证券研究报告 南微医学 (688029 CH) 3Q 利润增长短期承压，看好后续改善 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 28 日│中国内地 | 医疗器械 | 目标价(人民币): | 106.48 | 9M25 公司销售及财务费用率同比降低，毛利率同比下降 9M25 销售/管理/研发/财务费用率分别为 21.81%/12.74%/5.62%/-3.03%， 同比-1.30/+0.36/+0.08/-1.41pct。公司控制销售费用投入，相应费用率同比 下降，财务费用率同比降低较多主因汇兑收益增加。9M25毛利率为64.55%， 同比-3.09pct，我们认为 9M25 毛利率下滑主要由于部分产品集采后毛利率 下降。 国产内镜诊疗耗材龙头，维持"买入"评级 根据 3Q25 业绩，我们下调部分产品毛利率预期并调整费用率预期，预测 25-27 年归母净利润 6.4/7.7/9.2 亿元（相比前值下调 4.7%/5.2%/5.6%）， 同比+15.5%/+20.4%/+ ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 40.50 [6]. Core Views - The company's revenue and profit were slightly under pressure in Q3 2025 due to intensified industry competition, with Q3 revenue at RMB 9.24 billion, down 7.8% year-on-year and 3.5% quarter-on-quarter. The net profit attributable to the parent company was RMB 1.36 billion, down 8.8% year-on-year and 2.9% quarter-on-quarter, resulting in a net profit margin of 14.72% [1][6]. - Despite the current challenges, the report anticipates a potential operational turning point as the Broi brand's product layout improves and channel structure adjustments are implemented, leading to expected profit elasticity [1][2]. Summary by Sections Q3 Performance - In Q3 2025, the company reported revenue of RMB 9.24 billion, a decrease of 7.8% year-on-year and 3.5% quarter-on-quarter. The net profit attributable to the parent company was RMB 1.36 billion, down 8.8% year-on-year and 2.9% quarter-on-quarter, with a net profit margin of 14.72% [1][3]. - For the first three quarters, the company achieved revenue of RMB 30.40 billion, down 8.5% year-on-year, and a net profit of RMB 4.57 billion, down 1.6% year-on-year, with a net profit margin of 15.04%, up 1.0 percentage points year-on-year [1]. Product Performance - The Broi brand showed strong sales growth, particularly in the hair dryer segment, with a year-on-year increase of 143.3%. However, the main brand, Feike, faced sales pressure due to its higher-end positioning amid increased competition [2]. - The report highlights that the electric toothbrush segment saw a significant decline in sales, down 57.0% year-on-year, indicating ongoing challenges in new product expansions [2]. Profitability and Cost Structure - The overall gross margin for Q3 2025 was 56.1%, a slight decrease of 0.8 percentage points year-on-year, attributed to revenue decline and intensified competition. The total expense ratio was 40.4%, down 2.6 percentage points year-on-year, with sales expenses benefiting from strategic adjustments [3]. - The report notes that the net profit margin for Q3 2025 was 14.7%, reflecting a year-on-year decrease of 0.2 percentage points [3]. Profit Forecast and Valuation - The profit forecast for the company has been slightly adjusted downward, with expected net profits for 2025, 2026, and 2027 at RMB 6.15 billion, RMB 7.07 billion, and RMB 8.40 billion, respectively. The corresponding EPS is projected to be RMB 1.41, RMB 1.62, and RMB 1.93 [4]. - The report assigns a target PE of 25 times for 2026, resulting in a target price of RMB 40.50, slightly down from the previous target of RMB 41.04 [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.89 RMB [6]. Core Insights - The company reported a robust revenue growth of 50.55% year-on-year for the first three quarters of 2025, reaching 2.18 billion RMB, with a significant increase in net profit by 1911.35% to 1.20 billion RMB [1]. - In Q3 2025, the company achieved a revenue of 806 million RMB, marking a year-on-year growth of 13.90% and a quarter-on-quarter increase of 11.65% [1]. - The company’s insulin analogs have shown a strong growth trajectory, with sales increasing by approximately 50%, surpassing the revenue from second-generation insulin for the first time [2]. - The company has a comprehensive R&D pipeline, including GLP-1 series and insulin products, with several candidates in various stages of clinical trials [3]. - The company is expanding its international presence, with insulin products being approved for sale in emerging markets like Myanmar and Indonesia [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 2.18 billion RMB, with a net profit of 1.20 billion RMB and a non-recurring net profit of 321 million RMB [1]. - The Q3 2025 results showed a net profit of 984 million RMB, significantly higher than the non-recurring profit due to a one-time investment gain from the sale of part of its stake in a subsidiary [1]. Product Development - The company’s insulin analogs have seen a 50% increase in sales, indicating successful product optimization and effective strategies in the national insulin procurement process [2]. - The R&D pipeline includes multiple products in various clinical stages, with expectations for significant growth in the GLP-1 series and insulin products [3]. Market Expansion - The company is actively pursuing international markets, with collaborations for insulin products in the U.S. and approvals in Southeast Asian countries [4]. - The company’s strategy to leverage partnerships for overseas registration and commercialization is expected to enhance its market opportunities [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 1.40 billion RMB, 735 million RMB, and 915 million RMB respectively [5]. - The target price reflects a premium valuation compared to comparable companies, with a projected P/E ratio of 29x for 2026 [5].

Investment Rating - The report maintains an "Overweight" rating for the company [6][4]. Core Views - The company has shown a dual-driven growth in military and civilian applications, with expectations for further growth as downstream demand is released [3][4]. - Despite a downward adjustment in profit forecasts due to ongoing pressures in the carbon fiber industry and delivery schedules, the company is still positioned for potential growth [4][3]. Summary by Sections Financial Performance - In Q3, the company achieved revenue of 785 million RMB, a year-over-year increase of 5.24% and a quarter-over-quarter increase of 23.58%. The net profit attributable to shareholders was 145 million RMB, down 41.05% year-over-year but up 26.88% quarter-over-quarter [1][6]. - For the first three quarters of 2025, the company reported total revenue of 1.986 billion RMB, a year-over-year increase of 4.40%, with a net profit of 415 million RMB, down 32.55% year-over-year [1][6]. Business Segments - The carbon fiber segment saw a slight revenue decline, while the carbon beam segment experienced significant improvement due to growth in existing customer business and the acquisition of new clients [2]. - The company is actively exploring new applications in the civilian sector, including PEEK prepreg materials and supporting low-altitude equipment manufacturers with carbon fiber and prepreg materials [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 600 million, 890 million, and 1.05 billion RMB respectively, reflecting a year-over-year decline of 18% in 2025 but a recovery in subsequent years [4]. - The target price for the company is set at 32.10 RMB, based on a 30x PE ratio for 2026, down from a previous target of 36 RMB [4].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company continues to show strong performance with Q3 revenue reaching 942 million RMB, a year-over-year increase of 55.72% and a quarter-over-quarter increase of 2.93%. The net profit attributable to shareholders for Q3 was 128 million RMB, up 40.90% year-over-year but down 1.19% quarter-over-quarter [1][2] - The company is actively expanding its production capacity through the issuance of convertible bonds and is also making significant investments in the robotics sector, which is expected to support future growth [1][3] - The company has a solid order backlog of 4.38 billion RMB in its automotive manufacturing equipment business, which is expected to ensure sustained revenue growth [2] Summary by Sections Q3 Performance - Q3 revenue was 942 million RMB, with a year-over-year growth of 55.72% and a quarter-over-quarter growth of 2.93%. The net profit attributable to shareholders was 128 million RMB, reflecting a year-over-year increase of 40.90% [1][2] Financial Metrics - For the first three quarters of 2025, the company achieved a revenue of 2.604 billion RMB, a year-over-year increase of 50.90%, and a net profit of 355 million RMB, up 40.53% year-over-year [1][2] - The gross margin for Q3 was 26%, an increase of 1.45 percentage points year-over-year, while the net profit margin was 13.59%, a decrease of 1.42 percentage points year-over-year [2] Investment and Expansion - The company plans to raise 750 million RMB through convertible bonds to fund various projects, including the upgrade of precision mold manufacturing and the development of intelligent robotics systems [3][4] - The company is establishing a new subsidiary to produce 3,000 intelligent mobile robots annually, aligning with regional industrial development plans [4] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 440 million RMB, 550 million RMB, and 670 million RMB, respectively, with a compound annual growth rate of 24.07% [5] - The target price for the company's stock is set at 52.20 RMB, based on a price-to-earnings ratio of 20 times for 2026 [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 33.34 RMB [7]. Core Insights - The company achieved a revenue of 1.483 billion RMB in Q3 2025, representing a year-on-year increase of 28.3%, and a net profit of 140 million RMB, marking a return to profitability with a net profit margin of 9.4% [1][7]. - For the first three quarters of 2025, the company reported a revenue of 4.961 billion RMB, up 10.8% year-on-year, and a net profit of 405 million RMB, reflecting a significant increase of 149.1% year-on-year [1]. - The beauty segment saw a remarkable growth of 272.3% year-on-year in Q3, with online sales in China increasing by 170% year-on-year [2][3]. - The company has successfully launched three major products that have each generated over 100 million RMB in sales, demonstrating the effectiveness of its strategy combining niche category breakthroughs, strategic product development, and marketing innovation [3]. Revenue and Profit Forecast - The revenue forecasts for 2025, 2026, and 2027 have been adjusted to 6.342 billion RMB, 7.044 billion RMB, and 7.745 billion RMB respectively, reflecting increases of 2.0%, 5.7%, and 9.6% compared to previous estimates [5]. - The net profit forecasts for the same years have been slightly increased to 344 million RMB, 489 million RMB, and 561 million RMB, with corresponding EPS of 0.51, 0.73, and 0.83 RMB [5][11].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [7] Core Views - Anta and FILA brands achieved low single-digit growth in Q3 2025, while other brands saw a significant increase of 45-50% in revenue, indicating resilience amid industry slowdowns and intensified promotions [1][2] - The company is expected to continue its strategy of maintaining healthy inventory levels and optimizing its product structure around high-growth segments such as running, outdoor, and tennis [1][2] - The report anticipates that the adjustments in the e-commerce organizational structure will gradually dissipate, and FILA will focus on enhancing its tennis product line and channel upgrades [1][2] Summary by Sections Anta Brand Performance - In Q3 2025, Anta's brand revenue showed low single-digit growth, with expectations for both offline and online channels to achieve low single-digit and high single-digit growth respectively [2] - The offline discount rate is approximately 71%, while the online discount rate is around 50%, with inventory turnover slightly above 5 months, indicating a healthy range [2] FILA Brand Performance - FILA's brand revenue also experienced low single-digit growth in Q3 2025, with strong resilience in e-commerce expected to yield high single-digit growth [3] - The brand has solidified its position in tennis by renewing its sponsorship of the China Open and enhancing customer experience through new store formats [3] Other Brands Performance - Other brands within the group saw a revenue increase of 45-50% in Q3 2025, with specific brands like Descente and KOLON expected to grow by approximately 30% and 70% respectively [4] - The growth is attributed to high-end functional products and differentiated retail experiences, with a focus on outdoor activities and retail channel upgrades [4] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2025-2027 down by 3.8%, 3.6%, and 4.0% to RMB 130.3 billion, RMB 146.3 billion, and RMB 163.0 billion respectively [5] - The target price is adjusted to HKD 115.24, maintaining a target PE of 23.2x for 2025, reflecting the company's multi-brand and retail operational advantages [5]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 9.67 [5][4]. Core Views - The company reported a revenue of RMB 2.769 billion for Q1-Q3 2025, a year-over-year decrease of 5.00%, and a net profit attributable to shareholders of RMB 79.04 million, down 48.39% year-over-year [1]. - The company is transitioning from a traditional design firm to a "think tank technology enterprise," focusing on digitalization and emerging growth areas [1]. - The report highlights a significant decline in gross margin due to intensified industry competition, while operational cash flow has shown improvement [3][2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of RMB 993 million, representing a year-over-year increase of 16.06% and a quarter-over-quarter increase of 2.73%. However, it reported a net loss of RMB 16.36 million, a decline of 252.82% year-over-year [1][2]. - The gross margin for the first nine months of 2025 was 30.58%, down 1.06 percentage points year-over-year, with Q3 gross margin at 28.28%, down 7.47 percentage points year-over-year [2]. - The operating cash flow for the first nine months of 2025 improved, with a net cash inflow of RMB 197 million in Q3, an increase of RMB 221 million year-over-year [3]. Profit Forecast and Valuation - The report has revised down the net profit forecasts for 2025-2027 by 16.03%, 15.66%, and 11.54%, respectively, to RMB 177 million, RMB 191 million, and RMB 212 million [4]. - The company is assigned a PE ratio of 69x for 2025, leading to a target price adjustment to RMB 9.67 from RMB 10.51 [4].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved Q3 revenue of 487 million RMB, representing a year-over-year increase of 17.01% and a quarter-over-quarter increase of 2.76%. However, the net profit attributable to shareholders decreased by 1.98% year-over-year and 33.49% quarter-over-quarter, primarily due to the recognition of approximately 30 million RMB in equity incentive expenses [1]. - The company continues to show strong competitiveness in the cross-border e-commerce B2B platform sector and the commercialization of AI applications [1]. - The "New Maritime Plan" has shown significant results, with a 45% year-over-year increase in traffic from the Middle East and over 30% increases in Latin America, Africa, and Europe [2]. - The launch of Sourcing AI 2.0 is expected to enhance decision-making for overseas buyers, improving overall procurement efficiency by up to 35% [3]. - The gross margin for Q3 was 78.52%, a decrease of 1.40 percentage points, attributed to increased buyer-side investments [4]. Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 1.403 billion RMB, a year-over-year increase of 16.29%, and a net profit of 416 million RMB, also up 16.38% year-over-year [1]. - The company forecasts net profits of 550 million RMB, 650 million RMB, and 740 million RMB for 2025, 2026, and 2027, respectively, with a target price of 60.73 RMB based on a 35x PE ratio for 2025 [5][11]. Market Position - The company has increased its paid membership on the China Manufacturing Network platform to 29,214, reflecting a growth of 515 members since the first half of 2025 [2]. - The report highlights the resilience of the company's diversified market layout, particularly in emerging markets [2].

证券研究报告 立中集团 (300428 CH) 新兴应用或带动公司业绩稳定增长 2025 年 10 月 28 日│中国内地 其他金属非金属新材料及加工 立 中 集 团 发 布 三 季 报 ： Q3 实 现 营 收 84.78 亿 元 （ yoy+23.69% ， qoq+16.77%），归母净利 2.24 亿元（yoy+101.82%，qoq-6.35%）。2025 年 Q1-Q3 实现营收 229.21 亿元（yoy+18.34%），归母净利 6.25 亿元 （yoy+26.77%），扣非净利 5.60 亿元（yoy+28.63%）。考虑公司主要产 品在新兴领域应用范围广泛，同时海外项目持续贡献增量，我们维持公司"买 入"评级。 25Q3 毛利率环比微降，费用控制良好 公司三季度毛利率为 9.32%，环比-0.29pct，同比-0.10pct。费用方面，公 司三季度合计期间费用率为 6.63%，环比+0.42pct，同比-1.48pct，其中公 司三季度财务费用由二季度的-3479.95 万元转正至 3015.93 万元（二季度 汇兑收益增加），导致公司费用率环比有所上升。其他费用方面，三季度公 司销售、研 ...