公 司 报 告 医药 2025年11月03日 上海医药(601607.SH) 创新药业务持续推进，医药商业板块稳健增长 推荐 ( 维持) 股价:17.94元 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 事项： 公司2025年Q1-Q3收入2150.72亿元，同比增长2.60%，归母净利润51.47亿 元，同比增长26.96%，主要是由于对和黄药业会计核算由合营企业权益法核 算变更为按子公司核算而产生一次性特殊收益所致，扣除上述事项等一次性特 殊损益后的归母净利润为39.79亿元，同比下降1.85%。 平安观点： 公 司 季 报 点 评 证 券 研 究 报 告 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is showing improvement quarter by quarter, with a significant increase in capacity utilization [1] - Despite a decline in revenue year-on-year due to seasonal demand weakness in the mobile phone sector, the company is experiencing a sequential increase in revenue and net profit from Q1 to Q3 2025, driven by rising industry sentiment and continuous ramp-up of self-owned production capacity [7][8] - The company has successfully increased its market share in high-end RF module products, with the revenue share of RF front-end modules reaching 44.35% in the first half of 2025 [7] - The company is expected to see continued improvement in performance in Q4 2025, supported by the ramp-up of production capacity and product structure adjustments [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.769 billion yuan (down 17.77% year-on-year) and a net profit attributable to shareholders of -171 million yuan (down 140.13% year-on-year) [7] - In Q3 2025, the company reported revenue of 1.065 billion yuan (down 1.62% year-on-year, up 12.36% quarter-on-quarter) and a net profit of -23 million yuan (down 132.84% year-on-year, up 76.84% quarter-on-quarter) [7] - The overall gross margin for Q3 2025 was 23.37%, a decrease of 13.77 percentage points year-on-year and a decrease of 3.58 percentage points quarter-on-quarter [7] Production Capacity and Utilization - The company is experiencing a gradual increase in production capacity utilization, with the impact of depreciation from the chip production line gradually diminishing [7] - The 12-inch RF chip production line has reached a capacity scale of 5,000 wafers per month, and the 6-inch filter production line has achieved comprehensive layout and scale production capabilities [7] Revenue and Profit Forecast - The company forecasts revenues of 4.015 billion yuan, 4.974 billion yuan, and 5.784 billion yuan for 2025, 2026, and 2027 respectively [8] - The expected net profits for the same years are -150 million yuan, 307 million yuan, and 705 million yuan respectively [8] - The current market capitalization corresponds to a PE ratio of 130 and 57 times for 2026 and 2027 respectively [7][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 17.1 to 19.9 yuan [2][8]. Core Insights - The company's Q3 performance met expectations, with revenue of 1.89 billion yuan for the first three quarters, a year-on-year increase of 12%, and a net profit attributable to shareholders of 270 million yuan, up 9.1% year-on-year [2][8]. - The growth in revenue is primarily driven by the increase in differential gears and aerospace components [8]. - The company is steadily advancing its robotics layout, which opens up growth opportunities in the future [8]. Financial Summary - **Revenue Forecast**: Projected total revenue for 2024 is 2.36 billion yuan, with a year-on-year growth rate of 21.3%. This is expected to grow to 2.79 billion yuan in 2025, 3.32 billion yuan in 2026, and 4.01 billion yuan in 2027, with growth rates of 18.1%, 19.0%, and 21.0% respectively [4][9]. - **Net Profit Forecast**: The net profit attributable to shareholders is forecasted to be 322 million yuan in 2024, increasing to 404 million yuan in 2025, 524 million yuan in 2026, and 658 million yuan in 2027, with corresponding growth rates of 76.9%, 25.6%, 29.6%, and 25.8% [4][9]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 0.35 yuan in 2024 to 0.72 yuan in 2027 [4][9]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 39 times in 2024 to 19 times in 2027, while the price-to-book (P/B) ratio is projected to decline from 4.1 times to 2.7 times over the same period [4][9]. Business Development - The company has achieved full industrial chain manufacturing capabilities for differential gears, with a strong order reserve and ongoing R&D projects [8]. - The investment in an intelligent manufacturing center for aerospace components is progressing well, which is expected to enhance market proximity and reduce service costs [8]. - The company is expanding its production capacity for electric vehicle components and has established significant partnerships in the robotics sector, indicating a robust growth trajectory in this area [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][12]. Core Insights - The company reported strong performance in Q3 2025, with a revenue of 5.417 billion yuan, a year-on-year increase of 33.00%, and a net profit of 666 million yuan, up 271.17% year-on-year [2][3]. - The gaming segment showed a revenue of 4.475 billion yuan, a 15.64% increase year-on-year, with a gross margin improvement to 69.29% [3]. - The company is focusing on the development of its key project, "Yihuan," which has completed domestic and overseas testing phases and is preparing for further testing [3][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 5.417 billion yuan, with a net profit of 666 million yuan, reflecting significant growth compared to the previous year [2]. - The company's expense ratios for sales, management, and R&D improved, with reductions of 6.85, 6.40, and 8.88 percentage points respectively [2]. - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.43, 0.79, and 0.95 yuan per share, with corresponding price-to-earnings (PE) ratios of 40, 22, and 18 times [4][6].

公司报告 | 季报点评 长江电力（600900） 证券研究报告 Q3 来水波动电量暂承压，财务费用压降效果明显 事件 公司公布 2025 年三季报。公司 2025 年 Q3 营业收入 290.4 亿元，同比-7.9%； 归母净利润 151.4 亿元，同比-9.2%；前三季度归母净利润 281.9 亿元，同 比+0.6%。 Q3 来水波动电量略承压，蓄能顺利推进为今冬明春打基础 公司承诺2026-2030 年每年按不低于当年归母净利润的70%进行现金分红。 2024 年公司实际分红金额达 230.74 亿元，截至 2025 年 11 月 3 日收盘， 对应股息率约 3.3%。截至 11 月 3 日，十年期国债收益率为 1.81%，与长电 股息率息差超过 150bp+。在长期利率维持低位的背景下，公司的红利价值 属性持续凸显。 盈利预测与估值 ①Q3 电量电价拆分： 电量方面，2025 年 Q3，公司总发电量约 1084.7 亿千瓦时，同比-5.84%。 其中 葛 洲 坝/ 三峡 /向家坝/ 溪 洛渡 / 白鹤 滩/ 乌 东德 发 电 量分 别为 64.56/357.76/109.34/194.02/212.14 ...

再升科技（603601） 证券研究报告 公司报告 | 季报点评 无尘空调收入增长，看好公司下游高景气需求 公司三季度实现归母净利润 0.21 亿元，同比上升 42.42% 公司发布 25 年三季报，前三季度实现收入/归母净利润 9.85/0.81 亿元， 同比-10.11%/-10.59%。其中Q3 单季度实现收入/归母净利润3.27/0.21 亿元， 同比-5.38%/+42.42%，扣非归母净利润 0.02 亿元，同比-74.85%。 公司三季度收入略有下滑，积极开发新产品，无尘空调营收增长 公司 25Q3 实现收入 3.27 亿元，同比下滑 5.38%，环比 Q2 下滑 2.12%，前 三季度受市场需求波动影响，公司干净空气材料营收同比下滑 15.23%。高 效节能材料方面，公司 VIP 板材及棉收入有所减少，但 AGM 隔板收入同比 增速较快，高效节能材料总体收入同比下降 11.67%，另一方面公司持续拓 展新市场、新应用，积极创新研发新产品，无尘空调产品收入较上年同期 增长 40.05%。2025 年 5 月 30 日市场监管总局发布的新版《家用电冰箱耗 电量限定值及能效等级》国家标准，将于 202 ...

上 市 公 司 机械设备 2025 年 11 月 03 日 联赢激光 (688518) ——Q3 营收及利润增长稳健，看好 3C 业务带来盈利弹 性释放 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 31 日 | | --- | --- | | 收盘价（元） | 26.07 | | 一年内最高/最低（元） | 28.55/13.28 | | 市净率 | 2.8 | | 股息率%（分红/股价） | 0.58 | | 流通 A 股市值（百万元） | 8,898 | | 上证指数/深证成指 | 3,954.79/13,378.21 | | 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） | 9.38 | | 资产负债率% | 59.06 | | 总股本/流通 A 股（百万） | 341/341 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 ...

2025 年 11 月 03 日 森麒麟 (002984) ——Q3 销量及收入创新高，摩洛哥爬坡过程中 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 31 日 | | --- | --- | | 收盘价（元） | 19.44 | | 一年内最高/最低（元） | 27.62/18.08 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 1.49 | | 流通 A 股市值（百万元） | 13,872 | | 上证指数/深证成指 | 3,954.79/13,378.21 | | 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） | 13.06 | | 资产负债率% | 24.92 | | 总股本/流通 A 股（百万） | 1,036/714 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 07-31 08-31 0 ...

证券研究报告·公司点评报告·汽车零部件 拓普集团（601689） 2025 年三季度报告点评：25Q3 业绩短期承 压，静待"液冷+机器人"双赛道兑现 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） | 19,701 | 26,600 | 32,064 | 38,616 | 46,340 | | 同比（%） | 23.18 | 35.02 | 20.54 | 20.44 | 20.00 | | 归母净利润（百万元） | 2,151 | 3,001 | 2,813 | 3,698 | 4,650 | | 同比（%） | 26.49 | 39.52 | (6.25) | 31.46 | 25.74 | | EPS-最新摊薄（元/股） | 1.24 | 1.73 | 1.62 | 2.13 | 2.68 | | P/E（现价&最新摊薄） | 59.84 | 42.89 | 45.75 | 34.80 | 27.67 | [ ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Insights - The company's revenue for the first three quarters of 2025 reached 3.808 billion yuan, a year-on-year increase of 17.32%, while the net profit attributable to shareholders decreased by 15.14% to 178 million yuan [1] - The company is expanding its data center product line and has opened a smart transformer manufacturing plant in the U.S., which is expected to benefit from strong local demand [6] - The forecast for net profit attributable to shareholders in 2026 is 446 million yuan, with a current market valuation corresponding to a PE ratio of 24 times [6] Financial Data and Valuation - Total revenue projections for 2023 to 2027 are as follows: 3.630 billion yuan (2023), 4.639 billion yuan (2024), 5.752 billion yuan (2025E), 7.133 billion yuan (2026E), and 8.702 billion yuan (2027E), with year-on-year growth rates of 29%, 28%, 24%, 24%, and 22% respectively [2][18] - The projected net profit for the same years is: 209 million yuan (2023), 293 million yuan (2024), 271 million yuan (2025E), 446 million yuan (2026E), and 597 million yuan (2027E), with growth rates of 9%, 40%, -7%, 64%, and 34% respectively [2][18] - Key financial ratios include a PE ratio of 51.6 for 2023, decreasing to 18.1 by 2027, and a PB ratio of 3.5 in 2023, decreasing to 2.6 by 2027 [2][19] Price Performance - The company's stock has shown strong absolute performance over the past 1 month (20%), 6 months (72%), and 12 months (59%) [4]