Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended" [1] Core Views - The report highlights that the company's self-produced coal cost reduction and the recovery of coal prices have led to a significant improvement in gross profit on a quarter-on-quarter basis [1][7] - The company is expected to achieve a net profit attributable to shareholders of 162.4 billion, 172.6 billion, and 181.8 billion for the years 2025 to 2027, respectively, maintaining a stable profit outlook [7] Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported revenue of 361.48 billion, a year-on-year decrease of 23.8%, and a net profit of 47.80 billion, a decrease of 1.0% [4] - For the first three quarters of 2025, revenue totaled 1,105.84 billion, down 21.2% year-on-year, with a net profit of 124.85 billion, down 14.6% [4] Coal Production and Sales - In Q3 2025, the company's self-produced coal output was 34.24 million tons, a year-on-year decrease of 4.4%, while total sales volume was 61.68 million tons, down 14.3% year-on-year [7] - The average selling price of self-produced coal was 483 yuan/ton, down 11.5% year-on-year but up 7.5% quarter-on-quarter [7] Market Outlook - The report indicates that since Q3 2025, market coal prices have stopped declining and are on the rise, with the Qinhuangdao port Q5500 thermal coal price increasing by 6% to approximately 672 yuan/ton [7] - The company is positioned as a leading thermal coal producer in China and is advancing its ongoing projects, which are expected to enhance its profit structure [7] Financial Projections - The projected revenue for 2025 is 168.53 billion, with a net profit of 16.24 billion, reflecting a year-on-year decrease of 16.0% [6] - The gross profit margin is expected to remain stable at around 24.5% for the coming years [6]

证券研究报告：交通运输 | 公司点评报告 发布时间：2025-10-31 股票投资评级 买入|维持 个股表现 2024-10 2025-01 2025-03 2025-06 2025-08 2025-10 -12% -3% 6% 15% 24% 33% 42% 51% 60% 69% 78% 申通快递 交通运输 资料来源：聚源，中邮证券研究所 行业反内卷政策持续发力，八月起各省区陆续开启提价进程，尽 管提价导致部分低价件挤出，件量增速有所下降，但价格显著改善， 三季度公司业务量 65.2 亿件，同比增长 10.7%，单票收入 2.05 元， 同比提高 2.1%。 l 低价件挤出导致单票成本稍有提高，不改业绩强势 公司基本情况 | 最新收盘价（元） | 15.46 | | --- | --- | | 总股本/流通股本（亿股）15.31 | / 14.67 | | 总市值/流通市值（亿元）237 | / 227 | | 52 周内最高/最低价 | 19.48 / 9.52 | | 资产负债率(%) | 61.3% | | 市盈率 | 22.41 | | 第一大股东 | 浙江菜鸟供应链管理有 | | 限公司 | | ...

银行 2025 年 10 月 31 日 邮储银行(601658.SH) 营收持续修复，资负稳健扩张 强烈推荐（维持） 股价：5.75 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.psbcltd.cn;www.psbc.com | | 大股东/持股 | 中国邮政集团有限公司/51.87% | | 实际控制人 | 中国邮政集团有限公司 | | 总股本(百万股) | 120,095 | | 流通 A 股(百万股) | 67,122 | | 流通 B/H 股(百万股) | 19,856 | | 总市值（亿元） | 6,802 | | 流通 A 股市值(亿元) | 3,860 | | 每股净资产(元) | 8.44 | | 资产负债率(%) | 93.7 | 行情走势图 相关研究报告 【平安证券】邮储银行（601658.SH）*半年报点评* 盈 利增速回正，息差边际企稳*强烈推荐20250902 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a record high net profit of 56 billion yuan in Q3 2025, with a year-on-year increase of 96.40% [4]. - For the first three quarters of 2025, the company achieved a total revenue of 145.5 billion yuan, a decrease of 5.99% year-on-year, but the net profit for the same period rose by 72.61% to 143 billion yuan [4]. - The company’s copper production exceeded 180,000 tons in Q3 2025, surpassing market expectations, with total production figures for copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizer showing varying degrees of year-on-year growth [5]. - The KFM Phase II construction proposal was approved, which is expected to add 100,000 tons of copper capacity with an investment of 1.084 billion USD, projected to be completed by 2027 [6]. Financial Projections - The company is expected to see steady growth in copper production from 2025 to 2027, with projected net profits of 202 billion yuan, 257 billion yuan, and 316 billion yuan for those years, representing year-on-year growth rates of 49%, 27%, and 23% respectively [7]. - The earnings per share (EPS) is projected to increase from 0.63 yuan in 2024 to 1.48 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 27.83 to 11.90 over the same period [10][11].

Investment Rating - The investment rating for the company is "Recommended" [1][5][11] Core Views - The company has experienced continuous adjustments in performance, with a notable highlight in its e-commerce channel [1][4] - The company reported a revenue of 3.7 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.0%, and a net profit of 470 million yuan, down 29.4% year-on-year [4] - The company is focusing on a clear product strategy, aiming for long-term growth potential despite current sales pressures in the liquor market [7][9] Financial Performance Summary - For 3Q25, the company achieved a revenue of 1.0 billion yuan, a decline of 15.9% year-on-year, with a net profit of 30 million yuan, down 63.2% year-on-year [4] - The company's gross margin for 3Q25 was 62.1%, a decrease of 1.6 percentage points year-on-year but an increase of 1.5 percentage points quarter-on-quarter [7] - The company’s revenue projections for 2025-2027 have been adjusted to 4.8 billion yuan, 5.3 billion yuan, and 6.0 billion yuan respectively [7][9] Revenue and Profitability Forecast - The projected revenue for 2025 is 4.998 billion yuan, with a year-on-year decline of 6.7% [6][9] - The net profit for 2025 is estimated at 478 million yuan, reflecting a growth of 38.3% compared to the previous year [6][9] - The company’s gross margin is expected to stabilize around 64.0% for 2025-2026 [6][9] Market Position and Strategy - The company is implementing a multi-brand strategy alongside a focus on product aging and internationalization to enhance growth potential [7][9] - E-commerce sales have shown significant growth, with a 71.4% increase year-on-year in 3Q25, indicating a shift in consumer purchasing behavior [7][9]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a year-on-year profit growth of 0.6% in the first three quarters of 2025, marking a turnaround from a decline of 1.4% in the first half of the year. Revenue also grew by 0.8% year-on-year, although the growth rate has slowed compared to the first half of the year [4][7] - The net interest margin (NIM) for the first three quarters of 2025 was 1.36%, a decrease of 16 basis points year-on-year, indicating a continued decline in interest margins [7][8] - The non-performing loan (NPL) ratio stood at 1.32% at the end of the third quarter, showing a slight decrease, which reflects stable asset quality [8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating income of 573.7 billion yuan and a net profit attributable to shareholders of 257.4 billion yuan [4][9] - The annualized return on equity (ROE) was 10.3% [4] - Total assets reached 45.4 trillion yuan, a year-on-year increase of 10.9%, with loans and deposits both growing by 7.5% [4][7] Revenue Breakdown - The company's net interest income decreased by 3.0% year-on-year, but the decline has narrowed compared to the first half of the year [7] - Non-interest income grew by 14.0% year-on-year, although the growth rate has slowed from the first half of the year [7][9] Asset Quality - The company maintained a high provision coverage ratio of 235%, indicating strong risk management [8] - The loan growth rate was 7.5%, with corporate loans showing a slight increase [7][9] Future Outlook - The company is expected to maintain its earnings forecasts for 2025-2027, with projected earnings per share (EPS) of 1.30, 1.34, and 1.39 yuan respectively [8][10] - The current stock price corresponds to a price-to-book (P/B) ratio of 0.69x for 2025, indicating potential value for investors [8]

证券研究报告 广立微 (301095 CH) 业绩同比高增，软硬件协同加速兑现 2025 年 10 月 31 日│中国内地 计算机应用 我们维持公司 25-27 年收入预测为 7.60/9.87/12.33 亿元，略调整公司 25-27 年归母净利润 预 测 为 1.61/2.12/2.79 亿 元 ， 对 应 EPS 为 0.80/1.06/1.39 元。采用分部估值法，软件业务可比公司平均 25E 37.7x PS，考虑到 25-27 年公司软件业务营收 CAGR 为 56%，高于可比公司均 值（28%），给予软件业务 25E 45x PS，预计公司 25 年软件业务营收 2.67 亿元，对应市值 120 亿元；测试机业务可比公司平均 25E 71.4x PE，给 予公司 WAT 测试机业务 25E 71.4x PE，预计公司 25 年 WAT 测试机 业务净利润 1.09 亿元，对应市值 77.84 亿元。综上，上调目标价为 98.77 元（前值 92.78 元，对应软件/测试机业务 25E 45xPS/25E 60x PE）。 风险提示：下游景气度不及预期；市场竞争加剧。 广立微发布三季报：Q3 实现 ...

证券研究报告 凯盛科技 (600552 CH) 显示业务延续较快增长 2025 年 10 月 31 日│中国内地 公司公布三季度业绩：25 年 1-9 月实现营收/归母净利 43.1/1.3 亿元，同比 +20.6%/+15.1%，Q3 收入/归母净利 15.5/0.8 亿元，同比+13.8%/+9.9%， Q3 业绩符合我们预期（0.8 亿元），显示材料业务延续较快增长，我们看 好公司 UTG、高纯石英砂的成长性，新产能有望逐步释放，维持"买入"。 Q3 收入同环比延续增长，毛利率环比显著提升 25Q3 公司收入 15.5 亿元，同/环比+13.8%/+3.0%，环比连续两个季度提升， 我们预计主要受显示业务快速增长带动。25Q3 公司毛利率 22.4%，同/环比 -1.1/+7.2pct，环比明显提升预计主要是因为产品销售结构优化，高毛利率 产品出货占比提升。据公司交易所互动平台问答信息，公司 UTG 产品已向 下游客户批量交付并产生了一定的经济效益，我们预计公司高端产品持续放 量有望带动公司产品结构及盈利能力进一步改善。 收入增长带动期间费用率下降，经营性净现金流改善 25 前三季度公司期间费用率 14 ...

公司点评报告 | 渤海租赁 日期：2025 年 10 月 31 日 供给紧缺格局未变，飞机租赁业务延续向好 态势 渤海租赁（000415.SZ）2025 三季度业绩点评 ⚫ 核心观点 事件：10 月 30 日，渤海租赁发布 2025 年三季度报告，2025 年前三季度，公司 营收 402.84 亿元（同比+60.58%），归母净利润-13.72 亿元（同比-186.31%）； 2025Q3 营收 118.24 亿元（同比+32.73%），归母净利润 6.46 亿元（同比-26.03%） 渤海租赁营业收入同比高增，净利润受商誉减值拖累。全球航空客运需求持续 景气，叠加飞机制造商产能受限等因素，飞机市场价值、租赁费率及续约率维 持高位。2025 年前三季度，公司营业收入较上年同期增长 60.58%，主要受益于 本期飞机销售和飞机租赁收入增加；而公司归母净利润较上年同期减少 29.63 亿元，主要受商誉减值影响。若剔除上述商誉减值影响，2025 年前三季度公司 归母净利润为 19.04 亿元，同比增长 19.75%。 Avolon 订单飞机优势显著，未来两年内交付飞机 99%已落实租约。截至 2025 年 三季度末 ...

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 19.04 [6][4]. Core Insights - The company achieved Q3 revenue of RMB 1.726 billion, representing a year-over-year increase of 31.45% and a quarter-over-quarter increase of 3.47%. The net profit attributable to shareholders was RMB 162 million, up 176.59% year-over-year but down 19.25% quarter-over-quarter [1]. - For the first three quarters of 2025, the company reported revenue of RMB 5.417 billion, a 33.00% year-over-year increase, and a net profit of RMB 666 million, reflecting a 271.17% year-over-year increase. The growth was driven by both gaming and film and television segments [1][2]. - The gaming segment saw significant contributions from new releases such as "Zhu Xian 2" and the overseas success of "P5X," while the film and television segment turned profitable with a revenue increase of 432.90% year-over-year [2][3]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 64.83%, an increase of 13.06 percentage points year-over-year, attributed to a higher proportion of high-margin gaming business [3]. - The company reported a sales expense ratio of 12.44% and a management expense ratio of 8.9%, both showing improvements year-over-year [3]. Gaming Business - The gaming business generated RMB 4.475 billion in revenue for the first three quarters of 2025, a year-over-year increase of 15.64%. The MMORPG mobile game "Zhu Xian 2" was a key contributor to domestic market growth [2]. - The upcoming PC game "Zhu Xian World," set to launch by the end of 2024, is expected to continue contributing to revenue in 2025 [2]. Film and Television Business - The film and television segment reported a revenue of RMB 918 million for the first three quarters of 2025, marking a significant turnaround with a net profit of RMB 25.82 million [2]. - The upcoming game "Yihuan," developed using the UE5 engine, is anticipated to perform well based on positive feedback from early testing [2]. Profit Forecast and Valuation - The report forecasts net profits for 2025-2027 to be RMB 738 million, RMB 1.421 billion, and RMB 1.531 billion, respectively, with corresponding EPS of RMB 0.38, RMB 0.73, and RMB 0.79 [4][10]. - The company is assigned a 26X PE valuation for 2026, reflecting its forward-looking AI initiatives and the expected success of upcoming projects [4].