[Table_Reportdate] 2025年11月03日 [Table_invest] 买入（维持） 报告原因：业绩点评 ——公司简评报告 [table_main] 投资要点 ➢ 事件：公司发布2025年三季报业绩，2025Q1-Q3公司实现营业收入293.67亿元（同比 +1.41%，下同），归母净利润52.74亿元（+5.70%）。其中，Q3营业收入88.76亿元（-0.17%）， 归母净利润13.70亿元（+1.62%）。 ➢ 风险提示：市场需求疲软、行业竞争加剧、结构升级不及预期、原材料波动风险。 盈利预测与估值 | 单位：亿元 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 321.38 | 332.18 | 342.72 | 354.84 | | 同比增速 | -5.30% | 3.36% | 3.17% | 3.54% | | 归母净利润 | 43.45 | 46.53 | 50.01 | 54.61 | | 同比增速 | 1.81% | 7.09% | 7.47% | 9.20% | | ...

Investment Rating - The investment rating for Midea Group is "Outperform the Market" [5] Core Views - Midea Group demonstrated resilient growth in operating performance, with revenue for Q1-Q3 2025 reaching 364.72 billion, a year-on-year increase of 13.8%, and net profit attributable to shareholders at 37.88 billion, up 19.5% [1] - The company's B-end and OBM (Original Brand Manufacturer) businesses continue to drive growth momentum, with B-end revenue increasing by 18% in the first three quarters [2] - The gross margin has improved, with Q3 gross margin rising by 1.2 percentage points to 26.4%, ending a four-quarter decline [3] Summary by Sections Revenue and Profitability - For Q3 2025, Midea Group achieved revenue of 112.38 billion, a 9.9% increase year-on-year, and net profit of 11.87 billion, up 8.9% [1] - The company’s C-end appliance business grew by 13% year-on-year in the first three quarters, showcasing strong operational capabilities despite market pressures [2] B-end Business Performance - The B-end business revenue grew by 18% in the first three quarters, with significant contributions from new energy and industrial technology, intelligent building technology, and robotics and automation [2] Financial Metrics - The company’s Q3 net profit margin was 10.6%, maintaining a solid profitability level [3] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 44.9 billion, 49.4 billion, and 54 billion respectively, reflecting a year-on-year growth of 16%, 10%, and 9% [4][5]

看好智能悬架海外市场前景 保隆科技(603197) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 石佳艺(分析师) | 021-38676666 | shijiayi@gtht.com | S0880525070001 | 本报告导读： 保隆科技 2025 前三季度业绩承压，看好公司智能悬架海外市场前景。维持"增持" 评级。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 5,897 | 7,025 | 8,390 | 9,903 | 11,541 | | (+/-)% | 23.4% | 19.1% | 19.4% | 18.0% | 16.5% | | 净利润(归母) | 379 | 303 ...

公司近一年市场表现 事件描述 公司披露 2025 年第三季度报告：报告期内，公司实现营收 7.37 亿元 （yoy+44.01%），归母净利润 1.25 亿元（yoy+18.83%），扣非后净利润 0.96 亿元（yoy+41.54%）。25Q3，公司实现营收 2.77 亿元（yoy+54.57%），归母 净利润为 0.42 亿元（yoy+48.84%），扣非后净利润 0.36 亿元（yoy+126.09%）。 事件点评 市场数据：2025 年 11 月 3 日 收盘价（元）： 67.41 年内最高/最低（元）： 75.50/43.99 流通A股/总股本（亿）： 1.07/1.66 流通 A 股市值（亿）： 72.10 总市值（亿）： 111.63 基础数据：2025 年 9 月 30 日 公司新签订单增速表现出色，在手订单执行情况良好，未来业绩有望逐 季度高增。截至 2025Q3 末，公司合同负债为 0.97 亿元，同比增长 46.97%， 相对 2025 上半年末增长 29.33%，在手订单充沛。公司新签订单增速表现出 色，主要系：（1）公司主营业务覆盖领域众多，下游电子半导体行业需求旺 盛，锂电池行业需 ...

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 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39,544 | 40,727 | 41,554 | 45,532 | 50,071 | | (+/-%) | -0.6% | 3.0% | 2.0% | 9.6% | 10.0% | | 净利润(百万元) | 3086 | 3101 | 3370 | 3882 | 4347 | | (+/-%) | 9.9% | 0.5% | 8.7% | 15.2% | 12.0% | | 每股收益（元） | 1.10 | 1.11 | 1.21 | 1.39 | 1.56 | | EBIT Margin | 10.2% | 10.8% | 11.1% | 11.6% | 11.8% | | 净资产收益率（ROE） | 11.8% | 10.8% | 11.1% | ...

公 司 研 究 / 石 油 石 化 / 证 券 研 究 报 告 恒力石化（600346）财报点评 恒力石化：Q3 业绩大增，"反内卷"逻 辑再强化 2025 年 11 月 03 日 【投资要点】 挖掘价值 投资成长 增持（维持） 《恒力石化：周期底部业绩承压，"反内卷" 有望优化行业格局》 2025.08.26 《全产业链协同发展，长期分红能力可期》 东方财富证券研究所 证券分析师：张志扬 证书编号：S1160524100006 证券分析师：马小萱 证书编号：S1160525070002 相对指数表现 -10% 0% 10% 20% 30% 40% 2024/11 2025/5 2025/11 恒力石化 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 126,351.84 | | 流通市值（百万元） | 126,351.84 | | 52 周最高/最低（元） | 17.95/13.82 | | 52 周最高/最低（PE） | 17.95/13.82 | | 52 周最高/最低（PB） | 1.99/1.53 | | 52 周涨幅（%） | 29.88 | | 52 周换 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 7.098 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.89%. The net profit attributable to shareholders was 1.026 billion yuan, up 2.65% year-on-year [2] - In Q3 2025, the company experienced a revenue decline of 11.63% year-on-year, with a net profit of 227 million yuan, down 23.64% year-on-year. The decline was attributed to fewer promotional activities and an early focus on the Double Eleven sales event [2][3] - The company's gross margin improved significantly to 74.68%, an increase of 3.96 percentage points year-on-year, although the net profit margin decreased due to increased brand-building expenses [4] - The company continues to effectively implement its big product strategy, upgrading star products and steadily launching new products. Revenue forecasts for 2025-2027 have been adjusted to 11.231 billion, 12.624 billion, and 14.075 billion yuan, respectively [5] Revenue Analysis - The revenue decline in Q3 2025 was influenced by fewer promotional activities and a shift in focus to the October Double Eleven event. Skincare products saw a revenue drop of 20.41%, while beauty makeup and personal care products experienced growth of 0.89% and 137.70%, respectively [3] - The average selling price (ASP) for skincare products decreased by 22.19% year-on-year, while beauty makeup and personal care products saw declines of 10.99% and 0.60%, respectively [3] Profitability Analysis - The company's gross margin for Q3 2025 was 74.68%, reflecting a year-on-year increase. However, the net profit margin fell to 13.19%, down 2.01 percentage points year-on-year due to increased operating expenses [4] Financial Forecasts - The adjusted earnings per share (EPS) for 2025-2027 are projected to be 4.13, 4.73, and 5.40 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 15, and 14 times [5][7]

证券研究报告·公司点评报告·纺织制造 伟星股份（002003） 2025 年三季报点评：Q3 环比改善，发布股权 激励计划彰显信心 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） | 3,907 | 4,674 | 4,856 | 5,314 | 5,827 | | 同比（%） | 7.67 | 19.66 | 3.88 | 9.43 | 9.66 | | 归母净利润（百万元） | 558.11 | 700.33 | 681.22 | 763.73 | 855.01 | | 同比（%） | 14.21 | 25.48 | (2.73) | 12.11 | 11.95 | | EPS-最新摊薄（元/股） | 0.48 | 0.60 | 0.58 | 0.65 | 0.73 | | P/E（现价&最新摊薄） | 22.79 | 18.16 | 18.67 | 16.65 | 14.87 | [Table_Tag] [Ta ...

· 建筑行业 | 186,613 | 195,169 | 207,045 | 220,870 | | --- | --- | --- | --- | | 4.1% | 4.6% | 6.1% | 6.7% | | 5,688 | 6,291 | 6,827 | 7,470 | | 4.8% | 10.6% | 8.5% | 9.4% | | 10.1% | 10.1% | 10.1% | 10.3% | | 0.93 | 1.03 | 1.12 | 1.22 | | 8.36 | 7.56 | 6.97 | 6.37 | | 维持评级 | | --- | 龙天光 | 市场数据 | 2025-11-3 | | --- | --- | | 股票代码 | 601117 | | A 股收盘价(元) | 7.73 | | 上证指数 | 3976.52 | | 总股本(万股) | 610687.74 | | 实际流通 A 股(万股) | 606958.08 | | 流通 A 股市值(亿元) | 481.22 | | 资产负债表(百万元) 2024A 2025E 2026E 2027E 利润表(百万元) | 2024A | ...

澜起科技 688008.SH 公司研究 | 季报点评 DDR 产品迭代推动业绩同比高增长 核心观点 ⚫ 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益为 1.87/2.99/4.00 元（原预测为 1.98/2.82/3.76 元， 主要调整了营业收入、毛利率及费用率等假设），维持可比公司 25 年平均 80 倍 PE 估值，给予 149.60 元目标价，维持买入评级。 风险提示 DDR5 市场份额提升不及预期；新产品进展不及预期；公司盈利不及预期对估值产生负 面影响。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,286 | 3,639 | 5,546 | 7,602 | 9,846 | | 同比增长 (%) | -38% | 59% | 52% | 37% | 30% | | 营业利润(百万元) | 472 | 1,413 | 2,254 | 3,606 | 4,817 | | 同比增长 (%) | -67% | 199% | ...