证 券 研 究 报 告 澳华内镜（688212）2025 年三季报点评 推荐（维持） 收入端拐点已至，新品 AQ-400 放量可期 事项： ❖ 公司发布 25 年三季报。25Q1-3，营业收入 4.23 亿元（-15.57%），归母净利润 -0.56 亿元（24 年同期 0.37 亿元），扣非净利润-0.68 亿元（24 年同期 0.15 亿 元）。25Q3，营业收入 1.62 亿元（+10.37%），归母净利润-0.15 亿元（24 年同 期 0.32 亿元），扣非净利润-0.16 亿元（24 年同期 0.16 亿元）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 750 | 753 | 943 | 1,137 | | 同比增速(%) | 10.5% | 0.4% | 25.3% | 20.6% | | 归母净利润(百万) | 21 | 11 | 83 | 116 | | 同比增速(%) | -63.7% | -45.5% ...

Q3 稳健，期待旺季跨境表现向上 证券研究报告 | 公司点评 | 家居用品 ——恒林股份点评报告 投资要点 ❑ 公司发布 25Q3 业绩： ❑ 跨境电商增长稳健，代工业务底部稳健 跨境：在关税波动下，公司跨境电商业务基于规模效应、强成本管控能力，增长 较为稳健。根据 Sorftime，公司在美国亚马逊的主要品牌 Sweetcrispy、Dumos、 Smug7-9 月表现较优，具体看 Sweetcrispy 7-9 月销售额分别同比 +34.5%/32.3%/38.8%，收纳柜、办公椅等爆品销售表现良好。Dumos 7-9 月销售 额分别同比+89.0%/54.8%/147.9%，主要产品包括床垫、推车、办公桌等公司具 有相关制造能力的产品。 Smug 7-9 月销售额分别同比+24.2%/9.8%/130.1%，主 要产品包括床垫、办公椅、升降桌等产品。 25Q3 公司实现营收 31.4 亿，同比+4.4%，归母净利润 0.97 亿，同比+112%，扣 非归母净利润 0.93 亿，同比+110%，Q3 收入在跨境业务稳健增长下拉动增长， 利润率逐步修复。 代工：25Q3 在关税及客户库存高位去库影响下收入受 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a year-on-year revenue growth of 7.53% and a net profit growth of 39.03% for the first three quarters of 2025, with a revenue of 154.55 billion yuan and a net profit of 4.60 billion yuan [1]. - The LCD industry is experiencing a continuous optimization of its structure, with manufacturers adopting a demand-driven production strategy, leading to moderate fluctuations in TV panel prices [2]. - The company is expected to see a double-digit growth in OLED shipments for the year, driven by flagship models from leading brands and an increase in the penetration of foldable devices [2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 53.27 billion yuan, representing a year-on-year increase of 5.81% and a quarter-on-quarter increase of 5.11% [1]. - The gross margin for Q3 2025 was reported at 14.44%, showing a year-on-year decrease of 3.0 percentage points but an increase of 1.4 percentage points quarter-on-quarter [1]. - The revenue forecast for 2025-2027 is projected to grow by 12.4%, 8.2%, and 9.3%, reaching 223.1 billion yuan, 241.3 billion yuan, and 263.8 billion yuan respectively [3][4]. Earnings Forecast and Financial Metrics - The net profit for 2025 is expected to be 6.53 billion yuan, with a year-on-year growth of 22.6% [4]. - The projected price-to-book (PB) ratios for 2025-2027 are 1.11, 1.07, and 1.01 respectively [3][4]. - The company’s earnings per share (EPS) is forecasted to be 0.17 yuan in 2025, with a growth rate of 22.6% [4].

证券研究报告·公司点评报告·风电设备 大金重工（002487） 签署过渡段订单，单价超 5 万元/吨，向全套 解决方案服务商进发！ 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） | 4,325 | 3,780 | 6,752 | 8,980 | 11,710 | | 同比（%） | (15.30) | (12.61) | 78.63 | 33.00 | 30.41 | | 归母净利润（百万元） | 425.16 | 473.87 | 1,102.04 | 1,711.68 | 2,528.66 | | 同比（%） | (5.58) | 11.46 | 132.56 | 55.32 | 47.73 | | EPS-最新摊薄（元/股） | 0.67 | 0.74 | 1.73 | 2.68 | 3.96 | | P/E（现价&最新摊薄） | 74.37 | 66.73 | 28.69 | 18.47 | 12.50 | ...

风险提示 机器人业务进展低于预期、乘用车行业销量低于预期、北美市场新能源车渗透率低于预 期、乘用车遮阳板、头枕、顶棚产品配套量低于预期、海外关税政策不确定性。 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 5,861 | 6,377 | 6,948 | 7,735 | 8,604 | | 同比增长 (%) | 13.9% | 8.8% | 9.0% | 11.3% | 11.2% | | 营业利润(百万元) | 802 | 943 | 1,020 | 1,217 | 1,404 | | 同比增长 (%) | 35.7% | 17.6% | 8.2% | 19.3% | 15.4% | | 归属母公司净利润(百万元) | 654 | 802 | 871 | 1,039 | 1,198 | | 同比增长 (%) | 14.8% | 22.7% | 8.6% | 19.2% | 15.3% | | 每股收益（元） | 0.30 ...

证券研究报告 | 公司点评 | 电池 杭可科技(688006) 报告日期：2025 年 11 月 26 日 国内外市场双轮驱动，固态后处理设备龙头打开成长空间 ——杭可科技点评报告 ——迪安诊断深度报告 投资要点 ❑ 业绩符合预期，Q3 毛利率达 40% 1）25Q1-Q3: 营收 27.21 亿元，同比增 1.87%；归母净利润 3.86 亿元，同比增 2.59%；扣非归母净利润 3.61 亿元，同比增 6.08%。 2）25Q3：营收 7.51 亿元，同比降 3.75%，环比降 41.79%；归母净利润 9767 万 元，同比降 8.35%，环比降 43.25%；扣非归母净利润 8818 万元，同比降 0.01%，环比降 43.57%。 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 2981.15 | 3864.32 | 4738.30 | 5704.73 | | (+/-) (%) | -24.18% | 29.62% | 22.62% | 20.40% ...

公 计算机 2025 年 11 月 26 日 柏楚电子 (688188) 锂电焊接解决方案亮相高工锂电年会，公司精密业 务发展加速 报告原因：有信息公布需要点评 型入(维持) | 市场数据: | 2025 年 11 月 25 日 | | --- | --- | | 收盘价（元） | 131.71 | | 一年内最高/最低（元） | 224.58/126.32 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 2.15 | | 流通 A 股市值 (百万元) | 38,029 | | 上证指数/深证成指 | 3,870.02/12,777.31 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 20.83 | | 资产负债率% | 4.94 | | 总股本/流通 A 股 (百万) | 289/289 | | 流通 B 股/H 股 (百万) | | 年内股价与大儒对 沪深300指数 研究支持 胡书捷 A0230524070007 husi@swsresearch.com 苏萌 A02305240 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company's domestic business is under short-term pressure, while the overseas market is experiencing rapid growth. The product line continues to expand, justifying the "Accumulate" rating [2][13]. Financial Summary - Total revenue for 2023 is projected at 4,444 million, with a slight increase to 4,471 million in 2024, followed by a decrease to 4,121 million in 2025, and then a recovery to 4,619 million in 2026 and 5,180 million in 2027 [4]. - Net profit attributable to the parent company is expected to be 1,217 million in 2023, decreasing to 1,194 million in 2024, and further down to 1,059 million in 2025, before rising to 1,224 million in 2026 and 1,409 million in 2027 [4]. - Earnings per share (EPS) is forecasted to be 2.13 in 2023, decreasing to 2.09 in 2024, and 1.85 in 2025, with a recovery to 2.14 in 2026 and 2.47 in 2027 [4][14]. Market Performance - The current stock price is 37.20, with a target price set at 44.94, indicating potential upside [6][7]. - The company has a total market capitalization of 21,257 million [7]. Business Outlook - The company is expected to see a stabilization in domestic business as industry policies are gradually implemented, and the process of import substitution accelerates [13]. - The overseas market is anticipated to grow rapidly due to ongoing product registrations and market expansion efforts [13]. - The product line has been enriched with 14 new products recently obtaining medical device registration, laying a foundation for future growth [13].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown a year-on-year increase in net profit for Q3, with a focus on steady progress in optical communication [2][11] - The report highlights a significant growth in FTTR shipments and successful acquisition of multiple pilot projects for 10G optical networks from the Ministry of Industry and Information Technology [2][11] - The company has made substantial inroads into international markets, securing significant market shares in Southeast Asia, the Americas, and Africa for its optical network and broadband products [11] Financial Summary - The projected total revenue for 2025-2027 is estimated at 286.54 billion, 294.05 billion, and 306.88 billion respectively, with corresponding net profits of 9.51 billion, 10.22 billion, and 11.09 billion [11] - For the first three quarters of 2025, the company reported revenue of 170.72 billion, a year-on-year decrease of 19.3%, while net profit reached 5.13 billion, an increase of 30.28% [11] - The gross profit margin for Q3 2025 was reported at 22.79%, reflecting a quarter-on-quarter increase of 2.70 percentage points [11] Market Performance - The current stock price is 22.83 yuan, with a target price set at 27.76 yuan, indicating a potential upside [5][6] - The stock has a market capitalization of 29.418 billion yuan and a price-to-earnings ratio of 58.21 based on the latest diluted share capital [6][12] - The company’s stock has experienced a 52-week price range of 17.21 to 29.88 yuan [6]

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Insights - The company has achieved significant results from its marketing model transformation, optimizing operational efficiency. The sales expense ratio for the first three quarters of 2025 was 47.19%, a decrease of 2.69 percentage points year-on-year, indicating improved operational efficiency [7] - The innovative drug pipeline has established a matrix layout, with the company's independent innovation capabilities being validated. Key drugs are in various stages of clinical trials, including KC1036 in Phase III and KC1086 completing Phase I [7] - Revenue forecasts for 2025 to 2027 are projected at 9.11 billion yuan, 10.63 billion yuan, and 12.14 billion yuan, with year-on-year growth rates of 10.4%, 16.7%, and 14.2% respectively. Net profit attributable to shareholders is expected to be 1.69 billion yuan, 2.03 billion yuan, and 2.42 billion yuan, with growth rates of 299.8%, 20.2%, and 19.2% respectively [7] Financial Summary - The latest closing price of the company's stock is 44.40 yuan, with a market capitalization of 70.75 billion yuan and a total share capital of 1.59 billion shares [1] - The company's current price-to-earnings (PE) ratio is 123.87, and the price-to-book (PB) ratio is 2.21 [1] - The revenue for 2024 is projected at 8.25 billion yuan, with a revenue growth rate of -10.3%. The net profit for the same year is expected to be 0.43 billion yuan, reflecting a significant decline of 71.9% [4][8]