上 市 公 司 农林牧渔 2025 年 10 月 31 日 康农种业 (920403) ——Q3 合同负债创新高，2025-2026 年销售季自 Q4 开局 | 报告原因：有业绩公布需要点评 | | --- | | 买入（首次评级） | | 事件： | | --- | ⚫ 公司发布 2025 年三季报：公司 25Q1~Q3 实现收入 0.41 亿元，同减 21.8%；归母净利 -0.06 亿元，同减 161.7%；扣非归母净利-0.16 亿元，亏损同比扩大。25Q3 实现收入-0.05 亿元，归母净利-0.15 亿元，扣非归母净利-0.17 亿元。公司 25Q3 末合同负债 3.51 亿元， 同增 64.8%，主要系公司核心玉米品种市场反馈良好，黄淮海市场预收 2025-2026 年销 售季货款增加。公司前三季度收入利润符合预期。 投资要点： | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 337 | 41 | 445 | 559 | 683 | | 同比增长率 ...

持续成长，单店延续改善 巴比食品(605338) ——巴比食品 2025 年三季报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 程碧升(分析师) | 021-23185685 | chengbisheng@gtht.com | S0880525040031 | | 陈力宇(分析师) | 021-38677618 | chenliyu@gtht.com | S0880522090005 | 本报告导读： Q3 延续积极表现，内生+外延导致门店数量较快增加，单店持续改善。 食品饮料 [Table_Industry] /必需消费 投资要点： | 风险提示。需求疲软、竞争加剧、原材料成本波动等。 | | --- | | [Table_Finance] 财务摘要(百万元) ...

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 [8][16]. Core Insights - The company has demonstrated robust revenue growth, achieving 310 million yuan in revenue for Q3 2025, a year-on-year increase of 32.51%. The net profit attributable to shareholders for the same period was 48.11 million yuan, reflecting a 9.63% increase year-on-year [3][4]. - The company is expanding its production capacity for thermal management products to meet increasing customer demand, with planned investments totaling up to 26 billion yuan for new manufacturing facilities [3][4]. - The company is strategically positioned to benefit from the rising demand for heat pipes and uniform temperature plates, particularly in the context of the growing high-performance consumer electronics market [4][13]. Company Overview - The latest closing price of the company's stock is 135.20 yuan, with a total market capitalization of 15.6 billion yuan [2]. - The company has a low debt-to-asset ratio of 11.7%, indicating a strong financial position [2]. - The company is involved in the research, development, production, and sales of thermal management materials and devices, with a focus on high-quality products for major clients such as Samsung, OPPO, and Huawei [13][14]. Financial Projections - Revenue projections for the company are 1.14 billion yuan in 2025, 2.09 billion yuan in 2026, and 2.99 billion yuan in 2027, with corresponding net profits of 190 million yuan, 360 million yuan, and 523 million yuan respectively [8][10]. - The company is expected to maintain a healthy growth trajectory, with significant increases in both revenue and net profit over the next few years [10][15]. Incentive Plans - The company has announced a stock incentive plan aimed at motivating key personnel, with a total of 1.28 million restricted shares to be granted, representing 1.107% of the total share capital [5][7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company reported a revenue of 12.755 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.39%, and a net profit attributable to shareholders of 846 million yuan, up 18.26% year-on-year. The non-recurring net profit reached 781 million yuan, showing a significant increase of 407.52% year-on-year [1]. - The company benefits from stable production at its upstream resource site, Shizhu Garden, which is the largest single tungsten mine in the world. The production of tungsten concentrate is expected to reach 0.78 million tons in 2024 and 0.42 million tons in the first half of 2025 [1][2]. - The acquisition of Yuanjing Tungsten Industry is expected to enhance the company's self-sufficiency rate in tungsten production, with a planned cash purchase of 99.9733% equity for 821 million yuan [2][3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 4.906 billion yuan, a year-on-year increase of 34.98% and a quarter-on-quarter increase of 10.08%. The net profit attributable to shareholders was 335 million yuan, up 36.53% year-on-year and 15.91% quarter-on-quarter [1]. - The projected revenues for 2025-2027 are 17.63 billion yuan, 20.12 billion yuan, and 22.44 billion yuan, respectively, with corresponding net profits of 1.426 billion yuan, 2.235 billion yuan, and 2.706 billion yuan [4][8]. Production and Capacity Expansion - The company is expanding its micro-drill production capacity to meet the growing demand driven by AI applications, with plans to increase capacity by 140 million units [2][3]. - The self-sufficiency rate for tungsten is expected to rise from 20% to approximately 70% due to the integration of additional mining resources [3]. Market Outlook - The report anticipates continued growth in the PCB micro-drill market, driven by AI and other emerging technologies, positioning the company as a leading supplier in this sector [3]. - The projected price for tungsten concentrate is approximately 225,000 yuan per ton, reflecting a 41% increase quarter-on-quarter, which is expected to positively impact the company's profitability [1][2].

-25Q3 业绩符合预期，设备及催化剂首装确收,拟投 建 20 万吨高端工程塑料产业化项目 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 30 日 | | --- | --- | | 收盘价（元） | 30.55 | | 一年内最高/最低（元） | 42.58/26.10 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 2.29 | | 流通 A 股市值 (百万元) | 1.202 | | 上证指数/深证成指 | 3,986.90/13,532.13 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 11.13 | | 资产负债率% | 37.59 | | 总股本/流通 A 股 (百万) | 78/39 | | 流通 B 股/H 股 (百万) | | 年内股价与大儒对 市公司 基础化工 2025 年 10 月 31 日 瑞华技术 (920099) 刘靖 A0230512070005 liujing@swsresearch.com 郑菁华 A0 ...

➢ 3Q25 营收同比小幅下滑；1~3Q25 毛利率同比提升。1）单季度：3Q25， 公司实现营收 4.98 亿元，YOY -2.54%；归母净利润 0.46 亿元，YOY -26.04%； 扣非净利润 0.43 亿元，YOY -30.11%。2）利润率：1~3Q25，公司毛利率同比 提升 1.73ppt 至 38.12%；净利率同比下滑 1.14ppt 至 15.75%。其中，3Q25 毛利率同比下滑 3.59ppt 至 35.98%；净利率同比下滑 2.92ppt 至 9.19%。 国博电子（688375.SH）2025 年三季报点评 3Q25 营收同比小幅下滑；功放芯片量产交付超百万只 2025 年 10 月 31 日 ➢ 事件：10 月 29 日，公司发布 2025 年三季报，1~3Q25 实现营收 15.69 亿元，YOY -13.51%；归母净利润 2.47 亿元，YOY -19.35%；扣非净利润 2.43 亿元，YOY -18.93%。业绩表现符合预期。公司 T/R 组件和射频模块营收减少 导致前三季度营收端及利润端均出现下滑，但公司与国内头部终端厂商共同研发 的硅基氮化镓功放芯片在手机等终端 ...

证 券 研 究 报 告 泸州老窖（000568）2025 年三季报点评 强推（维持） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 31,196 | 27,263 | 25,120 | 27,376 | | 同比增速(%) | 3.2% | -12.6% | -7.9% | 9.0% | | 归母净利润(百万) | 13,473 | 11,425 | 9,757 | 10,840 | | 同比增速(%) | 1.7% | -15.2% | -14.6% | 11.1% | | 每股盈利(元) | 9.15 | 7.76 | 6.63 | 7.36 | | 市盈率(倍) | 14 | 17 | 20 | 18 | | 市净率(倍) | 4.0 | 3.7 | 3.6 | 3.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 10 月 30 日收盘价 公司研究 白酒 2025 年 10 月 31 日 中档酒对冲压力，报表 ...

r[Table_Main] 公司研究|工业|资本货物 证券研究报告 崇德科技(301548)公司点评报告 2025 年 10 月 31 日 [Table_Title] 业绩稳健增长，看好公司后续发展 ——崇德科技 2025 年第三季度报告点评 [Table_Summary] 事件： 公司发布 2025 年三季度报告：2025 年前三季度公司实现营收 4.45 亿元， 同比增长 20.25%；实现归母净利润 1.02 亿元，同比增长 19.68%；实现扣 非归母净利润 0.89 亿元，同比增长 24.44%。其中第三季度公司实现营收 1.62亿元，同比上升48.04%，实现归母净利润0.36亿元，同比上升60.87%， 实现扣非归母净利润 0.32 亿元，同比增长 75.66%。 营业收入稳健增长，滑动轴承业务边际提升 2025 第三季度公司实现营收 1.62 亿元，同比上升 48.04%，业绩呈现稳健 增长态势。分产品来看，2025H1 滑动轴承总成/滑动轴承组件/滚动轴承相 关产品分别实现收入 0.81/0.95/0.47 亿元，同比分别增减+1.12%/+7.72%/- 3.01%。 盈利能力基本稳定，研 ...

公司报告 | 季报点评 建设银行（601939） 证券研究报告 盈利回暖，不良压降 点评摘要： 盈利增速表现回暖。2025 前三季度，建设银行实现营收约 5737.02 亿元， 同比增长 0.82%，环比上半年增速-1.33pct。营收结构上，净利息收入 4276.06 亿元（YoY-3%），占总营收 74.53%；非息净收入 1460.96 亿 元，同比增长 13.95%，结构占比较上半年减少 1.8pct。拨备前利润 25H1、 1-3Q25 同比增速分别为 3.37%、1.03%,归母净利润同比增速分别为 -1.37%、0.62%。 2025 前三季度，建设银行净息差录得 1.36%,较 25H1 下行 4bp。 非息收入方面，1-3Q25 公司手续费及佣金净收入 896.68 亿元， YoY+5.31%；投资 净收益 367.61 亿 元，YoY+150.55%，占 总营收 6.41%。 资产端：截止 2025 第三季度，建设银行生息资产总计 44.48 万亿元，环 比 25H1+2.15%，同比增长 10.89%。其中，贷款、金融投资、同业及拆 放、存放央行分别同比+7.59%、+18.96%、+4 ...

农林牧渔/饲料 天康生物（002100.SZ） 饲料业务量利齐增，生猪养殖降本增效并购扩张 2025 年 10 月 31 日 投资评级：买入（维持） 《生猪养殖稳健经营，蛋白油脂等业 务盈利修复—公司信息更新报告》 -2025.9.2 《养殖成本稳步下降，动保饲料稳健 经营—公司信息更新报告》-2025.4.30 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 | 日期 | 2025/10/30 | | --- | --- | | 当前股价(元) | 7.41 | | 一年最高最低(元) | 8.24/6.00 | | 总市值(亿元) | 101.17 | | 流通市值(亿元) | 101.17 | | 总股本(亿股) | 13.65 | | 流通股本(亿股) | 13.65 | | 近 3 个月换手率(%) | 205.75 | 股价走势图 -20% -10% 0% 10% 20% 30% 2024-10 2025-02 2025-06 天康生物 沪深300 数据来源：聚源 相关研究报告 wanggaozhan@kysec.cn 证书编号：S ...