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]

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Views - The company achieved a revenue of 10.83 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 1.70 billion yuan, up 37.25% year-on-year [2][3] - The company is expected to see rapid growth in the shipment of negative electrode materials, with an estimated annual shipment of 140,000 to 150,000 tons in 2025 and a projected 250,000 tons in 2026 [2][3] - The coating processing business has experienced significant growth, with a shipment volume of over 26 billion square meters in Q3 2025, and a total of over 73.8 billion square meters in the first three quarters, reflecting a year-on-year increase of 56.8% [3][2] - The company is advancing in the solid-state battery sector, having completed pilot tests for solid electrolytes and established a pilot production line for solid electrolytes with an annual capacity of 200 tons [3][2] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.742 billion yuan, with a quarter-on-quarter increase of 6.66% and a year-on-year increase of 69.30% for net profit [2][3] - The company’s negative electrode material shipment exceeded 100,000 tons in the first three quarters of 2025, with expectations for a total shipment of 140,000 to 150,000 tons for the year [2][3] Market Outlook - The company is well-positioned to benefit from the rapid growth of the downstream power battery and energy storage markets, with a target of achieving 10 billion square meters in coating processing shipments in 2025 and 13 billion to 15 billion square meters in 2026 [3][2] - The solid-state battery strategy includes both materials and equipment, with significant progress in dry electrode technology and solid electrolyte production [3][2] Profitability Forecast - The company is projected to achieve net profits of 2.324 billion yuan, 3.067 billion yuan, and 3.875 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 95.2%, 32.0%, and 26.3% [3][2]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company has demonstrated steady revenue growth, with a year-on-year increase of 8.71% to 667 million yuan in Q3 2025, and a significant improvement in net profit, which rose by 52% to 49 million yuan [1] - The gross margin and net margin for the third quarter were 18.5% and 7.36%, respectively, reflecting increases of 1.86 percentage points and 2.09 percentage points year-on-year [1] - The company is actively expanding its market presence with a focus on innovation, aiming to enhance the quality of its development [1] - The domestic sales of creative products are expanding into the trendy play lifestyle sector, while the export business is optimizing its product structure to improve market share and customer satisfaction [1] Revenue and Profit Forecast - The company is expected to achieve revenues of 3.024 billion, 3.312 billion, and 3.666 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.8%, 9.5%, and 10.7% [3] - The projected net profits for the same years are 180 million, 218 million, and 257 million yuan, with year-on-year growth rates of 18.2%, 21.1%, and 17.8% [3] - The estimated PE ratio for 2026 is 22.74 times based on the closing price on October 29, 2025 [3] Product Development and Market Strategy - The company has recently launched a food and play series targeting the Z generation, incorporating immersive experiences [2] - The initial product line includes a collaboration with "Detective Conan," featuring snacks with accompanying collectible items to enhance the product offering [2] - The food and play products have garnered significant attention at the 113th National Sugar and Alcohol Fair held in October [2]

技术升级与合作策略，维持竞争优势 豪威集团(603501) 证券研究报告 半导体 / 公司点评 / 2025.11.03 投资评级:增持(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 130.71 | | 流通股本(亿股) | 12.06 | | 每股净资产(元) | 22.77 | | 总股本(亿股) | 12.06 | 最近 12 月市场表现 -10% 6% 21% 37% 52% 68% 豪威集团 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《业绩高增，汽车与 AIoT 驱动新成长》 2025-09-01 2. 《汽车与新兴市场驱动成长，政策+需求 形成共振》 2025-04-18 3. 《单季度营收再创新高，盈利能力持续修 复》 2024-10-28 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18 CNY based on a 15x PE valuation for 2025 [3][5]. Core Views - The company is experiencing short-term operational pressure but is expected to benefit from industry recovery and the growth of new brands. The revenue growth is primarily driven by e-commerce, while the franchise channel faces challenges [2][10]. - The company has made significant investments in brand rejuvenation and new brand development, which has led to increased sales expenses. Despite a decline in profitability, the overall operational quality remains good, with a strong cash position [10][11]. Financial Summary - Revenue is projected to grow from 3,536 million CNY in 2023 to 5,256 million CNY in 2027, with a CAGR of approximately 11.9% [4]. - The net profit attributable to the parent company is expected to decrease from 911 million CNY in 2023 to 683 million CNY in 2025, before recovering to 919 million CNY in 2027 [4]. - The company's gross margin is forecasted to decline from 78.6% in 2023 to 75.8% in 2025, with a slight recovery to 76.3% by 2027 [4]. - The net profit margin is expected to decrease from 25.8% in 2023 to 16.2% in 2025, then gradually improve to 17.5% in 2027 [4]. Earnings Forecast - The adjusted earnings per share (EPS) estimates for 2025, 2026, and 2027 are 1.20 CNY, 1.38 CNY, and 1.61 CNY, respectively [3][11]. - The report indicates a significant increase in sales expenses, which is a key factor in the decline of profitability [10]. Market Performance - The company's stock price as of October 31, 2025, is 15.98 CNY, with a 52-week high of 22.19 CNY and a low of 14.93 CNY [5]. - The report highlights the company's relative performance against the market, indicating a mixed performance over different time frames [6]. Strategic Initiatives - The company is focusing on brand rejuvenation and the establishment of a multi-brand matrix to explore new growth opportunities amid a weak retail environment [10]. - Recent acquisitions of international brands are in the investment phase, which is expected to contribute to future growth as the industry recovers [10].

| 上次评级： | 增持 | | --- | --- | | 最新收盘价： | 6.02 | 研 袁艺博 yuanyb@bhzq.com 022-23839135 公 公司点评 司 研 究 费用管控良好，加速海外布局盈利能力改善可期 ——奥瑞金(002701)2025 年三季报点评 分析师： 袁艺博 SAC NO： S1150521120002 2025 年 11 月 03 日 轻工制造-------金属包装 事件： 点评 金属包装龙头地位稳固，"包 证券分析师 公司公告 2025 年三季报，实现营收 183.46 亿元，同比增长 68.97%，归母净 利润 10.76 亿元，同比增长 41.40%，基本每股收益 0.42 元。 点评： 公司费用率管控效果较好，存货周转率加快 证 券 研评级究：助理 增持 上次评级： 增持 最近半年股价相对走势 今年前三季度，公司毛利率与净利率分别为 13.52%和 6.02%，同比分别下降 3.78 和 0.93 个百分点。我们认为，公司毛利率下降，一方面与整合中粮包装 规模效应释放仍需时间有关，另一方面与部分产品原材料价格波动有一定相 关性。公司持续推进降本增效，费用率管 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown strong performance in its infrared business, with significant growth in revenue and net profit for the first three quarters of 2025, achieving a revenue of 40.86 billion yuan (up 29.7% year-on-year) and a net profit of 7.07 billion yuan (up 46.2% year-on-year) [1][2]. - The company is focusing on multi-dimensional sensing technologies, primarily in infrared, microwave, and laser sectors, while also investing heavily in research and development [2][3]. - The company has established a complete industrial chain in the infrared sector, from chip design to final product manufacturing, and is expanding its applications in various fields [3]. Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 51.97%, an increase of 0.84 percentage points year-on-year, and a net profit margin of 15.15%, up 2.90 percentage points year-on-year [2]. - The company’s revenue for 2025 is projected to reach 54.26 billion yuan, with a year-on-year growth rate of 25.7% [9]. - The estimated net profit for 2025 is 8.86 billion yuan, reflecting a year-on-year growth rate of 55.8% [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected strong performance relative to the market [8][7][8]. Core Insights - The company reported a significant revenue increase of 46.47% year-on-year for the first three quarters of 2025, reaching 1.161 billion yuan, driven by expansion into new markets such as commercial aerospace, robotics, and consumer electronics [8][4]. - The net profit for the same period surged by 234.83% year-on-year to 156 million yuan, reflecting improved profitability due to a decrease in expense ratios and an increase in gross margin [8][4]. - The company is actively expanding its production capacity and market reach, particularly in high-margin sectors like aerospace, which is expected to sustain rapid revenue growth in the coming years [8][7]. Financial Data and Profit Forecast - For 2025, the company is projected to achieve a total revenue of 1.827 billion yuan, with a year-on-year growth rate of 37.8% [7]. - The forecasted net profit for 2025 is 208 million yuan, representing a 99.2% increase compared to the previous year [7]. - The gross margin is expected to remain strong at 43.6% for 2025, with a return on equity (ROE) projected to reach 4.2% [7][8].