电力设备/其他电源设备Ⅱ 三季度业绩符合预期，高功率电源加速开拓全球市场 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 195.00 | | 一年最高最低(元) | 283.00/53.11 | | 总市值(亿元) | 214.22 | | 流通市值(亿元) | 214.22 | | 总股本(亿股) | 1.10 | | 流通股本(亿股) | 1.10 | | 近 3 个月换手率(%) | 360.02 | 股价走势图 数据来源：聚源 -120% 0% 120% 240% 360% 480% 2024-10 2025-02 2025-06 2025-10 欧陆通 沪深300 相关研究报告 《AI 高密化发展，国产高功率服务器 电源龙头崛起—公司首次覆盖报告》 -2025.9.22 | 陈蓉芳（分析师） | 蒋颖（分析师） | 张威震（分析师） | | --- | --- | --- | | chenrongfang@kysec.cn | jiangying@kysec.cn | zhangweizhen@k ...

农林牧渔/养殖业 新希望（000876.SZ） 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 9.73 | | 一年最高最低(元) | 11.88/8.27 | | 总市值(亿元) | 438.10 | | 流通市值(亿元) | 437.78 | | 总股本(亿股) | 45.03 | | 流通股本(亿股) | 44.99 | | 近 3 个月换手率(%) | 57.0 | 股价走势图 -24% -12% 0% 12% 24% 2024-10 2025-02 2025-06 2025-10 新希望 沪深300 数据来源：聚源 相关研究报告 《生猪养殖逐步优化，海外饲料拓展 顺利—公司信息更新报告》-2025.4.30 《生猪养殖利润修复，饲料业务经营 稳健—公司信息更新报告》-2024.11.4 饲料销量稳增经营向好，生猪持续降本增效 ——公司信息更新报告 | 陈雪丽（分析师） | 王高展（分析师） | | --- | --- | | chenxueli@kysec.cn | zhubenlun@kysec ...

煤炭/煤炭开采 山西焦煤（000983.SZ） Q3 业绩环比改善，关注焦煤价格回暖与高分红 2025 年 10 月 31 日 投资评级：买入（维持） 数据来源：聚源 -32% -16% 0% 16% 32% 2024-10 2025-02 2025-06 2025-10 山西焦煤 沪深300 相关研究报告 《煤炭量价齐跌拖累业绩，关注煤矿 成长与价格弹性—公司 2024 年报 &2025 年一季报点评报告》-2025.4.29 《煤炭量价齐跌拖累业绩，关注煤矿 成长与高分红—公司信息更新报告》 -2025.1.25 张绪成（分析师） 程镱（分析师） chengyi@kysec.cn 证书编号：S0790525090001 Q3 业绩承压但环比改善，关注焦煤价格回暖与高分红，维持"买入"评级 日期 2025/10/31 当前股价(元) 7.32 一年最高最低(元) 8.71/5.97 总市值(亿元) 415.56 流通市值(亿元) 339.66 总股本(亿股) 56.77 流通股本(亿股) 46.40 近 3 个月换手率(%) 112.84 司 信 息 更 新 报 告 股价走势图 公司发布 2025 年三季报 ...

Investment Rating - The investment rating for China Life Insurance is "Buy" (maintained) [1] Core Views - The company has shown significant growth in both performance and new business value (NBV), with a 60.5% year-on-year increase in net profit attributable to shareholders, reaching 167.8 billion [4] - The insurance service performance increased by 75.6% year-on-year, driven by rising interest rates and a reduction in insurance service fees under the Variable Fee Approach (VFA) [4] - Investment service performance grew by 55.7% year-on-year, benefiting from stock market gains and effective asset allocation [4] - The company's core solvency ratio is 137.5%, maintaining an A rating for 29 consecutive quarters in the comprehensive risk assessment of insurance companies [4] - The forecast for NBV from 2025 to 2027 is 47.2 billion, 52.9 billion, and 58.1 billion respectively, with year-on-year growth rates of 40.0%, 12.0%, and 10.0% [4] Financial Performance Summary - For the first three quarters of 2025, total premiums reached 669.6 billion, a 10.1% increase year-on-year, with new business premiums at 218.0 billion, up 10.4% [5] - The NBV for the first three quarters increased by 41.8% year-on-year, showing a significant improvement compared to the mid-year results [5] - The total investment income for the first three quarters was 368.6 billion, with a total investment return rate of 6.42%, a 104% increase year-on-year [6] - The company's investment assets reached 7.28 trillion, a 10.2% increase from the end of 2024 [6] Financial Projections - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 178.7 billion, 151.6 billion, and 157.5 billion respectively, with year-on-year growth rates of 67.1%, -15.2%, and 3.9% [7] - The projected embedded value (EV) for the same years is expected to grow by 8.5%, 9.6%, and 9.8% respectively [4][7] - The price-to-embedded value (P/EV) ratios for 2025, 2026, and 2027 are projected to be 0.83, 0.75, and 0.69 respectively [4][7]

Investment Rating - The investment rating for Tianwei Foods is maintained at "Outperform" [1] Core Views - The company's Q3 2025 revenue and net profit slightly exceeded expectations, with revenue of 2.41 billion and net profit of 390 million, reflecting a year-on-year change of +2.0% and -9.3% respectively. Q3 alone saw revenue of 1.02 billion and net profit of 200 million, with year-on-year changes of +13.8% and +8.9% respectively [1][2] - The forecast for net profit from 2025 to 2027 is adjusted to 610 million, 680 million, and 750 million respectively, with corresponding PE ratios of 21.0, 18.7, and 17.0 times [1] Revenue and Profit Analysis - Q3 2025 revenue growth was driven by various product categories, with base sauces, recipe-style seasonings, and others growing by +25.0%, +14.9%, and +121.1% year-on-year respectively. However, sausage and cured meat seasonings saw a decline of 22.2% due to seasonal sales patterns [2] - Online channel revenue grew significantly by 60.6% year-on-year, while offline channels saw a modest increase of 4.5% [2] - Regional performance showed declines in the western and central regions, while eastern, southern, and northern regions experienced revenue growth of 45.6%, 20.9%, and 13.0% respectively [2] Margin and Expense Insights - Gross margin improved by 1.6 percentage points to 40.5%, while net margin decreased by 0.5 percentage points to 20.7% year-on-year. On a quarter-on-quarter basis, gross margin increased by 3.5 percentage points [3] - Overall expense ratio increased by 1.4 percentage points year-on-year, primarily due to a rise in sales expense ratio, which increased by 3.1 percentage points to 10.9% [3] Strategic Outlook - The company is expected to solidify its position in the C-end channel while focusing on the small B channel. The completion of acquisitions such as Shicui and Jiadian Zhiwei is anticipated to enhance channel capabilities, supporting rapid revenue growth during peak seasons [4] - There is an expectation for the company to reduce expenses in traditional supermarket channels while increasing investment in small B channels, aiming for gradual volume growth in these areas [4]

计算机/计算机设备 浪潮信息（000977.SZ） 存货和合同负债彰显下游高景气 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 65.23 | | 一年最高最低(元) | 80.80/41.57 | | 总市值(亿元) | 960.27 | | 流通市值(亿元) | 959.20 | | 总股本(亿股) | 14.72 | | 流通股本(亿股) | 14.70 | | 近 3 个月换手率(%) | 396.63 | 股价走势图 2025 年前三季度公司实现营业收入 1206.69 亿元，同比增长 44.85%；实现归母 净利润 14.82 亿元，同比增长 15.35%。其中，Q3 单季度实现营业收入 404.77 亿 元，同比下滑 1.55%；实现归母净利润 6.83 亿元，同比下滑 1.34%。单季度收入 和利润下滑，我们判断主要与 H20 算力芯片漏洞后门事件影响互联网厂商采购 有关。 存货和合同负债均大幅增长，下游需求仍维持高景气 数据来源：聚源 -20% 0% 20% 40% 60% 80% 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3, with a quarter-on-quarter net profit increase of 271.83%. The report maintains a positive outlook on the company's long-term growth potential, driven by the recovery of lithium prices, increased self-sufficiency in lithium concentrate, and ongoing expansion in the overseas market for civil explosives [6][7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 6.047 billion yuan, a year-on-year increase of 2.07%, and a net profit attributable to the parent company of 334 million yuan, up 116.02% year-on-year. In Q3 alone, revenue reached 2.624 billion yuan, a year-on-year increase of 31.97% and a quarter-on-quarter increase of 39.17%. The net profit for Q3 was 198 million yuan, reflecting a year-on-year increase of 278.06% and a quarter-on-quarter increase of 271.83% [6][7]. Lithium Product Development - The company has successfully developed a new process for synthesizing lithium sulfide using a gas-solid method, which is expected to lead to the construction of a pilot line for lithium sulfide in 2026. This advancement is anticipated to enhance the company's long-term growth prospects [8]. Market Conditions - In Q3 2025, lithium salt prices rebounded significantly due to the suspension of some lithium mines in Jiangxi and the gradual release of production from the company's Zimbabwe Kamativi lithium mine. The average market price for industrial-grade lithium carbonate rose from 63,500 yuan/ton in Q2 to 71,100 yuan/ton in Q3, a quarter-on-quarter increase of 12.03%. The battery-grade lithium carbonate price also increased from 64,600 yuan/ton to 72,400 yuan/ton, reflecting a similar growth trend [7]. Future Earnings Projections - The report maintains its earnings forecast for the company, projecting net profits attributable to the parent company of 580 million yuan, 870 million yuan, and 1.202 billion yuan for 2025, 2026, and 2027, respectively. The expected earnings per share (EPS) for these years are 0.50 yuan, 0.75 yuan, and 1.04 yuan, with corresponding price-to-earnings (P/E) ratios of 40.4, 26.9, and 19.5 times [6][9].

北交所信息更新 北 交 所 研 究 同力股份（920599.BJ） 新能源+无人矿卡赋能盈利能力，2025Q3 末合同负债 1.71 亿在手订单饱满 ——北交所信息更新 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 22.90 | | 一年最高最低(元) | 27.31/11.77 | | 总市值(亿元) | 105.92 | | 流通市值(亿元) | 79.82 | | 总股本(亿股) | 4.63 | | 流通股本(亿股) | 3.49 | | 近 3 个月换手率(%) | 131.29 | 北交所研究团队 2025Q1-3 公司营收 47.96 亿元（+9.45%），归母净利润 5.35 亿元（+16.39%） 2025 前三季度公司实现营收 47.96 亿元，同比增长 9.45%，归母净利润 5.35 亿元， 同比增长 16.39%，其中 2025Q3 实现营收 16.27 亿元，同比增长 3.64%，归母净 利润 2.14 亿元，同比增长 31.22%。我们维持 2025-2027 年盈利预测，我 ...

农林牧渔/养殖业 牧原股份（002714.SZ） 养殖成本优异精益求精，屠宰盈利突破经营向好 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 50.30 | | 一年最高最低(元) | 59.68/35.72 | | 总市值(亿元) | 2,747.77 | | 流通市值(亿元) | 1,916.73 | | 总股本(亿股) | 54.63 | | 流通股本(亿股) | 38.11 | | 近 3 个月换手率(%) | 70.62 | 股价走势图 -20% 0% 20% 40% 60% 2024-10 2025-02 2025-06 2025-10 牧原股份 沪深300 数据来源：聚源 相关研究报告 《高业绩兑现高分红，龙头降本增效 高质量发展—公司信息更新报告》 -2025.8.21 《出栏高增成本下降，龙头持续成长 兑 现 业 绩 — 公 司 信 息 更 新 报 告 》 -2025.4.26 《成本优势显著出栏稳步增长，行业 龙头业绩持续兑现—公司信息更新报 告》-2025.3.21 陈雪丽（分析师） 王 ...

Investment Rating - The investment rating for Midea Group is maintained as "Buy" [1] Core Views - Midea Group has shown steady growth in 2025Q1-3, achieving revenue of 364.72 billion yuan, a year-on-year increase of 13.9%, and a net profit attributable to shareholders of 37.88 billion yuan, up 19.5% [1] - The company has improved its gross margin significantly in Q3 2025, indicating a recovery in profitability, with strong growth in both ToB and ToC businesses [1][2] - The forecast for net profit attributable to shareholders for 2025-2027 has been raised to 44.74 billion, 48.53 billion, and 53.91 billion yuan respectively, with corresponding EPS of 5.8, 6.3, and 7.0 yuan [1] Summary by Sections Business Performance - ToB business segments such as new energy, industrial technology, and robotics have shown robust growth, with revenues of 30.6 billion, 28.1 billion, and 22.6 billion yuan respectively, reflecting year-on-year increases of 21%, 25%, and 9% [2] - ToC business, particularly in smart home products, is expected to achieve double-digit growth, with high-end brands COLMO and Toshiba seeing retail sales growth exceeding 45% [2] Financial Metrics - In Q3 2025, the gross margin was reported at 26.4%, an increase of 0.4 percentage points, indicating improved product structure and pricing strategies [3] - The company’s operating expenses ratio was 15.1%, with a slight increase of 0.6 percentage points, while the net profit margin was 10.6%, down 0.1 percentage points [3] Financial Projections - Revenue projections for 2025-2027 are set at 453.11 billion, 489.20 billion, and 527.74 billion yuan, with year-on-year growth rates of 11.3%, 8.0%, and 7.9% respectively [5] - The net profit attributable to shareholders is projected to grow at rates of 16.1%, 8.5%, and 11.1% for the same period [5]