证券研究报告 盟升电子 (688311 CH) Q3 军品需求复苏驱动营收快速增长 2025 年 10 月 30 日│中国内地 通信设备制造 | 盟升电子发布三季报：Q3 实现营收 1.28 亿元（ yoy+1727.32%， | | --- | | qoq+30.25%），归母净利-1041.25 万元（yoy+87.69%，qoq+52.88%）。 | | 2025 年 Q1-Q3 实现营收 2.48 亿元（yoy+185.29%），归母净利-4754.54 | | 万元（yoy+62.74%），扣非净利-5630.68 万元（yoy+60.69%）。我们看 | | 好公司发展前景：1）军品：弹载卫导景气复苏，电子对抗和数据链发展持 | | 续向好；2）民品：机载卫通天线突破国内窄体机和 C919 前装市场，低轨 | | 相控阵终端有望跟随星网建设快速发展。维持"买入"评级。 | 军品业务持续复苏，民品卫通、低轨卫星业务加速开拓 根据公司三季报，公司原暂停、暂缓的军品订单恢复执行，下游客户需求增 加，公司收入实现同比快速增长。展望未来，受益精确制导、数据链、电子 对抗等领域需求增长，公司在手订单充沛， " ...

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 10.30 [1][5]. Core Views - The oil transportation market is expected to continue strengthening due to multiple favorable factors, including increased global oil production and geopolitical events [1][3]. - The company's revenue for the first three quarters was RMB 19.31 billion, with a slight year-on-year increase of 0.1%, while net profit attributable to the parent company decreased by 2.1% year-on-year to RMB 3.30 billion [1][5]. - The report anticipates a significant increase in net profit for the fourth quarter, projecting RMB 19.8 billion, which represents a quarter-on-quarter increase of 243.9% [2]. Summary by Sections Financial Performance - In Q3, the company's net profit from oil transportation was RMB 600 million, showing a quarter-on-quarter increase of 54.8% but a year-on-year decrease of 26.0% [2]. - The average freight rate for VLCC from the Middle East to China increased by 69.5% quarter-on-quarter [2]. Market Outlook - The report highlights that since August, the global oil tanker market has seen a significant rise in freight rates due to OPEC+ production increases and strong demand for oil imports in China [3]. - The report expects the oil transportation market to remain strong through Q4 2025 and Q1 2026, driven by factors such as OPEC+ production increases and geopolitical tensions [3]. Profit Forecasts - The report has raised profit forecasts for 2025, 2026, and 2027 by 22%, 11%, and 1% respectively, estimating net profits of RMB 5.75 billion, RMB 5.80 billion, and RMB 5.73 billion [5]. - The report indicates that every USD 10,000 increase in VLCC freight rates could add RMB 1.37 billion to the company's annual net profit, highlighting the high profit elasticity of the company [5][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.37 [7][5]. Core Views - The company is currently undergoing a critical transition between old and new growth drivers, with short-term performance under pressure but long-term potential in overseas SLG products and AI business commercialization [1][5]. - The existing games are experiencing a natural decline in revenue due to reduced marketing spend, but they still show strong resilience, with expectations of narrowing revenue decline in the upcoming quarters [2]. - The AI product OurWorks has been launched with a business model targeting cost reduction for SMEs, and while it is in the user accumulation phase, it is expected to contribute positively to revenue in the future [3]. Financial Performance Summary - In Q3 2025, the company reported revenue of RMB 1.384 billion, a year-on-year decrease of 5.29% but a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was RMB 215 million, down 53.55% year-on-year [1]. - For the first three quarters of 2025, the company achieved a total revenue of RMB 4.068 billion, a year-on-year decline of 9.86%, and a net profit of RMB 724 million, down 33.77% year-on-year [1]. - The gross margin for Q3 2025 was 56.17%, a decrease of 5.02 percentage points year-on-year, primarily due to a lower proportion of high-margin game business [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been revised downwards, with net profit estimates adjusted to RMB 961.53 million, RMB 1.401 billion, and RMB 1.605 billion, representing declines of 16.46%, 17.92%, and 20.63% respectively [5][11]. - The company is assigned a PE valuation of 23 times for 2026, reflecting its potential for new product elasticity and rapid AI application progress [5].

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 29.73 [1][5]. Core Insights - The company's Q3 revenue reached RMB 1.497 billion, representing a year-over-year increase of 9.08% and a quarter-over-quarter increase of 22.19%. The net profit attributable to shareholders was RMB 633 million, up 34.51% year-over-year and 46.66% quarter-over-quarter [1]. - The growth in Q3 was primarily driven by the high-margin "996 Legend Box" platform business, which signed brand area cooperation agreements with leading publishers, confirming revenue starting from Q3 [2]. - The company is transitioning from a game developer to a platform company, with expectations of continued user growth and diversified monetization methods [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of RMB 4.075 billion, a year-over-year increase of 3.75%, and a net profit of RMB 1.583 billion, up 23.70% year-over-year [1]. - The company has a stable revenue stream from existing games and has several new IP titles in the pipeline, expected to launch by the end of 2025 or in 2026 [3]. AI Development and Commercialization - The company is diversifying its AI initiatives, including the upcoming launch of the AI companion application "EVE" and the AI game development platform "SOON," which aims to lower development barriers [4]. - The AI product lineup is expected to provide valuation flexibility and open new market opportunities [4]. Financial Forecast and Valuation - The report maintains profit forecasts for 2025-2027 at RMB 2.182 billion, RMB 2.538 billion, and RMB 2.866 billion respectively, with a PE valuation of 25X for 2026 [5]. - The target price reflects a slight adjustment from the previous value of RMB 30.72, based on the company's ongoing growth and market positioning [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 8.53 [1]. Core Insights - The company reported a year-on-year increase in net profit and operating income of 12.8% and 8.2% respectively for the first nine months of 2025, showing improvement compared to the first half of the year [1]. - The company has seen a recovery in credit issuance, with a net interest margin stabilizing and asset quality remaining robust, although there are concerns regarding the trend of non-performing loans in the small and micro-enterprise sector [1][4]. - Significant increases in shareholding by state-owned and insurance capital investors indicate strong long-term investment confidence in the company [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the annualized ROE and ROA were 15.02% and 1.24%, respectively, reflecting slight increases [1]. - As of September 2025, total assets, loans, and deposits grew by 10.9%, 7.1%, and 9.8% respectively compared to June 2025 [2]. Credit and Interest Income - The company added RMB 5.3 billion in new credit in Q3 2025, with retail, corporate, and bills accounting for 31%, 57%, and 12% of the total respectively [2]. - The net interest margin slightly decreased by 1 basis point to 2.57%, while the yield on interest-earning assets increased by 1 basis point to 4.42% [2]. Non-Interest Income and Capital - Non-interest income growth slowed to 20.0% year-on-year, with a notable increase in middle-income revenue [3]. - The capital adequacy ratio and core tier 1 capital ratio were 13.66% and 11.14% respectively as of September 2025, showing a slight improvement from June 2025 [3]. Asset Quality - The non-performing loan ratio remained stable at 0.76%, while the provision coverage ratio decreased by 27 percentage points to 463% [4]. - The annualized credit cost for Q3 2025 was 0.37%, a decrease of 14 basis points year-on-year [4]. Valuation and Forecast - The company is projected to achieve net profits of RMB 43 billion, RMB 48 billion, and RMB 54 billion for 2025 to 2027, with respective growth rates of 11.7%, 11.7%, and 12.5% [5]. - The target price corresponds to a price-to-book ratio of 0.90 for 2025, reflecting a premium valuation due to the company's mature small and micro-business model and increased dividend capacity [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 4.70 and HKD 3.69 [6][5]. Core Views - The company's revenue for Q3 2025 was RMB 20.556 billion, a year-on-year decrease of 10.21% but a quarter-on-quarter increase of 7.40%. The net profit attributable to the parent company was RMB 2.624 billion, down 8.81% year-on-year and down 10.32% quarter-on-quarter, but within the expected range [1][2]. - The report highlights that the annual trading price for nuclear power in Guangdong is expected to increase in 2026 due to the cancellation of variable cost compensation, which could enhance profitability [3][5]. - The company is managing 20 nuclear power units under construction, with three expected to be operational by the end of 2025 and in 2026 [4][5]. Summary by Sections Financial Performance - For the first nine months of 2025, the company achieved revenue of RMB 59.723 billion, a year-on-year decrease of 4.09%, and a net profit of RMB 8.576 billion, down 14.14% year-on-year [1][2]. - The total on-grid electricity from the company's nuclear power units increased by 3.17% year-on-year to 1,721.79 billion kWh [2]. Market Outlook - The cancellation of the variable cost compensation mechanism in Guangdong is expected to lead to a year-on-year increase in the trading price of nuclear power, with an estimated profit increase of approximately RMB 209 million for the company [3][5]. - The report anticipates that the average comprehensive electricity price for the company's market-oriented units in Guangdong will increase by about 5 cents per kWh [3]. Construction and Development - The company is progressing steadily with its construction projects, with three units expected to be operational in late 2025 and early 2026 [4][5]. - The company holds significant stakes in several nuclear power projects, with acquisitions still in progress [4]. Profit Forecast and Valuation - The report maintains profit forecasts for the company at RMB 9.788 billion for 2025, RMB 10.789 billion for 2026, and RMB 11.326 billion for 2027 [5][10]. - The estimated PE ratio for 2026 is set at 22.0x, with a target price based on this valuation [5][10].

看好公司多增长极驱动成长提速 2025 年 10 月 30 日│中国内地 其他军工 | 西部超导发布三季报：Q3 实现营收 12.66 亿元（yoy+4.23%，qoq-23.22%）， | | --- | | 归母净利 1.04 亿元（yoy-59.44%，qoq-72.48%）。2025 年 Q1-Q3 实现营 | | 收 39.89 亿元（yoy+23.30%），归母净利 6.50 亿元（yoy+7.62%），扣非 | | 净利 5.89 亿元（yoy+10.39%）。25Q3 单季度归母净利润同比下滑，主要 | | 系政府补助同比下滑，资产减值计提、研发投入同比增长。我们看好公司高 | | 端钛合金、超导和高温合金三大板块共同驱动，实现长期成长，维持"买入" | | 评级。 | 研发投入、资产计提增长，政府补助减少导致单季度利润下滑 25Q3 单季度公司营收/归母净利润同比+4.23%/-59.44%至 12.66/1.04 亿 元，利润大幅下滑主要系：1）25Q3 公司研发项目逐步推进，研发材料投 入增加（25Q3 单季度研发费用 1.13 亿元，同比+113.92%）；2）依会计 政策对存在减值迹 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown a stable fundamental performance with a strong free cash flow, which is expected to continue providing high dividend returns [1][2] - The profit growth is driven by reduced financial and administrative expenses, as well as the divestment of certain assets [2] - The company has successfully focused on its core water resource business after divesting from certain real estate operations [2][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of HKD 14.281 billion, a year-on-year increase of 1.3%, primarily due to increased income from water resource operations [1] - The net profit attributable to shareholders was HKD 4.067 billion, reflecting a year-on-year growth of 13.2% [1] - The company's tax profit increased by 9.5% to HKD 6.241 billion, driven by lower financial and administrative costs [2] Water Resource Operations - The Dongshen water supply project reported a total supply of 1.670 billion tons, with revenue of HKD 5.242 billion, marking a year-on-year increase of 1.6% [3] - Other water resource operations generated revenue of HKD 5.611 billion, with a slight decrease in tax profit by 2.6% [3] Strategic Acquisitions - The company acquired a 51% stake in Yangjiang Yuehai Qingyuan for RMB 156 million and a 2% stake in Shantou Yuehai Water for RMB 70.88 million, enhancing its operational scale to 12.1 million tons per day [4] Profit Forecast and Valuation - The report maintains profit forecasts with expected net profits for 2025-2027 at HKD 4.218 billion, HKD 4.397 billion, and HKD 4.576 billion, respectively [5] - The target price is set at HKD 9.11, based on a projected PE ratio of 13.6 times for 2026 [5]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 48.0 billion RMB for the first three quarters of 2025, a year-on-year decrease of 8.7%, with a net profit of 1.44 billion RMB, down 19.1% year-on-year. However, the third quarter showed a revenue increase of 16.0% year-on-year, indicating positive momentum from new product launches and a recovery in net store openings [1][2]. - The company has launched nearly 400 new products in 2025, including the "盛唐风华," "凤祥喜事," and "藏宝金" series, which have contributed to the revenue growth, particularly in the jewelry segment [1][2]. - The gross margin for Q3 2025 was 7.0%, up 0.5 percentage points year-on-year, primarily benefiting from rising gold prices, although this was partially offset by an increase in the proportion of lower-margin gold bars [3]. - The company opened a net of 75 new stores in Q3 2025, with plans to open an additional 31 stores in Q4 2025, indicating a strategic focus on expanding its retail footprint [4]. Summary by Sections Revenue and Profitability - For Q3 2025, the company achieved a revenue of 14.65 billion RMB, with jewelry sales growing by 12.1% year-on-year, driven by new product contributions [2]. - The net profit margin for Q3 2025 was 1.5%, down 1.5 percentage points year-on-year, influenced by increased sales and promotional expenses [3]. Store Expansion - As of September 30, 2025, the company had a total of 5,625 retail outlets, including 187 direct stores and 5,438 franchise stores, with a focus on enhancing brand image and adapting to market trends [4]. Financial Forecast - The report forecasts net profits of 1.65 billion RMB, 1.85 billion RMB, and 2.06 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.5%, +12.6%, and +11.3% [5]. - The target price is set at 63 RMB, corresponding to a 20x PE ratio for 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Insights - The company reported total revenue and net profit for Q1-Q3 2025 of RMB 130.9 billion and RMB 64.63 billion, respectively, reflecting year-on-year growth of 6.3% and 6.2% [1][2]. - In Q3 2025, total revenue was RMB 39.81 billion, with net profit at RMB 19.22 billion, showing a year-on-year increase of 0.4% and 0.5% [1][2]. - The company is focusing on enhancing market confidence through refined operational strategies and governance, alongside expanding its overseas market presence [1][4]. Revenue and Profitability - For Q1-Q3 2025, revenue from Moutai liquor and series liquor was RMB 110.51 billion and RMB 17.88 billion, respectively, with year-on-year growth of 9.3% for Moutai liquor but a decline of 7.8% for series liquor [2]. - The gross margin for Q1-Q3 2025 was 91.5%, with a slight decrease of 0.2 percentage points year-on-year [3]. - The net profit margin for Q1-Q3 2025 remained stable at 49.4% [3]. Future Projections - The report projects revenue for 2025-2027 to be RMB 185.53 billion, RMB 202.70 billion, and RMB 221.67 billion, respectively, with expected year-on-year growth rates of 6.6%, 9.0%, and 9.4% [4][10]. - The earnings per share (EPS) estimates for 2025-2027 are adjusted to RMB 73.39, RMB 80.01, and RMB 87.54, respectively [4][10]. - The target price is set at RMB 1,920.24, based on a 24x PE ratio for 2026 [4][6].