证券研究报告 宏华数科 (688789 CH) 墨水收入放量值得期待 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 31 日│中国内地 | 专用设备 | 目标价(人民币): | 91.80 | 宏华数科发布三季报：Q3 实现营收 5.94 亿元（yoy+32.40%，qoq+6.27%）， 归母净利 1.37 亿元（yoy+24.95%，qoq-3.48%）。2025 年 Q1-Q3 实现营 收 16.32 亿元（yoy+29.02%），归母净利 3.88 亿元（yoy+25.08%），扣 非净利 3.58 亿元（yoy+20.07%）。年初数码印花渗透率持续提升，公司未 来墨水收入放量值得期待，维持"增持"评级。 延续上半年盈利快速增长势头，大客户拓展值得期待 公司 Q3 收入增速 32%，较 Q2 增速略有提升，归母净利润增速则与上半年 基本一致，我们推测 Q3 主业数码印花设备和墨水延续了上半年快速增长的 态势。未来公司对于数码印花大客户的拓展值得期待，据此前中报披 ...

证券研究报告 中集集团 (000039 CH/2039 HK) 港股通 看好海工业务贡献增长新动能 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 专用设备 公司发布三季报：25Q1-Q3 实现营业收入 1170.61 亿元，同比-9.23%。归 母净利润为 15.66 亿元，同比-14.35%。扣非归母净利润为 14.55 亿元，同 比-14.01%。25Q3 单季度公司实现营业收入 409.70 亿元，同比-17.82%， 环比+2.26%。归母净利润 2.87 亿元，同比-70.13%，环比-60.86%。扣非 归母净利润 2.14 亿元，同比-75.39%，环比-70.10%。公司 Q3 营收利润同 比下滑主要由于 24 年同期集装箱业务高基数影响，展望未来，公司能源业 务在手订单饱满，海工业务经营效益不断提升，且有望持续受益于全球深海 油气开发复苏的趋势，为业绩增长注入新动能。A/H 股均维持"买入"评级。 Q3 毛利同环比下滑，期间费用率管控良好 25Q3 公司毛利率 11.40%，同比-2.21pp，环比-1.79pp。公司毛利率同环比 下滑或主要由于毛利率相对低于集装 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 40.31 [1][4]. Core Insights - The company reported Q3 revenue of RMB 792 million, a year-on-year increase of 5.69% but a quarter-on-quarter decrease of 10.84%. The net profit attributable to the parent company was RMB 171 million, up 54.49% year-on-year but down 9.57% quarter-on-quarter, slightly exceeding previous expectations due to a continued decline in raw material costs and effective cost reduction measures [1]. - For the first three quarters of 2025, the company achieved a cumulative revenue of RMB 2.474 billion, a year-on-year increase of 9.52%, and a net profit of RMB 515 million, up 30.89% year-on-year [1]. - The gross margin for the first three quarters of 2025 was 34.04%, an increase of 3.88 percentage points year-on-year, with Q3 gross margin at 35.74%, reflecting improvements due to lower raw material prices and effective cost management [2]. - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of RMB 542 million for the first three quarters, a year-on-year increase of 103.8%, attributed to enhanced receivables turnover and increased cash inflow from sales [3]. Summary by Sections Financial Performance - Q3 revenue was RMB 792 million, with a year-on-year growth of 5.69% and a quarter-on-quarter decline of 10.84% [1]. - The net profit for Q3 was RMB 171 million, representing a year-on-year increase of 54.49% [1]. - Cumulative revenue for the first three quarters of 2025 reached RMB 2.474 billion, up 9.52% year-on-year, with net profit at RMB 515 million, a 30.89% increase [1]. Cost Management and Margins - The gross margin for the first three quarters was 34.04%, up 3.88 percentage points year-on-year, with Q3 gross margin at 35.74% [2]. - The decline in raw material prices, particularly PVC resin, contributed to improved margins, with Q3 PVC resin prices down 15.3% year-on-year [2]. Cash Flow and Efficiency - The company achieved a net cash flow from operating activities of RMB 542 million for the first three quarters, a 103.8% increase year-on-year [3]. - The receivables turnover ratio improved, with cash received from sales significantly increasing [3]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been adjusted upwards by 3.74%, 8.16%, and 12.89% respectively, with projected net profits of RMB 659 million, RMB 811 million, and RMB 1.022 billion [4]. - The estimated EPS for 2025, 2026, and 2027 are RMB 1.64, RMB 2.02, and RMB 2.54 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 9.01 [1][8]. Core Insights - The company's revenue and net profit for the first nine months of 2025 reached RMB 11.78 billion and RMB 0.92 billion, respectively, representing a year-on-year increase of 1.6% and 30.9%. In Q3 alone, revenue and net profit were RMB 4.39 billion and RMB 0.02 billion, showing a year-on-year increase of 18.9% and 1.4 billion [1][2]. - The growth in revenue is primarily driven by the increase in photovoltaic glass sales, although the gross margin has decreased due to falling prices of float glass [1][2]. - The company has a competitive advantage in its float glass business due to scale and cost efficiency, and its diversified development strategy is expected to support long-term growth [1][2]. Financial Performance - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of RMB 1.06 billion for the first three quarters, up 255.7% year-on-year, and RMB 740 million in Q3, up 111.6% year-on-year [2]. - The operating expense ratio decreased to 9.0%, down 3.4 percentage points year-on-year, with management expenses significantly reduced due to unmet long-term targets in the partner shareholding plan [2]. Market Outlook - The real estate sector showed signs of recovery in September, with a positive year-on-year change in completed construction area, which is expected to boost glass demand [3]. - The report highlights that ongoing policies aimed at stabilizing growth and reducing competition in the glass industry may improve the competitive landscape [8]. Valuation Metrics - The report forecasts the company's revenue for 2025 to be RMB 15.42 billion, with a projected net profit of RMB 1.01 billion, reflecting a year-on-year growth of 164.61% [8]. - The company is valued at a price-to-book ratio of 1.7x for 2025, with a target price adjustment from RMB 8.48 to RMB 9.01 based on improved photovoltaic glass production capacity and sales [8].

今日早参 2025 年 10 月 31 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：中美首脑会晤：关税下调、张力暂缓 1、继 10 月 25-26 日中美经贸团队在吉隆坡进行新一轮会谈后，今日（10 月 30 日）中美两国元首在韩国釜山举行会晤，深入讨论中美经贸关系等议 题，同意加强经贸等领域合作。本文浅析本轮中美协议的潜在影响、及双边 经贸关系走向。 风险提示：中美贸易摩擦升级超预期，放大市场波动；外需下滑，出口超预 期走弱。 研报发布日期：2025-10-30 研究员 易峘 SAC:S0570520100005 SFC:AMH263 常慧丽 SAC:S0570520110002 SFC:BJC906 吴宛忆 SAC:S0570524090005 SFC:BVN199 宏观：鸽派表态引发日央行"落后曲线"担忧 概览：今天（10 月 30 日）日本央行宣布维持 0.5%的政策利率不变，符合 市场预期。日央行维持"如果经济数据符合预期将继续加息"的指引，强调 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 21.70 [1][4][6] Core Insights - The company's revenue and net profit for the first nine months of 2025 showed a decline of 1.5% and 9.8% year-on-year, respectively, primarily due to the impact of centralized procurement policies on its high-revenue pharmaceutical wholesale business [1][2] - Despite the challenges, the company has demonstrated improved operating cash flow, with a net cash flow of RMB 1.35 billion, reflecting a year-on-year increase of 10.1% [3] - The company is optimistic about future performance recovery driven by product optimization, cost reduction, and policy adaptation [1][4] Summary by Sections Financial Performance - For 9M25, the company reported revenues of RMB 157.58 million and a net profit attributable to the parent company of RMB 6.46 million, with a decline in net profit margin [1][2] - The industrial segment's revenue increased by 6.44% year-on-year, while net profit decreased by 13.38% due to lower gross margins from centralized procurement [2] - Retail revenue remained stable, with a year-on-year increase of 8.17%, supported by differentiated product advantages and enhanced customer engagement strategies [2] Cost and Margin Analysis - The gross margin for 9M25 was reported at 10.88%, down by 0.88 percentage points year-on-year, attributed to the impact of centralized procurement on certain business segments [3] - The company maintained stable expense ratios across sales, management, R&D, and financial costs, indicating effective cost control measures [3] Future Projections - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of RMB 7.7 billion, RMB 8.0 billion, and RMB 8.2 billion, respectively, reflecting a downward revision of 9.4% to 10.8% compared to previous estimates [4] - The expected earnings per share (EPS) for 2025 is projected at RMB 1.94, with a gradual recovery anticipated in subsequent years [4][9]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 90.95 [1][6]. Core Insights - The company is expected to enter a harvest phase for its new AI product layout, with significant growth in its electric vehicle (EV) business and successful penetration into overseas markets, particularly in Europe [6][8]. - The third quarter of 2025 saw a revenue of RMB 796 million, representing a year-over-year increase of 26.15% and a quarter-over-quarter increase of 4.32% [6][7]. - The company has strategically positioned itself in the AI data center connector and robotics connector markets, with a complete product lineup that is anticipated to attract both domestic and international clients [6][8]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of RMB 2.321 billion, a year-over-year increase of 46.04%, and a net profit attributable to the parent company of RMB 233 million, up 119.89% year-over-year [6][9]. - The company’s revenue projections for 2025-2027 are RMB 3.391 billion, RMB 4.486 billion, and RMB 5.689 billion, respectively, with corresponding net profits of RMB 272.82 million, RMB 343.09 million, and RMB 461.29 million [5][9]. - The report highlights a projected EPS of RMB 1.33 for 2025, with a PE ratio of 59.93 [5][9]. Market Position and Strategy - The company is focusing on becoming a platform enterprise for connectors, with a strong emphasis on the EV sector and emerging markets [8][9]. - The report notes that the company has secured orders for EV connectors from European automotive clients, indicating a stable and long-term revenue stream [8][9]. - The company’s new product lines in AI and data center communication are expected to enter a harvest phase, with existing orders from domestic cloud service providers and ongoing efforts to engage with international clients [8][9].

证券研究报告 精测电子 (300567 CH) 看好半导体业务先进制程进程 3Q25 业绩：营收利润同比大幅增长，毛利率显著提升 3Q25 公司实现营业收入 8.90 亿元，同比+25.37%，分产品来看，半导体/ 显示板块/新能源领域收入2.7/5.7/0.33亿元，同比+48.7%/+14.7%/+14.5%。 3Q25 实现毛利率 48.54%，同比+7.08pct，环比+2.2pct，主要受益于高毛 利半导体收入占比提升，我们预计公司毛利率后续有望稳步提升。3Q25 公 司实现归属上市公司股东的净利润 0.72 亿元，同比+123.44%。3Q25 公司 研发投入 2.00 亿元，同比增长 15.49%，其中半导体研发投入 1.2 亿元， 同比增长 43.38%；显示检测研发投入 7,417.35 万元，同比下降 2.80%； 新能源研发投入 899.05 万元，同比下降 41.66%。 半导体成公司业绩重要支撑 ，明场检测设备进展顺利 3Q 半导体营收 2.7 亿元，同比增长 48.7%，归母净利润 2,103 万元。公 司膜厚、OCD 、电子束、半导体硅片应力测量、明场光学缺陷检测等核心 产品均处 ...

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 69.93 RMB [6][4]. Core Insights - The company reported a significant increase in profits for Q3 2025, driven by the end of inventory depletion in Europe and growing demand in emerging markets like Australia [1][2]. - The strong performance in the energy storage inverter and battery businesses is attributed to a substantial increase in shipment volumes, with inverter sales reaching approximately 45,000 units and battery sales around 0.3 GWh, both showing over 80% growth quarter-on-quarter [2][3]. - The company is expected to benefit from the global growth in renewable energy and energy storage demand, particularly in Australia and other emerging markets [2][3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 2.108 billion RMB, a year-on-year increase of 17.4%, and a net profit of 98 million RMB, reflecting a year-on-year growth of 200.8% [1]. - The gross margin and net margin were reported at 26.2% and 4.63%, respectively, indicating strong profitability [1]. Business Segments - The energy storage inverter segment generated approximately 400 million RMB in revenue, with a gross margin of 40-45%, while the energy storage battery segment also achieved around 400 million RMB, with a gross margin of about 35% [2]. - The company’s grid-connected inverter business remained stable, with revenue estimated at around 700 million RMB, maintaining a gross margin of 24-25% [3]. Future Outlook - The company is projected to see continued growth in net profit, with estimates of 212 million RMB for 2025, 459 million RMB for 2026, and 569 million RMB for 2027 [4]. - The report anticipates that the company’s overseas expansion will lead to further profit growth and cost reductions due to economies of scale [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 81.74 [7]. Core Views - The company reported a revenue of RMB 400 million for the first three quarters of 2025, representing a year-on-year increase of 5.01%, while the net profit attributable to shareholders was RMB 64 million, a decrease of 11.53% year-on-year. The third quarter saw a revenue of RMB 106 million, down 15.97% year-on-year and 35.32% quarter-on-quarter, primarily due to a decrease in sales revenue and an increase in share-based payment expenses [1]. - The company is focusing on high-end product launches to achieve domestic substitution and is deepening its engagement in the aerospace industry while continuously expanding applications in the civilian sector. The outlook for the company leading high-end machine tool domestic substitution is positive [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 38.71%, down 3.97 percentage points year-on-year, and the net profit margin was 15.90%, down 3.01 percentage points year-on-year. The decline in gross margin is attributed to the lower gross margin of the automation production line business, which is rapidly increasing in proportion [2]. - The expense ratio for the first three quarters of 2025 was 22.79%, an increase of 2.09 percentage points year-on-year. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 8.61%, 6.88%, 7.53%, and -0.24%, respectively [2]. Product and Market Positioning - The company has a complete product layout, forming a competitive advantage of full industry chain autonomy. It has four general technology platform products and four specialized technology platform products, widely used in aerospace, energy, automotive, shipbuilding, molds, low-altitude economy, and medical fields [3]. - The company is expanding into emerging fields, focusing on low-altitude economy and humanoid robots. It is developing high-end precision manufacturing equipment for components of drones and helicopters, and its control algorithms and servo drives can be adapted for humanoid robot control systems [4]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down by 5.82%, 10.38%, and 7.64%, respectively, to RMB 163 million, RMB 210 million, and RMB 268 million, with a three-year compound growth rate of 27.25%. The corresponding EPS is projected to be RMB 1.22, RMB 1.58, and RMB 2.01 [5]. - The company is assigned a PE valuation of 67 times for 2025, leading to a target price of RMB 81.74, down from the previous value of RMB 87.10 [5].