汽车/乘用车 上汽集团（600104.SH） Q3 自主品牌普遍表现亮眼，鸿蒙智行尚界启新篇 2025 年 11 月 04 日 投资评级：买入（维持） | 日期 | 2025/11/3 | | --- | --- | | 当前股价(元) | 16.22 | | 一年最高最低(元) | 21.30/12.86 | | 总市值(亿元) | 1,864.53 | | 流通市值(亿元) | 1,864.53 | | 总股本(亿股) | 114.95 | | 流通股本(亿股) | 114.95 | | 近 3 个月换手率(%) | 38.95 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-11 2025-03 2025-07 上汽集团 沪深300 相关研究报告 《2024 年主动筑底，全面深化改革 2025Q1 起成效显现—公司信息更新 报告》-2025.5.8 《Q1 业绩预计同比明显增长，全面深 化改革成效显现—公司信息更新报 告》-2025.4.11 《与华为就智选模式深度合作，转型 积极推进反转可期—公司信息更新报 告》-2025.2.21 ——公司信息更新报告 | ...

在金价不断上涨的背景下， 10 月 28 日，周大生 公布了 2025 年三季报。 财报显示，2025前三季度，公司营业收入为67.7亿元，同比下降37.3%；归母净利润为 8.82亿元，同比上升3.1%。 作为对比，老凤祥前三季度营收为480.01亿元，同比下滑8.71%；中国黄金营收为457.64 亿元，同比下滑1.74%，周大生营收降幅显著高于同行。 此外，第三季度，周大生营业收入为21.8亿元，同比下降16.7%；归母净利润为2.88亿 元，同比上升13.6%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入(元) | 2.175.292.094.32 | -16. 71% | 6.772.001. 305. 51 | -37.35% | | 归属于上市公司股东 | 287.726.544.56 | 13. 57% | 881,541,201.03 | 3.13% | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经 ...

高盛称，预计海外市场将成为未来十年比亚迪关键的增长驱动，上调公司海外（除美国）的销量预测， 并将其A股和H股目标价分别提升8%至144元人民币和141港元。分析师Tina Hou等在报告中指出，上调 比亚迪2026年-2035年海外（除美国）销量预测5%-14%，至150万辆-350万辆。预计未来几年海外市场 新能源车将进入类似中国市场在2022-2024年时的情况，出现大于10%的渗透率增长。比亚迪车型在价 格、范围和尺寸等关键方面的细分市场具有更高的竞争力。维持对比亚迪A股和H股的买入评级。 ...

每经编辑｜许绍航 在金价不断上涨的背景下，10月28日，周大生公布了2025年三季报。 财报显示，2025前三季度，公司营业收入为67.7亿元，同比下降37.3%；归母净利润为8.82亿元，同比上升3.1%。 作为对比，老凤祥前三季度营收为480.01亿元，同比下滑8.71%；中国黄金营收为457.64亿元，同比下滑1.74%，周大生营收降幅显著高于同行。 此外，第三季度，周大生营业收入为21.8亿元，同比下降16.7%；归母净利润为2.88亿元，同比上升13.6%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入(元) | 2,175,292,094.32 | -16. 71% | 6.772.001.305.51 | -37.35% | | 归属于上市公司股东 | 287,726,544.56 | 13. 57% | 881, 541, 201. 03 | 3.13% | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经 ...

➢ 投资建议：我们预计后续随着海外市场、数据中心等新下游收入占比提升， 公司具备充足的向上动能。我们预计公司 25-27 年营收分别为 87.48、106.66、 130.77 亿元，对应增速分别为 26.8%、21.9%、22.6%；归母净利润分别为 7.19、 10.25、14.47 亿元，对应增速分别为 25.1%、42.7%、41.1%，以 10 月 30 日 收盘价作为基准，对应 25-27 年 PE 为 47X、33X、23X。维持"推荐"评级。 ➢ 风险提示：上游原材料价格大幅波动风险，新产品进展不及预期风险，汇率 波动风险等。 金盘科技（688676.SH）2025 年三季报点评 数据中心下游高增，海外市场持续贡献增量 2025 年 10 月 31 日 ➢ 事件：2025 年 10 月 27 日，公司发布 2025 年三季报。2025 年前三季度 公司实现营业收入 51.94 亿元，同比增长 8.25%；归母净利润 4.86 亿元，同比 增长 20.27%；扣非归母净利润 4.56 亿元，同比增长 19.05%。单 2025 年第三 季度，公司实现营业收入 20.40 亿元，同比增长 8.38 ...

Summary of the Conference Call for Zongheng Co., Ltd. Company Overview - **Company**: Zongheng Co., Ltd. - **Industry**: Low-altitude digital economy and drone technology Key Financial Highlights - **Revenue Growth**: - Revenue for the first three quarters increased significantly, reaching approximately 320 million yuan, a year-on-year growth of 57% [2][3] - Third-quarter revenue was about 190 million yuan, up 54% year-on-year [2][3] - **Profitability**: - Achieved a net profit of 16 million yuan in the third quarter, marking a turnaround from losses [2][3] - Gross margin for the first three quarters was 48.9%, an increase of 2.2 percentage points year-on-year [2][4] - Operating expenses decreased by 13.4% to 51.7% [2][5] Strategic Focus Areas - **Low-altitude Digital Economy**: - Targeting a market potential of 300 billion yuan in equipment space across national cities and 150 billion yuan in service market at the municipal level [2][8] - Plans to establish platform companies in collaboration with local governments to promote drone operation models [2][7] - **International Market Expansion**: - Engaging with the "Belt and Road" initiative to facilitate exports of small aircraft CW40 and CW100 [2][6] - Anticipated overseas market size of at least 3 billion yuan, with ongoing efforts to secure necessary certifications [2][14] Market Development and Opportunities - **Domestic Projects**: - Secured nearly 200 million yuan in local digital economy demonstration projects [2][6] - Focus on vertical applications in various sectors such as forestry, transportation, and emergency services [2][12] - **Challenges and Solutions**: - Addressing external expansion challenges through successful case demonstrations and partnerships with local governments [2][9] Future Growth Projections - **Market Potential**: - The low-altitude economy is expected to grow significantly, with estimates suggesting a market size exceeding 300 billion yuan [2][13] - Continuous investment in R&D is crucial for maintaining competitive advantages [2][17] - **Talent and Resource Integration**: - Emphasis on attracting talent and leveraging partnerships with state-owned enterprises to enhance operational capabilities [2][18][19] Upcoming Initiatives - **Investor Engagement**: - Plans to hold an investor communication event in November to discuss future strategies and developments [2][26] Conclusion Zongheng Co., Ltd. is positioned for significant growth in the low-altitude digital economy and drone technology sectors, with strong financial performance and strategic initiatives aimed at expanding both domestic and international markets. The company is focused on leveraging partnerships and innovative solutions to capture market opportunities while maintaining a commitment to cost management and profitability.

Core Viewpoint - Nissin Foods (01475) experienced a significant stock price increase of 44%, reaching a historical high of 9.6 HKD, driven by strategic expansion plans in China [1] Company Developments - In September, Nissin Foods successfully bid 30.68 million HKD for a land parcel in Zhuhai, intended for the construction of new production facilities to enhance its operations in China [1] - The company is actively adapting to new consumer trends while solidifying its existing business foundation and exploring emerging domestic channels and overseas markets [1] Future Outlook - According to Guoyuan International, Nissin Foods is expected to return to a growth trajectory by 2025, suggesting that investors should maintain attention on the company [1]

华创证券日前研报指出，比亚迪9月销量环比温和上涨，出口节奏环比放缓。9月新能源销量39.6万辆， 同比-6%、环比+6%，主要受市场竞争、政策波动影响。9月出口7.1万辆，较此前环比增长态势有所放 缓。公司综合竞争力强劲，看好中期全球份额扩张。短期，市场担心的竞争格局恶化问题当前有所缓 和，认为公司作为行业龙头产品力有望维持领先水平，在插混、纯电市场中持续推进产品迭代以强化竞 争力。中期，有望凭借智能化、海外市场进行成长突围。规模优势、高度垂直产业链和销售结构优化也 将支撑公司盈利的改善。该行考虑估值切换，给予2026年1.1 倍PS，维持目标市值1.19万亿元，维持A 股目标价130.6元。考虑A/H溢价1.0倍，维持港股目标价142.7港元。维持"强推"评级。 ...

Investment Rating - The report maintains a "Strong Buy" rating for BYD with a target price of 130.6 CNY and 142.7 HKD [1] Core Views - The report highlights a moderate month-on-month sales growth in September 2025, with expectations for an upward trend in Q4 [1] - The company is projected to achieve a revenue of 925.5 billion CNY in 2025, reflecting a year-on-year growth of 19.1% [2] - The report emphasizes the company's strong competitive position and potential for global market share expansion, driven by product innovation and overseas market development [6] Financial Summary - Total revenue projections for BYD are as follows: - 2024: 777.1 billion CNY - 2025: 925.5 billion CNY - 2026: 1,082.2 billion CNY - 2027: 1,237.6 billion CNY - Year-on-year revenue growth rates are expected to be 29.0% for 2024, 19.1% for 2025, 16.9% for 2026, and 14.4% for 2027 [2] - Net profit attributable to shareholders is forecasted to be: - 2024: 40.3 billion CNY - 2025: 42.6 billion CNY - 2026: 51.4 billion CNY - 2027: 63.2 billion CNY - The net profit growth rates are projected at 34.0% for 2024, 5.8% for 2025, 20.7% for 2026, and 23.0% for 2027 [2] Sales Performance - In September 2025, BYD's total new energy vehicle sales reached 396,000 units, a year-on-year decrease of 6% but a month-on-month increase of 6% [6] - The breakdown of sales includes: - BEV (Battery Electric Vehicles): 205,000 units, year-on-year increase of 24% - PHEV (Plug-in Hybrid Electric Vehicles): 188,000 units, year-on-year decrease of 26% - Exports: 71,000 units, year-on-year increase of 134% [6] Market Dynamics - The report notes that multiple regions have suspended vehicle replacement subsidies, which may lead to a significant rush for purchases before the end of the year [6] - The automotive industry is transitioning from rapid growth to high-quality development, which is expected to enhance profitability for companies like BYD [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company has established a performance inflection point, with profitability expected to recover quarter by quarter. The long-term outlook is positive due to a firm overseas expansion strategy, with international markets anticipated to contribute significantly to core growth and high profits. The "automotive + commercial" second growth curve is clearly defined, opening up growth potential [1]. Financial Performance - In H1 2025, the company achieved revenue of 1.626 billion yuan, a year-on-year increase of 1.63%. The net profit attributable to shareholders was 89 million yuan, a substantial increase of 2,062.34% year-on-year. The non-recurring net profit was 77 million yuan, a strong turnaround from a loss of 15 million yuan in the same period last year. In Q2 2025, revenue reached 816 million yuan, up 5.4% year-on-year, with a net profit of 26 million yuan compared to a loss of 10 million yuan in the previous year [7]. Business Expansion - The company has launched its Vietnam production base, with an investment of 14 million USD and an annual capacity of one million units, which will be a key part of its global supply chain. The company has also established a comprehensive manufacturing chain in Yibin, Sichuan, covering everything from lenses to assembly and testing. In 2024, overseas revenue accounted for 32% of total revenue, a year-on-year increase of 19% [7]. Product Diversification - The company is pursuing a three-pronged strategy in household, automotive, and commercial sectors, which opens up new growth opportunities. In the automotive sector, it has made significant progress with products for smart cockpits and intelligent headlights, with deliveries already made for several vehicle models. The commercial market is also expanding, with global projector shipments estimated at 20 million units annually, of which 14% are for commercial use [7]. Employee Incentives - The company has implemented a multi-layered incentive system, including stock options and employee stock ownership plans. In 2025, it introduced stock options at a grant price of 120.84 yuan per share for 67 individuals, and a new employee stock ownership plan with a funding scale of up to 181 million yuan, covering 337 key personnel [7]. Profit Forecast - The company is expected to see significant performance improvements due to internal efficiency optimization, supply chain enhancements, and cost control. The automotive business is projected to achieve mass production, and commercial projection products are expected to launch this year. The forecasted net profits for 2025-2027 are 310 million, 500 million, and 630 million yuan, respectively, with corresponding valuations of 28, 18, and 14 times [7].