1）25Q1-Q3 公司实现营业收入 50.32 亿元，同比增加 19.95%；归母 净利润 7.69 亿元，同比增加 23.23%；扣非后归母净利润 7.33 亿元， 同比增加 23.01%。 2）25Q3 公司实现营业收入 18.08 亿元，同比增加 20.21%；归母净利 润 2.83 亿元，同比增加 10.60%；扣非后归母净利润 2.71 亿元，同 比增加 9.19%。 Q3 营收＆利润创历史新高，经营能力出色消化成本端压力 2025 年 10 月 31 日 顺络电子(002138.SZ) 三季度业绩再创新高，数据中心＆汽车 电子业务前景广阔 事件：10 月 27 日公司发布 2025 年第三季度报告 1）公司 25Q3 单季度销售收入首次突破 18 亿元，营收及净利润均创 公司历史新高。公司在手机通讯、消费电子等传统市场应用领域保持 了稳步成长，在 AI+应用、汽车电子、数据中心等新兴战略市场也实 现了持续的高速增长，二者共同促成公司整体业绩高增。 2）分业务领域来看，25Q1-Q3 公司信号处理/电源管理/汽车电子或 储 能 专 用 / 陶 瓷 、 PCB 及 其 他 业 务 营 收 分 别 为 ...

曼卡龙（300945.SZ） 25Q3 净利润同增 25%，线上渠道延续高增长 消费品/轻工纺服 营收利润双增长，业绩表现亮眼，25Q3 营业收入同比+36.22%，归母净利润同 比+25.33%。线上延续高增长，25Q3 线上收入同比+72.86%，线上线下渠道持 续深耕。预计公司 2025-2027 年归母净利润分别为 1.26 亿元、1.58 亿元、1.88 亿元，同比增速分别为 31%、25%、19%，对应 25PE25.5X，维持"强烈推荐" 评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1923 | 2357 | 3010 | 3711 | 4440 | | 同比增长 | 19% | 23% | 28% | 23% | 20% | | 营业利润(百万元) | 103 | 113 | 152 | 191 | 227 | | 同比增长 | 55% | 10% | 34% | 26% | 19% | | 归母净利润(百万元) | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company demonstrates resilient performance with a rational deceleration, achieving a revenue of 130.90 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 64.63 billion yuan, also up by 6.25% [3][5] - In Q3 2025, the company reported a revenue of 39.81 billion yuan, reflecting a slight year-on-year growth of 0.35%, while the net profit attributable to shareholders was 19.22 billion yuan, up by 0.48% [3][5] - The company’s product mix shows strong resilience in the premium segment, with revenue from Maotai liquor increasing by 9.28% year-on-year, while revenue from series liquor declined by 7.78% [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1309.04 billion yuan and a net profit of 646.27 billion yuan, both showing positive growth [3][5] - The Q3 2025 results indicate a revenue of 398.10 billion yuan and a net profit of 192.24 billion yuan, with slight increases compared to the previous year [3][5] Product and Market Analysis - Revenue from Maotai liquor in the first three quarters reached 1105.14 billion yuan, while series liquor generated 178.84 billion yuan [5] - In Q3 2025, domestic revenue was 380.45 billion yuan, up by 1.38%, while international revenue was 10.00 billion yuan, down by 21.81% [5] Profitability and Cost Management - The gross profit margin in Q3 2025 improved by 0.23 percentage points to 91.28%, attributed to a higher proportion of Maotai liquor sales [5] - The net profit margin recorded in Q3 was 48.29%, reflecting a slight year-on-year increase [5] Future Projections - The company is projected to achieve revenues of 1819.25 billion yuan in 2025, with net profits expected to reach 900.41 billion yuan [7][8] - Earnings per share (EPS) are forecasted to be 71.90 yuan in 2025, with a price-to-earnings (P/E) ratio of 20 [7][8]

证券研究报告 | 公司点评报告 2025 年 10 月 31 日 潮宏基（002345.SZ） Q3 主业增速超预期，盈利能力显著提升 消费品/商业 Q3 主业增长强劲，营收同比+49.52%，剔除商誉减值影响后归母净利润同比 +81.54%。季内渠道扩张加速，毛利率受渠道结构变化略有下滑但费用率明显 降低，整体盈利能力提升。由于公司主业表现超预期，但计提了较大商誉减值， 我们下调 2025 年利润、上调 2026 年利润预期，预计 2025-2027 年归母净利润 分别为 4.25 亿、6.70 亿、8.02 亿，对应 25PE28.3X，维持"强烈推荐"评级。 ❑ 风险提示：金价波动的风险，需求不及预期、行业竞争加剧的风险，拓店不及 预期的风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 5900 | 6518 | 8464 | 10271 | 11902 | | 同比增长 | 34% | 10% | 30% | 21% | 16% ...

Investment Rating - The report maintains a Neutral rating for the company with a target price adjusted to RMB 76.00, reflecting a potential upside of 0.9% from the current closing price of RMB 75.31 [1][10][8]. Core Insights - The company reported a revenue of RMB 1.07 billion in Q3 2025, showing a year-on-year decline of 1.6% but a quarter-on-quarter increase of 12%. The net profit attributable to shareholders was a loss of RMB 0.23 billion, which is a significant improvement from a loss of RMB 1.01 billion in Q2 2025 [8]. - The L-PAMiD product has begun mass production, leveraging the company's technological advantages in filters to penetrate key customer markets. The 6-inch production line is nearing full capacity, and the 12-inch line has started large-scale shipments [8]. - Recent consolidation in the overseas RF front-end market, particularly the merger between Qorvo and Skyworks, indicates a phase of capacity integration and efficiency improvement in the industry. This could benefit domestic manufacturers in gaining market share [8]. - The report highlights that the RF front-end industry may see significant changes following the implementation of new mobile communication network standards, with recent product launches and upgrades driving performance [8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 have been revised down to RMB 39.2 billion, RMB 49.7 billion, and RMB 57.7 billion, respectively, from previous estimates of RMB 41.8 billion, RMB 51.7 billion, and RMB 61.2 billion [8][9]. - Net profit estimates for 2025, 2026, and 2027 have also been adjusted to losses of RMB 1.32 billion, and profits of RMB 3.67 billion and RMB 5.81 billion, respectively, down from previous forecasts [8][9]. - The report anticipates that depreciation will remain relatively high in 2026, impacting profitability [8].

交银国际研究 公司更新 | 汽车 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 10 月 31 日 | | --- | --- | --- | --- | --- | --- | --- | | 人民币 | | 162.94 | 人民币 | 180.50 | +10.8% | | | 赛力斯 (601127 CH) | | | | | | | 3Q25 毛利率新高，强周期驱动下延续量价齐升，维持买入 1 年股价表现 买入 601127 CH 上证综指 资料来源： FactSet 10/24 2/25 6/25 10/25 -10% 0% 10% 20% 30% 40% 50% 60% 股份资料 | 52周高位 (人民币) | 171.57 | | --- | --- | | 52周低位 (人民币) | 113.80 | | 市值 (百万人民币) | 246,003.55 | | 日均成交量 (百万) | 27.22 | | 年初至今变化 (%) | 22.15 | | 200天平均价 (人民币) | 137.49 | | 资料来源： FactSet | | 陈庆 angus.chan@boc ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [26]. Core Views - The company reported a year-on-year revenue growth of 10.87% for the first three quarters of 2025, reaching 2.551 billion yuan, with a net profit attributable to shareholders of 574 million yuan, up 14.85% [6][10]. - The company plans to establish a production base in Saudi Arabia to enhance its international business development [9][10]. - The growth in lubricant additive exports from Henan province significantly contributed to the company's performance, reflecting a recovery in downstream inventory levels [9]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 889 million yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 9.27%. The net profit attributable to the parent company was 204 million yuan, up 12.68% year-on-year and 16.48% quarter-on-quarter [6][9]. - The company’s gross profit margin stands at 35.86%, with a diluted return on equity of 15.68% and a debt-to-asset ratio of 23% [2]. Production Capacity and Expansion - The company has a designed production capacity of 315,000 tons per year for lubricant additives, with an additional 435,000 tons under construction. The completion of these projects is expected by the end of 2025 [9][10]. - The establishment of a joint venture in Saudi Arabia aims to create a production base for lubricant additives, targeting markets in the Middle East, Africa, and India [9][10]. Market Outlook - The lubricant additive market is projected to have significant growth potential, with the company positioned as a leading player in the domestic market [10]. - Revenue forecasts for 2025-2027 are estimated at 3.852 billion, 4.411 billion, and 4.949 billion yuan, respectively, with corresponding net profits of 891 million, 1.024 billion, and 1.171 billion yuan [10].

通信设备 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 Q3 盈利质量提升，进入北美新客户 AI 硬件供应链 ——信维通信(300136)季报点评 证券研究报告-季报点评 增持(维持) 市场数据(2025-10-30) | 收盘价(元) | 35.50 | | --- | --- | | 一年内最高/最低(元) | 35.50/18.20 | | 沪深 300 指数 | 4,709.91 | | 市净率(倍) | 4.47 | | 流通市值(亿元) | 292.72 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 7.94 | | 每股经营现金流(元) | 1.34 | | --- | --- | | 毛利率(%) | 21.53 | | 净资产收益率_摊薄(%) | 6.34 | | 资产负债率(%) | 43.43 | | 总股本/流通股(万股) | 96,756.86/82,456.79 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -27% -17% -7% 3 ...

调改延续，盈利提升 ——重庆百货 25Q3 点评报告 投资要点 ❑ 风险因素 消费复苏不及预期风险，竞争加剧风险，调改不及预期风险。 财务摘要 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 17138.85 | 15119.91 | 15623.96 | 16407.93 | | (+/-) (%) | -9.75% | -11.78% | 3.33% | 5.02% | | 归母净利润 | 1314.64 | 1437.01 | 1552.83 | 1692.80 | | (+/-) (%) | 0.46% | 9.31% | 8.06% | 9.01% | | 每股收益(元) | 2.98 | 3.26 | 3.53 | 3.84 | | P/E | 9.12 | 8.34 | 7.72 | 7.08 | 资料来源：浙商证券研究所 证券研究报告 | 公司点评 | 一般零售 重庆百货(600729) 报告日期：2025 年 10 月 31 日 1 《调改延续， ...

证券研究报告 | 2025年10月31日 宝立食品（603170.SH） 优于大市 第三季度收入同比增长 15%，坚持 BC 双轮驱动 公司 2025 年前三季度实现营业总收入 21.33 亿元，同比增长 10.50%；实现 归母净利润 1.92 亿元，同比增长 10.59%；实现扣非归母净利润 1.81 亿元， 同比增长 14.27%；2025 年第三季度实现营业总收入 7.53 亿元，同比增长 14.60%；实现归母净利润 0.75 亿元，同比增长 15.71%；实现扣非归母净利 润 0.70 亿元，同比增长 17.83%。 复调、轻烹环比加速，直销渠道增长态势较好。分产品看，2025Q3 复合调味 品/轻烹解决方案/饮品甜点配料收入分别同比+9.7%/+25.0%/3.7%，复调、 轻烹均延续二季度高增长态势，预计源于（1）2024 年第三季度基数不高， 且双节前备货驱动增长，亦有大客户上新节点影响；（2）空刻新品免煮系 列冲泡意面、冻品烤肠以及沙拉汁等导入效果较好；（3）大客户集群订单 增长态势较好，2025Q3 直销/非直销渠道收入分别同比+17.7%/+5.2%。 产品结构变化，带动盈利能力改善。 ...