Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - For the first three quarters of 2025, the company reported total revenue of 1.356 billion yuan, representing a year-on-year increase of 12.05%. The net profit attributable to shareholders was 201 million yuan, up 3.51%, while the net profit excluding non-recurring items was 175 million yuan, an increase of 19.4% [2][4]. - In Q3 2025, the company achieved total revenue of 522 million yuan, reflecting a year-on-year growth of 16.74%. However, the net profit attributable to shareholders decreased by 16.07% to approximately 69.57 million yuan, while the net profit excluding non-recurring items increased by 25.53% to about 73.90 million yuan [2][4]. Financial Performance Summary - The total revenue for the first nine months of 2025 was 1.356 billion yuan, with the main business revenue accounting for 1.355 billion yuan. The food segment generated 1.226 billion yuan, making up 90.40% of total revenue, with specific contributions from various product categories [6]. - The company’s franchise sales reached 1.013 billion yuan, representing 74.72% of total revenue, while group meal channels contributed 306.95 million yuan, or 22.63% [6]. - As of Q3 2025, the total number of franchise stores increased to 5,934, up from 5,143 at the beginning of the year, with a net addition of 791 stores [6]. Profitability Metrics - The gross profit margin for the first three quarters of 2025 improved by 1.61 percentage points to 28.01%, while the net profit margin decreased by 1.22 percentage points to 14.83% [6]. - In Q3 2025, the gross profit margin was 29.6%, an increase of 2.81 percentage points year-on-year, while the net profit margin fell by 5.21 percentage points to 13.33% [6]. Earnings Forecast and Investment Recommendations - The company is projected to achieve net profits of 290 million yuan, 325 million yuan, and 363 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are expected to be 1.21 yuan, 1.36 yuan, and 1.51 yuan, with price-to-earnings (PE) ratios of 23, 21, and 18 times [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to see a bottoming out of its fundamentals in 2025, with an anticipated recovery in 2026 and an improvement in valuation. Short-term challenges include old factory utilization rates, order adjustments, and the impact of new factory production in H2, which are expected to continue to pressure net profit margins. However, a stable tax rate and recent efficiency improvements are expected to support a recovery in Q3 net profit margins. In the medium term, stabilization from existing customers and growth from new customers are anticipated to drive a new growth cycle, supported by proactive capacity expansion and an improved industry landscape, which should enhance profitability and valuation [2][4][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 186.8 billion yuan, a year-on-year increase of 6.7%, while net profit attributable to the parent company was 24.4 billion yuan, a decrease of 14.3%. In Q3 alone, revenue was 60.2 billion yuan, a slight decline of 0.3% year-on-year, and net profit was 7.6 billion yuan, down 20.7% year-on-year [4][10]. - The Q3 gross profit margin improved by 1.1 percentage points quarter-on-quarter but decreased by 4.8 percentage points year-on-year to 22.2%. The net profit margin attributable to the parent company was 12.7%, reflecting a quarter-on-quarter increase of 0.3 percentage points and a year-on-year decrease of 3.3 percentage points [10][4]. Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 33.6 billion yuan, 40.7 billion yuan, and 47.2 billion yuan, respectively, representing year-on-year changes of -12%, +21%, and +16%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 15 times, with a dividend payout ratio of 70%, leading to a forecasted dividend yield of 3.4% for 2025 [2][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In Q3 2025, the company achieved operating revenue of 595 million yuan, a year-on-year increase of 3.05%, while the net profit attributable to the parent company was 127 million yuan, a year-on-year decline of 17.17% [2][6] - The company is advancing its comprehensive layout and leveraging technology, with the AI travel assistant fully integrated with the DeepSeek model, enhancing smart interaction and service experiences [2][6] - The company is expected to benefit from improved transportation conditions and hotel renovations, leading to steady revenue growth [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total operating revenue of 1.535 billion yuan, a year-on-year increase of 8.75%, and a net profit of 253 million yuan, down 11.02% year-on-year [6] - In Q3 2025, the company received 1.493 million visitors, a slight increase of 0.02% year-on-year, while the increase in visitor numbers did not translate into profit growth due to rising resource usage fees [12] Project Developments - The company established Huangshan Yunqu Travel Service Co., Ltd. and successfully acquired land use rights for a state-owned construction site, which is expected to diversify its tourism offerings [12] - The renovation of the Beihai Hotel was completed in Q3 2025, and it opened on September 20, which is anticipated to contribute to new revenue growth [12] Profitability Analysis - The gross margin decreased by 4.43 percentage points to 53.61% due to increased resource usage fees [12] - The net profit margin fell by 5.65 percentage points to 23.13% as a result of rising operational costs [12] Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 343 million, 382 million, and 424 million yuan, respectively, with corresponding P/E ratios of 24, 22, and 19 [12]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨五芳斋（603237.SH） [Table_Title] 五芳斋 2025 年三季报点评：中秋错期影响三季 度表现，基本盘整体稳定 报告要点 [Table_Summary] 公司 2025Q1-Q3 营业总收入 19.85 亿元（同比-3.06%，下文皆为同比）；归母净利润 1.75 亿 元（-16.89%），扣非净利润 1.66 亿元（-17%）。2025Q3 营业总收入 3.94 亿元（-15.68%）； 归母净利润-1961.96 万元（+15.01%），扣非净利润-2335.21 万元（+10.64%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 五芳斋（603237.SH） cjzqdt11111 [Table_Title 五芳斋 20252]年三季报点评：中秋错期影响三季 度表现 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a total revenue of 3.957 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.09%. The net profit attributable to shareholders was 176 million yuan, up 106.88% year-on-year, while the net profit excluding non-recurring items was 120 million yuan, an increase of 92.44% year-on-year [2][4] - In Q3 2025, the company achieved a revenue of 1.39 billion yuan, reflecting a year-on-year growth of 14.22%. The net profit attributable to shareholders reached 42.97 million yuan, a significant increase of 214.67% year-on-year, and the net profit excluding non-recurring items was 17.27 million yuan, up 224.22% year-on-year [2][4] Revenue Breakdown - The revenue from cheese products for the first three quarters was 3.302 billion yuan, showing a year-on-year increase of 17.42%, while in Q3 2025, it grew by 22.44% year-on-year. Trade revenue was 360 million yuan, down 0.56% year-on-year, and liquid milk revenue was 274 million yuan, down 2.48% year-on-year [5] - From a channel perspective, distribution revenue was 2.895 billion yuan, up 5.86% year-on-year, while direct sales revenue surged to 681 million yuan, marking an increase of 89.99% year-on-year [5] - Regionally, the North region generated 1.437 billion yuan, up 3.83% year-on-year, the Central region 1.677 billion yuan, up 24.36%, and the South region 822 million yuan, up 13.73% year-on-year [5] Profitability Improvement - The company's net profit margin for the first three quarters improved by 2.08 percentage points to 4.45%, with a gross margin increase of 0.95 percentage points to 29.88%. The expense ratio decreased by 1.34 percentage points to 25.36% [6] - In Q3 2025, the net profit margin rose by 1.97 percentage points to 3.09%, and the gross margin increased by 1.14 percentage points to 28.18%, while the expense ratio decreased by 0.6 percentage points to 25.77% [6] Future Outlook - The company is expected to continue benefiting from the integration with Mengniu's cheese business, enhancing the cost advantages of domestic raw milk and improving profitability. The projected net profits for 2025 and 2026 are 234 million yuan and 364 million yuan, respectively, corresponding to PE ratios of 56 and 36 times [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a total revenue of 1.245 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 40.39%. The net profit attributable to shareholders was 174 million yuan, up 43.34%, while the net profit excluding non-recurring items reached 154 million yuan, increasing by 46.99% [2][5] - In Q3 2025, the total revenue was 474 million yuan, reflecting a year-on-year growth of 32.7%. The net profit attributable to shareholders was approximately 65.33 million yuan, up 44.79%, and the net profit excluding non-recurring items was about 60.90 million yuan, increasing by 39.31% [2][5] Summary by Sections Revenue Growth - The company's main business revenue for the first three quarters of 2025 reached 1.236 billion yuan, a year-on-year increase of 40.28%, primarily driven by meat products. Poultry products contributed 1.077 billion yuan, accounting for 87.17% of total revenue, which is an increase of 4.03 percentage points year-on-year. The proportion of livestock and vegetable products has slightly decreased [11] - The sales structure has significantly improved, with revenue from the Southeast region reaching 719 million yuan, accounting for 58.19% of total revenue, and a year-on-year growth of 113.72%. The Southwest region's revenue share decreased from 49.39% to 34.15% [11] Channel Structure - The channel structure continues to shift towards offline sales, with offline channel revenue for Q1-Q3 2025 at 1.162 billion yuan, making up 94.02% of total revenue. Online channel revenue increased to 73.86 million yuan, with a year-on-year growth of 67.89%, but still accounts for less than 6% of total revenue [11] Profitability and Cost Control - The company's net profit margin for Q1-Q3 2025 increased by 0.29 percentage points to 13.96%. However, the gross profit margin decreased by 2.73 percentage points to 27.33%. The expense ratio decreased by 3.3 percentage points to 11.6% [11] - In Q3 2025, the net profit margin improved by 1.15 percentage points to 13.78%, while the gross profit margin decreased by 1.95 percentage points to 26.95%. The expense ratio also decreased by 1.71 percentage points to 11.2% [11] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 218 million yuan, 256 million yuan, and 287 million yuan for 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.51 yuan, 0.60 yuan, and 0.67 yuan, with price-to-earnings (PE) ratios of 26, 22, and 20 times, respectively [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 49.67 billion yuan in Q3 2025, representing a year-on-year increase of 7.57%. The net profit attributable to shareholders was 3.03 billion yuan, down 11.84% year-on-year. The net profit excluding non-recurring items was 2.74 billion yuan, a decrease of 1.00% year-on-year [2][6]. - The overall gross margin for the first three quarters of 2025 was 23.81%, an increase of 0.53 percentage points year-on-year. The increase in research and development expenses has led to higher costs, but the company expects its core forklift business to continue to grow steadily, with emerging sectors like smart logistics and components becoming new growth drivers [2][12]. - The company is experiencing significant improvements in both domestic and international sales, with the global forklift market showing strong growth. The domestic market saw a total sales volume of 221,000 units in Q3 2025, up 21.1% year-on-year, while international sales also continued to rise [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 149.34 billion yuan, a year-on-year increase of 10.94%. The net profit attributable to shareholders was 11.21 billion yuan, down 4.88% year-on-year, while the net profit excluding non-recurring items was 10.07 billion yuan, up 0.56% year-on-year [6][12]. Market Trends - The forklift industry in China saw a total sales volume of 367,000 units in Q3 2025, reflecting a year-on-year increase of 19.0%. The company has established subsidiaries and service networks in various regions globally, which is expected to drive growth in markets such as South America, Europe, and Africa [12]. Strategic Developments - The company is deepening its smart logistics business and has formed strategic partnerships with leading technology firms. This collaboration is expected to enhance the development of its robotics and smart logistics products [12]. - The company maintains a positive outlook for its long-term growth potential, driven by the recovery of domestic manufacturing and the shift towards larger, high-end, and intelligent forklift products [12].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨怡合达（301029.SZ） [Table_Title] 怡合达 2025年三季报点评：盈利能力持续修复， 效率提升进行时 报告要点 [Table_Summary] 怡合达发布三季报，25Q1-3 实现营收 21.97 亿元，同比+18.30%，实现归母净利润 4.17 亿元， 同比+27.16%。按此计算，25Q3 实现营收 7.36 亿元，同比+17.52%；实现归母净利润 1.36 亿 元，同比+28.59%；实现扣非归母净利润 1.33 亿元，同比+28.44%。 [Table_Author] 赵智勇 曹小敏 SAC：S0490517110001 SAC：S0490521050001 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 怡合达（301029.SZ） cjzqdt11111 分析师及联系人 [Table_Title 怡合达 20252] 年三季报点评：盈利能力持续修 复，效率提升进行时 [Table_Summary ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.352 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 44.75%. The net profit attributable to the parent company was 438 million yuan, up 83.99% year-on-year. In Q3 2025, the revenue reached 534 million yuan, with a year-on-year increase of 46.68%, and the net profit was 176 million yuan, growing 80.24% year-on-year. The outlook suggests that the company is expected to benefit from the high demand in the domestic wind power installation and the ongoing renovation needs in the U.S. market, which will enhance its performance growth potential [2][5][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.352 billion yuan, a 44.75% increase year-on-year, and a net profit of 438 million yuan, an 83.99% increase year-on-year. In Q3 2025, the revenue was 534 million yuan, up 46.68% year-on-year, and the net profit was 176 million yuan, an increase of 80.24% year-on-year [2][5] Profitability Improvement - The company's Q3 gross profit margin was approximately 51%, an increase of 2.1 percentage points year-on-year, while the net profit margin reached 33%, up over 6 percentage points year-on-year. The improvement in gross margin is attributed to a slight increase in the proportion of export revenue and a shift in product structure towards higher-value products due to the trend of larger wind turbines [6][11] Order Growth and Market Demand - New orders signed in the first nine months of 2025 increased by about 25% compared to the same period last year, with domestic market orders growing faster than overseas orders. The domestic wind power installation capacity continues to grow rapidly, with a reported increase of 6.109 million kilowatts in new installations from January to September 2025, a 56% year-on-year growth [11][12] Product Development and Market Position - The company is focusing on optimizing its product structure and launching high-quality new products. The gear rack and pinion lifts and large-load lifts have become key growth drivers. The company holds a leading market share of approximately 70% in the domestic wind power sector and over 30% in the international market [11][12] Future Earnings Projections - The company is expected to achieve net profits of 550 million yuan and 650 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 17 and 15 times [11][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has a diversified product capability that spans both external and internal multi-level voltage conversion power modules and systems, with a focus on opportunities in onboard power and liquid cooling. It is gradually expanding towards becoming a comprehensive power supply solution provider for AI data centers. The AI power business is expected to become a new growth point for the company, driven by NVIDIA's push in the AIDC industry [2][6]. - In the first three quarters of 2025, the company achieved revenue of 6.791 billion yuan, a year-on-year increase of 15.05%, while the net profit attributable to the parent company was 213 million yuan, a year-on-year decrease of 48.29%. In Q3 2025, revenue was 2.118 billion yuan, up 11.93% year-on-year, but net profit dropped 59.58% year-on-year to 39 million yuan [6][8]. Summary by Sections Financial Performance - The company reported a total revenue of 6.791 billion yuan for the first three quarters of 2025, reflecting a 15.05% increase year-on-year. However, the net profit attributable to the parent company fell to 213 million yuan, down 48.29% year-on-year. In Q3 2025, revenue was 2.118 billion yuan, an 11.93% increase year-on-year, while net profit decreased by 59.58% to 39 million yuan [6][8]. Business Development - The company is making steady progress in its AI business, with most projects advancing smoothly. It has participated in several global industry exhibitions recently and launched a series of products such as Power Shelf, BBU Shelf, and Power Capacitor Shelf, which align with next-generation technology platforms. The company is focusing on opportunities in onboard power and liquid cooling, aiming to become a comprehensive power supply solution provider for AI data centers [2][6]. Market Position - The company has successfully established a foothold in overseas markets by offering competitive pricing, faster response times, and superior service. Its global "R&D + manufacturing + sales" network is becoming increasingly robust, leading to a growing proportion of overseas sales revenue [6]. Future Outlook - The company views the AI industry as a critical growth area for the next decade and is investing heavily in various aspects such as technology research, platform development, product R&D, testing, certification, supply chain optimization, and market expansion. It aims to leverage its technological advantages and quality customer resources to drive growth in the AI power sector [6][8].