证券研究报告·公司点评报告·航空装备Ⅱ 华秦科技（688281） 2025 年三季报点评：科研成果转化+子公司 快速放量双轮驱动新阶段 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 917.46 | 1,139.25 | 1,198.48 | 1,783.28 | 2,122.48 | | 同比 | 36.45 | 24.17 | 5.20 | 48.80 | 19.02 | | 归母净利润（百万元） | 335.01 | 413.92 | 416.91 | 513.97 | 625.43 | | 同比 | 0.48 | 23.56 | 0.72 | 23.28 | 21.69 | | EPS-最新摊薄（元/股） | 1.23 | 1.52 | 1.53 | 1.89 | 2.29 | | P/E（现价&最新摊薄） | 57.19 | 46.29 | 45.95 | 37.28 | 30.63 | [Table ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 旺能环境(002034.SZ) 投资评级 买入 上次评级 买入 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 前三季度归母净利润同比增加 7.6%，盈利能 力实现小幅抬升 [Table_ReportDate] 2025 年 11 月 3 日 [Table_S 事件：旺能环境发布 ummary] 2025 年第三季度报告。2025 年前三季度公司实现营 业收入 25.55 亿元，同比增长 5.18%；实现归母净利润 5.51 亿元，同比增 长 7.61%；扣非后净 ...

证券研究报告 | 2025年11月03日 美的集团（000333.SZ） 优于大市 2025 年三季报点评： 经营业绩韧性增长，B 端和 OBM 持续释放动能 营收业绩延续良好增长势头，龙头韧性彰显。公司 2025Q1-Q3 实现营收 3647.2 亿/+13.8%，归母净利润 378.8 亿/+19.5%，扣非归母净利润 371.4 亿 /+22.3%。其中 Q3 收入 1123.8 亿/+9.9%，归母净利润 118.7 亿/+8.9%，扣 非归母净利润 109.0 亿/+7.0%。Q3 在内销国补带动效果退坡、外销面临高基 数及关税扰动下，公司依然实现良好增长，显示出公司强大的经营韧性。 家电主业逆势增长。Q3 受国补效果逐步减弱、外销高基数影响，我国家电内 外销都面临一定的压力。奥维云网数据显示，前三季度国内家电（不含 3C） 零售市场规模达到 6701 亿元，同比增长 5.2%，其中 Q3 零售规模 1988 亿元， 同比下降 3.1%。海关总署数据显示，Q3 我国家电出口额 1751 亿元，同比下 降 6.3%。在此背景下，公司前三季度 C 端家电业务同比增长 13%（H1 为增长 13.3%）， ...

2025 年 11 月 03 日 中无人机(688297.SH) 3Q25 迎收入拐点，备产备货静候需求复苏 事件：公司发布 2025 年三季报，前三季度公司实现营收 15.48 亿元，同比+319.0%；归母净利润 0.34 亿元，去年同期-0.83 亿 元；扣非归母净利润 0.23 亿元，去年同期-0.96 亿元。收入大幅 增长主要是产品交付同比增加。 3Q25 迎来收入拐点，连续四个季度盈利为正 25H1 公司交付数量较去年同期有所增加，推动收入和利润正向发展。 3Q25 公司收入迎来拐点，营收同比增长 1039%至 11.09 亿元，归母净 利润为 207 万元，去年同期为-4436 万元，扣非归母净利润 58 万元， 去年同期为-4521 万元。回顾过往业绩，24Q4 至今公司连续四季度盈 利为正。 预警型无人机实现首飞，持续完善无人系统全场景谱系化 报告期内，公司某发展型无人机系统及预警型无人机系统实现首飞， 1000kg 以下级系列无人机产品持续发展，根据市场需求开发新产品， 实现从 10 公斤级到 6 吨级的量级全覆盖，形成"高中低"搭配、"大 中小"融合的全场景谱系化产品布局。伴随公司自贡基 ...

证券研究报告 | 2025年11月03日 太阳纸业（002078.SZ） 优于大市 2025 年三季报点评： 三季度盈利短期承压，四季度新产能集中投产 Q3 盈利短期承压，年内利润底部确认。2025Q1-Q3 公司实现收入 289.4 亿元 /-6.6%，归母净利润 25.0 亿元/+1.7%，扣非归母净利润 24.7 亿元/-4.6%； 其中 2025Q3 实现收入 98.2 亿元/-6.0%，归母净利润 7.2 亿元/+2.7%，扣非 归母净利润 7.1 亿元/-8.6%。受文化纸与溶解浆价格持续下跌影响，三季度 利润略有承压，四季度随着新产能集中投产，有望释放利润增量。 Q3 文化纸与溶解浆承压，箱板纸在成本拉升下提涨落地。根据隆众资讯数据， 1）文化纸：Q3 太阳双胶纸、双铜纸价格分别较 Q2 下跌 250 元/吨、450 元/ 吨，三季度文化纸进入需求淡季，供给端有较多增量增加，同时成本端浆价 处于低位，成本支撑较弱，受多方因素影响文化纸价格持续走低，吨盈利预 计承压；2）箱板瓦楞纸：Q3 华南箱板纸、高强瓦楞纸市场价分别较 Q2 上涨 150 元/吨、410 元/吨，三季度包装纸传导上游成本压力， ...

证券研究报告 | 2025年11月03日 晨光股份（603899.SH） 优于大市 2025 年三季报点评： Q3 经营积极改善，科力普收入同比+17% Q3 收入个位数增长，业绩拐点显现。公司发布 2025 年三季报，2025Q1-Q3 实现收入 173.3 亿元/+1.2%，归母净利润 9.5 亿元/-7.2%，扣非归母净利润 8.0 亿元/-13.6%；其中 2025Q3 实现收入 65.2 亿元/+7.5%，归母净利润 3.9 亿元/+0.6%，扣非归母净利润 3.4 亿元/-5.7%。Q3 公司收入增速实现转正， 各业务呈现积极改善趋势；盈利稳健，归母利润在连续 5 个季度下滑后首次 实现同比微增，业绩拐点初步显现。 传统主业降幅持续收窄，线上增速略有放缓。2025Q1-Q3 公司传统主业收入 同比-5.8%，其中书写工具/ 学生文具/办公文具收入同比分别为 -1.5%/-6.5%/-6.8%；2025Q3 传统主业收入降幅收窄至-3.6%，其中书写工具 /学生文具/办公文具收入同比分别为-3.3%/-3.9%/-2.8%，在大学汛拉动与 产品结构优化下公司传统业务呈企稳回升态势。2025Q1-Q3 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [5] Core Views - The company's revenue for the first three quarters of 2025 reached 11.038 billion yuan, representing a year-on-year increase of 22.62%, while the net profit attributable to shareholders was 1.321 billion yuan, up 40.92% year-on-year, indicating a continuous optimization in growth quality [4][5] - The company is experiencing strong order demand, with contract liabilities increasing by 57.14% compared to the beginning of 2025, reflecting robust downstream order demand and improved business visibility [4] - The company is planning to issue H shares and list on the Hong Kong Stock Exchange, which is expected to enhance its financing efficiency and accelerate the establishment of overseas production bases [4][5] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 3.409 billion yuan, a decrease of 10.33% year-on-year, while the net profit attributable to shareholders was 410 million yuan, an increase of 31.15% year-on-year [4] - The gross profit margin for the first three quarters of 2025 was 21.70%, up 0.72 percentage points year-on-year, and reached 24.96% in Q3 2025, an increase of 7.34 percentage points year-on-year [4][12] Growth Forecast - Revenue projections for 2025-2027 are 16.033 billion yuan, 26.018 billion yuan, and 32.240 billion yuan, respectively, with net profits expected to be 1.883 billion yuan, 2.976 billion yuan, and 3.619 billion yuan [5][6] - The company is expected to benefit from the demand for computing power in the AI era, leading to rapid growth in performance [5] Market Position - The company has established 12 overseas subsidiaries and 10 offices, achieving localized operations in countries like Thailand and Vietnam, which enhances its global competitiveness [4][5] - The company has a full-stack self-research capability from silicon photonic chips to modules, positioning it well to capture growth opportunities in both domestic and international markets [5]

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 03 日 [Table_Title] 2025Q3 传统业务短暂承压,新兴业务持续开拓 [Table_Title2] 公牛集团(603195) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603195 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 78.78/43.15 | | 目标价格： | | 总市值(亿) | 789.81 | | 最新收盘价： | 43.67 | 自由流通市值(亿) | 786.38 | | | | 自由流通股数(百万) | 1,800.73 | [Table_Summary] 事件概述 公司发布 2025 年前三季度报告：2025 前三季度实现营收 121.98 亿元、同比下滑 3.22%，归母净利 29.79 亿 元、同比下滑 8.72%，扣非后归母净利 27.01 亿元，同比下滑 4.87%；单季度看，2025Q3 实现营收 40.30 亿 元，同比-4.44%（3 季度营收同比降幅收窄），归母净利润 ...

Investment Rating - The report assigns an "Accumulate" investment rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [13][25]. Core Insights - The company achieved a revenue of 20.928 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 8.14%, while the net profit attributable to shareholders was 1.967 billion yuan, down 11.97% year-on-year [6][7]. - The company is expanding its customer base and optimizing its product structure, which has driven steady revenue growth. Collaborations with major domestic and international automotive companies are increasing, particularly in the electric vehicle sector [7][11]. - The company is facing short-term profit pressure due to increased depreciation from new overseas production bases and rising R&D expenses, which grew by 26.12% year-on-year [8][12]. - The company is accelerating its international market strategy, with ongoing capacity expansion in North America and Europe, and plans for a production base in Thailand by the end of 2025 [11][12]. - The company is making significant advancements in its robotics and thermal management businesses, securing orders worth 1.5 billion yuan in the thermal management sector [12]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 7.994 billion yuan, a year-on-year increase of 12.11% and a quarter-on-quarter increase of 11.54%. The net profit for the same period was 672 million yuan, down 13.65% year-on-year [6][7]. - The gross profit margin for Q3 2025 was 18.64%, a decrease of 2.24 percentage points year-on-year, attributed to competitive pricing pressures and increased depreciation [8]. Business Strategy - The company is enhancing its product line and optimizing its structure, focusing on interior components, lightweight chassis, and thermal management systems, which are showing steady sales growth [7][12]. - The company is also developing its robotics capabilities, with a strong competitive edge in actuator technology and a comprehensive product layout in the robotics sector [12]. Market Outlook - The company is expected to achieve net profits of 3.034 billion yuan, 3.600 billion yuan, and 4.425 billion yuan in 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 1.75 yuan, 2.07 yuan, and 2.55 yuan [13][14].

Investment Rating - The investment rating for Haier Smart Home is "Outperform the Market" [5] Core Views - The company has shown a good growth trend with steady improvement in profitability, achieving a revenue of 234.05 billion (+10.0%) and a net profit of 17.37 billion (+14.7%) for the first three quarters of 2025 [1] - Domestic sales have demonstrated resilience, with a 9.5% year-on-year increase in revenue for the first three quarters, despite a 3.1% decline in the overall home appliance retail market [1][2] - The company continues to optimize costs and improve profitability, with a gross margin of 27.9% in Q3, reflecting a 0.1 percentage point increase year-on-year [2] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 77.56 billion (+9.5%) and a net profit of 5.34 billion (+12.7%) [1] - The operating cash flow for the first three quarters was 17.49 billion, a 26.1% increase year-on-year [2] Domestic Market - The company achieved a 10.8% year-on-year revenue growth in Q3 within China, leveraging innovative products and multi-brand marketing strategies [1] - Air conditioning revenue grew over 30% in Q3, with the Casarte brand increasing by 18% and the Leader brand by 25% [1] International Market - Overseas revenue grew by 10.5% year-on-year for the first three quarters, with significant growth in emerging markets such as South Asia (+25%) and Southeast Asia (+15%) [2] - The North American market showed steady growth despite tariff disruptions, and European HVAC revenue increased by over 30% in Q3 [2] Profitability and Cost Management - The company’s Q3 net profit margin improved by 0.2 percentage points to 6.9%, indicating effective cost management and operational efficiency [2] - The company has maintained a stable expense ratio, with sales, management, and R&D expenses decreasing slightly [2] Earnings Forecast - The profit forecast for 2025-2027 has been raised, with expected net profits of 21.3 billion, 23.7 billion, and 26.3 billion respectively, reflecting a year-on-year growth of 14%, 11%, and 11% [3][4]