当升科技（ [Table_StockNameRptType] 300073） 公司点评 固态深度布局，三元正极加速出海 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-21 | | | [Table_BaseData] 收盘价（元） | | 61.81 | | 近 12 个月最高/最低（元） | 76.11/33.47 | | | 总股本（百万股） | 544 | | --- | --- | | 流通股本（百万股） | 506 | | 流通股比例（%） | 92.96 | | 总市值（亿元） | 336 | | 流通市值（亿元） | 313 | [公司价格与沪深 Table_Chart] 300 走势比较 -39% -15% 10% 34% 58% 11/24 2/25 5/25 8/25 当升科技 沪深300 ⚫ 公司产品种类丰富，各类新品研发进展顺利 公司已在高镍、中镍高电压、磷酸铁锂及下一代固态电池材料等领域 形成完整产品布局。1) 多元材料技术领先：公司高镍、超高镍 NCM/NCA 及中镍高电压等多元材料技术 ...

厦钨新能（ [Table_StockNameRptType] 688778） 公司点评 正极盈利稳健增长，固态电池加速布局 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-11-21 | | [Table_BaseData] 收盘价（元） | 76.20 | | 近 12 个月最高/最低（元） | 91.51/38.76 | | --- | --- | | 总股本（百万股） | 421 | | 流通股本（百万股） | 421 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 321 | | 流通市值（亿元） | 321 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% 10% 50% 89% 129% 11/24 2/25 5/25 8/25 厦钨新能 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 主要观点： ⚫[Table_Summary] 事件：公司发布 2025 年三季报 公司发布 ...

[Table_IndNameRptType] 电力设备 行业周报 锂电材料价格上涨，储能需求持续火热 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 [Table_IndRank] 行业评级：增持 报告日期： 2025-11-19 [Table_Chart] 行业指数与沪深 300 走势比较 -28% -11% 6% 23% 40% 57% 11/24 2/25 5/25 8/25 电力设备 沪深300 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 分析师：王璐 执业证书号：S0010525040001 电话：18301818122 [Table_Report] 相关报告 ⚫ 电网设备：关注"高比例新能源消纳"创新调控方向，烟威特高压登 州升压环评公示 新型电力系统从系统运行端看，需聚焦"高比例新能源消纳"，创新调控 模式。需通过提升惯 ...

三花智控（ [Table_StockNameRptType] 002050） 公司点评 Q3 业绩符合预期，机器人执行器业务进展迅速 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-19 | | | [Table_BaseData] 收盘价（元） | | 42.14 | | 近 12 个月最高/最低（元） | 53.48/21.26 | | | 总股本（百万股） | | 4,208 | | 流通股本（百万股） | | 3,684 | | 流通股比例（%） | | 87.55 | | 总市值（亿元） | | 1,773 | | 流通市值（亿元） | | 1,553 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% 16% 53% 89% 126% 11/24 2/25 5/25 8/25 三花智控 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：邓欣 执业 ...

| [Table_BaseData] 收盘价（元） | 47.59 | | --- | --- | | 近 12 个月最高/最低（元） | 49.78/15.37 | | 总股本（百万股） | 2,001 | | 流通股本（百万股） | 1,472 | | 流通股比例（%） | 73.55 | | 总市值（亿元） | 952 | | 流通市值（亿元） | 701 | [公司价格与沪深 Table_Chart] 300 走势比较 -34% 9% 51% 94% 136% 11/24 2/25 5/25 8/25 天赐材料 沪深300 天赐材料（ [Table_StockNameRptType] 002709） 公司点评 充分受益锂电景气度上升，6F 涨价带动业绩回暖 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-18 | [Table_Author] 分析师：张志邦 | 执业证书号：S0010523120004 | | --- | | 邮箱： zhangzhibang@hazq.com | [Table_CompanyReport] 相关报告 1.25 ...

容百科技（ [Table_StockNameRptType] 688005） 公司点评 盈利短期波动，新业务加速突破 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-18 | | | [Table_BaseData] 收盘价（元） | | 35.40 | | 近 12 个月最高/最低（元） | 40.20/17.34 | | | 总股本（百万股） | 715 | | | 流通股本（百万股） | | 715 | | 流通股比例（%） | | 99.99 | | 总市值（亿元） | | 253 | | 流通市值（亿元） | | 253 | [公司价格与沪深 Table_Chart] 300 走势比较 -37% -14% 10% 34% 57% 11/24 2/25 5/25 8/25 容百科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com [Table_CompanyReport] 相关报告 1.新业务多点开花，三元 ...

东方电缆（ [Table_StockNameRptType] 603606） 公司点评 25Q3 高毛利海缆出货增长，带动季度业绩提升 | | | 报告日期： 2025-11-18 | [Table_BaseData] 收盘价（元） | 62.48 | | --- | --- | | 近 12 个月最高/最低（元） | 73.94/45.22 | | 总股本（百万股） | 688 | | 流通股本（百万股） | 688 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 430 | | 流通市值（亿元） | 430 | [公司价格与沪深 Table_Chart] 300 走势比较 -29% -12% 6% 23% 40% 11/24 2/25 5/25 8/25 东方电缆 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：王璐 执业证书号：S0010525040001 邮箱：wanglu1@hazq.com 主要观点： ⚫[Table_Summary] 2025 前三季度实现归母净利 ...

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at market average prices on the first listing day, ignoring lock-up restrictions. For 2025, as of November 14, the IPO yield for Class A accounts with a 2 billion scale is 2.70%, while Class B accounts with the same scale yield 2.28%. For accounts with a 10 billion scale, Class A yields 0.98%, and Class B yields 0.75%[2][10][39] - The report calculates theoretical IPO yields using Class A average winning rates. The formula for calculating full subscription yield is: $ Full subscription quantity = Maximum subscription limit × Class A average winning rate $ $ Full subscription yield = (First board price - IPO price) × Full subscription quantity $ The highest full subscription yields are 98.18 million yuan for Xi'an Yicai-U, 78.03 million yuan for Heyuan Bio-U, and 16.37 million yuan for Bibet-U[37][39][40] - The report measures IPO yields for different account scales, assuming Class A accounts participate in all IPOs, with Sci-Tech Innovation Board and ChiNext quotes fully included. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for recent IPOs are calculated based on Class A average winning rates. For example, Xi'an Yicai-U yields 14.24 million yuan for 2 billion accounts and 94.91 million yuan for 10 billion accounts[39][41][42] - Monthly IPO yields for Class A accounts are tracked, assuming all quotes are included and funds are utilized at 90% efficiency. For 2025, the cumulative yield for 2 billion accounts is 2.70%, with monthly yields varying across different scales. For instance, in October 2025, the yield for 2 billion accounts is 61.05 million yuan, while for 10 billion accounts, it is 219.56 million yuan[42][43][44] - Class B accounts are also analyzed for IPO yields under similar assumptions. For 2025, the cumulative yield for 2 billion accounts is 2.28%. Monthly yields are calculated, such as 25.80 million yuan for 2 billion accounts in October 2025 and 60.53 million yuan for 10 billion accounts[46][47][48]

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company reported significant growth in the first three quarters of 2025, with total revenue reaching 16.642 billion yuan, a year-on-year increase of 5.45%, and net profit attributable to shareholders of 5.321 billion yuan, up 33.37% year-on-year [5][6] - The performance was driven by the production of methionine and the recovery of vitamin prices, despite some pressure from BASF's restored supply [6][7] - The new materials and flavoring segments also showed steady growth, contributing to the overall performance [6][9] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 5.541 billion yuan, a year-on-year decrease of 6.66% and a quarter-on-quarter decrease of 2.11% [5] - The net profit for Q3 was 1.717 billion yuan, down 3.80% year-on-year and up 0.35% quarter-on-quarter [5] Segment Analysis - Nutritional Products: The segment faced price pressure due to increased supply from BASF but saw strong overseas demand, with export volumes for VE and VA increasing by 14.44% and 1.48% year-on-year, respectively [6] - New Materials: The company expects continued growth driven by demand in the new energy, semiconductor, and high-end manufacturing sectors [6][9] - Flavoring and Fragrance: The segment maintained steady growth through product optimization and cost control, resulting in a gross margin of 45.55% for the first three quarters of 2025, an increase of 3.77 percentage points from 2024 [6] Future Outlook - The company anticipates a marginal improvement in Q4 performance due to signs of recovery in vitamin prices and the ramp-up of methionine production [7][8] - The ongoing expansion across multiple segments is expected to open up further growth opportunities [9] Profit Forecast - Projected net profits for 2025, 2026, and 2027 are 6.519 billion yuan, 7.320 billion yuan, and 8.022 billion yuan, respectively, with corresponding P/E ratios of 12, 11, and 10 [10]

[Table_StockNameRptType] 新宙邦（300037） 公司点评 [公司价格与沪深 Table_Chart] 300 走势比较 -41% -13% 16% 45% 73% 11/24 2/25 5/25 8/25 新宙邦 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com Q3 业绩符合预期，六氟有望推动电解液景气上行 [Table_Rank] 投资评级：买入（维持） | 报告日期： | 2025-11-17 | | | --- | --- | --- | | [Table_BaseData] 收盘价（元） | | 64.91 | | 近 12 个月最高/最低（元） | 68.05/26.46 | | | 总股本（百万股） | | 748 | | 流通股本（百万股） | | 540 | | 流通股比例（%） | | 72.25 | | 总市值（亿元） | ...