许继电气（000400.SZ）2025 年三季报点评 业绩稳步增长，毛利率持续改善 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 94.54 亿元，同比下降 1.38%；归母净利润 9.01 亿元，同比 增长 0.75%；扣非归母净利润 8.77 亿元，同比增长 1.48%。单 2025 年第三季 度，公司实现营业收入 30.06 亿元，同比增长 9.30%；归母净利润 2.68 亿元， 同比增长 0.26%；扣非归母净利润 2.59 亿元，同比增长 2.34%。 ➢ 2025 年前三季度公司毛利率同比、2025 年第三季度毛利率环比持续改善。 毛利率方面，2025 年前三季度公司毛利率同比提升 1.94Pcts 至 23.88%，2025 年第三季度公司毛利率环比提升 0.25Pct 至 24.16%。费用率方面，公司 2025 年前三季度公司销售费用率、管理费用率、研发费用率、财务费用率分别为 4.34%、3.35%、5.15%、-0.42%，公司销售费用率、管理费用率等仍具备一定 压降空间。 ➢ 投资建 ...

Core Viewpoint - Zeyu Intelligent is a high-tech enterprise focused on power information technology, with strong technical capabilities and market competitiveness in the smart grid sector [1] Group 1: Business Performance - In Q3 2025, Zeyu Intelligent reported revenue of 598 million yuan, ranking 18th out of 28 in the industry, with the industry leader, Guodian Nari, achieving 38.577 billion yuan [2] - The company's net profit for the same period was 53.1755 million yuan, ranking 17th in the industry, while the industry average net profit was 386 million yuan [2] - The main business composition includes system integration at 293 million yuan (72.63%), construction and operation maintenance at 98.0044 million yuan (24.27%), and power design at 10.5129 million yuan (2.60%) [2] Group 2: Financial Ratios - As of Q3 2025, Zeyu Intelligent's debt-to-asset ratio was 35.83%, lower than the industry average of 40.35% [3] - The gross profit margin for the same period was 27.49%, which is below the industry average of 31.57% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.22% to 15,300, while the average number of circulating A-shares held per household increased by 5.60% to 15,500 [5] - Hong Kong Central Clearing Limited entered the top ten circulating shareholders with 1.3893 million shares, while ICBC Small and Medium Cap Mixed Fund exited the list [5] Group 4: Business Highlights - Zeyu Intelligent has made significant progress in expanding its market share outside its province, with revenue from outside the province reaching 800 million yuan in 2024, a year-on-year increase of 58.3% [5] - The company is actively developing AI in the power sector, with projects like the "AI Super Brain" for power inspection passing national-level evaluations [5] - The construction and operation maintenance business saw a revenue increase of 60.59% in H1 2025, becoming a key growth driver [6]

Core Viewpoint - Xianheng International is a leading MRO service provider in China, with a comprehensive product line and strong market competitiveness, focusing on various sectors including high voltage, energy storage, and nuclear power [1] Group 1: Business Performance - For Q3 2025, Xianheng International reported revenue of 2.695 billion yuan, ranking 2nd in the industry, surpassing the industry average of 655 million yuan and median of 380 million yuan [2] - The main business composition includes tools and equipment at 1.135 billion yuan (71.80%), instruments at 351 million yuan (22.21%), and technical services at 93.88 million yuan (5.93%) [2] - The net profit for the same period was 134 million yuan, ranking 10th in the industry, exceeding the industry average of 58.97 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 48.19%, higher than the previous year's 40.61% and the industry average of 27.43% [3] - The gross profit margin for Q3 2025 was 22.16%, down from 27.91% in the previous year and below the industry average of 43.50% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.65% to 12,300, while the average number of circulating A-shares held per shareholder increased by 9.47% to 33,000 [5] - The company announced a restricted stock incentive plan, proposing to grant 6 million shares to 174 individuals at a price of 7.29 yuan per share, contingent on achieving revenue or net profit targets from 2025 to 2027 [5] Group 4: Growth Prospects - In the first half of 2025, the company achieved revenue of 1.583 billion yuan, a year-on-year increase of 33.74%, with net profit of 62 million yuan, up 44.87% [6] - Strategic sectors such as oil and gas, power generation, and new e-commerce are experiencing high growth, with revenue projections for 2025 and 2026 at 4.46 billion and 5.40 billion yuan, respectively [6]

Core Viewpoint - The stock of Tianjin Jingwei Huirun Optoelectronics Co., Ltd. has shown fluctuations in trading performance, with a recent increase of 2.12% and a year-to-date increase of 8.82%, despite a decline in revenue and net profit for the first nine months of 2025 [1][2]. Financial Performance - As of September 30, 2025, the company reported a revenue of 1.915 billion yuan, a year-on-year decrease of 26.90% [2]. - The net profit attributable to shareholders was -9.267 million yuan, reflecting a year-on-year decrease of 114.11% [2]. - The company has cumulatively distributed 301 million yuan in dividends since its A-share listing, with 28.72 million yuan distributed over the past three years [3]. Stock Market Activity - The stock price reached 10.12 yuan per share with a trading volume of 264 million yuan and a turnover rate of 5.04% [1]. - The stock has experienced a 4.71% decline over the last five trading days and a 4.08% decline over the last 20 days, while showing a 15.79% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 127 million yuan on October 20 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders was 43,800, a decrease of 11.27% from the previous period, with an average of 12,041 circulating shares per person, an increase of 12.70% [2]. - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 2.9249 million shares as a new shareholder [3]. Business Overview - The company, established on March 1, 1999, and listed on September 17, 2010, specializes in the research, production, and sales of LCD displays, touch display modules, electromagnetic wires, and reactors [2]. - The main revenue sources include copper products (39.90%), LCD display modules (21.49%), and touch display modules (20.56%) [2]. - The company operates within the electronics sector, specifically in the optical optoelectronics and panel industry, and is involved in various concept sectors such as DC transmission and smart grids [2].

Core Points - Xianheng International's stock price decreased by 2.02% on October 30, trading at 16.00 CNY per share with a market capitalization of 6.565 billion CNY [1] - The company has seen a year-to-date stock price increase of 31.85% and a recent trading volume indicating a net outflow of main funds amounting to 7.2935 million CNY [1] - The company specializes in the distribution of well-known domestic and international tools and instruments, with a revenue composition of 71.80% from tools, 22.21% from instruments, and 5.93% from technical services [1] Financial Performance - For the first half of 2025, Xianheng International reported a revenue of 1.583 billion CNY, representing a year-on-year growth of 33.74%, and a net profit of 61.6426 million CNY, up 44.87% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 651 million CNY, with 351 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.09% to 13,500, while the average circulating shares per person increased by 5.36% to 30,135 shares [2] - The top ten circulating shareholders include the Jiao Yin Trend Mixed A fund, which increased its holdings by 2.9718 million shares to 9.7806 million shares [3]

Core Viewpoint - The stock of Times Electric has experienced fluctuations, with a current price of 56.41 CNY per share, reflecting a year-to-date increase of 21.36% and a recent 60-day increase of 30.13% [1] Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is based in Zhuzhou, Hunan Province. The company specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1] - The main business revenue composition is as follows: rail transit equipment business accounts for 56.58%, emerging equipment business 42.94%, and others 0.48% [1] Financial Performance - For the first half of 2025, Times Electric achieved an operating income of 12.214 billion CNY, representing a year-on-year growth of 18.77%. The net profit attributable to shareholders was 1.672 billion CNY, with a year-on-year increase of 10.93% [2] - Since its A-share listing, Times Electric has distributed a total of 5.11 billion CNY in dividends, with 3.835 billion CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Times Electric was 21,800, a decrease of 11.12% from the previous period. The average circulating shares per person increased by 13.09% to 13,443 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 15.9467 million shares (a decrease of 4.5628 million shares), and Huaxia SSE STAR 50 ETF, holding 14.3741 million shares (a decrease of 308,500 shares) [3]

Core Viewpoint - Tongda Co., Ltd. has experienced a decline in stock price and significant net outflow of funds, despite a year-to-date increase in stock price and strong revenue growth [1][2]. Group 1: Stock Performance - As of October 30, Tongda's stock price decreased by 2.05% to 8.59 CNY per share, with a trading volume of 1.82 billion CNY and a turnover rate of 4.64%, resulting in a total market capitalization of 45.16 billion CNY [1]. - Year-to-date, Tongda's stock price has increased by 25.95%, with a 2.38% rise over the last five trading days, 17.35% over the last 20 days, and 5.53% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) eight times this year, with the most recent appearance on October 17, where it recorded a net buy of -1.07 billion CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Tongda achieved a revenue of 6.066 billion CNY, representing a year-on-year growth of 40.78%, and a net profit attributable to shareholders of 132 million CNY, reflecting an 83.29% increase [2]. - Cumulative cash dividends since the company's A-share listing amount to 256 million CNY, with 52.38 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tongda was 56,800, a decrease of 21.93% from the previous period, while the average number of circulating shares per person increased by 28.09% to 7,968 shares [2]. - New institutional shareholders include Guangfa Quantitative Multi-Factor Mixed A and招商量化精选股票发起式A, holding 3.2943 million shares and 2.8853 million shares respectively [3].

Core Viewpoint - The stock of Guodian NARI Technology Co., Ltd. has experienced fluctuations, with a recent decline of 2.01% on October 30, 2023, while showing positive trends over the past month [1][2]. Company Overview - Guodian NARI, established on February 28, 2001, and listed on October 16, 2003, is located in Nanjing, Jiangsu Province. The company specializes in power grid automation, industrial control, power generation, renewable energy, and energy conservation and environmental protection [2]. - The company's main business revenue composition includes: 50.43% from smart grid, 26.98% from low-carbon energy, 16.09% from digital energy integration, 5.13% from industrial interconnection, and 1.24% from integration and others [2]. Financial Performance - For the first half of 2025, Guodian NARI achieved operating revenue of 24.243 billion yuan, representing a year-on-year growth of 20.53%. The net profit attributable to shareholders was 2.952 billion yuan, with a year-on-year increase of 8.97% [2]. - The company has distributed a total of 24.308 billion yuan in dividends since its A-share listing, with 12.674 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Guodian NARI was 100,400, a decrease of 8.75% from the previous period. The average circulating shares per person increased by 9.59% to 79,622 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 1.089 billion shares (a decrease of 27.48 million shares), and various ETFs such as Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, which have increased their holdings [3].

Core Viewpoint - Xuji Electric experienced a stock price decline of 2.01% on October 30, 2023, with a current price of 26.30 CNY per share and a total market capitalization of 26.79 billion CNY [1] Group 1: Stock Performance - Xuji Electric's stock has decreased by 2.80% year-to-date, but has seen a 5.45% increase over the last five trading days, an 8.67% increase over the last 20 days, and a 16.41% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 21, where it recorded a net buy of -248 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Xuji Electric reported a revenue of 9.454 billion CNY, a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 901 million CNY, reflecting a year-on-year increase of 0.75% [2] - The company has distributed a total of 2.271 billion CNY in dividends since its A-share listing, with 1.112 billion CNY distributed over the last three years [3] Group 3: Business Overview - Xuji Electric, established on December 26, 1996, and listed on April 18, 1997, is based in Xuchang, Henan Province, and operates in five main business areas: smart power distribution, smart electricity, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industry and transportation [2] - The company's revenue composition includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment (8.96%), and DC transmission systems (7.14%) [2]

Group 1 - The green energy ETF (562010) showed active performance with an intraday price increase of 2.15% as of October 30 [1] - Among the constituent stocks, Aters performed the strongest with a rise of 9.03%, followed by Goldwind Technology and Tianci Materials with increases of 7.02% and 6.9% respectively [1] - Conversely, Deye shares experienced a significant decline of 8.25%, while Jiejia Weichuang and Robotech saw decreases of 2.88% and 2.67% respectively [1] Group 2 - On October 23, XINWANDA launched a new generation of polymer all-solid-state batteries, "Xin·Bixiao," achieving an energy density exceeding 400 Wh/kg and a cycle life of 1200 weeks under low external pressure [1] - Shanlin Group signed a procurement agreement worth 4 billion yuan for solid-state cells and energy storage equipment with Weilan New Energy, focusing on the new energy storage market [1] - Huafu Securities noted that the completion of the Long Electric into Zhejiang ultra-high voltage project by the end of next year will benefit the power equipment industry through accelerated construction [1] - According to招商证券, the lithium battery equipment industry is expected to recover in 2025, driven by new demand for equipment from solid-state battery technology [1] Group 3 - The green energy ETF passively tracks the green energy index, with the top ten weighted stocks including CATL, BYD, Changjiang Power, Sungrow Power, Yiwei Lithium Energy, LONGi Green Energy, Huayou Cobalt, Ganfeng Lithium, Xianlead Intelligent, and Tongwei Co [2]