北交所信息更新 北 交 所 研 究 路斯股份（920419.BJ） 双品牌增强品牌影响力，美国、东南亚等海外市场潜力大 2025 年 10 月 31 日 投资评级：增持（下调） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 18.50 | | 一年最高最低(元) | 34.98/11.60 | | 总市值(亿元) | 19.11 | | 流通市值(亿元) | 17.87 | | 总股本(亿股) | 1.03 | | 流通股本(亿股) | 0.97 | | 近 3 个月换手率(%) | 136.23 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-Q3，营收 6.19 亿元，同比+8%；归母净利润 4678 万元，同比-21% 公司发布 2025 年三季报，2025Q1-Q3，公司实现营收 6.19 亿元，同比增长 7.61%； 实现归母净利润 4678.27 万元，同比下滑 21.09%。由于国内宠物食品竞争加剧、 宠物零食毛利率承压，我们下调 2025-2027 年盈利预测，预计归 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company reported a revenue of 769 million yuan for the first three quarters of 2025, representing a year-on-year growth of 26.71%. However, the net profit attributable to the parent company decreased by 2.68% to 40.99 million yuan [5] - In Q3 2025, the company achieved a revenue of 283 million yuan, a year-on-year increase of 29.06%, while the net profit attributable to the parent company fell by 17.81% [5] - The company has been recognized as a national-level "Little Giant" enterprise, indicating its strong position in the specialized and innovative sector [5] - The hydrogen energy business has shown good growth, with products like nickel strips and nickel plates being utilized in hydrogen production equipment, enhancing the lifespan of electrolysis devices [5] Financial Summary - For 2025, the company is projected to achieve a revenue of 985 million yuan, with a year-on-year growth of 15.6%. The net profit is expected to be 63 million yuan, reflecting a decrease of 6% [8] - The gross margin is forecasted to be 15.0% in 2025, with a net margin of 6.4% [12] - The earnings per share (EPS) for 2025 is estimated at 0.63 yuan, with a price-to-earnings (P/E) ratio of 53.5 times [8][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a year-on-year revenue decline of 21.24% for the first three quarters of 2025, with total revenue of 2.343 billion yuan. However, the net profit attributable to shareholders increased by 81.24% to 167 million yuan. In Q3 alone, revenue was 1.031 billion yuan, showing a slight year-on-year decline of 1.05% but a significant quarter-on-quarter increase of 71.05%. The net profit for Q3 was 50.02 million yuan, marking a return to profitability compared to the previous year, although it decreased by 10.76% quarter-on-quarter [6] - The company is expected to benefit from the ongoing construction of overseas projects, which will gradually reveal its growth potential. The profit forecasts for 2025-2027 are adjusted to 254 million yuan, 452 million yuan, and 708 million yuan respectively, with corresponding EPS of 2.00, 3.55, and 5.57 yuan, leading to PE ratios of 22.3, 12.6, and 8.0 times [6] Financial Summary - For 2025, the company is projected to have a revenue of 3.218 billion yuan, a decrease of 9.7% year-on-year. The net profit is expected to be 254 million yuan, reflecting a growth of 70.7% year-on-year. The gross margin is forecasted to be 9.3%, while the net margin is expected to reach 7.9% [9] - The company’s total assets are estimated to grow from 3.436 billion yuan in 2025 to 6.268 billion yuan by 2027, with a significant increase in equity attributable to shareholders from 2.994 billion yuan to 5.796 billion yuan over the same period [11] Industry Outlook - The demand for biodiesel remains strong, with the price of fatty alcohols maintaining high levels. The company is expected to benefit from this trend as it produces fatty alcohols using waste oils from palm oil processing, which provides a cost advantage [7] - The company is advancing its overseas production capabilities, with a 100,000-ton/year HVO/SAF production line in China and plans for a 200,000-ton/year biodiesel capacity in Singapore. The Thai project is also progressing, with an expected capacity of 300,000 tons/year. Overall, the company’s biodiesel capacity is projected to exceed one million tons, supporting its growth trajectory [8]

煤炭/煤炭开采 平煤股份（601666.SH） 煤价下跌致业绩承压，集团重组打开成长空间 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 8.50 | | 一年最高最低(元) | 10.76/7.22 | | 总市值(亿元) | 209.90 | | 流通市值(亿元) | 209.90 | | 总股本(亿股) | 24.69 | | 流通股本(亿股) | 24.69 | | 近 3 个月换手率(%) | 98.06 | 股价走势图 -32% -16% 0% 16% 32% 2024-10 2025-02 2025-06 2025-10 平煤股份 沪深300 数据来源：聚源 相关研究报告 《煤价下跌致业绩承压，新疆布局和 回购提振信心—公司信息更新报告》 -2025.9.3 《煤种优化对冲煤价下滑，高成长高 分红凸显价值—公司 2024年报点评报 告》-2025.3.21 张绪成（分析师） 程镱（分析师） zhangxucheng@kysec.cn chengyi@kysec.cn 证书编号：S07905250 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's Q3 performance was impacted by a decline in PTA profitability, but there is optimism for a rebound in PTA prices [4][6] - The company achieved a revenue of 67.397 billion yuan in the first three quarters of 2025, a year-on-year decrease of 11.38%, while the net profit attributable to shareholders was 1.549 billion yuan, an increase of 53.83% [4] - The report projects net profits for 2025-2027 to be 2.041 billion yuan, 3.648 billion yuan, and 4.274 billion yuan respectively, with corresponding EPS of 0.85 yuan, 1.52 yuan, and 1.78 yuan [4][7] Financial Summary - For Q3 2025, the company reported a net profit of 0.452 billion yuan, which includes investment income from joint ventures of 0.325 billion yuan and asset disposal gains of 0.279 billion yuan, reflecting a year-on-year increase of 872.09% but a quarter-on-quarter decrease of 6.88% [4][5] - The polyester filament sales volume in Q3 2025 was 3.19 million tons, down 10.9% year-on-year and 7.5% quarter-on-quarter [5] - The average price spread for POY in Q3 2025 was 1,171 yuan/ton, a slight decrease from Q2 [5] Industry Outlook - The report indicates that the domestic polyester filament industry is expected to see a slowdown in new capacity growth, with steady demand leading to an increase in profitability [6] - The PTA industry is anticipated to have limited new capacity in the future, which may enhance pricing power for leading companies [6] - As of late October 2025, PTA price spreads have dropped to around 100 yuan, pushing the industry into deep losses, but there is potential for price increases as production companies seek to recover [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 17.728 billion yuan, down 20.77% year-on-year, and net profit at 198 million yuan, down 86.48% year-on-year. However, the power generation segment achieved record-high output, which partially offset the impact of falling coal prices. The construction of the Haizetang coal mine and advancements in energy storage business are seen as positive developments for long-term growth, leading to an upward revision of profit forecasts for 2025-2027 [4][5][6]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 7.052 billion yuan, a quarter-on-quarter increase of 40.05%, while net profit was 72 million yuan, a decrease of 3.87% quarter-on-quarter. The cumulative power generation for the first nine months was 31.429 billion kWh, with sales of 29.812 billion kWh [4][5]. - The company’s coal production for the first nine months was 11.331 million tons, with sales of 11.3905 million tons. In Q3 alone, coal production was 4.418 million tons, reflecting a quarter-on-quarter increase of 10.4% [5]. Growth Drivers - The Haizetang coal mine construction is progressing rapidly, with 70% of the second phase completed by the end of September 2025. The project is expected to start trial production in July 2026 and reach full production in 2027, providing a solid foundation for future performance [6]. - The energy storage business has made significant technological breakthroughs, including a new solid-state material that reduces costs by 40%-60% compared to traditional solutions, enhancing the company's competitive edge in the sector [6]. Financial Projections - The company forecasts net profits of 580 million yuan, 1.05 billion yuan, and 1.47 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.03 yuan, 0.05 yuan, and 0.07 yuan. The P/E ratios are projected to be 61.0, 33.9, and 24.2 for the same years [7][9].

北交所信息更新 海能技术（920476.BJ） 科学仪器能源领域突破，驱动盈利能力显著增强 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 27.75 | | 一年最高最低(元) | 46.98/8.91 | | 总市值(亿元) | 23.64 | | 流通市值(亿元) | 22.35 | | 总股本(亿股) | 0.85 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 352.82 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-Q3 营收 2.27 亿元，同比+24%，归母净利润 1811 万元 公司发布 2025 年三季报，2025Q1-Q3，公司实现营收 2.27 亿元，同比增长 23.54%； 归母净利润 1810.63 万元，2024 前三季度为-467.78 万元。看好公司多项科学仪 器新产品达行业领先水平，国产替代工作积极进行，我们维持 2025-2027 年盈利 预测，预计 202 ...

2025 年 10 月 31 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（研究员） 证书编号：S0790122080094 蒋 韬（研究员） 证书编号：S0790123070037 相关研究报告 《10 月转债配置：转债估值偏贵，看好 偏 股 低 估 风 格 — 金 融 工 程 定 期 》 -2025.10.17 《量化产品季度点评：300&500 增强 Q3 超额回撤，公募红利量化表现优异—开 源量化评论（113）》-2025.10.11 《有色金属板块的资金行为监测—金融 工程定期》-2025.10.1 ...

北交所信息更新 北 交 所 研 究 五新隧装（920174.BJ） 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 57.02 | | 一年最高最低(元) | 98.99/23.05 | | 总市值(亿元) | 51.32 | | 流通市值(亿元) | 49.61 | | 总股本(亿股) | 0.90 | | 流通股本(亿股) | 0.87 | | 近 3 个月换手率(%) | 339.35 | 北交所研究团队 前三季度矿山水电持续增长、增发审议通过，2025Q1-3 营收 5.84 亿元 ——北交所信息更新 诸海滨（分析师） | zhuhaibin@kysec.cn | | --- | | 证书编号：S0790522080007 | 2025Q1-3 营收 5.84 亿元、归母净利润为 6,621 万元，维持"买入"评级 五新隧装公布三季报，2025Q1-3 实现营业收入 5.84 亿元，同比下降 3.3%；归母 净利润为 6,621 万元，同比下滑 29.5%，扣非净利润降幅达 29.9%。考虑到重大 资 ...

家用电器/小家电 石头科技（688169.SH） 2025Q3 收入延续高增，扣非净利率环比改善 2025 年 10 月 31 日 投资评级：买入（维持） | | | jiangyifeng@kysec.cn 证书编号：S0790124070039 2025Q3 收入延续高增，扣非净利率环比改善，维持"买入"评级 公司发布 2025 年三季度报告，2025Q3 实现营业收入 41.6 亿元（同比+60.7%， 下同），归母净利润 3.6 亿元（+2.5%），扣非归母净利润 3.4 亿元（+3.0%）。考 虑到 2025Q3 内销业务受国补暂停、推出自补影响，我们下调 2025-2027 年盈利 预测，预计 2025-2027 年归母净利润为 15.3/23.8/31.4 亿元（2025-2027 年原值为 20.2/30.8/39.2 亿元），对应 EPS 为 5.90/9.18/12.12 元，当前股价对应 PE 为 27.7/17.8/13.5 倍，公司自 2024Q3 起采取品牌优先策略，收入规模快速提升，继 续看好公司未来收入高增，净利率环比持续改善，维持"买入"评级。 2025Q3 内外销持续高增， ...