景旺电子 (603228) 公司点评 景旺电子:Al 领域和新兴领域持续拓展,助力公司行稳致远 报告日期:2025-11-03 | 收盘价(元) | 77.20 | | --- | --- | | 近 12个月最高/最低（元） 83.33/22.89 | | | 总股本(百万股) | 985 | | 流通股本(百万股) | 976 | | 流通股比例 (%) | 99.1 | | 总市值 (亿元) | 760.3 | | 流通市值 (亿元) | 753.3 | 公司价格与沪深 300 走势比较 220% 170% 120% 70% 20% 5/25 8/25 7/75 - 沪 深 300 景旺电子 分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 分析师：李元晨 执业证书号: S0010524070001 邮箱： liyc@hazq.com 相关报告 主要观点: 2025 年三季报正式披露，营业总收入 110.83 亿元，同比去年增长 22.08%,归母净利润为 9.48 亿元,同比去年增长 4.83%,基本 EPS 为 1.03 元，平均 ROE 为 7 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 11 月 03 日 空悬业务增长加速驱动业绩修复 ——保隆科技（603197）首次覆盖报告 投资要点： 汽车 | 买入（首次评级） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 报告原因： 市场数据： | 2025 | 年 | 10 | 月 | 31 | 日 | | 收盘价（元） | 37.64 | | --- | --- | | 一年内最高/最低（元） | 52.50/32.32 | | 市净率 | 2.5 | | 股息率（分红/股价） | 2.20 | | 流通 A 股市值（百万元） | 8,042 | | 上证指数/深证成指 | 3,955/13,378 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | | | 年 | 月 | 09 | 30 | 2025 | 日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company is expected to benefit from the increasing demand for submarine cables, particularly in the offshore wind sector, with significant revenue growth projected in the coming years [5][6] - The company has a robust order backlog of approximately 19.55 billion yuan, with high-margin submarine cable projects making up about 75% of this backlog [5][6] - The report forecasts substantial revenue and profit growth, with expected revenues of 12.11 billion yuan and 14.40 billion yuan for 2025 and 2026, respectively, alongside net profits of 1.58 billion yuan and 2.01 billion yuan [5][6] Financial Projections - Revenue (in million yuan) is projected as follows: - 2024: 9,093 - 2025: 12,105 - 2026: 14,396 - 2027: 16,427 - Net profit (in million yuan) is projected as follows: - 2024: 1,008 - 2025: 1,584 - 2026: 2,008 - 2027: 2,411 - The expected growth rates for revenue and net profit are 24.38% and 0.81% for 2024, 33.13% and 57.11% for 2025, 18.92% and 26.80% for 2026, and 14.11% and 20.03% for 2027, respectively [5][7] Key Financial Ratios - The projected gross margin is expected to improve from 18.83% in 2024 to 25.29% in 2027, indicating enhanced profitability [5][7] - The price-to-earnings (P/E) ratio is forecasted to decrease from 43.41 in 2024 to 18.15 in 2027, suggesting a more attractive valuation over time [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Views - The company achieved a revenue of 10.83 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 1.70 billion yuan, up 37.25% year-on-year [2][3] - The company is expected to see rapid growth in the shipment of negative electrode materials, with an estimated annual shipment of 140,000 to 150,000 tons in 2025 and a projected 250,000 tons in 2026 [2][3] - The coating processing business has experienced significant growth, with a shipment volume of over 26 billion square meters in Q3 2025, and a total of over 73.8 billion square meters in the first three quarters, reflecting a year-on-year increase of 56.8% [3][2] - The company is advancing in the solid-state battery sector, having completed pilot tests for solid electrolytes and established a pilot production line for solid electrolytes with an annual capacity of 200 tons [3][2] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.742 billion yuan, with a quarter-on-quarter increase of 6.66% and a year-on-year increase of 69.30% for net profit [2][3] - The company’s negative electrode material shipment exceeded 100,000 tons in the first three quarters of 2025, with expectations for a total shipment of 140,000 to 150,000 tons for the year [2][3] Market Outlook - The company is well-positioned to benefit from the rapid growth of the downstream power battery and energy storage markets, with a target of achieving 10 billion square meters in coating processing shipments in 2025 and 13 billion to 15 billion square meters in 2026 [3][2] - The solid-state battery strategy includes both materials and equipment, with significant progress in dry electrode technology and solid electrolyte production [3][2] Profitability Forecast - The company is projected to achieve net profits of 2.324 billion yuan, 3.067 billion yuan, and 3.875 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 95.2%, 32.0%, and 26.3% [3][2]

业务稳健增长，布局食玩赛道 ——广博股份（002103）2025 年三季报业绩点评 ◼ 事件描述 广博股份于 10 月 30 日披露 2025 年三季报。 ◼ 核心观点 广博股份(002103) 公司研究/公司点评 收入稳健增长，利润同比改善显著。2025 年第三季度，公司收入同比 增长 8.71%至 6.67 亿元，归母净利润同比增长 52%至 0.49 亿元。公司 单三季度销售毛利率和净利率分别为 18.5%和 7.36%，同比分别提升 1.86pct 和 2.09pct。报告期内，公司始终以创新为核心驱动力，以开拓 进取的姿态积极拓展市场边界，努力实现发展质量的提升。 内外销协同发展，创意产品持续发力。公司内销创意产品业务持续拓 展潮玩生活领域，精准捕捉市场需求与潮流趋势，逐步构建覆盖全年 龄段、全消费场景的潮玩生态体系。在外销业务领域，公司团队深挖 客户需求，优化业务结构和产品结构，努力提高市场占有率和客户满 意度。通过一系列的精准措施，公司整体销售及盈利能力较上年同期 有所提升。 积极探索 IP 新赛道，快速布局食玩产业。根据公司公众号，广博于近 期推出食玩系列及周边潮玩，以沉浸式食+玩场景重构 Z ...

技术升级与合作策略，维持竞争优势 豪威集团(603501) 证券研究报告 半导体 / 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) | 130.71 | | 流通股本(亿股) | 12.06 | | 每股净资产(元) | 22.77 | | 总股本(亿股) | 12.06 | 最近 12 月市场表现 -10% 6% 21% 37% 52% 68% 豪威集团 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《业绩高增，汽车与 AIoT 驱动新成长》 2025-09-01 2. 《汽车与新兴市场驱动成长，政策+需求 形成共振》 2025-04-18 3. 《单季度营收再创新高，盈利能力持续修 复》 2024-10-28 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | ...

比音勒芬 002832.SZ 公司研究 | 季报点评 短期经营承压 期待行业复苏和新品牌成长 核心观点 盈利预测与投资建议 ⚫ 根据三季报和消费行业形势，我们调整公司盈利预测，预计 2025-2027 年每股收益 分别为 1.20、1.38 和 1.61 元（原预测为 1.33、1.51 和 1.72 元），参考可比公司， 给予 2025 年 15 倍 PE 估值，对应目标价 18 元，维持"买入"评级。 风险提示 行业竞争加剧、终端消费需求减弱，新品牌收购整合低于预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,536 | 4,004 | 4,219 | 4,698 | 5,256 | | 同比增长 (%) | 22.6% | 13.2% | 5.4% | 11.4% | 11.9% | | 营业利润(百万元) | 1,063 | 943 | 824 | 951 | 1,111 | | 同比增长 (%) | 24.2% | -11.3% ...

| 上次评级： | 增持 | | --- | --- | | 最新收盘价： | 6.02 | 研 袁艺博 yuanyb@bhzq.com 022-23839135 公 公司点评 司 研 究 费用管控良好，加速海外布局盈利能力改善可期 ——奥瑞金(002701)2025 年三季报点评 分析师： 袁艺博 SAC NO： S1150521120002 2025 年 11 月 03 日 轻工制造-------金属包装 事件： 点评 金属包装龙头地位稳固，"包 证券分析师 公司公告 2025 年三季报，实现营收 183.46 亿元，同比增长 68.97%，归母净 利润 10.76 亿元，同比增长 41.40%，基本每股收益 0.42 元。 点评： 公司费用率管控效果较好，存货周转率加快 证 券 研评级究：助理 增持 上次评级： 增持 最近半年股价相对走势 今年前三季度，公司毛利率与净利率分别为 13.52%和 6.02%，同比分别下降 3.78 和 0.93 个百分点。我们认为，公司毛利率下降，一方面与整合中粮包装 规模效应释放仍需时间有关，另一方面与部分产品原材料价格波动有一定相 关性。公司持续推进降本增效，费用率管 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown strong performance in its infrared business, with significant growth in revenue and net profit for the first three quarters of 2025, achieving a revenue of 40.86 billion yuan (up 29.7% year-on-year) and a net profit of 7.07 billion yuan (up 46.2% year-on-year) [1][2]. - The company is focusing on multi-dimensional sensing technologies, primarily in infrared, microwave, and laser sectors, while also investing heavily in research and development [2][3]. - The company has established a complete industrial chain in the infrared sector, from chip design to final product manufacturing, and is expanding its applications in various fields [3]. Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 51.97%, an increase of 0.84 percentage points year-on-year, and a net profit margin of 15.15%, up 2.90 percentage points year-on-year [2]. - The company’s revenue for 2025 is projected to reach 54.26 billion yuan, with a year-on-year growth rate of 25.7% [9]. - The estimated net profit for 2025 is 8.86 billion yuan, reflecting a year-on-year growth rate of 55.8% [9].

上 市 公 司 机械设备 2025 年 11 月 03 日 铂力特 (688333) ——公司业绩超预期，积极拓展商业航天、机器人、3C 等新兴市场 报告原因：有业绩公布需要点评 | 市场数据： | 2025 年 10 月 31 日 | | --- | --- | | 收盘价（元） | 75.53 | | 一年内最高/最低（元） | 95.80/37.72 | | 市净率 | 4.2 | | 股息率%（分红/股价） | 0.15 | | 流通 A 股市值（百万元） | 20,720 | | 上证指数/深证成指 | 3,954.79/13,378.21 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 17.98 | | 资产负债率% | 42.68 | | 总股本/流通 A 股（百万） | 274/274 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 ...