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]

Investment Rating - The report maintains an investment rating of "Buy" with a target price of RMB 136.93 [2][9][12] Core Insights - The report highlights the company's core technological upgrades and the resonance of overseas demand as key growth drivers [1] - The company achieved a revenue of RMB 195 billion in Q3, with a year-on-year increase of 13% for the first three quarters [5][6] - The report emphasizes the improvement in single-vehicle profitability and ongoing internal cost reduction efforts [6][7] - The company has seen a significant increase in overseas sales, with a year-on-year growth of 144% in Q3 [7][8] - The report discusses the continuous breakthroughs in intelligent driving and high-end product offerings, which are expected to enhance brand strength [8] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of RMB 777 billion, with a year-on-year growth of 29.02% [4] - The net profit attributable to the parent company is expected to be RMB 40 billion in 2024, reflecting a growth of 34% [4] - The report forecasts a decline in net profit for 2025 to RMB 35 billion, a decrease of 13.13% [4] - The earnings per share (EPS) is projected to be RMB 4.42 in 2024, decreasing to RMB 3.84 in 2025 [4] Sales and Market Expansion - The company sold 1.14 million new vehicles in Q3, with a slight decrease of 2% year-on-year [6] - The average selling price (ASP) per vehicle is estimated at RMB 140,000, showing a slight increase [6] - The report notes that the company has expanded its product coverage to over 110 countries, with exceptional performance in the European market [7][8] Technological Advancements - The company has sold over 1.7 million assisted driving vehicles, leveraging a large user base to enhance its driving algorithms [8] - The report highlights the launch of the new high-end SUV model, Tengshi N8L, which is expected to achieve monthly sales of 3,000 to 5,000 units [8] Valuation and Market Position - The report adjusts the target price to RMB 136.93 based on a segmented valuation approach, reflecting the company's leading position in the passenger vehicle market [9][12] - The automotive business is valued at a 60% premium compared to comparable companies, indicating strong competitive advantages [9][12]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved a revenue of 4.163 billion RMB in Q3 2025, representing a year-over-year increase of 60.71% but a quarter-over-quarter decrease of 6.96%. The net profit attributable to the parent company was 360 million RMB, up 2.51% year-over-year but down 12.14% quarter-over-quarter [1][2]. - For the first three quarters of 2025, the company reported a total revenue of 12.066 billion RMB, a 72.22% increase year-over-year, while the net profit attributable to the parent company was 1.038 billion RMB, down 29.51% year-over-year [1][2]. - The company is accelerating its global expansion and enhancing its brand presence overseas, which is expected to lead to a recovery in net profit margins in the future [1][2]. Revenue Growth - In Q3 2025, the company's revenue growth was driven by the domestic vacuum cleaner market and ongoing brand development in overseas markets, leading to significant increases in product sales [2]. - The online GMV for the company's vacuum cleaner business in China increased by 70% year-over-year, while the washing machine business saw a staggering 1228% increase [2]. Profitability Metrics - The gross margin for Q3 2025 was 42.15%, down 11.80 percentage points year-over-year, primarily due to increased domestic price subsidies. The selling expense ratio decreased to 24.39%, down 1.79 percentage points year-over-year [3]. - The company's R&D expense ratio was maintained at a high level of 8.23% in Q3 2025, reflecting its commitment to innovation [3]. Inventory Management - As of the end of Q3 2025, the company's inventory reached 3.716 billion RMB, an increase of nearly 2 billion RMB year-over-year, primarily due to increased stocking in the U.S. to mitigate tariff risks and growth in European self-operated channels [4]. Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025-2027 to 1.682 billion RMB, 2.385 billion RMB, and 2.801 billion RMB, respectively, reflecting a downward adjustment of 15.19%, 0.94%, and 1.85% [5]. - The target price for the company is set at 230.25 RMB, based on a 25x PE ratio for 2026, indicating potential for profit growth in the coming year [5].

Investment Rating - The report maintains an "Overweight" rating for the company [7]. Core Views - The company demonstrated resilience in operations with a year-on-year increase in net profit attributable to shareholders by 14.5% and revenue by 1.4% for the first nine months of 2025 [1]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 514% as of Q3 [4]. - The report anticipates a gradual recovery in the economy, projecting net profits of 194 billion, 218 billion, and 243 billion RMB for 2025 to 2027, respectively [5]. Summary by Sections Financial Performance - For the first nine months of 2025, the company's net profit, revenue, and pre-provision operating profit (PPOP) increased by 14.5%, 1.4%, and 1.6% year-on-year, respectively [1]. - The annualized return on assets (ROA) and return on equity (ROE) were stable at 0.96% and 16.91%, respectively [1]. Credit and Asset Quality - As of Q3 2025, total assets, loans, and deposits grew by 13.8%, 12.7%, and 14.5%, respectively, compared to the previous quarter [2]. - The bank's non-performing loan ratio remained stable at 0.76%, with a slight decrease in provisions but still at a comfortable level [4]. Wealth Management and Non-Interest Income - The bank's net fee and commission income increased by 12.6% year-on-year, driven by strong performance in wealth management [3]. - However, other non-interest income saw a decline of 24.7% year-on-year due to market fluctuations affecting investment income [3]. Profitability and Valuation - The report forecasts net profits of 19.41 billion RMB for 2025, with a projected price-to-book (PB) ratio of 0.74 times for 2026 [5]. - The target price is set at 21.32 RMB, reflecting a PB of 1.0 times [5].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 68.15 RMB [6][4]. Core Insights - The company reported Q3 revenue of 370 million RMB, an increase of 8% year-over-year and 9% quarter-over-quarter, with a net profit of 41.07 million RMB, up 12% year-over-year and 23% quarter-over-quarter [1]. - The gross margin for the first three quarters of 2025 increased by 1.9 percentage points to 33.8%, driven by the demand for high-end gas products [2]. - The company has successfully introduced products to over 90% of domestic 8-12 inch chip manufacturers, with ongoing projects progressing smoothly [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.04 billion RMB, a decrease of 1% year-over-year, and a net profit of 120 million RMB, down 10% year-over-year [1]. - The report projects net profits for 2025-2027 to be 170 million, 220 million, and 280 million RMB respectively, reflecting year-over-year changes of -5%, +25%, and +29% [4]. Market Position and Growth Potential - The company is positioned to benefit from the accelerated domestic semiconductor production, with several specialty gas products showing strong growth potential [1]. - The ongoing projects include the synthesis and purification of hexafluorobutylene and the purification of hydrogen bromide, which are on track for mass production [3]. Valuation Metrics - The report adjusts the company's net profit estimates downward for 2025-2027 by 19%, 16%, and 18% respectively, while maintaining a PE valuation of 47 times for 2025, leading to a target price of 68.15 RMB [4].

Investment Rating - The report maintains an investment rating of "Hold" for the company [1][12]. Core Views - The company experienced a significant loss of 4.37 billion RMB in the first three quarters of 2025, an increase in loss of 2.02 billion RMB year-on-year, primarily due to a 42% decline in revenue to 17.02 billion RMB and a decrease in project turnover [3][12]. - The company is under financial pressure, with a net debt ratio of 146% and a decrease in cash reserves by 25% year-on-year, although it maintains positive operating cash flow of 4.9 billion RMB [4][12]. - The real estate market is still stabilizing, with the company facing sales pressure, as evidenced by a 22% decline in contract sales amounting to 13.25 billion RMB [5][12]. - The company has initiated land acquisition again, with a new plot in Chongqing costing 460 million RMB, but remains cautious in investment due to ongoing sales pressure [5][12]. - The new chairman, Wu Bingqi, has taken office, bringing experience from major companies, which may signal a new direction for the company [5][12]. Financial Summary - The company reported a revenue of 17.02 billion RMB in Q1-3 2025, down 42% year-on-year, with a net loss of 4.37 billion RMB, reflecting a 20.2% increase in losses compared to the previous year [3][12]. - The projected EPS for 2025 has been adjusted to -0.64 RMB, down from -0.50 RMB, with a target price set at 2.33 RMB based on a 0.39x PB ratio [6][18]. - The company’s financial metrics indicate a continued decline in profitability, with a projected net profit of -5.12 billion RMB for 2025, and a significant reduction in revenue forecasted for the coming years [11][19].

工商银行 1-9 月归母净利润、营业收入、PPOP 分别同比+0.3%、+2.2%、 +2.0%，增速较 1-6 月+1.7pct、+0.6pct、+0.4pct。 公司业绩边际改善，非 息收入增速回升，中收增速由负转正，资产质量稳健。我们认为龙头地位稳 固，A/H 股维持买入/买入评级。 证券研究报告 工商银行 (601398 CH/1398 HK) 港股通 非息增速改善助力业绩回稳 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 国有大型银行 聚焦支持"四稳"，服务实体提质扩面。公司靠前对接各项存量和增量政策， 承销首批股权投资机构科技创新债券，AIC 股权投资试点业务规模行业领 先。突出"工"的主责主业和"商"的专业特色，做好金融"五篇大文章"，加力支 持国民经济重大战略、重点领域和薄弱环节，制造业、科技创新、绿色发展、 普惠小微等领域贷款增速均高于各项平均；积极支持提振消费、保障民生， 加强消费者权益保护，6 月末个人消费贷款增长 10.2%。 给予 A/H 股 26 年目标 PB0.85/0.65 倍 规模持续增长，息差略有波动 9 月末总资产、贷款、存款增速分别为+9.2 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [8] Core Views - The company has shown significant growth in revenue and net profit for Q3 2025, with revenue reaching 10.766 billion RMB (up 51.82% YoY, 31.97% QoQ) and net profit at 4.465 billion RMB (up 85.86% YoY, 20.26% QoQ) [1][2] - The company is planning to issue H shares, with a general authorization to issue up to 20% of the already issued H shares, which could enhance its capital strength and profitability [5][6] Financial Performance - Total assets reached 953.4 billion RMB by the end of Q3 2025, a 26% increase from the beginning of the year and a 17% increase quarter-on-quarter [2] - The leverage ratio increased to 4.76x, up 0.81x year-to-date and 0.63x quarter-on-quarter, indicating rapid leverage growth [2] - The company achieved a net profit of 10.934 billion RMB for the first three quarters of 2025, a 62% increase YoY [2] Business Segments - Investment and brokerage revenues grew significantly, with investment income up 57% and brokerage income up 75% YoY, contributing 36% and 27% to total revenue, respectively [2][4] - The financial investment scale increased by 16% quarter-on-quarter to 482 billion RMB, with trading financial assets rising by 22% [3] - The brokerage business net income for Q3 2025 was 3.1 billion RMB, a 149% increase YoY, driven by a rise in A-share trading volume [4] Profit Forecast and Valuation - The report projects net profits for 2025-2027 to be 14.371 billion, 16.545 billion, and 19.108 billion RMB, respectively, with corresponding EPS of 1.89, 2.18, and 2.51 RMB [6][12] - The target prices are set at 30.95 RMB for A shares and 27.15 HKD for H shares, reflecting a PB valuation of 1.5 for A shares and 1.2 for H shares [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved Q3 revenue of 4.567 billion RMB, representing a year-over-year increase of 25.54% and a quarter-over-quarter increase of 4.65%. The net profit attributable to shareholders was 506 million RMB, up 18.95% year-over-year but down 8.58% quarter-over-quarter. For the first three quarters of 2025, the company reported a total revenue of 12.914 billion RMB, a year-over-year increase of 18.82%, and a net profit of 1.470 billion RMB, up 15.78% year-over-year [1][7] - The growth in revenue is primarily attributed to the sustained demand in the relay sector and the acceleration of new product categories, with expectations for continued performance growth driven by overseas markets and data centers [1][3] Summary by Sections Financial Performance - In Q3 2025, the gross margin was 35.35%, showing a quarter-over-quarter increase of 0.69 percentage points despite rising raw material costs and competitive pricing pressures. The net profit margin was 14.63%, down 1.03 percentage points year-over-year and 2.20 percentage points quarter-over-quarter, mainly due to an increase in the expense ratio [2] - The company generated a net cash flow from operating activities of 1.573 billion RMB in the first three quarters of 2025, reflecting a year-over-year increase of 30.49% [2] Product Development and Market Position - The company is strengthening its core business in relays while actively expanding into new product categories such as fuses and film capacitors. A five-year plan has been established to guide the achievement of phased goals and drive order and revenue growth [3] - The company is also developing modular solutions, such as high-voltage control boxes, to enhance product value and increase the self-manufacturing ratio of new product categories [3] Growth Opportunities - The company has a rich reserve of components and solutions for data centers, including relays, connectors, and various power distribution solutions. The shift from AC to DC power supply architectures in AI data centers is expected to enhance demand for the company's products, providing new growth momentum [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upward by 1.30%, 2.10%, and 3.92% to 1.893 billion RMB, 2.195 billion RMB, and 2.590 billion RMB, respectively, with a three-year compound growth rate of 16.66%. The target price is set at 44.68 RMB, based on a PE ratio of 29.71 for 2026 [5]