Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to benefit from a multi-driven approach centered around gaming, with promising prospects in its AI business [5] - The company has a solid existing game base and is poised to enter a new product cycle with upcoming game launches [6] - The computer business is stable, and the company is increasing its focus on AI capabilities, which may enhance growth potential [6] Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 5,962 million RMB, with a year-on-year growth rate of 24.06% [5] - The net profit attributable to the parent company is expected to be 887 million RMB, reflecting a significant year-on-year increase of 63.72% [5] - The company anticipates a decline in revenue for 2025, estimated at 6,249 million RMB, with a year-on-year decrease of 3.16% [5] - The net profit for 2025 is projected to be 1,133 million RMB, showing a year-on-year decline of 20.66% [5] - The earnings per share (EPS) for 2025 is expected to be 0.58 RMB [5] Game Development and AI Business - The company’s two flagship SLG mobile games, "War and Order" and "Age of Z Origins," continue to attract players and maintain stable revenue streams [6] - New games "Stellar Sanctuary" and "Next Agers" have received domestic game licenses and are in the commercialization testing phase, expected to expand the player base [6] - The company is enhancing its AI business with the launch of the "Taiyue Lighthouse" AI model application system and three specialized AI products [6] Profitability and Valuation - The company’s projected net profits for 2025-2027 are 1,133 million RMB, 1,426 million RMB, and 1,726 million RMB, respectively, with growth rates of -20.7%, 25.9%, and 21.0% [6] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21.1 for 2025, decreasing to 13.8 by 2027 [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The commercialization of the "Legend Box" is accelerating, and a new product cycle is beginning [5] - The company reported a revenue of 4.075 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, a year-on-year increase of 23.70% [7] - The "Legend Box" platform is showing significant value, contributing approximately 570 million yuan to the company's revenue in Q3 2025 [7] - The company has a rich pipeline of products and is actively expanding into AI applications [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 is as follows: 4,295 million yuan (2023), 5,118 million yuan (2024), 6,046 million yuan (2025E), 6,929 million yuan (2026E), and 7,659 million yuan (2027E) with corresponding growth rates of 15.30%, 19.16%, 18.13%, 14.60%, and 10.54% [6] - Net profit attributable to shareholders is projected to be 1,462 million yuan (2023), 1,628 million yuan (2024), 2,094 million yuan (2025E), 2,452 million yuan (2026E), and 2,722 million yuan (2027E) with growth rates of 42.58%, 11.41%, 28.57%, 17.10%, and 11.01% respectively [6] - The price-to-earnings ratio (P/E) is expected to decrease from 34.93 in 2023 to 18.76 in 2027 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The Q3 performance of the company met expectations, with growth potential driven by heating services and AIDC contributions [5][7] - The company reported a Q3 revenue of 3.97 billion yuan, a year-on-year increase of 36.7%, and a net profit attributable to shareholders of 638 million yuan, up 28.1% year-on-year [7] - The company continues to enhance its operational efficiency, with improvements in waste-to-energy generation and cash flow management [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 12,541 million yuan in 2023, 11,886 million yuan in 2024, 13,721 million yuan in 2025, 15,526 million yuan in 2026, and 15,632 million yuan in 2027, with a projected growth rate of 15.44% in 2025 [6][8] - Net profit attributable to shareholders is forecasted to be 1,430 million yuan in 2023, 1,664 million yuan in 2024, 1,976 million yuan in 2025, 2,262 million yuan in 2026, and 2,357 million yuan in 2027, with a growth rate of 18.76% in 2025 [6][8] - The company’s current P/E ratios are projected to be 16.93 for 2023, 14.54 for 2024, 12.25 for 2025, 10.70 for 2026, and 10.27 for 2027, indicating a low valuation level [6][8] Operational Highlights - The company’s waste incineration power generation business achieved a net profit of 657 million yuan in Q3, with significant contributions from the Guangdong Feng Environmental Protection project [7] - The company’s heating supply reached 520,000 tons in Q3, a year-on-year increase of 14.4%, contributing to an increase in heating revenue [7] - The company is advancing its AIDC strategic cooperation, aiming to create a new model for carbon reduction and energy utilization through partnerships [7]

Group 1 - The overall outlook for credit bonds in November remains optimistic, influenced by the new public fund redemption fee regulations and changes in the equity market [1][23] - The credit bond yield curve showed a downward trend in October, particularly after the central bank announced the resumption of government bond trading, leading to a better performance of credit bonds compared to interest rates [2][16] - Historical performance of credit strategies in November since 2021 indicates that most strategies have yielded positive returns, except for the negative impact seen in November 2022 due to a redemption wave [9][12] Group 2 - In October, the strategy of extending duration yielded the best returns among various credit strategies, with city investment bonds outperforming others [4][6] - The yield of 3Y AAA-rated secondary capital bonds decreased from 2.06% to 1.90% by the end of October, reflecting a strong upward trend in credit bonds [16] - The historical percentile rankings for various credit bonds indicate that there is still room for yields to decline, particularly for 5Y secondary capital bonds [22][23] Group 3 - The investment recommendation for November suggests maintaining a relatively optimistic stance on credit strategies, supported by high historical percentiles and a favorable liquidity environment [22][23] - The resumption of government bond trading and overall loose funding rates are expected to continue supporting the upward trend in credit bonds, although the depth of this trend remains to be observed [22][23] - The cost of liabilities for banks has decreased significantly, encouraging increased investment in bonds [22][23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong quarterly revenue performance, with significant growth potential in overseas markets [5] - The domestic market is stabilizing, while overseas growth is accelerating, particularly in North America and Europe [7] - The company is expected to maintain high revenue growth and profitability in the coming years, supported by a diverse range of imaging equipment and increasing global competitiveness [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 88.59 billion yuan (yoy +27.39%) and a net profit of 11.20 billion yuan (yoy +66.91%) [7] - The revenue for Q3 2025 was 28.43 billion yuan (yoy +75.41%), with a net profit of 1.22 billion yuan (yoy +143.80%) [7] - The company’s gross margin for the first three quarters of 2025 was 47.02%, with a continuous optimization of expense ratios [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 126.04 billion yuan, 151.57 billion yuan, and 182.24 billion yuan, with year-on-year growth rates of 22.37%, 20.25%, and 20.24% respectively [6][7] - Net profit forecasts for the same period are 18.71 billion yuan, 22.87 billion yuan, and 27.86 billion yuan, with growth rates of 48.26%, 22.23%, and 21.85% respectively [6][7] - The current price-to-earnings (P/E) ratios are projected to be 60x, 49x, and 41x for 2025, 2026, and 2027 respectively [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has maintained high revenue growth in Q3 2025, with a diversified layout deepening [5] - The electric two-wheeler segment continues to drive revenue growth, with a significant increase in both sales volume and average selling price (ASP) [6] - The company is expected to capture more market share through product pricing strategies and channel expansion, with strong potential in overseas markets and software services [6] - The gross margin has improved, and the company is increasing its investment in research and development [6] - The company is positioned as a leader in smart short-distance transportation and service robots, with substantial growth potential across various business lines [6] Financial Summary - For 2023, the company is projected to achieve a revenue of 10,222 million RMB, with a year-on-year growth rate of 0.97% [5] - By 2025, the revenue is expected to reach 21,397 million RMB, reflecting a year-on-year growth rate of 50.73% [5] - The net profit attributable to the parent company is forecasted to be 2,005 million RMB in 2025, with a year-on-year growth rate of 84.90% [5] - The earnings per share (EPS) is projected to be 27.95 RMB in 2025, with a return on equity (ROE) of 26.93% [5] - The price-to-earnings (P/E) ratio is expected to be 20.85 in 2025 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The report indicates that the cement industry is facing downward pressure on both volume and price, leading to a sequential decline in performance for the third quarter [5][7] - The company's revenue for the third quarter was 20.006 billion yuan, a year-on-year decrease of 11.42%, while the net profit attributable to shareholders increased by 3.41% to 1.937 billion yuan [7] - The report forecasts a recovery in net profit for 2025-2027, with expected figures of 9.706 billion, 10.097 billion, and 10.898 billion yuan respectively [7] Financial Summary - The company's total market capitalization is approximately 121.94 billion yuan, with a circulating market capitalization of the same amount [3] - The company's earnings per share (EPS) for 2023 is projected at 1.97 yuan, decreasing to 1.45 yuan in 2024, and then recovering to 1.83 yuan in 2025 [6] - The company's return on equity (ROE) is expected to be 5.00% in 2025, with a gradual increase to 5.26% by 2027 [6] - The company's gross profit margin for the first three quarters was 24.30%, up 4.76 percentage points year-on-year, but down 4.75 percentage points sequentially in the third quarter [7]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing high growth rates, driven by "domestic substitution + deep-sea technology" advancements [5] - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 235 million yuan, up 42.78% year-on-year, and net profit of 32 million yuan, up 133.25% year-on-year [7] - The company has made breakthroughs in high-end domestic substitution and its "Diting" business, indicating potential for further growth [7] Financial Summary - Revenue projections for 2025 are estimated at 410 million yuan, with a year-on-year growth rate of 52.47% [6] - The projected net profit for 2025 is 53 million yuan, reflecting a significant increase of 179.47% compared to the previous year [6] - The company's earnings per share (EPS) is expected to be 0.48 yuan in 2025, with a price-to-earnings (P/E) ratio of 78.20 [6] - The company's gross margin for the first three quarters of 2025 was 41.78%, showing a year-on-year decrease of 2.42 percentage points [7]

证券研究报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 11 | 月 04 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 3.63 | | | | | | 内 最 低 | 最 | | | | 4.14/2.58 | / | 高 | | 一 年 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | 67,179.36 | | | 流通市值（百万元） | | | | | 67,179.36 | | | | | | 总股本（百万股） | | | | | 18,506.71 | | | | | | 资产负债 ...