元/股） | 0.13 | 0.04 | 0.15 | 0.18 | 0.20 | | P/E（现价&最新摊薄） | 115.02 | 374.52 | 99.18 | 80.77 | 72.77 | [Table_Tag] [事件： Table_Summary] 公司发布 2025 年三季报。公司 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high in new orders in Q3 2025, with a significant growth in AI ASIC business, doubling its quarterly revenue [1] - The company has signed new orders amounting to 3.249 billion yuan in the first three quarters of 2025, surpassing the total for the entire year of 2024 [1] - The revenue structure shows remarkable growth in chip design and mass production businesses, with chip design revenue reaching 428 million yuan in Q3 2025, up 80.23% year-on-year [1] - The company is expected to achieve revenue of 3.813 billion yuan in 2025, with a projected net profit of -76.76 million yuan [1] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 2.338 billion yuan, with a decline of 12.73% year-on-year [1] - The company anticipates a revenue increase of 64.22% in 2025, reaching 3.813 billion yuan [1] - The net profit for 2025 is expected to be -76.76 million yuan, showing an improvement from -600.88 million yuan in 2024 [1] Order and Revenue Growth - New orders in Q1-Q3 2025 reached 3.249 billion yuan, exceeding the total for 2024 [1] - The company has a backlog of orders amounting to 3.286 billion yuan, with a high conversion rate expected [1] - The revenue from chip design and mass production has shown significant growth, with mass production revenue reaching 609 million yuan in Q3 2025, up 157.84% year-on-year [1] Research and Development - R&D investment for the first three quarters of 2025 was 999 million yuan, with a reasonable decrease in the proportion of R&D expenses relative to revenue [1] - The company is focusing on optimizing its R&D structure while improving profitability [1] - The net profit for Q3 2025 was -27 million yuan, indicating a 73% quarter-on-quarter improvement [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance shows a sequential improvement, indicating a bottoming out of its fundamentals [8] - Revenue for the first three quarters of 2025 reached 1.38 billion yuan, a year-on-year increase of 1.0%, while net profit attributable to the parent company was 50 million yuan, down 34.1% year-on-year [8] - The company is expected to continue improving in Q4 2025 and into 2026, driven by new product launches for large B clients, expansion into emerging channels, and enhanced supply chain efficiency [8] Financial Performance Summary - Total revenue forecast for 2023A is 1,901 million yuan, with a year-on-year growth of 27.69%, while 2024A is projected at 1,868 million yuan, a decline of 1.71% [1] - The net profit attributable to the parent company for 2023A is estimated at 134.27 million yuan, reflecting a year-on-year increase of 31.43%, but is expected to decline to 83.69 million yuan in 2024A, a drop of 37.67% [1] - The latest diluted EPS for 2025E is projected at 0.81 yuan, with a P/E ratio of 36.66 [1] - The gross margin for Q3 2025 was 21.2%, a decrease of 1.3 percentage points year-on-year, while the net profit margin was 3.6%, down 1.0 percentage points year-on-year but up 0.2 percentage points quarter-on-quarter [8]

证券研究报告·公司点评报告·风电设备 [Table_Tag] [Table_Summary] 投资要点 ◼ 销售费用环比大幅提升，投资收益+公允价值变动收益贡献较大：公司 25Q1-3 期间费用 46.2 亿元，同比-3.2%，费用率 9.6%，同比-3.7pct。 25Q3 期间费用 18.1 亿元，同环比-12.2%/+23.6%，其中销售费用 5.3 亿 元，同环比-18.0%/+102.4%，销售费用环比提升较多；费用率 9.2%，同 环比-4/+1.5pct；25Q1-3 经营性净现金流净额-6.3 亿元，同比+58.7 亿元， 其中 Q3 经营性现金流净额 23.2 亿元，同比+40.9%，环比+36.3 亿元； 25Q3 末存货 216.5 亿元，较年初+46%。25Q3 公司确认投资净收益 3.95 亿元、公允价值变动净收益 4.74 亿元，主要为股票投资收益；此外， 25Q3 公司确认其他收益 9778 万元。 ◼ 盈利预测与投资评级：我们维持 25 年盈利预测，预计 25 年归母净利润 33.5 亿元；考虑 25 年风机中标价小幅上涨，预计对应 26~27 年风机盈 利能力具备向上弹性，我 ...

Investment Rating - The investment rating for Qingdao Beer is "Buy" (maintained) [1] Core Views - The report highlights that the growth momentum for classic and white beer continues, despite a temporary tax burden affecting profits [8] - The company reported a revenue of 29.367 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.41%, and a net profit attributable to shareholders of 5.274 billion yuan, up 5.70% year-on-year [8] - The report emphasizes the resilience in sales volume and pricing, with significant growth in mid-to-high-end products and a strong performance in emerging channels [8] Financial Summary - Revenue projections for Qingdao Beer are as follows: - 2023A: 33,937 million yuan - 2024A: 32,138 million yuan - 2025E: 33,015 million yuan - 2026E: 34,544 million yuan - 2027E: 36,025 million yuan - Net profit attributable to shareholders is projected to grow from 4,345 million yuan in 2024 to 5,823 million yuan in 2027, reflecting a compound annual growth rate [1][9] - The report forecasts earnings per share (EPS) to increase from 3.19 yuan in 2024 to 4.27 yuan in 2027 [1][9] Sales Performance - For the first three quarters of 2025, total sales volume increased by 1.6%, with classic beer sales up by 4.1% and mid-to-high-end sales up by 5.6% [8] - The report notes that the sales net profit margin improved by 0.24 percentage points to 16.09% in Q3 2025, despite a temporary increase in the income tax rate [8] Market Position - Qingdao Beer maintains a leading position in emerging channels, with a focus on instant retail and new business models that enhance the mid-to-high-end product categories [8] - The report suggests that the beer industry in China is a quality investment opportunity, balancing growth and defensive characteristics, with expectations for improved dividend yields in the future [8]

证券研究报告·公司点评报告·化学制品 嘉必优（688089） 2025 年三季报点评：订单节奏波动致 Q3 经 营降速，预计 Q4 较 Q3 显著优化 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） | 443.80 | 555.59 | 603.91 | 669.93 | 756.21 | | 同比（%） | 2.39 | 25.19 | 8.70 | 10.93 | 12.88 | | 归母净利润（百万元） | 91.37 | 124.21 | 172.18 | 208.11 | 249.50 | | 同比（%） | 41.95 | 35.94 | 38.62 | 20.87 | 19.89 | | EPS-最新摊薄（元/股） | 0.54 | 0.74 | 1.02 | 1.24 | 1.48 | | P/E（现价&最新摊薄） | 45.04 | 33.13 | 23.90 | 19.77 | 16.49 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 4.427 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14.67%, with a net profit of 605 million yuan, up 22.63% year-on-year [7] - The third quarter of 2025 saw a revenue of 486 million yuan, a year-on-year increase of 6.05%, and a net profit of 232 million yuan, up 33.55% year-on-year [7] - The company is experiencing strong growth in its konjac product line, with expectations for continued volume growth [7] - Profit margins exceeded expectations, with a gross margin of 31.6% in Q3 2025, up 1.0 percentage points year-on-year [7] - The company is focusing on optimizing its product and channel structure, leading to improved profitability [7] - The report projects net profits for 2025-2027 to be 823.75 million, 1.00734 billion, and 1.21605 billion yuan respectively, with year-on-year growth rates of 28.72%, 22.29%, and 20.72% [7] Financial Projections - Total revenue is forecasted to reach 5.959 billion yuan in 2025, with a year-on-year growth of 12.35% [1] - The earnings per share (EPS) is expected to be 3.02 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.30 [1] - The company’s net profit margin is projected to improve, with a net profit of 823.75 million yuan in 2025, reflecting a strong upward trend in profitability [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high gross margin, with a significant increase in its European delivery share, now ranking first in the market [1][8] - For the first three quarters of 2025, the company reported a revenue of 4.6 billion yuan, a year-on-year increase of 99.2%, and a net profit attributable to shareholders of 890 million yuan, up 214.6% year-on-year [8] - The company has secured its first overseas heavy deck transport ship construction contract, contributing to incremental performance [8] Financial Forecasts - Total revenue is projected to reach 6.75 billion yuan in 2025, with a year-on-year growth of 78.63% [1] - The net profit attributable to shareholders is expected to be 1.1 billion yuan in 2025, reflecting a year-on-year increase of 132.56% [1] - The earnings per share (EPS) is forecasted to be 1.73 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.46 [1] Market Position - The company holds a 29.1% market share in the European market based on single pile sales amount for the first half of 2025, ranking first [8] - The company's operating cash flow for the first three quarters of 2025 was 1.51 billion yuan, a year-on-year increase of 173.6% [8]

证券研究报告·公司点评报告·非白酒 百润股份（002568） 股价走势 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2024/10/28 2025/2/26 2025/6/27 2025/10/26 百润股份 沪深300 [Table_Tag] [Table_Summary] 投资要点 2025 年 10 月 28 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 2025 年三季报点评：25Q3 实现恢复性增长， 持续关注动销反馈 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） | 3,264 | 3,048 | 3,100 | 3,612 | 4,111 | | 同比（%） | 25.85 | (6.61) | 1.72 | 16.4 ...

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]