Investment Rating - The report maintains a "Buy" rating for the company [5][2]. Core Insights - The company's traditional business faces short-term pressure, while the CDMO (Contract Development and Manufacturing Organization) business shows strong growth certainty [1][2]. - For the first three quarters of 2025, the company reported a revenue of 7.76 billion yuan, down 16.4%, and a net profit of 700 million yuan, down 19.5% [1][5]. - The CDMO segment has seen significant growth, with revenue increasing by nearly 20% year-on-year, and its gross margin rising to 44.5% [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 2.32 billion yuan, a decrease of 18.9%, and a net profit of 140 million yuan, down 44.0% [1][5]. - The gross margin for Q3 was 23.4%, an increase of 0.2 percentage points, while the net margin was 5.9%, a decrease of 2.6 percentage points [1][5]. Business Segments - The raw materials segment generated revenue of 5.19 billion yuan, significantly down due to the contraction of low-margin API trading and weak demand in some categories [1][2]. - The CDMO segment's revenue reached 1.69 billion yuan, becoming the largest gross margin contributor with a gross margin of 44.5% [1][2]. - The formulation segment's revenue was 830 million yuan, down approximately 10% due to price reductions from domestic procurement [1][2]. CDMO Growth - As of Q3 2025, the company had 391 commercial projects (+15%), 853 clinical projects (+41%), and 1,343 quoted projects (+68%) in the CDMO segment [2]. - The total order value for projects to be delivered in the next 2-3 years is expected to reach 5.2 billion yuan, supporting continued high growth in CDMO revenue [2]. Profit Forecast - The company forecasts revenues of 11.06 billion yuan, 11.67 billion yuan, and 12.92 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of -8.0%, 5.5%, and 10.7% [2][9]. - The projected net profits for the same years are 1.00 billion yuan, 1.22 billion yuan, and 1.50 billion yuan, with growth rates of -2.5%, 21.2%, and 23.4% [2][9].

Investment Rating - The investment rating for the company is "Buy" [1][8] Core Insights - The company has experienced a significant decline in revenue and profit for the first three quarters of 2025, with total revenue of 60.945 billion yuan, down 10.26% year-on-year, and a net profit of 21.511 billion yuan, down 13.72% year-on-year [2] - The third quarter of 2025 saw a dramatic drop in revenue to 8.174 billion yuan, a decrease of 52.66% year-on-year, and a net profit of 2.019 billion yuan, down 65.62% year-on-year [2] - The company's proactive adjustments and market respect have led to a significant reduction in revenue and profit, marking the first such decline since Q3 2016, with both metrics dropping over 50% [3] - The company has taken measures to stabilize market order and improve channel profits, including strict control over product distribution and recovery of low-priced products from the market [4] - Despite the short-term decline in profitability, the company is expected to recover as it maintains good cost control and focuses on brand management [5][7] Financial Summary - For 2023, the company reported total revenue of 83.272 billion yuan, with a year-on-year growth of 12.6%, and a net profit of 30.211 billion yuan, up 13.2% year-on-year [9] - The projected revenue for 2025 is 71.672 billion yuan, reflecting a year-on-year decline of 19.6%, with a net profit forecast of 24.114 billion yuan, down 24.3% year-on-year [12] - The gross profit margin for Q3 2025 was 62.64%, a decrease of 13.53 percentage points year-on-year, attributed to lower market prices and reduced shipment volumes [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 989 million yuan for the first three quarters of 2025, representing a year-on-year increase of 19.89%. The net profit attributable to shareholders was 135 million yuan, up 42.62% year-on-year [7][8] - The company has seen rapid growth in design and soft decoration orders, while its engineering business is contracting. New orders signed in the first three quarters of 2025 reached 1.897 billion yuan, a 59.2% increase year-on-year, with design and soft decoration orders growing by 43.2% and 97.3% respectively [7][8] - The company is expected to achieve revenues of 1.365 billion yuan, 1.479 billion yuan, and 1.606 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 164 million yuan, 184 million yuan, and 210 million yuan for the same years [7][8] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 37.38%, an increase of 3.54 percentage points year-on-year. The net profit margin was 13.69%, up 2.18 percentage points year-on-year [8] - The company's operating cash flow for the period was 182 million yuan, an increase of 27 million yuan compared to the same period last year [8] - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with a price-to-earnings (PE) ratio of 24.0 [6][9] Order and Revenue Outlook - As of the end of September 2025, the company had a total of 3.756 billion yuan in signed but uncompleted orders, with design, soft decoration, and engineering business orders amounting to 2.963 billion yuan, 699 million yuan, and 93 million yuan respectively [7][8] - The company’s revenue growth rate is expected to be 15.0% in 2025, followed by 8.3% in 2026 and 8.6% in 2027 [6][9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][10]. Core Insights - The company reported a revenue of 90.56 billion RMB for the first three quarters of 2025, a year-on-year increase of 1.7%, with a net profit of 10.43 billion RMB, down 4.1% year-on-year. The third quarter revenue was 28.63 billion RMB, a decrease of 1.7% year-on-year, with a net profit of 3.23 billion RMB, down 3.4% year-on-year [8][10]. - Despite a challenging market environment, the company continues to enhance its competitive position in niche segments. The liquid milk segment saw a revenue decline of 8.8% in Q3, while the milk powder and dairy products segment grew by 12.7%, and the ice cream segment increased by 17.4% [10]. - The gross margin for Q3 decreased by 1.1 percentage points to 33.9%, primarily due to changes in the product mix [10]. - The company is expected to see a significant rebound in performance in Q4 due to a low base effect, although supply-demand imbalances may take time to adjust [10]. - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 11.08 billion RMB, 12.27 billion RMB, and 13.47 billion RMB, representing year-on-year growth rates of 31%, 10.7%, and 9.8% respectively [10]. Financial Summary - The company’s market capitalization is approximately 172.52 billion RMB, with a current share price of 27.41 RMB as of October 31, 2025 [2]. - The earnings per share (EPS) for 2025 is projected to be 1.75 RMB, with a price-to-earnings (P/E) ratio of 16 times [10][12]. - The dividend per share (DPS) is expected to be 1.26 RMB for 2025, with a dividend yield of 4.60% [12].

中金岭南（ [Table_StockNameRptType] 000060） 公司点评 Q3 业绩符合预期，铜冶炼收入增长 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-11-03 [Table_BaseData] 收盘价（元） 5.51 近 12 个月最高/最低（元） 6.40/4.16 总股本（百万股） 3,962 流通股本（百万股） 3,962 流通股比例（%） 100.00 总市值（亿元） 218 流通市值（亿元） 218 [公司价格与沪深 Table_Chart] 300 走势比较 -22% -7% 8% 22% 37% 10/24 1/25 4/25 7/25 10/25 中金岭南 沪深300 [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] 公司发布 2025 年三季报 中金岭南 2025 年前三季度实现营收 484.59 亿元，同比+11.79%；实 现归母 ...

公司报告 | 季报点评 铂科新材（300811） 证券研究报告 Q3 盈利能力整体稳定，期待芯片电感放量 三季报业绩：25 年前三季度实现营收 13.01 亿元，yoy+6%；归母净利润 2.94 亿元，yoy+2.5%；扣非净利润 2.89 亿元，yoy+3%。其中，Q3 实现营收 4.4 亿元，yoy+2.2%，环比-7.8%；归母净利润 1.02 亿元，yoy+1%，环比-13%； 扣非归母净利润 1.01 亿元，yoy-0.1%，环比-13.1%。 Q3 营收环比下滑，盈利能力整体稳定 营收端，公司 25 年前三季度实现 13.01 亿元，yoy+6%，Q3 单季度实现营 收 4.4 亿元，yoy+2.2%，环比-7.8%。Q3 营收环比下滑，我们认为或由于光 伏抢装退坡导致磁芯出货节奏调整，芯片电感 Q2 出货开始逐步恢复，并 持续 保持 增长 态 势。盈 利 端 ，公司 25Q3 毛 利率 42.0% ，同 环比 +1.08/+0.57pct，原材料成本小幅上升(Q3 铁矿石/金属硅/铝均价环比 +4.3%/+0.7%/+2.5%)；期间费用率环比小幅上升 2.18pct 至 13.33%，主要系 ...

证券研究报告·公司点评报告·通信设备 中际旭创（300308） 2025 三季报点评：业绩符合预期，看好高端 产品放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,718 | 23,862 | 35,310 | 48,220 | 58,220 | | 同比（%） | 11.16 | 122.64 | 47.97 | 36.56 | 20.74 | | 归母净利润（百万元） | 2,174 | 5,171 | 9,903 | 14,406 | 18,385 | | 同比（%） | 77.58 | 137.93 | 91.48 | 45.48 | 27.62 | | EPS-最新摊薄（元/股） | 1.96 | 4.65 | 8.91 | 12.97 | 16.55 | | P/E（现价&最新摊薄） | 241.81 | 101.63 | 53.07 | 36.48 | 28.59 | [Table_Tag ...

2025 年 11 月 03 日 继峰股份(603997.SH) 格拉默：25Q3 持续盈利，欧洲/北美/中国经营情况环比均改善 收入端，格拉默 25Q3 实现营收 4.33 亿欧元，环比下降 7%，其中格拉默欧洲 实现营收 2.49 亿元，环比下降 11%，欧洲三季度受高温假影响；格拉默美洲区 Q3 实现营收 0.8 亿欧元，环比+1.1%；格拉默亚太实现营收 1.14 亿欧元，环 比-4.2%，国内预计主要为合资客户的项目销量下降。利润端，格拉默 25Q3 实 现净利润 0.08 亿欧元，净利率 1.8%，25Q3 经营性 EBIT0.14 亿欧元，分地区 看：格拉默欧洲经营性 EBIT 为 0.1 亿欧元，环比+9%；格拉默美洲经营性 EBIT 为-0.02 亿（25Q2 为-0.036 亿欧元）；格拉默亚太区经营性 EBIT 为 0.09 亿欧 元，环比+14%，格拉默实现三大地区经营性利润均环比改善。展望未来，格拉 默作为全球头部商用车座椅厂商及乘用车头枕扶手制造商收入体量超百亿，通 过欧洲裁员、北美剥离 TMD，海外业务盈利水平有望持续提升，改善后利润弹 性较大。 座椅业务 2026 年将实现盈利 ...

[Table_Title] 2025Q3 盈利阶段性承压，探索智慧交通/无人 配送/机器人新领域 ——德赛西威（002920）2025 年三季报点评 2025 年 11 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 证券分析师： 陈飞宇 S0350525060001 chenfy02@ghzq.com.cn 最近一年走势 事件: 2025 年 10 月 27 日，德赛西威发布 2025Q3 季报。2025Q3 公司实现营 收约 76.92 亿元，同比+5.63%，环比-2.04%；归母净利润约 5.65 亿元， 同比-0.57%，环比-11.74%；扣非后归母净利润约 5.71 亿元，同比 -13.25%，环比-12.86%。 投资要点: | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 德赛西威 | -21.7% | 16.6% | -1.6% | | 沪深 300 | -0.0 ...

[Table_Reportdate] 2025年11月03日 公 司 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn | [数据日期 Table_cominfo] | 2025/10/31 | | --- | --- | | 收盘价 | 63.99 | | 总股本(万股) | 13,291 | | 流通A股/B股(万股) | 13,221/0 | | 资产负债率(%) | 17.28% | | 市净率(倍) | 4.53 | | 净资产收益率(加权) | 3.46 | | 12个月内最高/最低价 | 86.20/52.12 | [Table_QuotePic] -22% -14% -6% 2% 10% 18% 26% 34% 24-11 25-02 25-05 25-08 科德数控 沪深300 [相关研究 Table_Report] 《科德数控（688305）：航天军工与 民用端多场景开花，产能扩建进入收 尾——公司简评报告》 2025.08.26 《科德数控（688305）：订单增长带 动收入，产能扩建有序推进——公司 ...