投资建议：我们预计公司2025-2027 年营业收入分别为16.58/18.81/21.36 亿元，分别同比增长 6.57%/13.50%/13.54%，预计公司2025-2027 年实现归母净利润1.86/2.15/2.66 亿元，分别同比增长 53.46%/15.81%/23.56%，首次覆盖给予"推荐"评级。 风险提示：原材料价格波动风险，市场开拓不及预期风险，食品安全风险 健康与环保驱动下游需求快速增长，行业集中度有望进一步提升。大豆蛋白下游应用较为广泛，包括肉 制品加工、仿肉行业、休闲食品、保健品行业等，在消费者健康和环保意识提升驱动下，下游需求持续 提升。我国为全球最大的大豆蛋白市场，占据约50%的市场份额，22 年我国大豆蛋白行业规模达到 145.2 亿元，18-22 年CAGR 为3.89%。竞争格局方面，大豆蛋白行业CR5 为60%，公司大豆蛋白的市占 率约10%，公司和嘉华股份等头部厂商近两年销量持续提升，随着落后产能不断出清，行业集中度有望 进一步提升。 全产业链布局铸就高盈利壁垒，产品结构优化盈利中枢有望提升。公司专注非转基因大豆深加工，经过 近二十余年积累成为行业内为数不多的拥有大豆 ...

国盛证券研报指出，学大教育业绩拐点初显，职业教育打造第二增长曲线。虽然公司2025Q3单季度实 现营业收入6.97亿元/同比+11.19%，归母净利润143万元/同比-89.90%，利润承压预计是由于扩张带来的 教师人工成本增长。但公司前置性指标合同负债在2025Q3末达到了12.04亿元，同比增长22.48%，增速 较Q2的3.65%大幅提升，表示公司未来收入确认有较强保障。同时，公司历史遗留负债状况显著改善。 长期来看，受益于行业竞争格局优化，公司主业个性化教育业务持续扩张。此外，公司积极打造第二增 长曲线。公司在巩固个性化教育主业的同时，积极拓展职业教育、文化阅读和医教融合作为新的增长引 擎。短期看业绩拐点初显；中长期看，行业格局优化，公司谋求第二增长曲线，看好公司未来成长空 间。维持"买入"评级。 ...

证券研究报告 | 公司点评 gszqdatemark 2025 12 18 年 月 日 学大教育（000526.SZ） 业绩拐点初显，职业教育打造第二增长曲线 短期看，公司 Q3 业绩下滑但合同负债大幅提升，业绩拐点初显。虽然公司 2025Q3 单季度实现营业收入 6.97 亿元/同比+11.19%，归母净利润 143 万元 /同比-89.90%，利润承压预计是由于扩张带来的教师人工成本增长。但公司 前置性指标合同负债在 2025Q3 末达到了 12.04 亿元，同比增长 22.48%，增 速较 Q2 的 3.65%大幅提升，表示公司未来收入确认有较强保障。 同时，公司历史遗留负债状况显著改善。公司已于 2025 年初全额偿还了历 史遗留的巨额债务本金，公司于 2016 年向原控股股东紫光卓远借款（本金） 共计 23.5 亿元，截至公司 2024 年报发布日公司已还清该 23.5 亿元本金。从 财务指标看，公司资产负债率从 2022 年的 86.7%持续下降至 2025 年 Q3 的 77.1%。 长期来看，受益于行业竞争格局优化，公司主业个性化教育业务持续扩张。1） 个性化辅导：以"一对一"和"一对少"小班 ...

（记者 曾健辉） 每经AI快讯，华安证券12月3日发布研报称，给予保隆科技（603197.SH）"买入"评级。评级理由主要包 括：1）25年Q3营收保持增长，年降压力影响利润率；2）年降压力增大，Q3毛利率同比下滑；3）传感 器核心业务高增长，空气悬架业务有望随客户快速增长。风险提示：1）市场竞争风险；2）产能不及预 期风险；3）大宗原材料价格及汇率波动风险，成本下沉不及预期。 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

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]