英大证券研究所证券研究报告 金 点 策 略 晨 报 【A 股大势研判】 经历三连阴的持续回调后，周三 A 股市场终于迎来短期企稳信号。早盘指数 一度展开反弹，虽午后再度下跌，但尾盘再度震荡回升并顽强翻红，最终实现短 期止跌。盘面上看，船舶制造、贵金属等板块大涨（目前环境不建议追高），另 外，银行、石油等"大象"股行情明显。 A 股市场已逐步显现出企稳的迹象。首先，成交量能持续萎缩，目前已降至 不足 1.8 万亿元水平，反映出卖盘压力的减轻与惜售心态的增强；其次，海外不 利因素对 A 股情绪的影响边际效应递减，风险集中释放接近尾声；此外，权重板 块如银行与石油等持续发挥护盘作用，对指数形成有效支撑。这些因素共同构筑 了 A 股抵御外部波动的内生力量。 操作上，踏准板块轮动节奏，采取均衡配置、高抛低吸或是占优策略。无论 是科技成长方向（半导体芯片、泛 AI 主题及机器人行业等），还是顺周期行业（光 伏、电池、储能、化工、煤炭、有色等），亦或是红利股（银行、公用事业、"大 象股"等），尽量选择有业绩支持的标的逢低布局。 2025 年 11 月 20 日 短期市场出现企稳迹象 分析师：惠祥凤 执业证书编号：S0990 ...

Core Viewpoint - The company reported continuous growth in Q3 2025, with a significant increase in net profit margin [2] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 235 million, a year-over-year increase of 42.78%, and a net profit attributable to shareholders of 32 million, a year-over-year increase of 133.25% [1] - For Q3 2025, the company reported operating revenue and net profit attributable to shareholders of 7.4 million and 0.9 million respectively, with year-over-year increases of 26.73% and 47.82% [2] - The gross margin and net margin for the first three quarters of 2025 were 41.78% and 14.91%, with changes of -2.43 and +11.93 percentage points respectively [2] - The overall period expense ratio significantly decreased, indicating effective cost control [2] Business Development - The company is positioned to benefit from the rapid development of the robotics industry, being a leading domestic enterprise in balancing machines [2] - The company has undertaken its first hollow cup motor rotor production line and is actively developing balancing equipment, straightening equipment, and automated production lines for micro-motors [2] - The company's intelligent listening technology has entered the industrialization phase, having won a bid for a specific model's underwater acoustic signal intelligent processing system project [2] Investment Outlook - The company is expected to continue benefiting from the humanoid robot market and deep-sea sector development [3] - Projected net profits attributable to shareholders for 2025-2027 are 48 million, 90 million, and 148 million respectively, with corresponding EPS of 0.43, 0.81, and 1.33 [3] - The price-to-earnings ratios for the same period are projected to be 85.01, 45.17, and 27.47 [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company established a wholly-owned subsidiary, Changzhou Xinquan Intelligent Robot Co., Ltd., with an investment of 100 million yuan, focusing on the research, design, manufacturing, and sales of intelligent robot components, which is expected to drive future growth [1] - The company is actively expanding its global footprint, with ongoing construction of production bases in Mexico and Slovakia, and is targeting mid-to-high-end foreign and joint venture brand clients [2] - The acquisition of Anhui Ruqi, a company specializing in automotive seating components, is expected to enhance the company's product offerings and integrate existing capabilities in interior systems [3] Financial Performance - For the first three quarters of 2025, the company reported revenue of 11.41 billion yuan, a year-on-year increase of 19%, while net profit attributable to shareholders was 620 million yuan, a year-on-year decrease of 9% [1] - In Q3 2025, the company achieved revenue of 3.95 billion yuan, a year-on-year increase of 15%, and a net profit of 200 million yuan, a year-on-year decrease of 27% [1] - The gross profit margin for Q3 2025 was 15.6%, down 1.2 percentage points from the previous quarter, while the net profit margin was 5.0%, down 0.3 percentage points [2] Profit Forecast - The company is expected to benefit from its global expansion and entry into the robotics sector, with projected net profits for 2025, 2026, and 2027 being 1 billion yuan, 1.27 billion yuan, and 1.56 billion yuan, respectively, corresponding to P/E ratios of 36, 29, and 23 times [3]

Summary of Fuda Co., Ltd. Conference Call Company Overview - **Company**: Fuda Co., Ltd. - **Date**: October 22, 2025 Key Points Financial Performance - **Q3 Revenue**: Achieved 476 million yuan, a year-on-year increase of 21.9% [3] - **Net Profit**: 75.26 million yuan, nearly 60% year-on-year growth [3] - **Excluding Non-recurring Items**: Net profit close to 72 million yuan, up 58.14% year-on-year [3] - **Q2 Investment Income**: 12 million yuan, not present in Q3, affecting sequential data [2][3] Response to Client Order Decline - **Market Share Increase**: Adjusted product structure to increase market share among other clients, e.g., market share in Seris increased from 30% to 70%, and in Chery from 20% to over 40% [4] - **Gross Margin Impact**: Slight decline in gross margin due to capacity ramp-up and reduced client orders, but overall net profit margin remained stable [2][5] Future Outlook - **Q4 Expectations**: Anticipates recovery in revenue and profit, with gross margin expected to improve back to H1 levels [2][7] - **Client Penetration Plans**: Current market share among major clients is close to 65%, with plans to gradually increase this and expand new client base [6] Business Segment Performance - **New Energy Electric Drive Gear Business**: Experienced a loss of approximately 23 million yuan in H1, but revenue normalized in Q3 due to client structure adjustments [8] - **Long Board Products**: Achieved production capacity since July, with significant improvements in product consistency and precision, currently operating nearly 70 units [9] Strategic Developments - **Reverse Planetary Roller Screw**: Completed audits and batch quotations for major clients, awaiting order confirmations [10] - **Production Capacity**: Currently has a capacity of 30,000 sets, with plans for cautious expansion based on demand [11] - **Collaboration with Domestic Automakers**: Engaging in technical exchanges with domestic main engine manufacturers for robotics applications [12] Investment and Financing - **Future Investments**: Plans for external investments to enhance capabilities, particularly in robotics, while maintaining a cautious approach to avoid blind investments [15][16] - **Convertible Bond Issuance**: Applied for issuance in July, indicating confidence from the controlling shareholder [19] Risk Management - **2026 Performance Outlook**: Despite challenges in 2025, expects to adjust client and capacity structures, with confidence in achieving growth in 2026 [18] Technology and Product Development - **Micro Screw Products**: Developing a 3.5 mm differential screw and working on a 1 mm screw for linear joints, currently in R&D phase [13] - **Cycloidal Gear Technology**: Longboard Technology is leading the development of national standards for cycloidal reducers, with a strong patent reserve [17] Additional Insights - **Market Trends**: Changes in design philosophies among overseas manufacturers may provide Fuda with competitive advantages in certain product lines [10]

Core Insights - The report highlights the short-term volatility in the A-share market, indicating a potential for continued fluctuations due to external uncertainties and internal structural contradictions [2][3][11] - It emphasizes the divergence between individual stocks and indices, with a notable pressure from profit-taking among investors who have accumulated significant gains since April [5][10] - The upcoming clarity on trade policies, particularly around November 1, is identified as a critical point for reducing market uncertainties and potentially stabilizing the market [3][11] Market Overview - On Tuesday, the A-share market showed resilience, but concerns remain regarding the lack of enthusiasm among participants, as evidenced by a significant disparity between stock performance and index movements [5][6] - The trading volume on Monday was reported at 2.3 trillion, reflecting a cautious stance from new capital entering the market [5][11] - The indices experienced a mixed performance, with the Shanghai Composite Index rising while the Shenzhen Component and ChiNext indices faced declines, indicating a selective rally driven by a few heavyweight stocks [6][7] Sector Analysis - Defensive sectors such as banking and utilities are recommended for attention due to their high dividend yields, which may become attractive as the market adjusts [8][10] - Consumer sectors, particularly the liquor industry, are noted for their strength, with domestic consumption expected to drive economic recovery in 2025 [9][10] - The report suggests focusing on the AI industry chain, semiconductors, and robotics as potential growth areas amidst the current market corrections, presenting opportunities for long-term investments [3][10]

Group 1 - The rare metal ETF has seen a significant increase in trading volume, with a turnover of 3.06% and a transaction value of 48.9869 million yuan, ranking first among comparable funds [2] - As of August 20, the rare metal ETF's latest scale reached 1.586 billion yuan, marking a new high since its inception and also ranking first among comparable funds [2] - The ETF has experienced a notable increase in shares, with a growth of 12 million shares over the past week, leading in new share issuance among comparable funds [2] - Over the last five trading days, the rare metal ETF recorded net inflows on three days, totaling 77.6616 million yuan [2] - The ETF's net value has increased by 75.36% over the past year, placing it in the top 11.80% among 2,965 index equity funds [2] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being three months and a maximum increase of 29.68% [2] - The average return during rising months is 8.13%, and the ETF has outperformed its benchmark with an annualized return of 10.90% over the last three months [2] Group 2 - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 55.85% of the index, including companies like Northern Rare Earth, Salt Lake Co., and Ganfeng Lithium [3] - The Congolese government has imposed a temporary export ban on cobalt products, significantly impacting global cobalt supply expectations, with projections indicating that 75% of cobalt supply will be affected in 2024 [3] - Tungsten prices have continued to rise, with black tungsten concentrate priced at 210,000 yuan per ton and ammonium paratungstate exceeding 310,000 yuan per ton, reflecting an increase of over 40% since the beginning of the year [3] - The first batch of tungsten mining quotas has decreased by 6.8% year-on-year, reaching a five-year low, while demand remains strong due to applications in AI, robotics, and large hydropower projects [3] - The tightening supply-demand dynamics in the small metals sector, driven by limited supply and strong emerging demand, are expected to enhance the profitability of related companies and the investment value of the sector [3]

Group 1: Lithium Mining Operations - Company holds over 100 million tons of lithium resources, with the Qikeng lithium mine being the most significant asset [1] - Qikeng lithium mine has a mining license covering an area of 1.3826 square kilometers, with an average Li2O grade of 0.44%, amounting to a resource reserve of 72.93 million tons; if calculated at an average grade of 0.39%, reserves reach 126.67 million tons [1] - The Qikeng lithium mine is the first lithium mica-type mining license issued by the Ministry of Natural Resources in China, with a mining duration of 30 years, which is crucial for the company's lithium industry development [1] Group 2: Robotics Industry Engagement - Company is focusing on the humanoid robot industry as a historic development opportunity, emphasizing the importance of this sector [2] - Company is developing joint modules for humanoid robots through its subsidiary, Weier (Shenzhen) Intelligent Drive Co., Ltd., while also collaborating with leading robot companies and component suppliers to enhance product and supply chain quality [2]

Core Viewpoint - Jiangte Electric announced that its stock price has deviated significantly, with a cumulative increase of over 20% in the last three trading days, indicating abnormal trading activity. The company stated that there have been no significant changes in its operational situation or external business environment [1]. Group 1: Company Operations - The company, along with its controlling shareholders and actual controllers, confirmed that there are no undisclosed significant matters related to the company, nor are there any major matters in the planning stage [1]. - Jiangte Electric holds or controls over 100 million tons of lithium ore resources, with the Qikeng lithium mine being the most important, having obtained a mining license for an area of 1.3826 square kilometers. The average Li2O grade is calculated at 0.44%, with a mineral resource reserve of 72.93 million tons. If the average Li2O grade is calculated at 0.39%, the mineral resource reserve reaches 126.67 million tons, classifying it as a large lithium mine [1]. Group 2: Industry Trends - There is a heightened market interest in lithium carbonate prices and the lithium battery industry, which may be influencing the company's stock performance [1]. - The humanoid robot industry presents a historic development opportunity for the company, which is focusing on developing joint modules for humanoid robots through its subsidiary, Weier (Shenzhen) Intelligent Drive Co., Ltd. The company is also actively collaborating with leading robot companies and component suppliers to enhance product and supply chain quality and advantages [1].

Group 1 - The core viewpoint of the article highlights that Yushu Technology has been focusing on the global market, with approximately 50% of its annual revenue coming from overseas business since 2018 [1] - The founder of Yushu Technology, Wang Xingxing, anticipates that the global robotics industry will see its shipment volume double each year in the coming years [1]

Group 1 - The core viewpoint is that Aofei Entertainment (002292.SZ) provides R&D services to clients and does not engage in any business related to the robotics industry [1]