普天科技（002544.SZ）2025 年三季报点评 深度布局空天计算，构建自身重要卡位优势 2025 年 11 月 03 日 ➢ 事件概述：2025 年 10 月 28 日，公司发布 2025 年第三季度报告，2025 年 1-9 月，公司实现营业总收入 31.52 亿元，同比下降 7.82%；归母净利润 1755.67 万元，同比下降 3.80%；扣非归母净利润 660.96 万元，同比下降 43.06%。 ➢ 单季度业绩实现高增，经营性现金流同比改善。2025Q3 实现营业总收入 11.29 亿元，同比增长 14.84%；归母净利润 3835.99 万元，同比大幅改善；扣 非归母净利润 3593.77 万元，同比大幅改善。同时，公司经营性现金流同比也出 现明显改善。 ➢ 积极布局空天计算，打开长期发展空间。1）卫星互联网在算力调度领域具 有明显优势。光缆每 200 公里时延可达 1ms，1000 公里的光缆长度时延是 5ms。 同时，网络中设备的时延和节点数量等因素也在影响数据传输的时延。卫星互联 网在长距离传输时延方面已经体现出自身优势，SpaceX 使用美国互联网流量监 测机构 Ookla 的 Sp ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 4.865 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.15%. The net profit attributable to the parent company was 4.0465 million yuan, showing improvement compared to the previous year [1]. - The database business is experiencing continuous growth, with the domestic business expected to accelerate. The company has optimized its expense ratios, with sales and management expense ratios at 4.80% and 16.74%, respectively, both lower than the same period in 2024. R&D investment has increased, with the R&D expense ratio improving year-on-year [2]. - The company has made significant strides in the financial sector, securing important orders that demonstrate its capabilities. The ComStar project, which involves a high-performance database system for financial transactions, has shown efficiency improvements of nearly three times in certain scenarios compared to the previous system [2]. - The company is leveraging the AI trend, launching the "Luoshu Intelligent Hub," which integrates AI capabilities with business intelligence functions. This platform aims to enhance intelligent data analysis and support various business scenarios [3]. Financial Forecasts - The company forecasts revenues of 9.039 billion yuan in 2025, with a growth rate of 15.4%. The net profit attributable to the parent company is expected to be 305 million yuan, reflecting a growth rate of 59.8% [5][9]. - The projected earnings per share for 2025 is 0.49 yuan, with a price-to-earnings (PE) ratio of 55 [5][10]. - The company anticipates continued growth in net profit, with estimates of 409 million yuan in 2026 and 531 million yuan in 2027, corresponding to PE ratios of 41 and 32, respectively [4][5].

公司点评 | 中国中冶 Q3 单季业绩承压、经营现金流改善明显 中国中冶（601618.SH）2025 年三季报点评 事件：公司 2025 年前三季度实现营收 3350.94 亿元，同比-18.79%；归母 净利润 39.70 亿元，同比-41.88%；扣非归母净利润 30.51 亿元，同比 -45.74%。点评如下： 2025 年 11 月 03 日 Q3 单季营收降幅有所收窄、利润下滑。分季度看，公司 Q1/Q2/Q3 单季度 营收分别同比 -18.46%/-22.59%/-14.25% ； 归 母 净 利 润 分 别 同 比 -40.00%/+1.43%/-67.52%。公司业绩承压，受钢铁行业需求持续下降、建 筑行业增长乏力、房地产行业深度调整等外部影响，以及公司自身转型升级 带来的业务结构调整等阶段性因素影响。 毛利率、费用率上升，资产处置收益大幅减少，净利率下滑。2025 年前三 季度毛利率同比+0.95pct 至 10.00%；期间费用率同比+0.57pct 至 6.18%， 其中销售/管理/研发/财务费用率分别同比+0.07/+0.33/+0.09/+0.09pct 至 0.56%/2.32% ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company has shown robust revenue growth, with a 12.04% year-on-year increase in revenue to 6.244 billion yuan for the first three quarters of 2025, and a 12.15% increase in net profit to 918 million yuan [1][8] - The growth in the third quarter of 2025 was particularly strong, with a 14.86% increase in revenue to 2.224 billion yuan and a 29.77% increase in non-net profit to 338 million yuan, driven by the rapid expansion of overseas smart terminal business and steady growth in domestic merchant operation services [1][8] - The company is accelerating its overseas market expansion, achieving over 26% year-on-year growth in overseas payment device revenue, particularly in the high-margin and high-barrier European and American markets [1][2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 62.44 billion yuan, a 12.04% increase year-on-year, and a net profit of 9.18 billion yuan, up 12.15% [1][8] - In Q3 2025, the company reported revenue of 22.24 billion yuan, a 14.86% increase year-on-year, and a net profit of 3.23 billion yuan, up 11.75% [1][8] Market Expansion - The company is focusing on expanding its overseas market presence, with significant breakthroughs in Europe, America, and emerging markets in Latin America and the Middle East [1][2] - The total payment service transaction volume reached 16.2 trillion yuan in the first three quarters of 2025, with Q3 showing a year-on-year growth of over 18% [2] Future Projections - The company maintains its profit forecast, expecting revenues of 8.6 billion yuan in 2025, 9.53 billion yuan in 2026, and 10.76 billion yuan in 2027, with corresponding net profits of 1.22 billion yuan, 1.47 billion yuan, and 1.81 billion yuan respectively [3][11] - The expected EPS for 2025, 2026, and 2027 is projected to be 1.18 yuan, 1.42 yuan, and 1.76 yuan respectively [3][11]

核心观点 ⚫ 公司公告:2025 年前三季度，公司实现营业收入 19.12 亿元，同比增加 30.97%; 实现归母净利润 3.77 亿元，同比增加 50.04%。25Q3 公司实现单季度营业收入 6.67 亿元，同比增加 23.51%;单季度实现归母净利润 1.16 亿元，同比增加 16.11%，整 体业绩符合预期。 ⚫ 业绩符合预期，毛利率快速提升。公司 23Q3 单季营收为 6.67 亿元，同比增 长 23.51%，环比小幅下降 3.05%，这主要源于第二季度受"国补"政策拉动导致基 数较高。其中，前三季度盈利能力方面表现尤为突出，综合毛利率提升至 46.17%， 同比提升 3.36 个百分点；而 25Q3 单季度毛利率更是达到 47.97%，创下新高，同 比提升 5.83 个百分点，环比提升 1.28 个百分点。这一增长主要得益于产品结构优 化和云服务价值提升，硬件产品中嵌入的软件价值被纳入定价体系，推动了整体毛 利率上行。前三季度研发费用率同比下降 1.17 个百分点至 22.14% ⚫ 业务结构多元布局，产品结构稳定。从业务结构来看，公司多元化战略成效 显著。智能家居领域仍是核心收入来源，但非智能 ...

山东威达（002026） 公司点评 25Q3 利润增长强劲，多业务布局打开成长空间 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-11-03 | | 收盘价（元） | 15.32 | | 近 12 个月最高/最低（元） | 16.90/8.40 | | 总股本（百万股） | 441 | | 流通股本（百万股） | 423 | | 流通股比例（%） | 95.92 | | 总市值（亿元） | 67 | | 流通市值（亿元） | 65 | 公司价格与沪深 300 走势比较 -20% 0% 20% 40% 60% 80% 100% 11-04 01-04 03-04 05-04 07-04 09-04 山东威达 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 主要观点： 业绩 公司发布 2025 年第三季度报告。2025 前三季度实现营收 14.39 亿元， 同比-10.89%，归母净利 2.30 ...

证 券 研 究 报 告 周大生（002867）2025 年三季报点评 推荐（维持） Q3 利润+13.6%，产品创新和渠道结构优化 事项： ❖ 公司发布 2025 年三季报：2025 年前三季度公司实现收入 67.7 亿元，同比- 37.4%；归母净利润 8.8 亿元，同比+3.1%；扣非归母利润 8.5 亿元，同比+1.9%。 单 2025Q3 实现收入 21.8 亿元，同比-16.7%；归母净利润 2.9 亿元，同比+13.6%； 扣非归母利润 2.7 亿元，同比+7.7%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,891 | 9,648 | 10,979 | 12,212 | | 同比增速(%) | -14.7% | -30.5% | 13.8% | 11.2% | | 归母净利润(百万) | 1,010 | 1,093 | 1,222 | 1,349 | | 同比增速(%) | -23.2% | 8.2% ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111) with a target price based on the last closing price of 358.99 [1] Core Insights - Kingsoft Office's Q3 performance exceeded expectations, benefiting from accelerated digital transformation initiatives, with a revenue of 15.21 billion yuan, a year-on-year increase of 25.33%, and a net profit of 4.31 billion yuan, up 35.42% year-on-year [5][6] - The company reported a total revenue of 41.78 billion yuan for the first three quarters, reflecting a 15.21% year-on-year growth, and a net profit of 11.78 billion yuan, which is a 13.32% increase year-on-year [4][5] - The growth in revenue and profit is attributed to the rapid expansion of institutional business and the strong performance of WPS 365 and WPS software segments [5][6] Financial Performance Summary - For Q3, the gross margin was 86.46%, with sales, management, and R&D expense ratios at 19.09%, 8.04%, and 35.24% respectively [5] - WPS personal business revenue reached 8.99 billion yuan, growing 11.18% year-on-year, while WPS 365 revenue surged by 71.61% to 2.01 billion yuan, driven by an expanded customer base [5] - The company has launched WPS AI 3.0, enhancing its product offerings and aiming for long-term growth through increased subscription users and average revenue per user (ARPU) [6] Earnings Forecast and Financial Metrics - Projected revenues for 2025, 2026, and 2027 are 59.94 billion yuan, 70.11 billion yuan, and 81.45 billion yuan respectively, with net profits expected to be 19.82 billion yuan, 23.88 billion yuan, and 27.84 billion yuan [6][7] - The report anticipates a net profit growth rate of 20.48% for 2025 and 20.71% for 2026, with a diluted earnings per share (EPS) forecast of 4.28 yuan for 2025 [7][11]

食品饮料/休闲食品 有友食品（603697.SH） Q3 成长动能持续，收入利润好于预期 | 日期 | 证书编号：S0790520030003 2025/10/31 | | --- | --- | | 当前股价(元) | 12.98 | | 一年最高最低(元) | 16.07/8.55 | | 总市值(亿元) | 55.51 | | 流通市值(亿元) | 55.51 | | 总股本(亿股) | 4.28 | | 流通股本(亿股) | 4.28 | | 近 3 个月换手率(%) | 131.97 | zhangyuguang@kysec.cn 2025 年 11 月 03 日 投资评级：增持（维持） 张宇光（分析师） 张恒玮（分析师） 股价走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-11 2025-03 2025-07 有友食品 沪深300 相关研究报告 《收入利润持续高增，新兴渠道驱动 成长—公司信息更新报告》-2025.8.28 《营收保持高增趋势，产品和渠道增 长势能强劲—公司信息更新报告》 -2025.4.28 《业绩表现好于预期，新业务打造成 长 驱 动 力 — ...

公司点评 · 银行行业 对公贷款稳健增长，中收增速保持较高 —— 北京银行 2025 年三季报业绩点评 2025 年 11 月 03 日 核心观点 北京银行（股票代码：601169） 推荐 维持评级 分析师 张一纬 ：010-80927617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理：袁世麟 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025 年 10 月 31 日 | | --- | --- | | 股票代码 | 601169 | | A 股收盘价(元) | 5.59 | | 上证指数 | 3,954.79 | | 总股本(万股) | 2,114,298 | | 实际流通 A 股(万股) | 2,114,298 | | 流通 A 股市值(亿元) | 1,182 | 相对沪深 300 表现图 2025 年 10 月 31 日 -20% 0% 20% 40% 2024/10/31 2024/11/30 2024/12/31 2025/1/31 2025/2/28 2025/3/31 2025 ...