银行 2025 年 11 月 3 日 长沙银行(601577.SH) 盈利表现良好，资负扩张稳健 推荐（维持） 股价：9.57 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bankof changsha.com | | 大股东/持股 | 长沙市财政局/16.82% | | 实际控制人 | | | 总股本(百万股) | 4,022 | | 流通 A 股(百万股) | 4,021 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 385 | | 流通 A 股市值(亿元) | 385 | | 每股净资产(元) | 17.37 | | 资产负债率(%) | 93.3 | 行情走势图 相关研究报告 【平安证券】长沙银行（601577.SH）*半年报点评* 盈 利增速上行，不良率环比改善*推荐20250903 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S106052502 ...

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company reported a revenue of 111.79 billion yuan for the first three quarters of 2025, a year-on-year increase of 15.5%, and a net profit attributable to shareholders of 14.78 billion yuan, up 41% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 35.33 billion yuan, a decrease of 11.5% year-on-year, and a net profit of 4.249 billion yuan, down 55.98% year-on-year [1]. - The company has improved production efficiency and reduced costs, with a total cost of sales for pigs in Q3 at 11.7 yuan/kg, showing a steady decline in costs over the months [1]. - The company has responded to national capacity control measures by reducing the number of breeding sows to 3.305 million, a quarter-on-quarter decrease of 3.7% [1]. - The slaughtering business has shown significant improvement, with 19.16 million pigs slaughtered in the first nine months of 2025, a 140% increase year-on-year, and achieving profitability in Q3 [2]. - The company is exploring overseas market opportunities for future growth, indicating a strategic direction for capital expenditure [2]. Financial Summary - For 2025, the estimated net profit attributable to shareholders is projected to be 15.667 billion yuan, a decrease of 12.4% year-on-year, followed by an increase of 124.9% in 2026, and a decrease of 25% in 2027 [2]. - The estimated P/E ratio for 2025 is 17.5x, with a projected EPS of 2.87 yuan [3][4]. - The company’s total revenue is expected to be 137.87 billion yuan in 2025, with a slight decrease from the previous year [3].

Investment Rating - The report maintains a "Strong Buy" rating for Suzhou Bank, expecting the stock to outperform the market by over 20% within the next six months [11]. Core Views - Suzhou Bank's net profit for the first three quarters of 2025 reached 4.48 billion yuan, a year-on-year increase of 7.1%, supported by a 2.0% growth in operating income to 9.48 billion yuan [4][6]. - The bank's total asset scale grew by 14.6% year-on-year, with loans and deposits increasing by 11.6% and 12.9%, respectively [4][6]. - The bank's net interest income increased by 8.9% year-on-year, indicating a recovery in interest margin business, while non-interest income saw a decline of 10.4% [6][8]. Summary by Sections Financial Performance - For 2025, the projected operating income is 12.58 billion yuan, with a year-on-year growth of 3.9%, and net profit is expected to reach 5.46 billion yuan, growing by 7.8% [5][9]. - The bank's return on equity (ROE) is projected to be stable around 12.2% to 12.5% from 2025 to 2027 [5][9]. Asset Quality - The non-performing loan (NPL) ratio is expected to remain stable at 0.83% for 2025, with a slight decrease to 0.80% by 2027 [9]. - The provision coverage ratio is projected to decline from 484% in 2024 to 373% in 2027, indicating a stable risk absorption capacity [9]. Market Position and Strategy - The bank benefits from a strong regional environment in Suzhou, which supports robust credit demand, and its ongoing expansion in personnel and branches enhances its competitiveness in wealth management [8]. - The report emphasizes the potential for further improvement in profitability due to ongoing retail transformation and institutional reforms [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a significant year-on-year revenue growth of 40% in Q3, exceeding expectations, with total revenue for the first three quarters of 2025 reaching 3.1 billion yuan, a decrease of 30% year-on-year, while net profit attributable to the parent company was 440 million yuan, an increase of 0.8% [1][2]. - The improvement in gross margin, which increased by 11 percentage points in Q3, has significantly enhanced the company's profitability, driven by the favorable profitability of overseas large orders [2][3]. - The company has a robust order backlog, with approximately 6.7 billion yuan in uncompleted contracts expected to support significant revenue growth in the coming year as these projects enter the construction phase [3]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported total revenue of 3.1 billion yuan, down 30% year-on-year, with quarterly revenues of 840 million, 850 million, and 1.43 billion yuan respectively [1]. - The net profit attributable to the parent company for the same period was 440 million yuan, reflecting a 0.8% increase year-on-year, with a notable 40% increase in Q3 [1][2]. - The comprehensive gross margin for Q1-Q3 was 21.76%, up 8.8 percentage points year-on-year, with a Q3 gross margin increase of 11 percentage points [2]. Order Backlog and Future Outlook - As of the end of 2024, the company disclosed an uncompleted order amount of approximately 3 billion yuan, with significant new contracts won in 2025, including a 3.2 billion yuan project and a 1.58 billion yuan project [3]. - The company is expected to benefit from the growing demand for AI computing power, which is driving semiconductor capital expenditure recovery, leading to sustained overseas order growth [3]. Profitability and Valuation - The report projects net profits for 2025-2027 to be 735 million, 994 million, and 1.27 billion yuan respectively, with corresponding EPS of 3.44, 4.66, and 5.95 yuan per share [4]. - The current stock price corresponds to a P/E ratio of 12, 9, and 7 times for the years 2025, 2026, and 2027 respectively, indicating attractive valuation levels [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.141 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.31%. However, the net profit attributable to shareholders decreased by 2.57% to 467 million yuan, with a non-recurring net profit of 366 million yuan, down 19.86% year-on-year [7] - The company is facing short-term pressure on profit margins due to tariff policies, with a gross margin of 41.05% in Q3 2025, a slight increase of 0.16 percentage points quarter-on-quarter, while the net profit margin decreased by 1.24 percentage points [7] - The company is advancing its globalization strategy, having established 19 self-owned warehouses and 22 agency warehouses as part of its "85 Country Plan" [7] - The company is expected to achieve net profits of 548 million yuan, 633 million yuan, and 726 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21, 18, and 16 times [7] Financial Performance Summary - Revenue forecast for 2023A is 2,653 million yuan, with a growth rate of -0.4%, and is expected to reach 2,906 million yuan in 2025E, with a growth rate of 5.6% [6][8] - The net profit for 2023A is projected at 511 million yuan, with a growth rate of 13.5%, and is expected to be 548 million yuan in 2025E, with a growth rate of 1.3% [6][8] - The company's EPS is forecasted to be 1.22 yuan for 2023A, decreasing to 0.89 yuan in 2025E, before rising to 1.18 yuan in 2027E [6][8] - The company's ROE is expected to be 18.1% in 2023A, decreasing to 17.6% in 2025E, and then increasing to 18.4% in 2027E [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 4.078 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 10.96%, with a net profit of 625 million yuan, up 29.46% year-on-year [7] - The company is focusing on an integrated direction of "PCB + packaging," with significant growth potential in the fields of electric vehicles and humanoid robots, which demand higher performance and specifications for PCB products [7] - The company has successfully mass-produced various PCB products for AI servers and has entered the high-speed connector and power module sectors through ODM manufacturers [7] - The company is expected to achieve revenues of 62.47 billion yuan, 86.08 billion yuan, and 126.44 billion yuan from 2025 to 2027, with corresponding net profits of 8.70 billion yuan, 12.57 billion yuan, and 19.22 billion yuan [7] Financial Performance - The company reported a revenue of 14.99 billion yuan in Q3 2025, a year-on-year increase of 17.16%, and a net profit of 2.41 billion yuan, up 33.77% year-on-year [7] - The gross margin improved to 22.92%, and the net margin increased to 15.66% in Q3 2025 [7] - The projected earnings per share (EPS) for 2025 is 1.21 yuan, with a price-to-earnings (PE) ratio of 35.1 [6][8] Revenue and Profit Forecast - Revenue is forecasted to grow from 4.519 billion yuan in 2023 to 12.644 billion yuan in 2027, with a compound annual growth rate (CAGR) of 46.9% [6][8] - Net profit is expected to increase from 496 million yuan in 2023 to 1.922 billion yuan in 2027, with a CAGR of 53.0% [6][8] - The company’s return on equity (ROE) is projected to rise from 15.1% in 2023 to 20.2% in 2027 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, Luxshare Precision (002475.CH), with a target price raised to RMB 74.3, indicating a potential upside of 18% from the current price of RMB 63.00 [1][5]. Core Insights - The company is expected to experience steady growth in consumer electronics, with accelerated growth in data centers and automotive sectors. The guidance for 2025 indicates a robust growth in net profit, projected to increase by 26% year-on-year [5][7]. - The report highlights strong performance in Q3 2025, with revenue reaching RMB 96.4 billion, a 31% increase year-on-year, and a 54% increase quarter-on-quarter. The gross margin improved to 12.8%, reflecting growth driven by high-quality expansion in automotive and data center businesses [7][8]. Financial Projections - Revenue projections for 2023 to 2027 are as follows: - 2023: RMB 231.9 billion - 2024: RMB 268.8 billion - 2025E: RMB 333.6 billion - 2026E: RMB 391.1 billion - 2027E: RMB 434.5 billion - The expected revenue growth rates are 8.4% for 2023, 15.9% for 2024, 24.1% for 2025, 17.2% for 2026, and 11.1% for 2027 [2][6]. Profitability Metrics - The net profit forecast for 2025 is RMB 17.0 billion, with a growth rate of 27%. The report also anticipates a net profit of RMB 22.0 billion in 2026, reflecting a 29% increase [2][8]. - The gross margin is projected to improve from 11.6% in 2023 to 12.9% in 2027, indicating enhanced profitability [2][6]. Valuation - The valuation approach uses a sum-of-the-parts method, assigning target price earnings ratios for different business segments, leading to a target price of RMB 74.3, corresponding to a 2025 target P/E ratio of 31.7x [5][9]. - The report provides detailed segment valuations, with consumer electronics valued at 29x, automotive at 38x, and communications at 45x [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 5.373 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 23.48%, and a net profit attributable to shareholders of 131 million yuan, marking a turnaround from losses [1] - The CSP packaging substrate's capacity utilization is expected to improve significantly due to the recovery in the storage chip industry, which is a key driver for the company's overall performance in the third quarter [2] - The company has a comprehensive coverage of advanced PCB processes, positioning it well for long-term growth in the AI server market [3] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.947 billion yuan, a year-on-year increase of 32.42%, and a net profit of 103 million yuan, indicating a successful turnaround [1] - The forecast for 2024 shows a revenue of 5.817 billion yuan, with a growth rate of 8.53%, while net profit is expected to be -198.29 million yuan [11] Business Segments - The PCB business is showing stable growth, with HDI and SLP segments performing well, although the multi-layer PCB segment has lagged behind competitors [2] - The CSP packaging substrate is benefiting from the recovery in the storage chip sector, leading to improved profitability [4] Market Outlook - The demand for AI servers is anticipated to drive rapid growth in HDI and SLP segments, with further potential for CSP substrate price increases as market conditions improve [2] - The company is actively expanding its production capacity and enhancing its product mix to capture opportunities in the automotive market and increase the share of RF products [4]

Investment Rating - The investment rating for the company is "Buy" with a target price set to achieve a relative return of over 20% within the next six months [7][18]. Core Insights - The company reported record high performance in Q3 2025, with revenue reaching 86.489 billion yuan, a year-on-year increase of 8.14%, and a total profit of 21.149 billion yuan, up 53.95% year-on-year [1]. - The increase in gold production was significant, with a 25.98% year-on-year growth, primarily driven by the acquisition of the Ghana Akim gold mine [2]. - The company is expanding its resource reserves through acquisitions of operational gold mines both domestically and internationally, enhancing its production capacity [2]. - Despite rising costs, the selling prices of gold and copper have increased more significantly, leading to a substantial rise in revenue [3]. Financial Performance - For the first three quarters of 2025, the company's operating costs were 190.816 billion yuan, reflecting a year-on-year increase of 2.92%, which is lower than the revenue growth of 10.33% [3]. - The financial expenses decreased by 34.60% year-on-year to 588 million yuan, while management expenses increased by 54.15% to 2.653 billion yuan [4]. - The company expects a long-term increase in profitability due to rising prices of copper and gold, supported by enhanced resource reserves [5]. Financial Projections - The projected revenue for 2025 is 424.931 billion yuan, with a growth rate of 39.95% [6]. - The net profit attributable to the parent company is expected to reach 53.935 billion yuan in 2025, reflecting a growth rate of 68.28% [6]. - The earnings per share (EPS) is projected to be 2.03 yuan in 2025, with a price-to-earnings (P/E) ratio of 15.03 [6]. Resource Expansion - The company has successfully completed acquisitions of several operational gold mines, including the Ghana Akim and Kazakhstan Raygorodok gold mines, which have commenced production [2]. - The company is also progressing on key projects such as the Julong Copper Mine and the Juno Copper Mine, with the second phase of the Julong Copper Mine expected to be operational by the end of 2025 [2].

食品饮料/白酒Ⅱ 贵州茅台（600519.SH） 三季度收入放缓，蓄力健康长远 2025 年 11 月 03 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 1,430.01 | | 一年最高最低(元) | 1,667.11/1,400.0 | | | 0 | | 总市值(亿元) | 17,907.59 | | 流通市值(亿元) | 17,907.59 | | 总股本(亿股) | 12.52 | | 流通股本(亿股) | 12.52 | | 近 3 个月换手率(%) | 19.0 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-11 2025-03 2025-07 贵州茅台 沪深300 相关研究报告 《收入业绩略超预期，彰显龙头韧性 —公司信息更新报告》-2025.5.5 《2024 年营收利润高增，2025 年定调 合 理 积 极 — 公 司 信 息 更 新 报 告 》 -2025.4.7 | 张宇光（分析师） | 逄晓娟（分析师） | 张恒玮（分析师） | | --- | --- | --- ...