资产负债结构健康，资产质量与运营效率同步改善。截至2025 年三季度末，公司总资产71.22 亿元，总 负债14.60 亿元，资产负债率降至20.51%，较去年同期下降约3.1 个百分点，整体杠杆水平保持稳健。 有息负债方面，短期借款2.04 亿元、长期借款1.76 亿元、一年内到期非流动负债0.59 亿元，合计4.39 亿 元，偿债压力可控。应收账款为7.00亿元，同比增长24.95%，但应收票据及应收账款合计9.04 亿元，增 幅低于营收增速，回款能力总体良好；信用减值损失0.17 亿元，计提充分，风险敞口有限。存货9.47 亿 元，同比增长29.27%，需关注后续周转效率，但结合合同负债0.21 亿元，仍体现一定订单支撑。 事件：公司发布2025 年三季报。公司2025 年前三季度实现营业收入13.82亿元，同比去年+5.17%；归母 净利润3.34 亿元，同比去年+42.23%。 投资要点 盈利质量稳健提升，利润结构持续优化。截至2025 年前三季度，菲利华实现营业总收入13.82 亿元，同 比增长5.17%；归属于母公司股东的净利润达3.34 亿元，同比大幅增长42.23%，扣除非经常性损益后的 归 ...

Core Insights - Yingda Securities has undergone a significant leadership change with Ma Xiaoyan officially appointed as the new chairman and legal representative, succeeding Duan Guangming after a three-year term [1] - Ma Xiaoyan, born in 1969, has a background in the State Grid system and has held several important positions within the State Grid [1] - The company is currently experiencing a restructuring of its revenue model and an improvement in profit quality [1] - On September 10, Yingda Securities completed its first large-scale short-term financing bond issuance [1]

Core Viewpoint - The era of Apple relying on iPhone as its profit pillar is coming to an end, with service business expected to surpass iPhone in annual gross profit contribution by fiscal year 2025 [1][3]. Group 1: Transition from Hardware to Services - Apple is undergoing a significant transition where its core profitability is shifting from hardware sales to service business [3]. - By fiscal year 2025, service business is projected to contribute 42% to Apple's annual gross profit, while iPhone's contribution will be 41%, marking the first time services surpass hardware [4]. - This gap is expected to widen by fiscal year 2027, with services contributing 44% and iPhone dropping to 39% [5]. Group 2: Profitability and Growth - The service business is anticipated to show faster revenue growth and higher gross margins compared to product sales, with service revenue expected to grow at a "low double-digit" rate (around 12%) while iPhone revenue is projected to grow at a "mid-single-digit" rate (around 6%) [11]. - The gross margin for service business is significantly higher at 75.6% compared to 34.5% for product business [11]. Group 3: Valuation Implications - The increase in profit contribution from the service business, which has higher margins and lower cyclicality, is expected to lead to a higher valuation multiple for Apple [9]. - The report emphasizes that a higher proportion of gross profit from stable, high-margin service revenue should warrant a higher valuation multiple [12]. - Analysts reaffirmed a "buy" rating for Apple with a target price of $250, supported by the transition to a more stable revenue model [12].