据钢联，25 年前三季度电解铝均价 20456 元/吨，同比+3.7%；氧化铝均价 3372 元/吨，同比-7.6%。其中 Q3 电解铝均价 20710 元/吨，同/环比 +5.9%/+2.5%；氧化铝均价 3181 元/吨，同/环比-19.3%/+3.5%，电解铝价格 稳步上升，氧化铝价格环比小幅反弹；此外，Q3 煤价也环比小幅反弹。营 收端，Q3 单季度实现营收 60.59 亿元，环比+9.1%，我们推测主要由于铝 价上涨。盈利端，Q3 公司毛利率 16.7%，同/环比+4.1/+2.2pct；期间费用 3.9 亿元，环比上升 0.88 亿元，主要系财务和研发费用上升；最终录得净 利率 7.3%，同环比+1.6/-0.6pct。 公司报告 | 季报点评 中孚实业（600595） 证券研究报告 Q3 毛利环比表现稳健，期间费用有所拖累 三季报业绩：25 年前三季度实现营收 166.33 亿元，yoy-0.6%；归母净利润 11.87 亿元，yoy+63.2%；扣非净利润 11.14 亿元，yoy+61.8%。其中，Q3 实现营收 60.59 亿元，yoy+5.6%，环比+9.1%；归母净利润 4.8 亿元， ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][17]. Core Insights - The company achieved record high performance in Q1-Q3 2025, with total revenue of 145.485 billion yuan, a year-over-year decrease of 5.99%, and a total profit of 24.068 billion yuan, an increase of 43.87%. The net profit attributable to shareholders reached 14.280 billion yuan, up 72.61% year-over-year, surpassing the total for the previous year [1]. - The copper production significantly exceeded expectations, with a total output of 543,400 tons in the first three quarters, a year-over-year increase of 14.14%, achieving 86.25% of the production guidance. The sales volume for copper was 520,300 tons, up 10.56% year-over-year [2]. - The company is optimistic about the long-term price and volume growth of copper, gold, and cobalt, with an upward revision of net profit forecasts for 2025, 2026, and 2027 to 19.5 billion, 25.3 billion, and 28.9 billion yuan respectively [4]. Summary by Sections Performance - The company reported a total revenue of 1454.85 billion yuan in Q1-Q3 2025, with a net profit of 142.80 billion yuan, marking a historical high for the same period [1]. Production - Copper production reached 543,400 tons, a 14.14% increase year-over-year, with Q3 production at 189,800 tons, up 16.98% [2]. - Cobalt production was 88,000 tons, a 3.84% increase year-over-year, but sales were impacted by export bans, resulting in a 36.08% decrease in sales volume [2]. Cost and Profitability - The total operating cost decreased by 12.35% year-over-year, leading to an increase in gross margins for copper and cobalt, with copper gross margin at 54.07% and cobalt at 63.46% [3]. Expenses - The company managed to reduce its period expense ratio significantly, with financial expenses dropping by 93.87% year-over-year due to reduced borrowing [4]. Financial Forecast - The company expects revenue growth rates of 7.68%, 14.37%, and 7.76% for 2023, 2024, and 2025 respectively, with net profit growth rates of 35.98%, 64.03%, and 44.25% for the same years [5][12].

股票研究 /[Table_Date] 2025.11.02 2025-11-04 月饼销售表现良好，餐饮业务彰显韧性 广州酒家 2025Q3 业绩点评 股 票 研 究 司 季 报 点 评 证 券 研 究 报 告 本报告导读： 公司经营稳健，注重股东回报。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,901 | 5,124 | 5,373 | 5,847 | 6,349 | | (+/-)% | 19.2% | 4.6% | 4.9% | 8.8% | 8.6% | | 净利润(归母) | 550 | 494 | 504 | 548 | 592 | | (+/-)% | 5.2% | -10.3% | 2.1% | 8.7% | 8.0% | | 每股净收益(元) | 0.97 | 0.87 | 0.89 | 0.96 | 1.04 | | 净资产收益率(%) | 15.1% | 12.7% | 11.7% ...

证券研究报告 公司研究 [Table_Title] 恺英网络（002517.SZ）：传奇盒子增速亮眼， 持续深入 AI 布局 [Table_ReportType] 公司点评 恺英网络（002517.SZ） 投资评级 买入 [T刘ab旺le_传Au媒th互or联] 网及海外首席分析 师 执业编号：S1500524120005 邮 箱：liuwang@cindasc.com 执业编号：S1500524100005 邮 箱：liyihan@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B 座 邮编：100031 [Table_ReportDate] 2025 年 11 月 4 日 盈利预测与投资评级：公司储备产品有望支撑后续业绩增长，传奇盒子进 一步挖掘传奇 IP 价值，持续布局 AI。我们预计公司 25-27 年归母净利润 分别为 22.07/26.18/29.63 亿元，同比增长 35.5%/18.6%/13.2%，对应估 上次评级 买入 [T事ab件le：_S公um司m公a告ry]2025 年三季度财报，2025 年前 ...

2025 年 11 月 04 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | [Table_Title] 线下渠道表现亮眼，成本下行带动盈利能力提升 ——有友食品（603697）2025 年三季报点评 | 相对沪深 300 | 表现 | | 2025/11/03 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 有友食品 | 14.1% | 8.8% | 57.6% | | 沪深 300 | 0.3% | 14.8% | 19.6% | | 市场数据 | | | 2025/11/03 | | 当前价格（元） | | | 12.99 | | 52 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [6] Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with total revenue reaching 537.89 billion yuan (YoY +25.9%) and net profit attributable to shareholders at 167.8 billion yuan (YoY +60.5%, with Q3 showing a YoY increase of 91.5%) [2] - The new business value (NBV) showed strong growth, increasing by 41.8% YoY, driven by product transformation and cost optimization [2] - The company’s total sales force increased to 657,000, with a notable improvement in the quality of the sales team [2] Financial Performance Summary - For the first three quarters of 2025, total premiums increased by 10.1% YoY to 669.645 billion yuan, achieving record high levels for the same period [2] - Investment assets grew by 10.2% year-to-date to 7,282.982 billion yuan, with total investment income rising by 41.0% YoY to 368.551 billion yuan [3] - The projected earnings per share (EPS) for 2025-2027 are estimated at 6.40 yuan, 6.93 yuan, and 7.68 yuan respectively, with a target price of 47.88 yuan based on a 0.9x 2025 P/EV [3][4]

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 04 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 年 | 11 | 月 | | | | 2025 | 日 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | | 5.62 | | / | | | | | | | 7.20/5.16 | | | | | | | | （元） | | ...

证券研究报告 美容护理 | 化妆品 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 04 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com | 基本数据 | | | | 2025 | 年 | 11 | 月 04 | | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 44.54 | | | | | | 一 年 内 | 最 | 高 | / | | | | | | | | 低 | 最 | | （元） | | | | | | | | | | 57.30/37.46 | | | | 总市值（百万元） | | | | | | | | 18,867.14 | | | | | | 流通市值（百万元） | | | | | | | | 18,867.14 | | | | | | 总股本（百万股） | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a significant year-on-year revenue increase of 9.0% for the first three quarters of 2025, achieving a total revenue of 468.99 billion yuan, while the net profit attributable to shareholders increased by 17.3% to 8.101 billion yuan [4][5] - In Q3 2025, the company achieved a revenue of 169.40 billion yuan, reflecting a quarter-on-quarter increase of 16.2% and a year-on-year increase of 6.7%. However, the net profit for Q3 was 2.083 billion yuan, showing a quarter-on-quarter decline of 30.4% [4][5] - The company is expected to benefit from ongoing reforms aimed at cost reduction and efficiency improvement, with projected net profits for 2025-2027 being 10.72 billion yuan (+8.3%), 13.68 billion yuan (+14.9%), and 17.20 billion yuan (+29.9%) respectively [4][5] Sales Performance - The company sold 1.1407 million vehicles in Q3 2025, marking a year-on-year increase of 38.7% and a quarter-on-quarter increase of 3.0%. The passenger vehicle segment saw a sales increase of 56.2% year-on-year [5][6] - The sales of the company's joint venture brands remained stable, with SAIC Volkswagen showing a significant year-on-year increase of 154.2% due to a low base effect [5][6] Financial Summary - The company’s total market capitalization is approximately 186.45 billion yuan, with a current stock price of 16.22 yuan [1] - The projected P/E ratios for 2025-2027 are 17.4, 13.6, and 10.8 respectively, indicating a favorable valuation outlook [7][9] Strategic Developments - The company has established a new passenger vehicle segment aimed at improving decision-making efficiency and resource allocation. It has also seen significant growth in its self-owned brands, with a 29.2% increase in sales for the first nine months of 2025 [6][7] - The company is actively pursuing advanced technologies, including solid-state batteries and intelligent vehicle solutions, with several new electric models set to launch, which are expected to drive future sales growth [6][7]

上 市 公 司 公 司 研 究 / 公 司 点 评 计算机 2025 年 11 月 04 日 软通动力 (301236) ——盈利质量提升，计算产品业务持续增长 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 31,316 | 25,383 | 34,615 | 38,788 | 43,865 | | 同比增长率（%） | 78.1 | 14.3 | 10.5 | 12.1 | 13.1 | | 归母净利润（百万元） | 180 | 99 | 369 | 483 | 646 | | 同比增长率（%） | -66.2 | 30.2 | 104.5 | 31.0 | 33.6 | | 每股收益（元/股） | 0.19 | 0.10 | 0.39 | 0.51 | 0.68 | | 毛利率（%） | 12.5 | 11.4 | 12.9 | 12.9 | 13.1 | | ROE（% ...