Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a slight decline in revenue for the first three quarters of 2025, with total revenue of 6.925 billion yuan, down 3.01% year-on-year, while net profit attributable to shareholders increased by 110.53% to 52 million yuan [7] - The third quarter showed improvement in operations due to the peak season, with revenue of 2.816 billion yuan, a decrease of 4.06% year-on-year, but net profit increased by 13.65% to 273 million yuan [7][8] - The company is implementing an "All in AI" strategy, with AI-related revenue reaching 250 million yuan, a growth of 71.02% year-on-year, indicating significant contributions from innovative products [9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 6.925 billion yuan, a decrease of 3.01% year-on-year, and a net profit of 52 million yuan, an increase of 110.53% [7] - In Q3 alone, the company reported operating revenue of 2.816 billion yuan, down 4.06% year-on-year, with a net profit of 273 million yuan, up 13.65% [7] Operational Insights - The company experienced operational improvements in Q3 due to the peak season, with an increase in the proportion of key customer contracts and attendance rates [8] - The total number of branches reached 561, with 300 being controlled health examination branches, and the revenue contribution from individual customers increased to 33% [8] AI Strategy and Innovation - The "All in AI" strategy has become a core driver of growth, with AI-related revenue of 250 million yuan, up 71.02% year-on-year [9] - The company has launched AI applications in 217 health examination centers, significantly enhancing operational efficiency [9] - New health management services, including GLP-1RA drug clinics and smart traditional Chinese medicine examination services, are being developed to transition towards comprehensive digital health management [9] Investment Recommendations - The company is expected to achieve operating revenues of 11.720 billion yuan, 13.042 billion yuan, and 14.240 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.5%, 11.3%, and 9.2% [10] - Net profit attributable to shareholders is projected to reach 640 million yuan, 862 million yuan, and 1.088 billion yuan for the same years, with significant growth rates [10]

证券研究报告 | 公司点评报告 2025 年 11 月 02 日 广和通（300638.SZ） 经营效率初显改善，边缘智能布局深化 TMT 及中小盘/通信 事件：10 月 29 日晚，公司发布《2025 年第三季度报告》，公司实现营业收入 53.66 亿元，同比下降 13.69%，剔除锐凌无线车载前装无线通信模组业务的影 响，持续经营业务营业收入同比增长 7.32%；归属上市公司股东的净利润 3.16 亿元，同比下降 51.50%，剔除锐凌无线车载前装无线通信模组业务的影响，持 续经营业务归属于上市公司股东的净利润同比下降 2.19%；归属上市公司股东 的扣除非经常性损益的净利润 2.97 亿元，同比下降 34.05%。 ❑ 风险提示：市场竞争加剧风险、下游需求波动风险、全球经贸摩擦风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7716 | 8189 | 7530 | 9618 | 12285 | | 同比增长 | 37% | 6% ...

2025 年 11 月 02 日 广钢气体(688548.SH) 大宗气体项目稳步投产，Q3 盈利显著 提升 1）电子大宗气体业务在深圳、南通等地获得多个现场制气项目，青 岛、武汉、东莞等存量项目已实现商业化运营； 2）电子特气业务稳步推进上海、合肥、潜江、赤峰等地研发生产基 地建设，其中潜江 C4F6 项目预计 25 年将会建成并调试出产品，进入 试生产阶段。 投资建议： 我们预计公司 2025-2027 年收入分别为 25.44 亿元、31.92 亿元、 40.93 亿元，归母净利润分别为 3.06 亿元、4.52 亿元、6.29 亿元。 考虑到：1）半导体国产替代趋势下，随着客户粘性增强+技术追平海 外，公司大宗现场制气将持续放量；2）氦气价格回升带来盈利弹性， 我们认为公司具有较高成长性，给予 25 年 67 倍 PE，对应目标价 15.55 元，维持"买入-A"投资评级。 风险提示： 项目投产驱动业绩高增，现金流质量显著改善 公司 Q3 归母净利润同比大幅增长，主要系新建电子大宗气体项目陆 续投产。经营活动现金流净额同比+71.99%，现金流质量显著改善。 费用管控成效显现，前三季度公司销售、管理及 ...

分析师及联系人 丨证券研究报告丨 [Table_Author] [Table_scodeMsg1] 公司研究丨点评报告丨巨人网络（002558.SZ） [Table_Title] 《超自然》表现强势，递延收入高增，看好公司 Q4 利润释放 报告要点 [Table_Summary] 公司披露 25Q3 业绩，公司 25Q3 实现营收 17.06 亿元（同比+115.6%），实现归母净利润 6.40 亿元（同比+81.2%），实现扣非净利润 6.78 亿元（同比+73.9%）。《超自然行动组》流水亮眼 表现助力收入高增，或因递延周期调整致合同负债高增，预计利润 Q4 持续释放。展望未来， 看好《超自然行动组》长线能力和出海潜力，旗下策略卡牌《名将杀》、SLG《五千年》和策略 对抗游戏《口袋斗蛐蛐》等新游持续推进。 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 巨人网络（002558.SZ） cjzqdt11111 [T ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported Q3 2025 results with revenue of 3.975 billion yuan, a year-on-year decrease of 3.23%, and a net profit attributable to shareholders of 944 million yuan, an increase of 49.24% year-on-year. The non-recurring net profit was 873 million yuan, up 44.97% year-on-year. Despite a slight decline in revenue, the company continues to optimize its investment and improve profit margins [2][4][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 39.75 billion yuan, a slight decline of 3.23% year-on-year. The net profit attributable to shareholders was 9.44 billion yuan, reflecting a significant increase of 49.24% year-on-year. The non-recurring net profit was 8.73 billion yuan, up 44.97% year-on-year [2][4]. Product Development and Market Strategy - The company has a rich product pipeline with over twenty high-quality games in genres such as MMORPG, SLG, card games, and simulation management. Notable new releases include "Douluo Dalu: Hunting Soul World," which contributed to revenue growth despite a natural decline in existing game revenues [6][11]. Cost Management and Profitability - The company has optimized its resource allocation and marketing strategies, leading to improved operational efficiency. Q3 sales expenses decreased to 1.79 billion yuan, down 5.5 million yuan year-on-year and 2 million yuan quarter-on-quarter, achieving the lowest sales expense ratio since 2019 at 45.0% [11][12]. Shareholder Returns - The company plans to distribute a cash dividend of 2.1 yuan for every 10 shares, maintaining a high dividend payout ratio of approximately 59% of net profit for the first three quarters of 2025. The annual dividend yield is estimated at 4.8% based on the closing price on October 30, 2025 [11][12]. Future Outlook - The company is expected to achieve net profits of 3.09 billion yuan and 3.38 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 15.0 and 13.7 times. The "Buy" rating is maintained based on these projections [11][12].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨吉比特（603444.SH） [Table_Title] 业绩位于预告区间上限，出海及小游戏贡献显著 增量 报告要点 [Table_Summary] 公司披露 2025 年三季报，25Q3 实现营收 19.7 亿元（同比+129.2%）， 实现归母净利润 5.7 亿元（同比+307.7%），实现扣非净利润 5.6 亿元（同比+273.7%），均贴近预告区间上限。核 心新游《杖剑传说》表现稳健，游戏出海亮眼。关注核心产品后续流水变动趋势及新品测试和 上线节奏。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 吉比特（603444.SH） cjzqdt11111 [Table_Title 业绩位于预告区间上限，出海及小游戏贡献显 2] 著增量 [Table_Summary2] 事件描述 公司披露 202 ...

[Table_Title] 三季度业绩如期兑现 报告要点 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨兆易创新（603986.SH） [Table_Summary] 2025 年前三季度，公司实现营收 68.32 亿元、同比+20.92%，实现归母净利润 10.83 亿元、同 比+34.04%；2025 年三季度，公司实现营收 26.81 亿元、同比+31.40%、环比+19.64%，实现 归母净利润 5.08 亿元、同比+61.13%、环比+48.97%。三季度业绩如期兑现。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 兆易创新（603986.SH） cjzqdt11111 [Table_Title2] 三季度业绩如期兑现 [Table_Summary2] 事件描述 2025 年 10 月 28 日，兆易创新公告《2025 年三季度报告 ...

分析师及联系人 [Table_scodeMsg1] 公司研究丨点评报告丨分众传媒（002027.SZ） [Table_Title] 毛利率创阶段新高，持续重视股东回报 [Table_Author] SAC：S0490516080001 SFC：BUX177 报告要点 丨证券研究报告丨 [Table_Summary] 公司公布 2025 三季报：2025 年前三季度，公司实现营业收入 96.07 亿元，同比增长 3.73%， 实现归母净利润 42.40 亿元，同比增长 6.87%；其中 2025Q3，公司实现营业收入 34.94 亿元， 同比增长 6.08%，实现归母净利润 15.76 亿元，同比增长 6.85%。公司梯媒主业稳健，未来并 购新潮稳步推进，"碰一下"释放增长动能，具备较强业绩弹性，我们持续看好楼宇媒体赛道及 梯媒龙头分众的投资价值，维持"买入"评级。 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 分众传媒（002027.SZ） cjzqdt11111 [Table_Title2] 毛利率创阶段新高 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨南芯科技（688484.SH） [Table_Title] 平台型成长逻辑兑现，三季度收入同环比增长显 著 报告要点 [Table_Summary] 2025 年前三季度，公司实现收入 23.80 亿元、同比+25.34%，归母净利润 1.91 亿元、同比- 29.66%；2025Q3，公司实现营收 9.10 亿元、同比+40.26%、环比+15.97%，归母净利润为 0.69 亿元、同比+2.82%、环比+15.78%。平台型成长逻辑兑现，三季度收入同环比增长显著。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 南芯科技（688484.SH） cjzqdt11111 [Table_Title 平台型成长2] 逻辑兑现，三季度收入同环比增长 显著 [Table_Summary2] 事件描述 202 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨京东方 A（000725.SZ） [Table_Title] 业绩稳健增长，"AI+制造"引领显示行业 报告要点 [Table_Summary] 公司发布 2025 年三季度报告，报告期内公司实现营业收入 1545.48 亿元，同比增长 7.53%； 归母净利润 46.01 亿元，同比增长 39.03%；经营性现金流量净额 367.7 亿元，同比增长 8.58%， 扣除资本开支后自由现金流 67.4 亿元，在成都 8.6 代线项目支出高峰期依然展现了强大的造血 能力。公司重视 AI+制造，将运用人工智能、大数据、物联网等重新定义显示制造体系，在生 产设备、工业软件、工艺控制、品质管理、能源管理、生产环境等多维度全面提升生产制造与 运营管理的智能化水平。同时公司联合 Intel 发布下一代 AI 技术显示产品，引领行业趋势。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% re ...