Investment Rating - The investment rating for the company is "Buy-A" and is maintained [1] Core Views - The company reported a third-quarter revenue of 8.96 billion yuan, a year-on-year increase of 4.05%, while the net profit attributable to shareholders was 2.899 billion yuan, a decrease of 1.38% year-on-year [2][4] - The performance of the Qinghua 20 and Glass Fen products was strong, with significant growth in the out-of-province market. The company adjusted its product structure and sales strategy in response to economic conditions [4][5] - The company is expected to achieve low single-digit revenue growth for the full year, with profit growth remaining flat. Forecasted net profits for 2025-2027 are 12.302 billion, 12.899 billion, and 13.647 billion yuan, respectively [6] Financial Performance Summary - For the first three quarters of 2025, the company's revenue and profit increased by 5.0% and 0.48% year-on-year, respectively. The third quarter saw a revenue increase of 4.05% but a profit decrease of 1.38% [4][5] - The sales net profit margin for the first three quarters was 34.78%, down 1.45 percentage points year-on-year, while the gross profit margin was 76.10%, up 0.07 percentage points year-on-year [5] - The company’s revenue for 2023 is projected at 31.928 billion yuan, with a year-on-year growth of 21.8%, and net profit at 10.438 billion yuan, with a year-on-year growth of 28.9% [8][9] Product and Market Analysis - The company’s product lines include strong performers like Glass Fen and Qinghua series, with the Qinghua 20 showing double-digit growth. However, the Qinghua 30 experienced a significant decline [4][5] - In terms of regional performance, the company saw a 7.52% decrease in revenue from the domestic market for the first three quarters, while the out-of-province market grew by 12.72% [4][5] Valuation Metrics - The estimated earnings per share (EPS) for 2025 is 10.08 yuan, with corresponding price-to-earnings (P/E) ratios of 18.9, 18.0, and 17.0 for the years 2025, 2026, and 2027, respectively [6][8] - The company’s return on equity (ROE) is projected to decline from 37.0% in 2023 to 22.3% by 2027 [10][11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but new businesses are blooming in multiple areas [1] - Revenue for the first three quarters of 2025 reached 977 million yuan, a year-on-year increase of 14.8%, while the net profit attributable to shareholders was a loss of 15 million yuan, with the loss margin slightly increasing [7] - The company signed new orders worth 1.917 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 41.97% [7] - The company is actively advancing its platform strategy, focusing on AI-based detection and various new business areas, achieving good progress [7] Financial Summary - Total revenue forecast for 2023 is 1,648 million yuan, with a projected growth of 5.55% in 2025 and 29.31% in 2026 [1][8] - The net profit attributable to shareholders is expected to be 101.06 million yuan in 2025, with a significant increase to 268.70 million yuan in 2026 [1][8] - The company's gross margin for the first three quarters of 2025 was 35.6%, a decrease of 3.8 percentage points year-on-year [7] - The company’s cash flow from operating activities turned positive in the first three quarters of 2025, amounting to 31 million yuan [7] Business Development - The company is well-positioned to benefit from the acceleration of domestic substitution in various sectors, including consumer electronics, PCB, semiconductors, intelligent driving, and robotics [7] - In the consumer electronics sector, the company has secured significant orders related to foldable screens and AI applications [7] - The PCB business has seen over 50% revenue growth in the first half of 2025, with an expanding customer base [7] - The semiconductor business has made significant progress, with the company’s TB1500 and TB2000 detection equipment receiving formal orders from major clients [7] - The intelligent driving sector has seen collaborations with major companies like NVIDIA, enhancing the company’s market presence [7] Earnings Forecast and Valuation - The forecasted net profit for 2025-2026 is 101 million yuan and 268 million yuan respectively, with a new forecast for 2027 at 380 million yuan [1] - The current price-to-earnings (P/E) ratio is projected to be 104 for 2025, 39 for 2026, and 27 for 2027, reflecting the company's growth potential [1][8]

2025 年 11 月 04 日 贝达药业（300558.SZ）2025 年三季报点评 摘要内容：公司发布 2025 年三季报，2025Q1-3 实现营业收入 27.17 亿元 （+15.90%），归母净利润 3.17 亿元（-23.86%），扣非归母净利润 3.37 亿 元（-6.74%）。 恩沙替尼海外商业化进展顺利，在研项目稳步推进。2025 年 6 月，公司产 品盐酸恩沙替尼胶囊（商品名：贝美纳®）于中国澳门获批上市，8 月于美 国开出首张处方，10 月于中国澳门镜湖医院开出首张处方。9 月，恩沙替 尼新辅助治疗 ALK 阳性 NSCLC 研究、恩沙替尼与放疗存在潜在协同增敏 作用研究、恩沙替尼 EMBRACE 研究中 ctDNA 监测策略的分析与比较、 MCLA-129 治疗 NSCLC 患者 I 期研究更新结果在 2025 WCLC 大会展示； 10 月，恩沙替尼术后辅助治疗数据在 2025 ESMO 年会首次披露，中期结 果显示，恩沙替尼术后辅助治疗 2 年无病生存期（DFS）率达 86.4%，2 年无病生存期风险比（HR）为 0.20，复发风险显著降低 80%。 创新生态圈布局陆续收获阶段性成 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 26.5 RMB per share based on a 25x PE for 2025E [4][13]. Core Insights - The company has shown steady revenue growth in the first three quarters, with a revenue of 1.24 billion RMB, representing a year-over-year increase of 7.37%. The gross profit margin (GPM) increased by 6.81 percentage points to 17.91%, while the net profit attributable to shareholders grew by 60% to 147 million RMB [4][14]. - In Q3 2025, the company achieved a revenue of 466 million RMB, a significant year-over-year growth of 21.75%, with a GPM of 16.53% [4][15]. - The company is expanding its overseas market presence, with notable cost reduction and efficiency improvements, including the commencement of sales in Singapore [4][16]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 1,748 million RMB, 1,555 million RMB, 1,681 million RMB, 1,869 million RMB, and 2,066 million RMB, respectively [2]. - Net profit attributable to shareholders is projected to grow from 146 million RMB in 2023A to 294 million RMB in 2027E, with significant growth rates in the intervening years [2]. - The earnings per share (EPS) forecast for 2025E is 1.06 RMB, increasing to 1.53 RMB by 2027E [4][13].

公司研究 证 券 研 究 报 告 业绩稳健增长，平台型龙头优势持续显现 目标价：502.5 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 29,838 | 39,509 | 50,146 | 60,221 | | 同比增速(%) | 35.1% | 32.4% | 26.9% | 20.1% | | 归母净利润(百万) | 5,621 | 6,663 | 9,100 | 12,068 | | 同比增速(%) | 44.2% | 18.5% | 36.6% | 32.6% | | 每股盈利(元) | 7.76 | 9.20 | 12.56 | 16.66 | | 市盈率(倍) | 52 | 44 | 32 | 24 | | 市净率(倍) | 9.3 | 7.8 | 6.3 | 5.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 3 日收盘价 半导体设备 2025 年 11 月 04 日 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 191.86 CNY [2][9]. Core Insights - The company reported a revenue of 1.244 billion CNY for Q3 2025, reflecting a year-over-year increase of 30.28% and a quarter-over-quarter increase of 19.97%. The net profit attributable to shareholders was 286 million CNY, showing a slight decline of 0.71% year-over-year but a 5.14% increase quarter-over-quarter [2][9]. - The company is focusing on opportunities in AI-driven advanced packaging, with significant investments in R&D and production capacity to enhance its core competitiveness. The market share of its CMP products is increasing, and the company is expanding its service offerings [9]. - The company's gross margin for Q3 2025 was 40.97%, down 4.11 percentage points year-over-year, primarily due to lower margins on new products and increased R&D expenses. The net profit margin was 22.99%, down 7.17 percentage points year-over-year [9]. - The company is actively developing new products and technologies to meet the demands of the semiconductor industry, particularly in advanced packaging and chip stacking technologies [9]. Financial Summary - Total revenue projections for the company are as follows: 3,406 million CNY in 2024, 4,571 million CNY in 2025, 5,903 million CNY in 2026, and 7,448 million CNY in 2027, with year-over-year growth rates of 35.8%, 34.2%, 29.1%, and 26.2% respectively [4][10]. - The net profit attributable to shareholders is projected to be 1,023 million CNY in 2024, 1,184 million CNY in 2025, 1,507 million CNY in 2026, and 1,863 million CNY in 2027, with growth rates of 41.4%, 15.7%, 27.3%, and 23.7% respectively [4][10]. - The earnings per share (EPS) are expected to increase from 2.90 CNY in 2024 to 5.27 CNY in 2027, reflecting a strong growth trajectory [4][10].

上 市 公 司 报告原因：有业绩公布需要点评 计算机 事件： ⚫ 公司公布 2025Q3 业绩报告。公司 2025Q1-Q3 实现营收 22.08 亿元，同比增长 10.02%， 实现归母净利润 1.46 亿元，同比增长 0.54%；实现扣非归母净利润为 0.32 亿元，同比减 少 53.71%。2025Q3 实现营收 8.60 亿元，同比减少 4.68%，实现归母净利润 0.68 亿元， 同比减少 16.71%；实现扣非归母净利润为 0.55 亿元，同比减少 15.79%，2025Q3 业绩 低于市场预期。 点评： 2025 年 11 月 04 日 中科星图 (688568) 财务数据及盈利预测 ——持续加大低空及 AI 云平台投入，看好公司未来高成 长 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,257 | 2,208 | 4,331 | 5,914 | 7,898 | | 同比增长率（%） | 29.5 | 10.0 | 32.9 | 36.6 | ...

Investment Rating - The report maintains a "Buy" rating for 鼎泰高科 (301377) [1] Core Views - The company reported strong Q3 performance with revenue of 5.53 billion yuan, a year-on-year increase of 32.94% and a quarter-on-quarter increase of 14.98% [4] - The gross margin for Q1-Q3 2025 improved to 40.62%, up 5.04 percentage points year-on-year, while the net margin reached 19.28%, an increase of 3.99 percentage points year-on-year [7] - The PCB industry is experiencing strong demand, driven by hardware upgrades in AI servers and high-speed switches, leading to a robust order book for the company [7] - The company is accelerating its production capacity for PCB micro-drilling needles, with a current monthly capacity exceeding 100 million units [7] - The acquisition of a German PCB tool manufacturer is expected to enhance the company's global presence and technological capabilities [7] - The profit forecast has been raised, with expected net profits for 2025-2027 now at 395 million, 703 million, and 1.029 billion yuan respectively [7] Financial Data and Profit Forecast - For Q1-Q3 2025, the company achieved a revenue of 14.57 billion yuan, a year-on-year increase of 29.13%, and a net profit of 2.82 billion yuan, up 63.94% year-on-year [4] - The projected total revenue for 2025 is 2.051 billion yuan, with a year-on-year growth rate of 29.8% [6] - The expected gross margin for 2025 is 39.5%, with a net profit margin of 19.28% [6]

证券研究报告·公司点评报告 2025 年 11 月 4 日 江海证券研究发展部 分析师：张婧 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 富士达 920640.BJ 通信行业 市场数据 | 总股本(百万股) | | | | | 187.73 | | | --- | --- | --- | --- | --- | --- | --- | | A | 股股本(百万股) | | | | 187.73 | | | B/H | 股股本(百万股) | | | | | -/- | | A | 股流通比例(%) | | | | 96.20 | | | 12 | 个月最高/最低(元) | | | 43.82/19.80 | | | | 第一大股东 | | | 中航光电科技股份有限公司 | | | | | 第一大股东持股比例(%) | | | | | 46.64 | | | 上证综指/沪深 | 300 | | 3976.52/4653.40 | | | | | 数据来源：聚源 | | 注：2025 | 年 11 月 | 3 | 日数据 | | % 1 个月 3 个月 1 ...

分季度看，2025Q1/Q2/Q3 分别实现营收 1.71/2.04/2.01 亿元（分别同比 +8.8%/+11.3%/+18.6%，Q2/Q3 分别环比+19.4%/-1.6%），归母净利润 0.30/0.41/0.39 亿元（分别同比+1.7%/-12.7%/+78.2%，Q2/Q3 分别环比 +36.5%/-4.7%）。 毛利率企稳，费用率改善。2025Q1-3，公司毛利率为 64.0%（同比+0.4pp）、 净利率 19.1%（同比-0.2pp）；销售费用率 14.0%（同比-0.3pp）、管理费 用率 17.0%（同比-2.2pp）、研发费用率 10.8%（同比-1.6pp）、财务费用 率-0.6%（同比+0.7pp），期间费用率整体为 41.1%（同比-3.4pp）。 国内新设施已满产，美国新设施启用，欧洲设施寻找中。截至 2025Q2 末， 公司在江苏南京、江苏常州、广东佛山、四川成都、北京大兴、上海宝山运 营七个大型生产设施，合计产能约 28 万笼，国内设施布局完成，其中北京 药康大兴设施、上海药康宝山设施、广东药康二期设施均于 2023 年下半年 陆续建成投产，合计产能约 8 万笼，目前产 ...