证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 11 月 05 日 李泽 SAC：S1350525030001 lize@huayuanstock.com 陈嵩 SAC：S1350525070005 chensong@huayuanstock.com 板块表现： 投资评级： 看好（维持） ICCV 2025 Foundational Model for FSD 专题演讲解读 ——汽车行业双周报（20251020-20251102） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 特斯拉选择"端到端框架"的核心原因：模块化框架难以编码人类价值观、感知与 预测规划之间的接口定义会带来信息传递损失、端到端能应对现实世界的长尾问题/ 同构计算带来的确定性延迟，端到端也能更好地契合 AI 领域的 Scaling-law。 联系人 端到端面临的主要挑战以及特斯拉如何解决：维度灾难（特斯拉采用复杂的触发机 制来回传长尾场景数据）、怎么保证模型的可解释性与安全性（允许模型输出多样 的中间结果（例如占用、其它目标、交通信号灯、交通标志、道路边界等），这些 中间结果可通过车机渲染展示 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has achieved stable profit growth in Q3 2025, with a strategic partnership with Turing Robotics focusing on the development of core components for embodied intelligent robots [5][6] - The company is expected to continue its growth trajectory by leveraging its expertise in home appliances, automotive, and industrial automation while actively expanding into smart home appliances, new energy vehicle technologies, and industrial robotics [6][8] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 205 million yuan (up 9% year-on-year) and a net profit attributable to shareholders of 33.83 million yuan (up 11% year-on-year) [8] - The projected net profits for 2025-2027 are 51 million, 60 million, and 71 million yuan respectively, corresponding to PE ratios of 44, 37, and 32 times [6][7] - Revenue forecasts for 2023-2027 are 229 million, 260 million, 298 million, 344 million, and 402 million yuan, with year-on-year growth rates of 13.24%, 13.69%, 14.60%, 15.39%, and 16.94% respectively [7][9] Business Development Insights - The company is focusing on component upgrades in the home appliance sector and expanding its high-end customer base, with commercial coffee machine projects entering small-scale production [8] - In the automotive sector, the company has achieved mass production for several projects and is actively pursuing new projects in high-voltage control harnesses and smart charging gun components [8] - The strategic partnership with Turing Robotics aims to enhance the development of core components for intelligent robots and upgrade smart factories, positioning the company for long-term technological advancements [8]

Investment Rating - Investment Rating: Maintain "Accumulate" [5] Core Views - The main business is under pressure, but the growth potential of satellite business is promising [5] - The company reported a revenue of 1.13 billion yuan in Q3 2025, a year-on-year increase of 19.64%, while net profit attributable to shareholders decreased by 27.25% [7] - New orders signed in the first three quarters totaled 1.136 billion yuan, down 39.38% year-on-year, with overseas orders accounting for 74.31% [7] - The gross profit margin for the first three quarters was 26.53%, a decrease of 7.96 percentage points year-on-year [7] - The satellite business is steadily developing, focusing on low-orbit satellite internet and space energy systems, with significant order growth expected in the second half of the year [7] Financial Summary - Revenue Forecast: 1.277 billion yuan in 2023, 1.297 billion yuan in 2024, and 1.580 billion yuan in 2025, with a growth rate of 44.33%, 1.51%, and 21.89% respectively [6] - Net Profit Forecast: 174 million yuan in 2023, 93 million yuan in 2024, and 118 million yuan in 2025 [6] - Earnings per Share (EPS): Expected to be 0.38 yuan in 2024, 0.48 yuan in 2025, and 0.54 yuan in 2026 [6] - Price-to-Earnings (P/E) Ratio: 42.37 in 2023, 79.73 in 2024, and expected to decrease to 38.76 by 2027 [6]

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 04 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 年 | 11 | 月 | | | | 2025 | 日 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | | 5.62 | | / | | | | | | | 7.20/5.16 | | | | | | | | （元） | | ...

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [5] Core Views - The company reported a year-on-year increase of 137% in net profit attributable to shareholders for Q3 2025 [5] - The main brand, Winona, continues to lead the domestic dermatological skincare market, with significant competitive advantages [7] - The company has improved its gross margin to 74.3% in Q1-Q3 2025, focusing on brand building and core product optimization [7] - The forecasted net profit for 2025-2027 is expected to be 449 million, 557 million, and 673 million RMB respectively, with corresponding year-on-year changes of -10.84%, +24%, and +20.97% [6][7] Financial Summary - The company's total revenue for 2023 is projected at 5,522 million RMB, with a year-on-year growth rate of 10.14% [6] - The net profit for 2023 is estimated at 757 million RMB, reflecting a year-on-year decrease of 28.01% [6] - The earnings per share (EPS) for 2025 is projected to be 1.06 RMB, with a price-to-earnings (P/E) ratio of 42.07 [6][9] - The company’s total market capitalization is approximately 18,867.14 million RMB [3]

Investment Rating - The report suggests a "Buy" rating for the company, indicating a positive outlook for investment opportunities [2][4]. Core Insights - The company, Dapeng Industrial, is recognized as a national-level "Little Giant" enterprise specializing in industrial precision cleaning equipment and is accelerating its layout in machine vision detection products [2][12]. - The company has experienced significant growth, with a revenue increase of 28.43% and a net profit increase of 59.89% in the first three quarters of 2025 [32]. - The demand for industrial precision cleaning equipment is driven by the rapid development of the automotive industry, particularly in the context of new energy vehicles [39][44]. Summary by Sections 1. Initial Issuance - The company plans to issue 15 million shares at a price of 9 yuan per share, with an expected market capitalization of 12.72 times earnings [5][6]. - The funds raised will be used for expanding production capacity and enhancing research and development efforts [8][10]. 2. Business Overview - Dapeng Industrial serves major clients such as BYD and Weichai Power, focusing on industrial precision cleaning equipment and machine vision detection devices [12][30]. - The company has a projected gross margin of 27.22% for 2024, with a significant portion of its revenue coming from industrial precision cleaning equipment [16][26]. - The company has established a strong market position due to its technological capabilities and partnerships, including collaboration with Tencent Cloud [12][21]. 3. Industry Analysis - The industrial precision cleaning equipment market is expected to grow, driven by the increasing demand from high-value manufacturing sectors, particularly in the automotive industry [39][40]. - Machine vision technology is rapidly evolving and is being widely adopted across various industries, including automotive and consumer electronics, enhancing production efficiency and quality control [47][48]. - The report highlights the competitive landscape, noting that Dapeng Industrial is well-positioned against competitors like Blue Eagle Equipment and Sanyue Machinery [39][47].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's performance is driven by an increase in gross margin, leading to steady growth in earnings. The employee stock ownership plan reflects confidence in future development [6] - The company reported a revenue of 1.219 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.68%, with a net profit attributable to shareholders of 51.23 million yuan, up 25.10% year-on-year [9] - The company plans to repurchase shares worth between 60 million to 120 million yuan for the employee stock ownership plan, which will account for 1.60% to 3.20% of the total share capital [9] Financial Performance Summary - Revenue for 2025 is projected to be 1.823 billion yuan, with a year-on-year growth rate of 14.01% [8] - Net profit for 2025 is expected to be 109 million yuan, with a year-on-year growth rate of 14.05% [8] - The gross margin for the first three quarters was 27.44%, an increase of 3.56 percentage points year-on-year [9] - The company’s total market capitalization is approximately 3.739 billion yuan [4] Earnings Forecast and Valuation - The forecasted net profit for 2025-2027 is 109 million yuan, 127 million yuan, and 151 million yuan respectively, corresponding to a PE ratio of 34X, 29X, and 25X based on the stock price as of November 4 [7] - The company’s return on equity (ROE) is expected to increase from 10.02% in 2025 to 12.36% in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has been impacted by impairment losses from biomass units, but there has been a significant increase in subsidy receivables [5] - The company reported a 3.17% year-on-year increase in revenue for Q3 2025, but a 79.8% decline in net profit attributable to shareholders, primarily due to asset impairment [7] - The operational performance of the wind power business remains stable, with a slight increase in electricity generation [7] - The company has seen a notable increase in cash flow from operations, with a 197% year-on-year growth in net operating cash flow [7] - Recent policy changes in Fujian province are expected to stabilize returns on existing renewable energy projects [7] Financial Summary - The company’s projected revenue for 2025 is 1,791 million yuan, with a year-on-year growth rate of 2.84% [6] - The projected net profit attributable to shareholders for 2025 is 627 million yuan, reflecting a year-on-year decline of 3.72% [6] - The earnings per share (EPS) for 2025 is estimated at 0.33 yuan [6] - The company’s return on equity (ROE) is projected to be 8.70% in 2025 [6] - The price-to-earnings (P/E) ratio for 2025 is estimated at 15.85 [6]

Group 1 - The core view of the report indicates a shift in the bond market from headwinds to tailwinds, with a continued bullish outlook for November [1] - In 2025, the bond market is expected to rely heavily on increased allocations from bank proprietary trading, with a total bond market balance increasing by 16.4 trillion yuan in the first three quarters [2] - Government bonds accounted for a significant portion of this increase, with an increment of 11.4 trillion yuan, while financial bonds increased by 3.0 trillion yuan [2] Group 2 - The report highlights that the growth rate of bond investments by banks has significantly increased, with a year-on-year growth of 21.1% for the four major banks and 17.5% for smaller banks as of September [2] - The report notes that the demand for credit remains weak, leading banks to focus on bond investments as a primary driver for asset scale expansion [2] - The report anticipates that conditions for a further reduction in policy interest rates may be in place, supported by a decline in the cost of interest-bearing liabilities for banks [2] Group 3 - Non-bank institutions are reported to have low bond positions and shorter durations, with a potential increase in bond market sentiment as the central bank resumes government bond trading [2] - The report suggests that there is potential for significant allocation of credit bonds by wealth management products, estimating a potential increase of several trillion yuan [2] - The report predicts that the 10-year government bond yield may return to around 1.65% by the end of the year, with a bullish outlook for the bond market continuing into November [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is under pressure at the bottom of the cycle, but profits from salt cavern gas storage are expected to be released [6] - The company has a cost advantage in its salt chemical main business and is entering a new growth phase with the implementation of salt cavern gas storage [9] Summary by Sections Market Performance - The closing price is 10.67 yuan, with a market cap of 8,340.29 million yuan and a circulating market cap of 8,293.23 million yuan [4] Financial Data - For 2025, the company is projected to have revenues of 5,092 million yuan, a decrease of 4.72% year-on-year, and a net profit of 556 million yuan, a decrease of 27.74% year-on-year [8] - The company reported a revenue of 33.6 billion yuan for the first three quarters of 2025, down 17.0% year-on-year, and a net profit of 4.1 billion yuan, down 37.5% year-on-year [9] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 5.6 billion yuan, 6.6 billion yuan, and 7.7 billion yuan, with corresponding growth rates of -27.7%, +18.1%, and +17.8% [9] - The current price-to-earnings ratios are projected to be 15.0, 12.7, and 10.8 for 2025, 2026, and 2027 respectively [9] Business Insights - The company has shown resilience in performance despite industry pressures, with a production increase of 6.8% in salt and salt chemical products during the first three quarters of 2025 [9] - The salt cavern gas storage project is expected to start contributing profits in Q4 2025, marking a new growth opportunity for the company [9]