杭可科技公告，第三季度营收为7.51亿元，下降3.75%；净利润为9767.37万元，下降8.35%。前三季度 营收为27.21亿元，同比增长1.87%；净利润为3.86亿元，同比增长2.59%。 ...

10月24日晚，赢合科技（300457.SZ）发布2025年三季度报告。报告显示，公司三季度实现营业收入 25.20亿元，较上年同期增长22.85%；经营现金流显著增长，较去年同期增长116.85%，展现出公司精准 的成本控制和精细化管理，经营效率显著提升。 今年以来，公司持续深化"产品高端化、业务国际化、管理数字化"的战略方向，报告期内，锂电设备技 术取得多项突破，海外业务取得多项进展，订单储备持续充足，公司保持强劲发展势态。 锂电设备技术领航，订单充足释放业绩潜能 深耕锂电设备行业近20年，赢合科技始终坚持"创新驱动发展"的理念，将追求技术领先作为公司发展的 核心驱动力，有效激发新质生产力的强劲动能。近年来，公司持续高强度研发投入，2025年前三季度研 发投入达4.73亿元，同比增长18.14%。 在传统锂电工艺上，公司聚焦涂布至组装全段核心技术环节，涂布、辊压、分切、制片、卷绕、叠片、 组装线等核心工艺设备的技术性能行业领先；在前沿的固态电池工艺上，公司实现湿法和干法双技术路 径贯通。 具体来看，公司推出超高速多工位切叠一体机，从三工位迈向四工位，整机效率领先行业70%，裁剪精 度达毫米级别，还内置AI ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 持续推荐国内全面复苏的工程机械；建议关 注液冷新技术的设备投资机会 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】9 月国内非挖大幅转正，国内全面开启周期向上 9 月 国内汽车起重机 / 履带起重机 / 随车起重机 / 塔式起重机销量同比分别 +41%/+67%/+30%/-30%，除塔吊以外起重机已经大幅转正，塔吊降幅也继续缩窄，国 内已全面开启周期向上。海外方面，短期来看挖机&非挖持续表现优异，全年重视大挖 出口占比提升带来的利润弹性；长期看海外市场广阔，2025 年起海外开启周期向上， 长期仍有市占率大幅提升空间，未来 2-3 年板块业绩确定性较强。相关标的：三一重 工、某全品类龙头、中联重科、柳工、山推股份、 ...

Core Viewpoint - The lithium battery industry chain has shown signs of recovery this year, but the company faced pressure on its performance in the first half due to significant upfront investments in new businesses and the lack of scale effects [1] Company Performance - The company anticipates improvement in gross margin levels as new orders are gradually scheduled for production and delivery, leading to a steady increase in capacity utilization [1] - The company is committed to enhancing the quality of production and operations to increase intrinsic value and provide better returns to investors [1]

证券之星消息，根据市场公开信息及10月22日披露的机构调研信息，南华基金近期对3家上市公司进行了调研，相关名单如下： 1）科大讯飞 （南华基金参与公司业绩说明会&价值在线会议） 个股亮点：公司在不同行业多年的规模化应用积累了超过50TB的行业语料和每天超10亿人次用户交互数据，通过挖掘、收集及清洗高质量、多领 域、多行业及多样性的海量丰富数据；公司与阿里一直有良好的交流合作；"讯飞星火大模型"升级，V4.0在底座能力上对标GPT-4 Turbo，多模态 能力、智能体能力显著提升。 2）利元亨 （南华基金管理有限公司参与公司电话会议） 调研纪要：公司为某头部车企提供的全固态电池整线设备已交付并处于客户现场调试阶段与工艺验证阶段。近期签订固态化成分容设备订单，其 他项目正积极推进。公司在手订单充足，核心客户为技术实力强、扩产需求明确的优质客户。2025年1-9月实现营业总收入24.24亿元，同比增长 4.37%，归母净利润4,749.29万元，剔除股份支付费用后净利润环比增长超20%。固态叠片工艺中胶框印刷与激光制痕方案均可满足量产需求。等 静压设备已立项研发，并与压力容器企业合作推进。出口管制仅增加报备流程，对 ...

证券研究报告·公司点评报告·电池 利元亨（688499） 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 股价走势 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,994 | 2,482 | 3,139 | 4,004 | 4,943 | | 同比（%） | 18.81 | (50.30) | 26.47 | 27.55 | 23.46 | | 归母净利润（百万元） | (188.02) | (1,044.13) | 80.35 | 161.03 | 217.47 | | 同比（%） | (164.94) | (455.34) | 107.70 | 100.42 | 35.05 | | EPS-最新摊薄（元/股） | (1.11) ...

Group 1 - The report highlights that the performance forecasts for Q3 2025 in the electronics and basic chemicals sectors are promising, with over 10 companies expected to achieve a profit growth rate exceeding 30% year-on-year [3][29] - In the electronics sector, the AI wave is driving high growth, with AI inference creating new demand, suggesting that the sector is likely to maintain a high prosperity level [3][29] - The basic chemicals sector is experiencing structural improvement due to supply constraints and demand support, with an overall balance of supply and demand expected to improve as capacity adjustments take place [3][29] Group 2 - The report indicates that as of October 15, 2025, 154 companies in the A-share market have disclosed their Q3 2025 performance forecasts or reports, with a disclosure rate of approximately 2.83% and a pre-positive forecast rate of about 83.06% [3][30] - The median net profit growth rate for the sample companies disclosing their performance forecasts is 71.2% under the median method and 65.6% under the overall method [3][30] - The report identifies that the sectors with the highest pre-positive forecast rates include comprehensive, non-bank financial, and social services, all at 100% [3][30] Group 3 - The medical device sector saw a decline in revenue and net profit in H1 2025, with overall revenue down 7.3% and net profit down 27.0% year-on-year [8] - However, the bidding process is recovering, with the total amount of domestic medical device bids in H1 2025 reaching 83.8 billion yuan, a year-on-year increase of 64% [8] - Companies like United Imaging and Mindray are experiencing growth in overseas revenues, indicating a trend towards globalization in the medical device market [8] Group 4 - The report emphasizes the importance of AI hardware and domestic computing power as key investment areas, suggesting that the market may continue to see structural slow growth with technology remaining a core focus [10] - The electronics sector is expected to see significant advancements in AI terminal ecosystems, with hardware innovation and computing power working in synergy, potentially leading to a boom in 2026 [12] - The report also notes that major companies like Apple are enhancing their collaboration in the AI space, which could lead to a reevaluation of industry valuations [12]

Group 1: Excavator Sales - In September, a total of 19,858 excavators were sold, representing a year-on-year increase of 25%, with domestic sales of 9,249 units (+22%) and export sales of 10,609 units (+29%), significantly exceeding market expectations [1][3][4] - The domestic excavator market has shown a clear upward trend from June to September, supported by factors such as labor substitution and water conservancy funding, despite weak fundamentals in real estate and infrastructure [1][3] - The structure of excavators in China is expected to shift towards a higher proportion of small excavators, which will continue to provide a stabilizing effect on the domestic market [1][3] Group 2: Oilfield Equipment - On October 10, international oil prices fell by approximately 2%, with Brent crude priced at $64 per barrel, primarily due to renewed tariffs announced by Trump and concerns over international trade [2][4] - The decline in oil prices is not expected to significantly impact the demand for oilfield equipment in the medium term, as the cost of oil production in the Middle East remains low and above the breakeven point [2][4] - The demand for LNG as a transitional energy source is expected to sustain, with continued capital expenditure growth in the Middle East, driving up equipment demand [2][4] Group 3: Investment Recommendations - Companies recommended for investment in the excavator sector include SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [1][3] - In the oilfield equipment sector, companies such as Jereh and Neway are highlighted as strong players due to high barriers to entry and increasing domestic market share [2][4]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment sector, with a strong recommendation for domestic demand exceeding expectations in engineering machinery and a strong push for oil service equipment with high growth certainty [1]. Core Insights - The report highlights significant growth in excavator sales, with a total of 19,858 units sold in September, representing a 25% year-on-year increase, driven by structural improvements and strong export demand [2]. - In the oil service equipment sector, the report notes that the impact of U.S. tariffs and falling oil prices on overseas operations is limited, with ongoing expansion in the Middle East and increasing domestic market share for local manufacturers [3]. - The report emphasizes the potential of humanoid robots and the upcoming launches of key products from Tesla and Yushun, suggesting a focus on core stocks in this area [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production capabilities due to U.S. export controls, with a focus on enhancing the localization rate of critical manufacturing equipment [4]. Summary by Sections Engineering Machinery - Excavator sales in September reached 19,858 units, up 25% year-on-year, with domestic sales at 9,249 units (up 22%) and exports at 10,609 units (up 29%) [2]. - The report suggests that despite weak fundamentals in real estate and infrastructure, factors like machine replacement and water conservancy funding are supporting the growth of small excavators [2]. Oil Service Equipment - The report indicates that the recent drop in oil prices is unlikely to significantly affect the demand for oil service equipment, particularly in the Middle East, where production costs are low [3]. - It recommends focusing on companies like Jereh and Neway, which are well-positioned in this high-barrier market [3]. Humanoid Robots - The launch of the Zhiyuan G2 robot is highlighted, with features that enhance its operational capabilities, and the report anticipates significant market catalysts from Tesla's Gen3 and Yushun's upcoming products [3]. Semiconductor Equipment - The report discusses the implications of U.S. export controls on semiconductor equipment, predicting a rise in domestic production capabilities and investment opportunities in various segments of semiconductor manufacturing [4]. Lithium Battery Equipment - The report notes that recent export controls do not equate to a ban, and companies with compliance capabilities are expected to benefit from stable overseas market shares [8]. - It highlights the resurgence of demand for equipment suppliers as domestic battery manufacturers ramp up production in response to increasing sales of electric vehicles and energy storage systems [8]. Overall Recommendations - The report suggests a focus on a diverse range of companies across sectors, including engineering machinery, oil service equipment, humanoid robots, semiconductor equipment, and lithium battery equipment, indicating a robust outlook for these industries [1][4][8].

Group 1 - The Shanghai Stock Exchange aims to enhance the quality of listed companies and create a favorable environment for long-term capital inflow, driven by the rapid development of technologies like AI and biomedicine [1] - Institutional funds waiting to enter the market amount to several trillion yuan, with an average equity position of 8.7%, indicating significant potential for future market entry [2] - The "anti-involution" trend is spreading across industries such as steel, coal, photovoltaic, and cement, potentially leading to a turning point in both capacity excess and PPI [2] Group 2 - The current market is experiencing a healthy adjustment phase, with expectations for a transition to a second phase of performance-driven market conditions around early November [3] - The core investment themes include the new growth cycle in industries like TMT, computing power, applications, and military industry, with AI computing infrastructure being a key focus [4] - The rapid development of AI chips is driving new demand for testing and advanced packaging equipment, highlighting investment opportunities in domestic AI chip-related sectors [5][6] Group 3 - The global battery output is projected to reach 1,285 GWh for power batteries and 481 GWh for energy storage batteries by 2025, with significant growth expected through 2030 [7] - The solid-state battery innovation cycle is anticipated to accelerate, with domestic investment plans exceeding 10 billion yuan, presenting opportunities in small and mid-cap stocks [7]