Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company has achieved a significant year-on-year increase in net profit attributable to the parent company, with a robust improvement in GTV levels. The report indicates that the company's cost reduction and efficiency enhancement measures have been effective, leading to a recovery in performance growth [3][4] - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 0.07 billion, 0.11 billion, 0.16 billion, 0.27 billion, and 0.32 billion for the years 2025 to 2027, respectively. The corresponding EPS is projected to be 0.14 yuan, with PE ratios of 42.4, 25.3, and 21.0 times [3][4] Financial Performance Summary - For the first nine months of 2025, the company reported operating revenue of 81.65 billion yuan, a year-on-year decrease of 6.81%. However, the net profit attributable to the parent company reached 0.42 billion yuan, a substantial increase of 398.75% year-on-year. The adjusted net profit also saw a significant rise of 173.96% [4] - The company's gross margin and net margin for the first nine months of 2025 were 9.08% and 0.64%, respectively, reflecting increases of 1.72 percentage points and 0.53 percentage points year-on-year [4][5] Business Segment Performance - The company's brokerage business and new housing business have continued to grow steadily. The brokerage business achieved a transaction volume of 54,626 units, a year-on-year increase of 5.6%, while the new housing business saw a transaction volume of 8,150 units, up 0.4%. The asset management business's managed housing scale increased by 8.9% compared to the beginning of the year [5] - The total transaction value (GTV) for the company reached 196.2 billion yuan, representing a year-on-year increase of 5.2%. The contributions from the brokerage, asset management, and new housing businesses were 156.6 billion yuan, 13.7 billion yuan, and 25.9 billion yuan, respectively [5] Financial Projections - The financial projections for the company indicate a gradual increase in operating revenue from 120.92 billion yuan in 2023 to 144.50 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.7% [6][8] - The net profit attributable to the parent company is expected to turn from a loss of 0.848 billion yuan in 2023 to a profit of 0.322 billion yuan by 2027, reflecting a strong recovery trajectory [6][8]

公 司 研 究 安利股份（300218.SZ） Q3 业绩承压，看好鞋材大客户份额提升及新产品、 2025 年 10 月 30 日 基础化工/塑料 投资评级：买入（维持） 日期 2025/10/29 当前股价(元) 16.89 一年最高最低(元) 26.75/11.97 总市值(亿元) 36.65 流通市值(亿元) 36.53 总股本(亿股) 2.17 流通股本(亿股) 2.16 近 3 个月换手率(%) 447.5 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-10 2025-02 2025-06 安利股份 沪深300 相关研究报告 《2024 年业绩大幅增长，鞋材与新需 求持续放量—公司信息更新报告》 -2025.4.15 新需求放量 ——公司信息更新报告 | 金益腾（分析师） 蒋跨跃（分析师） | | | --- | --- | | jinyiteng@kysec.cn | jiangkuayue@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790523120001 | |  | 看好公司鞋材大客户份额提升及新产品、新需 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company reported a revenue of 199 million yuan and a net profit attributable to the parent company of 44.27 million yuan for the first three quarters of 2025, representing a year-on-year growth of 12.56% and 22.79% respectively [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 65 million, 83 million, and 105 million yuan, with corresponding EPS of 0.92, 1.17, and 1.47 yuan per share, leading to PE ratios of 29.0, 22.8, and 18.0 times [5] - The company is focusing on R&D and innovation, with over 10% of annual revenue allocated to R&D since 2022, and is expanding its product applications in AI, big data, and cloud computing [6] Financial Performance - For 2025, the company expects revenue to reach 297 million yuan, with a year-on-year growth of 19.6%, and net profit to be 65 million yuan, reflecting a growth of 36.4% [8] - The gross margin is projected to improve from 49.5% in 2023 to 55.6% in 2027, while the net margin is expected to rise from 16.6% to 23.7% over the same period [11] - The company has a strong cash flow position, with operating cash flow expected to increase from 63 million yuan in 2025 to 190 million yuan in 2026 [10] Market Outlook - The global smart home market is projected to exceed 1.6 trillion yuan in 2024, with China contributing over 35% [7] - The KNX global market is expected to reach 17.92 billion USD by 2031, with a compound annual growth rate (CAGR) of 10.3% from 2025 to 2031 [7] - The residential building sector is the primary application area for KNX products, accounting for 53.4% of the market, indicating strong demand in the smart home sector [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 net profit continues to show high growth, with a significant increase in profitability driven by improved business structure. The advertising sector is expected to maintain high growth due to increased traffic in the esports arena, while the cloud business is anticipated to begin commercial operations [3][4] - For the first three quarters of 2025, the company achieved revenue of 1.509 billion yuan (up 8.04% year-on-year) and a net profit attributable to shareholders of 324 million yuan (up 52.59% year-on-year). Q3 revenue was 498 million yuan (down 15.4% year-on-year, up 15.3% quarter-on-quarter), with a net profit of 162 million yuan (up 39.0% year-on-year, up 84.3% quarter-on-quarter) [3][4] - The company expects net profits for 2025-2027 to be 368 million yuan, 490 million yuan, and 627 million yuan respectively, with corresponding P/E ratios of 43.7, 32.9, and 25.7 times [3] Financial Performance Summary - For Q1-Q3 2025, the gross margin was 45.3% (up 3.6 percentage points year-on-year), with a net profit margin of 23.1% (up 6.3 percentage points year-on-year). The Q3 gross margin was 58.5% (up 15.3 percentage points year-on-year) [3][4] - The company has established over 300 cloud edge computing rooms by the end of 2023, serving more than 500,000 terminals, indicating strong infrastructure for cloud services [4] - The projected revenue for 2025 is 2.291 billion yuan, with a year-on-year growth of 24.5%, and the projected net profit is 368 million yuan, reflecting a year-on-year growth of 46.2% [5][7]

基础化工/农化制品 公 司 研 究 亚钾国际（000893.SZ） 钾肥量利齐升助力 Q3 业绩延续增长，有序推进钾肥 2025 年 10 月 30 日 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/10/29 | | --- | --- | | 当前股价(元) | 44.15 | | 一年最高最低(元) | 44.16/17.70 | | 总市值(亿元) | 407.97 | | 流通市值(亿元) | 358.41 | | 总股本(亿股) | 9.24 | | 流通股本(亿股) | 8.12 | | 近 3 个月换手率(%) | 87.49 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-10 2025-02 2025-06 亚钾国际 沪深300 相关研究报告 《钾肥量利齐升助力业绩高增，新建 产能有序推进—公司信息更新报告》 -2025.8.28 《Q1 业绩高增，钾肥产销保持增长， 有序推进钾肥产能扩张和非钾业务— 公司信息更新报告》-2025.4.25 《Q3 业绩环比改善，持续推进降本增 效及项目建设—公司信息更新报告》 -20 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Insights - The company's revenue for the first three quarters of 2025 reached 311 million yuan, a year-on-year increase of 6.97%, while the net profit attributable to the parent company was 24.98 million yuan, a year-on-year decrease of 20.97% [3] - The automotive business is identified as the core growth engine, although increased expenses have eroded some profits [4] - The company is in a strategic investment phase, focusing on new rubber materials, which may slightly pressure profits in the short term [3][4] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 108 million yuan, a year-on-year increase of 7.89% and a quarter-on-quarter increase of 0.97%, with a net profit of 8.22 million yuan, down 25.46% year-on-year but up 12.10% quarter-on-quarter [3] - The company’s projected net profits for 2025, 2026, and 2027 are estimated to be 42 million yuan, 57 million yuan, and 72 million yuan respectively, with corresponding EPS of 0.27 yuan, 0.36 yuan, and 0.46 yuan [3][7] - The current stock price corresponds to a PE ratio of 114.0 for 2025, 83.8 for 2026, and 66.4 for 2027 [3][7] Business Development and Strategy - The company has multiple ongoing projects, including the construction of new rubber material projects and the expansion of a special rubber and plastic industry technology research institute [5] - New products are nearing mass production, including high-end silicone materials and self-lubricating bearings, which are currently in the customer validation phase [5] - The company is expected to enter a new capacity release phase in the next two years, which is anticipated to drive future performance growth [3][5]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company has shown stable revenue growth with a 15.73% year-on-year increase in revenue for the first three quarters of 2025, reaching 3.15 billion yuan. The net profit attributable to the parent company also increased by 22.03% and 26.63% for the first three quarters, amounting to 248 million and 242 million yuan respectively [4][5] - The company maintains its profit forecast for 2025-2027, estimating net profits of 321 million, 406 million, and 482 million yuan, which corresponds to EPS of 1.89, 2.40, and 2.85 yuan for the respective years [4][5] Revenue and Profitability - In Q3 2025, the company reported revenue of 1.075 billion yuan, a year-on-year increase of 14.82%. The net profit attributable to the parent company was 77 million and 76 million yuan, reflecting a year-on-year increase of 13.63% and 14.17% respectively [4][5] - The company’s gross margin decreased by 2.40 percentage points year-on-year due to rising raw material prices, particularly for baking oils [6] Business Segments and Channels - The frozen baking segment saw a nearly 10% year-on-year revenue increase in the first three quarters of 2025, while the cream and sauce segments experienced approximately 24% growth [5] - The KA channel (Key Account) showed a revenue increase of about 30% year-on-year, driven by strong performance from new products [5] Cost Management and Efficiency - The company has focused on cost control, resulting in a decrease in overall expense ratios despite the pressure from high raw material prices. The sales, management, R&D, and financial expense ratios all saw year-on-year declines [6][7] - The company continues to enhance efficiency by focusing on core products and key customers, optimizing cost control mechanisms, and improving production line management [7] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 4.365 billion yuan, with a year-on-year growth rate of 13.8%. The projected net profit for 2025 is 321 million yuan, reflecting a 19.6% increase [9][11] - The P/E ratios for 2025-2027 are projected to be 21.5, 17.0, and 14.3 respectively, indicating a favorable valuation trend [9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high quarterly revenue, with significant growth potential in the AI data center space. For the first three quarters of 2025, the company reported revenue of 5.032 billion yuan, a year-on-year increase of 19.95%, and a net profit attributable to shareholders of 769 million yuan, up 23.23% year-on-year. The third quarter alone saw revenue of 1.808 billion yuan, a 20.21% increase year-on-year and a 2.51% increase quarter-on-quarter [4][5] - The company maintains a broad product layout to meet the increasing demand from AI data centers, which is expected to drive continued high growth in its data center business. The forecasted net profit for 2025, 2026, and 2027 is 1.077 billion yuan, 1.308 billion yuan, and 1.626 billion yuan respectively, with corresponding P/E ratios of 30.4, 25.1, and 20.2 times [4][6] Financial Summary - For the first three quarters of 2025, the company achieved a gross margin of 36.74%, a slight decrease of 0.57 percentage points year-on-year, while the net profit margin increased by 0.59 percentage points to 17.36% [4] - The revenue from the signal processing segment was 1.819 billion yuan, up 9.48% year-on-year, while the power management segment saw revenue of 1.763 billion yuan, a 24.41% increase. The automotive electronics segment experienced a significant growth of 36.10%, with revenue reaching 1.054 billion yuan [5] - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 7.088 billion yuan in 2025 and 10.286 billion yuan in 2027, reflecting year-on-year growth rates of 20.2% and 21.1% respectively [7][9]

Core Insights - The report indicates that the electricity industry is expected to stabilize as the power supply-demand structure shifts to a "wide electricity volume, tight power" scenario during the 14th Five-Year Plan period [3][28] - The overall performance of the dividend style sector has been poor, with electricity demand showing steady growth [3][12] Industry Review - The dividend style sector has underperformed, with the public utility sector and electricity industry lagging behind the CSI 300 index [12] - From Q1 to Q3 of 2025, China's total electricity consumption reached 7.77 trillion kWh, a year-on-year increase of 4.8% [3][18] - The supply-demand structure is expected to remain tight, with comprehensive electricity prices likely to stabilize [28] Electricity Sector - Coal prices have bottomed out and are expected to stabilize electricity prices; from July 2025, coal prices began to rebound, with the Jiangsu electricity market clearing price reaching 395.60 yuan/MWh, an increase of 82.80 yuan/MWh [4][42] - Hydropower remains stable with long-term investment value in a low-interest-rate environment; the net interest margin for hydropower has widened by 69 basis points compared to the previous year [4] - Nuclear power's marketization ratio is gradually increasing, with minimal impact from fluctuations in natural uranium prices [4] - Green electricity policies are becoming clearer, with market reforms entering a deeper phase [5] Grid Equipment - Investment in domestic grid equipment has shown a significant increase, with cumulative bidding amounts reaching 681.88 billion yuan, a year-on-year increase of 22.9% [6] - The export value of primary equipment has also maintained high growth, with liquid medium transformers and high-voltage switches seeing substantial increases [6] Beneficiary Targets - Beneficiary stocks include: - Thermal Power: Huaneng International, Huadian International, China Resources Power, Datang Power, and others [7] - Hydropower: Yangtze Power, Huaneng Hydropower, and others [7] - Nuclear Power: China National Nuclear Power, China General Nuclear Power, and others [7] - Green Power: Longyuan Power, China Power, and others [7] - Grid Equipment: Pinggao Electric, XJ Electric, and others [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually reach an inflection point in performance driven by a new game cycle and AI commercialization [4] - Q3 revenue and net profit margins show signs of resilience despite previous declines, indicating potential for recovery [4] - The company has adjusted its product launch strategies and is seeing improved performance in core gaming products [4] Financial Summary - For Q1-Q3 2025, the company achieved revenue of 4.068 billion yuan, a year-on-year decrease of 9.86%, and a net profit of 724 million yuan, down 33.77% [4] - Q3 revenue was 1.384 billion yuan, with a year-on-year decline of 5.3%, while the net profit margin was 17.5%, down 6.5 percentage points [4] - The gross margin for Q1-Q3 2025 was 58.6%, a decrease of 3.4 percentage points year-on-year [4] Game Performance - The core games "Age of Origins" and "War and Order" have shown stable performance in the U.S. iOS market, with rankings improving over the months [5] - New SLG games "Stellar Sanctuary" and "Next Agers" are nearing commercialization, which is expected to contribute to revenue growth [5] AI Product Development - The company launched the intelligent voice robot avavox, which has significantly improved communication efficiency and reduced operational costs [6] - The global expansion of avavox is anticipated to provide additional revenue streams [6] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.154 billion yuan, 1.724 billion yuan, and 2.604 billion yuan respectively, with corresponding P/E ratios of 20.6, 13.8, and 9.1 [4][7] - Revenue is expected to decline in 2025 but rebound significantly in 2026 and 2027, with growth rates of 36.4% and 28.9% respectively [7]