公司点评 | 欣旺达 盈利能力稳步提升，泰国二期加码海外储能 欣旺达（300207.SZ）2025 三季报点评 事件：公司发布 2025 三季报。25Q1-Q3 公司实现营收 435.34 亿元，同比 +13.73%，实现归母净利润 14.05 亿元，同比+15.94%，实现扣非归母净利 润 10.15 亿元，同比-12.74%。分季度看，25Q3 公司实现营收 165.49 亿元， 同环比 +15.24%/+12.60% ， 实 现 归 母 净 利 润 5.50 亿 元 ， 同 环 比 +41.51%/+17.05% ，实现扣非归母净利润 4.31 亿元，同环比 +22.46%/+34.39%。25Q3 公司销售毛利率 18.54%，同环比+3.47/+3.66pct， 销售净利率 3.10%，同环比+2.09/+1.63pct。盈利能力稳步提升，业绩表现 优秀。 锂威收入持续高增，硅碳电池出货占比超20%。25Q3公司锂威收入约为23.6 亿元，同比+46%，25Q1-Q3 锂威总收入超 60 亿元。公司消费电池不断推 出创新产品，小电芯出货量满产出货量持续提升，不断拓展 AI 眼镜、戒指 等场景。公司持 ...

Group 1: Box Office and Tourism - On October 1, 2025, the first-day box office exceeded 300 million yuan, with top films including "The Volunteer Army: Blood and Peace," "Assassination Novelist 2," and "731" [1] - The expected cross-regional personnel flow on the first day of the Mid-Autumn Festival and National Day holiday is 336.79 million people, a month-on-month increase of 43.1% and a year-on-year increase of 1.7% [1] Group 2: Automotive Industry Sales Data - BYD sold 396,300 new energy vehicles in September, down from 419,400 units in the same month last year [3] - NIO delivered 34,749 new cars in September, achieving a historical high [3] - Xpeng Motors delivered 41,581 new cars in September, also setting a new monthly delivery record [3] - Other companies like Great Wall Motors, Geely, and Li Auto reported significant sales figures, with Great Wall selling 133,600 new cars and Geely's sales reaching 15,700 units [3] Group 3: Healthcare Insurance Fund - From January to August 2025, the total income of China's basic medical insurance fund was 1,880.994 billion yuan, while total expenditure was 1,543.220 billion yuan, indicating stable operation [2] - The income from employee basic medical insurance was 1,195.462 billion yuan, and from urban and rural residents' basic medical insurance was 685.532 billion yuan [2] Group 4: Renewable Energy Developments - The world's first 16-megawatt floating offshore wind power system, led by the Three Gorges Group, was successfully assembled in Beihai, Guangxi, marking a significant advancement in offshore wind power equipment manufacturing [2] Group 5: Technology and Semiconductor Sector - CITIC Securities reports that the market maintains a high-level fluctuation, focusing on the technology sector, particularly the semiconductor industry, with increased certainty in areas like AI applications and offshore wind power [5]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 93.92 CNY [2][9]. Core Views - The company is experiencing high growth driven by overseas energy storage demand and new opportunities in commercial storage [2][9]. - The company achieved a revenue of 5.535 billion CNY in H1 2025, representing a year-on-year increase of 16.58%, and a net profit of 1.522 billion CNY, up 23.18% year-on-year [9]. - The report highlights the company's strategic participation in international energy storage exhibitions to enhance its global brand presence [9]. Financial Summary - **Revenue Forecast**: - 2024A: 11,206 million CNY - 2025E: 13,593 million CNY (49.8% growth) - 2026E: 17,264 million CNY (21.3% growth) - 2027E: 21,125 million CNY (27.0% growth) [4][10] - **Net Profit Forecast**: - 2024A: 2,960 million CNY - 2025E: 3,539 million CNY (65.3% growth) - 2026E: 4,498 million CNY (19.6% growth) - 2027E: 5,467 million CNY (27.1% growth) [4][10] - **Earnings Per Share (EPS)**: - 2024A: 3.27 CNY - 2025E: 3.91 CNY - 2026E: 4.97 CNY - 2027E: 6.04 CNY [4][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 19 times - Price-to-Book (P/B) ratio for 2025E: 5.9 times [4][10]. Market Dynamics - The report notes that the European market for energy storage is recovering as inventory depletion nears completion, with significant policy support from countries like Germany and the UK [9]. - The global energy storage market is projected to grow at a compound annual growth rate (CAGR) of over 15% from 2025 to 2028 [9].

Industry News - The FTSE Russell announced changes to the FTSE China 50 index, which will include BeiGene-U, NewEase, WuXi AppTec, and Zhongji Xuchuang, while excluding China National Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical, effective after market close on September 19 [5] - The China Securities Index Co., Ltd. will officially launch the CSI A500 Growth Index and CSI A500 Value Index on September 10, 2025, selecting the top 100 securities based on growth and value factors from the CSI A500 index [5] - Zhongji Xuchuang's stock surged over 10%, with a total market value reaching 473.548 billion yuan, surpassing Dongfang Caifu's 420.862 billion yuan, making it the second-largest by market value on the ChiNext board [5] - The paper industry is implementing a dual strategy of "price increase + shutdown" as the traditional peak season approaches, with major paper manufacturers like Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper announcing price hikes [7] - The establishment of the first artificial intelligence bureau in Zhejiang Province was officially announced in Wenzhou [7] Company News - Tianpu Co. announced that it will suspend trading for verification due to multiple instances of abnormal stock trading since August 22 [8] - Sanyou Medical announced that its innovative product, the Zeus spinal fixation system, has received FDA 510(k) certification [9] - China Heavy Industry announced that the share exchange registration date is September 4, with an exchange ratio of 1:0.1339 [15] - Dechuang Environmental Protection announced a delay of no more than five trading days in responding to an inquiry letter [15] - Zijin Mining announced that its vice president reduced holdings by 250,000 shares from September 2 to 3 [15] - Goldfield Group reported a signing amount of 2.22 billion yuan in August, a year-on-year decrease of 58.89% [15] - Chengdu Huami announced that its 40G high-precision RF direct sampling ADC chip has not yet been sold on a large scale [15] - Wen Investment Holdings announced that its cinema and gaming businesses are still in the recovery phase after restructuring [15] - Taihe Technology announced that its sulfide solid electrolyte project is currently in the pilot testing stage and has not yet generated sales revenue [15] - Yuanjie Technology warned that if market development does not meet expectations, its sales revenue in the data center market will be significantly impacted [15] - Robotec announced a contract for fully automated silicon photonic packaging equipment worth approximately 9.465 million euros [15] Global Market - The U.S. stock market showed mixed results, with the Dow Jones down 0.05%, the S&P 500 up 0.51%, and the Nasdaq up 1.02%. Google surged over 9%, marking its best single-day performance since April 9, with stock prices reaching record highs [10] - International oil prices fell as OPEC+ is expected to consider a new round of production increases, with WTI October crude futures closing at $63.97 per barrel, down 2.47%, and Brent November crude futures at $67.60 per barrel, down 2.23% [10] - International gold prices continue to hit record highs, with spot gold surpassing $3,570 [11]

Key Points - The report highlights that the US ISM Manufacturing Index slightly increased to 48.7 in August, which is below market expectations [4] - The Eurozone's CPI rose by 2.1% year-on-year in August, against expectations of remaining flat at 2% [4] - China's new account openings in August reached 2.65 million, marking a year-on-year increase of 165% [4] - Software business revenue in China grew by 12.3% year-on-year in the first seven months [4] - There is a surge in overseas demand for energy storage, leading to full order schedules for domestic battery manufacturers [4] - Yushutech announced plans to submit an IPO application in the fourth quarter [4] - Nvidia denied rumors of shortages for H100/H200 chips, stating that inventory is sufficient to meet order demands [4] - OpenAI has acquired Statsig for $1.1 billion [4] Economic Data Summary - The Baltic Dry Index closed at 2024.00, down 0.05% [5] - The Nasdaq Index closed at 21279.63, down 0.82% [5] - The Dow Jones Industrial Average closed at 45295.81, down 0.55% [5] - The S&P 500 closed at 6415.54, down 0.69% [5] - The ICE Brent Crude Oil price was $69.07, up 1.35% [5] - The USD/CNY exchange rate (CFETS) was 7.13, unchanged [5] - The Hang Seng Index closed at 25496.55, down 0.47% [5] - The Shanghai Composite Index closed at 3858.13, down 0.45% [5]

Group 1 - The company expects to turn a profit in the first half of 2025, with the performance period from January 1, 2025, to June 30, 2025 [1] - The preliminary estimate indicates a significant increase in revenue due to the delivery of overseas energy storage orders [2] - The company experienced a foreign exchange loss of RMB 103.64 million in the first half of 2024 due to the depreciation of the Egyptian pound, but this period saw a stabilization of the exchange rate, leading to a decrease in financial expenses [2] Group 2 - The company reported a turnaround in operating performance, resulting in profitability, although income tax expenses increased year-on-year [3] - The performance forecast is based on preliminary estimates from the company's finance department and has not been audited by an accounting firm [4] - The company has designated specific media outlets for information disclosure, including "China Securities Journal" and "Shanghai Securities Journal," and advises investors to make cautious decisions based on disclosed information [4]