证券研究报告 比亚迪 (002594 CH) 刘俊 研究员 karlliu@htsc.com +(852) 3658 6000 申建国 研究员 SAC No. S0570522020002 SFC No. BSK177 关注核心技术升级与海外需求共振 2025 年 10 月 31 日│中国内地 乘用车 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 136.93 宋亭亭 研究员 SAC No. S0570522110001 SFC No. BTK945 songtingting021619@htsc.com +(86) 21 2897 2228 收盘价 (人民币 截至 10 月 30 日) 103.61 市值 (人民币百万) 944,633 6 个月平均日成交额 (人民币百万) 5,736 52 周价格范围 (人民币) 103.61-405.00 股价走势图 资料来源：Wind (13) (2) 10 22 33 Oct-24 Feb-25 Jun-25 Oct-25 (%) 比亚迪 沪深300 经营预测指标与估值 | 会计年度 (人民币) | 2024 | 2025E | 2026E | ...

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].

证券研究报告 华特气体 (688268 CH) 高附加值产品放量助力盈利能力 2025 年 10 月 31 日│中国内地 化学原料 华特气体公布三季度业绩：Q3 实现营收 3.7 亿元（yoy+8%，qoq+9%）， 归母净利 4107 万元（yoy+12%，qoq+23%）。2025 年 Q1-Q3 实现营收 10.4 亿元（yoy-1%），归母净利 1.2 亿元（yoy-10%），扣非净利 1.2 亿 元（yoy-10%）。公司 Q3 归母净利润低于我们预测（0.5 亿元），主要系 四费等有所增加。考虑到公司多个特气品种成长性良好以及下游半导体国产 化加速带动下公司有望迎来新一轮增长，维持"增持"评级。 下游产业技术迭代推动特种气体升级，公司毛利率同比有所上涨 随着晶圆尺寸扩大、制程技术精细化，电子特气的精细化程度与稳定性要求 持续提高，先进逻辑制程、存储技术（如 DRAM/HBM、3D NAND）对中高 端气体材料的需求尤为迫切。公司 25 年前三季度毛利率同比+1.9pct 至 33.8%，主要系中高端气体需求推动高附加值产品陆续放量。 产品导入存储厂商等下游顺利，在建项目有序推进 据 25 年半年报 ...

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 ...

证券研究报告 广发证券 (000776 CH/1776 HK) 港股通 投资扩表驱动，筹划 H 股再融资 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 证券 广发证券发布三季报：Q3 实现营收 107.66 亿 元 （ yoy+51.82%， qoq+31.97%），归母净利 44.65 亿元（yoy+85.86%，qoq+20.26%）。2025 年 Q1-Q3 实现营收 261.64 亿元（yoy+41.04%），归母净利 109.34 亿元 （yoy+61.64%）。公司公告董事会提请股东大会授予董事会发行 H 股股份 一般性授权。考虑到前三季度利润同比高增，资产负债表持续扩张、杠杆率 快速提升，受益于资本市场景气上行周期，维持 AH 股"买入"评级。 总资产持续扩张，杠杆率环比提升 公司 25Q3 末总资产 9534 亿元，较年初增长 26%、季度环比增长 17%， 扩表趋势持续；季度末杠杆率 4.76x，较年初提升 0.81x、季度环比提升 0.63x，杠杆率快速提升。前三季度实现归母净利润 109 亿元，同比+62%， 实现高增；25Q3 单季度归母净利润 45 亿元， ...

证券研究报告 宏发股份 (600885 CH) 看好继电器与新门类产品多点开花 2025 年 10 月 31 日│中国内地 电气设备 公司公布三季度业绩：Q3 实现营收 45.67 亿元（yoy+25.54%，qoq+4.65%）， 归母净利 5.06 亿元（yoy+18.95%，qoq-8.58%）。2025 年 Q1-Q3 实现营 收 129.14 亿元（yoy+18.82%），归母净利 14.70 亿元（yoy+15.78%）， 扣非净利 14.10 亿元（yoy+17.57%）。Q3 收入同比增速较高，或主要受益 于继电器各下游需求延续增长，同时公司继续提升市场份额、新门类产品加 速放量。看好未来继电器与新门类产品多点开花，海外及数据中心等场景发 力赋能业绩增长。维持"买入"评级。 25Q3 毛利率环比继续提升，期间费用率环比提升明显 公司 25Q3 毛利率为 35.35%，同比/环比-0.59/+0.69pct，公司在铜银等原 材料价格涨价、部分产品竞争降价的背景下，通过加强成本费用管控提效、 优化产品结构，实现毛利率环比进一步提升。25Q3 净利率为 14.63%，同 比/环比-1.03/-2.2 ...

Q3 存货减值抵消股票收益 Q3 公司直接/间接持有的国信证券/南微医学股价分别上涨 17%/49%，推动 公司实现公允价值变动收益和投资收益共 8.2 亿元。但与此同时，公司对北 京合院、龙樾合玺、府前龙樾、北京国际社区等销售周期较长的项目进行了 价格调整，导致计提 8.6 亿元存货减值，抵消了股票收益。最终，Q3 公司 实现归母净利润 1.6 亿元，同比-77%，主要因为 24Q3 股票收益同样较高 （公允价值变动收益和投资收益共 9.0 亿元）、同时并没有计提存货减值。 证券研究报告 城建发展 (600266 CH) 加速存量去化,存货减值抵消股票收益 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 31 日│中国内地 | 房地产开发 | 目标价(人民币): | 7.42 | 公司 10 月 30 日发布三季报，1-3Q 实现营收 193.1 亿元，同比+64%；归 母净利润 7.6 亿元，同比+40%。Q3 公司实现较大规模的股票收益，但被存 货减值所抵消，主要因为 ...

证券研究报告 城投控股 (600649 CH) 结算放量继续推动收入高增长 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 31 日│中国内地 | 房地产开发 | 目标价(人民币): | 6.70 | 城投控股发布三季报：Q3 实现营收 35.88 亿元（yoy+1264.26%， qoq+0.02%），归母净利 1.33 亿元（yoy+216.56%，qoq+2.82%）。2025 年 Q1-Q3 实现营收 95.15 亿元（yoy+938.80%），归母净利 2.87 亿元，扣 非净利 3.04 亿元，同比扭亏为盈。公司结算规模显著提升，待结算资源充 沛，核心城市禀赋优势显著，市值管理态度积极，同时具有持有运营资产证 券化以及城市更新机遇等诸多看点，维持"买入"。 结算规模放量推动净利同比扭亏，全年净利有望维持高增长 期内公司同比实现扭亏，主要在于开发业务竣工结算规模大幅提升，推动营 收同比实现 939%的高增长。随着露香园二期的结算高峰逐步到来，毛利率 较 2024 ...