证券研究报告 | 公司点评 | 纺织制造 25Q3 业绩环比改善，国际化战略保障成长 ——伟星股份点评报告 投资要点 ❑ 公司发布 25 三季报，25Q3 实现收入 12.9 亿元，同比+0.9%，归母净利润 2.1 亿 元，同比+3.0%；Q1-3 实现收入 26.3 亿元，同比+1.5%，归母净利润 5.8 亿元， 同比-6.5%，Q3 收入利润均环比改善，实现正增长，预计主要系美国对等关税安 排逐渐明朗化背景下，品牌应对冬装销售下单情绪改善，叠加公司积极布局国际 营销网络和越南产能拓展，海外收入延续增长趋势。 ❑ 预计 Q3 海外收入延续增长趋势，国际化战略持续推进 25Q3 收入同比+0.9%至 12.9 亿元，我们预计海外收入增长延续 25H1 趋势， 25H1 国内、海外收入分别-4.1%、+13.7%至 14.7、8.6 亿元，国内、海外产能占 比分别同比-0.6pp、+0.6pp 至 82%、18%，孟加拉和越南园区产能持续拓展、以 及公司国际化营销网络布局为海外业务扩张提供坚实基础，越南工业园 24 年投 产后产能逐渐爬坡，期待未来承载海外客户订单份额向上。 ❑ 毛利率稳步向上，费用率保持稳 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 137.18 billion yuan for Q1-Q3 2025, a year-on-year decrease of 6.5%, and a net profit attributable to shareholders of 21.46 billion yuan, down 2.3% year-on-year. In Q3 2025, the revenue was 39.86 billion yuan, a decline of 15.1% year-on-year, with a net profit of 7.05 billion yuan, down 9.9% year-on-year, which was below expectations [1][2][4] - The air conditioning business continues to face pressure, with industry data showing a decline in the company's revenue compared to the overall market performance. The company is experiencing challenges due to increased competition in the low-end market and ongoing channel adjustments [1][2] - The company maintains its long-term competitive advantages and is actively expanding its online market presence through the Jinghong brand, aiming to cover a full price range [1][2] Financial Performance - The gross profit margin for Q3 2025 decreased by 0.27 percentage points, while the profit margin attributable to shareholders increased by 1.0 percentage points to 17.7% [2] - The company announced an interim dividend of 1 yuan per share, totaling 5.59 billion yuan [2] - Revenue projections for 2025-2027 are 179.8 billion yuan, 186.1 billion yuan, and 195.6 billion yuan, with net profits of 30.91 billion yuan, 32.60 billion yuan, and 34.49 billion yuan respectively [2][9] Valuation Metrics - The projected P/E ratios for 2025-2027 are 7.3, 7.0, and 6.6 respectively, indicating a favorable valuation despite short-term disturbances [2][9] - The company’s return on equity (ROE) is projected to decline from 27.2% in 2023 to 19.1% in 2027 [9]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has shown strong performance resilience and operational toughness amidst industry demand weakness, gradually clearing inventory in an orderly manner [1] - The company adheres to a strategy of controlling volume and stabilizing prices during the downturn, with stable pricing for high-end products and better performance for mid-tier products [2] - The gross margin is under pressure due to a shift in product mix and cost factors, with a decrease in profitability metrics observed [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 231.27 billion yuan, a year-on-year decrease of 4.84%, and a net profit attributable to shareholders of 107.62 billion yuan, down 7.17% [1] - The gross margin for Q1-3 and Q3 of 2025 was 87.11% and 87.17%, respectively, reflecting a decline of 1.32 and 0.95 percentage points year-on-year [3] - The company expects revenues of 271 billion yuan in 2025, with a projected decline of 13.2% year-on-year, followed by a slight recovery in subsequent years [4][5] Product and Market Strategy - The company focuses on optimizing channel distribution and enhancing cooperation with e-commerce platforms to increase consumer reach [2] - The performance of mid-tier products, represented by the "Old Brand Special" series, aligns well with current consumer trends, showing resilience against market pressures [2] Future Outlook - The company is expected to achieve a net profit of 114 billion yuan in 2025, with a projected decline of 15.4% year-on-year, followed by a recovery in subsequent years [4][5] - The report highlights the potential for digital transformation to enhance management efficiency in the medium to long term [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a strong resilience in performance and a clear growth path despite industry adjustments [4]. Core Insights - The company reported revenue of 329.24 billion yuan and a net profit attributable to shareholders of 114.05 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.00% and 0.48% respectively. In Q3 alone, revenue was 89.60 billion yuan, with a net profit of 28.99 billion yuan, showing a year-on-year increase of 4.05% [1]. - The product mix is shifting towards the Fenjiu series, with revenue from Fenjiu reaching 87.81 billion yuan in Q3, a 4.97% increase year-on-year. The company is focusing on a "four-wheel drive" product matrix to enhance sales [2]. - The gross margin for the first three quarters of 2025 was 76.10%, with a slight decrease to 74.63% in Q3. The company is adjusting its expense investment rhythm to maintain profitability during demand contraction [3]. Financial Forecasts - The company is projected to achieve revenues of 373 billion yuan, 392 billion yuan, and 421 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 123 billion yuan, 132 billion yuan, and 143 billion yuan. The expected growth rates are 3.5%, 5.3%, and 7.5% for revenue, and 0.8%, 6.8%, and 8.7% for net profit [4][5]. - The current price of the stock is 190.50 yuan, with a projected PE ratio of 19 for 2025, decreasing to 16 by 2027 [6][8].

Investment Rating - The report maintains a "Recommended" rating for BYD, with a target price of 100.79 CNY per share [7]. Core Insights - BYD's revenue for the first three quarters of 2025 reached 566.27 billion CNY, a year-on-year increase of 12.7%, while net profit attributable to shareholders was 23.33 billion CNY, a year-on-year decrease of 7.6% [1]. - In Q3 2025, the company's revenue was 194.98 billion CNY, down 3.1% year-on-year and 3.0% quarter-on-quarter, with net profit at 7.82 billion CNY, a year-on-year decline of 32.6% but a quarter-on-quarter increase of 23.1% [1][2]. Revenue and Sales Performance - Q3 2025 sales volume was 1.114 million vehicles, a decrease of 1.8% year-on-year and 2.7% quarter-on-quarter, with high-end models accounting for 8.2% of total sales, reflecting a year-on-year increase of 4.4 percentage points [2]. - The average selling price (ASP) per vehicle in Q3 2025 was 136,700 CNY, showing a slight decline compared to previous quarters [2]. Profitability Analysis - The overall gross margin in Q3 2025 was 17.6%, down 4.3 percentage points year-on-year but up 1.4 percentage points quarter-on-quarter [3]. - The net profit margin for Q3 2025 was 4.0%, with a single vehicle net profit of 620 CNY, reflecting a quarter-on-quarter increase [3]. Strategic Developments - BYD is making steady progress in high-end branding and has accelerated overseas factory establishment, with significant growth in exports, particularly in Turkey, Brazil, and Europe [4]. - The company aims to enhance its brand system and overcome high-end market challenges, with notable sales increases in high-end models [4]. Financial Forecast - The projected revenue for 2025-2027 is 866.47 billion CNY, 981.28 billion CNY, and 1,104.53 billion CNY, respectively, with net profits expected to be 37.25 billion CNY, 47.46 billion CNY, and 58.59 billion CNY [6][4]. - The earnings per share (EPS) are forecasted to be 4.09 CNY, 5.21 CNY, and 6.43 CNY for the years 2025, 2026, and 2027, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 82.94 CNY, based on a 29x PE valuation for 2026 [3][11]. Core Insights - The company's AI server business is experiencing significant growth, with a notable increase in demand for 800G switches [2][10]. - The revenue and profit for the company reached historical highs in Q3 2025, with a revenue of 243.17 billion CNY, a 43% year-on-year increase, and a net profit of 10.37 billion CNY, a 62% year-on-year increase [10]. - The cloud computing segment is a major growth driver, with revenue growth exceeding 65% year-on-year in the first three quarters of 2025, and GPU AI server revenue growing over 300% year-on-year [10]. Financial Forecasts - The company is projected to achieve earnings per share (EPS) of 1.75 CNY, 2.86 CNY, and 3.61 CNY for the years 2025, 2026, and 2027 respectively, reflecting an upward revision from previous estimates [3][11]. - Revenue is expected to grow from 609.14 billion CNY in 2024 to 1,506.71 billion CNY in 2027, with a compound annual growth rate (CAGR) of 27% [5][10]. - The gross margin is projected to slightly decline from 8.1% in 2023 to 7.1% in 2027, while the net profit margin is expected to stabilize around 4.8% [5][10]. Market Performance - The company's stock price as of October 31, 2025, was 72 CNY, with a 52-week high of 83.88 CNY and a low of 14.3 CNY [6]. - The stock has shown strong performance, with a 108.03% increase over the past three months [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 7.37 yuan [5]. Core Views - The company reported a revenue of 232.436 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.29%. However, the net profit attributable to shareholders increased by 35.32% to 7.959 billion yuan, and the net profit excluding non-recurring items rose by 46.43% to 8.036 billion yuan [1]. - In Q3 2025, the company achieved a revenue of 81.064 billion yuan, reflecting a quarter-on-quarter increase of 3.28% and a year-on-year increase of 1.83%. The net profit for Q3 was 3.081 billion yuan, up 26.00% quarter-on-quarter and 130.31% year-on-year [1]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company sold 39.26 million tons of steel, a year-on-year increase of 1.97%. In Q3 alone, steel sales reached 13.95 million tons, marking a 7.39% year-on-year increase and a 6.65% quarter-on-quarter increase [2]. - The gross profit per ton of steel improved in Q3 2025, with the company achieving a gross profit of 451 yuan per ton, an increase of 57 yuan per ton from the previous quarter [2]. Future Outlook - The company is focusing on deepening product management and leveraging export opportunities, with differentiated product sales increasing by 13.9% year-on-year to 25.689 million tons [3]. - The company has made strategic acquisitions, including a 49% stake in Ma Steel, which has led to a significant increase in crude steel production capacity [3]. - Key projects are progressing, including the development of high-end silicon steel and zero-carbon steel products, which will enhance the company's high-end product capacity [3]. Financial Forecast - The company is projected to achieve net profits of 10.766 billion yuan, 12.195 billion yuan, and 13.567 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios (PE) are expected to be 15, 13, and 12 [4][8].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's Q3 2025 performance exceeded expectations due to inventory reduction and profit recovery, with a Q3 revenue of 4.727 billion yuan, a year-on-year increase of 20.95% and a quarter-on-quarter increase of 29.22% [1][2] - The company has successfully reduced its glass inventory, leading to improved shipments and revenue, supported by rising glass prices and declining costs [2] - The company is positioned to navigate through market cycles due to its competitive advantages, including scale, resources, and technology, with plans for new production capacity in Indonesia [3] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 12.464 billion yuan, a year-on-year decrease of 14.66%, and a net profit of 638 million yuan, down 50.79% year-on-year [1] - The company forecasts revenues of 16.26 billion yuan, 19.675 billion yuan, and 24.995 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of -13.0%, 21.0%, and 27.0% [3][4] - The projected net profits for the same years are 824 million yuan, 1.671 billion yuan, and 2.540 billion yuan, with growth rates of -18.2%, 102.9%, and 52.0% respectively [4][3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [5]. Core Insights - The company achieved a revenue of 66.402 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 32.95%. The net profit attributable to shareholders reached 11.881 billion yuan, up 56.34% year-on-year [1]. - The company's energy storage business is experiencing significant growth due to high overseas demand, with a shipment target of 40-50 GWh for 2025, a substantial increase from 28 GWh in 2024. The global energy storage market is expected to maintain a growth rate of 40-50% in 2026 [2]. - The establishment of the AIDC division aims to create a second growth curve for the company, focusing on products such as primary and secondary power sources, with plans for collaboration with leading cloud and internet companies [2]. - The operating cash flow has significantly improved, with a net cash flow from operating activities of 9.914 billion yuan in the first three quarters of 2025, driven by increased collections and improved accounts receivable management [3]. - Revenue projections for 2025-2027 are estimated at 92.749 billion yuan, 109.555 billion yuan, and 132.500 billion yuan, with corresponding growth rates of 19.1%, 18.1%, and 20.9%. Net profits are projected at 15.145 billion yuan, 18.017 billion yuan, and 21.397 billion yuan, with growth rates of 37.2%, 19.0%, and 18.8% respectively [4][3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 22.869 billion yuan, a year-on-year increase of 20.83%, and a net profit of 4.147 billion yuan, up 57.04% year-on-year [1]. - The company’s gross margin is projected to improve, with a forecasted gross margin of 31.79% in 2025 [9]. Revenue and Profit Forecast - The company is expected to achieve revenues of 92.749 billion yuan in 2025, with a net profit of 15.145 billion yuan, reflecting a strong growth trajectory [4][9]. - The earnings per share (EPS) are projected to increase from 7.31 yuan in 2025 to 10.32 yuan in 2027 [4]. Market Position and Strategy - The company is strategically positioning itself in the energy storage market, which is anticipated to grow significantly due to increasing demand for renewable energy integration and data center requirements [2]. - The AIDC division is expected to contribute to the company's growth by leveraging existing technological advantages and partnerships with major industry players [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 324.77 CNY [3][11][6] Core Insights - The company has shown strong revenue growth, with a 46% year-on-year increase in revenue to 8.063 billion CNY in the first three quarters, and a net profit growth of approximately 33% to 1.211 billion CNY [10] - The company has significantly increased its R&D spending, which rose by 63% year-on-year to 2.523 billion CNY, accounting for about 31% of revenue [10] - Contract liabilities reached a record high, increasing by 47% year-on-year to 4.39 billion CNY [10] - The etching equipment revenue has maintained rapid growth, with a 38% year-on-year increase to 6.101 billion CNY [10] - The thin film equipment segment has also seen substantial growth, with revenue increasing 13 times year-on-year to 403 million CNY [10] Financial Forecasts - The company is projected to achieve earnings per share of 3.19 CNY, 5.40 CNY, and 7.17 CNY for the years 2025, 2026, and 2027 respectively [3][11] - Revenue is expected to grow from 6.264 billion CNY in 2023 to 20.009 billion CNY by 2027, reflecting a compound annual growth rate [5] - Operating profit is forecasted to increase from 1.980 billion CNY in 2023 to 5.114 billion CNY in 2027 [5] Valuation Metrics - The report employs a DCF valuation method, resulting in a target price of 324.77 CNY [3][11] - The company’s P/E ratio is projected to decrease from 98 in 2023 to 39 in 2027, indicating improving valuation over time [5] - The net profit margin is expected to stabilize around 22.4% by 2027 [5]