业绩稳健，新兴业务与全球布局并进 鹏鼎控股(002938) 证券研究报告 元件 / 公司点评 / 2025.11.03 最近 12 月市场表现 -30% 0% 30% 61% 91% 121% 鹏鼎控股 沪深300 元件 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《加速产能扩张，产品线覆盖多元 AI 应 用场景》 2025-08-14 2. 《聚焦高端与海外扩张，紧抓 AI 创新周 期》 2025-04-30 3. 《重点关注下半年苹果新机对业绩的同 步改善》 2024-08-14 核心观点 ❖ 风险提示：行业需求低于预期；同行竞争加剧；扩产进度低于预期。 盈利预测 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 52.55 | | 流通股本(亿股) | 23.09 | | 每股净资产(元) | 14.09 | | 总股本(亿股) | 23.1 ...

Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Insights - In Q3 2025, the company achieved a revenue of 6.75 billion yuan, representing a year-on-year increase of 125.71%, while the net profit attributable to shareholders was -5.00 billion yuan, a year-on-year increase of 14.80% [2][5]. - The revenue growth in Q3 was attributed to enhanced market analysis, optimized marketing strategies, and increased market expansion efforts, particularly from the subsidiary Longping Development, which saw a revenue increase of 2.89 billion yuan [2]. - For the first three quarters of 2025, the company reported a total revenue of 28.41 billion yuan, a slight decrease of 1.39% year-on-year, and a net profit of -6.64 billion yuan, down 39.62% year-on-year [1][5]. Summary by Sections Financial Performance - The gross profit margin for Q1-Q3 2025 was 31.98%, up 3.74 percentage points year-on-year, while the gross profit margin for Q3 was 18.13%, an increase of 20.07 percentage points year-on-year [3]. - The net cash flow from operating activities for Q1-Q3 2025 was 10.85 billion yuan, a significant increase of 252.78% year-on-year, driven by improved sales policies and inventory management [2]. Profit Forecast - The projected net profit attributable to shareholders for 2025 is 2.27 billion yuan, representing a year-on-year increase of 99.2%, with further projections of 3.65 billion yuan in 2026 and 4.76 billion yuan in 2027 [4]. Valuation Metrics - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 63.2, 39.2, and 30.1, respectively [4].

索通发展（ [Table_StockNameRptType] 603612） 公司点评 阳极价格回升，增量空间明确 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-11-03 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 主要观点： ⚫[Table_Summary] 索通发展发布 2025 年三季报 公司 2025 年前三季度实现营收 127.62 亿元，同比+28.66%；实现归母 净利润 6.54 亿元，同比+201.81%。单 Q3 公司营收 44.56 亿元，同比 +29.38%；归母净利润 1.31 亿元，同比-29.47%。 ⚫ 预焙阳极价格维持高位，公司业绩持续改善 | [Table_BaseData] 收盘价（元） | 24.62 | | --- | --- | | 近 12 个月最高/最低（元） | 29.38/12.89 | | 总股本（百万股） | 498 | | 流通股本（百万股） | 498 ...

上 市 公 司 社会服务 2025 年 11 月 03 日 同庆楼 (605108) ——外部环境影响下业绩承压，多业态布局夯实成长基础 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 31 日 | | --- | --- | | 收盘价（元） | 18.91 | | 一年内最高/最低（元） | 29.94/18.60 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 0.63 | | 流通 A 股市值（百万元） | 4,917 | | 上证指数/深证成指 | 3,954.79/13,378.21 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 8.59 | | 资产负债率% | 62.40 | | 总股本/流通 A 股（百万） | 260/260 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 0 ...

2025 年 11 月 3 日 公司研究 轨交装备业务稳健增长，新兴装备业务发展迅速 ——时代电气（688187.SH、3898.HK）2025 年三季报点评 要点 业绩稳健增长，归母扣非净利润大幅提升 时代电气 2025Q1-Q3 实现营业收入 188.3 亿元，同比增长 14.9%（调整后， 下同）；归母净利润 27.2 亿元，同比增长 10.9%；归母扣非净利润 26.1 亿元， 同比增长 30.9%。公司毛利率为 32.4%，同比上升 3.1 个百分点；净利率为 15.3%，同比下降 0.7 个百分点。 2025Q3 公司实现营业收入 66.2 亿元，同比增长 9.6%；归母净利润 10.5 亿元，同比增长 7.7%；归母扣非净利润 10.3 亿元，同比增长 22.5%。 2025Q1-Q3 公司轨道交通装备产品实现营业收入 103.1 亿元，同比增长 9.2%。其中，轨道交通电气装备/轨道工程机械/通信信号/其他轨道交通装备收 入分别为 80.8/9.0/7.6/5.7 亿元，同比分别增长 5.8%/13.5%/14.5%/64.1%。 截至 2025 年 8 月，国铁集团年内累计招标动车组 278 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has shown strong revenue growth, with a 72.2% year-on-year increase in revenue for the first three quarters of 2025, reaching 12.07 billion yuan. However, the net profit attributable to the parent company decreased by 29.5% to 1.04 billion yuan [1]. - The company's operating income for Q3 2025 was 4.16 billion yuan, reflecting a 60.7% increase year-on-year, while the net profit attributable to the parent company increased by 2.5% to 360 million yuan [1]. - The company is expected to maintain its leading position in the domestic and international markets for its sweeping machines and continue to expand its overseas sales of floor washing machines [4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved an operating income of 12.07 billion yuan, with a year-on-year growth of 72.2%. The net profit attributable to the parent company was 1.04 billion yuan, down 29.5% [1]. - In Q3 2025, the company reported an operating income of 4.16 billion yuan, a 60.7% increase year-on-year, and a net profit of 360 million yuan, up 2.5% [1]. Market Position - In the sweeping machine segment, the company holds a 28.5% market share in domestic online sales, with a year-on-year increase of 2.9 percentage points, ranking second [2]. - In the European Amazon market, the company saw a 114.6% year-on-year increase in sales, with significant growth in Germany, France, Spain, Italy, and the UK [2]. - The company’s floor washing machines experienced a staggering 1227.4% year-on-year increase in domestic online sales, achieving a market share of 23.8% [3]. Profitability - The company's non-GAAP net profit margin improved by 2.3 percentage points to 8.0% in Q3 2025, ending a four-quarter decline [4]. - The sales expense ratio decreased by 2.7 percentage points, attributed to effective marketing strategies and reduced spending in response to domestic demand [4]. - The gross profit margin for Q3 2025 was 42.1%, down 1.7 percentage points, likely due to rapid growth in the low-margin domestic market for floor washing machines [4]. Future Outlook - The company is expected to continue leading in the sweeping machine market during the Q4 promotional season, with ongoing overseas expansion for floor washing machines and improvements in profitability for washing machines [4]. - The profit forecast for 2025-2027 has been adjusted to 1.6 billion, 2.53 billion, and 3.39 billion yuan respectively, with corresponding dynamic P/E ratios of 26.4x, 16.8x, and 12.5x [4].

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [6][9]. Core Insights - The company reported a revenue of RMB 39.86 billion for the first three quarters of 2025, a year-on-year decline of 7.3%, with a net profit attributable to shareholders of RMB 3.05 billion, down 22% year-on-year [7][9]. - The third quarter saw revenue of RMB 11.7 billion, remaining flat year-on-year, but the net profit dropped by 29% to RMB 450 million, falling short of expectations [7][9]. - The company announced a cash dividend of RMB 0.25 per share [7]. Summary by Sections Company Overview - The company operates in the leisure services industry, with an A-share price of RMB 76.07 as of October 31, 2025, and a market capitalization of RMB 148.53 billion [2]. Recent Ratings - The company has seen various ratings over the past year, including "Buy" and "Trading Buy," with the most recent rating being "Trading Buy" on January 17, 2025 [3][6]. Financial Performance - The gross profit margin for the first three quarters decreased by 0.58 percentage points to 32.54%, while the third quarter margin remained stable at 32% [9]. - The company expects revenue to recover in the fourth quarter, driven by increased sales during the National Day and Mid-Autumn Festival, with daily sales in Hainan reaching RMB 940 million, a 5% year-on-year increase [9]. Future Projections - The report revises profit forecasts downward, expecting net profits of RMB 3.72 billion, RMB 3.89 billion, and RMB 4.27 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.80, RMB 1.88, and RMB 2.06 [9][11].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 64 yuan [2][6]. Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 2.35 billion yuan, down 38.0% year-on-year, and net profit at 330 million yuan, down 71.0% [2][6]. - The third quarter alone saw revenue of 850 million yuan, a decrease of 58.9%, and net profit of 220 million yuan, down 75.0% [2][6]. - The report highlights that the company's Q3 performance was impacted by external demand shocks and inventory management strategies, including a halt in product shipments to maintain market order [2][6]. Financial Summary - **Revenue Forecasts**: - 2024A: 5.217 billion yuan - 2025E: 2.918 billion yuan - 2026E: 3.111 billion yuan - 2027E: 3.420 billion yuan - Revenue growth rates: 5.3% in 2024, -44.1% in 2025, 6.6% in 2026, and 9.9% in 2027 [2][6]. - **Net Profit Forecasts**: - 2024A: 1.341 billion yuan - 2025E: 373 million yuan - 2026E: 425 million yuan - 2027E: 500 million yuan - Net profit growth rates: 5.7% in 2024, -72.2% in 2025, 13.8% in 2026, and 17.7% in 2027 [2][6]. - **Earnings Per Share (EPS)**: - 2024A: 2.75 yuan - 2025E: 0.77 yuan - 2026E: 0.87 yuan - 2027E: 1.03 yuan [2][6]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 15 in 2024, 55 in 2025, 49 in 2026, and 41 in 2027 - Price-to-Book (P/B) ratio: 4.0 in 2024, remaining stable through 2025-2027 [2][6]. Market Performance - The company’s stock price has shown volatility, with a current price of 42.29 yuan and a market capitalization of 20.617 billion yuan [3][6]. - The report indicates a significant decline in sales and profitability, particularly in high-end and mid-range products, due to external market pressures [2][6]. Strategic Outlook - The company is expected to stabilize in the coming year due to a low base effect and improved inventory management strategies [2][6]. - The report suggests that if demand recovers, the company could see a rebound in growth, supported by ongoing strategic initiatives [2][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 56.70 yuan [1]. Core Insights - The company's revenue for the first three quarters of 2025 reached 1.41 billion yuan, representing a year-on-year increase of 16.2%. The net profit attributable to the parent company was 420 million yuan, up 16.4% year-on-year. In Q3 2025 alone, revenue was 490 million yuan, with a year-on-year growth of 16.9% [1][9]. - The core business, particularly the China Manufacturing Network, shows strong growth momentum, with the number of paid members reaching 29,214, an increase of 2,546 from the previous year. The platform's traffic has also seen significant growth, especially in the Middle East, where traffic increased by 45% year-on-year [9]. - The slight decline in net profit for Q3 2025 is attributed to the recognition of stock incentive expenses, which impacted current profits. However, the company's core profitability remains robust [9]. - The company is actively expanding its AI product matrix, with a total of 15,687 members for AI products by the end of September 2025. The penetration rate continues to rise, and new AI applications are being developed for both buyers and internal operations [9]. - The report projects net profits for 2025-2027 to be 505 million, 601 million, and 692 million yuan, respectively, with corresponding year-on-year growth rates of 12.0%, 18.9%, and 15.3% [9]. Financial Summary - For 2024A, total revenue is projected at 1,669 million yuan, with a year-on-year growth rate of 9.3%. The net profit attributable to the parent company is expected to be 451 million yuan, reflecting a growth rate of 19.1% [4][10]. - The company's earnings per share (EPS) for 2024A is estimated at 1.42 yuan, with a price-to-earnings (P/E) ratio of 33 [4][10]. - The total market capitalization of the company is approximately 15.02 billion yuan, with a circulating market value of 9.58 billion yuan [5].

精工科技(002006)公司点评报告 2025 年 11 月 03 日 [Table_Main] 公司研究|工业|资本货物 证券研究报告 [Table_Title] 业绩增长稳健，盈利持续提升 ——精工科技 (002006) 2025 年第三季度报告点评 [Table_Summary] 报告要点： 营收利润双增，增长势头强劲 公司在碳纤维新材料装备、聚酯循环再生装备、新型建筑节能设备和轻纺设 备等领域保持领先，具备较高品牌认可度和市场占有率。依托自主研发体系 和多级科研平台，公司持续掌握核心技术并完成"装备—材料—应用"全链 布局，碳纤维整线装备实现国产化并形成规模化交付。公司生产管理体系成 熟，营销网络完备，能够向客户提供高性价比及"一站式"技术服务，行业 竞争优势稳固。 投资建议与盈利预测 2025Q1-Q3，公司实现营收 13.43 亿元，同比+13.70%，主要系报告期主 导产品碳纤维装备销售同比增长；归母净利润 1.45 亿元，同比+98.18%； 扣非归母净利润 1.22 亿元，同比+97.05%。其中，Q3 单季度营收 2.82 亿 元，同比+28.53%；归母净利润 0.31 亿元，同比+22 ...