Core Viewpoint - Jiangsu Shentong announced that its wholly-owned subsidiary, Wuxi Flange Forging Co., Ltd., has received approval from the National Nuclear Safety Administration to change the scope of its manufacturing license for civil nuclear safety equipment [2] Group 1 - The approval document is titled "Notice on Approving the Change of the Scope of Manufacturing License Activities for Civil Nuclear Safety Equipment of Wuxi Flange Forging Co., Ltd." [2] - The approval indicates a significant regulatory milestone for Wuxi Flange, potentially expanding its operational capabilities in the nuclear safety sector [2]

Company Updates - Jintongling announced the decision to abolish the supervisory board and related rules, transferring the supervisory responsibilities to the audit committee of the board of directors [1] - The company will revise its articles of association and related procedural rules accordingly [1] - The current supervisors, Wu Jian, You Shanping, and Cao Xiaojian, will be relieved of their duties due to this reform [1][2] Financial Performance - For the first half of 2025, Jintongling's revenue composition was as follows: Power accounted for 37.37%, Metallurgy 22.01%, Petrochemicals 12.94%, Environmental Protection 10.06%, Building Materials 9.58%, and Trade 5.15% [2] - The company's market capitalization is currently 4.5 billion yuan [3] Industry Context - There has been a significant increase in overseas orders for a related industry, with a reported growth of 246%, covering over 50 countries and regions [3] - Concerns have been raised about potential malicious competition as some entities are selling at a loss [3]

Core Viewpoint - Jiangsu Shentong is actively engaging in the research and supply of valves required for nuclear power projects, particularly focusing on advanced technologies in the nuclear energy sector [2] Group 1: Company Developments - The company has been closely following advancements in nuclear energy applications for many years [2] - Jiangsu Shentong is involved in the research and supply of various valve products needed for thorium-based molten salt reactors [2] - The company has established a technical reserve for the development of these valve products [2]

Core Viewpoint - The company has successfully applied its cooling salt circulation pump sealing products in the Gansu thorium-based molten salt nuclear reactor project, indicating a diversification of its product applications beyond traditional uranium nuclear projects [2]. Company Summary - The company's cooling salt circulation pump sealing products are now utilized in the Gansu thorium-based molten salt nuclear reactor project [2]. - The sealing requirements for the cooling salt circulation pump are similar to those for the pressurized water reactor's secondary and tertiary seals [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a record high revenue in Q3 2025, with a significant increase in gross margin [1] - For the first three quarters of 2025, revenue and net profit (excluding non-recurring items) grew by 22% year-on-year, with a gross margin increase of 0.7 percentage points to 41.4% [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [2][3] Financial Performance Summary - In Q3 2025, the company achieved revenue of 480 million yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 10%, marking a new quarterly high [1] - The gross margin for Q3 2025 was 42.8%, up 2.0 percentage points year-on-year and 2.6 percentage points quarter-on-quarter [1] - The net profit margin for Q3 2025 was 21.9%, down 3.0 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [1] Business Expansion and Strategy - The company has a solid competitive advantage in the gas meter market due to its full industry chain model and self-developed ultrasonic gas meters [2] - The company is leveraging the "Zhenlan" brand to penetrate the domestic water meter market, with contracts signed with multiple water service clients [2] - The automotive parts manufacturing project in Zhuzhou is expected to rapidly scale up, serving major automotive clients [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.84 billion yuan, 2.23 billion yuan, and 2.66 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.7%, 20.8%, and 19.3% [7] - The forecasted net profit for 2025 is 353 million yuan, with a year-on-year growth of 10.1% [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's performance is driven by an increase in gross margin, leading to steady growth in earnings. The employee stock ownership plan reflects confidence in future development [6] - The company reported a revenue of 1.219 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.68%, with a net profit attributable to shareholders of 51.23 million yuan, up 25.10% year-on-year [9] - The company plans to repurchase shares worth between 60 million to 120 million yuan for the employee stock ownership plan, which will account for 1.60% to 3.20% of the total share capital [9] Financial Performance Summary - Revenue for 2025 is projected to be 1.823 billion yuan, with a year-on-year growth rate of 14.01% [8] - Net profit for 2025 is expected to be 109 million yuan, with a year-on-year growth rate of 14.05% [8] - The gross margin for the first three quarters was 27.44%, an increase of 3.56 percentage points year-on-year [9] - The company’s total market capitalization is approximately 3.739 billion yuan [4] Earnings Forecast and Valuation - The forecasted net profit for 2025-2027 is 109 million yuan, 127 million yuan, and 151 million yuan respectively, corresponding to a PE ratio of 34X, 29X, and 25X based on the stock price as of November 4 [7] - The company’s return on equity (ROE) is expected to increase from 10.02% in 2025 to 12.36% in 2027 [8]

Market Overview - The general equipment sector experienced a decline of 1.05% on November 4, with Lixing Co. leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Top Gainers - Baose Co. saw a significant increase of 20.00%, closing at 26.22 with a trading volume of 550,700 shares and a transaction value of 1.414 billion [1] - Xintian Technology rose by 11.92%, closing at 4.60 with a trading volume of 1,436,800 shares and a transaction value of 658 million [1] - Rongyi Precision increased by 10.52%, closing at 25.85 with a trading volume of 217,700 shares and a transaction value of 568 million [1] Top Losers - Lixing Co. fell by 7.60%, closing at 22.36 with a trading volume of 418,200 shares and a transaction value of 960 million [2] - Hanwei Technology decreased by 6.70%, closing at 52.88 with a trading volume of 237,000 shares and a transaction value of 1.276 billion [2] - Boying Special Welding dropped by 6.52%, closing at 39.70 with a trading volume of 146,200 shares and a transaction value of 596 million [2] Capital Flow - The general equipment sector saw a net outflow of 1.314 billion from institutional investors, while retail investors contributed a net inflow of 1.046 billion [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Xue Ren Group had a net inflow of 4.91 billion from institutional investors, but a net outflow of 1.89 billion from speculative funds [3] - Huadong CNC experienced a net inflow of 2.60 billion from institutional investors, with a net outflow of 1.15 billion from speculative funds [3] - Tongfei Co. had a net inflow of 98.6685 million from institutional investors, while retail investors saw a net outflow of 1.10 billion [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant growth in its financial performance, with a notable increase in both revenue and net profit for the first three quarters of 2025. Revenue reached 2.121 billion yuan, up 11.02% year-on-year, while net profit attributable to shareholders increased by 29.59% to 294 million yuan [4][6] - The company is actively expanding its industrial chain in the processing and coating of blade casings and nuclear materials, with plans to raise 1.5 billion yuan for these projects [6][11] Financial Performance Summary - For Q3 2025, the company reported a revenue of 738 million yuan, reflecting a year-on-year increase of 14.80% and a quarter-on-quarter increase of 2.29%. The net profit attributable to shareholders for the same period was 106 million yuan, up 41.10% year-on-year [7] - The company's gross profit margin improved to 38.03%, an increase of 5.07 percentage points year-on-year, while the net profit margin reached 13.68%, up 2.80 percentage points year-on-year [7][10] - The company’s operating cash flow for Q3 was positive at 92 million yuan, indicating strong operational efficiency [7] Future Projections - The company is expected to achieve revenues of 3.041 billion yuan, 3.867 billion yuan, and 5.011 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 408 million yuan, 587 million yuan, and 827 million yuan [11][13] - The report anticipates a robust growth trajectory, with revenue growth rates of 21%, 27%, and 30% for the next three years [13]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved record high profits in Q3, with a revenue of 4.417 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 22.3%. The net profit attributable to shareholders reached 415 million yuan, up 50.1% year-on-year [1][2]. - The MIM (Metal Injection Molding) business is a key growth driver, showing a revenue increase of 46.4% year-on-year in the first three quarters, and 29.8% year-on-year in Q3 [2][3]. - The company is focusing on diversifying its applications in various sectors, including foldable screens, AI, and robotics, leveraging its MIM technology [2][3]. Financial Performance Summary - For Q3 2025, the company reported a revenue of 1.487 billion yuan, a year-on-year increase of 18.2% and a quarter-on-quarter increase of 1.1%. The net profit for Q3 was 154 million yuan, up 77.3% year-on-year [1][2]. - The gross profit margin for Q3 was 27.72%, with a net profit margin of 13.47%, indicating improved profitability [2][3]. - The company’s three main platforms (P&S, SMC, and MIM) are performing well, with MIM showing particularly strong growth potential [3]. Business Segment Analysis - P&S platform revenue for the first three quarters was 1.86 billion yuan, up 12.8% year-on-year, driven by the automotive electrification trend [3]. - SMC platform revenue was 670 million yuan for the first three quarters, with a modest growth of 1.3% year-on-year, but showing a stronger growth of 10.2% in Q3 [3]. - The MIM platform continues to expand rapidly, with significant contributions from the consumer electronics sector and ongoing development in non-consumer electronics markets [2][3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 595 million yuan, 713 million yuan, and 860 million yuan respectively, with corresponding P/E ratios of 30.83, 25.76, and 21.35 [4][11].

11月4日，纽威股份盘中上涨2.07%，截至09:38，报54.80元/股，成交4779.40万元，换手率0.12%，总市 值424.99亿元。 截至9月30日，纽威股份股东户数1.38万，较上期增加10.65%；人均流通股54711股，较上期减少 9.63%。2025年1月-9月，纽威股份实现营业收入56.03亿元，同比增长25.76%；归母净利润11.14亿元， 同比增长34.54%。 分红方面，纽威股份A股上市后累计派现45.98亿元。近三年，累计派现22.80亿元。 机构持仓方面，截止2025年9月30日，纽威股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.03亿股，相比上期增加4056.53万股。嘉实价值长青混合A（010273）位居第九大流通股 东，持股640.16万股，相比上期减少299.98万股。嘉实价值臻选混合A（011518）位居第十大流通股 东，持股310.40万股，为新进股东。嘉实价值驱动一年持有期混合A（012533）退出十大流通股东之 列。 责任编辑：小浪快报 资金流向方面，主力资金净流入184.81万元，特大单买入0.00元，占比0.00%，卖出149.68 ...