锂电主业修复，Q3 业绩同环比大幅改善。2025Q1-Q3 公司实现营收8.81亿元，同比增长-17.0%；归母 净利润为0.62 亿元，同比-26.7%；扣非净利润为0.43 亿元，同比-22.1%。25Q3 单季营收为4.95 亿元， 同比+30.6%，环比+96.9%；归母净利润为0.98 亿元，同比+290.0%，环比扭亏；扣非归母净利润为0.85 亿元，同比+532.1%，环比扭亏。Q3 业绩同环比大幅改善主要系锂电电解铜箔业务确收增长及销售毛 利率提升所致。 Q3 盈利能力同环比显著改善。2025Q1-Q3 公司销售毛利率为25.2%，同比+2.9pct；销售净利率为 +8.6%，同比-1.5pct。期间费用率为15.0%，同比+3.4pct，其中销售/管理/研发/财务费用率分别为 1.0%/6.3%/5.5%/2.2%，同比-0.2/+0.9/+2.1/+0.6pct；研发费用为4850 万元，同比+33.8%。Q3 单季度销 售毛利率为32.7%，同比+14.2pct，环比+15.2pct；销售净利率为24.02%，同比+15.8pct，环比+28.6pct。 技术持续迭代，龙头优势不断巩固。 ...

证券研究报告·公司点评报告·专用设备 ◼ 合同负债&存货同比减少，Q3 经营性现金流波动下行。截至 2025Q3 末， 公司合同负债为 2.52 亿元，同比-63.9%；存货为 5.91 亿元，同比-29.8%。 2025Q1-Q3 公司经营活动净现金流为 0.67 亿元，同比转正；其中 Q3 单季公司 营活动净现金流-0.46 亿元，同环比转负，主要系购买商品及劳务支付的货款 增加所致。 ◼ 聚焦高端检测与直写光刻，光学&泛半导体设备加速产业化。2024 年公 司通过控股子公司洪瑞微及其下属子公司洪镭光学，正式切入光学及泛半导体 设备领域，并实现持续突破。洪镭光学取得关键进展，25Q3 首台 HL-P20 直 写光刻机通过华南某 FPC 客户验收，核心参数满足 FPC 与 HDI 产品需求；目 前已推出三款产品，分别聚焦 PCB、半导体玻璃基板、先进封装掩膜版领域， 均获头部客户订单。 洪田股份（603800） ◼ 电解铜箔设备持续领跑，复合集流体业务加快放量。（1）电解铜箔设备： 技术持续迭代，龙头优势不断巩固。25H1 公司直径 3.6 米的锂电生箔机和阴 极辊在客户江西基地取得重大突破，单卷原箔长度收 ...

Core Viewpoint - Hongtian Co., Ltd. (SH603800) reached its daily limit with a price of 52.8 yuan, marking a 10% increase and a total market capitalization of 10.982 billion yuan, driven by developments in semiconductor and lithium battery equipment sectors [1] Group 1: Company Developments - Hongtian's indirect subsidiary, Honglei Optics, specializes in micro-nano laser direct writing lithography equipment, which meets the needs for HDI and IC packaging substrates, aligning with the semiconductor industry's demand for advanced manufacturing equipment [1] - The company primarily engages in the manufacturing of high-end electrolysis copper foil production equipment, vacuum coating equipment, and oil and gas drilling equipment, with products like efficient copper dissolution tanks and lithium battery copper foil machines [1] - The demand for lithium battery copper foil is expected to rise with the growth of the new energy vehicle sector, potentially benefiting Hongtian's related equipment business and supporting its stock price [1] Group 2: Market Performance - On the day of the stock surge, there was notable capital inflow into the semiconductor and lithium battery equipment sectors, with related concept stocks performing well, suggesting that Hongtian's price increase may be influenced by sectoral momentum [1] - Technical indicators, such as the MACD forming a golden cross, could attract more investor attention and capital inflow [1]