丨证券研究报告丨 %% %% [Table_scodeMsg1] 公司研究丨点评报告丨三角防务（300775.SZ） [Table_Title] 三季度同比扭亏，经营明显改善 报告要点 [Table_Summary] 公司发布 2025 年三季报，25Q1-3 实现营收 12.47 亿元，同比减少 8.51%；归母净利润 3.75 亿元，同比增长 25.64%；扣非归母净利润 3.48 亿元，同比增长 31.65%。其中 25Q3 实现营 收 4.62 亿元，同比增长 44.87%，环比增长 20.85%；归母净利润 1.05 亿元，同比转正；扣非 归母净利润 0.98 亿元，同比转正。 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 SFC：BUX462 请阅读最后评级说明和重要声明 1 [Table_scodeMsg2] 三角防务（300775.SZ） cjzqdt11111 [Table_Title2] 三季度同比扭亏，经营明显改善 [Table_Summary2] 事件描述 公司发布 2025 年三季报，25Q1 ...

投资评级：买入（维持） | 日期 | 2025/10/28 | | --- | --- | | 当前股价(元) | 458.14 | | 一年最高最低(元) | 668.00/191.43 | | 总市值(亿元) | 330.05 | | 流通市值(亿元) | 330.05 | | 总股本(亿股) | 0.72 | | 流通股本(亿股) | 0.72 | | 近 3 个月换手率(%) | 169.21 | 吉比特（603444.SH） 2025 年 10 月 29 日 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 2024-10 2025-02 2025-06 吉比特 沪深300 相关研究报告 《Q2 业绩高增，高分红延续，新游及 出海驱动成长 —公司信息更新报告》 -2025.8.20 《新游驱动 2025Q1 业绩改善，关注后 续新产品周期 —公司信息更新报告》 -2025.4.24 《2024Q4 业绩环比改善，新游戏或驱 动业绩重回增长 —公司信息更新报 告》-2025.3.28 出海及新游或持续驱动业绩高增长 ——公司信息更新报告 方光照（分析师） fangguangzha ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company has shown strong growth in revenue and net profit, with a significant increase in sales of copper-clad laminates and an optimized product structure contributing to improved profitability [6][7][10] - The company is well-positioned to benefit from the recovery in downstream demand and is expected to see further price increases for its products, enhancing both its cyclical and growth attributes [9][10] Summary by Relevant Sections Basic Information - Total shares outstanding: 2,429.26 million - Circulating shares: 2,394.50 million - Market price: 67.39 yuan - Market capitalization: 163,708.03 million yuan - Circulating market capitalization: 161,365.46 million yuan [2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 20.614 billion yuan, a year-on-year increase of 39.8%, and a net profit of 2.443 billion yuan, up 78.04% year-on-year [6] - In Q3 2025, revenue reached 7.934 billion yuan, reflecting a year-on-year growth of 55.1%, while net profit surged by 131.18% year-on-year [6] Profitability and Growth Forecast - The company forecasts net profits of 3.662 billion yuan for 2025, 5.851 billion yuan for 2026, and 8.008 billion yuan for 2027, with corresponding growth rates of 110.6% and 59.8% [10] - The report highlights a projected increase in gross margin to 29.0% by 2026 and 30.5% by 2027, indicating ongoing improvements in profitability [12] Product Development and Market Position - The company is actively enhancing its product technology and has established strong partnerships with leading manufacturers in various sectors, including AI servers and telecommunications [9] - The strategic focus on high-value products has solidified the company's competitive advantage in the mid-to-high-end market [7][9]

2025 年 Q3，公司实现营业收入 361.48 亿元，同比-23.8%；归母净利润为 47.80 亿元，同比-1.0%，但环比实现增长 28.26%；扣非归母净利润为 47.36 亿元，同比-0.7%。 煤炭板块受益于煤价反弹、成本下降 2025 年 1-9 月，公司煤炭业务实现收入 893.33 亿元，同比-24.2%，其中自 产煤销售收入 481.27 亿元，同比-16%，贸易煤实现收入 411.82 亿元，同 比-31.9%。同期，煤炭业务营业成本 668.13 亿元，同比-24.6%。公司 Q3 受益于煤价上涨，1-9 月的单吨实现价格为 474 元/吨，高于半年报披露的 1-6 月单吨实现价格 470 元/吨。 公司报告 | 季报点评 中煤能源（601898） 证券研究报告 煤价反弹及煤化工降本驱动利润环比回升 受煤价同比下跌影响利润同比有所下滑，但环比有所回升 同期，公司实现商品煤产量 1.0158 亿吨，同比-0.7%，其中动力煤实现 9458 万吨，同比+0.9%，炼焦煤 700 万吨，同比-18.2%。产销量整体平稳，焦煤 产量出现下滑或为王家岭煤矿 6 月 1 日出现矿难所致。 公司仍 ...

上 市 公 司 银行 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 2025 年 10 月 29 日 瑞丰银行 (601528) ——息差环比改善、拨备继续抬升，期待小微景气回暖 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 28 日 | | --- | --- | | 收盘价（元） | 5.51 | | 一年内最高/最低（元） | 6.17/4.83 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 3.63 | | 流通 A 股市值（百万元） | 9,557 | | 上证指数/深证成指 | 3,988.22/13,430.10 | | 注："股息率"以最近一年已公 ...

上 市 公 司 基础化工 2025 年 10 月 29 日 苏博特 (603916) ——单季度利润持续同比增长，功能性材料贡献增量 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 28 日 | | --- | --- | | 收盘价（元） | 10.88 | | 一年内最高/最低（元） | 14.07/6.62 | | 市净率 | 1.1 | | 股息率%（分红/股价） | 0.92 | | 流通 A 股市值（百万元） | 4,573 | | 上证指数/深证成指 | 3,988.22/13,430.10 | | 注："股息率"以最近一年已公布分红计算 | | 研究支持 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 郝子禹 (8621)23297818× haozy2@swsresearch.com | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 9.89 | | 资产负债率% | 44.24 | | 总股本/流通 A 股（百万） | 426/420 | | 流 ...

[Table_Summary] 苏试试验发布 2025 年三季报，前三季度实现营收 15.32 亿元，同比增 9.0%；归母净利润 1.57 亿元，同比增 7.1%；扣非归母净利润 1.49 亿元，同比增 13.9%；其中 Q3 营收 5.41 亿元，同 比增 10.6%；归母净利润 0.40 亿元，同比降 9.4%；扣非归母净利润 0.35 亿元，同比降 3.7%。 分析师及联系人 [Table_Author] 徐科 赵智勇 王贺嘉 贾少波 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490520070003 SFC：BUV415 SFC：BRP550 SFC：BUX462 丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨苏试试验（300416.SZ） [Table_Title] 苏试试验点评：2025Q3 营收同比增 10.6%，关 注军工和集成电路测试订单进展 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 31.663 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 24.67%. The net profit attributable to the parent company was 4.254 billion yuan, up 26.84% year-on-year [2][5] - In Q3 2025, the revenue was 11.153 billion yuan, showing a year-on-year increase of 21.05%, while the net profit attributable to the parent company was 1.286 billion yuan, up 4.04% year-on-year [2][5] - The general business and new energy vehicle business continue to grow rapidly, with the general business's profitability expected to maintain recovery, and strategic initiatives focusing on AI and robotics are being accelerated [2][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 31.663 billion yuan, a 24.67% increase year-on-year, and a net profit of 4.254 billion yuan, which is a 26.84% increase year-on-year. The non-recurring net profit was 3.888 billion yuan, up 24.03% year-on-year [2][5] - In Q3 2025, the revenue was 11.153 billion yuan, a 21.05% increase year-on-year, with a net profit of 1.286 billion yuan, reflecting a 4.04% increase year-on-year [2][5] Business Segments - The general automation and new energy vehicle & rail transit businesses saw revenue growth of approximately 20% and 38% respectively in the first three quarters of 2025, while the elevator business remained stable [12] - The company’s general business is showing signs of recovery, with an overall gross margin of 27.5% in Q3 2025, slightly down by 1.2 percentage points year-on-year, primarily due to the impact of the new energy vehicle business [12] Market Position and Strategy - The company has seen a steady increase in market share for its core products, with domestic market shares for servo motors, low-voltage frequency converters, and industrial robots reaching 32%, 22%, and 8.2% respectively [12] - Strategic initiatives are being accelerated, focusing on AI, robotics, and other future industries, with new product launches such as humanoid solutions and industrial robotic arms [12]

华秦科技（688281.SH）2025 年三季报点评 3Q25 业绩同环比均增长；子公司新签订单情况较好 2025 年 10 月 29 日 ➢ 事件：10 月 28 日，公司发布 2025 年三季报，1~3Q25 实现营收 8.01 亿 元，YOY +8.63%；归母净利润 2.43 亿元，YOY -21.48%；扣非净利润 2.13 亿 元，YOY -27.87%。业绩表现符合市场预期。前三个季度，公司营收端及利润端 均逐季好转，各项业务稳步推进。我们综合点评如下： ➢ 3Q25 业绩同环比实现增长；利润率持续承压。1）单季度：3Q25，公司实 现营收 2.85 亿元，同比增长 12.85%，环比增长 3.68%；归母净利润 0.97 亿元， 同比增长 3.73%，环比增长 17.32%。1Q25~3Q25，公司营收端和利润端均逐 季度增长。2）利润率：1~3Q25，公司毛利率同比下滑 6.92ppt 至 47.69%； 净利率同比下滑 12.53ppt 至 27.03%。毛利率下滑主要原因是特种功能材料等 处于更新换代关键阶段，跟研试制营收占比提高，同时子公司产能爬坡期成本端 有一定压力。净利率下滑主要原 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [24]. Core Insights - The company has experienced significant growth in revenue and profit, with a 66.53% year-over-year increase in revenue to 3.903 billion yuan and a 142.19% increase in net profit to 492 million yuan for the first three quarters of 2025 [2]. - The demand for AI PCB is expected to trigger a substantial expansion in the PCB industry, positioning the company to benefit significantly as a leading equipment provider [9]. - The company is leveraging its platform-type equipment advantages to create comprehensive processing solutions, which are anticipated to reduce operational costs for downstream customers [9]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 5.22 billion yuan, representing a 56.1% growth compared to the previous year [5]. - The net profit for 2025 is estimated at 752 million yuan, reflecting a 149.6% increase year-over-year [5]. - The earnings per share (EPS) is forecasted to rise to 1.77 yuan in 2025, with a price-to-earnings (P/E) ratio of 68 [5]. Market Dynamics - The report highlights a significant improvement in the company's performance, attributed to the increased shipment of high-value AI PCB equipment, which has led to a notable enhancement in profit margins [9]. - The ongoing technological advancements in AI and PCB manufacturing are expected to drive demand for high-layer and high-precision products, further benefiting the company [9]. - The report emphasizes the importance of the company's collaborative R&D efforts in enhancing product offerings and operational efficiency [9].