业绩逐季回暖，机器人业务进展顺利 永创智能(603901) 证券研究报告 专用设备 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 12.89 | | 流通股本(亿股) | 4.80 | | 每股净资产(元) | 5.02 | | 总股本(亿股) | 4.88 | 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 分析师 何兵 SAC 证书编号：S0160525080007 hebing@ctsec.com 相关报告 1. 《业绩触底回升，静待常温乳品和机器人 业务突破》 2025-09-01 2. 《2024 年业绩承压明显，静待包装设备 进口替代》 2025-04-29 3. 《包装设备龙头，成立子公司切入人形机 器人赛道》 2025-04-13 核心观点 盈利预测 最近 12 月市场表现 -9% 10% 30% 49% 68% 88% 永创智能 沪深3 ...

电力设备 | 证券研究报告 — 调整盈利预测 2025 年 11 月 3 日 688223.SH 电力设备：光伏设备 证券分析师：武佳雄 增持 原评级：增持 市场价格:人民币 5.81 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (17.1) 4.5 11.1 (38.6) 相对上证综指 (38.3) 2.6 0.4 (59.2) (47%) (33%) (19%) (5%) 9% 23% Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 晶科能源 上证综指 | 发行股数 (百万) | 10,005.20 | | --- | --- | | 流通股 (百万) | 10,005.20 | | 总市值 (人民币 百万) | 58,130.23 | | 3 个月日均交易额 (人民币 百万) | 631.82 | | 主要股东 | | | 晶科能源投資有限公司 | 55.59% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 10 月 31 ...

电力设备 | 证券研究报告 — 调整盈利预测 2025 年 11 月 3 日 002487.SZ 买入 原评级：买入 市场价格:人民币 50.30 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 155.5 6.5 57.6 112.9 相对深圳成指 122.8 7.6 36.1 86.6 发行股数 (百万) 637.75 流通股 (百万) 630.92 总市值 (人民币 百万) 32,078.79 3 个月日均交易额 (人民币 百万) 1,036.63 主要股东 北京金胤能源咨询有限公司（%） 38.93 (19%) 10% 39% 68% 98% 127% Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 大金重工 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 10 月 31 日收市价为标准 相关研究报告 《大金重工》20250415 《大金重工》20240517 《大金重工》20230829 中银国际证券股份有限公司 具备 ...

安琪酵母（600298.SH）2025 年三季报点评 海外延续增势，毛利表现亮眼 2025 年 11 月 03 日 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 15,197 | 16,716 | 18,550 | 20,437 | | 增长率（%） | 11.9 | 10.0 | 11.0 | 10.2 | | 归属母公司股东净利润（百万元） | 1,325 | 1,552 | 1,853 | 2,200 | | 增长率（%） | 4.1 | 17.2 | 19.4 | 18.8 | | 每股收益（元） | 1.53 | 1.79 | 2.13 | 2.53 | | PE | 25 | 22 | 18 | 15 | | PB | 3.1 | 2.8 | 2.5 | 2.3 | 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 10 月 31 日收盘价） 推荐 维持评级 当前价格： 38.82 元 [Table_ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue at 7.052 billion yuan, down 27.7% year-on-year, and net profit at 1.098 billion yuan, down 43.1% year-on-year. However, there are signs of recovery as inventory and contract liabilities have increased for three consecutive quarters, with a significant year-on-year growth of 41% in Q3 [2][5]. - The company is expected to achieve net profits of 1.66 billion yuan, 2.01 billion yuan, and 2.41 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 39.6x, 32.7x, and 27.2x, indicating potential investment opportunities [2]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported revenue of 7.052 billion yuan, a decrease of 27.7% year-on-year, and a net profit of 1.098 billion yuan, down 43.1% year-on-year. The third quarter alone saw revenue of 2.338 billion yuan, down 22.4% year-on-year, and a net profit of 385 million yuan, down 35.7% year-on-year [5][6]. - The gross margin improved in Q3 to 37.4%, with a year-on-year increase of 1.52 percentage points, indicating a potential recovery in profitability [12]. Business Segments - The revenue decline is attributed to pressures in the software development sector, while the IDC (Internet Data Center) business has shown stable growth. The company’s contract liabilities increased to 3.355 billion yuan, up 6.94 million yuan year-on-year, and inventory rose to 4.601 billion yuan, up 16.33 million yuan year-on-year, suggesting a positive trend in order recovery [12]. Future Outlook - The company is focusing on accelerating IDC construction and advancing AI and robotics strategies. As of Q3, the ongoing projects amounted to 1.940 billion yuan, reflecting the company's commitment to expanding its IDC capabilities [12]. - The investment recommendation emphasizes the importance of monitoring recovery signals, as the company is gradually returning to a growth trajectory with improving order conditions [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported Q3 2025 revenue of 1.497 billion (up 9.08% year-on-year) and a net profit attributable to shareholders of 633 million (up 34.51% year-on-year) [2][4]. - The launch of new games such as "热血江湖：归来" contributed to revenue growth, with the "传奇盒子" generating approximately 570 million in revenue [2][4]. - The company's profitability improved due to stable expenses and optimized business structure, with gross margin at 84.2% and net profit margin at 42.3% for Q3 [6]. Summary by Sections Financial Performance - Q3 2025 revenue reached 1.497 billion, with a year-on-year increase of 9.08% and a net profit of 633 million, reflecting a 34.51% increase [2][4]. - The company achieved a non-GAAP net profit of 582 million, up 21.11% year-on-year [2][4]. - The revenue from "传奇盒子" was approximately 570 million, with brand zone service income contributing about 245 million [6]. Business Growth Drivers - The launch of new games, including "热血江湖：归来" and "SEVEN: GLORY ROAD," contributed to the revenue increase, with overseas revenue reaching 126 million, accounting for 8.4% of total revenue [6]. - The company is expected to benefit from the ongoing growth of the "传奇盒子" platform and the release of new games, which will drive performance [6]. Future Outlook - The company is optimistic about the performance of the "传奇盒子" and the upcoming new games, which are expected to contribute to revenue growth [6]. - The AI development initiatives are anticipated to enhance valuation flexibility, with the AI gaming development platform "SOON" expected to commercialize in 2026 [6].

丨证券研究报告丨 [Table_Summary] 公司 2025 年前三季度实现营收 25.06 亿元，同比+6.67%；归母净利润 1.23 亿元，同比+2.49%； 扣非归母净利润 0.67 亿元，同比-4.74%。按此计算，25Q3 营收 8.41 亿元，同比+10.45%； 归母净利润 0.50 元，同比+106.95%；扣非归母净利润 0.35 亿元，同比+96.53%。值得注意的 是，公司毛利率在连续多个季度同比降幅缩窄之后，25Q3 迎来同比正增长，同比+0.12pct 达 到 21.06%，或进一步确立公司盈利能力的拐点。总体上，看好公司夯实核心业务优势，主业迎 来拐点，新应用持续开花结果，通过战略业务、国际业务持续打开成长空间。 分析师及联系人 [Table_Author] 赵智勇 臧雄 杨文建 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490525070003 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg1] 公司研究丨点评报告丨锐科激光（300747.SZ） ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨华锦股份（000059.SZ） [Table_Title] 三季度业绩环比减亏，反内卷下炼化景气度 企稳向好 报告要点 [Table_Summary] 公司公布 2025 年三季度报告，2025 年前三季度实现营业收入 302.90 亿元，同比上升 23.63%； 归母净利润-13.94 亿元，同比减亏；扣非归母净利润-14.13 亿元，同比减亏。其中 2025 年第 三季度实现营业收入 101.87 亿元，同比上升 205.27%，环比下降 6.91%；归母净利润-4.04 亿 元，同比及环比减亏；扣非归母净利润-4.07 亿元，同比及环比减亏。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 华锦股份（000059.SZ） cjzqdt11111 [Table_Title ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨航材股份（688563.SH） [Table_Title] 整体经营稳健，卡位优势延续 报告要点 [Table_Summary] 公司发布三季报，25Q1-3 实现营收 20.39 亿，同比减少 7.14%；归母净利润 4 亿，同比减少 8.23%；扣非归母净利润 3.58 亿，同比减少 6.2%。25Q3 实现营收 6.79 亿，同比减少 1.14%， 环比减少 4.09%；归母净利润 1.2 亿，同比减少 4.01%，环比减少 17.62%；扣非归母净利润 1.07 亿，同比减少 2.61%，环比减少 18.43%。 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 航材股份（688563.SH） cjzqdt11111 [Table_Title2] 整体经营稳健，卡位优势延续 [Table_S ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨新城控股（601155.SH） [Table_Title] 自持贡献提升拉高毛利率，公司估值重塑可期 ——新城控股 2025 年三季报点评 报告要点 [Table_Summary] 自持贡献提升拉高毛利率，公司估值重塑可期。行业景气加速下行背景下政策博弈预期逐渐提 升，叠加公司偿债高峰期已过且融资能力持续修复，市场风险偏好有望逐渐提升。较充裕在手 土储仍对销售形成一定保障，自持业务稳健增长，成为公司重要的盈利与融资来源，公司价值 有望重估。 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 新城控股（601155.SH） cjzqdt11111 [Table_Title 自持贡献提升拉高毛利率，公司估值重塑可期 2] ——新城控股 2025 年三季报点评 [Table_Summary2] 事件描述 公 ...