证券研究报告 | 公司点评 | 旅游及景区 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 536.20 | 519.58 | 561.77 | 607.39 | | (+/-) (%) | -14.87% | -3.10% | 8.12% | 8.12% | | 归母净利润 | 104.66 | 108.08 | 124.07 | 134.70 | | (+/-) (%) | -29.67% | 3.27% | 14.80% | 8.56% | | 每股收益(元) | 0.39 | 0.40 | 0.46 | 0.50 | | P/E | 29.50 | 28.57 | 24.89 | 22.92 | 资料来源：浙商证券研究所 投资评级: 买入(维持) 分析师：宁浮洁 执业证书号：S1230522060002 ningfujie@stocke.com.cn 天目湖(603136) 报告日期：2025 年 11 月 02 日 营销投放影响利润，远期新项目落地有望贡 ...

家家悦(603708) 报告日期：2025 年 11 月 02 日 调改升级，省外减亏提速 ——家家悦 25Q3 点评报告 投资要点 投资评级: 买入(维持) 分析师：宁浮洁 执业证书号：S1230522060002 ningfujie@stocke.com.cn 研究助理：卢子宸 luzichen@stocke.com.cn 基本数据 | 收盘价 | ￥10.75 | | --- | --- | | 总市值(百万元) | 6,862.14 | | 总股本(百万股) | 638.34 | 股票走势图 -12% -2% 7% 16% 25% 34% 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 家家悦 上证指数 相关报告 | 1 《调改升级，经营向上》 | | --- | | 2025.05.04 | | 2 《传统修复，调改加速》 | | 2024.12.29 | | 3 《Q1 同店超预期，新业态扩张 | | 加速》 2024.04.22 | 消费复苏不及预期风险，竞争加剧风险，调改不及预期风险。 ❑ 风险因素 ...

Investment Rating - The industry rating is maintained as "Positive" [3] Core Views - The performance of listed banks in Q1-Q3 2025 shows resilience, with state-owned banks achieving positive results across the board, and the improvement in net interest margins for joint-stock and city commercial banks exceeding expectations [4] - The revenue growth rate for listed banks is stable at 0.9% year-on-year, while profit growth has increased to 1.6% [4] - The non-interest income growth rate for listed banks has narrowed, with a year-on-year increase of 5.0% [4] Summary by Sections Performance Overview - Listed banks' revenue growth is stable at 0.9%, and net profit growth has improved to 1.6% in Q1-Q3 2025, slightly slowing from H1 [4] - The net interest margin for listed banks has shown marginal improvement, with a quarterly increase of 0.3 basis points to 1.37% [4] Revenue and Profit Drivers - The asset scale growth for listed banks is 9.3% year-on-year, with a decrease in loan growth to 7.7% and an increase in financial investment growth to 15.8% [4][11] - The non-interest income growth rate has decreased by 2.0 percentage points compared to the previous quarter [4] Risk and Asset Quality - The average non-performing loan (NPL) ratio for 42 sample banks remains stable at 1.23%, while the average attention rate has increased by 2 basis points to 1.69% [5] - Retail loan risks continue to rise, with notable increases in NPL ratios for retail loans at certain banks [5] Dividend Trends - More banks have disclosed mid-term dividend plans for 2025, with some banks increasing their mid-term dividend rates compared to 2024 [6] Investment Recommendations - The report suggests that bank stocks may rebound in Q4, with a focus on small and medium-sized banks in economically developed regions and stable high-dividend large banks [6]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal price is expected to rise after a week of consolidation, with the arrival of the heating season in November leading to increased procurement by power plants. The demand for heating will prevent the usual seasonal decline in consumption, and power plant inventories are gradually being depleted. A supply gap is anticipated, with coal prices potentially reaching 800 RMB/ton [6][25] - The report emphasizes the importance of monitoring flexible thermal coal companies and those in turnaround situations in the coking coal sector. Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company among thermal coal firms, and Huabei Mining, Shanxi Coking Coal, and Lu'an Environmental Energy among coking coal firms [6][25] Summary by Sections Coal Sector Performance - The coal sector saw a decline of 0.43% as of October 31, 2025, mirroring the drop in the CSI 300 index. A total of 14 stocks rose while 23 fell, with Antai Group showing the highest increase of 8.36% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.2 million tons, a week-on-week decrease of 1.9% and a year-on-year decrease of 3.8%. The average daily coal production was 7.19 million tons, a week-on-week increase of 0.5% but a year-on-year decrease of 5.7% [2][24] Price Trends - As of October 31, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 685 RMB/ton, reflecting a week-on-week increase of 0.15%. The price index for imported thermal coal was 866 RMB/ton, down 2.04% week-on-week [3] - The price of coking coal at Jing Tang Port remained stable at 1,740 RMB/ton, while the price of Australian peak coal increased by 1.88% week-on-week [4] Supply and Demand Dynamics - The total coal inventory of monitored enterprises (including port storage) was 22.92 million tons, a week-on-week decrease of 0.5% and a year-on-year decrease of 19.8%. The cumulative sales volume of coal this year was 210.52 million tons, a year-on-year decrease of 2.5% [2][24] - The report indicates that the chemical industry’s coal consumption has increased by 14.8% year-on-year, while power and chemical industries have seen a decrease in coal consumption of 2.5% and an increase of 14.8%, respectively [24] Investment Recommendations - The report suggests that the coal market is poised for a second wave of growth, with a focus on flexible thermal coal companies and those in turnaround situations in the coking coal sector. It highlights the importance of monitoring companies like China Shenhua and Shaanxi Coal and Chemical Industry for potential investment opportunities [6][25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company continues to show a positive operational trend with a narrowing revenue decline and stable profit growth, supported by a recovery in interest margins and improved generation [1][2] - The company reported a year-on-year revenue decline of 1.8% and a slight increase in net profit attributable to shareholders of 0.1% for the first three quarters of 2025, indicating performance in line with expectations [1][5] - The company has announced its first interim dividend of 30.02%, maintaining a high dividend payout ratio, reflecting its value characteristics [3] Revenue and Profit Overview - For the first three quarters of 2025, the company's revenue and net profit attributable to shareholders showed a year-on-year decline of 1.8% and an increase of 0.1%, respectively, with the revenue decline narrowing compared to the first half of 2025 [1][12] - The interest margin for Q3 2025 increased by 4 basis points to 1.55%, primarily due to a significant improvement in funding costs [2] - Non-interest income grew by 3.8% year-on-year, benefiting from a recovery in capital markets and a solid customer base [1] Asset Quality and Risk Indicators - The non-performing loan (NPL) ratio remained stable at 1.08% as of the end of Q3 2025, with a slight increase in the attention loan ratio to 1.67% [4] - The provision coverage ratio decreased by 1 percentage point to 228%, indicating a stable asset quality [4] - The company reported a significant improvement in the generation of non-performing loans, with a year-on-year decline in new non-performing loans in corporate real estate and credit cards [4] Earnings Forecast and Valuation - The forecasted net profit growth rates for the company from 2025 to 2027 are 0.22%, 5.05%, and 5.39%, respectively, with corresponding book values per share of 38.92, 41.49, and 44.21 yuan [5][12] - The target price is set at 25.82 yuan per share, implying a potential upside of 28% based on the current price [5]

Investment Rating - The investment rating for the company is "Buy" with an upward adjustment [7] Core Insights - The company reported a net profit attributable to shareholders of 46.822 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.9%, with a return on equity (ROE) of 16%, up 1.8 percentage points year-on-year [1] - The new business value (NBV) for life insurance increased by 76.6% year-on-year, indicating strong growth in the life insurance segment [1] - The comprehensive cost ratio (COR) for property insurance improved to 96.1%, a year-on-year optimization of 2.1 percentage points, reflecting effective cost management [1] Summary by Sections Performance Overview - For the first three quarters of 2025, the company achieved a net profit of 46.822 billion yuan, a 28.9% increase year-on-year, with a single-quarter profit growth of 48.7% in Q3 2025 [1] - The ROE was reported at 16%, an increase of 1.8 percentage points compared to the previous year [1] Property Insurance - The insurance service revenue from property insurance reached 385.921 billion yuan, up 5.9% year-on-year, with underwriting profit soaring by 130.7% to 14.865 billion yuan [2] - The COR for property insurance was 96.1%, reflecting a significant year-on-year improvement of 2.1 percentage points, attributed to cost reduction and efficiency enhancement measures [2] Life Insurance - The life insurance segment saw a substantial increase in NBV, with a year-on-year growth of 76.6% [3] - New single premium income for life insurance was 54.756 billion yuan, a 23.8% increase year-on-year, with first-year premium income for long-term insurance rising by 33.8% [3] - The net profit for life insurance was reported at 13.974 billion yuan, a decrease of 10.3% year-on-year [3] Health Insurance - The new single premium income for health insurance reached 37.524 billion yuan, a year-on-year increase of 16.1%, with first-year premium income for long-term insurance growing by 62.8% [3] - The net profit for health insurance was 7.856 billion yuan, reflecting a year-on-year growth of 41% [3] Investment Performance - As of the end of Q3 2025, the investment scale of insurance funds was 1.83 trillion yuan, an increase of 11.2% since the beginning of the year [4] - The total investment return rate was 5.4%, up 0.8 percentage points year-on-year, with total investment income reaching 86.25 billion yuan, a 35.3% increase year-on-year [4] Profit Forecast and Valuation - The company is expected to maintain strong performance in both underwriting and investment, leading to an upward revision of profit forecasts and valuations [5] - Projected net profit growth rates for 2025-2027 are 25.5%, 14.1%, and 22% respectively, with a target price set at 11.79 yuan per share [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's Q3 performance exceeded expectations, with revenue of 2.87 billion yuan, a year-on-year increase of 15.9%, and a net profit attributable to shareholders of 160 million yuan, up 56.6% year-on-year. The Q3 revenue was 930 million yuan, reflecting an 8.9% year-on-year growth, while the net profit for the quarter surged by 128.3% [1][4] - The internal line continues to be a core growth engine, benefiting from the explosion in AI computing demand, particularly with the adoption of high-speed copper cable connections in new server cabinets. The company is a key supplier of internal lines for Amphenol, a global leader in connectors, and is positioned to benefit from this AI wave [2] - The "Lotus Core" technology, developed in collaboration with Amphenol, is expected to open up external line market opportunities. This technology reduces loss by altering the physical structure of cables, allowing for the production of high-performance high-speed copper cables without relying on imported materials [3] Financial Summary - For the years 2025 to 2027, the company is projected to achieve revenues of 4 billion, 4.7 billion, and 5.7 billion yuan, representing year-on-year growth rates of 14%, 18%, and 21% respectively. The net profit attributable to shareholders is expected to be 181 million, 229 million, and 338 million yuan, with corresponding year-on-year growth rates of 18%, 26%, and 48%. The projected P/E ratios are 43, 34, and 23 times [4][10]

调改延续，盈利提升 ——重庆百货 25Q3 点评报告 投资要点 ❑ 风险因素 消费复苏不及预期风险，竞争加剧风险，调改不及预期风险。 财务摘要 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 17138.85 | 15119.91 | 15623.96 | 16407.93 | | (+/-) (%) | -9.75% | -11.78% | 3.33% | 5.02% | | 归母净利润 | 1314.64 | 1437.01 | 1552.83 | 1692.80 | | (+/-) (%) | 0.46% | 9.31% | 8.06% | 9.01% | | 每股收益(元) | 2.98 | 3.26 | 3.53 | 3.84 | | P/E | 9.12 | 8.34 | 7.72 | 7.08 | 资料来源：浙商证券研究所 证券研究报告 | 公司点评 | 一般零售 重庆百货(600729) 报告日期：2025 年 10 月 31 日 1 《调改延续， ...

Investment Rating - The investment rating for Yunnan Baiyao is maintained as "Buy" [2][5] Core Views - The company's performance in the first three quarters of 2025 met expectations, with revenue of 30.654 billion yuan (up 2.47% year-on-year) and net profit attributable to shareholders of 4.777 billion yuan (up 10.41% year-on-year) [5] - The industrial segment showed strong growth, with industrial revenue reaching 11.582 billion yuan, an increase of 9.06 billion yuan year-on-year, reflecting an 8.48% growth rate [5] - The company is focusing on enhancing its brand in traditional Chinese medicine and expanding its market share in oral care and personal care products [5] - The gross profit margin improved to 30.06%, up 1.66 percentage points year-on-year, driven by a higher proportion of high-margin business [5] - The company plans to distribute a special dividend of 1.818 billion yuan, representing 50.05% of the net profit for the first half of 2025, indicating a strong commitment to shareholder returns [5] Financial Summary - Revenue projections for 2024 to 2027 are 40.033 billion yuan, 40.922 billion yuan, 42.319 billion yuan, and 43.675 billion yuan, respectively, with growth rates of 2.36%, 2.22%, 3.41%, and 3.20% [2][6] - Net profit attributable to shareholders is expected to grow from 4.749 billion yuan in 2024 to 6.278 billion yuan in 2027, with growth rates of 16.02%, 9.83%, 10.35%, and 9.06% [2][6] - Earnings per share (EPS) is projected to increase from 2.66 yuan in 2024 to 3.52 yuan in 2027 [2][6] - The company maintains a high dividend payout ratio, exceeding 90% from 2022 to 2024, with an expectation of continued high dividends in the future [5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 5.24 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.6%, and a net profit attributable to shareholders of 690 million yuan, up 5.5% year-on-year [1] - The introduction of intelligent handling robots and continuous product innovation is expected to open new market opportunities [2][4] - Strategic partnerships and international expansion efforts, including a new factory in Thailand, are aimed at enhancing production capacity and global presence [3][4] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.81 billion yuan, a 7.5% increase year-on-year, and a net profit of 240 million yuan, up 3.3% year-on-year [1] - Revenue projections for 2025-2027 are estimated at 7.3 billion, 8.2 billion, and 9.6 billion yuan, with respective growth rates of 11%, 13%, and 16% [5] Product Development - The launch of the "Kangaroo Robot" features advanced capabilities such as visual recognition and multi-functional operation modes [2] - The "Smart Flying Warehouse" solution offers high compatibility and flexibility for logistics operations [2] Strategic Initiatives - A strategic cooperation agreement with Jungheinrich aims to promote electrification in the material handling industry [3] - The company plans to invest 10 million USD over five years to establish a factory in Thailand, targeting an annual production capacity of 10,000 forklifts [3] Market Positioning - The company leads the domestic market in electric warehouse forklift sales and has a strong focus on innovation and internationalization [4] - The introduction of customized solutions for mobile robots is expected to create new growth opportunities [4]