Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][5]. Core Insights - The company's performance in Q3 2025 met expectations, with a revenue of 6.132 billion yuan, representing a year-on-year growth of 20.39%. The net profit attributable to shareholders was 704 million yuan, up 15.57% year-on-year [4][5]. - The gross margin has shown recovery, with a sales gross margin of 30.77% for the first three quarters of 2025, and 31.24% for Q3 alone, an increase of 1.83 percentage points compared to Q3 2024 [4]. - The company is actively pursuing international market expansion, focusing on countries along the "Belt and Road" initiative, and has successfully launched projects in Senegal and Pakistan [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 6.132 billion yuan, with a net profit of 704 million yuan. Q3 alone saw a revenue of 2.111 billion yuan, a year-on-year increase of 30.65% [4][5]. - The company forecasts revenues of 8.395 billion yuan, 9.698 billion yuan, and 11.009 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 20.78%, 15.51%, and 13.52% [5][6]. - The projected net profit for the same years is 857 million yuan, 1.006 billion yuan, and 1.133 billion yuan, with growth rates of 19.79%, 17.38%, and 12.62% [5][6]. Market Position and Strategy - The company is positioned to benefit from the increasing demand for data centers and has developed leading technology in the domestic market, particularly in the area of solid-state transformers (SST) [4]. - The international strategy includes a focus on Southeast Asia, the Middle East, Africa, and potential opportunities in Europe, with ongoing projects that demonstrate the company's capabilities in multi-energy microgrid systems [4].

[Table_Reportdate] 2025年11月03日 公 司 简 评 买入（维持） 报告原因：业绩点评 ——公司简评报告 [table_main] 投资要点 《开立医疗（300633）：静待招投标 持续复苏，高端产品驱动未来增长— —公司简评报告》 2025.08.25 《开立医疗（300633）：环比显著改 善，高端产品放量可期——公司简评 报告》 2025.04.15 《开立医疗（300633）：业绩短期承 压，年内有望逐季向好——公司简评 报告》 2024.08.30 ➢ 营收同比提升，利润有待改善。公司2025年前三季度实现营业收入14.59亿元（同比 +4.37%），归母净利润3351.11万元（同比-69.25%），扣非净利润2399.10万元（同比- 72.15%）；2025年Q3单季度实现营业收入4.95亿元（同比+28.41%，环比-7.34%）；归母 净利润-1351.92万元（同比+78.05%，环比-134.70%）；扣非净利润-1588.57万元（同比 +76.92%，环比-146.89%）。公司营收2025Q3单季度同比大幅提升，延续2025年Q2向好 趋势，主要原因在于医 ...

比亚迪（002594.SZ）系列点评三十六 批发销量环比回升 高端、出海逐步突破 2025 年 11 月 03 日 ➢ 事件概述：公司发布 10 月产销快报，10 月新能源汽车批发销售 44.2 万辆， 同比-12.1%，环比+11.5%；新能源乘用车批发销售 43.7 万辆，同比-12.7%， 环比+11.1%。分品牌看，10 月王朝海洋、腾势、方程豹、仰望销量分别 39.5 万 辆、10,135 辆、31,052 辆、654 辆。 ➢ 10 月批发环比增长 出海稳步推进。公司 10 月新能源乘用车批发销售 43.7 万辆，同比-12.7%，环比+11.1%，批发环比提升受益终端需求回暖及公司近期 上市多款改款车型驱动。1-10 月新能源乘用车累计批发 370.2 万辆，同比 +13.9%。10 月，插混乘用车销售 21.4 万辆，同比-31.1%，环比+14.0%；纯电 乘用车销售 22.3 万辆，同比+17.4%，环比+8.5%。分品牌看，王朝海洋销量 39.5 万辆，腾势/仰望/方程豹销量分别 1.0/0.07/3.1 万辆，合计 4.2 万辆，占比 9.5%， 高端化加速突破。 ➢ 方程豹钛 7 带 ...

Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][7] Core Views - The company has shown recovery in revenue and net profit in Q3 2025, with a significant year-on-year increase in sales and profitability [5][6] - The company is actively advancing its long-term capability construction, benefiting from high demand for its products, particularly the J-35 stealth fighter and J-15 series aircraft [6][7] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 206.07 billion yuan, a year-on-year decrease of 18.54%, and a net profit attributable to shareholders of 13.62 billion yuan, down 25.10% [4] - In Q3 2025, the company achieved revenue of 59.78 billion yuan, a year-on-year increase of 62.77%, and a net profit of 2.25 billion yuan, up 12.89% [5] - The company's total liabilities reached 399.33 billion yuan, an increase of 11.64% year-on-year, while cash and cash equivalents grew by 8.59% to 97.09 billion yuan [4] Future Earnings Estimates - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.44, 1.65, and 1.84 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 42.6, 37.3, and 33.3 [7][9]

无烟煤 华阳股份（600348.SH） 增持-A(维持) 三季度业绩环比正增，未来仍有修复空间 2025 年 11 月 3 日 公司研究/公司快报 公司近一年市场表现 | 年 市场数据：2025 | | 月 10 | 日 31 | | | --- | --- | --- | --- | --- | | 收盘价（元/股）： | | | | 8.00 | | 年内最高/最低（元/ | | | | 8.25/6.17 | | 股）： | | | | | | 流通 A | 股/总股本（亿 | | | 36.08/36.08 | | 股）： | | | | | | 流通 A | 股市值（亿元）： | | | 288.60 | | 总市值（亿元）： | | | | 288.60 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元)： | 0.31 | | --- | --- | | 摊薄每股收益(元)： | 0.31 | | 每股净资产(元)： | 10.66 | | 净资产收益率(%)： | 3.72 | | 资料来源：最闻 | | 胡博 执业登记编码：S0760522090003 邮箱：hubo1@s ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-11 2025-01 2025-03 2025-06 2025-08 2025-10 -10% 3% 16% 29% 42% 55% 68% 81% 94% 107% 120% 伟测科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 103.00 | | --- | --- | | 总股本/流通股本（亿股）1.49 | / 1.49 | | 总市值/流通市值（亿元）153 | / 153 | | 52 周内最高/最低价 | 103.00 / 51.19 | | 资产负债率(%) | 46.8% | | 市盈率 | 91.15 | | 第一大股东 | 上海蕊测半导体科技有 | | 限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 伟测科技(688372) 算力占比持续提升 l 投资要点 业绩 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 9.00 yuan [5]. Core Insights - The company reported a total revenue of 2.66 billion yuan for the first nine months of 2025, representing a year-on-year growth of 5.20%. However, the net profit attributable to shareholders was a loss of 708 million yuan, showing a decline compared to the previous year [1]. - In Q3 2025, the company achieved a revenue of 899 million yuan, a 4.40% increase year-on-year, but the net profit attributable to shareholders was a loss of 398 million yuan, also reflecting a decline [1]. - The company is actively investing in its intelligent driving business, which is expected to accelerate its development in the long term despite short-term performance pressures [1][2]. Summary by Sections Financial Performance - For the first nine months of 2025, the company reported total revenue of 2.66 billion yuan, with a net profit loss of 708 million yuan. R&D expenses reached 950 million yuan during the same period [1]. - The Q3 2025 results showed a revenue of 899 million yuan, with a net profit loss of 398 million yuan [1]. Business Development - The establishment of a new platform for intelligent driving business is anticipated to open long-term growth opportunities. The company has invested in PhiGent Robotics Limited, becoming its largest shareholder with a 39.14% stake [2]. - The new platform will offer a comprehensive range of software and hardware products for intelligent driving, with significant orders already secured from major automotive manufacturers [2]. Future Projections - The company is expected to see revenues of 4.06 billion yuan in 2025, 5.33 billion yuan in 2026, and 6.99 billion yuan in 2027, with corresponding price-to-sales ratios of 5, 4, and 3 respectively [4]. - The net profit attributable to shareholders is projected to improve from a loss of 535 million yuan in 2025 to a profit of 324 million yuan in 2027 [4].

银行 2025 年 11 月 3 日 兴业银行(601166.SH) 盈利增长稳健，息差保持韧性 强烈推荐（维持） 行情走势图 相关研究报告 股价：20.23 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.cib.com.cn | | 大股东/持股 | 福建省金融投资有限责任公司 | | | /16.59% | | 实际控制人 | | | 总股本(百万股) | 21,163 | | 流通 A 股(百万股) | 21,163 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 4,281 | | 流通 A 股市值(亿元) | 4,281 | | 每股净资产(元) | 36.77 | | 资产负债率(%) | 91.5 | 【平安证券】兴业银行（601166.SH）*半年报点评* 盈 利增长修复，资产质量保持稳健*强烈推荐20250829 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 | | | ...

证券研究报告 | 季报点评 gszqdatemark 2025 11 03 年 月 日 中际旭创（300308.SZ） 单季度利润率再创新高，硅光/1.6T 放量驱动未来持续高增 具体事件：公司发布 2025 年三季报，第三季度实现营收 102.2 亿元，同 比增长 56.8%，环比 Q2 增长 25.9%；归母净利润 31.4 亿元，同比增长 125%，环比增长 30%；Q3 单季度毛利率继续提升至 42.8%，净利率继 续提升至 32.6%，均创历史新高。 利润率继续提升，存货大幅度增长应对未来需求。公司 Q3 毛利率和净利 率均创下历史新高，我们认为主要得益于规模效应、硅光出货占比提升以 及 800G、1.6T 产品的出货量和占比提升。公司期末存货来到 109 亿元体 量，相较于上季度末再提升约 17.3 亿元，公司作为行业全球龙头，订单充 沛，我们认为存货提升意味着公司正在加大原材料备货力度，也与当前行 业景气上行的趋势相吻合。Q3 重点客户开始部署 1.6T 并持续上量，未来 几个季度有望持续增长，且预计其他重点客户也将开启大规模 1.6T 部署。 硅光/1.6T 加速放量落地，向更高更快方向继续迭 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [4]. Core Insights - The company reported a significant increase in profits for Q3 2025, with a net profit of 1.0 billion yuan, marking a year-on-year turnaround and a 96.8% increase from the previous quarter [2][3]. - The revenue for Q3 2025 was 56.1 billion yuan, showing a slight decline of 4.9% year-on-year but a 2.2% increase quarter-on-quarter, indicating relative stability [2][3]. - The gross margin improved to 16.5%, up 2.4 percentage points year-on-year, driven by cost-cutting measures and the sale of a subsidiary in the previous year [2][3]. Revenue and Profit Forecast - The company expects significant revenue growth from its seating division, with projected revenues of 50 billion yuan in 2025 and 100 billion yuan in 2026, reflecting confidence in the division's rapid development [3][4]. - The total lifecycle value of the projects in hand is estimated between 959 billion and 1,006 billion yuan, with potential annual revenues of 160 billion to 168 billion yuan if all projects are launched in the same year [3]. Financial Projections - The forecasted revenues for 2025, 2026, and 2027 are 229.5 billion yuan, 264.5 billion yuan, and 309.5 billion yuan, respectively, with net profits expected to reach 4.71 billion yuan, 8.69 billion yuan, and 11.79 billion yuan [4][6]. - The earnings per share (EPS) are projected to be 0.37 yuan, 0.69 yuan, and 0.93 yuan for the years 2025, 2026, and 2027, respectively [4][6]. Strategic Developments - The company has been actively integrating its operations with Grammer since 2019, aiming to enhance profitability through comprehensive cost reduction and efficiency measures [4]. - The company is expanding its product offerings in the smart cabin market, including new products like smart home-style heavy truck cabins and vehicle-mounted refrigerators, which have shown significant revenue growth [4].