公司发布了 2025 年第三季度报告，2025 年前三季度公司实现营收 46.30 亿元，同比增长 11.82%；实现归母净利润 8.00 亿元，同比增 长 12.66%。 2025Q4 交付订单规模有望环比提升，全年收入稳增长可期： 收入端，2025Q1-Q3 公司实现营收 46.30 亿元，同比增长 11.82%。其 中，2025Q1-Q3 小分子业务收入与去年同期相比基本持平，新兴业务 收入同比增长 71.87%。从下半年待交付的订单分布看，2025Q4 交付 规模将显著高于 2025Q3，预计 2025 年营收将实现 13%-15%增长。 利润端，2025Q1-Q3公司实现归母净利润8.00亿元，同比增长12.66%。 得益于订单的稳健交付，公司业绩实现稳步增长。 持续加大市场开拓力度，推动新签订单双位数增长： 全球创新药投融资持续回暖，公司顺应行业趋势持续加大市场开拓力 度，推动新签订单持续增长。其中，创新药投融资方面，根据 Crunchbase 的数据，2025 年 10 月全球、美国、国内 VC&PE 投融资金 额分别同比增长 32%、33%、72%，创新药投融资回暖明显；新签订单 方面，公司在 ...

公司基本情况 | 最新收盘价（元） | 29.79 | | --- | --- | | 总股本/流通股本（亿股）19.00 | / 16.64 | | 总市值/流通市值（亿元）566 | / 496 | | 52 周内最高/最低价 | 32.10 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 27.84 | | 第一大股东 | HKSCC NOMINEES | | LIMITED | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:杨丰源 SAC 登记编号:S1340525070002 Email:yangfengyuan@cnpsec.com 赤峰黄金(600988) Q3 产销环比改善，金价上涨 Q4 业绩值得期待 证券研究报告：有色金属 | 公司点评报告 发布时间：2025-11-03 股票投资评级 资料来源：聚源，中邮证券研究所 l 25Q3 实现归母净利润 9.51 亿元，创历史新高 2025 年 Q1-Q3，公司实现营收 86.44 亿元，同比提升 38.91%，归 母净利润 ...

证券研究报告 | 2025年11月03日 天味食品（603317.SH） 优于大市 外延并购持续驱动，切入即食酱赛道 天味食品 2025 年前三季度实现营业总收入 24.11 亿元，同比增长 1.98%；实 现归母净利润 3.92 亿元，同比减少 9.30%；实现扣非归母净利润 3.57 亿元， 同比减少 8.13%；2025 年第三季度实现营业总收入 10.20 亿元，同比增长 13.79%；实现归母净利润 2.02 亿元，同比增长 8.93%；实现扣非归母净利润 1.95 亿元，同比增长 8.84%。 外延持续驱动，三季度延续双位数增长。2025 年第三季度公司线下/线上渠 道收入分别为 7.9 亿元/2.2 亿元，同比+4.5%/60.7%，线上高增长趋势延续， 线下由于基数提高增速环比放缓，公司三季度延续双位数增长受益于外延并 表贡献。2025 年第三季度火锅调料/菜谱调料收入分别同比+25.0%/14.9%， 除并表影响外，新零售渠道新品预计亦有贡献。 费用投放趋稳，盈利能力仍受影响。2025 年第三季度公司毛利率为 40.5%， 同比提升 1.6pct，预计主因产品结构优化及原材料成本价格红利。2 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis indicates a positive outlook based on performance metrics and growth potential. Core Insights - The company reported a revenue of 1.2 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 35.95%, and a net profit of 69 million yuan, marking a return to profitability [1] - The third quarter revenue was 330 million yuan, with a year-over-year growth of 33.26%, and a net profit of 8 million yuan, also indicating a return to profitability [1] - The company is experiencing strong growth in various product categories, particularly in embedded diamond jewelry, which saw a revenue increase of 60.73% [2] - The company is optimizing its channel structure, with a total of 335 stores, including 223 direct-operated and 112 franchised stores, despite some closures [2] - Profitability is under short-term pressure due to seasonal factors and non-operating losses, but the core business remains resilient [2] - The company is expected to continue its growth trajectory, with projected net profits of 82 million yuan, 140 million yuan, and 200 million yuan for 2025, 2026, and 2027 respectively [2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 1.2 billion yuan, with a year-over-year growth of 35.95% [1] - The net profit for the same period was 69 million yuan, indicating a turnaround from previous losses [1] - The third quarter alone generated revenue of 330 million yuan, reflecting a 33.26% increase year-over-year [1] Product and Channel Analysis - Revenue by product category includes 661 million yuan from embedded diamond jewelry, 434 million yuan from traditional gold products, 38 million yuan from jade products, and 60 million yuan from other products [2] - Revenue by channel shows direct sales at 815 million yuan, franchise sales at 139 million yuan, and online sales at 238 million yuan, with franchise sales experiencing significant growth [2] - The company’s main revenue driver is the Jiangsu region, which generated 605 million yuan in the third quarter, a 66.44% increase year-over-year [2] Store Expansion and Optimization - As of the end of Q3 2025, the company had 335 stores, with 223 direct-operated and 112 franchised [2] - The company opened 13 new direct-operated stores and closed 46, resulting in a net reduction of 33 stores [2] - Franchise stores saw a net decrease of 9, with 21 new openings and 30 closures [2] Profitability and Future Outlook - The company’s profitability is currently under pressure due to seasonal factors and fluctuations in gold prices, but the core business remains profitable [2] - The company is expected to maintain a strong growth trajectory, with significant product innovation and channel optimization planned for the future [2] - Projected net profits for the next three years are 82 million yuan in 2025, 140 million yuan in 2026, and 200 million yuan in 2027, with corresponding P/E ratios of 38.7x, 23.2x, and 15.6x [2]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1]. Core Insights - The company reported a steady revenue growth of 8.10% year-on-year for the first three quarters of 2025, achieving a total revenue of 7.349 billion yuan. The net profit attributable to shareholders increased significantly by 59.29% year-on-year, reaching 209 million yuan [1]. - The company is planning to list H shares on the Hong Kong Stock Exchange to advance its international strategy and enhance its brand influence in the parent-child service sector [1]. - The company is focusing on optimizing its main business operations while gradually revealing contributions from new business segments, including the launch of its first Ultra store, which integrates various innovative elements [1]. Financial Performance Summary - For the first three quarters of 2025, the gross margin was 28.6%, with a slight year-on-year decrease of 0.9 percentage points. The net profit margin was 3.1%, down by 0.8 percentage points [1]. - The company expects to achieve net profits of 310 million yuan, 414 million yuan, and 521 million yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 70.9%, 33.7%, and 25.7% [4][9]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 44, 33, and 26, respectively, indicating a favorable valuation trend [4][9]. Business Strategy and Growth Drivers - The company is enhancing its franchise business through digital empowerment and innovative store models, with over 200 new stores planned for operation, construction, or preparation in the first half of 2025 [1]. - The acquisition of Siyi Industrial marks a strategic shift towards becoming a comprehensive service provider for new families, leveraging synergies in membership operations and market positioning [1]. - The company is committed to integrating AI technology into its operations, which is expected to drive future growth and improve customer engagement [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.83 CNY [3][6]. Core Insights - The company has shown resilience in profitability, with a projected EPS of 1.66, 1.65, and 1.86 CNY for 2025-2027, reflecting adjustments in sales volume for composite pipe products [3]. - The company is strategically positioned in the nuclear fusion sector, which is expected to contribute to future profit growth, particularly through its involvement in the ITER project and the development of key materials [10]. - The controlling shareholder has increased their stake in the company, indicating confidence in future performance and growth potential [10]. Financial Performance Summary - The company achieved a net profit of approximately 1.26 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 20.73% [10]. - Revenue projections for 2025 are set at 12.05 billion CNY, with a growth rate of 10.4% compared to the previous year [5]. - The gross margin is expected to improve from 26.2% in 2023 to 30.6% by 2027, indicating a positive trend in profitability [5]. Financial Metrics - The company’s net profit attributable to the parent company is forecasted to be 1.623 billion CNY in 2025, with a growth rate of 8.9% [5]. - The projected operating profit for 2025 is 1.935 billion CNY, reflecting a growth of 6.7% [5]. - The company’s market capitalization is approximately 24.94 billion CNY, with a current share price of 25.52 CNY [6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with total revenue reaching 12.88 billion (up 25.9% year-on-year) and net profit attributable to the parent company at 1.42 billion (up 130.6%) [1][3]. - The growth in the robotic vacuum cleaner segment is particularly noteworthy, with a 122% increase in domestic online sales and a market share of 29.7% [1]. - The company is expanding its product lines, including the introduction of embedded vacuum cleaners in the European home improvement market and a strong performance in the North American market [1][2]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 4.2 billion (up 29.3% year-on-year) and a net profit of 440 million (up 7160.9%) [1]. - The projected net profits for 2025 to 2027 are estimated at 2.06 billion, 2.41 billion, and 2.74 billion respectively, with corresponding dynamic PE ratios of 25.1x, 21.5x, and 18.9x [3][4]. Product Segments - **Robotic Vacuum Cleaners**: The company saw a 122% increase in domestic online sales, leading to a market share increase of 9.3 percentage points [1]. - **Floor Cleaning Machines**: The company’s brand achieved a 35% increase in domestic online sales, maintaining a market share of 35.4% [2]. - **Lawn Mowers**: The robotic lawn mower segment in Germany saw a 409% increase in online sales, indicating strong growth potential [2]. Market Expansion - The company is actively enhancing its market presence in Europe and North America, with significant sales growth reported in major countries [1][2]. - The introduction of new products and strategic partnerships is expected to further strengthen the company's market position [1][2].

证券研究报告 非金融公司|公司点评|伟星股份（002003） Q3 业绩修复，远期成长可期 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月03日 |报告要点 公司 2025 前三季度实现收入、归母净利润、扣非归母净利润 36.3、5.8、5.7 亿元，同比分 别+1.5%、-6.5%、-6.0%；其中 Q3 实现收入、归母净利润、扣非归母净利润 12.9、2.1、2.1 亿元，同比+0.9%、+3.0%、+1.1%，Q3 同比增速较 Q2 修复。公司差异化优势显著，中长期全 球化战略可期，但短期产能利用率可能受下游需求疲软影响，维持"买入"评级。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 高旭和 华思怡 SAC：S0590523110007 非金融公司|公司点评 glzqdatemark2 2025年11月03日 证券研究报告 扫码查看更多 事件 公司 2025 前三季度实现收入、归母净利润、扣非归母净利润 36.3、5.8、5.7 亿 元，同比分别+1.5%、-6.5%、-6.0%；其中 Q3 实现收入、归母净利润、扣非归母净 利润 12.9、2.1、2.1 亿 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is deeply engaged in the automotive aluminum die-casting sector and is expanding into the robotics field through acquisitions, aiming for new growth momentum [1][3]. - The company has established a strong customer base, with the top five clients accounting for 84% of revenue by 2024, including major players like Bosch and Thyssenkrupp [1][14]. - The company is expected to benefit from the increasing penetration of automotive lead screws and the expansion into new energy vehicle components, projecting significant profit growth from 2025 to 2027 [3]. Summary by Sections 1. Focus on Automotive Lightweight Die-Casting and Robotics Core Sector - The company specializes in the research and manufacturing of automotive aluminum die-casting parts and is entering the core components of humanoid robots [13]. - It has a history of expanding its business and enhancing its global strategy since its establishment in 2000, including partnerships with Bosch and the establishment of production bases in Mexico and Thailand [13][48]. 2. Financial Performance and Structural Optimization - The company has shown robust revenue growth, with a CAGR of 25% from 2020 to 2024, driven by the lightweight trend in new energy vehicles [22]. - Revenue from automotive-related businesses increased from 0.9 billion to 1.9 billion from 2020 to 2024, with a CAGR of 21% [23]. - The gross margin has remained stable between 22% and 24% over the past three years, with a slight increase in 2024 [28]. 3. Steering Business: Accelerating Smart Steering System Transformation - The domestic market for automotive aluminum die-casting parts is expected to grow at a CAGR of 3.6% from 2021 to 2030, with the market size reaching 186.3 billion in 2023 [37]. - The company has established long-term partnerships with leading global firms, enhancing its competitive advantage through a global production layout [46]. 4. Robotics Business: Joint Ventures in the Robotics Sector - The company has formed joint ventures to enter the robotics lead screw market, leveraging high-precision products recognized by military research institutions [3]. - The acquisition of a motor company aims to enhance its capabilities in the robotics motor sector, creating product synergy [3].

北交所信息更新 所 研 骑士乳业（920786.BJ） 库布齐牧业投产盈利能力提升，拓展社区团购与商超渠道 2025 年 11 月 03 日 投资评级：增持（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 10.22 | | 一年最高最低(元) | 14.96/6.16 | | 总市值(亿元) | 21.37 | | 流通市值(亿元) | 14.53 | | 总股本(亿股) | 2.09 | | 流通股本(亿股) | 1.42 | | 近 3 个月换手率(%) | 498.83 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-Q3：营收 9.14 亿元，同比+24%，归母净利润 3910 万元，同比+281% 公司发布 2025 年三季报，2025Q1-Q3，公司实现营收 9.14 亿元，同比增长 24.01%； 归母净利润 3909.71 万元，同比增长 281.30%；扣非归母净利润 5416.00 万元， 同比下滑 9.26%。单季度情况来看，2025Q3，公司营收 2. ...