事件：2025 年 10 月 29 日，公司发布 2025 年三季报。2025 年前三季度，公 司实现营业收入 117.88 亿元，同比-22.32%；实现归母净利润 6.88 亿元，同 比-45.34%；实现扣非净利润 6.30 亿元，同比-48.29%。 ➢ 受益于消费电子复苏和 AI 应用加速演变，电子材料业务快速发展。公司电 子材料事业部的主导产品为感光干膜、FCCL 和感光覆盖膜。随着消费电子需求 的复苏以及 AI 应用的加速演变，PCB 将进入新的增长周期。公司电子材料业务 已经取得核心原材料自供、华东华南双基地布局、海内外分切基地建设、研发 和销售核心团队培养、全球头部 PCB 企业导入供应等众多成果，即将进入高速 发展期。 福斯特（603806.SH）2025 年三季报点评 胶膜盈利阶段性承压，电子材料快速发展 2025 年 11 月 02 日 ➢ 投资建议：我们预计公司 2025-2027 年营收分别为 166.82、191.28、 220.02 亿元，对应增速分别为-12.9%、14.7%、15.0%；归母净利润分别为 10.01、16.24、22.60 亿元，对应增速分别为-23.5%、 ...

上 市 公 司 基础化工 2025 年 11 月 02 日 振华股份 (603067) ——季节性因素拖累出货，行业格局进一步优化 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 31 日 | | --- | --- | | 收盘价（元） | 24.20 | | 一年内最高/最低（元） | 25.25/11.35 | | 市净率 | 5.0 | | 股息率%（分红/股价） | 0.79 | | 流通 A 股市值（百万元） | 17,200 | | 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） | 4.89 | | 资产负债率% | 35.74 | | 总股本/流通 A 股（百万） | 711/711 | | 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 07- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 801 million in Q1-3 2025, representing a year-over-year increase of 8.63%. However, the net profit attributable to the parent company was 243 million, showing a year-over-year decline of 21.48% [2][4]. - In Q3 2025, the company achieved a revenue of 285 million, which is a year-over-year increase of 12.85% and a quarter-over-quarter increase of 3.68%. The net profit for Q3 was 97 million, reflecting a year-over-year increase of 3.73% and a quarter-over-quarter increase of 17.32% [2][4]. - The company has seen improvements in both year-over-year and quarter-over-quarter performance across various subsidiaries, with significant revenue growth in specific segments [10]. Summary by Sections Financial Performance - For Q1-3 2025, the company reported a gross margin of 47.69%, down 6.92 percentage points year-over-year. The gross margin for Q3 was 47.9%, down 3.52 percentage points year-over-year and down 5.62 percentage points quarter-over-quarter [10]. - The company’s expense ratio for Q1-3 2025 was 24.63%, an increase of 6.84 percentage points year-over-year, with R&D expenses accounting for 13.11% of revenue, up 5.26 percentage points year-over-year [10]. - The net profit margin for Q1-3 2025 was 27.03%, down 12.53 percentage points year-over-year [10]. Business Development - The company has a strong order backlog, with new contracts signed totaling 362 million in Q1-3 2025. This includes significant contracts with a total value of 402 million announced in September [10]. - The company is actively expanding production capacity, with fixed assets increasing by 25.49% and inventory rising by 56.52% compared to the beginning of the year [10]. Subsidiary Performance - The subsidiary Huayin Hangfa reported a revenue of 103 million, with a year-over-year increase of 142.95% and new orders of 244 million in Q1-3 [10]. - Huayin Guangsheng achieved a revenue of 9.85 million, with a year-over-year increase of 184.92% and new orders of 37 million [10]. - Ruihua Sheng reported a revenue of 10 million, with a year-over-year increase of 1825.28% and new orders of 50 million [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 6.85 billion yuan in Q3 2025, representing a year-on-year growth of 6.23%. The net profit attributable to the parent company was 2.05 billion yuan, up 47.64% year-on-year. The net profit excluding non-recurring items was 1.99 billion yuan, an increase of 48.53% year-on-year. The impressive performance is attributed to the consolidation of Renhe Environment and stable organic growth, with significant improvements in waste incineration efficiency and contributions from the Liuyang and Pingjiang projects [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 21.63 billion yuan, a year-on-year increase of 23.21%. The net profit attributable to the parent company was 6.05 billion yuan, up 48.69% year-on-year, while the net profit excluding non-recurring items reached 5.84 billion yuan, growing by 55.54% year-on-year [6]. Operational Highlights - The company has seen a significant increase in operational efficiency, with a 7.89% rise in the amount of household waste processed, totaling 2.7004 million tons. The electricity generated from waste increased by 17.53% to 1.294 billion kWh, with a notable 4.72% increase in electricity generated per ton of waste [13]. Strategic Developments - The company is actively expanding into overseas markets, having signed an agreement with the Kyrgyz Republic for a total processing capacity of 7,000 tons per day. This includes a project in Bishkek with a planned capacity of 3,000 tons per day, expected to commence operations by the end of 2025 [13]. Cash Flow and Dividends - The net cash flow from operating activities for the first three quarters of 2025 was 11.58 billion yuan, a 60.26% increase year-on-year. The company has maintained a consistent dividend payout, with a commitment to a minimum dividend ratio of 50% [13]. Profit Forecast and Valuation - The company is projected to achieve net profits attributable to the parent company of 7.67 billion yuan, 8.33 billion yuan, and 9.02 billion yuan for the years 2025 to 2027, with corresponding EPS growth rates of -25.7%, 8.6%, and 8.3% [13].

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.39 billion yuan, a year-on-year decline of 4.6%, while the net profit attributable to shareholders was 190 million yuan, an increase of 43.2% [2][6] - The sale of Aolande led to a slight decline in revenue, but the overall quality of vehicle operations improved year-on-year. The sanitation equipment industry is recovering, and the penetration rate of new energy continues to rise [2][14] - The company’s comprehensive gross margin slightly improved due to business structure adjustments, and cash flow continued to improve. The long-term outlook for the company remains positive, driven by its competitive advantages [2][14] Summary by Sections Financial Performance - In Q3 alone, the company achieved operating revenue of 730 million yuan, a year-on-year decrease of 28.6%, while the net profit attributable to shareholders was 70 million yuan, an increase of 44.2% [6] - Excluding the impact of Aolande and Zhengzhou Lvyuan, the company’s revenue for the first three quarters was 2.182 billion yuan, a year-on-year increase of 9.5%, with net profit attributable to shareholders approximately 111 million yuan, a year-on-year increase of 103.8% [14] Industry Insights - The sanitation equipment industry saw sales of 57,700 units in the first three quarters of 2025, a year-on-year increase of 10.0%. New energy sanitation equipment sales reached 10,300 units, a year-on-year increase of 68.6%, with a cumulative penetration rate of 17.8% [14] - The company sold 1,977 units in the first three quarters, a year-on-year increase of 3.4%, with new energy sales of 1,463 units, a year-on-year increase of 13.3% [14] Business Strategy - The company is focusing on the manufacturing sector of new energy sanitation equipment and new energy mining equipment, which are areas where it has competitive advantages. This strategy is expected to enhance cash flow further [14] - The company is one of the few in the industry with integrated manufacturing capabilities for chassis and superstructure, providing a cost advantage in production [14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 1.49 billion yuan, a year-on-year increase of 23.6%, while net profit attributable to shareholders was 140 million yuan, a year-on-year decline of 5.2%. In Q3 alone, the operating revenue was 550 million yuan, up 23.9% year-on-year, but net profit dropped 23.0% year-on-year [2][4]. - The increase in expenses, particularly from stock incentive plans, has negatively impacted performance. However, the company is expected to benefit from capacity expansion, supply chain improvements, and application area expansion in the long term [2][10]. Summary by Sections Financial Performance - The company reported a revenue of 1.49 billion yuan for the first three quarters of 2025, reflecting a 23.6% increase year-on-year. The net profit attributable to shareholders was 140 million yuan, down 5.2% year-on-year. For Q3, the revenue was 550 million yuan, with a 23.9% year-on-year growth, but net profit fell by 23.0% [2][4]. Cost and Margin Analysis - The comprehensive gross margin for the first three quarters of 2025 was 27.5%, a decrease of 3.1 percentage points year-on-year, attributed to changes in accounting standards and rising raw material costs. The increase in operating expense ratio to 17.1% also contributed to the decline in profitability [10]. Future Growth Potential - The company has implemented a stock incentive plan aimed at executives and key technical personnel, with performance targets set for revenue growth from 2 billion yuan in 2024 to 3.8 billion yuan in 2026. This plan is expected to positively influence future performance [10]. - The company is expanding its production capacity and has been actively involved in the semiconductor industry, which is experiencing a trend towards domestic substitution and relocation to Southeast Asia. This expansion is anticipated to drive revenue and profit growth in the coming years [10].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨通润装备（002150.SZ） [Table_Title] 多因素拖累 Q3 业绩，合同负债新高验证经营趋 势 报告要点 [Table_Summary] 通润装备发布 2025 年三季报，2025 前三季度公司实现收入 25.9 亿元，同比增长 6.14%；归 母净利 1.37 亿元，同比增长 27.26%；其中，2025Q3 实现收入 8.82 亿元，同比增长 5.79%， 环比下降 2.14%；归母净利 0.39 亿元，同比增长 29.64%，环比下降 50.12%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 1 [Table_scodeMsg2] 通润装备（002150.SZ） cjzqdt11111 [Table_Title 多因素拖累2]Q3 业绩，合同负债新高验证经营趋 势 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 %% %% %% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a significant increase in performance for the third quarter, with a revenue of 4.83 billion yuan, representing a year-on-year increase of 6.70%. The net profit attributable to the parent company reached 0.45 billion yuan, a substantial increase of 255.54% year-on-year [2][6]. - The company is focusing on optimizing its asset structure and business layout, with increased investments in new businesses such as biogas. The biogas sector is expected to experience rapid industrialization driven by favorable policies, with a projected increase in production from 9.6 billion cubic meters in 2024 to 74.8 billion cubic meters by 2040, reflecting a compound annual growth rate of 14% [2][12]. - The company aims to achieve a biogas production capacity of 500,000 cubic meters per day by 2025 and 1 million cubic meters per day by 2027, indicating strong growth potential in this sector [12]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 12.78 billion yuan, a decrease of 12.29% year-on-year. The net profit attributable to the parent company was 0.08 billion yuan, down 39.80% year-on-year. However, the adjusted net profit showed a reduction in losses, reaching -0.01 billion yuan [2][6]. - The company's operating costs decreased by 17.85% to 9.57 billion yuan, leading to an improvement in gross margin by 5.07 percentage points to 25.1% [12]. - The comprehensive expense ratio for the first three quarters was 26.45%, a decrease of 1.65 percentage points year-on-year, with sales expenses significantly reduced by 37.17% [12].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨首华燃气（300483.SZ） [Table_Title] 产量同比大增 112%，静待业绩拐点到来 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度公司实现营业收入 20.37 亿元，同比增长 95.91%，实现 归属于上市公司股东的净利润-161.90 万元，同比大幅减亏；单三季度，公司实现营业收入 6.99 亿元，同比增长 64.97%；实现归属于上市公司股东的净利润-998.72 万元，同比减亏。项目 稳步推进，产量同比大增 112%；旺季到来天然气价格上涨，业绩有望迎来拐点；展望未来， 煤层气等非常规油气已成为天然气供应重要增长极；受益于深层煤层气增储上产，公司将实现 "量增+效升"的共振。 分析师及联系人 [Table_Author] 魏凯 王岭峰 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 首华燃气（300483.SZ） cjzqdt11111 [Table_Title2] 产量同比大增 112%，静待业绩拐点到来 [Table_Su ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The report indicates that the global propane supply is becoming more relaxed, which is expected to improve the profitability of the Propane Dehydrogenation (PDH) sector [7][10]. - The company reported a revenue of 23.307 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.79%. The net profit attributable to the parent company was 75 million yuan, down 42.64% year-on-year [2][7]. - In Q3 2025, the company achieved a revenue of 7.024 billion yuan, a decline of 24.95% year-on-year and 15.41% quarter-on-quarter. The net profit attributable to the parent company was 9 million yuan, down 57.57% year-on-year and 35.38% quarter-on-quarter [2][7]. Financial Performance Summary - For the first three quarters of 2025, the company reported: - Revenue: 23.307 billion yuan, down 1.79% year-on-year - Net profit: 75 million yuan, down 42.64% year-on-year - Non-recurring net profit: 51 million yuan, down 39.12% year-on-year - In Q3 2025: - Revenue: 7.024 billion yuan, down 24.95% year-on-year and 15.41% quarter-on-quarter - Net profit: 9 million yuan, down 57.57% year-on-year and 35.38% quarter-on-quarter - Non-recurring net profit: 17 million yuan, down 51.06% year-on-year but up 392.12% quarter-on-quarter [2][7][10]. Industry Insights - The report highlights that the PDH sector is showing signs of improvement, with domestic prices for propane, propylene, and polypropylene in Q3 2025 being 573 USD/ton, 6463 yuan/ton, and 7370 yuan/ton respectively, with varying changes [10]. - The company has significant PDH and polypropylene production capacity, ranking among the top in China, with ongoing projects in various locations [10]. - The company is focusing on developing a carbon fiber and hydrogen energy industry chain, leveraging its existing resources and partnerships for innovation and cost reduction [10].