| [Table_BaseData] 收盘价（元） | 29.57 | | --- | --- | | 近 12 个月最高/最低（元） | 39.98/13.56 | | 总股本（百万股） | 1,396 | | 流通股本（百万股） | 1,355 | | 流通股比例（%） | 97.09 | | 总市值（亿元） | 413 | | 流通市值（亿元） | 401 | 均胜电子（ [Table_StockNameRptType] 600699） 公司点评 Q3 业绩超预期，机器人及智驾业务发展迅速 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-05 | [公司价格与沪深 Table_Chart] 300 走势比较 -25% 15% 55% 94% 134% 11/24 2/25 5/25 8/25 均胜电子 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：刘千琳 执业证书号：S0010524050002 邮箱： l ...

-23% 16% 56% 95% 134% 11/24 2/25 5/25 8/25 华友钴业 沪深300 华友钴业（ [Table_StockNameRptType] 603799） 公司点评 一体化优势显现，未来有望受益钴价抬升 | | | [Table_BaseData] 收盘价（元） 59.90 近 12 个月最高/最低（元） 73.00/27.37 总股本（百万股） 1,896 流通股本（百万股） 1,884 流通股比例（%） 99.37 总市值（亿元） 1,136 流通市值（亿元） 1,129 [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com 1、《华友钴业 24 年 Q3 点评：Q3 业 绩超预期，一体化布局持续推进》 2024-10-23 主要观点： ⚫[Table_Summary] 业绩 公司发布 2025 三季报，公司营业总收入 589.4 亿元，同比+29.6%， ...

万润股份（ [Table_StockNameRptType] 002643） 公司点评 前三季度业绩符合预期，降本增效优化盈利结构 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-11-05 | | [Table_BaseData] 收盘价（元） | 13.60 | | 近 12 个月最高/最低（元） | 14.99/9.35 | | 总股本（百万股） | 923 | | 流通股本（百万股） | 909 | | 流通股比例（%） | 98.52 | | 总市值（亿元） | 126 | 主要观点： ⚫[Table_Summary] 事件描述 2025 年 10 月 30 日，公司发布 2025 年第三季度报告。公司 2025 年前 三季度实现营业收入 28.26 亿元，同比增长 2.31%；实现归母净利润 3.06 亿元，同比增长 3.27%；实现扣非归母净利润 2.92 亿元，同比 +14.02%。单季度来看，2025 年第三季度实现营业收入 9.56 亿元，同 比+18.62%/环比-5.19%； 实现归母净利润 0.87 亿元，同比+ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 1.301 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 6.03% [4] - The net profit attributable to the parent company for the same period was approximately 294 million yuan, with a year-on-year increase of about 2.48% [4] - The comprehensive gross margin for the first three quarters was approximately 40.5%, showing a slight decline of about 0.1 percentage points year-on-year [4] - In Q3 2025, the company achieved a revenue of approximately 440 million yuan, a year-on-year increase of about 2.18%, but a quarter-on-quarter decline of about 7.76% [4] - The net profit for Q3 2025 was approximately 102 million yuan, reflecting a year-on-year growth of about 1.01% and a quarter-on-quarter decline of about 13.56% [4] Summary by Sections Financial Performance - The company’s revenue for 2025 is projected to be 1.853 billion yuan, with a year-on-year growth of 11.4% [10] - The net profit attributable to the parent company is expected to be 420 million yuan, with a year-on-year growth of 11.9% [10] - The gross margin is forecasted to be 40.2% in 2025 [10] Research and Development - The company has increased its R&D investment, with R&D expenses for the first three quarters of 2025 amounting to approximately 94 million yuan, a year-on-year increase of about 34.26% [5] - In Q3 2025, R&D expenses were approximately 32 million yuan, reflecting a year-on-year growth of about 18.52% [5] Business Segments - The metal soft magnetic powder core business has shown steady revenue growth across various sectors, including communications, servers, and new energy [6] - The chip inductor business experienced a temporary decline in revenue due to client solution changes but has resumed growth in Q2 2025 [6] Investment Recommendations - The company is expected to achieve revenues of 1.85 billion yuan in 2025, 2.54 billion yuan in 2026, and 3.13 billion yuan in 2027 [7] - The projected net profits for the same years are 420 million yuan, 615 million yuan, and 763 million yuan respectively [7] - The corresponding EPS is expected to be 1.45 yuan in 2025, 2.12 yuan in 2026, and 2.63 yuan in 2027 [7]

鹏鼎控股（ [Table_StockNameRptType] 002938） | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-11-04 | | [收盘价（元） Table_BaseData] | 51.80 | | 近 12 个月最高/最低（元） | 66.64/24.68 | | 总股本（百万股） | 2,318 | | 流通股本（百万股） | 2,309 | | 流通股比例（%） | 99.63 | | 总市值（亿元） | 1,201 | | 流通市值（亿元） | 1,196 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -9% 23% 55% 86% 11/24 2/25 5/25 8/25 鹏鼎控股 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com 主要观点： 公司点评 优化业务结构，推进新产能建设 ⚫[T ...

| | | 国电南瑞（600406） | 收盘价（元） | 24.17 | | --- | --- | | 近 12 个月最高/最低（元） 27.88/21.08 | | | 总股本（百万股） | 8,032 | | 流通股本（百万股） | 7,996 | | 流通股比例（%） | 99.55 | | 总市值（亿元） | 1,941 | | 流通市值（亿元） | 1,933 | 公司点评 公司价格与沪深 300 走势比较 25Q3 业绩符合预期，合同负债同比增长 53.67% | 投资评级：买入（维持） | | --- | -30% -20% -10% 0% 10% 20% 30% 11-04 01-04 03-04 05-04 07-04 09-04 国电南瑞 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 主要观点： 业绩 公司发布 2025 年第三季度报告，2025 年前三季度实现营业收入 385.77 亿元，同比+18.45%；实现 ...

[Table_StockNameRptType] 圣泉集团（605589） 公司点评 业绩同比高增，电子及电池材料延续高景气 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-11-04 | | 8.01 收盘价（元） 160.0001e_BaseData] | 28.01 | | 近 12 个月最高/最低（元） | 34.00/21.16 | | 总股本（百万股） | 846 | | 流通股本（百万股） | 844 | | 流通股比例（%） | 99.67 | | 总市值（亿元） | 237 | | 流通市值（亿元） | 236 | [Table_Chart] 公司价格与沪深 300 走势比较 -20% 0% 20% 40% 60% 80% 11/3 1/3 3/3 5/3 7/3 9/3 11/3 圣泉集团 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：潘宁馨 执业证书号：S0010524070002 电话： ...

Investment Rating - Investment Rating: Buy (Maintain) [4] Core Views - The company's liquor business has stabilized with a year-on-year revenue increase of 1.5% in Q3 2025, while the flavoring segment saw a 14.5% increase. The overall trend indicates a clear improvement in the liquor business after a decline earlier in the year [8] - The gross profit margin for Q3 2025 remained stable at 70.2%. However, the net profit margin decreased by 2.14 percentage points to 20.52% due to increased costs associated with new product launches and capital expenditures related to the whiskey segment [9] - The outlook for 2026 is positive, with expectations for steady growth driven by the stabilization of the pre-mixed liquor segment and the orderly expansion of the whiskey business [10] Financial Summary - Q3 2025: Revenue of 781 million yuan (+2.99%), net profit attributable to shareholders of 160 million yuan (-6.76%) [11] - Revenue for the first three quarters of 2025 was 2.27 billion yuan (-4.89%), with a net profit of 549 million yuan (-4.35%) [11] - Revenue projections for 2025-2027 are adjusted to 3.056 billion yuan, 3.520 billion yuan, and 4.069 billion yuan respectively, reflecting a cautious outlook due to ongoing industry pressures [12]

思源电气（002028） 公司点评 25Q3 收入、利润同比均实现高增，合同负债同比高增支撑公司业务增长 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-11-04 | | 收盘价（元） | 136.00 | | 近 12 个月最高/最低（元） | 139.00/68.48 | | 总股本（百万股） | 781 | | 流通股本（百万股） | 609 | | 流通股比例（%） | 77.98 | | 总市值（亿元） | 1062 | | 流通市值（亿元） | 829 | 公司价格与沪深 300 走势比较 主要观点： 业绩 公司公布 2025 年第三季度报告。2025 前三季度实现营收 138.27 亿 元，同比增长 32.86%，实现归母净利 21.91 亿元，同比增长 46.94%， 扣非归母净利润 20.36 亿元，同比增长 44.87%。2025Q3 实现营收 53.30 亿元，同比增长 25.68%，实现归母净利 8.99 亿元，同比增长 48.73%，扣非归母净利 8.00 亿元，同比增长 41.63%。2025 前三季度 毛利率为 32.32%，同比提 ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company reported a significant increase in net profit quarter-on-quarter, driven by improved market conditions for glyphosate [5] - The company achieved a revenue of 23.781 billion yuan in the first three quarters of 2025, a year-on-year increase of 7.8%, with a net profit attributable to shareholders of 1.318 billion yuan, a year-on-year increase of 0.3% [4][5] - The third quarter saw revenue of 9.161 billion yuan, a year-on-year increase of 6.0% and a quarter-on-quarter increase of 23.9%, with a net profit of 0.592 billion yuan, a year-on-year increase of 16.2% and a quarter-on-quarter increase of 42.1% [5] Summary by Sections Financial Performance - The company’s revenue and net profit showed steady growth, with significant quarter-on-quarter improvement in Q3, primarily due to the optimized supply-demand dynamics of glyphosate and the profit contribution from phosphate fertilizer exports [5] - Glyphosate market prices have risen, with current average prices at 26,546 yuan/ton, reflecting increases of 14% and 17% compared to Q1 2025 [5] Industry Outlook - The phosphate industry remains robust, with the company enhancing its mining integration and exploration efforts, increasing phosphate resource reserves to 580 million tons [6] - The company is actively pursuing acquisitions to strengthen its integrated layout in the phosphate chemical industry [6] New Materials Business - The company has successfully turned around its new energy products to profitability and is expanding its special chemicals and silicone businesses, which are crucial for high-quality development [7] - New projects in the organic silicon sector are expected to become new profit growth points, with significant investments planned for industrial silicon production [8] Investment Recommendations - The company is projected to achieve net profits of 1.825 billion, 2.078 billion, and 2.366 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17, 15, and 13 times [9]