Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 3.7 billion yuan in Q3 2025, representing a year-on-year increase of 7.3%, with a net profit attributable to shareholders of 210 million yuan, up 4.6% year-on-year. For the first three quarters of 2025, total revenue reached 9.84 billion yuan, a 4.7% increase year-on-year, while net profit decreased by 28.9% to 540 million yuan. The revenue growth is primarily attributed to offline expansion and the performance of the Balabala brand, with positive growth in both revenue and profit in Q3, and a strong start in Q4 is anticipated [1][2][4] Summary by Sections Revenue Growth and Channel Optimization - In the first three quarters of 2025, revenue increased by 4.7% to 9.84 billion yuan, slightly slower than the overall retail growth of 6.3%. By brand, Semir grew by 2.7% and Balabala by 5.3%. The company is actively optimizing its channels, with a total of 8,105 stores at the end of Q3, having opened 861 new stores and closed 1,081. Q4 has started well, with double-digit growth in total retail in October, indicating a promising performance ahead [2][4] Profitability and Inventory Management - The gross margin for Q3 2025 was 42.5%, showing a slight increase of 0.1 percentage points year-on-year. The company has maintained a healthy inventory turnover, with inventory at the end of Q3 at 4.14 billion yuan, down 0.6% year-on-year. Inventory turnover days increased by 11 days to 191 days, reflecting a shift in inventory structure due to previous season's stock, but overall inventory remains at a healthy level [3][4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 15.22 billion yuan, 16.13 billion yuan, and 16.96 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 4.1%, 6.0%, and 5.1%. Net profits are expected to be 950 million yuan, 1.05 billion yuan, and 1.16 billion yuan, with corresponding growth rates of -16.8%, +11.2%, and +10.4%. As of November 3, 2025, the market capitalization corresponds to a PE ratio of 16, 14, and 13 times for the respective years [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company has shown steady business progress, with a strong momentum in AI and robotics, despite a year-on-year revenue decline of 13.7% to 5.37 billion yuan in the first three quarters of 2025. Excluding the impact of the Ruilin Wireless business, the revenue from continuing operations increased by 7.3% year-on-year [1] - The company is actively cultivating new growth areas in edge AI and robotics, with 55% of the funds raised from H-shares allocated to these sectors, indicating strong future growth potential [2] - The company has established close partnerships in the AI toy sector, with mature solutions and successful product launches, which are expected to benefit from increased product volume in the future [2] - In the robotics sector, the company has achieved mass production of lawnmowers and launched a new generation of embodied intelligent robot development platforms, positioning itself as a core hardware supplier in the AI robotics industry [3] - The FWA (Fixed Wireless Access) business is primarily driven by overseas markets, with significant growth expected in emerging markets like India, while the domestic automotive sector is expanding its customer base for vehicle-mounted modules [4] - Profit forecasts for the company indicate net profits of 460 million yuan, 609 million yuan, and 791 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 55, 41, and 32 [5] Financial Summary - In the first three quarters of 2025, the company achieved a gross margin of 17.14%, down 3.57 percentage points year-on-year, while the net profit margin was 5.88%, down 4.68 percentage points year-on-year. However, the gross margin for Q3 showed a quarter-on-quarter increase to 18.73% [1] - The company’s revenue for 2025 is projected to be 7.593 billion yuan, with a year-on-year decrease of 7.28%, followed by a recovery in 2026 and 2027 with growth rates of 21.67% and 21.08% respectively [13]

证券研究报告 | 浙商早知道 报告日期：2025 年 11 月 04 日 浙商早知道 2025 年 11 月 04 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要观点 【浙商宏观 李超/林成炜/何佳烨/潘高远/费瑾/王瑞明/祁星】年度宏观经济报告：直挂云帆济沧海——20251102 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：11 月 3 日上证指数上涨 0.55%，沪深 300 上涨 0.27%，科创 50 下跌 1.04%，中证 1000 上涨 0.42%，创业板 指上涨 0.29%，恒生指数上涨 0.97%。 行业： 11 月 3 日表现最好的行业分别是传媒（+3.13%)、煤炭（+2.52%)、石油石化（+2.28%)、钢铁（+1.9%)、 银行（+1.33%)，表现最差的行业分别是有色金属（-1.21%)、家用电器（-0.66%)、综合（-0.39%)、汽车（-0.36%)、 美容护理（-0.35%)。 资金：11 月 3 日全 A 总成交额为 213 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance exceeded expectations, with total revenue of 5.804 billion yuan in Q3 2025, a year-on-year increase of 46.08%, and a net profit attributable to shareholders of 942 million yuan, also up 46.09% year-on-year [1] - The increase in revenue is primarily driven by the strong profitability of its main products, particularly in the phosphate chemical sector, which saw price increases [2] - The company has implemented a semi-annual dividend distribution plan, reflecting its commitment to returning value to shareholders [3] - The company is actively developing multiple mining projects, indicating strong future growth potential [4] - Revenue and profit forecasts for 2025 to 2027 show significant growth, with expected revenues of 6.996 billion yuan in 2025 and net profits of 1.351 billion yuan [5] Summary by Sections Financial Performance - In Q3 2025, the company achieved total revenue of 2.444 billion yuan, a year-on-year increase of 64.09% and a quarter-on-quarter increase of 30.88% [1] - The net profit for Q3 2025 was 429 million yuan, up 34.56% year-on-year and 28.32% quarter-on-quarter [1] Product Pricing and Market Conditions - The average market prices for phosphate products in Q3 2025 were 5,916.23 yuan/ton for industrial-grade monoammonium phosphate, 1,019.51 yuan/ton for phosphate rock, and 10,504.79 yuan/ton for iron phosphate, showing slight year-on-year increases [2] Dividend Policy - The company announced a cash dividend of 3.00 yuan per 10 shares, totaling approximately 181.77 million yuan, highlighting its focus on shareholder returns [3] Future Growth Prospects - The company holds mining rights for several phosphate mines, with a production capacity exceeding 3.2 million tons per year, and is in the process of developing additional mining projects [4] - The company is expected to maintain a strong growth trajectory due to its rich mineral resources and ongoing expansion efforts [4] Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 6.996 billion yuan, 8.161 billion yuan, and 8.361 billion yuan, respectively, with net profits expected to be 1.351 billion yuan, 1.539 billion yuan, and 1.782 billion yuan [5]

金沃股份(300984) 报告日期：2025 年 11 月 03 日 证券研究报告 | 公司深度 | 通用设备 轴承套圈盈利拐点，新业务丝杠、绝缘轴承套圈量产在即 ——金沃股份深度报告 投资要点 2023 年全球轴承行业市场规模约 1210 亿美元，预计至 2030 年增长至 2266 亿美 元，23-30 年复合增速约 9.4%。八家跨国轴承集团合计占据超过 70%的市场份 额，我国轴承企业占 22%市场份额。 ❑ 盈利预测与估值 预计公司 2025-2027 年收入为 13.3、18.9、23.7 亿元，同比增长 16%、42%、 25%；归母净利润为 0.58、1.39、2.25 亿元，同比增长 123%、137%、62%，24- 27 年复合增速为 105%，对应 PE 为 133、56、35 倍，维持"买入"评级。 ❑ 风险提示 1）原材料价格变动；2）人形机器人量产进度、绝缘轴套导入进度不及预期。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company is expected to have a new product cycle with a rich reserve of games across various genres, including MMORPG, SLG, and card games, with titles like "Zhui Xu" and "Code MLK" [2] - Recent administrative penalties have been addressed, and the company's valuation is currently low, making it a focal point for investors [2] - The company has received a warning and a fine of 9 million yuan due to false disclosures in annual reports from 2014 to 2020, but this does not trigger major delisting risks [2] Financial Summary - Projected revenues for 2025, 2026, and 2027 are 177 billion, 187 billion, and 208 billion yuan respectively, with net profits of 30 billion, 33 billion, and 36 billion yuan [3][5] - The P/E ratios for the same years are expected to be 15, 14, and 13 times [3] - The company reported a revenue of 39.75 billion yuan in Q3 2025, a year-over-year decrease of 3.2%, while net profit increased by 49.24% to 9.44 billion yuan [9]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company experienced significant acceleration in performance growth, with a revenue of 4.96 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 270 million yuan, up 16.3% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.92 billion yuan, a year-on-year increase of 22.0% and a quarter-on-quarter increase of 14.1%, with a net profit of 110 million yuan, reflecting an impressive year-on-year growth of 85.3% [1] - The growth in profit significantly outpaced revenue growth, indicating an optimization in product structure and an increase in the proportion of high-margin products [1] Summary by Sections AI-Driven Growth - The development of domestic super nodes has exceeded expectations, creating opportunities for the industry chain. Major companies like Huawei and Alibaba have launched super node solutions, which are expected to enhance the penetration rate of super nodes and drive growth in the computing power industry chain [2] - The company is one of the few in China to achieve mass production of high-speed connectors and chip-to-IO high-speed optical modules, which are utilized in super node computing scenarios, establishing strong partnerships with clients like Huawei and ZTE [2] Solar Support Business - The global demand for photovoltaic installations is expected to maintain stable growth, driven by the acceleration of renewable energy initiatives and net-zero carbon goals in many countries. The global photovoltaic new installed capacity is projected to be between 466-549 GW in 2025, with a compound annual growth rate of approximately 6.9% from 2025 to 2030 [3] - The company is a key player in solar tracking supports, with core clients including globally recognized firms like Nextracker, and is enhancing its overseas production base in the U.S. and Thailand to improve supply chain resilience [3] Financial Forecast and Valuation - The company is projected to achieve net profits of 360 million yuan, 460 million yuan, and 590 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25, 20, and 15 [4] - Revenue is expected to grow from 6.097 billion yuan in 2024 to 9.291 billion yuan in 2027, reflecting a compound annual growth rate of 16.40% [6]

证券研究报告 | 公司点评 | 元件 存储荣景推动 CSP 盈利改善， 高端工艺布局筑基持续成长 ——兴森科技三季报点评 投资要点 ❑ 事件：2025 年前三季度，公司实现营业收入 53.73 亿元，同比增长 23.48%，归 母净利润 1.31 亿元，扭亏为盈，扣非归母净利润 1.49 亿元，扭亏为盈。其中第 三季度，公司实现营业收入 19.47 亿元，同比增长 32.42%，归母净利润 1.03 亿 元，扭亏为盈，扣非归母净利润 1.02 亿元，扭亏为盈。 ❑ PCB 稳健成长，CSP 载板稼动率提升，单季度利润快速恢复 回顾上半年，PCB 业务板块中，样板业务维持稳定，北京兴斐 HDI 板和 SLP 业 务稳定增长，宜兴硅谷 PCB 多层板量产业务因客户和产品结构不佳，表现落后 于行业主要竞争对手，有所亏损；IC 载板业务板块中，受益于存储芯片行业复 苏和主要存储客户份额提升，CSP 封装基板产能利用率逐季提升，但兴科项目仍 处于客户认证阶段；FCBGA 载板由于订单导入偏慢，对整体净利润产生一定拖 累。 结合三季度各下游景气度状况分析，我们预测 CSP 封装基板在存储大周期带动 下，整体稼动率快速提升 ...

证券研究报告 | 浙商早知道 '' 报告日期：2025 年 11 月 03 日 浙商早知道 2025 年 11 月 03 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 【浙商社服 宁浮洁/冯翠婷/徐紫薇】拼多多（PDD）海外市场公司深度：下沉铸基、出海筑垒——20251030 【浙商社服 宁浮洁/吴安琪】赛维时代（301381）公司深度：技术驱动品牌孵化，铸就服饰类跨境电商龙头—— 20251031 【浙商宏观 李超/潘高远】宏观专题研究：10 月 PMI：供需均有所放缓，新动能延续扩张——20251031 【浙商策略 廖静池/王大霁/李沛】A 股策略周报：上证突破但不完美，关注信号、继续均衡——20251101 1 重要推荐 1.1 【浙商社服 宁浮洁/冯翠婷/徐紫薇】拼多多（PDD）海外市场公司深度：下沉铸基、出海筑垒 ——20251030 1、社服-拼多多（PDD） 2、推荐逻辑：主站竞争压力缓解， ...

证券研究报告 | 公司点评 | 服装家纺 主力品牌波动环境下保持稳健，户外矩阵继续高增 ——安踏体育点评报告 投资要点 ❑ #FILA 牌：环比略有降速，发力网球品类 Q3 流水增长小单位数，环比略有降速，与 9 月气温偏高带来秋装动销时点偏后 有关，线下折扣 7.4 折，线上 5.8 折，环比稳定同比略有加深，库销比因双十一 备货增加至 6X，预计年底回到 5-6X；Q3 品牌举办战略发布会，官宣布云朝克 特作为品牌代言人携手北京体育大学、北京服装学院打造企学研闭环生态链，并 作为中国网球公开赛独家运动鞋服赞助商活跃。 ❑ 其他品牌：高基数下仍然增长 45%-50% 安踏体育(02020) 报告日期：2025 年 11 月 02 日 投资评级: 买入(维持) Q3 户外品牌矩阵继续如火如荼，迪桑特品牌单季度流水增长 30%，KOLON 品 牌单季度流水 70%，两者折扣保持 9 折，保持高度健康的流水模型；女子运动 品牌 Maia ActiveQ3 流水也增长 45%，持续提升品牌影响力继渠道布局；狼爪全 球业务 6 月已并表，预计 25 年带来收入增厚及利润亏损，品牌复兴战略积极制 定中。 ❑ 盈利预测及 ...