Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's Q3 performance saw a significant year-on-year increase, driven by the recovery in the oil and bulk shipping markets [5][8] - The optimistic outlook for the oil and bulk shipping markets, along with the company's leading position, supports the maintained "Buy" rating [6] Financial Performance Summary - The company achieved a revenue of 19.31 billion yuan in the first three quarters of 2025, a slight increase of 0.07% year-on-year, with Q3 revenue reaching 6.725 billion yuan, up 10.95% [8] - The net profit attributable to shareholders for the first three quarters of 2025 was 3.3 billion yuan, a decrease of 2.06% year-on-year, while Q3 net profit was 1.175 billion yuan, an increase of 34.75% [8] - The net profit from the oil tanker segment in Q3 2025 was 597 million yuan, up 55.06% year-on-year, while the bulk carrier segment saw a net profit of 292 million yuan, down 21.08% [8] Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 5.543 billion yuan, 8.153 billion yuan, and 8.714 billion yuan, with corresponding year-on-year growth rates of 8.53%, 47.09%, and 6.88% respectively [6] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.43, 9.13, and 8.54 times respectively [6] Market Dynamics - The oil shipping market is expected to benefit from OPEC+ production increases, which may lead to higher shipping volumes and a tightening supply-demand balance for VLCCs [8] - The dry bulk shipping market is anticipated to improve due to increased demand from the recovery of commodity prices and new mining projects in Guinea [8]

证券研究报告 非银金融 | 保险Ⅱ 金融|公司点评报告 市场表现： | 基本数据 | | | | 10 月 31 日 | | | 2025 | 年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 57.83 | | | | | 一 年 内 最 | 最 | 高 | / | 61.49/47.00 | | 低 | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | 1,047,164.94 | | | | | | 流通市值（百万元） | | | | 1,047,164.94 | | | | | | 总股本（百万股） | | | | | 18,107.64 | | | | | 资产负债率（%） | | | | | 89.94 | | | | | 每股净资产（元/股） | | | | | 54.47 | | | | | 资料来源：聚源数据 | | | | | | | | | 中国平安(601318.SH) 投资评级： 买入（维持） ———利润数据大幅增长，寿险 NBV 持 ...

证券研究报告 交通运输 | 铁路公路 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 03 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： | 收盘价（元） | 5.71 | | --- | --- | | 一 年 内 最 高 / 最 低 | 6.56/4.74 | | （元） | | | 总市值（百万元） | 17,461.52 | | 流通市值（百万元） | 17,461.52 | | 总股本（百万股） | 3,058.06 | | 资产负债率（%） | 66.28 | | 每股净资产（元/股） | 5. ...

➢ 事件：2025 年 10 月，公司发布 2025 年三季报，根据公告，公司 25Q1- Q3 实现收入 499.70 亿元，同比-20.87%，实现归母净利润-42.01 亿元，实现 扣非归母净利润-43.15 亿元。 分季度看，公司 25Q3 实现收入 189.14 亿元，同比-6.27%，环比+13.12%，实 现归母净利润-12.83 亿元，实现扣非归母净利润-13.59 亿元，亏损环比收窄。 ➢ 费用管控能力良好，盈利能力边际改善。费用率方面，公司 25Q3 销售/管 理/研发/财务费用率分别为 2.75%/3.74%/1.96%/2.52%，环比分别-0.04Pcts/- 0.48Pcts/-0.68Pcts/+1.54Pcts，除财务费用率提升外，其他各项费用率改善显 著，费用管控能力持续优化。25Q3 公司销售毛利率/净利率分别为 4.49%/- 6.83%，环比 25Q2 分别+0.04Pcts/+2.63Pcts。 ➢ 至尊 N 型 TOPCon 组件领跑量产最高功率。根据 TaiyangNews 发布的 10 月量产最高效率光伏组件榜单，天合光能至尊 N 型组件以 720W 量产交付功 ...

公 司 研 究 2025 年 11 月 3 日 推荐/维持 千味央厨 公司报告 事件：2025 年 10 月 28 日，千味央厨发布 2025 年三季报。2025 年前三季度 实现营收 13.78 亿元，同比+1.00%；归母净利润 0.54 亿元，同比-34.06%， 扣非归母净利润 0.54 亿元，同比-34.15%。25 年 Q3 公司实现营业总收入 4.92 亿元，同比+4.27%；实现归母净利润 0.18 亿元，同比-19.08%，扣非归母净 利润 0.20 亿元，同比-14.00%。 以直营优势拥抱新零售渠道。公司积极拥抱新零售销售趋势，将在直营客户端 的产品研发和定制化生产优势应用于新零售渠道。公司与盒马、沃尔玛、永辉 等建立合作，提升了销售规模，为公司服务餐饮全场景及开拓新客户提供坚实 的基础。公司研发的法式云朵焦糖慕斯挞一经上市便在盒马拿下西点飙升榜第 一；日本同款网红产品法式香草布雷酥在盒马上市首周便登顶盒马烘焙宝藏新 品榜 Top1。经销渠道层面，公司在稳基量的前提下做了结构性调整，以服务 为导向，赋能经销商服务终端客户，如团餐、西快、商超熟食区等场景的客户， 增加客户粘性，我们推测经销 ...

山东药玻（600529.SH）：规模优势 提升，等待需求释放 2025 年 11 月 3 日 强烈推荐/维持 山东药玻 公司报告 公司公布 2025 年三季报：前三季度实现营业收入 34.01 亿元，同比下降 11.10%；归属于母公司股东净利润为 5.42 亿元，同比下降 24.70%；扣非后 归属于母公司股东净利润为 5.16 亿元，同比下降 25.13%。实现基本 EPS 为 0.82 元。 点评： 公 司 研 究 产品结构优化提升毛利率，存货跌价损失、管理和研发费用率提升拉低净利润 率。2025 年前三季度公司综合毛利率为 33.08%，同比提高 0.98 个百分点， 这和公司中硼硅模制瓶等高端产品的比例提升有关。净利率为 15.95%，同比 下降 2.89 个百分点，主要是管理费用率和研发费用率的提升和存货跌价损失 导致。前三季度管理费用率为 5.71%，同比提高 1.88 个百分点，管理费用率 的提升除了费用的刚性外，主要是职工薪酬和折旧的提升；研发费用率为 4.07%，同比提高 1.05 个比分点，主要是公司研发职工薪酬提升。研发职工薪 酬提升有利于公司保证研发实力，提升产品的竞争力。前三季度公 ...

证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com hyzqdatemark 2025 年 11 月 03 日 | 基本数据 | | | 2025 | 年 | 10 | 月 30 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 20.81 | | | 一 年 内 / 最 | 最 | 高 | 低 | | | 22.59/17.93 | | | （元） | | | | | | | | | 总市值（百万元） | | | | | | 51,645.17 | | | 流通市值（百万元） | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company has shown continuous improvement in performance, with a significant reduction in losses year-on-year, primarily due to declining costs and an increase in gross profit margin [2][3]. - The company is focusing on expanding its capacity in the epoxy industry chain and advancing into the new energy and medical materials markets, which is expected to boost future performance [3]. - The anticipated recovery in downstream demand, driven by infrastructure projects and supportive national policies, is expected to positively impact the company's performance [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.158 billion yuan, a year-on-year increase of 5%. The net profit attributable to shareholders was a loss of 0.07 billion yuan, an improvement of 1.27 billion yuan year-on-year [1]. - In Q3 2025, the company reported revenue of 1.116 billion yuan, a decrease of 4.9% year-on-year but an increase of 1.6% quarter-on-quarter [1]. Gross Margin and Cost Management - The gross profit margin for the first three quarters of 2025 was 5.36%, an increase of 3.73 percentage points year-on-year, reflecting effective cost management [2]. Capacity Expansion and Market Position - The company is the largest supplier of epoxy ethane-derived green low-carbon fine chemical materials in China, with significant production capacities in place and ongoing projects aimed at expanding its market reach [3]. - As of the first half of 2025, the company has ongoing projects to increase its production capacity, which is expected to enhance its performance once operational [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward due to lower-than-expected recovery in downstream demand, with projected net profits of 0.05 billion yuan (down 86%), 0.40 billion yuan (down 15%), and 0.50 billion yuan (down 13%) respectively [3]. - Despite the adjustments, the company is still viewed positively for its strategic positioning in the epoxy ethane industry chain and potential growth in new materials [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The report highlights a significant recovery in performance for Q3 2025, with strong port business results [4] - The company is facing pressure on shipping prices due to supply-demand imbalances, but its operational advantages have mitigated the impact [6] - The report maintains a positive outlook based on the company's solid market position and expected profit recovery in the coming years [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 229.72 billion yuan, with a year-on-year decrease of 1.77% [5] - The net profit attributable to shareholders is expected to be 32.34 billion yuan in 2025, reflecting a year-on-year decline of 34.13% [5] - Earnings per share (EPS) is forecasted at 2.09 yuan for 2025, down from 3.17 yuan in 2024 [5] - The company’s return on equity (ROE) is projected to be 12.89% in 2025 [5] Market Performance - The company reported a Q3 2025 revenue of 58.50 billion yuan, a year-on-year decline of 20.42%, but a quarter-on-quarter increase of 63.18% [6] - The average shipping price for the company was 7,501.09 yuan/TEU, down 26.73% year-on-year [6] - The total throughput for the company's port business in Q3 2025 was 38.98 million TEU, showing a year-on-year increase of 4.20% [6] Profitability Forecast - The company’s net profit for 2025-2027 is projected to be 32.34 billion, 24.74 billion, and 21.65 billion yuan respectively [6] - The price-to-earnings (P/E) ratios for the same period are expected to be 7.19, 9.40, and 10.74 [6]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3]. Core Insights - The company achieved a record high quarterly profit with significant growth in gross margin, driven by the recognition of major overseas projects and improved cost control in the Singapore market [1][3][10]. - The third quarter of 2025 saw the company report revenue of 1.425 billion yuan, a year-on-year decrease of 9% but a quarter-on-quarter increase of 68%. The net profit attributable to the parent company was 282 million yuan, reflecting a year-on-year increase of 40% and a quarter-on-quarter increase of 257% [1][9]. - The gross margin for the third quarter reached 27.5%, a substantial increase of 7.1 percentage points from the previous quarter and 11.0 percentage points from the same period last year [10][19]. Financial Performance Summary - For the first three quarters of 2025, the company reported cumulative revenue of 3.109 billion yuan, down 30% year-on-year, while the cumulative net profit attributable to the parent company was 442 million yuan, up 0.8% year-on-year [1][9]. - The report highlights that the company’s overseas projects have entered a phase of intensive construction, contributing to the significant increase in gross margin [10][19]. - The report projects net profits for 2025-2027 to be 679 million, 1.007 billion, and 1.237 billion yuan respectively, with corresponding earnings per share of 3.18, 4.72, and 5.80 yuan [3][19]. Profitability Forecast - The report revises the profitability forecast upwards, with expected gross margins of 20.2%, 21.4%, and 22.8% for 2025, 2026, and 2027 respectively, compared to previous estimates of 14.3%, 16.1%, and 15.6% [19][22]. - The overseas gross margin is expected to improve to 28%, 26%, and 27% for the same years, indicating a strong potential for profitability growth in international markets [19][22].