电子/元件 2025Q3 利润同环比均高增，BT 载板迎来强势增长期 ——公司信息更新报告 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 21.22 | | 一年最高最低(元) | 25.09/9.26 | | 总市值(亿元) | 360.67 | | 流通市值(亿元) | 320.53 | | 总股本(亿股) | 17.00 | | 流通股本(亿股) | 15.10 | | 近 3 个月换手率(%) | 553.72 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-10 2025-02 2025-06 兴森科技 沪深300 相关研究报告 《2025Q1 归母净利润扭亏，FCBGA 处于业务放量关键时期》-2025.4.29 陈蓉芳（分析师） 刘琦（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 liuqi1@kysec.cn 证书编号：S0790525020001 2025Q3 利润显著提升，维持"买入"评级 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded expectations in Q3 performance, indicating potential growth at the bottom of the cycle. The revenue for the first three quarters of 2025 was 23.55 billion yuan, a year-on-year decrease of 6.46%, while the net profit attributable to the parent company was 2.374 billion yuan, down 22.14% year-on-year. The Q3 net profit was 805 million yuan, a slight decrease of 2.38% year-on-year and 6.61% quarter-on-quarter, which is better than expected. The increase in coal prices was limited, and new projects contributed positively to performance [6][7][8]. Summary by Sections Financial Performance - In Q3 2025, the average price of thermal coal was 643 yuan/ton, with a quarter-on-quarter decrease of 4.61% and a year-on-year decrease of 21.18%. The average prices of main products such as urea, acetic acid, and others showed varying changes, with most experiencing a quarter-on-quarter decline [7][8]. - The company plans to invest in a gasification platform upgrade project with a total investment of 3.039 billion yuan and a construction period of 18 months. Additionally, a 300,000-ton TDI project is planned with an estimated investment of 5.488 billion yuan, expected to be completed by the end of 2027 [8]. Earnings Forecast - The company maintains its earnings forecast for 2025-2027, expecting net profits attributable to the parent company to be 3.470 billion, 4.555 billion, and 5.679 billion yuan respectively, with corresponding EPS of 1.63, 2.15, and 2.67 yuan per share. The current stock price corresponds to P/E ratios of 15.8, 12.0, and 9.6 times for the respective years [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has shown a high growth in Q3 performance, with a year-on-year revenue increase of 19% for the first three quarters, and a net profit growth of 51.5% [5] - The revenue from the pharmaceutical and electronic materials segments has significantly contributed to the overall revenue growth, indicating a stable development in the materials sector [5][6] - The company is expected to benefit from state-owned capital control, which is anticipated to stabilize operations and support long-term growth [5] Financial Summary - For Q3 2025, the company reported a revenue of 4.95 billion yuan, up 23.8% year-on-year and 7.1% quarter-on-quarter [5] - The net profit for Q3 was 1.15 billion yuan, reflecting a year-on-year increase of 27.5% [5] - The gross margin and net margin for Q3 were 48.66% and 23.17%, respectively, showing slight declines from the previous quarter but improvements year-on-year [6] - The company forecasts net profits of 3.35 billion, 4.03 billion, and 4.60 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.93, 2.32, and 2.65 yuan per share [5][9] Market Position and Growth Drivers - The company is positioned as a leading player in the OLED materials sector, which is expected to benefit from the launch of TCL Huaxing's high-generation production line, enhancing demand for OLED materials [6] - The expansion into downstream terminal materials and the orderly advancement of pharmaceutical intermediates and electronic chemicals capacity are seen as key growth drivers [5][6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector has seen a decline in fund allocation, with the configuration ratio dropping to a new low of 6.4% in Q3 2025 from 8.0% in Q2 2025, indicating a significant reduction in investment interest [5][14] - The white wine sector is expected to reach a performance and valuation bottom, with recommendations to strategically invest in this area due to its relatively low valuation and stable chip structure [8][40] - The beverage and snack sectors are performing well, driven by their essential consumption characteristics and resilience against external market fluctuations [41][43] Summary by Sections Fund Allocation Trends - In Q3 2025, the allocation ratio for food and beverage in all market funds decreased to 6.4%, down 1.6 percentage points from Q2 2025, marking the lowest level since 2020 [5][14] - The allocation ratio for active equity funds in food and beverage fell to 4.1% in Q3 2025, down from 5.6% in Q2 2025, reflecting a continued significant reduction in investment [5][14] White Wine Sector Insights - The proportion of active equity funds heavily invested in white wine decreased from 4.0% in Q2 2025 to 3.2% in Q3 2025, indicating a trend of reduced allocation across both active and passive funds [6][25] - Companies with cleared financial reports, such as Luzhou Laojiao and Shede Liquor, are gaining market favor, while others like Wuliangye and Moutai are seeing reduced holdings [6][25] Performance and Market Dynamics - The food and beverage sector's market value increased by 3.7% in Q3 2025, but it underperformed the CSI 300 index by approximately 18.6 percentage points, ranking fifth from the bottom in the overall market [15][21] - The overall market transaction amount for the food and beverage sector fell to 1.65%, down 1.05 percentage points from the previous quarter, indicating a decline in trading activity [15][21] Investment Recommendations - It is suggested to strategically invest in the white wine sector, focusing on stable companies like Kweichow Moutai and Shanxi Fenjiu, as well as those undergoing market reforms like Shede Liquor [8][40] - For the broader consumer goods sector, attention should be given to companies that benefit from new channels and product categories, such as Wei Long and Ximai Foods [43]

农林牧渔/动物保健Ⅱ 普莱柯（603566.SH） -20% -10% 0% 10% 20% 30% 2024-10 2025-02 2025-06 普莱柯 沪深300 数据来源：聚源 相关研究报告 2025 年 10 月 31 日 投资评级：买入（维持） 日期 2025/10/30 当前股价(元) 13.80 一年最高最低(元) 15.79/11.28 总市值(亿元) 47.76 流通市值(亿元) 47.76 总股本(亿股) 3.46 流通股本(亿股) 3.46 近 3 个月换手率(%) 84.31 股价走势图 《降本增效成果显著，业绩增长稳步 向上—公司信息更新报告》-2025.8.30 《猪苗经营短期承压，禽苗化药发力 增长—公司信息更新报告》-2025.4.26 《费用率偏高业绩短期承压，静待后 周期业绩修复—公司信息更新报告》 -2024.11.3 经营向好，持续推进降本增效 ——公司信息更新报告 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S0790525070003 经营向好 ...

农林牧渔/饲料 天康生物（002100.SZ） 饲料业务量利齐增，生猪养殖降本增效并购扩张 2025 年 10 月 31 日 投资评级：买入（维持） 《生猪养殖稳健经营，蛋白油脂等业 务盈利修复—公司信息更新报告》 -2025.9.2 《养殖成本稳步下降，动保饲料稳健 经营—公司信息更新报告》-2025.4.30 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 7.41 | | 一年最高最低(元) | 8.24/6.00 | | 总市值(亿元) | 101.17 | | 流通市值(亿元) | 101.17 | | 总股本(亿股) | 13.65 | | 流通股本(亿股) | 13.65 | | 近 3 个月换手率(%) | 205.75 | 股价走势图 -20% -10% 0% 10% 20% 30% 2024-10 2025-02 2025-06 天康生物 沪深300 数据来源：聚源 相关研究报告 wanggaozhan@kysec.cn 证书编号：S ...

电子/消费电子 领益智造（002600.SZ） 三季度业绩延续高增长，收并购持续拓展新业务 2025 年 10 月 31 日 投资评级：买入（维持） 陈蓉芳（分析师） 张威震（分析师） zhangweizhen@kysec.cn 证书编号：S0790525020002 三季度利润延续高增长，持续拓展新业务新领域，维持"买入"评级 公司发布 2025 年三季度报告。（1）前三季度，公司实现营收 375.90 亿元，同比 +19.25%；归母净利润 19.41 亿元，同比+37.66%；扣非归母净利润 15.03 亿元，同比 +26.67%；销售毛利率 16.61%，同比+0.74pcts；销售净利率 5.23%，同比+0.77pcts。 （2）第三季度，公司实现营收 139.65 亿元，同比+12.94%，环比+15.12%；归母净 利润 10.12 亿元，同比+41.91%，环比+177.37%；扣非归母净利润 8.97 亿元，同比 +46.47%，环比+261.40%；毛利率 19.20%，同比+1.99pcts，环比+4.19pcts；净利率 7.33%，同比+1.57pcts，环比+4.24pcts。（ ...

医药生物/化学制药 前沿生物（688221.SH） 补体管线研发稳步推进，FB7011 双靶点头对头优效 2025 年 10 月 31 日 投资评级：买入（维持） chaoshuran@kysec.cn 证书编号：S0790123110015 2025Q1-Q3 营业收入稳健增长，看好创新管线布局，维持"买入"评级 公司 2025Q1-Q3 实现营收 1.03 亿元（同比+12.80%，下文皆为同比口径）；归母 净利润-1.60 亿元（+17.39%）。盈利能力方面，Q1-Q3 毛利率为 34.84%（+1.35pct）。 费用方面，Q1-Q3 销售费用率为 63.71%（+11.42pct）；管理费用率为 42.47% （-14.70pct）；研发费用率为 81.13%（-38.18pct）；财务费用率为-0.99%（-9.47pct）。 我们看好公司小核酸管线研发布局带来的长期竞争力，维持 2025-2027 年盈利预 测，预计 2025-2027 年归母净利润分别为-1.76/-1.71/-1.64 亿元，EPS 为 -0.47/-0.46/-0.44 元，当前股价对应 PE 为-30.9/-31.9/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Insights - The company reported a revenue of 5.366 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.69%. Excluding the impact of the wireless vehicle-mounted module business, the revenue from continuing operations increased by 7.32% year-on-year. The net profit attributable to the parent company was 316 million yuan, down 51.50% year-on-year, with a decrease of 2.19% for continuing operations when excluding the same business impact. The company achieved a revenue of 1.659 billion yuan in Q3 2025, a year-on-year decline of 22.56% [4][6] - The demand for intelligent computing modules driven by AI development is growing rapidly, and the acceleration of commercial deployment in robotics is expected to benefit the company continuously. The profit forecast for 2025-2027 has been adjusted to 507 million, 680 million, and 858 million yuan respectively, with the current stock price corresponding to P/E ratios of 40.5, 30.2, and 23.9 times [4][6] - The company has formed strategic partnerships with HeSai Technology and XREAL to enhance its capabilities in robotics and edge AI, focusing on areas such as intelligent perception and low-power AI solutions [5][6] Financial Summary - For 2023A, the company reported a revenue of 7.716 billion yuan, with a year-on-year growth of 36.7%. The net profit attributable to the parent company was 564 million yuan, reflecting a year-on-year increase of 54.5%. The gross margin was 22.6%, and the net margin was 7.3% [6][9] - The projected financials for 2025E include a revenue of 8.328 billion yuan, a net profit of 507 million yuan, a gross margin of 18.0%, and a net margin of 6.1% [6][9] - The company's return on equity (ROE) for 2025E is expected to be 12.3%, with earnings per share (EPS) projected at 0.66 yuan [6][9]

房地产/房地产开发 城投控股（600649.SH） 结转高增助力业绩扭亏，首次股份回购已实施 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 4.68 | | 一年最高最低(元) | 5.97/3.92 | | 总市值(亿元) | 117.21 | | 流通市值(亿元) | 117.21 | | 总股本(亿股) | 25.05 | | 流通股本(亿股) | 25.05 | | 近 3 个月换手率(%) | 72.34 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-10 2025-02 2025-06 城投控股 沪深300 相关研究报告 销售规模有所下降，土储充裕聚焦上海 公司 2025 年前三季度实现销售面积 3.7 万方，同比-37%；实现销售金额 44.6 亿 元，同比-53%，主要在售项目包括露香园二期、璟雲里二期、馥公馆、虹盛里 等。公司上半年暂未新增拿地，2024 年新增黄浦小东门组团地块和闵行华漕镇 项目，同时拿下闵行区杜行、诸翟两个城中村项目，截至上 ...