证券研究报告 公司研究 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_OtherReport] 公牛集团：短期业绩略有承压，积极探 索增量机会 公牛集团：坚持创新驱动，主业壁垒深 厚，探索增量市场 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 公牛集团：经营下滑收敛，新业务&出海持续 增长 [Table_ReportDate] 2025 年 10 月 31 日 [Table_S 事件：公司发布 ummary] 2025 年第三季度报告。2025Q1-Q3 公司实现收入 121.98 亿元（同比-3.22%），归母净利润 29.79 亿元（同比-8.72%），扣非归母净利 润 27.01 亿元（同比-4.87%）。2025Q3 实现收入 40.30 亿元（同比-4.44%）， 归母净利润 9.19 亿元（同比-10.29%），扣非归母净利润 8.59 亿元 ...

Core Insights - 康尼机电 reported a total revenue of 3.101 billion yuan for Q3 2025, marking a year-on-year increase of 15.09% and ranking 8th among peers [1] - The net profit attributable to shareholders reached 261 million yuan, reflecting a 5.16% year-on-year growth and also ranking 8th among peers [1] - The net cash inflow from operating activities was 312 million yuan, an increase of 342 million yuan year-on-year, ranking 4th among peers [1] Financial Performance - The latest debt-to-asset ratio stands at 43.82%, a decrease of 0.02 percentage points from the previous quarter [3] - The gross profit margin is 30.36%, ranking 15th among peers, with an increase of 0.79 percentage points from the previous quarter [3] - Return on equity (ROE) is 6.57%, ranking 5th among peers, with a year-on-year increase of 0.12 percentage points [3] - The diluted earnings per share is 0.12 yuan [3] - Total asset turnover ratio is 0.43 times, ranking 3rd among peers, with a year-on-year increase of 2.96% [3] - Inventory turnover ratio is 2.67 times, ranking 5th among peers [3] Shareholder Structure - The number of shareholders is 26,700, with the top ten shareholders holding 276 million shares, accounting for 32.05% of the total share capital [3] - The largest shareholder is 南京工程学院资产经营有限责任公司, holding 9.87% [3] - Other notable shareholders include 南京峰岭股权投资基金管理有限公司 (5.05%) and 金元贵 (4.75%) [3]

Core Insights - Five companies are set to present their IPO applications, with Redboard Technology seeking to raise the most funds at 2.057 billion yuan [1] Group 1: Upcoming IPOs - Redboard Technology plans to list on the Shanghai Main Board, aiming to raise 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards [1][2] - Zhixin Co. intends to list on the Shanghai Main Board, with a fundraising target of 1.329 billion yuan [1][3] - Taijin New Energy is targeting the Sci-Tech Innovation Board, with a proposed fundraising of 990 million yuan [1][4] - Qilong Ocean and Jiangtian Technology are both set to list on the Beijing Stock Exchange, with fundraising targets of 382 million yuan and 531 million yuan respectively [1][5] Group 2: Company Profiles - Redboard Technology specializes in the research, production, and sales of printed circuit boards [2] - Zhixin Co. focuses on the development, processing, production, and sales of automotive stamping parts and related molds [3] - Taijin New Energy is dedicated to the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products [4] - Jiangtian Technology is involved in the research, production, and sales of label printing products, providing integrated solutions for customers [5] - Qilong Ocean specializes in the research, production, and sales of marine drilling riser pipes and underwater oil and gas equipment testing services [5]

Core Viewpoint - Meishuo Technology experienced a decline of 2.41% on October 30, with a trading volume of 41.09 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On October 30, Meishuo Technology had a financing buy-in amount of 3.82 million yuan and a financing repayment of 5.47 million yuan, resulting in a net financing buy of -1.65 million yuan [1] - The total financing and margin trading balance for Meishuo Technology reached 180 million yuan, with the financing balance accounting for 22.21% of the circulating market value, indicating a high level of leverage compared to the past year [1] - The company had no short-selling activity on October 30, with a short-selling balance of 0.00 yuan, reflecting a lack of bearish sentiment among investors [1] Company Overview - Meishuo Technology, established on February 6, 2007, and listed on June 28, 2023, specializes in the research, production, and sales of relay control components and fluid electromagnetic valves, with applications in various sectors including home appliances and automotive manufacturing [2] - As of September 30, the company reported a revenue of 535 million yuan for the first nine months of 2025, representing a year-on-year growth of 20.91%, while the net profit attributable to shareholders decreased by 23.69% to 20.49 million yuan [2] Shareholder and Dividend Information - Since its A-share listing, Meishuo Technology has distributed a total of 60.19 million yuan in dividends [3] - As of September 30, 2025, the number of shareholders decreased by 28.22% to 5,915, while the average circulating shares per person increased by 39.32% to 4,970 shares [2][3]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, while also making strides in expanding its traditional business overseas and improving its charging network profitability [1][2]. Financial Performance - In Q3 2025, the company achieved a net profit attributable to shareholders of 359 million yuan, with a year-on-year increase of 41.53% and a quarter-on-quarter increase of 36.75% [1]. - For the first three quarters of 2025, the company reported total revenue of 9.834 billion yuan, representing a year-on-year growth of 10.53%, and a net profit of 686 million yuan, up 53.55% year-on-year [1]. - The gross margin for Q3 2025 was 27.76%, an increase of 0.34 percentage points quarter-on-quarter, while the net profit margin was 10.23%, up 3.56 percentage points quarter-on-quarter [1]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.246 billion, 1.610 billion, and 2.040 billion yuan respectively, with corresponding price-to-earnings ratios of 25.2, 19.5, and 15.4 times [1]. Business Expansion - The company has been steadily advancing its traditional business overseas, achieving a contract amount of approximately 1 billion yuan in overseas business in the first half of 2025, an increase of 84% compared to the same period in 2024 [2]. - The company successfully won several overseas projects, including a 700 million yuan high-voltage mobile substation project for the Saudi national grid and various solar and wind power projects in multiple countries [2]. - A subsidiary has been established in the UAE to enhance overseas business development, and the company is also constructing an intelligent manufacturing overseas headquarters in Qingdao [2]. Charging Network Business - The charging network business has turned profitable in the first half of 2025 and is expected to maintain this positive trend [2]. - The company’s charging network encompasses the entire value chain, including manufacturing, operation, and value-added services, creating a closed-loop value system [2].

每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ （记者 曾健辉） 2025年1至6月份，申科股份的营业收入构成为：大中型电动机及大型机械设备占比55.53%，火电占比 31.88%，水电占比11.75%，其他业务占比0.84%。 每经AI快讯，申科股份（SZ 002633，收盘价：17.8元）10月31日发布公告称，公司第六届第八次董事 会会议于2025年10月30日在浙江省诸暨市建工东路1号公司四楼会议室以现场加通讯方式召开。会议审 议了《2025年第三季度报告》等文件。 ...

天眼查App显示，近日，石家庄宇控电气有限公司成立，法定代表人为齐亚然，注册资本20万人民币， 经营范围为一般项目：机械电气设备制造;通用设备制造（不含特种设备制造）;电子元器件与机电组件 设备制造;机床功能部件及附件制造;通用零部件制造;金属制日用品制造;机械零件、零部件加工;普通机 械设备安装服务;电子、机械设备维护（不含特种设备）;电气设备修理;五金产品批发;园林绿化工程施 工;机械电气设备销售;仪器仪表销售;电力电子元器件销售;机械设备销售;配电开关控制设备销售;工业自 动控制系统装置销售;五金产品零售;电气设备销售;电子元器件与机电组件设备销售;智能仓储装备销售; 金属制品销售;电子专用设备销售;金属工具销售;机械设备研发;技术服务、技术开发、技术咨询、技术 交流、技术转让、技术推广（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项 目：电气安装服务;检验检测服务（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体 经营项目以批准文件或许可证件为准）。 ...

天眼查App显示，近日，香河立晟电气设备有限公司成立，法定代表人为杜萌，注册资本20万人民币， 经营范围为一般项目：配电开关控制设备制造;输配电及控制设备制造;电气设备销售;机械电气设备销 售;电气设备修理;配电开关控制设备研发;发电机及发电机组销售;电机及其控制系统研发;电气信号设备 装置制造;电力电子元器件制造;电力电子元器件销售;电力测功电机销售;电线、电缆经营;电容器及其配 套设备销售;先进电力电子装置销售;机械设备销售;输变配电监测控制设备销售;输变配电监测控制设备 制造;智能输配电及控制设备销售;工程管理服务;五金产品批发;信息技术咨询服务;技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广;电子元器件与机电组件设备销售;电子元器件与机电组 件设备制造;插电式混合动力专用发动机销售;配电开关控制设备销售（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）许可项目：电气安装服务（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

Group 1 - The core point of the article is that Fengfan Co., Ltd. announced the extension of the share repurchase implementation period during its board meeting held on October 30, 2025 [1] - The company's revenue composition for the year 2024 is as follows: industrial sector accounts for 89.3%, other businesses account for 8.9%, and other categories account for 1.79% [1]

Core Insights - The company reported a revenue of 14.809 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.48% [1] - The net profit attributable to shareholders reached 284 million yuan, showing a significant year-on-year increase of 1121.72% [1] - The non-recurring net profit was 223 million yuan, reflecting a year-on-year growth of 512.94% [1] - The basic earnings per share stood at 0.132 yuan [1]