Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 977 million yuan for Q3 2025, representing a year-on-year increase of 14.79%, while the net profit attributable to shareholders was a loss of 15 million yuan, compared to a profit of 1 million yuan in the same period last year [7] - The company has seen significant growth in new business areas such as AI-based AOI detection, PCB, and semiconductor sectors, with new orders signed amounting to 1.917 billion yuan, a year-on-year increase of 41.97% [7] - High R&D investment over the past three years has been around 15% of revenue, indicating a strong commitment to innovation and potential future growth in semiconductor and robotics sectors [7] - The forecast for revenue from 2025 to 2027 is 1.817 billion yuan, 2.178 billion yuan, and 2.522 billion yuan respectively, with net profits expected to be 160 million yuan, 242 million yuan, and 271 million yuan respectively [7] Financial Performance Summary - Revenue for 2023 is projected at 1,648 million yuan, with a growth rate of 3.7%, followed by a decline of 2.4% in 2024, and a recovery with a growth of 13.0% in 2025 [6] - The net profit for 2023 is expected to be 215 million yuan, with a significant drop to 125 million yuan in 2024, followed by a recovery to 160 million yuan in 2025 [6] - Earnings per share (EPS) is projected to be 1.12 yuan for 2023, decreasing to 0.65 yuan in 2024, and then increasing to 0.83 yuan in 2025 [6] - The price-to-earnings (PE) ratio is expected to be 33.4 in 2023, increasing to 66.6 in 2024, and then decreasing to 65.6 in 2025 [6] Market Performance - The company's stock performance over the last 12 months shows a decline of 9%, while the benchmark index (CSI 300) has increased by 8% [4]

业绩高增趋势延续，深入布局大科学工程 国力电子(688103) 证券研究报告 其他电子Ⅱ / 公司点评 / 2025.11.04 投资评级:增持(维持) | 基本数据 | 2025-11-03 | | --- | --- | | 收盘价(元) | 65.46 | | 流通股本(亿股) | 0.95 | | 每股净资产(元) | 11.78 | | 总股本(亿股) | 0.95 | 最近 12 月市场表现 -18% 1% 20% 39% 57% 76% 国力电子 沪深300 上证指数 其他电子Ⅱ 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 1. 《业绩高增，期待多领域成长空间》 2025-08-26 2. 《业务符合预 告，静 待 下游开花》 2025-04-30 3. 《业务符合 预告， 静待 下游开花》 2025-02-27 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a recovery in shipments, with AI leading a multi-dimensional business layout. It is focusing on emerging markets and the value of AI edge traffic [7] - The company reported a revenue of 49.543 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.33%, and a net profit of 2.148 billion yuan, down 44.97% year-on-year [7] - The company aims to maintain a healthy gross margin level despite competitive market pressures and supply chain costs [7] - The company is expanding its presence in emerging markets, particularly in Africa, South Asia, Southeast Asia, the Middle East, and Latin America, while enhancing its AI capabilities [7] - The forecasted net profit for 2025-2027 is 3.004 billion, 4.238 billion, and 5.341 billion yuan respectively, with corresponding EPS of 2.63, 3.72, and 4.68 yuan [7] Financial Performance - For 2023, the company is expected to achieve a revenue of 62.295 billion yuan, with a growth rate of 33.7%. The net profit is projected at 5.537 billion yuan, reflecting a growth rate of 122.9% [6][8] - The company’s revenue for 2024 is forecasted at 68.715 billion yuan, with a growth rate of 10.3%, and a net profit of 5.549 billion yuan, showing a minimal growth of 0.2% [6][8] - The projected revenue for 2025 is 69.147 billion yuan, with a slight growth of 0.6%, and a significant drop in net profit to 3.004 billion yuan, indicating a decline of 45.9% [6][8] - The company’s gross margin is expected to decline to 19.0% in 2025 from 23.5% in 2023, reflecting increased competition and cost pressures [8] Market Position - The company ranked fourth globally in smartphone shipments in Q3 2025, with approximately 29.2 million units shipped, a year-on-year increase of 13.6% [7] - The company is leveraging AI technologies in its products, enhancing user experience through features like image enhancement and voice assistance [7]

费用前置致业绩承压，洗护类目增长迅速 珀莱雅(603605) 证券研究报告 化妆品/ 公司点评/ 2025.11.03 投资评级:买入(维持) | 基本数据 | 2025-11-03 | | --- | --- | | 收盘价(元) | 72.95 | | 流通股本(亿股) | 3.96 | | 每股净资产(元) | 14.19 | | 总股本(亿股) | 3.96 | 最近 12 月市场表现 -22% -14% -5% 3% 12% 20% 珀莱雅 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 联系人 陈思 chensi01@ctsec.com 相关报告 1. 《入股花知晓加速资源整合，拟赴港上 市多元发展》 2025-10-21 2. 《主品牌表现稳健，OR 与原色波塔快速 增长》 2025-08-28 3. 《Q3 淡季保持稳健增长，美妆国货龙头 韧性彰显》 2024-10-26 核心观点 ❖ 风险提示：行业竞争加剧；产品拓展不及预期风险；消费意愿下行风险。 请阅读最后一页的重要声明！ ❖ 事件：公司发布 2025 年三季报。公司 3Q20 ...

3Q25 收入表现稳健，期待凝胶新品驱动增长 锦波生物(920982) 证券研究报告 医疗美容 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-11-03 | | --- | --- | | 收盘价(元) | 255.37 | | 流通股本(亿股) | 0.55 | | 每股净资产(元) | 16.01 | | 总股本(亿股) | 1.15 | 最近 12 月市场表现 -14% -10% -7% -4% -1% 2% 锦波生物 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 联系人 陈思 chensi01@ctsec.com 相关报告 核心观点 ❖ 风险提示：在研管线审批不及预期风险；监管政策变化风险；竞争加剧风险。 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 780 | ...

天气叠加竞争激烈，三季度业绩承压 中青旅(600138) 证券研究报告 旅游及景区 / 公司点评 / 2025.11.03 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-11-03 | | --- | --- | | 收盘价(元) | 9.73 | | 流通股本(亿股) | 7.24 | | 每股净资产(元) | 8.81 | | 总股本(亿股) | 7.24 | 最近 12 月市场表现 -9% -3% 3% 9% 14% 20% 中青旅 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《竞争加剧叠加天气因素，业绩承压》 2025-09-01 2. 《景区业务客流略有承压，旅行社业务维 持高景气》 2024-11-07 3. 《景区业务呈现分化，关注出入境游复苏 机遇》 2024-09-02 ❖ 风险提示：客流不及预期、行业竞争加剧、宏观经济波动等风险 盈利预测 | [币种Table_FinchinaSimple] (人 ...

技术升级与合作策略，维持竞争优势 豪威集团(603501) 证券研究报告 半导体 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 130.71 | | 流通股本(亿股) | 12.06 | | 每股净资产(元) | 22.77 | | 总股本(亿股) | 12.06 | 最近 12 月市场表现 -10% 6% 21% 37% 52% 68% 豪威集团 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《业绩高增，汽车与 AIoT 驱动新成长》 2025-09-01 2. 《汽车与新兴市场驱动成长，政策+需求 形成共振》 2025-04-18 3. 《单季度营收再创新高，盈利能力持续修 复》 2024-10-28 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a record high revenue in Q3, driven by the AI wave in consumer electronics, which has significantly increased the demand for precision welding [7] - The semiconductor business is making progress, contributing to the domestic substitution process, with notable orders received for silicon carbide and discrete device packaging equipment [7] - The company is expected to achieve revenues of 1,098 million yuan, 1,338 million yuan, and 1,540 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 273 million yuan, 333 million yuan, and 388 million yuan [7] Financial Performance - For Q3 2025, the company reported revenue of 3.04 billion yuan, a year-on-year increase of 30.82%, and a net profit of 660 million yuan, up 48.77% year-on-year [7] - The projected revenue growth rates for the years 2024 to 2027 are 19.2%, 16.2%, 21.9%, and 15.1% respectively [6] - The projected net profit growth rates for the same period are 11.1%, 28.6%, 21.9%, and 16.5% respectively [6] Market Performance - The company's stock has shown a performance of -12%, 1%, 13%, 26%, and 39% over the last 12 months compared to the CSI 300 index [4]

业绩稳健，新兴业务与全球布局并进 鹏鼎控股(002938) 证券研究报告 元件 / 公司点评 / 2025.11.03 最近 12 月市场表现 -30% 0% 30% 61% 91% 121% 鹏鼎控股 沪深300 元件 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《加速产能扩张，产品线覆盖多元 AI 应 用场景》 2025-08-14 2. 《聚焦高端与海外扩张，紧抓 AI 创新周 期》 2025-04-30 3. 《重点关注下半年苹果新机对业绩的同 步改善》 2024-08-14 核心观点 ❖ 风险提示：行业需求低于预期；同行竞争加剧；扩产进度低于预期。 盈利预测 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 52.55 | | 流通股本(亿股) | 23.09 | | 每股净资产(元) | 14.09 | | 总股本(亿股) | 23.1 ...

业绩环比改善，越南厂加速投产 松霖科技(603992) 证券研究报告 家居用品 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 28.97 | | 流通股本(亿股) | 4.25 | | 每股净资产(元) | 7.50 | | 总股本(亿股) | 4.33 | 最近 12 月市场表现 -13% 3% 19% 35% 51% 67% 松霖科技 沪深300 上证指数 家居用品 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 陈琳云 SAC 证书编号：S0160524120005 chenly03@ctsec.com 相关报告 1. 《主业利润短暂承压，抢占智能养老新风 口》 2025-08-27 2. 《IDM 技术固本，智能机器人谱新篇》 2025-06-11 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...