10月30日，八方股份发布2025年三季报。报告显示，公司前三季度营业收入为10.34亿元，同比增长 2.14%；归母净利润为6689.96万元，同比增长30.52%；扣非归母净利润为5352.70万元，同比增长 23.52%；基本每股收益0.28元。 报告期内，八方股份基本每股收益为0.28元，加权平均净资产收益率为2.50%。 筹码集中度方面，截至2025年三季度末，公司股东总户数为1.77万户，较上半年末下降了1566户，降幅 8.12%；户均持股市值由上半年末的33.08万元增加至34.54万元，增幅为4.41%。 资料显示，八方电气(苏州)股份有限公司位于江苏省苏州工业园区东堰里路6号，成立日期2003年7月28 日，上市日期2019年11月11日，公司主营业务涉及电踏车电机及配套电气系统的研发、生产、销售和技 术服务。主营业务收入构成为：电踏车电机43.60%，套件24.89%，一体轮电机21.26%，电池9.95%，其 他(补充)0.30%。 八方股份所属申万行业为：电力设备-电机Ⅱ-电机Ⅲ。所属概念板块包括：共享经济、专精特新、传感 器、小盘、基金重仓等。 风险提示：市场有风险，投资需谨慎。本 ...

Core Viewpoint - Bafang Electric (Suzhou) Co., Ltd. has experienced a decline in stock price and financial performance, with a notable decrease in revenue and net profit in the first half of 2025 compared to the previous year [1][2]. Financial Performance - As of June 30, 2025, Bafang Electric reported a revenue of 643 million yuan, a year-on-year decrease of 5.68% [2]. - The net profit attributable to shareholders was 32.19 million yuan, reflecting a significant year-on-year decline of 36.44% [2]. Stock Performance - On October 17, 2023, Bafang Electric's stock price fell by 2.03%, trading at 24.65 yuan per share, with a total market capitalization of 5.783 billion yuan [1]. - The stock has increased by 3.92% year-to-date but has seen declines of 4.72% over the past five trading days, 6.81% over the past 20 days, and 10.75% over the past 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.68% to 19,300, with an average of 12,187 circulating shares per shareholder, an increase of 4.91% [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 194,980 shares to 4.6068 million shares [3]. Dividend Distribution - Since its A-share listing, Bafang Electric has distributed a total of 1.032 billion yuan in dividends, with 431 million yuan distributed over the past three years [3]. Industry Classification - Bafang Electric is classified under the power equipment sector, specifically in the motor sub-sector, and is associated with concepts such as small-cap stocks, shared economy, specialized and innovative enterprises, and sensors [2].

Group 1 - The core viewpoint of the article is that Bafang Electric (SH 603489) held its third board meeting on August 28, 2025, to review the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan [1] - For the fiscal year 2024, Bafang Electric's revenue composition is as follows: electric bicycle motors account for 43.6%, kits for 24.89%, integrated wheel motors for 21.26%, batteries for 9.95%, and other businesses for 0.3% [1] - As of the report date, Bafang Electric has a market capitalization of 6.6 billion yuan [1] Group 2 - The article mentions that nearly 120 brands and 1,600 vehicles are competing in the Southwest region, indicating a significant event in the automotive industry [1] - The first A-level car exhibition of the second half of the year is set to reshape the market landscape for new energy vehicles [1]

2025Q1 费用率大幅下降，带动盈利同比增长。2025Q1，公司整体毛利率为23.89%，同比-4.66pct。公 司销售费用率/管理费用率/研发费用率分别为3.27%/8.04%/4.39%，同比-3.01pct/-1.51pct/-2.27pct。对期 间费用更好地把控使得公司在毛利率同比下降的背景下，25Q1 实现盈利的同比增长。 盈利预测、估值与评级：考虑到海外需求的相对疲软，我们下调公司25-26 年的盈利预测，新增27 年的 盈利预测，预计公司25-27 年实现归母净利润1.1/1.42/1.79 亿元（下调48%/下调42%/新增），当前股价 对应25-27 年PE为57/44/35 倍。海外市场电踏车渗透率提升趋势不改，维持"增持"评级。 风险提示：市场竞争加剧风险，欧美需求不及预期风险，美国关税政策变动风险 事件：公司发布2024 年年报及2025 年一季报，2024 年公司实现营收13.57 亿元，同比-17.66%；实现归 母净利润0.64 亿元，同比-50.06%；实现扣非归母净利润0.41 亿元，同比-61.42%。2025 年Q1公司实现 营收3.01 亿元，同比+1.69%；实 ...

2025 年 5 月 6 日 ——八方股份（603489.SH）2024 年年报及 2025 年一季报点评 公司研究 业绩短期承压，中长期电踏车需求无虞 公司盈利预测与估值简表 要点 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,648 | 1,357 | 1,480 | 1,687 | 1,924 | | 营业收入增长率 | -42.18% | -17.66% | 9.09% | 13.99% | 14.03% | | 归母净利润（百万元） | 128 | 64 | 110 | 142 | 179 | | 归母净利润增长率 | -75.03% | -50.06% | 72.04% | 29.23% | 26.16% | | EPS（元） | 0.76 | 0.27 | 0.47 | 0.60 | 0.76 | | ROE（归属母公司)（摊薄） | 4.65% | 2.41% | 4.02% | 5.04% | 6.12% | | P/E | 35 | 99 ...