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(%) | ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating an expectation that the stock will outperform the market index by 5% to 15% over the next six months [6][8]. Core Insights - The company achieved significant growth in Q3 2025, with total revenue reaching 2.138 billion yuan, a year-on-year increase of 85.3%, and a net profit attributable to shareholders of 105 million yuan, up 81.57% year-on-year [6]. - The company's proprietary brand business showed remarkable performance, generating 451 million yuan in revenue, a staggering 344.5% increase year-on-year, accounting for 55.1% of total revenue [6]. - The company demonstrated strong product innovation capabilities, launching popular items that quickly gained market traction, such as the "Liquid Marseille Soap Dishwashing Liquid" and the "No Fire Aroma" product [6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 2.138 billion yuan, with a net profit of 105 million yuan. In Q3 alone, revenue was 819 million yuan, reflecting a 123.4% year-on-year growth [6]. - The company’s proprietary brand revenue reached 451 million yuan in Q3, marking a 344.5% increase year-on-year [6]. Brand Management - The brand management segment generated 204 million yuan in Q3, a 114.1% increase year-on-year, showcasing the company's effective brand strategy [6]. - The brand "Zhanjia" achieved 227 million yuan in revenue, ranking among the top in its category on major e-commerce platforms [6]. Future Outlook - The report projects earnings per share of 0.57 yuan for 2025 and 0.89 yuan for 2026, with corresponding price-to-earnings ratios of 72.03 and 46.59 [7][6]. - The company is expected to continue its growth trajectory, supported by its strong brand management and product innovation capabilities [6].

2025 年 11 月 03 日 荣泰健康(603579.SH) Q3 内销逐步复苏，新业务有望放量 荣泰健康公布 2025 年三季报。公司前三季度实现收入 11.5 亿 元，YoY-1.4%，实现归母净利润 1.1 亿元，YoY-22.2%；经折算， Q3 单季度实现收入 3.4 亿元，YoY-0.4%，实现归母净利润 0.3 亿 元，YoY-18.3%。我们认为，受益于以旧换新补贴政策，Q3 荣泰内 销业务有所复苏；受关税政策扰动，公司 Q3 外销有所承压。荣泰 积极拓展汽车按摩座椅和理疗机器人业务，智能化转型布局值得 期待。 Q3 内销持续复苏，外销有所承压：分区域来看：1）内销方面， 以旧换新补贴政策有效提振按摩椅消费景气，我们推测 Q3 荣泰 国内收入同比实现快速增长。据久谦数据显示，Q3 荣泰系品牌（荣 泰+摩摩哒）线上（天猫+京东+抖音）销售额 YoY+82.0%。2）外销 方面，考虑到美国征收对等关税影响出货节奏，我们推断 Q3 荣泰 外销收入同比有所下降。值得关注的是，据荣泰健康公众号，智 己汽车宣布智己 LS9 将于 11 月 4 日首发上市，该款车型引入荣 泰与佛瑞亚集团联袂打造的 4D ...

证券研究报告 | 公司点评报告 2025 年 11 月 03 日 冰轮环境（000811.SZ） 单季度收入、利润同比增长，利润率同比改善 中游制造/机械 冰轮环境发布 2025Q3业绩报告，2025年前三季度营收 48.35亿元，yoy-2.45%； 前三季度归母净利润为 4.28 亿元，yoy-9.68%。单季度营收 17.17 亿元， yoy+6.88%；归母净利润 1.62 亿元，yoy+13.54%。业绩增长略低于预期，主 要归因于传统业务的拖累，但 AIDC 液冷机组的大量出货，显著支撑了公司的 业绩增长。此外，经营性现金实现净流入，且合同负债环比显著提升，体现了 财务报表端的改善。继续对冰轮环境维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：NA 当前股价：14.25 元 基础数据 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7496 | 6635 | 7315 | 8725 | 10066 | | 同比增长 | 23% | -11% | ...

证券研究报告 BC 出货放量驱动盈利改善 隆基绿能 (601012 CH) 2025 年 11 月 03 日│中国内地 电源设备 10 月 28 日，央视财经频道《经济半小时》播出专题报道《破立之间：高质 量发展的产业实践 从卷价格到卷创新的光伏》，聚焦光伏产业"从卷价格 到卷创新"。隆基绿能为全球硅片与组件双龙头，以 BC 技术引领行业技术 创新。9M25 实现营收 509.15 亿元（同比-13.10%），归母净利-34.03 亿元 （同比减亏 31.01 亿元）；3Q25 实现营收 181.01 亿元（同/环比 -9.78%/-5.53%），归母净利-8.34 亿元（同/环比减亏 4.27/2.99 亿元）。3Q25 归母净利环比减亏，主要系硅片经营改善，以及 BC 出货放量。国内反内卷 进展顺利，有望驱动产业链盈利修复，公司硅片龙头地位稳固，BC 组件或 贡献超额盈利，维持"买入"评级。 硅片：反内卷驱动价格回升，硅片业务盈利改善 9M25 公司实现硅片外销 38.15GW，其中 3Q25 外销 13.4GW，环比持平。 受益于反内卷驱动，硅料价格大幅回升，逐步传导至硅片环节，根据 Infolink ...