证券研究报告 联影医疗 (688271 CH) 3Q25 收入及归母净利均明显提速 2025 年 10 月 30 日│中国内地 医疗器械 公司 1-3Q25 实现收入 88.59 亿元（yoy+27.4%）、归母净利 11.20 亿元 （yoy+66.9%）、扣非归母净利 10.53 亿元（yoy+126.9%）；其中公司 3Q25 实现收入 28.43 亿元（yoy+75.4%）、归母净利 1.22 亿元（yoy+143.8%）、 扣非归母净利 8761 万元（yoy+126.2%），公司业绩逐季改善趋势进一步 确认，3Q25 业绩同比持续提速。考虑公司产品力行业领先，国内市场需求 积极回暖且海外渠道建设持续完善，看好公司 25 年实现提质提速发展。维 持"买入"评级。 三项费用率同比降低，现金流水平明显改善 公司 1-3Q25 毛利率为 47.0%（yoy-0.5pct），我们推测主因产品销售结构 变动。公司 1-3Q25 销售/管理/研发费用率分别为 17.2%/5.0%/14.1% （yoy-0.8/-0.9/-4.8pct），公司规模效应持续显现，叠加积极提升费用投入 效率，公司三项费用率同比有所降 ...

证券研究报告 迈瑞医疗 (300760 CH) 3Q25 收入端拐点已如期显现 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 30 日│中国内地 | 医疗器械 | 目标价(人民币): | 313.62 | 公司 1-3Q25 收入/归母净利 258.34/75.70 亿元（yoy-12.4%/-28.8%），其 中 3Q25 收入/归母净利 90.91/25.01 亿元（yoy+1.5%/-18.7%），3Q25 公 司收入端如期迎来拐点且利润端边际积极修复。经公司初步测算，4Q25 收 入同比增长较 3Q25 将进一步提速。考虑公司产品矩阵丰富且性能行业领 先，国内设备更新政策落地边际加速，海外市场销售网络持续完善，看好公 司后续业绩进一步改善。维持"买入"。 积极强化商业化及研发能力，持续提升竞争力水平 公司 1-3Q25 毛利率 62.0%（yoy-2.9pct），我们推测主因国内行业外部因 素短期扰动。公司 1-3Q25 销售/管理/研发费用率分别为 14.5%/ ...

航天南湖 (688552 CH) 看好公司军贸和低空市场潜力 2025 年 10 月 30 日│中国内地 航天南湖发布三季报：Q3 实现营收 6614.16 万元（yoy+224.84%， qoq-58.95%），归母净利-1555.24 万元，二季度为-356 万元，去年同期为 -1929 万元。2025 年 Q1-Q3 实现营收 5.85 亿元（yoy+579.06%），归母 净 利 3748.59 万元（ yoy+163.91% ） ， 扣 非 净 利 3461.78 万 元 （yoy+157.31%）。考虑到当前国内外对防空预警产品需求旺盛，同时公司 多款新产品有望进入批量采购阶段，我们预计公司 25-27 年业绩将实现快速 增长，维持"买入"评级。 前三季度营收利润显著增长，全年业绩有望保持高增 前三季度公司收入和归母净利润实现快速增长，主要系雷达相关产品交付量 增加。公司单三季度业绩呈现出同比快速增长但环比下降明显的特点，主要 系产品交付节奏问题，从公司历史业绩看，三季度是公司交付和确收的淡季， 四季度占公司全年业绩比重较大，考虑到"十四五"末期国防建设需要完成 既定规划，公司四季度业绩同环比有望 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a decline in total revenue and net profit for Q3 2025, with total revenue of 0.833 billion and net profit of 0.08 billion, representing year-on-year decreases of 47.5% and 68.5% respectively. Despite external pressures, the company is focusing on product, channel, and brand reforms to enhance operational performance and core competitiveness [1][2]. - The company is expected to benefit from an improved competitive landscape in its home province, leading to a gradual recovery in operational performance and profit margins [1][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved total revenue of 3.33 billion, a decrease of 18.5% year-on-year, with net profit down 28.0% to 0.4 billion. In Q3 alone, total revenue was 0.85 billion, down 47.5% year-on-year [1][2]. - The gross margin for Q1-Q3 2025 was 66.3%, a slight increase of 0.1 percentage points year-on-year, while Q3 gross margin fell to 61.4%, down 5.4 percentage points year-on-year [3]. Product and Market Analysis - The white liquor business generated revenue of 3.31 billion in Q1-Q3 2025, with products priced above 100 yuan performing better than those below 100 yuan, which saw declines of 15.0% and 22.1% respectively [2]. - Revenue from different regions showed that the home province (Hebei) generated 2.02 billion, down 13.8%, while other provinces experienced more significant declines [2]. Future Outlook - The report projects revenues for 2025-2027 to be 4.41 billion, 4.59 billion, and 4.87 billion respectively, with a downward adjustment of 18% for each year due to external demand pressures [4][12]. - The expected earnings per share (EPS) for 2025-2027 are 0.65, 0.71, and 0.78 yuan, reflecting a decrease of 28% for 2025 compared to previous forecasts [4][12].

证券研究报告 沃尔核材 (002130 CH) 超节点迭代引领高速通信线继续放量 2025 年 10 月 30 日│中国内地 通信设备制造 公司发布 9M25 财报，公司 9M25 实现收入 60.8 亿元，同比+26%；归母净 利润 8.2 亿元，同比+25%，业绩增长系公司 224G 高速通信线导入量产、 同时新能源充电枪业务需求快速提升。单季度来看，公司 3Q25 实现收入 21.4 亿元（同比+24%，环比-2%）；归母净利润 2.64 亿元（同比+12%， 环比-14%），业绩环比有所下滑系 Q3 是英伟达服务器出货从 GB200 转向 GB300 的过渡阶段，下游客户在供应份额上出现一定波动。我们看好公司 高速通信线产品持续受益海内外超节点建设，公司关键设备到位后有望凭产 能在 26 年后分得更多份额，业绩或加速释放。维持"买入"评级。 高速通信线产品收入同比高增长，关键设备陆续到位 公司坚定"电子通信+新能源电力"的战略方向，在电子、电力业务稳固的 同时，以电线、新能源业务构建新增长曲线。在高速通信线方面，公司产品 版图现已涵盖 1.6T/800G/224G 全系列高速铜缆并推进新一代 448G ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 80.42 CNY [6][4]. Core Insights - The company's Q3 revenue reached 148 million CNY, representing a year-over-year increase of 10.26% but a quarter-over-quarter decrease of 10.50%. The net profit attributable to the parent company was 84.44 million CNY, with a year-over-year increase of 3.43% and a quarter-over-quarter decrease of 23.21% [1][2]. - The company has seen a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue of 401 million CNY (up 47.73% year-over-year) and net profit of 239 million CNY (up 72.91% year-over-year) [1][2]. - The company is expanding its product applications in various high-end sectors, including industrial, surveying, oil exploration, commercial aerospace, intelligent driving, and high-reliability fields [1][3]. Summary by Sections Q3 Performance Review - In Q3 2025, the company reported revenue of 148 million CNY, a year-over-year increase of 10.26% and a quarter-over-quarter decrease of 10.50%. The gross margin and net margin were 85.3% and 57.1%, respectively, showing a year-over-year decline of 1.6 and 3.8 percentage points [2]. - The company announced two major orders totaling 434 million CNY for delivery this year, but seasonal fluctuations in delivery schedules have led to a slowdown in revenue and profit growth in Q3 [2]. Outlook for 2H25 - The company is expected to launch new products in 2026, with its MEMS products accelerating penetration into new markets. The company is making progress in high-reliability, commercial aerospace, and autonomous driving sectors [3]. - The product matrix has expanded beyond high-precision gyroscopes to include FM resonant accelerometers and pressure sensors, with plans to introduce a cost-effective six-axis IMU chip for the civilian market in 2026 [3]. Profit Forecast and Valuation - The report slightly lowers the revenue forecasts for 2025, 2026, and 2027 by 9%, 8%, and 5% to 650 million CNY, 970 million CNY, and 1.36 billion CNY, respectively. The net profit forecasts for the same years are adjusted downwards by 9%, 8%, and 5% to 370 million CNY, 500 million CNY, and 690 million CNY [4]. - The target price of 80.42 CNY is based on a 2025 PE ratio of 86X, reflecting a 20% premium over comparable companies' valuation of 71.7X PE [4].

证券研究报告 Q3 延续调整，看好洞藏释能 华泰研究 季报点评 投资评级(维持): 买入 | 目标价(人民币): | 49.14 | | --- | --- | | 龚源月 | 研究员 | | SAC No. S0570520100001 | gongyuanyue@htsc.com | | SFC No. BQL737 | +(86) 21 2897 2228 | | 宋英男 | 研究员 | | SAC No. S0570523100004 | songyingnan@htsc.com | | SFC No. BVO704 | +(86) 21 2897 2228 | 基本数据 迎驾贡酒 (603198 CH) | 收盘价 (人民币 截至 10 月 29 日) | 39.07 | | --- | --- | | 市值 (人民币百万) | 31,256 | | 6 个月平均日成交额 (人民币百万) | 339.04 | | 52 周价格范围 (人民币) | 38.43-67.75 | 股价走势图 (37) (22) (7) 8 23 Oct-24 Feb-25 Jun-25 Oct-25 (%) 迎驾贡酒 沪 ...

证券研究报告 隆鑫通用 (603766 CH) 自主出口发力推动 Q3 净利高增 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 30 日│中国内地 | 其他交运设备 | 目标价(人民币): | 20.13 | 隆鑫通用发布三季报：Q3 实现营收 48.05 亿元（yoy+5.55%，qoq-5.89%）， 归母净利 5.0 亿元（yoy+62.48%，qoq-11.41%），位于此前业绩预告范围 中值（4.5~5.5 亿元）。无极品牌正引领公司完成从低端代工向自主中高端 的战略转变，通过全品类全排量段的产品矩阵打造强劲出海势能，盈利释放 可期。维持"买入"评级。 Q3 营收同比表现稳健，出口销量延续高增趋势 25Q3 公司营收端环比有所下滑，同比增速略有放缓，或系公司通路代工业 务份额调整影响，但公司自主品牌产品持续发力，Q3 250cc+两轮摩托总销 量同比+24%至 4 万辆，出口方面中大排休旅 DS900X、DS 625X 等重磅车 型在欧洲市场广获认可，Q3 25 ...

证券研究报告 美的集团 (000333 CH) 2025 年 10 月 30 日│中国内地 白色家电 公司披露 2025 年三季报，9M25 公司实现营业总收入 3647.16 亿元，同比 +13.85%，归母净利 378.83 亿元，同比+19.51%，其中，25Q3 总营收同 比+9.94%，归母净利同比+8.95%。在复杂的全球需求环境下，公司战略已 经升级为"科技领先、用户直达、数智驱动、全球突破"四大主轴。一方面， 公司传统家电业务上扁平化渠道及数字化工具直达用户，领导地位得到持续 强化，另一方面，在新战略驱动下，我们看好公司在全球继续深入布局，并 运用数字科技创新提升 ToB 产业竞争力。随着阶段性关税及国补扰动因素迎 来改善，公司作为中长期优质经营标的，值得关注，维持"买入"评级。 关税因素扰动直接出口，实际海外表现或更优 关税仍为短期最大扰动因素，公司 25Q3 营业总收入同比+9.94%，而 25Q2/25Q1 分别同比+10.99%/+20.61%。根据产业在线数据，7-9 月公司 空 调 内 外 销 量 分 别 同 比 -9.3%/-14.4% ， 冰 箱 内 外 销 量 分 别 同 比 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 46.63 [1]. Core Views - The company has shown steady revenue growth driven by multiple factors, including strong performance in the new energy vehicle thermal management business and the gradual ramp-up of products in energy storage thermal management and liquid cooling modules [6][7]. - The company is actively expanding into data center thermal management, leveraging its technology and process advantages from automotive thermal management, with a clear development strategy [8]. - The humanoid robot business is progressing steadily, with a focus on expanding the product line through self-research and collaboration with leading domestic and international clients [9]. Financial Performance - For Q3 2025, the company achieved revenue of RMB 3.89 billion, representing a year-on-year increase of 27.38% and a quarter-on-quarter increase of 3.69%. The net profit attributable to the parent company was RMB 230 million, up 14.48% year-on-year [6]. - The company reported a total revenue of RMB 11.06 billion for the first three quarters of 2025, reflecting a year-on-year growth of 20.12%, with a net profit of RMB 672 million, an increase of 11.18% year-on-year [6]. - The company’s gross margin for Q3 2025 was 19.4%, with a net margin of 6.9%, showing slight fluctuations due to changes in business structure [7]. Earnings Forecast and Valuation - The company’s revenue is projected to grow from RMB 12.70 billion in 2024 to RMB 22.30 billion in 2027, with compound annual growth rates of 15.28%, 23.99%, 19.10%, and 18.86% respectively [5]. - The net profit attributable to the parent company is expected to increase from RMB 783.53 million in 2024 to RMB 1.65 billion in 2027, with growth rates of 28.00%, 28.16%, 31.50%, and 24.94% respectively [5]. - The estimated EPS for 2025 is RMB 1.19, with a PE ratio of 32.79x, and the target price corresponds to a PE of 34.1x for 2025 [10].