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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 145.23 RMB [6][4]. Core Views - The company experienced a quarter-on-quarter revenue decline in Q3 2025, attributed to price pressures from downstream customers, but year-on-year revenue growth remains positive [1][2]. - The outlook for Q4 2025 and 2026 is optimistic, particularly in the ADAS and L4 autonomous driving sectors, with expectations for improved profitability driven by cost reduction and efficiency gains [1][3]. Summary by Sections Q3 2025 Performance - The company reported Q3 2025 revenue of 1.555 billion RMB, a year-on-year increase of 2.40% but a quarter-on-quarter decrease of 1.57%. The net profit attributable to the parent company was 11.92 million RMB, showing a significant year-on-year increase of 115.52% but a quarter-on-quarter decline of 63.89% [1][2]. - For the first three quarters of 2025, total revenue reached 4.464 billion RMB, reflecting a year-on-year growth of 25.88%, while the net profit was -75.05 million RMB, indicating a year-on-year improvement of 81.70% [2]. Q4 2025 and 2026 Outlook - The company is expected to continue its revenue growth trend into 2026, driven by smart driving electronic products and autonomous driving solutions. Key clients like Geely, Xiaopeng, Xiaomi, and FAW are anticipated to enter stable production phases [3]. - The company aims to enhance profitability through improved R&D efficiency and cost control, with L4 autonomous driving platform products expected to accelerate commercialization [3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are maintained at 7.39 billion RMB, 9.53 billion RMB, and 11.68 billion RMB, respectively, with corresponding net profits projected at 66.10 million RMB, 361.79 million RMB, and 607.76 million RMB [4][10]. - The report anticipates a gradual improvement in gross margins, with estimates of 23.9%, 24.8%, and 25.3% for 2025, 2026, and 2027, respectively [4].

证券研究报告 安图生物 (603658 CH) 静待政策影响消化后业绩改善 | 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): | 45.19 | 公司 9M25 收入/归母净利润/扣非归母净利润分别为 31.27/8.60/8.15 亿元， 同比-7.5%/-10.1%/-12.4%；3Q25 收入/归母净利润/扣非归母净利润 10.67/2.89/2.69 亿元，同比-9.0%/-14.3%/-18.8%。3Q25 业绩增速承压， 我们看好后续政策影响消化后业绩恢复增长，维持买入评级。 海外收入保持快速增长，磁微粒发光试剂收入承压 公司海外业务持续拓展，我们估计 9M25 海外收入保持快速增长。磁微粒化 学发光试剂受集采及 DRGs 等政策影响，收入承压，我们预期 2026 年相关 影响基本消化，恢复增长。我们估计磁微粒化学发光仪 2025 年全年装机超 1000 台。公司持续发力流水线业务，进口线体 A1/B1 以 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 39.30 [1]. Core Views - The company reported a revenue of RMB 1.38 billion in Q3 2025, representing a year-on-year increase of 20.7% and a quarter-on-quarter increase of 2.0%. However, the net profit attributable to the parent company was RMB 110 million, showing a decline of 21.8% year-on-year and 2.2% quarter-on-quarter [1]. - The company is expanding its overseas business, particularly in regions like India, the Middle East, Africa, and Europe, which is expected to drive profitability improvements as demand increases [2][3]. - The company has successfully integrated its energy storage PCS and system integration businesses into international markets, achieving higher gross margins compared to domestic levels [3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 24.2% and a net margin of 8.0%. The net financial expense ratio was 3.66%, significantly impacted by foreign exchange losses due to the depreciation of the Indian Rupee [1]. - The estimated revenue from the photovoltaic inverter segment for the first three quarters of 2025 is approximately RMB 2.4 billion, with a gross margin of 21-23% [2]. Market Outlook - The global photovoltaic inverter market is expected to maintain steady growth, with the company's overseas business likely to become a key driver for profit improvement [2]. - The company is focusing on local production capabilities in India to accelerate its overseas market expansion, which is anticipated to enhance its profitability as demand continues to grow [2]. Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is RMB 450 million, RMB 662 million, and RMB 818 million, respectively, with corresponding EPS of RMB 0.89, RMB 1.31, and RMB 1.62 [4]. - The company is assigned a 2026E PE of 30x, reflecting its growth potential as it expands its overseas business [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 19.11 [1][5]. Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at RMB 1.548 billion, down 33.46% year-on-year, and a net loss of RMB 216 million, which is an increase in loss by 271% compared to the previous year [1]. - Despite short-term pressures on revenue and profit, the company is focusing on high-margin businesses, leading to a notable improvement in gross margins [2]. - The company has made breakthroughs in the "AI + Security" sector, developing a comprehensive product matrix that addresses various security needs, which is expected to contribute to high-quality business growth [3]. - Collaboration with China Mobile in the quantum-resistant encryption space is anticipated to open new growth opportunities for the company [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of RMB 415 million, a decrease of 44.82% year-on-year, with a net loss of RMB 122 million, marking a 339.96% increase in loss year-on-year [1]. - The operating cash flow for the first three quarters of 2025 was negative RMB 147 million, an improvement from negative RMB 590 million in the same period last year [1]. Business Strategy - The company is actively optimizing its business structure by focusing on high-margin projects, resulting in a gross margin of 61.78% for the first three quarters of 2025, up 7.0 percentage points year-on-year [2]. - The company has introduced a product matrix in the "AI + Security" domain, which includes advanced capabilities for threat detection and data security, significantly enhancing operational efficiency [3]. Future Outlook - Revenue forecasts for 2025, 2026, and 2027 have been adjusted downwards by 32.17%, 30.52%, and 28.85% respectively, due to anticipated budget constraints from downstream clients [5]. - The target price of RMB 19.11 reflects a valuation of 8.0 times the projected sales for 2026, considering the company's strategic partnerships and advancements in AI security [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.75 RMB [6][4]. Core Insights - The company reported a total revenue of 1.212 billion RMB and a net profit attributable to the parent company of 116 million RMB for the first three quarters of 2025, representing year-on-year growth of 14.12% and 3.23% respectively [1]. - The gross profit margin has steadily increased, reaching 54.7% for the first three quarters of 2025, up 4.6 percentage points year-on-year [3]. - The company is focusing on high-end product development and has improved its marketing and management systems, which enhances operational momentum and profit release potential [1][4]. Revenue and Profitability - For Q3 2025, the company achieved a total revenue of 395 million RMB, a year-on-year increase of 21.09%, while the net profit attributable to the parent company was 22 million RMB, up 2.47% [1]. - The gross profit margin for Q3 2025 was 53.2%, an increase of 2.8 percentage points year-on-year [3]. - The company’s sales expenses increased by 7.2 percentage points to 27.6% for the first three quarters of 2025, indicating a more refined expense management approach [3]. Product Performance - The company’s core products, including Lan Ting and 1743, are expected to continue high growth, with Q3 2025 revenue for mid-to-high-end products increasing by 62.47% year-on-year [2]. - The company has a healthy inventory level and is actively cultivating consumer demand [2]. Market Expansion - The company is expanding its market presence, with revenue from Zhejiang, Jiangsu, and Shanghai regions showing positive growth [2]. - The number of distributors has increased, with 530 in Zhejiang and 1,403 in other regions as of Q3 2025, reflecting a strategic focus on market penetration [2]. Financial Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.45, 0.55, and 0.71 RMB respectively, with a downward adjustment of 13% to 15% from previous forecasts [4]. - The company’s competitive landscape is improving, and the high-end product strategy is progressing smoothly, with operational momentum expected to continue [4].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The recovery in the lithium battery industry has significantly boosted the company's profits, with a year-on-year revenue increase of 50.71% for the first three quarters of 2025, primarily driven by higher sales volume of copper foil products [2][4] - The company is actively expanding its product offerings in the PCB copper foil sector, focusing on high-end applications to meet the demands of emerging fields such as AI and 5G [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 2.577 billion RMB, representing a year-on-year increase of 34.48% and a quarter-on-quarter increase of 30.02%. The net profit attributable to shareholders was 4.1219 million RMB, up 110.62% year-on-year but down 66.48% quarter-on-quarter [1][2] - For the first three quarters of 2025, the company reported total revenue of 6.540 billion RMB and a net profit of 40.876 million RMB, reflecting a year-on-year increase of 128.39% in net profit [1][2] Strategic Initiatives - The company is focusing on high-end, differentiated products in the PCB copper foil market, including high-frequency and high-density interconnect copper foils, to cater to the needs of AI and 5G applications [3] - The company has a planned total production capacity of 35,000 tons for its electrolytic copper foil production line in Jiangxi, with over 10,000 tons currently in production [3] Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits of 115.26 million RMB, 258.52 million RMB, and 407.41 million RMB for 2025, 2026, and 2027 respectively [4] - The target price has been adjusted to 46.74 RMB, based on a price-to-book ratio of 2.75 for 2026 [4]