事件：TCL 智家公布 2025 年三季报。公司 2025 年前三季度实 现收入 143.5 亿元，YoY+2.9%；实现归母净利润 9.8 亿元， YoY+18.5%。经折算，Q3 单季度实现收入 48.7 亿元，YoY-2.3%； 实现归母净利润 3.4 亿元，YoY+27.5%。我们认为，Q3 公司外销 表现稳健，内销有所承压，单季收入同比小幅下降；公司聚焦管 理增效和数智升级，叠加产品结构优化，Q3 盈利能力同比明显提 升。 Q3 单季收入同比小幅下降：公司分区域来看，1）据产业在线数 据，Q3 奥马+TCL 冰箱合计外销出货量 YoY+0.2%，TCL 洗衣机外销 出货量 YoY+43.4%。我们推断，美国关税政策对公司代工业务产 生一定的影响，但公司加大品牌业务推广力度，积极拓展东南亚、 拉美和中东等区域，推动 TCL 品牌洗衣机外销业务实现较快增长。 2）据产业在线数据，Q3 奥马+TCL 冰箱合计内销出货量 YoY-20.2%， TCL 洗衣机内销出货量 YoY-36.5%。我们推测，因国补推动家电消 费向中高端产品集中，公司内销产品定位偏基础款，导致内销业 务有所承压。展望后续，公司加力研发 ...

事件：2025Q3 实现营收 20.98 亿元，同环比分别+13.85%/+2.59%；实现归母 净利 0.63 亿元，同环比分别-36.92%/+59.99%。 收入：空悬同比持续高速增长、爆款车型贡献增量 前三季度公司实现营收 60.48 亿元，同比增长 20.32%，其中空悬收入 9.53 亿元同 比+51.73%，传感器收入 5.57 亿元，同比+18.23%。2025Q3 实现营收 20.98 亿元， 同环比分别+13.85%/+2.59%，25Q3 收入同环比增长，主要是因为空悬业务收入提 升，主要为理想及蔚来贡献增量：蔚来乐道 L90 在三季度上市，三季度销量 2.2 万 辆贡献主要收入增量；理想 i8 及 i6 第三季度销量 1.7 万辆，环比增加 1.4 万辆。 展望四季度，蔚来 ES8 在三季度末上市销量爬坡，同时理想、小鹏等在四季度冲 量，25Q4 收入或将持续增长。 利润：25Q3 毛利率环比改善，汇兑贡献减少 2024Q4 实现归母净利 0.54 亿元，环比下降 46.2%，1）2025Q3 实现毛利率 21.34%，同比-3.26pct，环比+0.86pct，同比毛利率下降主要是因 ...

证券研究报告 | 公司点评报告 2025 年 11 月 03 日 滨江集团（002244.SZ） 优质的资产负债表进退自如，经营节奏稳步推进 周期/房地产 总结：2025 三季报公司业绩改善的主要原因是交付体量提高、毛利率改善和费 用率控制得当；销售方面，前 10 月销售完成全年目标 86%；资产负债表方面， 债务控制得当使得公司战略空间相对舒适；拿地方面，积极把握土地市场窗口 期，前10月投资强度和权益拿地比例均提高。预计2025-2027年EPS分别0.91、 1.01、1.1 元，维持"强烈推荐"评级，考虑到未来行业竞争格局改善的长期逻 辑或抬升优质房企估值溢价，且供给端逻辑有望主导新房市场，公司产品能力 在行业中较强，给予目标价 13 元/股（对应 2025PE=14.4X）。 ❑ 2025 三季度公司业绩同比较大幅度改善的主要原因是交付楼盘体量增长、毛 利率改善和费用率控制得当。2025 三季报公司实现营业收入/营业利润/归母 净利润分别为 655.1 亿/60.3 亿/24 亿（分别同比提高 60.6%/提高 118.3%/提 高 46.6%）。（1）营业收入增长 60.6%，主因 2025 年前 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [10] Core Insights - The company has shown significant improvement in operations and rapid progress in commercialization, particularly in AI applications within vertical industries such as education and healthcare [7] - The company's revenue for the first three quarters of 2025 reached 16.989 billion yuan, a year-on-year increase of 14.41%, while the net profit attributable to shareholders was -0.067 billion yuan, reflecting an 80.6% increase year-on-year [7] - The company achieved a net profit of 1.72 billion yuan in Q3 2025, a substantial year-on-year growth of 202.40%, indicating a turnaround from previous losses [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 19.65 billion yuan, 2024A at 23.34 billion yuan, 2025E at 27.68 billion yuan, 2026E at 31.62 billion yuan, and 2027E at 36.37 billion yuan, with growth rates of 4%, 19%, 19%, 14%, and 15% respectively [2] - The net profit attributable to shareholders is projected to be 0.657 billion yuan for 2023A, 0.560 billion yuan for 2024A, 0.877 billion yuan for 2025E, 1.215 billion yuan for 2026E, and 1.597 billion yuan for 2027E, with growth rates of 17%, -15%, 57%, 39%, and 31% respectively [2] - The company maintains a gross margin of approximately 40%, demonstrating strong market competitiveness [7] Market Position and Strategy - The company has established a leading position in AI commercialization, particularly through its "Xunfei Spark" model, which has seen significant project wins in the education and healthcare sectors [7] - The report highlights the importance of the developer ecosystem and the company's focus on self-controlled core technologies, which have contributed to its market position and revenue growth [7] - The company is also expanding its international business and enhancing its developer ecosystem, which is expected to bring long-term value [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][17]. Core Views - The company has shown signs of a performance turnaround, with quarterly improvements in its fundamental performance driven by accelerated overseas growth [1][6]. - The company reported a revenue of 25.834 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.38%, while the net profit attributable to the parent company was 7.570 billion yuan, down 28.83% [6]. - The third quarter of 2025 saw a revenue of 9.091 billion yuan, marking a year-on-year growth of 1.53%, indicating a potential inflection point in performance [6]. Summary by Sections Financial Performance - For 2023A, the company is projected to achieve a revenue of 34.932 billion yuan, with a year-on-year growth rate of 15.0%. However, a decline of 1.9% is expected in 2025E [4]. - The net profit attributable to the parent company is forecasted to be 11.582 billion yuan in 2023A, with a growth rate of 20.6%, but a significant drop of 14.6% is anticipated in 2025E [4]. - The company’s gross margin for the first three quarters of 2025 was 61.95%, down 2.92 percentage points year-on-year, primarily due to pricing pressures in the domestic market [6]. Business Segments - The in-vitro diagnostics business continues to perform strongly overseas, with international revenue accounting for 37% of the segment's total in the first three quarters of 2025 [6]. - The life information and support business returned to growth in Q3 2025, with a revenue increase of 2.60%, driven by a more than 25% growth in minimally invasive surgery [6]. - The medical imaging business maintained its market position, with a revenue of 1.689 billion yuan in Q3 2025, showing a significant reduction in the decline compared to the first half of the year [6]. Future Outlook - The company expects revenue growth to accelerate in Q4 2025, with projected revenues of 36.011 billion yuan for 2025E, followed by 39.956 billion yuan in 2026E and 44.404 billion yuan in 2027E [4][6]. - The forecasted net profit for 2025E is 9.962 billion yuan, with a recovery expected in subsequent years, reaching 12.562 billion yuan by 2027E [4][6].

证券研究报告·公司点评报告 2025 年 11 月 3 日 江海证券研究发展部 医药行业研究组 执业证书编号：S1410524050001 | 当前价格: | 41.3元 | | --- | --- | | 投资评级： | 买入（维持） | 市场数据 | 总股本(百万股) | 117.32 | | --- | --- | | A 股股本(百万股) | 117.32 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 88.44 | | 12 个月最高/最低(元) | 66.66/29.68 | | 第一大股东 | 李永安 | | 第一大股东持股比例(%) | 10.38 | | 上证综指/沪深 300 | 3954.79/4640.67 | 分析师：吴春红 2025 年三季报营收利润超预期，格列 齐特缓释片获批 % 1 个月 3 个月 12 个月 相对收益 8.08 -4.66 60.29 绝对收益 11.62 6.83 98.53 1. 江海证券-公司点评报告-德源药业 -832735.BJ：2025 年半年报营收利润符合 预期，关注新品放量以及创新药 DYX116 和 DYX2 ...

2025 年 11 月 03 日 公司点评 买入/维持 宝丰能源(600989) 昨收盘:18.44 2025Q3 业绩维持高增，内蒙新产能优势明显 走势比较 (20%) (10%) 0% 10% 20% 30% 24/11/4 25/1/15 25/3/28 25/6/8 25/8/19 25/10/30 股票数据 | 总股本/流通(亿股) | 73.33/73.33 | | --- | --- | | 总市值/流通(亿元) | 1,352.27/1,35 | | | 2.27 | | 12 个月内最高/最低价 | 18.94/13.85 | | (元) | | 相关研究报告 <<业绩符合预期，内蒙新产能贡献显 著>>--2025-08-24 <<宝丰能源（600989.SH）：内蒙项目 进展顺利，原料价格下行助力盈利提 升>>--2025-04-24 <<宝丰能源（600989.SH）：内蒙项目 进展顺利，原料价格下行助力盈利提 升>>--2025-03-17 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：公司近期发布 2025 年三季报，期内实现营业 ...

天气叠加竞争激烈，三季度业绩承压 中青旅(600138) 证券研究报告 旅游及景区 / 公司点评 / 2025.11.03 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-11-03 | | --- | --- | | 收盘价(元) | 9.73 | | 流通股本(亿股) | 7.24 | | 每股净资产(元) | 8.81 | | 总股本(亿股) | 7.24 | 最近 12 月市场表现 -9% -3% 3% 9% 14% 20% 中青旅 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《竞争加剧叠加天气因素，业绩承压》 2025-09-01 2. 《景区业务客流略有承压，旅行社业务维 持高景气》 2024-11-07 3. 《景区业务呈现分化，关注出入境游复苏 机遇》 2024-09-02 ❖ 风险提示：客流不及预期、行业竞争加剧、宏观经济波动等风险 盈利预测 | [币种Table_FinchinaSimple] (人 ...

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]