Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company reported a revenue of 769 million yuan for the first three quarters of 2025, representing a year-on-year growth of 26.71%. However, the net profit attributable to the parent company decreased by 2.68% to 40.99 million yuan [5] - In Q3 2025, the company achieved a revenue of 283 million yuan, a year-on-year increase of 29.06%, while the net profit attributable to the parent company fell by 17.81% [5] - The company has been recognized as a national-level "Little Giant" enterprise, indicating its strong position in the specialized and innovative sector [5] - The hydrogen energy business has shown good growth, with products like nickel strips and nickel plates being utilized in hydrogen production equipment, enhancing the lifespan of electrolysis devices [5] Financial Summary - For 2025, the company is projected to achieve a revenue of 985 million yuan, with a year-on-year growth of 15.6%. The net profit is expected to be 63 million yuan, reflecting a decrease of 6% [8] - The gross margin is forecasted to be 15.0% in 2025, with a net margin of 6.4% [12] - The earnings per share (EPS) for 2025 is estimated at 0.63 yuan, with a price-to-earnings (P/E) ratio of 53.5 times [8][12]

基础化工/化学制品 卓越新能（688196.SH） Q3 盈利同环比增长，新项目落地或推动公司成长 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 49.88 | | 一年最高最低(元) | 54.31/24.30 | | 总市值(亿元) | 63.44 | | 流通市值(亿元) | 59.86 | | 总股本(亿股) | 1.27 | | 流通股本(亿股) | 1.20 | | 近 3 个月换手率(%) | 65.7 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-10 2025-02 2025-06 2025-10 卓越新能 沪深300 相关研究报告 《天然脂肪醇放量带动毛利提升，未 来新增项目落地持续推动公司成长— 公司信息更新报告》-2025.8.31 《生物柴油龙头朝百万产能进发，减 碳背景下成长可期—公司首次覆盖报 告》-2025.6.9 | 金益腾（分析师） | 宋梓荣（分析师） | 李思佳（分析师） | | --- | --- | --- | | jinyi ...

煤炭/煤炭开采 平煤股份（601666.SH） 煤价下跌致业绩承压，集团重组打开成长空间 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 8.50 | | 一年最高最低(元) | 10.76/7.22 | | 总市值(亿元) | 209.90 | | 流通市值(亿元) | 209.90 | | 总股本(亿股) | 24.69 | | 流通股本(亿股) | 24.69 | | 近 3 个月换手率(%) | 98.06 | 股价走势图 -32% -16% 0% 16% 32% 2024-10 2025-02 2025-06 2025-10 平煤股份 沪深300 数据来源：聚源 相关研究报告 《煤价下跌致业绩承压，新疆布局和 回购提振信心—公司信息更新报告》 -2025.9.3 《煤种优化对冲煤价下滑，高成长高 分红凸显价值—公司 2024年报点评报 告》-2025.3.21 张绪成（分析师） 程镱（分析师） zhangxucheng@kysec.cn chengyi@kysec.cn 证书编号：S07905250 ...

石油石化/炼化及贸易 桐昆股份（601233.SH） PTA 盈利下滑拖累 Q3 业绩，看好 PTA 触底反弹 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 14.22 | | 一年最高最低(元) | 15.52/9.63 | | 总市值(亿元) | 341.96 | | 流通市值(亿元) | 340.70 | | 总股本(亿股) | 24.05 | | 流通股本(亿股) | 23.96 | | 近 3 个月换手率(%) | 77.5 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-10 2025-02 2025-06 2025-10 桐昆股份 沪深300 相关研究报告 《Q2 业绩符合预期，看好长丝盈利修 复—公司信息更新报告》-2025.8.29 《Q1 业绩同比小幅增长，静待长丝行 业景气回升—公司信息更新报告》 -2025.4.30 《2024 年业绩同比增长，看好公司盈 利弹性与长期价值—公司信息更新报 告》-2025.4.28 金益腾（分析师） 蒋跨跃 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 17.728 billion yuan, down 20.77% year-on-year, and net profit at 198 million yuan, down 86.48% year-on-year. However, the power generation segment achieved record-high output, which partially offset the impact of falling coal prices. The construction of the Haizetang coal mine and advancements in energy storage business are seen as positive developments for long-term growth, leading to an upward revision of profit forecasts for 2025-2027 [4][5][6]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 7.052 billion yuan, a quarter-on-quarter increase of 40.05%, while net profit was 72 million yuan, a decrease of 3.87% quarter-on-quarter. The cumulative power generation for the first nine months was 31.429 billion kWh, with sales of 29.812 billion kWh [4][5]. - The company’s coal production for the first nine months was 11.331 million tons, with sales of 11.3905 million tons. In Q3 alone, coal production was 4.418 million tons, reflecting a quarter-on-quarter increase of 10.4% [5]. Growth Drivers - The Haizetang coal mine construction is progressing rapidly, with 70% of the second phase completed by the end of September 2025. The project is expected to start trial production in July 2026 and reach full production in 2027, providing a solid foundation for future performance [6]. - The energy storage business has made significant technological breakthroughs, including a new solid-state material that reduces costs by 40%-60% compared to traditional solutions, enhancing the company's competitive edge in the sector [6]. Financial Projections - The company forecasts net profits of 580 million yuan, 1.05 billion yuan, and 1.47 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.03 yuan, 0.05 yuan, and 0.07 yuan. The P/E ratios are projected to be 61.0, 33.9, and 24.2 for the same years [7][9].

北交所信息更新 海能技术（920476.BJ） 科学仪器能源领域突破，驱动盈利能力显著增强 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 27.75 | | 一年最高最低(元) | 46.98/8.91 | | 总市值(亿元) | 23.64 | | 流通市值(亿元) | 22.35 | | 总股本(亿股) | 0.85 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 352.82 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-Q3 营收 2.27 亿元，同比+24%，归母净利润 1811 万元 公司发布 2025 年三季报，2025Q1-Q3，公司实现营收 2.27 亿元，同比增长 23.54%； 归母净利润 1810.63 万元，2024 前三季度为-467.78 万元。看好公司多项科学仪 器新产品达行业领先水平，国产替代工作积极进行，我们维持 2025-2027 年盈利 预测，预计 202 ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [2] Core Insights - Haier Smart Home's Q3 performance exceeded expectations, with total revenue of 234.05 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10%. The net profit attributable to shareholders reached 17.37 billion yuan, up 15% year-on-year [7] - The company continues to enhance operational efficiency, achieving a gross margin of 27.2% in the first three quarters, a slight increase of 0.1 percentage points year-on-year. Operating cash flow also improved, with a net cash flow of 17.49 billion yuan, up 21% [7] - The report maintains profit forecasts for 2025-2027, expecting net profits of 21.55 billion, 24.78 billion, and 28.50 billion yuan respectively, with a consistent growth rate of 15% [7] Financial Data and Profit Forecast - Total revenue projections for Haier Smart Home are as follows: - 2025E: 305.13 billion yuan - 2026E: 323.38 billion yuan - 2027E: 341.89 billion yuan - Net profit forecasts are: - 2025E: 21.55 billion yuan - 2026E: 24.78 billion yuan - 2027E: 28.50 billion yuan - The expected earnings per share (EPS) for 2025E is 2.30 yuan, with a projected PE ratio of 12 [6][9]

北交所信息更新 北 交 所 研 究 五新隧装（920174.BJ） 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 57.02 | | 一年最高最低(元) | 98.99/23.05 | | 总市值(亿元) | 51.32 | | 流通市值(亿元) | 49.61 | | 总股本(亿股) | 0.90 | | 流通股本(亿股) | 0.87 | | 近 3 个月换手率(%) | 339.35 | 北交所研究团队 前三季度矿山水电持续增长、增发审议通过，2025Q1-3 营收 5.84 亿元 ——北交所信息更新 诸海滨（分析师） | zhuhaibin@kysec.cn | | --- | | 证书编号：S0790522080007 | 2025Q1-3 营收 5.84 亿元、归母净利润为 6,621 万元，维持"买入"评级 五新隧装公布三季报，2025Q1-3 实现营业收入 5.84 亿元，同比下降 3.3%；归母 净利润为 6,621 万元，同比下滑 29.5%，扣非净利润降幅达 29.9%。考虑到重大 资 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 77.67 billion yuan, a year-on-year increase of 13%, and a net profit of 11.32 billion yuan, up 44% year-on-year [6] - The report highlights effective cost control as a key factor for the strong Q3 performance, with a net profit margin of 14.82%, an increase of 3.23 percentage points year-on-year [6] - The company has raised its profit forecast for 2025-2027, expecting net profits of 40.4 billion yuan, 44.6 billion yuan, and 49.0 billion yuan respectively, reflecting a year-on-year growth of 30%, 10%, and 10% [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 31,736 million yuan, with a year-on-year growth rate of 13.6% [2] - The net profit for 2025 is estimated at 4,039 million yuan, representing a year-on-year increase of 30.3% [2] - The gross profit margin is expected to remain stable, with a slight increase from 28.1% in 2025 to 28.3% in 2027 [2] Market Data - The closing price of the company's stock is 49.93 yuan, with a market capitalization of 183,958 million yuan [3] - The price-to-earnings ratio is projected to decrease from 68 to 43 over the next few years [2][3] Business Segment Performance - The cooling parts segment is closely tied to the overall demand for household air conditioners, which saw a total production of 160 million units in the first three quarters of 2025, a year-on-year increase of 4.7% [6] - The new energy vehicle thermal management business is expected to grow at a slower pace than the overall industry due to a decline in sales from key North American customers [6]

家用电器/小家电 石头科技（688169.SH） 2025Q3 收入延续高增，扣非净利率环比改善 2025 年 10 月 31 日 投资评级：买入（维持） | | | jiangyifeng@kysec.cn 证书编号：S0790124070039 2025Q3 收入延续高增，扣非净利率环比改善，维持"买入"评级 公司发布 2025 年三季度报告，2025Q3 实现营业收入 41.6 亿元（同比+60.7%， 下同），归母净利润 3.6 亿元（+2.5%），扣非归母净利润 3.4 亿元（+3.0%）。考 虑到 2025Q3 内销业务受国补暂停、推出自补影响，我们下调 2025-2027 年盈利 预测，预计 2025-2027 年归母净利润为 15.3/23.8/31.4 亿元（2025-2027 年原值为 20.2/30.8/39.2 亿元），对应 EPS 为 5.90/9.18/12.12 元，当前股价对应 PE 为 27.7/17.8/13.5 倍，公司自 2024Q3 起采取品牌优先策略，收入规模快速提升，继 续看好公司未来收入高增，净利率环比持续改善，维持"买入"评级。 2025Q3 内外销持续高增， ...