丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨航材股份（688563.SH） [Table_Title] 整体经营稳健，卡位优势延续 报告要点 [Table_Summary] 公司发布三季报，25Q1-3 实现营收 20.39 亿，同比减少 7.14%；归母净利润 4 亿，同比减少 8.23%；扣非归母净利润 3.58 亿，同比减少 6.2%。25Q3 实现营收 6.79 亿，同比减少 1.14%， 环比减少 4.09%；归母净利润 1.2 亿，同比减少 4.01%，环比减少 17.62%；扣非归母净利润 1.07 亿，同比减少 2.61%，环比减少 18.43%。 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 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 航材股份（688563.SH） cjzqdt11111 [Table_Title2] 整体经营稳健，卡位优势延续 [Table_S ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨新城控股（601155.SH） [Table_Title] 自持贡献提升拉高毛利率，公司估值重塑可期 ——新城控股 2025 年三季报点评 报告要点 [Table_Summary] 自持贡献提升拉高毛利率，公司估值重塑可期。行业景气加速下行背景下政策博弈预期逐渐提 升，叠加公司偿债高峰期已过且融资能力持续修复，市场风险偏好有望逐渐提升。较充裕在手 土储仍对销售形成一定保障，自持业务稳健增长，成为公司重要的盈利与融资来源，公司价值 有望重估。 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 新城控股（601155.SH） cjzqdt11111 [Table_Title 自持贡献提升拉高毛利率，公司估值重塑可期 2] ——新城控股 2025 年三季报点评 [Table_Summary2] 事件描述 公 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨齐心集团（002301.SZ） [Table_Title] 齐心集团 2025Q3 点评： 集采主业静待修复，SAAS 业务趋势向好 报告要点 [Table_Summary] 公司 2025 年前三季度收入 77.3 亿元(同比-8%)，归母净利润 1.40 亿元(同比-11%)，扣非净利 润 1.35 亿元(同比-14%)；2025Q3 收入 29.6 亿元(同比-13%)，归母净利润 0.53 亿元(同比- 17%)，扣非净利润 0.55 亿元(同比-16%)。 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 齐心集团（002301.SZ） cjzqdt11111 [Table_Title 齐心集团 2025Q3 2] 点评： 集采主业静待修复，SAAS 业务趋势向好 2025Q3 公司销售/ ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨招商银行（600036.SH） [Table_Title] 财富管理加速+资产质量改善+负债成本再下行 ——2025 年三季报点评 报告要点 [Table_Summary] 前三季度营收同比-0.5%，归母净利润同比+0.5%，业绩增速上行。利息净收入同比+1.7%，保 持正增。财富管理收入同比+18.8%，加速增长拉动中收增速转正。前三季度净息差 1.87%，Q3 单季净息差 1.83%，环比-3BP，降幅收窄，存款成本单季环比明显下降 10BP 至 1.13%。Q3 末不良率 0.94%，拨备覆盖率 406%，核心指标前三季度母行不良生成率降至 0.96%，接近 2021 年水平。母行房地产对公不良率 4.24%，环比-32BP，预计风险基本出清。零售信用卡单季不 良生成金额降至 94 亿，Q3 末逾期率环比-10BP 至 3.36%，逾期率连续三个季度下降。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级 ...

证券研究报告·公司点评报告·自动化设备 博众精工（688097） 2025 年三季报点评：业绩快速增长，3C 设备 &换电站业务齐发力 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,840 | 4,954 | 6,027 | 8,277 | 10,601 | | 同比（%） | 0.59 | 2.36 | 21.65 | 37.34 | 28.08 | | 归母净利润（百万元） | 390.41 | 398.39 | 555.03 | 732.33 | 934.28 | | 同比（%） | 17.80 | 2.05 | 39.32 | 31.94 | 27.58 | | EPS-最新摊薄（元/股） | 0.87 | 0.89 | 1.24 | 1.64 | 2.09 | | P/E（现价&最新摊薄） | 38.23 | 37.47 | 26.89 | 20.38 | 15.98 | [Table_Tag] ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is actively promoting the high-end non-dining segment, with effective channel strategies driving structural improvements. In Q3 2025, the company achieved a revenue of 41.1 billion yuan, a year-on-year increase of 0.6%, with a slight decline in volume but an increase in price [2][4]. - Cost benefits continue to drive gross margin improvements, although expenses and tax rate adjustments have negatively impacted profitability. In Q3 2025, the company’s gross margin increased by 1.7 percentage points, while the net profit margin decreased by 1.2 percentage points year-on-year [3][4]. - The company aims to expand its market share and embrace the high-end non-dining trend, anticipating a recovery in industry demand. The revenue projections for 2025-2027 are 149.37 billion, 152.06 billion, and 154.57 billion yuan, respectively, with corresponding net profits of 12.36 billion, 12.85 billion, and 13.31 billion yuan [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 130.59 billion yuan, a slight decrease of 0.03% year-on-year, and a net profit of 12.41 billion yuan, down 6.83% year-on-year. In Q3 alone, revenue was 42.20 billion yuan, with a net profit of 3.76 billion yuan, reflecting a year-on-year decline of 12.71% [1][2]. - The company’s beer revenue for the first three quarters reached 127.1 billion yuan, a year-on-year increase of 0.1%, with volume and price changes of +0.4% and -0.4%, respectively [2]. Cost and Margin Analysis - The company’s cost per ton decreased by 2.3% year-on-year in Q3 2025, contributing to a gross margin increase of 1.7 percentage points. However, the increase in sales and management expenses, along with a higher tax rate, led to a decrease in the net profit margin [3][4]. Future Outlook - The company plans to continue expanding its market share and is optimistic about the recovery of the industry, driven by ongoing consumer policy support. The long-term outlook for the beer industry remains positive, with significant upgrade potential [4].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a 6-month outlook maintained [7]. Core Insights - The bank's revenue and profit have shown steady improvement, with a revenue of approximately 265.08 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.82% [2][5]. - The net profit attributable to shareholders reached 76.562 billion yuan, reflecting a year-on-year increase of 0.98% [2][5]. - The bank's net interest margin recorded at 1.68%, a slight decrease of 2 basis points compared to the first half of 2025 [2]. - Non-interest income has significantly increased, with net fees and commissions rising by 11.48% year-on-year to 23.094 billion yuan, and investment income soaring by 76.70% to 31.651 billion yuan [2][3]. Financial Performance Summary - For the first three quarters of 2025, the bank's total interest-earning assets amounted to 18.35 trillion yuan, a year-on-year growth of 11.15% [3]. - The bank's interest-bearing liabilities stood at 17.30 trillion yuan, reflecting a year-on-year increase of 10.81% [3]. - The non-performing loan ratio was reported at 0.94%, with a loan provision coverage ratio of 240.2% [4][5]. - The bank's projected net profit growth for 2025-2027 is estimated at 0.95%, 2.68%, and 3.98% respectively [5]. Asset and Liability Structure - The composition of interest-earning assets includes loans (51.43%), financial investments (35.28%), interbank lending (6.43%), and deposits with the central bank (6.86%) [3]. - The structure of interest-bearing liabilities is primarily composed of deposits (93.72%), bonds issued (1.82%), interbank liabilities (4.31%), and borrowings from the central bank (0.16%) [3]. Market Position and Valuation - The current price of the bank's stock is 5.75 yuan, with a target price yet to be specified [7]. - The bank's total market capitalization is approximately 576.37 billion yuan [8].

Investment Rating - The report assigns a rating of "Accumulate" for the company [1][8] Core Views - The company has shown steady revenue growth, with a 3.73% year-on-year increase in revenue to 9.607 billion yuan for the first three quarters of 2025, and a 6.87% increase in net profit to 4.240 billion yuan [3][4] - The growth in revenue is primarily driven by increased investment from internet clients, particularly in building media advertising, which saw an 88.82% year-on-year increase [4] - The acquisition of New Wave Media for 8.3 billion yuan is expected to enhance the company's media point coverage and drive future revenue growth [5] - The launch of the "Tap to Grab Red Packet" service in collaboration with Alipay is anticipated to bring in new customers and improve operational efficiency [5] - The company has a strong commitment to returning value to shareholders, with a planned cash dividend of 0.50 yuan per share, totaling 7.22 billion yuan for Q3 2025 [6] Financial Performance - For Q3 2025, the company reported revenue of 3.494 billion yuan, a 6.08% increase year-on-year, and a net profit of 1.576 billion yuan, up 6.85% [3][4] - The gross margin improved to 70.4%, reflecting a 4.18 percentage point increase year-on-year, driven by optimization of media points [4] - The company expects revenue for 2025 to reach 13.02 billion yuan, with a growth rate of 6.14%, and net profit to be 5.61 billion yuan, reflecting an 8.82% growth [10][8] Future Outlook - The company anticipates continued growth in revenue and net profit through 2027, with projected revenues of 13.83 billion yuan and 14.71 billion yuan for 2026 and 2027, respectively [10][8] - The expected net profit for 2026 and 2027 is projected to be 6.00 billion yuan and 6.41 billion yuan, respectively, with growth rates of 6.96% and 6.86% [10][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a significant improvement in Q3 performance, with revenue reaching 91.6 billion yuan, a year-on-year increase of 6.0% and a quarter-on-quarter increase of 23.9%. The net profit attributable to shareholders for Q3 was 5.9 billion yuan, up 16.2% year-on-year and 42.1% quarter-on-quarter [2][7]. - For the first three quarters of 2025, the company achieved a total revenue of 237.8 billion yuan, a year-on-year increase of 7.8%, and a net profit of 13.2 billion yuan, a slight increase of 0.3% year-on-year [2][7]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of 5.9 billion yuan, with a year-on-year growth of 16.2% and a quarter-on-quarter growth of 42.1%. The revenue for Q3 was 91.6 billion yuan, reflecting a year-on-year increase of 6.0% and a quarter-on-quarter increase of 23.9% [2][7]. - For the first three quarters of 2025, the company reported a total revenue of 237.8 billion yuan, which is a 7.8% increase compared to the same period last year. The net profit attributable to shareholders was 13.2 billion yuan, showing a modest increase of 0.3% year-on-year [2][7]. Market Outlook - The company is positioned to benefit from a potential recovery in the prices of glyphosate and organic silicon, driven by overseas demand and supply disruptions. The price of glyphosate has recently increased, contributing positively to the company's performance [10]. - The company has a robust production capacity of 230,000 tons per year for glyphosate and 600,000 tons per year for organic silicon, indicating significant operational leverage as market conditions improve [10]. Strategic Developments - The company is expanding its specialty chemicals segment, with new projects in solid-state battery materials expected to ramp up production. The company is also acquiring a 50% stake in Qiaogou Mining, which will enhance its resource capabilities [10]. - The company has a comprehensive industrial chain and strong R&D capabilities, which are expected to support its recovery as market conditions improve and new projects come online [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In Q3 2025, the company's revenue reached 2.49 billion yuan, representing a year-on-year increase of 30.6%, while the net profit attributable to the parent company was 310 million yuan, a year-on-year decrease of 4.9% [3][9]. - The gross profit for Q3 2025 decreased by 6.8% to 410 million yuan, but showed a quarter-on-quarter increase of 13.2%. The improvement in gross profit was driven by both volume and price increases, with expectations for significant profit growth in the fourth quarter [9]. - The company is transitioning from the initial stage of capacity expansion to a new growth phase, focusing on the core export routes in the Democratic Republic of the Congo and Zambia, which is expected to drive valuation expansion [9]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 2.49 billion yuan, a 30.6% increase year-on-year, and a net profit of 310 million yuan, which is a 4.9% decrease year-on-year but a 4.7% increase quarter-on-quarter [3][9]. - The gross profit margin showed a decline year-on-year but improved quarter-on-quarter, indicating a recovery trend in profitability [9]. Market Dynamics - The company benefited from domestic coal price increases, with main coking coal prices rising by 17.8% to 922 yuan per ton since July 2025, contributing to improved trading activity [9]. - The volume of cargo passing through the Ganqimodu port increased by 41.5% year-on-year and 31.3% quarter-on-quarter, reflecting a recovery in market activity [9]. Strategic Developments - The signing of the memorandum for the TAZARA railway project marks a significant strategic milestone, enhancing the company's cross-border logistics capabilities in East Africa [9]. - The company is expected to see increased profitability from the new projects and the ongoing operations in Africa, particularly with the opening of new routes and infrastructure [9]. Future Outlook - The company anticipates a recovery in profits in Q4 2025, driven by improved margins in the Mongolian coal supply chain and the expansion of logistics operations in Africa [9]. - Forecasted net profits for 2025, 2026, and 2027 are 1.29 billion yuan, 1.54 billion yuan, and 1.74 billion yuan, respectively, with corresponding price-to-earnings ratios of 14.6, 12.2, and 10.8 [9].