Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with total revenue reaching 10.68 billion yuan, a year-on-year growth of 27.50%, and a net profit attributable to shareholders of 680 million yuan, up 65.26% [1] - The data center market is experiencing rapid growth, with revenue from this segment increasing by 85% year-on-year, driven by high-speed products [1] Group 1: Financial Performance - The company's operating cash flow showed a net outflow of 277 million yuan, with a year-on-year reduction of 212.76% [1] - The net profit excluding non-recurring items was 655 million yuan, reflecting a year-on-year increase of 76.41% [1] Group 2: Product Innovation - The company launched innovative products in the data center sector, including high-density 128-port 400G and 64-port 800G switches, enhancing efficiency for large-scale computing clusters [2] - In the campus network sector, the company introduced the Ethernet Optical Network Solution 4.0, simplifying network connections [2] Group 3: International Market Expansion - The company has established a large partner network, with the number of overseas partners growing to 2,620 by mid-2025 [3] - Revenue from international business reached 1.836 billion yuan, marking a year-on-year growth of 47.81% [3] Group 4: Profit Forecast and Investment Outlook - The company has revised its profit forecasts for 2025-2027, expecting net profits of 904 million yuan, 1.113 billion yuan, and 1.366 billion yuan respectively [4] - The company is well-positioned to benefit from the growth of AI and is actively expanding its overseas market presence, indicating strong future growth potential [4]

季度扣非业绩改善，销售净利率小幅回升。公司2025Q3 实现归母净利1.38 亿元，同比增长61.15%，环 比下降4.23%，实现扣非归母净利1.34亿元，同比增长40.6%，环比增长6.07%；公司2024Q4-2025Q3 逐 季销售毛利率分别为17.45%、15.33%、15.75%、17.7%，逐季销售净利率分别为15.78%、9.76%、 9.25%、9.34%，上半年受行业整体竞争加强及外贸市场下滑等影响，公司盈利情况同比有所下降， 2025 年第三季度毛利率显著改善，净利率小幅回升。 下游景气度改善，需求保持扩张趋势。根据公司年报，2025 年预计油气开采用管市场将呈现总量稳 定、结构优化、高端化提速等特点，国内市场方面预计在海上、陆上深层、超深层等非常规油气资源开 发方面可能会存在更多增量的市场需求；2025 年1-8 月火电投资完成额为1029 亿元，同比增加39.5%， 预计2025 年锅炉管市场需求持续饱满，火电建设投资高增有望带动锅炉管市场需求向好。 事件：公司发布2025 年三季度报告。公司前三季度实现营业收入42.84亿元，同比增长1.4%；归属于母 公司所有者的净利润3.92 ...

Core Insights - The company's profitability continues to improve, with net profit margins recovering quarter by quarter, and profit growth consistently outpacing revenue growth [1][3] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.416 billion yuan, a year-on-year increase of 11.86%, and a net profit attributable to shareholders of 239 million yuan, up 26.51% year-on-year [2] - In Q3 2025, the company reported operating revenue of 938 million yuan, a year-on-year increase of 14.91%, and a net profit attributable to shareholders of 142 million yuan, up 29.73% year-on-year [2] - The gross margin and net margin for Q1-Q3 2025 were 45.06% and 9.84%, respectively, with year-on-year increases of 0.52 percentage points and 1.30 percentage points [3] - The Q3 2025 gross margin was 47.74%, with a year-on-year decrease of 1.16 percentage points, while the net margin was 15.51%, up 2.03 percentage points year-on-year [3] Cost Structure and Cash Flow - The expense ratio for Q1-Q3 2025 was 34.99%, a year-on-year decrease of 0.41 percentage points, with specific expense ratios for sales, management, finance, and R&D showing varied changes [3] - Operating net cash flow for Q1-Q3 2025 was 258 million yuan, a year-on-year decrease of 23.42%, primarily due to the impact of collection timing [3] Strategic Initiatives - The company plans to raise no more than 1.3 billion yuan through a private placement, focusing on high-growth emerging industries such as aviation, AI chips, and satellite internet [4] - This strategic move aims to enhance the company's high-end testing capabilities, covering the entire chain from R&D validation to reliability testing and quantitative measurement [4] - The expansion of laboratory capabilities in key regions like Guangzhou, Chengdu, and Xi'an is expected to strengthen the company's service and bargaining power in strategic emerging industries [4]

投资建议 事件概述 我们预测公司2025-2027 年营业收入为576/589/602 亿元，同比分别增长5.8%/2.3%/2.2%；归母净利润分 别为65.0/74.1/82.9 亿元，同比分别增长47.4%/14.0%/11.9%；对应EPS 分别为1.87 元/2.14 元/2.39 元，维 持盈利预测。对应2025 年10 月24 日收盘价23.18 元，PE 分别为12.36/10.85/9.70 倍；维持"买入"评级。 2025 年10 月24 日，公司发布2025 年三季度报告。前三季度，公司实现营收440.72 亿元，同比增长 12.47%；实现归母净利润43.98 亿元，同比增长15.14%；实现扣非归母净利润43.79 亿元，同比增长 18.93%。2025Q3，公司实现营收149.93 亿元，同比增长3.13%，环比增长2.23%；实现归母净利润16.30 亿元，同比增长25.31%，环比减少9.09%；2025Q3 实现扣非归母净利润16.24 亿元，同比增长25.43%， 环比减少9.09%。 公司2025Q3 销售毛利率为17.95%，2025Q2 公司销售毛利率为18.10%， ...

事件：10/24，东方财富披露9M25 业绩，业绩符合预期。公司9M25 实现营业总收入116亿元，同比 +59%，归母净利润91.0 亿元，同比+51%。3Q25 实现营业总收入47.3 亿元，同比+101%，环比+40%； 归母净利润35.3 亿元，同比+78%，环比+24%。9M25 加权ROE为10.74%/yoy+2.60pct。 总营收拆分：市场交投火热、新发基金回暖带动公司3Q25 全业务线同环比高增。9M25公司实现手续费 (经纪业务为主)、净利息(两融为主)、营业收入(基金代销为主)分别为66.4、24.1、25.4 亿元，同比分别 +87%、+60%、+13%，收入占比分别为57%、21%、22%。 3Q25 各业务线业绩同比/ 环比如下： 证券经纪业务+141%/+48%、两融业务+103%/+36%、基金代销业 务+34%/+26%。 投资收益：3Q25 投资收益同换比下滑，预计主因债券市场下跌拖累。3Q25 末公司金融投资资产规模 1128 亿元，较2024 年末+18%，较2Q25 末-8%。其中交易性金融资产991 亿元（较2Q25 末-8%）、债权 投资8.6 亿元（较2Q25 ...

事件 2025 年10 月23 日，劲仔食品发布2025 年三季报。2025Q1-Q3 总营业收入18.08 亿元（同增2%），归母 净利润1.73 亿元（同减20%），扣非净利润1.42 亿元（同减25%）。其中2025Q3 总营业收入6.85 亿元 （同增7%），归母净利润0.61亿元（同减15%），扣非净利润0.55 亿元（同减18%）。 投资要点 成本端企稳，延续费投力度 聚焦小鱼核心品类，坚持以渠道建设为中心分产品看，鱼制品2025Q3 恢复高增；鹌鹑蛋受行业低价竞 争加剧影响，流通渠道销售承压，后续公司逐步升级品类，切换至无抗产品，并进一步打磨溏心鹌鹑 蛋，通过产品高端化升级进行错位竞争，在长周期下推动品类修复；此外，公司重新梳理魔芋品类定 位，充分复用鱼制品流通渠道优势，加快新品铺市与市场拓展。分渠道看，公司以"渠道建设为中心"， 聚焦渠道需求，提升响应效率，以提升渠道渗透为目标开发适配产品，流通渠道推行"3+1+N"陈列计 划，实施精细化运营，目前销售端反馈积极，调整效果有望持续显现。 盈利预测 公司零食渠道sku 渗透空间充足，随着新增定量装等产品陈列，预计渠道中期仍贡献主要增量。产品 端， ...

10月25日下午，歌手郑智化 在微博发文，称深圳机场对残疾人的态度没人性，升降车离机门地板25公 分，他的轮椅推不进飞机，腿也跨不进机舱门，操纵升降车的司机完全不愿把升降板提高，冷眼看着他 连滚带爬进飞机。25日18:05，深圳机场在郑智化微博下留言致歉，表示已关注到他反映的情况，并对 现场服务给郑智化带来的不便和困扰深表歉意。对于相关问题，深圳机场方面已第一时间会同航空公司 启动核查。 ...

人形机器人被黑客劫持，用来攻击人类。或许你以为这只是科幻剧的桥段，实际上已经成为必须直面的现实。 10月24日的"GEEKCON2025"安全极客大赛现场，两名"白帽黑客"把宇树科技的G1人形机器人作为了测试对象。他们首先"黑"入一台已联网的机器人，随后 利用这台被接管的机器人，对另一台未联网的机器人实施"感染"。在黑客的操纵下，被"感染"的机器人径直走到一具假人面前，狠狠挥拳，将其击倒。 10月24日的"GEEKCON2025"安全极客大赛现场，两台被黑客"入侵"的机器人。图：主办方 这两名"白帽黑客"已提前把安全漏洞告知宇树科技。宇树一名工作人员现场告诉南都记者，黑客展示的系统漏洞已经修复，"他们用的还是以前的版本"。 话音刚落不久，一只宇树的机器狗又被两名百度的安全人员给"入侵"了。突破厂商的系统限制后，机器狗开始完成遥控手柄上原本无法实现的翻跳动作，甚 至挑衅地发出口头威胁："消灭人类暴政！机器人解放人类！" 具身智能热潮之下，人机共存的图景逐步展开：人形机器人和机器狗几乎变成各大展会的标配，不时与观众亲密互动；一些厂商已尝试将机器人上架电商， 直接卖给普通用户。但上述"白帽黑客"之一的屈师培留意到， ...

融资成本稳步下降推动净利差持续走阔。净利差方面，1-3Q25公司年化净利差（公司口径）同比 +0.08ppt/较1H25 +0.04ppt 至3.75%。其中，我们测算公司1-3Q25 融资租赁资产收益率同比-0.32ppt 至 6.31%；1-3Q 融资成本同比-0.74ppt 至2.25%（其中3Q 单季度同比-0.7ppt/环比-0.1ppt 至2.08%），宽松 货币环境下公司多措并举压降资金成本，推动净息差进一步扩张。 盈利预测与估值 基本维持公司25/26 年盈利预测不变。当前公司交易于1.3x/1.2x25/26e P/B；考虑公司不确定环境下的稳 健经营能力及持续提升的股东回报，上调目标价4.7%至6.7 元及跑赢行业评级不变（对应1.5x/1.4x 25/26e P/B 和11.5%上行空间）。 1-3Q25 业绩符合我们预期 公司1-3Q25 营收同比+17%至46.4 亿元、盈利同比+10%至24.5亿元，其中拨备前利润同比+17%至41.3 亿元，年化ROAE 受摊薄影响同比-1.1ppt 至13.3%，符合我们预期；对应3Q 单季拨备前利润同比+23%/ 环比+13%至14.6 亿元 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a slight recovery in Q3 compared to Q2, indicating challenges in the market but potential for improvement in the upcoming quarters [1][5]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 9.01 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to the parent company of 1.477 billion yuan, down 19.06% year-on-year [1]. - In Q3 2025, the revenue was 3.199 billion yuan, a decrease of 0.16% year-on-year but an increase of 10.25% quarter-on-quarter; the net profit was 555 million yuan, down 14.24% year-on-year but up 43.12% quarter-on-quarter [1]. Coal Production and Sales - In Q3 2025, the company produced 5.61 million tons of coal, an increase of 7.9% year-on-year but a decrease of 0.9% quarter-on-quarter; coal sales reached 5.03 million tons, up 7.5% year-on-year and up 4.2% quarter-on-quarter [2]. - The average selling price of coal in Q3 2025 was 513 yuan per ton, down 8.0% year-on-year but up 3.0% quarter-on-quarter; the average cost was 328 yuan per ton, down 4.8% year-on-year and down 0.7% quarter-on-quarter [2]. Resource Capacity - As of June 2025, the company had five operational mines with a total production capacity of 23.5 million tons per year and a total resource reserve of 10.16 billion tons, accounting for 40% of the total resource amount of the four major coal companies in Anhui Province [3]. Power Generation - In Q3 2025, the company generated 4.365 billion kWh of electricity, an increase of 9.3% year-on-year and 43.4% quarter-on-quarter; the on-grid electricity volume was 4.102 billion kWh, up 9.0% year-on-year and 43.8% quarter-on-quarter [4]. - The average on-grid electricity price was 0.3715 yuan per kWh, down 8.5% year-on-year but unchanged quarter-on-quarter [4]. Integrated Coal and Power Operations - The company is advancing its coal-electricity integration strategy, with existing power plants consuming about 50% of the coal production; new power projects are expected to enhance profitability and risk resilience [5]. - The projected net profits for 2025-2027 are estimated at 2.4 billion yuan, 2.43 billion yuan, and 2.6 billion yuan, with corresponding price-to-earnings ratios of 7.7X, 7.6X, and 7.1X [5].