Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 128.5 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.4%, with a net profit of 64.6 billion yuan, also up by 6.2% year-on-year [8] - The revenue for Q3 2025 was 39.1 billion yuan, showing a slight increase of 0.6% year-on-year, while the net profit for the same period was 19.2 billion yuan, up by 0.5% year-on-year [8] - The company maintains growth in its flagship product, Moutai liquor, despite a significant reduction in direct sales [8] - The report anticipates revenue growth of 5% to 6.7% from 2025 to 2027, with net profit growth projected at 5.2% to 6.8% during the same period [8] Financial Performance Summary - Revenue projections for 2025 to 2027 are as follows: 179.5 billion yuan in 2025, 189.1 billion yuan in 2026, and 201.9 billion yuan in 2027, with corresponding net profits of 90.7 billion yuan, 95.7 billion yuan, and 102.1 billion yuan respectively [7][9] - The company’s earnings per share (EPS) are expected to increase from 72.42 yuan in 2025 to 81.56 yuan in 2027, with a price-to-earnings (PE) ratio decreasing from 19.7 in 2025 to 17.5 in 2027 [7][9] - The return on equity (ROE) is projected to rise from 39.8% in 2025 to 46.7% in 2027, indicating strong profitability [7][9] Market Performance - The company’s stock closed at 1,426.74 yuan, with a circulating share capital of 1.252 billion shares [2] - The company’s market performance over the last 12 months shows a decline of 13%, compared to a 1% increase in the Shanghai Composite Index [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown stable growth in new contracts and improved profitability year-on-year. The revenue for the first three quarters of 2025 reached 135.845 billion yuan, a year-on-year increase of 1.26%, while the net profit attributable to shareholders was 4.232 billion yuan, up 10.28% year-on-year [7] - The company is expected to achieve net profits of 6.19 billion yuan, 6.66 billion yuan, and 7.26 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 7.6, 7.0, and 6.5 respectively [7] Financial Performance Summary - Revenue Forecast: - 2023A: 178.36 billion yuan - 2024A: 185.84 billion yuan - 2025E: 192.36 billion yuan - 2026E: 206.43 billion yuan - 2027E: 224.85 billion yuan - Revenue Growth Rate: - 2023A: 13.1% - 2024A: 4.2% - 2025E: 3.5% - 2026E: 7.3% - 2027E: 8.9% [6][8] - Net Profit Forecast: - 2023A: 5.43 billion yuan - 2024A: 5.69 billion yuan - 2025E: 6.19 billion yuan - 2026E: 6.66 billion yuan - 2027E: 7.26 billion yuan - Net Profit Growth Rate: - 2023A: 0.2% - 2024A: 4.8% - 2025E: 8.7% - 2026E: 7.7% - 2027E: 9.0% [6][8] Order and Contract Performance - The company secured new contracts totaling 284.561 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.17%. The breakdown includes: - Construction Engineering: 273.564 billion yuan - Survey and Design: 2.595 billion yuan - New Materials: 7.851 billion yuan - Modern Services: 489 million yuan - Other Businesses: 62 million yuan [7] - The new contracts in domestic and overseas markets were 230.909 billion yuan and 53.652 billion yuan respectively, with year-on-year changes of 5.74% and -18.36% [7] Profitability and Cash Flow - The gross profit margin for the first three quarters of 2025 was 9.43%, an increase of 0.35 percentage points year-on-year. The net profit margin was 3.12%, up 0.25 percentage points year-on-year [7] - The operating cash flow showed a net outflow of 5.575 billion yuan, which is a decrease in outflow compared to the previous year [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 1.486 billion yuan in Q3, representing a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 232 million yuan, up 33.54% year-on-year [7] - The growth driver is expected to be the konjac product line, with significant contributions from both quantitative and snack wholesale channels [7] - The company is projected to achieve revenues of 5.954 billion yuan, 6.926 billion yuan, and 8.010 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 828 million yuan, 984 million yuan, and 1.147 billion yuan for the same years [7] Financial Performance Summary - Revenue for 2023 is forecasted at 4.115 billion yuan, with a growth rate of 42.2%, and net profit is expected to be 506 million yuan, reflecting a growth rate of 67.8% [6][8] - The gross margin for Q3 was 31.63%, an increase of 1.01 percentage points year-on-year, while the net margin reached 15.57%, up 3.08 percentage points year-on-year [7] - The company’s EPS is projected to grow from 1.88 yuan in 2023 to 4.21 yuan in 2027, with corresponding PE ratios decreasing from 37.0 to 16.7 over the same period [6][8] Market Performance - The company’s stock has shown a performance of -8% compared to the market index, while the Shanghai Composite Index and the consumer food sector have shown increases of 12% and 31% respectively [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is currently facing performance pressure but is expected to reach a turning point in the future [1] - The report highlights a decline in revenue and net profit for the third quarter of 2025, with a year-on-year decrease of 11.52% in revenue and 13.04% in net profit [7] - The company’s gross margin is under pressure, with an increase in expenses impacting profitability [7] - The forecast for net profit for 2025-2027 is estimated at 0.42 billion, 0.55 billion, and 0.62 billion respectively, with corresponding PE ratios of 68x, 53x, and 46x [7] Financial Performance Summary - For the third quarter of 2025, the company reported revenue of 432 million, a decrease of 11.52% year-on-year, and a net profit of 17 million, down 13.04% year-on-year [7] - For the first three quarters of 2025, total revenue was 1.283 billion, down 8.59% year-on-year, and net profit was 40 million, down 7.88% year-on-year [7] - The gross margin for the third quarter of 2025 was 24.56%, a decrease of 1.78 percentage points year-on-year [7] - The company’s operating expenses have increased, with sales, management, and R&D expense ratios rising compared to the previous year [7] Earnings Forecast - The projected revenue for 2025 is 1.777 billion, reflecting a decrease of 5.0% from the previous year [6] - The expected net profit for 2025 is 42 million, with a growth rate of 27.7% in 2026 and 13.7% in 2027 [6] - The earnings per share (EPS) is forecasted to be 0.11 in 2025, increasing to 0.16 by 2027 [6] Market Performance - The company’s stock has shown a performance of -8% over the last 12 months compared to the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 16.754 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 28.39%. The net profit attributable to shareholders was 2.326 billion yuan, up 56.30% year-on-year [8] - The growth in revenue is driven by the demand for high-speed switches and optical modules in the communication and data center sectors, as well as the recovery in the storage market [8] - The company is expected to see significant capacity expansion with ongoing projects in Nantong and Thailand, which are anticipated to contribute to future revenue growth [8] - The forecast for revenue from 2025 to 2027 is 23.649 billion yuan, 29.081 billion yuan, and 34.338 billion yuan respectively, with net profits projected at 3.479 billion yuan, 4.808 billion yuan, and 6.175 billion yuan [8] Financial Performance Summary - Revenue for 2023 is projected at 13.526 billion yuan, with a growth rate of -3.3%. For 2024, revenue is expected to rise to 17.907 billion yuan, reflecting a growth rate of 32.4% [7] - The net profit for 2023 is estimated at 1.398 billion yuan, with a decline of 14.8%. In 2024, net profit is expected to increase to 1.878 billion yuan, showing a growth of 34.3% [7] - The earnings per share (EPS) for 2025 is projected to be 5.22 yuan, with a price-to-earnings (PE) ratio of 43.7 [7] - The return on equity (ROE) is expected to improve significantly, reaching 20.8% in 2025 and 26.6% by 2027 [7] Market Performance - The company's stock has shown a performance of -13% over the last 12 months compared to the CSI 300 index, which has seen a rise of 158% [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 6.611 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 67.18%, while the net profit attributable to shareholders was 0.792 billion yuan, a decrease of 5.95% year-on-year [7] - The company achieved a revenue of 2.94 billion yuan in Q3 2025, marking a year-on-year growth of 92.64%, with a net profit of 0.272 billion yuan, down 15.9% year-on-year [7] - The company has a strong presence in the market, ranking first in multiple categories during the Double Eleven shopping festival, driven by a diverse product lineup [7] - The company is expected to release the "Yingling Antigravity" panoramic drone in Q4, which is anticipated to open a new growth avenue [7] - Revenue forecasts for 2025-2027 are 9.2 billion, 11.96 billion, and 15 billion yuan respectively, with net profits of 1 billion, 1.5 billion, and 2.06 billion yuan [7] Financial Performance - The company's revenue for 2023 is projected at 3.636 billion yuan, with a growth rate of 78.2%, and net profit of 0.830 billion yuan, reflecting a growth rate of 103.7% [6][8] - For 2024, revenue is expected to reach 5.574 billion yuan, with a growth rate of 53.3%, and net profit of 0.995 billion yuan, with a growth rate of 19.9% [6][8] - The company’s gross margin for Q3 2025 was 47.64%, down 6.69 percentage points year-on-year [7] Research and Development - R&D expenses increased significantly, with a year-on-year growth of 127.02% in the first three quarters of 2025, primarily due to investments in strategic projects such as chip customization and drones [7] Market Position - The company has maintained a leading position in the market, particularly in the action camera segment, and has successfully launched multiple new products to meet market demand [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a revenue decline of 4.6% year-on-year in the first three quarters of 2025, with a net profit drop of 29.0% [7] - The domestic civil and commercial fire safety revenue decreased by 9.9% due to industry demand adjustments and intense price competition, while industrial and sector fire safety revenue increased by 4.6% [7] - The company is expected to see a turnaround in 2026, driven by new national standards and the exit of non-compliant small enterprises from the market, enhancing the market position of leading companies [7] - The introduction of fire-fighting robots is anticipated to contribute to future growth, as automation in inspection and firefighting becomes a trend [7] - The forecasted net profits for 2025-2027 are 4.17 billion, 5.49 billion, and 6.49 billion yuan, with corresponding EPS of 0.48, 0.63, and 0.74 yuan [7] Financial Performance - Revenue for 2023 is projected at 4,972 million yuan, with a growth rate of 0.99% in 2025 and 11.21% in 2026 [6][8] - The net profit for 2023 is estimated at 659 million yuan, with a significant decline of 46.42% expected in 2024 [6][8] - The company's PE ratio is projected to be 24.36x in 2025, decreasing to 15.65x by 2027 [6][8] Market Performance - The company's stock price closed at 11.60 yuan on October 29, 2025 [2] - The company has shown a market performance of -8% over the last 12 months compared to the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company has shown a revenue increase of 4.00% year-on-year for the first three quarters of 2025, but the net profit attributable to shareholders decreased by 27.20% [8] - The company is expected to achieve revenue of 167.9 billion, 174.7 billion, and 180.2 billion yuan for the years 2025 to 2027, with net profits of 4.46 billion, 7.23 billion, and 9.28 billion yuan respectively [8] - The report highlights the stable development of various business segments, including pig farming and non-pig businesses such as feed and veterinary medicine, with a focus on cost reduction and efficiency improvement [8] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 136.10 billion yuan, with a net profit of 4.12 billion yuan [8] - The company’s average breeding cost improved to approximately 12.5 yuan/kg by the third quarter of 2025 [8] - The company’s cash flow remains stable, with monetary funds amounting to 37.79 billion yuan, an increase of 21.8% compared to the beginning of the year [8] Earnings Forecast - The projected earnings per share (EPS) for 2025 is 0.33 yuan, with a price-to-earnings (PE) ratio of 23.9 [6] - The return on equity (ROE) is expected to be 6.1% in 2025, increasing to 11.4% by 2027 [6] - The company’s revenue growth rate is forecasted to be -2.3% in 2025, followed by a recovery of 4.1% in 2026 and 3.2% in 2027 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown continuous improvement in profitability, with a 10.87% increase in revenue and a 29.62% increase in net profit for the first three quarters of 2025 [7] - The company is focusing on new product launches, with significant R&D investments and a rich pipeline of new veterinary drugs [7] - The company is expected to achieve revenue of 1.038 billion yuan in 2025, with a projected net profit of 428 million yuan, reflecting a growth trajectory [7] Financial Performance Summary - Revenue for 2023 is projected at 1,064 million yuan, with a revenue growth rate of 6.3% [6] - The net profit for 2023 is estimated at 396 million yuan, with a net profit growth rate of -3.3% [6] - The company’s gross margin for the first three quarters of 2025 is 66.96%, an increase of 2.95 percentage points year-on-year [7] - The net profit margin for the same period is 45.62%, up by 6.55 percentage points year-on-year [7] R&D and Product Development - The company invested 71.87 million yuan in R&D in the first three quarters of 2025, representing 9.74% of its revenue [7] - The company has received multiple new veterinary drug registrations, including vaccines for various diseases [7] - Ongoing product development includes vaccines currently in the registration phase, indicating a strong future growth potential [7] Future Projections - Revenue projections for 2025-2027 are 1.038 billion yuan, 1.200 billion yuan, and 1.395 billion yuan respectively [7] - Net profit projections for the same period are 428 million yuan, 519 million yuan, and 610 million yuan respectively [7] - The price-to-earnings ratio (PE) is expected to decrease from 18.9 in 2025 to 13.2 by 2027, indicating potential for value appreciation [7]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Fed's interest rate cut of 25bp at the FOMC meeting and the announcement to stop balance - sheet reduction in December were in line with market expectations for the former and slightly exceeded expectations for the latter. However, there were still internal differences within the Fed, and Powell's speech was hawkish, leading to a bear - flattening of US Treasuries, a stronger US dollar, and a weaker US stock market. In the short term, the 10 - year US Treasury yield may fluctuate between 3.8% - 4.2%, and the US dollar index may fluctuate between 97 - 100. In the long run, as the US government shutdown prolongs and economic uncertainty rises, the probability of a December rate cut by the Fed remains high, with a bull - steepening of US Treasuries and a weakening US dollar as the general trend. The RMB exchange rate can be viewed optimistically, and the autonomy of domestic monetary policy and Chinese bonds has increased, keeping the domestic bond market in a favorable position [2]. - The tone of the FOMC resolution was mild, but internal differences intensified. The description of economic growth was adjusted, and two governors voted against the resolution, with different stances on rate cuts. The market reaction was mild within five minutes after the resolution was issued [2][5]. - Powell's speech at the press conference was hawkish, emphasizing the uncertainty of a December rate cut. The market began to trade based on this expectation, with stock prices falling, bond yields rising, and the US dollar strengthening [2][17]. - In the short term, US Treasuries may show a bear - flattening trend, and the US dollar will strengthen. For China, the possibility of a rate cut in the fourth quarter is low, and the domestic bond market is in a favorable position [2][20]. 3. Summary According to the Directory 3.1 What to Focus on in the Fed's Interest Rate Meeting 3.1.1 The FOMC Resolution's Tone was Mild, but Differences Increased - In October 2025, compared with September, the FOMC resolution had four key points: the description of economic growth was adjusted, more time limits were added, two governors voted against the 25bp rate cut, and the balance - sheet reduction would stop in December [5]. - The market had fully priced in the 25bp rate cut in October, but the more rigorous description of the fundamentals and the opposing votes indicated intensified internal differences within the FOMC [8]. - The suspension of balance - sheet reduction may be due to the increase in fiscal deposits and short - term debt issuance since July. It is estimated that this will lower the 10 - year Treasury rate by 1 - 2 basis points at the central level and 6 - 8 basis points at the peak [11]. - The market reaction was mild within five minutes after the resolution was issued, with the S&P 500 falling 0.11%, the 2 - year US Treasury yield down 0.61BP, the 10 - year US Treasury yield down 0.38BP, spot gold rising, and the US dollar index weakening slightly [11]. 3.1.2 The Press Conference Speech was Hawkish, Emphasizing the Divergence in the December Rate - Cut Path - Powell emphasized that there were strong differences within the committee regarding the December rate - cut decision. He also mentioned that a government shutdown leading to data delays would create high economic uncertainty, justifying a pause in rate cuts [17]. - The Fed has cut rates by 150 basis points so far in this cycle, and most voting members' estimates of the neutral rate are between 3% - 4%. In December, maturing securities will be rolled over in the form of short - term Treasuries to avoid exacerbating liquidity shortages [17]. - The market started to trade the expectation of no December rate cut after Powell's speech, with the S&P 500 falling 0.26%, the 2 - year US Treasury yield rising 5.11BP, the 10 - year US Treasury yield rising 3.08bp, spot gold prices falling, and the US dollar index rising 0.34% [19]. 3.2 How to View the Market - In the short term, the US Treasury yield curve may show a bear - flattening trend, with the 2 - year US Treasury rate expected to fluctuate between 3.44% - 3.84% and the 10 - year US Treasury rate between 3.81% - 4.21% [20]. - In the short term, the US dollar index may remain strong, fluctuating between 97 - 100, due to positive news on the Sino - US trade agreement and the unclear December rate - cut path of the Fed [20]. - In the medium term, Fed easing is still likely, with a bull - steepening of US Treasuries and a weakening US dollar as the general trend [20]. - For China, the possibility of a rate cut in the fourth quarter is low. The Chinese bond market is expected to perform well, and a long - position mindset is recommended [20].