裕同科技（002831.SZ） 优于大市 2025 年三季报点评： Q3 利润率表现靓丽，期待收入加速增长 Q3 收入个位数下滑，盈利表现靓丽。2025Q1-Q3 公司实现收入 126.0 亿元 /+2.8%，归母净利润 11.8 亿元/+6.0%，扣非归母净利润 11.8 亿元/+4.9%； 其中 2025Q3 收入 47.3 亿元/-3.7%，归母净利润 6.3 亿元/+1.6%，扣非归母 净利润 6.2 亿元/+2.9%。受剥离武汉艾特与核心大客户新品交付周期推迟影 响，Q3 公司收入小个位数下滑，随着武汉艾特基数影响消除，同时大客户部 分收入递延确认，预计 Q4 收入有望提速。 证券研究报告 | 2025年11月03日 卡位全球产能优势，海外基地稳步推进。在全球供应链深度调整下，公司的 全球化基地布局具备稀缺优势，目前公司在全球 10 个国家、40 座城市设有 40 多个生产基地及 4 大服务中心，2025 年新增印尼环保工厂建设，预计未 来海外产能的比例将继续提升，海外增长提速有望拉动公司整体收入与利润 回归中高速增长。 智能化进行加速推进。目前许昌、合肥、苏州、湖南、九江、龙岗、越南、 江苏与贵州 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - In the first three quarters of 2025, the company achieved revenue of 4.835 billion yuan, a year-on-year decrease of 2.4%, and a net profit attributable to the parent company of 428 million yuan, down 9.7%. In Q3 alone, revenue was 1.717 billion yuan, an increase of 6.9% year-on-year, while net profit was 162 million yuan, up 13.5% year-on-year [2][7] - As of the end of Q3 2025, the company's contract liabilities increased by 40.5% year-on-year, indicating a significant acceleration in order trends [2][14] Summary by Relevant Sections Revenue and Profitability - The company reported a total revenue of 4.835 billion yuan for the first three quarters of 2025, with a decline of 2.4% year-on-year. The net profit attributable to the parent company was 428 million yuan, reflecting a decrease of 9.7%. In Q3, the revenue was 1.717 billion yuan, marking a 6.9% increase year-on-year, and the net profit was 162 million yuan, which is a 13.5% increase year-on-year [2][7] Order Trends - The contract liabilities at the end of Q3 2025 showed a year-on-year increase of 40.5%, significantly higher than the previous quarter, indicating a positive trend in orders. The order growth rate has improved since Q2 2023, with contract liabilities showing a positive growth for four consecutive quarters [14] Business Structure and Market Performance - The company has maintained strong order growth in the data center sector, driven by the increasing demand for cooling equipment. The company has extensive experience in providing cooling solutions for data centers, which is expected to contribute significantly to revenue growth. However, traditional refrigeration equipment sales are projected to decline due to slow construction progress in cold chain logistics and reduced capital expenditure in industrial sectors [14] Financial Performance - The net profit margin for Q3 2025 was 11.2%, an increase of approximately 1.36 percentage points year-on-year. The gross profit margin was 28.6%, up 0.49 percentage points year-on-year. The operating cash flow for 2024 totaled 721 million yuan, a year-on-year increase of 112%, indicating significant improvement in cash flow [14] Future Projections - The company is expected to achieve revenues of 6.463 billion yuan, 7.505 billion yuan, and 8.597 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -2.6%, +16.1%, and +14.6%. The net profit attributable to the parent company is projected to be 652 million yuan, 848 million yuan, and 1.035 billion yuan for the same years, with growth rates of +3.8%, +30.1%, and +22.0% respectively [14]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown signs of stabilization in Q3 2025, with revenue and profit turning positive on a quarterly basis, indicating a potential upward turning point in operations [2][3] - The company is expected to benefit from improved downstream demand, reduced tariff impacts, and expansion of its own brand [2][3] - The company has a strong competitive advantage as a leading manufacturer of stage lighting equipment, combining overseas brands with domestic production capabilities [5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.01 billion, a year-on-year decrease of 15.36%, and a net profit attributable to shareholders of 1.34 billion, down 48.04% year-on-year [2] - In Q3 2025, the company reported revenue of 2.79 billion, a slight increase of 0.62% year-on-year, and a net profit of 0.57 billion, up 1.96% year-on-year [2] - The gross margin for the first three quarters improved to 52.02%, while the net profit margin decreased to 16.94% due to revenue decline and integration costs [4] Future Outlook - The company is expected to see revenue recovery in the coming years, with projected revenues of 11.17 billion, 13.36 billion, and 15.83 billion for 2025, 2026, and 2027 respectively [5] - Earnings per share (EPS) are forecasted to be 1.87, 2.50, and 3.08 for the same years, reflecting a long-term growth potential despite short-term pressures [5] - The company continues to invest heavily in research and development, with R&D expenses increasing by 14.56% to 68.6 million in the first three quarters of 2025, maintaining its leading position in product innovation [4]

Investment Rating - The report maintains a "Buy" rating for Wanda Film [1][12][13] Core Views - The company's Q3 2025 performance exceeded expectations, with diverse business segments opening up growth opportunities [2][5] - The company has effectively controlled costs, leading to a significant improvement in profitability year-on-year [6][9] - The film content performance is strong, with a rich reserve of blockbuster films expected to be released soon [7][9] - The "Super Entertainment Space" strategy is gradually being implemented, enhancing cinema operational efficiency and reshaping growth logic [8][12] Financial Performance Summary - For Q3 2025, the company reported revenue of 3.098 billion yuan, a year-on-year decrease of 14.63%, while net profit attributable to shareholders was 173 million yuan, an increase of 212.04% [5][9] - The non-recurring net profit attributable to shareholders was 131 million yuan, a year-on-year increase of 3393.8% [5][9] - The gross margin for Q3 2025 was 26.60%, up 6.23 percentage points year-on-year, and the net margin was 5.62%, up 3.96 percentage points year-on-year [9][12] - For the first three quarters of 2025, total revenue was 9.787 billion yuan, a year-on-year decrease of 0.61%, while net profit attributable to shareholders was 708 million yuan, an increase of 319.92% [9][12] Future Projections - The company is projected to achieve revenues of 13.524 billion yuan, 15.480 billion yuan, and 16.651 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 862 million yuan, 1.215 billion yuan, and 1.484 billion yuan [11][12] - The report anticipates a gradual recovery in the film industry, with the company positioned as a leader in the domestic cinema investment sector [12][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in performance for Q3 2025, with total revenue reaching 20.394 billion yuan, a year-on-year increase of 13.89%, and net profit attributable to shareholders of 3.248 billion yuan, up 158.29% year-on-year [5][6] - The refrigerant business has been a key driver of the company's high growth, with a notable improvement in operating cash flow [6] - The supply of refrigerants is expected to remain tight due to quota constraints, which should sustain the industry's favorable conditions [7] - The company is projected to achieve net profits of 4.424 billion, 5.737 billion, and 6.666 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 22, 17, and 14 times respectively [8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 20.394 billion yuan, with a net profit of 3.248 billion yuan, reflecting a year-on-year increase of 158.29% [5] - In Q3 2025 alone, the company reported revenue of 7.062 billion yuan, a 21.22% increase year-on-year, and a net profit of 1.197 billion yuan, up 182.82% year-on-year [5][6] Business Segments - The refrigerant segment generated revenue of 9.352 billion yuan, a year-on-year increase of 48.01%, significantly contributing to the overall performance [6] - Other segments such as petrochemical materials and basic chemicals showed varied performance, with some segments experiencing declines [6] Market Outlook - The 2026 refrigerant quota is set to decrease, which is expected to maintain a tight balance in the refrigerant industry [7] - Demand for refrigerants is anticipated to grow due to increased production and sales of household air conditioners and automobiles [7] Investment Projections - The company is expected to maintain strong profit growth, with projected net profits increasing significantly over the next few years [8]

2025 年 11 月 3 日 公司研究 Q3 业绩承压下滑，拟参股成立合资公司建设钠电产业项目 ——三友化工（600409.SH）2025 年三季报点评 要点 事件：公司发布 2025 年第三季度报告，2025 年前三季度，公司实现营业收入 141.64 亿元，同比-12%；实现归母净利润 1.22 亿元，同比-69%；其中 Q3 单 季度公司实现营业收入 46.02 亿元，同比-13.5%，环比-4%；实现归母净利润 0.48 亿元，同比-28%，环比-48%。 点评： 纯碱景气下行，Q3 业绩承压下滑：2025 年 Q3，公司主营产品所属行业面临供 给过剩、有效需求不足、原料价格回落有限的挑战，经营持续承压。其中纯碱板 块同比减利明显，化纤板块、氯碱板块虽同比有所改善，但不足以弥补纯碱板块 价格下行影响，致 Q3 业绩下滑。2025 年 Q3，公司纯碱、粘胶短纤、烧碱、PVC 平均售价分别为 1100 元/吨、12200 元/吨、2671 元/吨、4473 元/吨，分别同 比-32%、-3%、-1%、-13%；分别环比-10%、-1%、+4%、-0.2%。 持续推进"三链一群"项目建设，新兴产业建设打开 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 1.736 billion yuan in Q3 2025, a year-on-year decrease of 11.6%, with a net profit of 227 million yuan, down 23.6%. For the first three quarters, the total revenue was 7.098 billion yuan, an increase of 1.9%, and the net profit was 1.026 billion yuan, up 2.7% [9] - The company is focusing on enhancing profitability through cost reduction and efficiency improvements, with a gross margin of 74.7% in Q3 2025, an increase of 4.0 percentage points [9] - The company has signed a strategic cooperation agreement with West China Hospital to focus on mitochondrial anti-aging research, and its sub-brands OR and Yuanse Bota are showing strong growth [9] - The company is expected to achieve net profits of 1.615 billion yuan, 1.818 billion yuan, and 2.038 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.9, 15.9, and 14.2 [9] Financial Performance - The company's revenue for 2023 is projected at 8.905 billion yuan, with a growth rate of 39.5%. For 2024, revenue is expected to reach 10.778 billion yuan, with a growth rate of 21.0% [8] - The net profit for 2023 is estimated at 1.194 billion yuan, with a growth rate of 46.1%, and for 2024, it is projected to be 1.552 billion yuan, with a growth rate of 30.0% [8] - The company's EPS for 2025 is expected to be 4.08 yuan, with a PE ratio of 17.9 [8] Market Performance - The company's stock has shown a performance of -22% over the last 12 months compared to the CSI 300 index [4]

金沃股份(300984) 报告日期：2025 年 11 月 03 日 证券研究报告 | 公司深度 | 通用设备 轴承套圈盈利拐点，新业务丝杠、绝缘轴承套圈量产在即 ——金沃股份深度报告 投资要点 2023 年全球轴承行业市场规模约 1210 亿美元，预计至 2030 年增长至 2266 亿美 元，23-30 年复合增速约 9.4%。八家跨国轴承集团合计占据超过 70%的市场份 额，我国轴承企业占 22%市场份额。 ❑ 盈利预测与估值 预计公司 2025-2027 年收入为 13.3、18.9、23.7 亿元，同比增长 16%、42%、 25%；归母净利润为 0.58、1.39、2.25 亿元，同比增长 123%、137%、62%，24- 27 年复合增速为 105%，对应 PE 为 133、56、35 倍，维持"买入"评级。 ❑ 风险提示 1）原材料价格变动；2）人形机器人量产进度、绝缘轴套导入进度不及预期。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 ...

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 | ...