主业降本和科创投资齐头并进 证券研究报告 上峰水泥 (000672 CH) 2025 年 10 月 28 日│中国内地 水泥 上峰水泥发布三季报：Q3 实现营收 13.3 亿元（yoy-6.8%，qoq+0.4%）， 归母净利 2.8 亿元（yoy+20.3%，qoq+68.4%），归母净利同环比实现高增 主要是公司推进成本管控，以及股权投资收益及公允价值变动实现净收益 1.6 亿元。公司 25 年 Q1-Q3 累计实现营收 36.0 亿元（yoy-5.7%），实现 归母净利 5.3 亿元（yoy+30.6%），扣非归母净利 5.0 亿元（yoy+35.3%）。 公司延续改善资产负债表和现金流，继续聚焦"一主两翼"发展战略，并积 极实施分红，维持"买入"评级。 水泥成本管控带动盈利提升，骨料销量延续高增 受水泥行业需求下行和错峰生产影响，公司今年前三季度销售水泥及熟料 1415 万吨，同比-6.2%，高于全国同期的降幅 5.2%。尽管前三季度公司水 泥 ASP 同比-3.5%，但因煤炭价格下跌及公司持续推进降本增效，营业成本 同比降 9.7%，其中水泥可控成本同比下降 2.97 元/吨，熟料可控成本同比 下降 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 145.80 [1][5]. Core Insights - The company has shown resilient profit potential for the year, driven by robust revenue growth in cloud services and improved cost management, leading to a significant reduction in losses [1][2]. - The cloud business is becoming the main growth engine, with revenue growth expected to exceed 20% in the first three quarters, surpassing the network security segment [3][4]. - The company is well-positioned in the enterprise-level distributed storage and hyper-converged markets, enhancing its competitive advantage and market share [4]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of RMB 5.125 billion, a year-on-year increase of 10.62%, while the net profit attributable to shareholders was a loss of RMB 0.81 billion, narrowing by 86.10% year-on-year [1]. - The gross margin for the first three quarters was 60.94%, up by 0.33 percentage points year-on-year, with significant reductions in selling, administrative, and R&D expense ratios [2]. Business Growth - The cloud business is expected to drive high-quality revenue growth, with its revenue share surpassing that of the network security business [3]. - The company has launched a privatized AI infrastructure platform, enhancing its capabilities in the rapidly growing AI infrastructure market [3]. Market Position - The company continues to gain market share in distributed storage and hyper-converged markets, leveraging its technology and service capabilities [4]. - The demand for flexible hardware configurations in distributed storage is anticipated to accelerate, providing further growth opportunities [4]. Profit Forecast and Valuation - The revenue forecasts for 2025, 2026, and 2027 are RMB 8.742 billion, RMB 10.252 billion, and RMB 12.168 billion, respectively, with corresponding net profits of RMB 343.84 million, RMB 450.64 million, and RMB 592.70 million [12][18]. - The company is valued at 6.0 times the 2026 price-to-sales ratio, reflecting strong growth prospects in its cloud computing business [5].

证券研究报告 致欧科技 (301376 CH) Q3 业绩增速放缓，海外产能布局有望 显效 2025 年 10 月 28 日│中国内地 电子商务 致欧科技发布三季报：Q1-Q3 实现营收 60.8 亿元（yoy+6.2%），归母净利 2.7 亿元（yoy-2.1%），扣非净利 2.9 亿元（yoy+11.0%）。Q3 实现营收 20.4 亿元（yoy+1.5%），归母净利 0.8 亿元（yoy-23.3%），扣非净利 0.6 亿元（yoy-36.0%）。Q3 美国关税及 VC 模式切换对营收有所拖累，但公 司供应链持续优化、海运费下降带动毛利率环比改善，归母净利率受汇兑损 失等影响短期承压。展望后续，关税风险有望边际缓解，26 年公司海外供 应链布局显效、新渠道拓展增量，收入增速和盈利能力有望向好。维持"买 入"评级。 盈利预测与估值 考虑到关税变动对发货的扰动，我们略下调 25-27 年收入 3%/3%/3%至 90/114/137 亿元，考虑到贸易摩擦对利润端的潜在风险，谨慎下调归母净 利润 3%/5%/8%至 3.8/5.2/6.8 亿元。参考 Wind 可比公司 2026 年一致预期 23xPE（前值 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 60.06 [1][5]. Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching RMB 2.601 billion, a year-on-year growth of 27.7%, and a net profit of RMB 240 million, up 42.1% year-on-year [1]. - The consumer goods segment is expected to continue leading growth, particularly in core categories like sanitary napkins, supported by new channel revenue growth and improved operational efficiency [1][2]. - The medical supplies segment is also anticipated to show a recovery, benefiting from both organic growth and acquisitions, with strong performance in high-end dressing products [1][3]. Summary by Sections Consumer Goods Segment - In Q3 2025, the consumer goods segment achieved revenue of RMB 1.26 billion, a year-on-year increase of 17.1%, with sanitary napkins showing a remarkable growth of 59.8% [2]. - E-commerce and supermarket channels reported revenues of RMB 2.46 billion and RMB 360 million respectively, with e-commerce growth driven by platforms like Douyin [2]. Medical Supplies Segment - The medical supplies segment generated RMB 1.31 billion in revenue for Q3 2025, reflecting a year-on-year growth of 39.6% [3]. - Key product categories such as surgical supplies and high-end dressings saw substantial growth, with surgical supplies increasing by 171.4% [3]. Profitability and Financial Metrics - The overall gross margin for Q3 2025 was 48.3%, an increase of 1.3 percentage points year-on-year, attributed to product mix optimization and increased revenue from high-end products [4]. - The net profit margin for Q3 2025 was 9.2%, up 0.9 percentage points year-on-year, supported by improved marketing efficiency and scale effects [4]. Earnings Forecast and Valuation - The company maintains its profit forecast for 2025-2027, expecting net profits of RMB 1.061 billion, RMB 1.301 billion, and RMB 1.589 billion respectively, with corresponding EPS of RMB 1.82, RMB 2.23, and RMB 2.73 [5][11]. - The target price is based on a 33x PE ratio for 2025, reflecting the company's unique positioning and growth potential [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 18.87, down from the previous target of RMB 20.10 [4][7]. Core Insights - The company reported Q3 revenue of RMB 541 million, a year-over-year increase of 10.6%, but a quarter-over-quarter decrease of 3.6%. The net profit attributable to the parent company was RMB 39.55 million, down 9.4% year-over-year and down 48.2% quarter-over-quarter, primarily due to higher-than-expected credit impairment losses [4][5]. - The company expects that prior investments will drive revenue growth in the future, despite a decline in gross margin due to increased costs and credit impairment losses affecting net profit margin [6][4]. - The report forecasts a compound annual growth rate (CAGR) of 19.15% for net profit from 2025 to 2027, with projected net profits of RMB 2.52 billion, RMB 3.20 billion, and RMB 3.88 billion for the respective years [7][19]. Financial Projections - Revenue projections for the company are as follows: RMB 2,026 million for 2024, RMB 2,251 million for 2025 (up 11.13%), RMB 2,595 million for 2026 (up 15.30%), and RMB 2,977 million for 2027 (up 14.71%) [3][19]. - The net profit attributable to the parent company is projected to be RMB 229.41 million for 2024, RMB 251.63 million for 2025 (up 9.69%), RMB 320.37 million for 2026 (up 27.32%), and RMB 388.03 million for 2027 (up 21.12%) [3][19]. - The report indicates a decrease in gross margin to 38.68% in Q3, down 3.40 percentage points year-over-year, primarily due to declines in the gross margin of testing equipment and integrated circuit testing [5][6]. Cash Flow and Capital Expenditure - The company reported a 25% year-over-year decline in operating cash flow for Q1-Q3 2025, primarily due to an increase in accounts receivable, which stood at RMB 1.448 billion, up 14% year-over-year [6]. - Capital expenditures for Q1-Q3 2025 were RMB 228 million, a decrease of 25% compared to the previous period, indicating a reduction in equipment purchases [6].

证券研究报告 龙佰集团 (002601 CH) 钛白粉内需承压，看好公司出海优势 2025 年 10 月 28 日│中国内地 化学原料 龙佰集团于 10 月 27 日发布三季报：25 年前三季度实现营业收入 194.5 亿元，同比-6.9%，归母净利润 16.7 亿元，同比-35%，扣非净利润 16.2 亿元，同比-36%；其中 Q3 实现归母净利润 2.9 亿元，同比-66%/环比-59%， 扣非净利润 2.7 亿元，同比-68%/环比-61%。公司 Q3 利润低于我们的预 期（6.5 亿元），原因系硫酸等原材料价格上涨带动营业成本环比增长较 多。考虑公司处于钛白粉领域龙头地位，行业低谷期盈利韧性较好，我们 维持"增持"评级。 25Q3 钛白粉景气仍偏弱，钛精矿价格有所回落 钛白粉方面，据隆众资讯，25Q3 硫酸法/氯化法金红石型钛白粉均价 1.33/1.73 万元/吨，同比-13%/-6%，环比-8%/-3%，钛白粉国内外需求偏弱 致 Q3 价格同环比下跌；硫酸法/氯化法钛白粉价差平均为 0.64/0.96 万元/ 吨，同比-1490/+414 元/吨，环比-953/+387 元/吨，Q3 硫酸价格继续上 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 32.40 [7][5]. Core Insights - The company reported a Q3 revenue of RMB 3.006 billion, representing a year-over-year increase of 9.30% but a quarter-over-quarter decrease of 26.66%. The net profit attributable to the parent company was RMB 268 million, with a year-over-year increase of 0.26% and a quarter-over-quarter decrease of 37.25% [1][2]. - The company's gross margin improved due to quality enhancement and revenue structure optimization, with a gross margin of 23.88% for the first three quarters of 2025, up 1.94 percentage points year-over-year. This trend is expected to continue [2][3]. - The company is well-positioned to benefit from the ongoing investment in the national grid, with significant growth in its direct current transmission business linked to the peak construction cycle of ultra-high voltage projects [1][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of RMB 9.454 billion, a slight year-over-year decrease of 1.38%. The net profit attributable to the parent company was RMB 901 million, reflecting a year-over-year increase of 0.75% [2][5]. - The Q3 results showed a revenue of RMB 3.006 billion and a net profit of RMB 268 million, indicating fluctuations primarily due to the timing of project revenue recognition [2][3]. Market Opportunities - The report highlights ongoing ultra-high voltage construction and planning, with several projects approved and operational, indicating a robust pipeline of orders for the company. The total expected bidding amount for the fourth round of equipment procurement is projected to exceed RMB 15 billion [3][4]. - The company has maintained a leading position in both domestic and international markets, with significant growth in overseas revenues from products like mobile substations and charging stations [4][5]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards by 8.77%, 9.13%, and 8.54% respectively, with expected net profits of RMB 1.288 billion, RMB 1.655 billion, and RMB 1.940 billion [5][11]. - The report assigns a PE ratio of 20 times for 2026, reflecting the company's competitive edge in flexible direct current transmission, leading to a target price of RMB 32.40 [5][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 380.80 [7][5]. Core Insights - The company has demonstrated strong revenue growth driven by the successful implementation of AI products, with Q1-Q3 2025 revenue reaching RMB 41.78 billion, a year-over-year increase of 15.21% [1]. - The WPS personal business has shown steady growth in monthly active devices, reaching 669 million globally, which indicates a solid expansion of the user base [2]. - The WPS 365 and WPS software businesses have experienced significant revenue increases of 71.61% and 50.52% year-over-year, respectively, highlighting the company's strong positioning in the enterprise software market [3]. - The company is committed to advancing its AI strategy, with increased R&D investment leading to a gross margin of 85.55% and a net profit margin of 27.85% [4]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of RMB 15.21 billion, a year-over-year increase of 25.33% and a quarter-over-quarter increase of 12.22% [1]. - The net profit for Q3 2025 was RMB 4.31 billion, reflecting a year-over-year growth of 35.42% and a quarter-over-quarter growth of 25.21% [1]. Business Segments - The WPS personal business generated RMB 8.99 billion in revenue for Q3 2025, up 11.18% year-over-year, driven by AI product enhancements [2]. - The WPS 365 business achieved revenue of RMB 2.01 billion, marking a 71.61% increase year-over-year, while the WPS software business generated RMB 3.91 billion, up 50.52% year-over-year [3]. R&D and Strategic Initiatives - The company has increased its R&D expenditure, with a R&D expense ratio of 35.77%, reflecting a focus on AI product development [4]. - The overall gross margin improved by 0.45 percentage points year-over-year, indicating effective cost management alongside revenue growth [4]. Earnings Forecast - The revenue forecast for 2025 has been adjusted upward to RMB 59.74 billion, with net profit expectations also increased to RMB 19.11 billion, corresponding to an EPS of RMB 4.13 [5].

证券研究报告 顾家家居 (603816 CH) 收入稳健增长，看好全球化布局潜力 | 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 | 家居用品 | 目标价(人民币): | 38.93 | 公司公布三季度业绩：25Q3 收入 52.11 亿元/同比+6.5%；归母净利润 5.18 亿元/同比+12.0%，对应归母净利率 9.94%/同比+0.5pct。前三季度公司实 现收入 150.12 亿元/同比+8.8%；归母净利润 15.39 亿元/同比+13.2%，对 应归母净利率 10.25%/同比+0.4pct。公司 25Q3 收入延续稳健增长，经营 韧性突出，我们预计主要得益于内贸持续稳增及外贸积极开拓；25Q3 净利 润双位数增长，主要是因为收入规模增长及 "效本费"工作成效显著。展 望未来，我们认为公司作为软体家龙头，"结构性创收、质量性增利"战略 持续推进，沙发、床垫等业务成长可期，看好公司品牌护城河及全球化发展 潜力，维持"买入"评级。 内贸：经营韧 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 89.52, up from the previous target of RMB 88.50 [6][4]. Core Insights - The company has shown a revenue growth of 14.7% year-on-year for the first three quarters of 2025, with a net profit increase of 22.6% and a non-recurring net profit growth of 30.5% [1]. - In Q3 2025, the company reported a revenue of RMB 14.9 billion, a 6.0% increase year-on-year, while net profit rose by 33.5% [1][2]. - The company is focusing on optimizing its product categories and channel structures, which has led to improved profit margins [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 30.3%, down 1.5 percentage points year-on-year, while Q3 gross margin improved to 31.6%, up 1.0 percentage point [3]. - The net profit margin for Q1-3 2025 was 13.7%, increasing to 15.6% in Q3, reflecting a year-on-year increase of 0.9 and 3.2 percentage points respectively [3]. Strategic Initiatives - The company is actively adjusting its e-commerce channels, focusing on high-value membership supermarkets and quantitative distribution channels, which has led to a significant optimization of its product and channel structure [1][2]. - The introduction of new products, such as flavored konjac products and the Sam's Club brand, is expected to drive revenue growth and enhance profit margins [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been revised upwards to RMB 3.09, RMB 3.73, and RMB 4.34, respectively, reflecting an increase of 5%, 5%, and 4% from previous estimates [4]. - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 12.86%, 15.98%, and 14.02% for the years 2025 to 2027 [10].