[Table_Info1] 视源股份(002841) 电子 [Table_Title] 证券研究报告 / 公司点评报告 [Table_Date] 发布时间：2025-11-03 [Table_Invest]买入 AI 教育规模化落地，新兴业务快速成长 教育 AI 生态规模化落地：依托 "硬件 + 软件 + 服务" 的全链条布 局，视源股份旗下希沃构建了覆盖教学研评管的教育 AI 生态，实现从 "工具赋能" 到 "平台化运营" 的跨越。核心产品课堂智能反馈系统通过 多模态数据采集与 AI 分析，生成客观课堂报告，已在全国建成 19 个 重点应用示范区，覆盖超 3000 所学校，助力教研从 "经验驱动" 转向 "数据驱动"。AI 备课助手激活用户超百万，搭配自研教学大模型构建的 教学质量常模框架，不仅在上海等国内区域规模化应用，还通过多语言 版 EasiClass 平台接入海外教育生态，实现国内外场景的深度适配。 海外自有品牌高速扩张：以 MAXHUB 为核心，视源股份通过 "产品定 制 + 本地化运营 + 生态绑定" 实现海外突破。针对不同市场推出差异 化产品：欧美市场的 XBar 系列获微软 Teams 认证 ...

软通动力（301236.SZ）2025 年三季报点评 业绩持续改善，软硬结合打造长期成长动能 2025 年 11 月 03 日 [Table_Author] 分析师：吕伟 分析师：郭新宇 执业证号：S0100521110003 执业证号：S0100518120001 邮箱：lvwei_yj@glms.com.cn 邮箱：guoxinyu@glms.com.cn ➢ 事件概述：2025 年 10 月 29 日公司发布 2025 年三季度报告，前三季度营 收为253.83亿元，同比增长 14.30%；净利润为9888.66 万元，同比增长30.21%。 ➢ 三季度业绩稳中向好，截至三季度末公司整体利润实现转正。第三季度营收 为 96.02 亿元，同比下降 0.83%；净利润为 2.41 亿元，同比增长 4.87%，截至 三季度末净利润转正。同时，截至三季度末，公司合同负债 14.87 亿元，较 2025 年中报的 10.96 亿元有较大提升。 ➢ 智能化领域：夯实基本盘，AI 与工业软件创新突破。公司以软件与数字技 术服务为核心，大客户业务韧性强劲，咨询与解决方案竞争力提升，获 2024 年 中国 IT 服务市场 ...

股 票 研 究 公司产品《仗剑传说》《道友来挖宝》等表现亮眼、持续性突出，我们预计在 26 年 仍将持续贡献业绩，《杖剑》《问剑》等产品的境外地区拓展、《九牧之野》上线还将 进一步推动增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,185 | 3,696 | 6,398 | 8,399 | 9,257 | | (+/-)% | -19.0% | -11.7% | 73.1% | 31.3% | 10.2% | | 净利润(归母) | 1,125 | 945 | 1,523 | 2,168 | 2,476 | | (+/-)% | -23.0% | -16.0% | 61.2% | 42.3% | 14.2% | | 每股净收益(元) | 15.62 | 13.12 | 21.15 | 30.10 | 34.36 | | 净资产收益率(%) | 25.2% | 19.3% | 28.2% | 34.1% ...

国企改革稳步推进，收入、业绩继续修复 上汽集团(600104) 上汽集团 2025 年三季报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 管正月(分析师) | 021-38032026 | guanzhengyue@gtht.com | S0880521030003 | 本报告导读： 公司 Q3 业绩符合预期，尽管计提减值短期扰动业绩，公司收入、业绩、销量仍然延 续修复，改革成果不断落地，华为合作品牌商界稳步推进，提供新增长曲线。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 744,705 | 627,590 | 657,157 | 710,357 | 771,451 | | (+/-) ...

公司近一年市场表现 | 年 市场数据：2025 10 | 月 日 31 | | | --- | --- | --- | | 收盘价（元）： | | 21.17 | | 年内最高/最低（元）： | | 23.00/11.70 | | 流通A股/总股本（亿）： | | 16.25/16.27 | | 流通 A 股市值（亿）： | | 344.02 | | 总市值（亿）： | | 344.37 | | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.91 | | 摊薄每股收益(元)： | | | 0.91 | | 每股净资产(元)： | | | 6.62 | | 净资产收益率(%)： | | | 16.78 | 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 事件点评 光伏板块收入持续增长，海内外优质市场出货量同比提升。2025 年前三 季度，公司光伏产业实现收入约 114.7 亿元，同比增长 43.6%；光伏产品实 现 ...

机械设备行业 买入（维持） 2025Q3 营收稳定增长，利润端短暂承压 柳工（000528）2025 年三季报点评 2025 年 11 月 3 日 投资要点： 事件：柳工发布2025年三季报。 点评： | 主要数据 2025 年 | 10 月 | 31 | 日 | | --- | --- | --- | --- | | 收盘价(元) | | 11.64 | | | 总市值（亿元） | | 236.56 | | | 总股本(亿股) | | 20.32 | | | 流通股本(亿股) | | 20.31 | | | ROE（TTM） | | 8.03% | | | 12 月最高价(元) | | 13.56 | | | 12 月最低价(元) | | 9.32 | | 股价走势 资料来源：Wind，东莞证券研究所 证 券 研 究 报 告 公 司 研 究 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： 公 司 点 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company experienced significant acceleration in performance growth, with a revenue of 4.96 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 270 million yuan, up 16.3% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.92 billion yuan, a year-on-year increase of 22.0% and a quarter-on-quarter increase of 14.1%, with a net profit of 110 million yuan, reflecting an impressive year-on-year growth of 85.3% [1] - The growth in profit significantly outpaced revenue growth, indicating an optimization in product structure and an increase in the proportion of high-margin products [1] Summary by Sections AI-Driven Growth - The development of domestic super nodes has exceeded expectations, creating opportunities for the industry chain. Major companies like Huawei and Alibaba have launched super node solutions, which are expected to enhance the penetration rate of super nodes and drive growth in the computing power industry chain [2] - The company is one of the few in China to achieve mass production of high-speed connectors and chip-to-IO high-speed optical modules, which are utilized in super node computing scenarios, establishing strong partnerships with clients like Huawei and ZTE [2] Solar Support Business - The global demand for photovoltaic installations is expected to maintain stable growth, driven by the acceleration of renewable energy initiatives and net-zero carbon goals in many countries. The global photovoltaic new installed capacity is projected to be between 466-549 GW in 2025, with a compound annual growth rate of approximately 6.9% from 2025 to 2030 [3] - The company is a key player in solar tracking supports, with core clients including globally recognized firms like Nextracker, and is enhancing its overseas production base in the U.S. and Thailand to improve supply chain resilience [3] Financial Forecast and Valuation - The company is projected to achieve net profits of 360 million yuan, 460 million yuan, and 590 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25, 20, and 15 [4] - Revenue is expected to grow from 6.097 billion yuan in 2024 to 9.291 billion yuan in 2027, reflecting a compound annual growth rate of 16.40% [6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - The company is projected to achieve steady growth in annual performance, with a 24.69% year-on-year increase in revenue for the first three quarters, reaching 2,209.15 billion yuan. The net profit attributable to shareholders increased by 26.92% to 115.18 billion yuan [3][4]. - The company has successfully completed acquisitions related to Leoni and Wentei ODM/OEM assets, which are expected to enhance operational efficiency through vertical integration and resource sharing [4]. - The company is focusing on three main business segments: consumer electronics, communication and data centers, and automotive, leveraging an "internal and external" strategy for collaborative development [4]. - The gross margin for the first three quarters was 12.15%, an increase of 0.43 percentage points year-on-year, while the net margin improved by 0.24 percentage points to 5.76% [4]. Financial Projections - The company forecasts a net profit attributable to shareholders of 168.52 billion yuan for the year, representing a 26.08% increase year-on-year, and a net profit of 143.26 billion yuan after deductions, reflecting a 22.51% growth [4]. - Earnings per share (EPS) are projected to be 2.32 yuan and 2.89 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 27 and 22 times [4][5]. Business Development - In the consumer electronics sector, the company anticipates significant revenue growth from major clients, particularly with iPhone sales expected to see double-digit year-on-year growth in the next quarter [4]. - The communication segment has made significant strides in securing business partnerships with domestic and international cloud service providers and equipment manufacturers, enhancing market share [4]. - The automotive division is expanding into key components for smart cockpits, intelligent driving assistance, and power systems, supported by deep collaborations with well-known manufacturers [4].

机械设备行业 买入（维持） 工控下游复苏延续，智能机器人备受关注 汇川技术（300124）2025 年三季报点评 2025 年 11 月 3 日 投资要点： 事件：汇川技术发布2025年三季报。 点评： ◼ 2025Q3 业绩稳健增长。2025 年前三季度，公司实现营收为 316.63 亿元， 同比增长 24.67%；归母净利润为 42.54 亿元，同比增长 26.84%。毛利率 为 29.27%，同比下降 1.75pct；净利率为 13.64%，同比提升 0.19pct。 销售费用率、管理费用率、研发费用率、财务费用率分别同比变动为- 1.99pct、-0.25pct、+0.77pct、-0.14pct。2025Q3 实现营收为 111.53 亿元，同比增长 21.05%，环比下降 3.28%。归母净利润为 12.86 亿元， 同比增长 4.04%，环比下降 21.87%。毛利率为 27.51%，同比下降 2.18pct， 环比下降 2.13pct；净利率为 11.77%，同比下降 1.98pct，环比下降 2.64pct。销售费用率、管理费用率、研发费用率、财务费用率分别同比 变动为-1.89pct、-0 ...

全年指引持续高增长，莱尼经营目标预计 提前完成 核心观点 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 231,905 | 268,795 | 361,270 | 479,266 | 551,373 | | 同比增长 (%) | 8.4% | 15.9% | 34.4% | 32.7% | 15.0% | | 营业利润(百万元) | 12,860 | 16,142 | 19,432 | 27,301 | 34,921 | | 同比增长 (%) | 15.3% | 25.5% | 20.4% | 40.5% | 27.9% | | 归属母公司净利润(百万元) | 10,953 | 13,366 | 16,983 | 23,482 | 30,244 | | 同比增长 (%) | 19.5% | 22.0% | 27.1% | 38.3% | 28.8% | | 每股收益（元） | 1.50 | 1.84 | 2.33 | 3.22 | 4.15 | | 毛利率(%) | ...