证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（元） | 52.78 | | --- | --- | | 总股本/流通股本（亿股）1.70 | / 1.70 | | 总市值/流通市值（亿元）90 | / 90 | | 周内最高/最低价 52 | 55.07 / 19.30 | | 资产负债率(%) | 7.2% | | 第一大股东 | 更多亮照明有限公司 | 神工股份(688233) NAND 存储推动硅部件增长 l 投资要点 业绩稳健，各项业务向好发展。报告期内，存储芯片市场价格持 续上行，行业回暖预期增强，公司各项业务迎来发展机遇：硅零部件 产品聚焦中国本土市场供应，销售额保持稳步增长，已经在中国本土 半导体供应链安全的建设中发挥独特作用；大直径硅材料业务保持平 稳向好态势，开工率提升空间大，为硅零部件业务的稳健扩张提供坚 实基础；半导体硅片业务的市场环境正在发生结构性变化，国产化窗 口开启，公司 25Q3 针对下游评估的实际需求，小幅增加了生产量。 2025Q3，公司实现营收 1.07 亿元，同比+20.91%；实现归母净利润 2,233 万元。展望后续经 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth, with a year-on-year increase of 11.61% in revenue and 11.67% in net profit for the first three quarters of 2025 [5] - The company is expected to achieve significant revenue and profit growth in the coming years, with projected revenues of 101.11 billion, 114.96 billion, and 133.75 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 10.31%, 13.70%, and 16.35% [8] - The report highlights improvements in operating cash flow, with a net inflow of 5.69 billion yuan for the first three quarters of 2025, a 210% increase year-on-year [7] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 23.35 billion yuan, a year-on-year increase of 20.99%, while net profit was 1.62 billion yuan, a slight increase of 0.21% year-on-year [5][6] - The gross margin for Q3 2025 was 23.02%, down 2.52 percentage points year-on-year, and the net margin was 7.14%, down 1.17 percentage points year-on-year [6] Sales and Market Demand - The company benefited from favorable demand in the construction machinery market, with excavator sales reaching 53,500 units in Q3 2025, a year-on-year increase of 21.17% [6] - Domestic and export sales of excavators were 24,200 and 29,300 units respectively, showing year-on-year increases of 18.03% and 23.91% [6] Future Projections - The company is projected to achieve net profits of 7.31 billion, 9.26 billion, and 11.51 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 22.41%, 26.55%, and 24.38% [8] - The current stock price corresponds to price-to-earnings ratios of 17, 14, and 11 times for 2025, 2026, and 2027 respectively [8]

Investment Rating - The investment rating for the company has been downgraded to "Outperform" [1][4][10] Core Insights - The company achieved a revenue of 25.83 billion RMB in the first three quarters of 2025, reflecting a decrease of 12.38% year-on-year, with a net profit attributable to shareholders of 7.57 billion RMB, down 28.83% [4][10] - The third quarter revenue was 9.09 billion RMB, marking a growth of 1.53%, indicating a turning point for the company [4][10] - Preliminary estimates suggest that the revenue growth for Q4 2025 will accelerate compared to Q3 2025 [4][10] - The international market performance has been strong, with international business growing by 12% year-on-year in Q3, particularly in Europe, which saw growth exceeding 20% [4][10] Financial Summary - Total revenue projections for the upcoming years are as follows: - 2023: 34,932 million RMB - 2024: 36,726 million RMB - 2025: 33,587 million RMB (down 8.5%) - 2026: 38,724 million RMB (up 15.3%) - 2027: 44,095 million RMB (up 13.9%) [3][5] - Net profit attributable to shareholders is projected as follows: - 2023: 11,582 million RMB - 2024: 11,668 million RMB - 2025: 9,744 million RMB (down 16.5%) - 2026: 11,444 million RMB (up 17.4%) - 2027: 13,226 million RMB (up 15.6%) [3][5] - The company is assigned a PE ratio of 28X for 2025, with a target price of 225.12 RMB [4][10] International Market Performance - The company has made significant progress in international markets, with a balanced revenue distribution globally [4][10] - The growth in international business is attributed to breakthroughs with high-end overseas clients and improved local platform capabilities [4][10] - The company plans to enhance its global supply chain and local production to support sustained international growth [4][10]

伊之密（300415.SZ） 优于大市 2025 年三季度净利润同比增长 21%，海外市场加速布局 2025 年前三季度营业收入同比增长 17.21%，归母净利润同比增长 17.45%。 公司发布 2025 年三季报，2025 年前三季度实现营收 43.06 亿元，同比增长 17.21%；归母净利润 5.64 亿元，同比增长 17.45%。单季度看，2025 年第三 季度公司实现营收 15.59 亿元，同比增长 19.62%；归母净利润 2.20 亿元， 同比增长 21.24%。公司收入利润保持双位数增长，主要受益于下游需求稳健 及产能效率提升，预计全年业绩将延续稳定增长态势。盈利能力方面，2025 年前三季度公司毛利率/ 净利率为 33.27%/14.18%，同比分别变动 -1.74/-0.18pct。期间费用方面，2025 年前三季度公司销售/管理/研发/财 务 费 用 率 分 别 为 7.44/5.27/4.25/1.89% ， 分 别 同 比 变 动 -1.80/-0.19/-0.25/+0.51pct，销售费用率大幅下降。 产能持续扩张，看好长期竞争力。公司不断加大智能制造领域的投入，已投 入使用的 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 青达环保(688501.SH) 投资评级 —— 上次评级 —— [Table_Author 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 [Table_ReportDate] 2025 年 11 月 03 日 [Table_S 事件：公司发布 ummary] 2025 年第三季度报告，2025 年前三季度公司实现总营业 收入 14.70 亿元，同比增长 91.13%；实现归母净利润 1.24 亿元，同比增长 267.14%；实现扣非归母净利润 1.20 亿元，同比增长 309.23%；基本每股 收益 1.01 元/股，同比增长 274.07%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_Author] 郭雪 执业编号：S1500525030002 邮 ...

证券研究报告 | 2025年11月03日 沪光股份（605333.SH） 优于大市 单三季度收入同比增长 4%，积极布局机器人线束、无人机线束等新品类 2025Q3 沪光股份实现收入 22 亿元，同比增长 4.5%。公司 2025 年前三季度 实现营收 58.38 亿元，同比+5.54%，归母净利润 4.25 亿元，同比-3.10%。 分季度看，公司 2025Q3 实现营收 22.09 亿元，同比+4.47%，环比+5.82%， 归母净利润 1.48 亿元，同比-19.10%，环比-19.08%。2025 年前三季度， 量产项目持续放量及新项目量产推动了营业收入稳健增长。 2025Q3 公司毛利率环比下降 1pct，四费率同比提升 0.1pct。2025Q3，公司 毛利率 15.4%，同比-4.9pct，环比-1.2pct，净利率 6.7%，同比-2.0pct， 环比-2.1pct，公司四费率为 7.53%，同比+0.07pct，环比+0.82pct。 主营高低压线束的自主优质线束企业，量、价双升。（1）价升：公司深耕 创新低压线束产品；同时加大布局高压线束产品产能。目前，公司高压 连接器产品已在 X 汽车、 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 36.25 CNY, while the current price is 25.94 CNY [5]. Core Insights - The company experienced a decline in revenue and profit year-on-year in Q3 2025, but structural optimization of revenue has led to improved profitability. The long-term outlook remains positive, particularly regarding the development of new business areas such as the short video center [2][11]. Financial Summary - Total revenue for 2023 is projected at 4,307 million CNY, with a year-on-year growth of 10.0%. However, a significant decline of 24.0% is expected in 2024, followed by a recovery with growth rates of 6.2%, 4.5%, and 4.1% in the subsequent years [4]. - Net profit attributable to the parent company for 2023 is estimated at 562 million CNY, with a substantial increase of 61.4% compared to the previous year. A slight decrease of 4.2% is anticipated in 2024, followed by growth in the following years [4]. - The earnings per share (EPS) for 2025 is projected to be 1.45 CNY, with subsequent increases to 1.54 CNY in 2026 and 1.62 CNY in 2027 [4][12]. Business Development - The gaming business is developing steadily, with core products expected to maintain a long lifecycle. The company is focusing on upgrading existing mobile games and developing a matrix of high-quality mobile games to enhance product efficiency [11]. - The establishment of the Shanghai International Short Video Center aims to create a full industry chain ecosystem around short videos and short dramas. This includes a fund to support high-potential creators and projects, promoting content innovation and commercialization [11].

中国重汽 A 2025 年三季报点评 以旧换新驱动营收高增，重卡出口趋势持续 中国重汽(000951) 风险提示：商用车产销不及预期，原材料价格大幅上涨。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 42,070 | 44,929 | 55,035 | 60,037 | 65,515 | | (+/-)% | 46.0% | 6.8% | 22.5% | 9.1% | 9.1% | | 净利润(归母) | 1,080 | 1,480 | 1,558 | 1,723 | 2,039 | | (+/-)% | 405.5% | 37.0% | 5.3% | 10.6% | 18.3% | | 每股净收益(元) | 0.92 | 1.26 | 1.33 | 1.47 | 1.74 | | 净资产收益率(%) | 7.3% | 9.7% | 9.6% | 10.2% | 11.4% | | 市盈率(现价&最新股本摊薄) | 19 ...

证券研究报告 | 2025年11月03日 蓝黛科技（002765.SZ） 优于大市 三季度净利润同比增长 69%，机器人业务稳步推进 产品线持续发力，公司业绩持续释放。蓝黛科技 2025 年前三季度实现营收 27.9 亿元，同比+6.6%，归母净利润 1.7 亿元，同比+64.4%；扣非归母净利 为 1.4 亿元，同比+127%；单三季度看，25Q3 营收 10.4 亿元，同比+3.8%， 环比+10.6%，归母利润 0.61 亿元，同比+69.4%，环比+7.0%，扣非净利润 0.51 亿元，同比+115.4%，环比+11.9%。整体来看，得益于公司汽车零部件业务 的订单释放以及盈利能力的持续提升，公司业绩持续释放。 费用管控稳定，盈利能力同比持续修复。费用层面，25Q1-3 销售/管理/研发 费用率分别为 1.5%/3.2%/3.9%。25Q3 蓝黛科技销售/管理/研发费用率分别 为 1.6%/2.9%/4.7% ， 同 比 分 别 -0.3/-0.2/+0.8pct ， 环 比 分 别 +0.5/-0.1/+1.3pct，整体费用管控相对稳定；25Q1-3 公司毛利率 16.7%， 同比+3.4pct， ...

证券研究报告 | 2025年11月03日 柏楚电子（688188.SH） 优于大市 2025 年三季度利润同比增长 13%，智能焊接实现多行业突破 2025 年前三季度营业收入同比增长 24.51%，归母净利润同比增长 24.61%。 公司发布 2025 年三季报，2025 年前三季度实现营收 16.20 亿元，同比增长 24.51%；归母净利润 9.04 亿元，同比增长 24.61%。单季度看，2025 年第三 季度公司实现营收 5.16 亿元，同比增长 23.71%；归母净利润 2.64 亿元，同 比增长 12.63%。公司收入利润保持双位数增长，主要受益于下游激光切割控 制系统需求稳定及公司产品竞争力提升。盈利能力方面，2025 年前三季度公 司毛利率/净利率为 78.09%/57.19%，同比变动-3.54/-2.23pct。期间费用方 面 ， 2025 年 前 三 季 度 公 司销 售 / 管 理 / 研 发/ 财 务 费 用 率 分 别为 5.09%/5.95%/11.17%/-1.65%，同比变动+0.05/+0.05/-0.90/+0.22pct，研 发投入保持高位。 现金流表现强劲，战略布局 ...