Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Insights - The company has shown strong revenue growth in its jewelry segment, with a 28.3% year-on-year increase in revenue for the first three quarters of 2025, reaching 6.24 billion RMB. The net profit attributable to the parent company was 317 million RMB, a slight increase of 0.3% year-on-year. Excluding goodwill impairment, the net profit was 488 million RMB, reflecting a 54.5% increase year-on-year [1][4]. - The company's strategic focus on its main brand, product differentiation, and international expansion is expected to drive market share growth [1][4]. Revenue and Profit Growth - The jewelry business revenue increased by 30.7% year-on-year in the first three quarters of 2025, with a net profit growth of 56.1%. In the third quarter alone, revenue grew by 53.6% year-on-year, and net profit increased by 86.8%, significantly outperforming the industry average [2][4]. Financial Metrics - The gross margin for the third quarter of 2025 was 21.9%, down 2.3 percentage points year-on-year, primarily due to a higher proportion of lower-margin traditional gold products and franchise channel revenue. The selling expense ratio improved significantly, decreasing by 4 percentage points to 8.2% [3][4]. - The report projects a net profit of 441 million RMB for 2025, a decrease of 12% due to goodwill impairment, but anticipates increases of 19% and 18% for 2026 and 2027, respectively [4][10]. Valuation - The target price for the company is set at 20.4 RMB, based on a 25x PE ratio for 2026, reflecting the company's unique positioning and growth potential in the jewelry market [4][6].

Investment Rating - The investment rating for the company is "Buy" with a target price of 61.75 RMB [7]. Core Insights - The company reported Q3 revenue of 552 million RMB, a year-over-year increase of 23.88%, but a quarter-over-quarter decrease of 10.74%. The net profit attributable to the parent company was 42.87 million RMB, down 23.01% year-over-year and 23.59% quarter-over-quarter, slightly below expectations due to slower revenue recognition and rigid expense performance [1][7]. - The company has a market share of approximately 30% in the semiconductor cleanroom sector and is expected to benefit from the ongoing domestic industrial upgrades and the trend of domestic substitution [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.486 billion RMB, a year-over-year increase of 23.64%, with a net profit of 141 million RMB, down 5.17% year-over-year. The non-recurring net profit was 114 million RMB, down 18.24% year-over-year [1][2]. - The comprehensive gross margin for the first nine months of 2025 was 27.53%, a decrease of 3.04 percentage points year-over-year. The gross margin for Q3 was 27.36%, down 4.86 percentage points year-over-year but up 0.86 percentage points quarter-over-quarter [2]. - The company’s net profit margin for the first three quarters was 9.48%, down 2.88 percentage points year-over-year, with Q3 net profit margin at 7.77%, down 4.73 percentage points year-over-year and 1.31 percentage points quarter-over-quarter [3]. Cost and Expense Analysis - Total operating expenses for the first three quarters increased by 28.6% year-over-year to 254 million RMB, with the expense ratio rising by 0.65 percentage points to 17.1%. The increase in expenses is attributed to stock incentive costs [2]. - The company’s operating cash flow for the first three quarters was 175 million RMB, an increase of 218 million RMB year-over-year, mainly due to improved management of accounts receivable [3]. Market Position and Future Outlook - The company is accelerating its overseas expansion, having acquired a Malaysian company to enhance its presence in the global semiconductor market. This positions the company to compete with global leaders like Camfil, which had a revenue of approximately 10.8 billion RMB in 2024 [4]. - The company’s net profit forecasts for 2025-2027 have been adjusted downwards by 9.70%, 12.05%, and 14.30% to 233 million RMB, 296 million RMB, and 381 million RMB respectively, reflecting the short-term negative impact of incentive costs on profitability [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 64.86 and HKD 50.02 [6][12][13] Core Insights - The company reported Q3 revenue of RMB 6.616 billion, a year-on-year increase of 9.58% but a quarter-on-quarter decrease of 13.82%. The gross margin improved slightly to 33.18% [1] - The company is expected to maintain steady growth driven by robust demand in its rail transit business and breakthroughs in high-voltage power devices, new energy generation, and deep-sea equipment [1] - The semiconductor business continues to grow significantly, benefiting from new domestic and international orders in the new energy sector [3] Summary by Sections Rail Transit Business - Revenue for the rail transit business reached RMB 10.305 billion in the first three quarters, up 9.23% year-on-year. The growth is attributed to increased orders from national railway tenders and maintenance services [2] - The company has secured significant orders for high-speed trains, with a total of 278 units tendered this year, surpassing last year's total [2] - Maintenance revenue for the first three quarters was RMB 2.215 billion, reflecting a year-on-year growth of 19.59% [2] Emerging Business - The emerging equipment business generated RMB 8.426 billion in revenue, a year-on-year increase of 22.26%. The semiconductor segment saw a growth of 30.40% [3] - The company has successfully entered new markets for its silicon carbide products and has received substantial orders in photovoltaic and charging infrastructure [3] - New energy generation projects have also seen success, with over 15 GW of photovoltaic integration products tendered in the first three quarters [3] Profit Forecast and Valuation - Revenue forecasts for 2025, 2026, and 2027 are maintained at RMB 28.661 billion, RMB 33.021 billion, and RMB 37.392 billion respectively, with net profit expectations of RMB 4.175 billion, RMB 4.657 billion, and RMB 5.229 billion [4][10] - The valuation analysis suggests a target market value of RMB 420 billion for the emerging equipment business and RMB 461 billion for the rail transit equipment and other businesses [12][13]

证券研究报告 港股通 招商证券 (600999 CH/6099 HK) Q3 业绩改善，经纪弹性亮眼 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 证券 招商证券发布 三 季 报 ， 2025 年 前 三 季 度 实 现 营 收 182.44 亿 元 （yoy+27.76%），归母净利 88.71 亿元（yoy+24.08%）。其中 Q3 实现营 收 77.23 亿元（yoy+64.89%，qoq+33.00%），归母净利 36.86 亿元 （yoy+53.45%，qoq+28.05%）。公司 Q3 业绩改善，投资、经纪业务单季 度表现亮眼，维持 A/H 股买入评级。 经纪净收入同比高增 前三季度全市场日均股基成交额 1.93 万亿元，同比+110%，增长显著。公 司坚定推进财富管理业务转型，构建数字化驱动的线上线下一体化的财富管 理业务新生态。前三季度公司经纪业务净收入 66.00 亿元，同比大幅增长 80%。其中 Q3 单季度净收入 28.67 亿元，同比+161%、环比+62%，增长 亮眼。前三季度公司实现利息净收入 12.78 亿元，同比+88%，主要是应付 债券利息支出减 ...

证券研究报告 长江电力 (600900 CH) 三峡来水大幅转丰对业绩形成支撑 2025 年 10 月 31 日│中国内地 长江电力发布三季报：3Q25 实现营收 290.44 亿元（yoy-7.78%， qoq+47.56%），归母净利 151.37 亿元（yoy-9.13%，qoq+92.20%），归 母净利位于我们预期的 146.42-162.41 亿元（中值 154.42 亿元）下区间。 1-9M25 实现营收 657.41 亿元（yoy-0.89%），归母净利 281.93 亿元 （yoy+0.60%），扣非净利 282.07 亿元（yoy+0.79%）。9 月三峡来水大 幅转丰对 3Q25 业绩形成一定支撑，预计公司 2025 年全年境内水电发电量 同比+0.34%，归母净利润同比+3.62%；持续看好公司六库联调和上游龙盘 （未投产）/两河口水库为公司下游水电站带来电量增发效应及金沙江下游 水风光储一体化发展，维持"买入"评级。 9 月三峡来水大幅转丰，3Q25 发电量同比-5.84%， 7-8 月主汛期公司水电站来水同比偏枯较为严重，9 月来水同比情况有所好 转，尤其三峡水库 9 月入库流量同 ...

二次设备龙头业绩保持稳健增长 2025 年 10 月 31 日│中国内地 证券研究报告 国电南瑞 (600406 CH) 国电南瑞发布三季报：Q3实现营收143.33亿元（yoy+16.65%，qoq-6.61%）， 归母净利 19.03 亿元（yoy+7.81%，qoq-16.24%）。我们认为公司作为国 内二次设备龙头，有望充分受益于新型电力系统建设，网内业务伴随电网投 资实现持续稳健增长；网外与国际业务快速开拓，盈利有望持续提升，维持 "买入"评级。 业绩稳步增长，期间费用控制良好 2025 年 Q1-3 实现营收 385.77 亿元（yoy+18.45%），归母净利 48.55 亿 元（yoy+8.43%），扣非净利 46.39 亿元（yoy+7.04%）。公司 2025 年 Q1-3 毛利率为 26.47%，同比-2.79pct，净利率为 13.34%，同比-1.32pct；毛利 率下降主要系业务结构调整，毛利率相对较低的网外业务收入占比提升。公 司 2025 年 Q1-3 整体费用率为 11.96%，同比-1.20pct，其中，销售、管 理、财务、研发费用率分别为 3.91%、2.49%、-0.4 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [5]. Core Views - The company's profitability is expected to improve due to the delivery of high-margin coal power orders, with Q3 2025 showing a total revenue of 17.371 billion RMB, a year-on-year increase of 20.69% [1]. - The company is projected to benefit from the normalization of traditional power source orders, with a significant increase in coal power capacity approvals [4]. - The dividend payout ratio is expected to increase annually from 2025 to 2027, starting from a base of 46.76% in 2024 [3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a net profit of 1.057 billion RMB, a year-on-year increase of 13.22% and a quarter-on-quarter increase of 39.77% [1]. - For the first three quarters of 2025, total revenue reached 55.522 billion RMB, reflecting a year-on-year growth of 16.03% [1]. Profitability Metrics - The gross margin for Q3 2025 increased by 0.6 percentage points to 15.2%, while the net profit margin rose by 2.2 percentage points to 6.1% [2]. - The company has effectively managed its expenses, with a decrease in the expense ratio compared to previous periods [2]. Order Growth and Dividend Policy - New effective orders in the first nine months of 2025 increased by 9% year-on-year, totaling 88.6 billion RMB [3]. - The company has outlined a shareholder return plan, indicating a minimum dividend payout ratio of 47.76% for 2025 [3]. Earnings Forecast and Valuation - The forecast for net profit for 2025 has been slightly adjusted to 4.009 billion RMB, with corresponding EPS estimates for 2026 at 1.38 RMB [4]. - The target price for A shares is set at 26.70 RMB, while the target price for H shares is 23.70 HKD, reflecting a premium based on recent trading data [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 22.01 [6][11]. Core Views - The company shows significant recovery in profitability, driven by increased capacity utilization and a positive outlook in the new energy and consumer electronics sectors [1][2]. - The company is focusing on high-end industrial aluminum alloy materials, enhancing product and technology competitiveness through a robust R&D strategy [1][2]. - The company has a strong customer base, including major players in the new energy sector such as CATL and BYD, and in the consumer electronics sector like Foxconn [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of RMB 1.062 billion, representing a year-over-year increase of 22.24% and a quarter-over-quarter increase of 17.38% [2]. - The net profit attributable to the parent company was RMB 56.76 million, with a year-over-year growth of 120.61% and a quarter-over-quarter growth of 80.15% [2]. - The gross margin for Q3 2025 was 16.12%, up by 3.04 percentage points year-over-year and 3.55 percentage points quarter-over-quarter, primarily due to improved capacity utilization in the new energy sector [2]. R&D and Capacity Expansion - The company has increased its R&D expense ratio to 4.83% in Q3 2025, reflecting a commitment to innovation and product development [1]. - A stock incentive plan was announced to bind the core team, and a private placement raised approximately RMB 500 million to optimize capacity layout and meet customer demand [3][11]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company has been adjusted downwards for 2025 and 2026 to RMB 163.26 million and RMB 200.66 million, respectively, due to anticipated challenges in high-value product ratios and capacity utilization [4][12]. - The estimated EPS for 2025, 2026, and 2027 is RMB 0.53, RMB 0.65, and RMB 0.75, respectively, with a projected compound annual growth rate of 42.15% from 2025 to 2027 [4][10].

Investment Rating - The report maintains an "Accumulate/Buy" rating for the company’s A/H shares [1][5][7] Core Views - The company's core profitability is steadily recovering, with a year-on-year increase in net profit, revenue, and pre-provision operating profit of 1.9%, 1.8%, and 0.7% respectively for the first nine months of 2025 [1] - The asset quality indicators remain robust, with a declining non-performing loan ratio and stable capital adequacy ratios, indicating a positive trend in asset quality [4] Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROA and ROE were 0.62% and 8.48%, showing slight declines of 0.02 percentage points and 0.58 percentage points year-on-year [1] - The net interest margin for the first nine months of 2025 was 1.20%, a decrease of 1 basis point from the first half of 2025, but the decline in the cost of liabilities is narrowing [2] Revenue and Income - Net interest income increased by 1.5% year-on-year for the first nine months of 2025, while net fee and commission income turned positive with a growth of 0.2% [3] - Other non-interest income showed resilience with a year-on-year increase of 4.1%, driven by favorable performance in wealth management-related income [3] Asset Quality and Capital - The non-performing loan ratio at the end of Q3 2025 was 1.26%, with a provision coverage ratio of 210%, indicating a marginal decline in non-performing loans [4] - The core Tier 1 capital adequacy ratio was 11.37%, reflecting a slight decrease but still maintaining a relatively ample level of capital [4] Valuation and Forecast - The report forecasts net profits of 956 billion, 982 billion, and 1,016 billion RMB for 2025, 2026, and 2027 respectively, with a target price of 8.76 RMB for A shares and 9.23 HKD for H shares in 2026 [5][11]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 1.736 billion RMB in Q3 2025, a year-on-year decrease of 11.6%, and a net profit of 227 million RMB, down 23.6% year-on-year. The cumulative revenue for the first three quarters of 2025 reached 7.098 billion RMB, reflecting a slight increase of 1.9% year-on-year, while net profit increased by 2.7% to 1.026 billion RMB [1][5] - The main brand's revenue growth has slowed, but new brands such as Cai Tang, OR, and Yuan Se Bo Ta continue to show strong growth, providing new growth engines for the company [2][5] - The successful issuance of H shares is expected to accelerate the company's internationalization strategy, enhance overseas financing capabilities, and improve overall competitiveness [1] Revenue and Profit Analysis - In Q3 2025, the skincare segment generated 1.316 billion RMB, down 20.4% year-on-year, while the beauty makeup segment saw a slight increase of 0.9% to 236 million RMB. The hair care segment experienced significant growth, with revenue increasing by 137.7% to 179 million RMB [3] - The average selling price for skincare products decreased by 22.2% to 62.42 RMB per unit, primarily due to an increase in the sales proportion of sunscreen products. The average selling price for beauty makeup products decreased by 11.0% to 84.16 RMB per unit, influenced by the sales proportion of Yuan Se Bo Ta [3] Margin and Cost Structure - The gross profit margin for Q3 2025 was 74.7%, an increase of 4.0 percentage points year-on-year. The selling expense ratio was 49.9%, up 4.5 percentage points year-on-year, mainly due to increased promotional expenses for new brand ambassadors and product launches [4] - For the first three quarters of 2025, the gross profit margin was 73.7%, up 3.6 percentage points year-on-year, attributed to category structure optimization and cost reduction measures [4] Earnings Forecast and Valuation - The revenue forecast for 2025-2027 has been adjusted downwards to 10.845 billion RMB, 11.884 billion RMB, and 13.096 billion RMB, respectively, reflecting decreases of 7%, 9%, and 8% from previous estimates. The net profit forecast has also been revised down to 1.551 billion RMB, 1.709 billion RMB, and 1.894 billion RMB for the same period, representing decreases of 11%, 14%, and 15% [5] - The target price has been adjusted to 107.75 RMB, corresponding to a 25 times PE ratio for 2026, down from a previous target of 122.30 RMB [5]