【光大研究每日速递】20251024

Group 1: Nuclear Fusion Industry - Nuclear fusion is defined as the process where two lighter atomic nuclei combine to form a heavier nucleus, releasing a significant amount of energy, making it a potential "ultimate energy" source due to its high energy density, relative ease of raw material acquisition, high safety, and zero carbon emissions [4] Group 2: Tesla (TSLA.O) - In Q3 2025, Tesla reported total revenue of $28.10 billion, a year-on-year increase of 11.6% and a quarter-on-quarter increase of 24.9% [4] - The gross margin decreased by 1.8 percentage points year-on-year but increased by 0.8 percentage points quarter-on-quarter to 18.0% [4] - Non-GAAP net profit attributable to shareholders was $1.77 billion, down 29.3% year-on-year but up 27.1% quarter-on-quarter [4] Group 3: Yingzi Network (688475.SH) - For the first three quarters of 2025, Yingzi Network achieved total revenue of 4.293 billion yuan, a year-on-year increase of 8.33%, and a net profit attributable to shareholders of 422 million yuan, up 12.68% [4] - In Q3 2025, the company reported revenue of 1.465 billion yuan, a year-on-year increase of 6.25%, and a net profit of 120 million yuan, up 28.73% [4] - The gross margin for Q3 was 43.71%, an increase of 1.7 percentage points year-on-year [4] Group 4: Hikvision (002415.SZ) - In Q3 2025, Hikvision reported revenue of 23.94 billion yuan, a year-on-year increase of 0.7%, and a net profit of 3.66 billion yuan, up 20.3% year-on-year [6] - For the first three quarters of 2025, total revenue reached 65.76 billion yuan, a year-on-year increase of 1.2%, with a net profit of 9.32 billion yuan, up 14.9% [6] Group 5: iFlytek (002230.SZ) - In the first three quarters of 2025, iFlytek achieved revenue of 16.99 billion yuan, a year-on-year increase of 14.4%, while the net profit was a loss of 66.68 million yuan, narrowing by 80.6% year-on-year [6] - In Q3 2025, the company reported revenue of 6.08 billion yuan, a year-on-year increase of 10.0%, and a net profit of 172 million yuan, up 202.4% year-on-year [6] Group 6: Tmall (6110.HK) - For the first half of the 2026 fiscal year, Tmall reported revenue of 12.30 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 790 million yuan, down 9.7% [7] - The earnings per share (EPS) was 0.13 yuan, with a proposed interim dividend of 0.13 yuan per share, resulting in a payout ratio of 102.2% [7] Group 7: Action Education (605098.SH) - In Q3 2025, Action Education achieved revenue of 220 million yuan, a year-on-year increase of 27.9%, and a net profit of 80 million yuan, up 42.8% [8] - The company reported a significant recovery in enrollment rates, driving high growth in Q3 performance, with optimized product structure enhancing profitability [8]