2025 年 11 月 3 日 公司研究 25Q3 归母净利润同比增长，产能建设稳步推进 ——侨源股份（301286.SZ）2025 年三季报点评 要点 事件：公司发布 2025 年三季报。25 年前三季度公司实现营业收入 7.97 亿元， 同比+8.75%，实现归母净利润 1.81 亿元，同比+40.54%。25Q3 公司实现营业 收入 2.67 亿元，同比+5.57%，环比-2.18%；实现归母净利润 0.63 亿元，同比 +16.88%，环比+2.34%。 25Q3 归母净利润同环比均有所提升，成本管控能力较强。25Q3，公司归母净利 润同环比均有所提升，公司持续优化产品结构、拓展市场，并有效控制成本，积 极应对宏观经济和行业周期等因素影响。毛利率方面，25 年前三季度公司销售 毛利率为 36.23%，同比增加 5.1pct。费用率方面，25 年前三季度公司销售、 管理、研发、财务费用率分别为 2.9%、4.9%、0.02%、0.05%，同比分别下降 0.03、0.53、0.04、0.15pct。 公司深耕西南地区和福建地区工业气体市场，产能建设稳步推进。公司拥有西南 地区最大的全液态空分气体生产线，在 ...

3Q25 收入表现稳健，期待凝胶新品驱动增长 锦波生物(920982) 证券研究报告 医疗美容 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-11-03 | | --- | --- | | 收盘价(元) | 255.37 | | 流通股本(亿股) | 0.55 | | 每股净资产(元) | 16.01 | | 总股本(亿股) | 1.15 | 最近 12 月市场表现 -14% -10% -7% -4% -1% 2% 锦波生物 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 联系人 陈思 chensi01@ctsec.com 相关报告 核心观点 ❖ 风险提示：在研管线审批不及预期风险；监管政策变化风险；竞争加剧风险。 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 780 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [13]. Core Insights - The company has shown steady revenue growth in Q3 2025, with a focus on the full-chain layout of ASIC and storage modules [3][5]. - The company is actively collaborating with Tianlianxin and Xincun Technology to establish a comprehensive layout for ASIC and enterprise-level storage modules, indicating a strong growth potential in these sectors [8][10]. - The report highlights the company's strategic focus on high-end production lines and the development of complex modules and automotive electronics, which are expected to drive future growth [7][11]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported revenue of 1.338 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 113 million yuan, up 8% year-on-year [6]. - In Q3 2025, revenue reached 483 million yuan, reflecting a year-on-year growth of 21%, while net profit decreased by 5% year-on-year to 38 million yuan [6]. Business Development - The company is advancing its complex module production, which has begun small-scale supply, marking a significant step from single display modules to integrated solutions [7]. - The automotive electronics segment is experiencing rapid growth, with key clients including BYD and Dongfeng, and the company is enhancing its product offerings with new technologies [7]. Market Outlook - The report anticipates significant growth in the enterprise-level SSD market driven by AI and data center demands, with projections indicating the global market could reach 39.6 billion USD by 2029 [9]. - The company is well-positioned to capitalize on the growing demand for ASIC chips and enterprise-level storage solutions, supported by its investments in relevant technologies [10][11].

基础化工/农化制品 利民股份（002734.SZ） Q3 业绩继续同比大增，看好公司创新成长 2025 年 11 月 03 日 投资评级：买入（维持） 《阿维菌素等产品价格上涨，Q1 业绩 预告超预期—公司信息更新报告》 -2025.4.9 | 金益腾（分析师） | 张晓锋（分析师） | 宋梓荣（分析师） | | --- | --- | --- | | jinyiteng@kysec.cn | zhangxiaofeng@kysec.cn | songzirong@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790522080003 | 证书编号：S0790525070002 | Q3 业绩继续同比大增，看好公司创新成长，维持"买入"评级 | 日期 | 2025/11/3 | | --- | --- | | 当前股价(元) | 18.41 | | 一年最高最低(元) | 24.87/7.26 | | 总市值(亿元) | 81.75 | | 流通市值(亿元) | 74.12 | | 总股本(亿股) | 4.44 | | 流通股本(亿股) | 4.03 | | 近 3 个月 ...

Investment Rating - The report maintains a "Buy" rating for the company, Dongpeng Beverage [1][8] Core Insights - Dongpeng Beverage's Q3 performance exceeded expectations, with a strong emphasis on its platform capabilities and steady growth in its core business [4][8] - The company achieved a revenue of 168.44 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34.13%, and a net profit of 37.61 billion yuan, up 38.91% year-on-year [3][4] - The report highlights the successful expansion into new markets and the introduction of innovative products, which are expected to drive future growth [5][8] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 61.07 billion yuan, a 30.36% increase year-on-year, and a net profit of 13.86 billion yuan, up 41.91% year-on-year [3][4] - The gross margin for the first three quarters of 2025 was 45.17%, a slight increase from the previous year, while the net profit margin improved to 22.32% [5][8] Product and Market Development - Revenue from the company's specialty drinks, water, and other beverages for the first three quarters was 125.63 billion yuan, 28.47 billion yuan, and 14.24 billion yuan, respectively, with significant year-on-year growth rates [4][8] - The company is focusing on expanding its product offerings, including new flavors and packaging, to enhance its market presence [5][8] Future Projections - The report forecasts revenues of 211 billion yuan, 264 billion yuan, and 316 billion yuan for 2025, 2026, and 2027, respectively, with corresponding profit estimates of 46 billion yuan, 59 billion yuan, and 71 billion yuan [8][9] - The anticipated growth rates for revenue and profit are 33%, 25%, and 20% for the respective years [8][9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The company achieved a revenue of 207 million yuan in the first three quarters of 2025, representing a year-on-year increase of 14.29%. However, the net profit attributable to the parent company decreased by 57.54% to 10.70 million yuan due to depreciation impacts from completed fundraising projects [3][4] - The company has three fundraising projects, with the first project of producing 50,000 tons of electronic ceramic powder now in operation, while the second project for producing 5,000 tons of high thermal conductivity spherical alumina is in trial production [4][5] - The company is focusing on R&D innovation, with R&D expenses increasing by 2.81% year-on-year, and is collaborating with various academic institutions to accelerate the development of new products [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from 189 million yuan in 2023 to 523 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25% [7][10] - The net profit attributable to the parent company is expected to fluctuate, with estimates of 12 million yuan in 2023, 39 million yuan in 2024, and 35 million yuan in 2025, before increasing to 72 million yuan in 2027 [7][11] - The company's P/E ratio is projected to decrease from 320.6 in 2023 to 54.3 in 2027, indicating an improving valuation over time [7][10]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company's performance is under pressure due to low coal prices, but applications in high-end sectors are expected to enhance future profitability [5] - The company has increased its focus on high-end products, which is anticipated to improve its profitability over time [5] - The coal mine auxiliary transportation equipment business is experiencing rapid growth, indicating a promising future [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 353 million yuan, a year-on-year increase of 0.87%, while net profit attributable to shareholders was 51.29 million yuan, a year-on-year decrease of 25.15% [4] - The third quarter alone saw revenue of 136 million yuan, a year-on-year decline of 4.47%, but a quarter-on-quarter increase of 3.03% [4] - The company has adjusted its profit forecast for 2025, now expecting net profits of 86 million yuan, down from the previous estimate of 113 million yuan [4] Market and Product Insights - The company is adapting to trends in the coal industry, with increasing sales of hydraulic seals for high mining heights, which are becoming a larger portion of total revenue [5] - The company has established a stable customer base and orders in the military sector, providing support for its performance [5] - The successful delivery of the world's first 130-ton heavy-duty articulated support transport vehicle in May 2024 highlights the company's competitive capabilities in the coal mine auxiliary transportation equipment sector [6] Financial Projections - Revenue projections for 2025-2027 are 522 million yuan, 633 million yuan, and 765 million yuan, respectively, with corresponding net profits of 86 million yuan, 122 million yuan, and 150 million yuan [8] - The expected EPS for 2025-2027 is 1.06 yuan, 1.50 yuan, and 1.84 yuan, with P/E ratios of 28.6, 20.3, and 16.5, respectively [4][8]

报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 11 月 03 日 | | --- | --- | | 收盘价（元） | 73.62 | | 一年内最高/最低（元） | 81.78/43.16 | | 市净率 | 7.1 | | 股息率%（分红/股价） | 0.54 | | 流通 A 股市值（百万元） | 43,879 | | 上证指数/深证成指 | 3,976.52/13,404.06 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 国防军工 2025 年 11 月 03 日 国博电子 (688375) — 需求波动影响短期业绩，新品量产有望带动未来高增 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 10.40 | | 资产负债率% | 20.88 | | 总股本/流通 A 股（百万） | 596/596 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 11-04 12-04 01-04 02-04 03-04 04-04 05-04 06-04 07-0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust revenue growth and improved profitability, with a Q1-Q3 2025 revenue of 770 million yuan, up 31.85% year-on-year, and a net profit of 137 million yuan, up 78.37% year-on-year [4][5] - The company is strategically expanding into robotics and industrial software, which are expected to enhance future growth potential [6] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 252 million yuan, a year-on-year increase of 44.49%, but a quarter-on-quarter decrease of 15.30% [4] - The gross margin for Q3 2025 was 43.61%, up 10.93 percentage points year-on-year, and the net margin was 20.67%, up 17.73 percentage points year-on-year [5] - The company’s operating expenses ratio decreased to 15.55%, down 9.99 percentage points year-on-year, indicating improved cost control [5] Future Growth Prospects - The company is focusing on the development of cutting tools for humanoid robots and has made progress in research and development [6] - A joint venture in industrial software was established, and the company launched the "Huarui Smart Plus" software, which enhances machining efficiency by 5%-30% [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 1.024 billion yuan, 1.206 billion yuan, and 1.428 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 34.89%, 17.76%, and 18.45% [7] - The expected net profits for the same years are 189 million yuan, 246 million yuan, and 311 million yuan, with growth rates of 76.79%, 30.00%, and 26.64% respectively [7]

Investment Rating - The investment rating for Guolian Minsheng is "Buy" (maintained) [2][11]. Core Insights - Guolian Minsheng reported a significant increase in net profit of 345.3% year-on-year for the first three quarters of 2025, reaching 1.76 billion yuan. The operating revenue also saw a substantial growth of 201.2%, amounting to 6.04 billion yuan [7]. - The company's total assets and net assets reached 189.32 billion yuan and 52.02 billion yuan respectively, reflecting year-on-year increases of 84.0% and 183.3% [7]. - The business structure has been optimized, with brokerage and capital business contributions increasing. Brokerage, net interest, and net investment income accounted for 26%, 2%, and 49% of net profit respectively [7]. - The report anticipates net profits for 2025-2027 to be 2.1 billion, 2.4 billion, and 2.7 billion yuan, with growth rates of 419%, 15%, and 15% respectively [7]. Financial Performance Summary - For 2023A, the operating revenue is projected at 2,955.46 million yuan, with a growth rate of 12.68%. The net profit is expected to be 671.32 million yuan, reflecting a decline of 12.51% [2]. - The earnings per share (EPS) is expected to improve significantly, with a price-to-earnings (P/E) ratio projected at 96.89 for 2023A, decreasing to 31.53 by 2025E [2]. - The price-to-book (P/B) ratio is expected to decrease from 3.66 in 2023A to 1.27 in 2025E, indicating a more favorable valuation over time [2]. Business Structure and Revenue Breakdown - The brokerage business has seen a remarkable increase, contributing 15.7 billion yuan in revenue, a year-on-year growth of 293.0%. Investment income also surged by 220.3% to 29.7 billion yuan [7]. - The investment banking business accounted for 11% of total revenue, showing a slight decrease of 1.8 percentage points year-on-year, while asset management business dropped to 9%, down 15.4 percentage points [7]. - The overall business performance is driven by the recovery in market conditions and the synergistic effects post-merger, with all business segments showing growth [7].