佰仁医疗（688198）财报点评 业绩同比增幅亮眼，后续增长动能充足 2025 年 11 月 03 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 联系人：孙心睿 相对指数表现 《营收增长稳健，研发费用回落释放业绩 潜力》 2025.04.29 -20% -10% 0% 10% 20% 30% 2024/11 2025/5 2025/10 佰仁医疗 沪深300 基本数据 | 总市值（百万元） | 15,779.05 | | --- | --- | | 流通市值（百万元） | 15,779.05 | | 52 周最高/最低（元） | 126.67/98.00 | | 52 周最高/最低（PE） | 118.38/91.59 | | 52 周最高/最低（PB） | 13.89/10.75 | | 52 周涨幅（%） | 16.89 | | 52 周换手率（%） | 145.29 | 注：数据更新日期截止 2025 年 10 月 31 日 相关研究 《业绩增幅亮眼，众多管线取得突破》 2025.08.28 《经导管瓣中瓣获批，完成全 ...

Investment Rating - The investment rating for the company is "Accumulate" [6][10]. Core Views - The company reported a revenue of 9.844 billion yuan for Q3 2025, representing a year-on-year growth of 4.74%. However, the net profit attributable to the parent company was 537 million yuan, a decline of 28.90% year-on-year, with basic earnings per share at 0.20 yuan [3][6]. - The company has seen a slight decrease in inventory, and profit growth was achieved in Q3. The gross profit margin and net profit margin for the first three quarters were 45.12% and 5.38%, respectively, with year-on-year changes of +0.35 and -2.63 percentage points [6][3]. - The company is focusing on enhancing its online marketing and opening new offline stores, which has led to an increase in sales expense ratio, impacting net profit margins [6][3]. Financial Summary - For the first three quarters of 2025, the company had a total inventory of 4.142 billion yuan, a decrease of 0.64% year-on-year, with inventory turnover days increasing by 10.67 days to 190.50 days [6][3]. - In Q3 2025, the company achieved a revenue of 3.695 billion yuan, a year-on-year increase of 7.31%, and a net profit of 212 million yuan, up 4.55% year-on-year [6][3]. - The company plans to continue expanding its store count, with a total of 8,236 stores as of the first half of the year, an increase of 96 stores compared to the same period last year [6][8]. Earnings Forecast - The company has adjusted its EPS forecast for 2025 to 0.36 yuan, maintaining the EPS forecasts for 2026 and 2027 at 0.42 and 0.45 yuan, respectively. The corresponding PE valuation for 2025 is set at 15.00 times, which is below the average of comparable companies [10][6].

Investment Rating - The report maintains a "Recommended" rating for Agricultural Bank of China (601288.SH) [1][7] Core Views - Agricultural Bank of China continues to lead in profitability among major banks, with a stable decline in non-performing loan (NPL) ratio [6][7] - The bank's operating income for the first three quarters of 2025 reached 550.9 billion yuan, a year-on-year increase of 2.0%, while net profit attributable to shareholders was 220.9 billion yuan, up 3.0% year-on-year [3][6] - The bank's total asset size reached 48.1 trillion yuan by the end of Q3 2025, reflecting a year-on-year growth of 10.5% [3][6] Summary by Sections Financial Performance - For 2025, the bank's net interest income decreased by 2.4% year-on-year, but the decline was less severe than in the first half of the year [6] - Non-interest income showed significant growth, with a year-on-year increase of 20.7% in Q3 2025, driven by a 13.3% rise in fee income and a 31.7% increase in other non-interest income [6][8] - The annualized return on equity (ROE) for Q3 2025 was 10.5% [3] Asset Quality - The NPL ratio at the end of Q3 2025 was 1.27%, showing a slight decrease from the previous half [7][8] - The provision coverage ratio remained stable at 295%, indicating strong risk mitigation capabilities [7] Growth Projections - The report forecasts EPS for 2025-2027 to be 0.84, 0.89, and 0.93 yuan respectively, with corresponding profit growth rates of 4.1%, 5.6%, and 5.4% [6][10] - The bank's price-to-book (P/B) ratios for 2025-2027 are projected to be 1.03x, 0.95x, and 0.88x respectively [6][10] Market Position - Agricultural Bank of China is recognized for its solid customer base and extensive branch network, focusing on rural finance and county-level banking as key strategic directions [7][8]

机械设备/专用设备 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-11 2025-03 2025-07 大丰实业 沪深300 大丰实业（603081.SH） 2025Q3 文体旅主业持续回暖，积极推进机器人文娱 2025 年 11 月 03 日 场景应用落地 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 13.12 | | 一年最高最低(元) | 16.54/8.94 | | 总市值(亿元) | 55.43 | | 流通市值(亿元) | 55.43 | | 总股本(亿股) | 4.22 | | 流通股本(亿股) | 4.22 | | 近 3 个月换手率(%) | 216.61 | 司 信 息 更 新 报 告 相关研究报告 《2025Q2 业绩表现亮眼，文旅运营盈 利能力提升—公司信息更新报告》 -2025.8.30 《文体旅运营迈过爬坡期，在手订单 有望支撑重回增长 —公司信息更新 报告》-2025.5.2 初敏（分析师） 叶彬慧（联系人） chumin@kysec.cn 证书编 ...

[Table_StockInfo] 2025 年 11 月 03 日 证券研究报告•2025 年三季报点评 当前价：63.46 元 酒 鬼 酒（000799）食品饮料 目标价：——元（6 个月） 分析师：王书龙 执业证号：S1250523070003 电话：023-63786049 邮箱：wsl@swsc.com.cn -21% -8% 5% 19% 32% 45% 24/11 25/1 25/3 25/5 25/7 25/9 25/11 酒鬼酒 沪深300 数据来源：聚源数据 拐点出现，稳中求进 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 14.23 | 10.32 | 10.66 | 11.29 | | 增长率 | -49.70% | -27.52% | 3.31% | 5.90% | | 归属母公司净利润（亿元） | 0.12 | 0.07 | 0.32 | 0.52 | | 增长率 | -97.72% | -46.07% | 382.1 ...

公 司 报 告 2025年11月03日 鼎阳科技(688112.SH) 经营稳健，示波器产品矩阵完善 推荐 ( 维持) 股价:39.5元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.siglent.com | | 大股东/持股 | 秦轲/21.88% | | 实际控制人 | 秦轲,邵海涛,赵亚锋 | | 总股本(百万股) | 160 | | 流通A股(百万股) | 160 | | 流通B/H股(百万股) | | | 总市值(亿元) | 63 | | 流通A股市值(亿元) | 63 | | 每股净资产(元) | 9.86 | | 资产负债率(%) | 7.6 | 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | S1060519090004 | XUYONG318@pingan.com.cn 事项： 公 司 公 布 2025 年 三 季 报 ， 2025 年 前 三 季 度 公 司 ...

银行 2025 年 11 月 3 日 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.jsbchina.cn | | 大股东/持股 | 江苏省国际信托有限责任公司/6.98% | | 实际控制人 | | | 总股本(百万股) | 18,351 | | 流通 A 股(百万股) | 18,351 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1,978 | | 流通 A 股市值(亿元) | 1,978 | | 每股净资产(元) | 13.90 | | 资产负债率(%) | 93.0 | 行情走势图 相关研究报告 【平安证券】江苏银行（600919.SH）*半年报点评* 营 收亮眼，扩表积极*强烈推荐20250826 江苏银行(600919.SH) 营收表现持续亮眼，存贷扩张积极 强烈推荐（维持） 股价：10.78 元 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S106 ...

景旺电子 (603228) 公司点评 景旺电子:Al 领域和新兴领域持续拓展,助力公司行稳致远 报告日期:2025-11-03 | 收盘价(元) | 77.20 | | --- | --- | | 近 12个月最高/最低（元） 83.33/22.89 | | | 总股本(百万股) | 985 | | 流通股本(百万股) | 976 | | 流通股比例 (%) | 99.1 | | 总市值 (亿元) | 760.3 | | 流通市值 (亿元) | 753.3 | 公司价格与沪深 300 走势比较 220% 170% 120% 70% 20% 5/25 8/25 7/75 - 沪 深 300 景旺电子 分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 分析师：李元晨 执业证书号: S0010524070001 邮箱： liyc@hazq.com 相关报告 主要观点: 2025 年三季报正式披露，营业总收入 110.83 亿元，同比去年增长 22.08%,归母净利润为 9.48 亿元,同比去年增长 4.83%,基本 EPS 为 1.03 元，平均 ROE 为 7 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company is expected to see a recovery in performance driven by the growth of its air suspension business, with projected net profits for 2025-2027 at 339 million, 413 million, and 538 million yuan respectively, corresponding to PE ratios of 23.5, 19.3, and 14.8 times [3][4]. - The company achieved a revenue of 6.048 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 20.32%, although net profit was impacted by intensified price competition in the domestic automotive market [3][4]. - The company’s main business includes automotive intelligent driving systems and air suspension systems, with future growth expected from intelligent driving products and air suspension business [3][4]. Summary by Sections Financial Data and Profit Forecast - Total revenue is projected to grow from 5.897 billion yuan in 2023 to 12.897 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [4][29]. - The net profit is expected to fluctuate, with a significant drop in 2024 to 303 million yuan, followed by a recovery in subsequent years [4][29]. - The gross margin is forecasted to decline slightly from 27.4% in 2023 to 23.8% in 2027, indicating potential pressure on profitability [4][29]. Industry and Company Situation - The company is positioned in the automotive sector, focusing on intelligent driving systems and air suspension, with a market share of 19.7% in the air suspension segment as of August 2025 [3][4]. - The demand for intelligent driving products is expected to grow alongside the electrification and intelligence of vehicles, with a penetration rate of 52.09% for L2 and above intelligent driving in China as of Q1 2025 [3][4]. - The company’s TPMS business has a strong foothold with major global automotive manufacturers, benefiting from the increasing safety standards in the automotive industry [3][4]. Key Assumptions - The air suspension business is anticipated to grow significantly, with revenue growth rates projected at 49%, 76%, and 33% for 2025-2027 [3][4]. - The TPMS business is expected to maintain stable growth, with revenue growth rates of 22%, 23%, and 25% for the same period [3][4]. - The sensor business is projected to grow at approximately 18% annually from 2025 to 2027 [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company is expected to benefit from the increasing demand for submarine cables, particularly in the offshore wind sector, with significant revenue growth projected in the coming years [5][6] - The company has a robust order backlog of approximately 19.55 billion yuan, with high-margin submarine cable projects making up about 75% of this backlog [5][6] - The report forecasts substantial revenue and profit growth, with expected revenues of 12.11 billion yuan and 14.40 billion yuan for 2025 and 2026, respectively, alongside net profits of 1.58 billion yuan and 2.01 billion yuan [5][6] Financial Projections - Revenue (in million yuan) is projected as follows: - 2024: 9,093 - 2025: 12,105 - 2026: 14,396 - 2027: 16,427 - Net profit (in million yuan) is projected as follows: - 2024: 1,008 - 2025: 1,584 - 2026: 2,008 - 2027: 2,411 - The expected growth rates for revenue and net profit are 24.38% and 0.81% for 2024, 33.13% and 57.11% for 2025, 18.92% and 26.80% for 2026, and 14.11% and 20.03% for 2027, respectively [5][7] Key Financial Ratios - The projected gross margin is expected to improve from 18.83% in 2024 to 25.29% in 2027, indicating enhanced profitability [5][7] - The price-to-earnings (P/E) ratio is forecasted to decrease from 43.41 in 2024 to 18.15 in 2027, suggesting a more attractive valuation over time [5][7]