分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 26 之 UA FY2026Q1 经营跟踪：收 入表现优于预期，预计 FY2027 将迎拐点 报告要点 [Table_Summary] FY2026Q2（2025/7/1-2025/9/30）UA 实现营收 13.3 亿美元，同比-4.7%，收入表现优于市场 及公司预期（彭博一致预期 13.1 亿美元，公司先前指引 Q2 营收同比下滑 6%-7%）。毛利率同 比-2.5pct 至 47.3%，主要受关税增加及渠道和区域组合影响，净利率同比转负至-1.4%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]26 之 UA FY2026Q1 经营跟踪：收 入表现优于预期，预计 FY2027 将迎拐点 [Table_Summary ...

Performance - The company reported a revenue of 3.369 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.2% [1] - The net profit attributable to shareholders was 732 million yuan, down 7.5% year-on-year, while the net profit excluding non-recurring items was 701 million yuan, a decline of 10.2% [1] - In Q3 2025, the company achieved a revenue of 1.445 billion yuan, an increase of 25.1% year-on-year, and a net profit of 336 million yuan, up 30.2% year-on-year [1] - The gross profit margin for the first three quarters of 2025 was 39.89%, a decrease of 6.08 percentage points year-on-year, while Q3 2025 gross profit margin was 37.67%, down 11.76 percentage points year-on-year [1] Market Outlook - The company is beginning to see a turning point in performance, with significant improvements in revenue and profit in Q3 2025 [1] - Recent bidding results from the State Grid indicate that while prices for electric meters are still declining, new regulations requiring the provision of CPA certificates for 2025 version smart electric meters may lead to increased costs and improved gross margins for the company [1] - The company is focusing on a "global layout and localized operation" strategy to accelerate marketing channel deployment in key countries and new markets, which is expected to enhance operational performance [1] Investment Recommendations - Revenue projections for 2025 to 2027 are estimated at 4.960 billion, 5.454 billion, and 6.050 billion yuan respectively, with net profits of 945 million, 1.081 billion, and 1.245 billion yuan [2] - Corresponding price-to-earnings ratios are projected at 19.1, 16.7, and 14.5 times, maintaining a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.92 CNY based on a 46x PE for 2026 [3][5]. Core Insights - The company has seen a significant increase in new orders, with a year-on-year growth of 29.4% in new signed orders for the first three quarters of 2025, indicating a clear turning point in performance [9]. - The company’s revenue for the first three quarters of 2025 was 570 million CNY, reflecting a year-on-year decline of 35.3%, primarily due to intense domestic market competition [9]. - The company is expected to reach an upward performance inflection point in 2026, driven by new capacity ramp-up and strong demand for new molecular drugs [9]. Financial Performance Summary - Revenue projections for 2025-2027 have been adjusted, with expected earnings per share of 0.14 CNY in 2025, 1.02 CNY in 2026, and 1.59 CNY in 2027 [3]. - The company’s gross margin is projected to improve from 27.9% in 2025 to 39.5% in 2027, while net profit margin is expected to rise from 2.4% in 2025 to 17.2% in 2027 [4][12]. - The company’s net profit attributable to the parent company is forecasted to be 20 million CNY in 2025, with a significant recovery to 224 million CNY by 2027 [4][12].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown signs of revenue stabilization and an initial performance turning point, with a year-on-year revenue decline of 15.36% in the first three quarters of 2025, but a slight increase of 0.61% in Q3 2025 [7] - The company is actively expanding overseas opportunities and has acquired Danish SGM's assets to enhance its product offerings and international sales channels [7] - The forecasted net profits for 2025-2027 are expected to be 207 million, 318 million, and 418 million RMB respectively, with corresponding PE ratios of 25.5, 16.6, and 12.6 [7] Financial Performance Summary - For 2023A, the company reported a revenue of 1,304 million RMB, with a projected revenue decline to 1,167 million RMB in 2025E, followed by a recovery to 1,648 million RMB in 2027E [6][8] - The net profit for 2023A was 366 million RMB, expected to drop to 207 million RMB in 2025E, before increasing to 418 million RMB in 2027E [6][8] - The company's gross profit margin for Q3 2025 was 54.77%, showing an increase of 3.29 percentage points year-on-year [7] Market Performance - The company's stock performance over the last 12 months shows a decline of 21%, compared to a 20% increase in the Shanghai Composite Index [4]

Core Viewpoint - Haier Biomedical has shown a significant rebound in its performance in Q3 2025 after hitting a low in Q2, with both year-on-year and quarter-on-quarter revenue growth driven by overseas markets and new business segments [4][5][10]. Financial Performance Overview - Total revenue for the first three quarters of 2025 reached 1.761 billion yuan, a slight decrease of 1.17% year-on-year. However, Q3 revenue was 566 million yuan, marking a 1.24% increase year-on-year and an 11.68% increase quarter-on-quarter [5][39]. - Net profit attributable to shareholders for the first three quarters was 198 million yuan, down 35.83% year-on-year, but Q3 saw a more than 70% increase in net profit compared to Q2 [6][39]. - The gross margin in Q3 improved to 46.99%, up 3.53 percentage points from the previous quarter, indicating enhanced profitability [7][20]. Market Performance - Domestic revenue for the first three quarters was 1.117 billion yuan, with a year-on-year decline narrowing to 10.48%. Q3 revenue remained stable compared to the same period last year [10][18]. - The overseas market performed strongly, with revenue of 634 million yuan in the first three quarters, representing a significant year-on-year growth of 20.18% [11][18]. New Business Development - New industries achieved single-digit growth in the first three quarters, with their revenue share rising to approximately 48%. The smart medication sector expanded into Southeast Asia, the Middle East, and Europe, achieving double-digit growth [12][19]. - The blood technology sector focused on digital upgrades, maintaining a double-digit growth trend, while the laboratory solutions sector saw modest growth despite a weak industry backdrop [12][19]. Future Outlook - The company anticipates a clear inflection point in revenue by 2025, with profit margins expected to improve by 2026 as new capacities are gradually released and innovative product categories gain traction [14][15][20].

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index down by 0.75%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.68% [1] ETF Performance - The Kexin Pharmaceutical ETF (588130) rose by 4.28%, with the latest price at 1.195 yuan and a turnover rate of 13.94% [1] Stock Performance - Among the constituent stocks, three major gainers included: - 3SBio Inc. up by 20.00% - Zai Lab Ltd. up by 15.50% - EdiGene Inc. up by 14.08% - Maiwei Biopharma up by 11.54% - Rongchang Biopharma up by 10.14% - Conversely, the major decliners included: - Haoyuan Pharmaceutical down by 4.80% - Yirui Technology down by 1.59% - Bairen Medical down by 1.14% - Aohua Endoscopy down by 0.59% - Aibot Medical down by 0.40% [1] Investment Recommendations - Guosen Securities suggests focusing on innovative pharmaceutical companies with differentiated innovation capabilities and global commercialization potential, as well as leading CDMO companies with high growth in new and existing orders. - The long-term logic of innovative drugs is favored, with attention on potential bottom reversal targets. - Recommendations also include low-valuation medical device companies that are expected to see performance turning points or acceleration [1]

Core Viewpoint - Dongwu Securities report indicates that Laofengxiang achieved a net profit attributable to shareholders of 1.44 billion yuan in Q1-Q3 2025, a year-on-year decrease of 19.1%, with Q3 net profit at 220 million yuan, down 41.6% year-on-year [1] Group 1 - Laofengxiang's revenue in Q3 2025 increased by 16% year-on-year, showing steady growth momentum in performance [1] - The brand is characterized as a strong cash flow and high barrier brand, with expectations of a performance turning point in H2 2025 due to a low base from the previous year [1] - Current valuation is considered attractive, with net profit forecasts for 2025-2027 at 1.64 billion, 1.83 billion, and 1.96 billion yuan, reflecting year-on-year changes of -16%, +12%, and +7% respectively [1] Group 2 - The latest closing price corresponds to price-to-earnings ratios of 16, 14, and 14 times for the years 2025, 2026, and 2027 [1] - The company maintains a "buy" rating based on the analysis [1]

Core Viewpoint - The appointment of Ying Chaohui as the new General Manager of Caitong Securities marks a significant organizational change, filling a year-long vacancy in a key management position and indicating a return to a stable governance structure, which is expected to support the company's strategic implementation and operational stability [2][3][7]. Management Appointment - Caitong Securities officially appointed Ying Chaohui as General Manager, effective from the board's approval date, following a year of vacancy in this role [3][6]. - Ying Chaohui has extensive experience in the financial sector, having held various leadership positions in Zhejiang's financial institutions, including the Zhejiang Rural Credit Union and Zhejiang Guarantee Group [6][9]. - The appointment is seen as a critical step in stabilizing the company's management structure, allowing the Chairman to focus on his responsibilities [7][8]. Financial Performance - Caitong Securities reported a significant increase in financial performance for the first three quarters of 2025, achieving operating revenue of 5.063 billion yuan, a year-on-year increase of 13.99%, and a net profit attributable to shareholders of 2.038 billion yuan, up 38.42% [13][15]. - The third quarter alone saw a remarkable growth in revenue and net profit, with increases of 48.58% and 75.10%, respectively [13][14]. - The growth in revenue was primarily driven by increases in net commission income and investment income, with brokerage business being a major contributor [15]. Business Segmentation - The brokerage business generated net income of 1.385 billion yuan, reflecting a substantial year-on-year increase of 66.32%, driven by a market rebound [15]. - Investment income reached 2.317 billion yuan, contributing 45.77% to total revenue, with self-investment income growing by 25% [15]. - In contrast, the investment banking and asset management segments faced challenges, with net income from investment banking down 29.2% and asset management down 18.9% [15].

Core Viewpoint - The appointment of Ying Chaohui as the new general manager of Caitong Securities marks a significant management change, filling a year-long vacancy and indicating a return to a stable governance structure, which is expected to support the company's strategic implementation and operational stability [2][3][9]. Management Appointment - Caitong Securities officially appointed Ying Chaohui as the general manager, effective from the board's approval date, following a year of vacancy in this key position [3][8]. - Ying Chaohui has extensive experience in the financial sector, having held various leadership roles in Zhejiang's financial institutions, including the Zhejiang Rural Credit Union and Zhejiang Rural Commercial Bank [2][11]. - The appointment is seen as a critical step in stabilizing the company's management structure and enhancing operational efficiency [9][10]. Financial Performance - Caitong Securities reported a significant increase in financial performance for the third quarter of 2025, with total revenue reaching 5.063 billion yuan, a year-on-year increase of 13.99%, and net profit attributable to shareholders at 2.038 billion yuan, up 38.42% [2][15]. - The third quarter alone saw revenue growth of 48.58% and net profit growth of 75.10%, indicating a strong recovery and operational turnaround [15][16]. - The increase in revenue was primarily driven by a rise in net commission income and investment returns, with brokerage business net income growing by 66.32% [17]. Strategic Focus - The company aims to deepen its "investment banking + investment + research" collaborative innovation model and focus on serving Zhejiang enterprises, which is expected to enhance its competitive position [14][17]. - The dual leadership structure of "party leadership + operational management" is anticipated to facilitate the execution of the company's core strategy and address performance disparities between different business segments [9][17].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is currently facing performance pressure but is expected to reach a turning point in the future [1] - The report highlights a decline in revenue and net profit for the third quarter of 2025, with a year-on-year decrease of 11.52% in revenue and 13.04% in net profit [7] - The company’s gross margin is under pressure, with an increase in expenses impacting profitability [7] - The forecast for net profit for 2025-2027 is estimated at 0.42 billion, 0.55 billion, and 0.62 billion respectively, with corresponding PE ratios of 68x, 53x, and 46x [7] Financial Performance Summary - For the third quarter of 2025, the company reported revenue of 432 million, a decrease of 11.52% year-on-year, and a net profit of 17 million, down 13.04% year-on-year [7] - For the first three quarters of 2025, total revenue was 1.283 billion, down 8.59% year-on-year, and net profit was 40 million, down 7.88% year-on-year [7] - The gross margin for the third quarter of 2025 was 24.56%, a decrease of 1.78 percentage points year-on-year [7] - The company’s operating expenses have increased, with sales, management, and R&D expense ratios rising compared to the previous year [7] Earnings Forecast - The projected revenue for 2025 is 1.777 billion, reflecting a decrease of 5.0% from the previous year [6] - The expected net profit for 2025 is 42 million, with a growth rate of 27.7% in 2026 and 13.7% in 2027 [6] - The earnings per share (EPS) is forecasted to be 0.11 in 2025, increasing to 0.16 by 2027 [6] Market Performance - The company’s stock has shown a performance of -8% over the last 12 months compared to the CSI 300 index [4]