【宏观】10 月通胀数据点评：CPI 同比转正，PPI 环比回升 CPI 同比增速转正，环比明显高于去年同期。食品 CPI 环比增长，同比跌幅 收窄，猪肉价格对食品价格拖累仍然较大。核心 CPI 继续回升。PPI 环比转 正，同比跌幅收窄。过去几个月 PPI 有所企稳，对于企业盈利起到提振作用。 2026 年国内通胀有望回升。 【计算机】计算机行业 2025Q3 持仓分析：环比继续下滑仍处于低配区间 计算机行业 2025Q3 配置比例环比再次下降，重仓股配置比例为 2.6%（环 比-0.1pct），低配 2.2pct。 【计算机】德赛西威（002920.SZ）2025 年三季报点评：深化智能化战略， 低速无人车开启新篇章 我们预计公司 2025/2026/2027 年营业收入有望达到 327/398/494 亿元，我 们预计公司 2025/2026/2027 年归母净利润有望达到 25.3/32.6/40.8 亿元。 我们认为伴随公司新业务拓展，以及公司全球化布局加速，公司有望迎来新 增长周期。维持"买入"评级。 【医药生物】国邦医药（605507.SH）2025 三季报点评：盈利能力持续提 升，合作国资共谋 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that it is expected to outperform the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 1.116 billion yuan for the first three quarters of 2025, a year-on-year decline of 39.93%, with a net profit attributable to shareholders of 78 million yuan, down 84.84% year-on-year [1][6]. - The decline in revenue is attributed to two main factors: a slowdown in demand growth for sunscreen products and intensified competition leading to a decrease in market prices, resulting in a "double whammy" of volume and price pressure [1][2]. - The company is actively transforming its product structure and growth drivers, focusing on personal care new products such as amino acid surfactants and carbomers, which are expected to form a second growth curve [2][3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 395 million yuan, a year-on-year decrease of 12.82%, and a net profit of 13 million yuan, down 86.36% year-on-year [1][2]. - The gross margin for Q3 2025 was 25.26%, a decrease of 12.11 percentage points year-on-year, with a net margin of 2.67%, down 17.76 percentage points year-on-year [2][3]. Future Outlook - The company's performance improvement in the short term is highly dependent on the recovery of downstream demand and the progress of inventory destocking [3]. - If the terminal sunscreen market demand rebounds in Q4, along with a reduction in customer inventory to reasonable levels, the shipment volume and prices of sunscreen agents are expected to stabilize, leading to marginal improvements in revenue and gross margin [3]. Key Financial Metrics - Projected revenues for 2025 are estimated at 1.534 billion yuan, with a significant decline of 32.6% year-on-year, followed by a recovery in 2026 and 2027 [4][10]. - The estimated EPS for 2025 is 0.25 yuan, with a projected P/E ratio of 55.3 [4][10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing temporary pressure on performance, with ongoing advancements in new materials and project construction [1] - The company reported a revenue of 1.116 billion yuan for the first three quarters of 2025, a year-on-year decrease of 39.9%, and a net profit attributable to shareholders of 78 million yuan, down 84.8% [8] - The core business profitability is under pressure, with a gross margin of 25.3% in Q3 2025, a decrease of 12.1 percentage points [8] - The sunscreen and fragrance industries are facing short-term disruptions, but the long-term growth logic remains intact due to increasing consumer awareness and product upgrades [8] - The company is a leading player in the sunscreen market, with a solid long-term strategy and ongoing capacity expansion [8] - The forecasted net profits for 2025-2027 are 127 million, 160 million, and 231 million yuan, corresponding to PE ratios of 51.1, 40.5, and 28.1 respectively [8] Financial Performance Summary - Revenue for 2023 is projected at 2.4 billion yuan, with a growth rate of 36.0%, followed by a decline of 5.2% in 2024 and a significant drop of 27.5% in 2025 [7] - The net profit for 2023 is expected to be 734 million yuan, with a growth rate of 89.0%, but is projected to fall to 127 million yuan in 2025, reflecting a decrease of 77.4% [7] - The company's EPS is forecasted to decrease from 2.17 yuan in 2023 to 0.27 yuan in 2025 [7] - The company's ROE is expected to decline from 27.9% in 2023 to 4.2% in 2025 [7]