公司报告 | 季报点评 长海股份（300196） 证券研究报告 公司 25 年 Q1-3 利润增长，看好公司内生增长 公司三季度实现归母净利润 0.84 亿元，同比提升 4.18% 公司 Q3 收入环比+30.53%。据卓创资讯，长海股份 2400tex 缠绕直接纱 Q3 均价为 3615 元/吨，环比/同比分别-2.6%/-0.8%，截至 10 月 16 日企业报价 维持在 3600 元/吨。公司当前库存营运水平优化，截至三季度末存货周转 天数约 46.8 天，环比/同比分别-4.3/-0.5 天。据卓创资讯，截止 25 年 9 月 底玻纤行业库存为 86.5 万吨，同比+14.4%，较 Q2 末下降 3%，玻纤行业库 存略有下降，下游需求或略有回暖。未来随着下游需求继续回温，叠加公 司科学规划新增产能投放，公司营收有望持续增长。 公司盈利能力提升，费用率优化 25 年前三季度公司整体毛利率 23.69%，同比+0.30pct，其中，Q3 单季度整 体毛利率 22.27%，同比/环比分别-2.18/-4.50pct。25 年前三季度期间费用 率 11.22%，同比-1.73pct，其中销售/管理/研发/财务 ...

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in revenue and net profit, driven by increased production capacity and sales of fiberglass products [1][2]. Financial Performance - For the first nine months of 2025, the company achieved revenue of 2.36 billion yuan, a year-on-year increase of 24.0%, and a net profit attributable to shareholders of 260 million yuan, up 27.2% [1][2]. - In Q3 2025, revenue reached 900 million yuan, reflecting a year-on-year growth of 33.1%, while net profit attributable to shareholders was 80 million yuan, a 4.2% increase [1][2]. - The gross margin for the first nine months was 23.7%, up 0.3 percentage points year-on-year, but Q3 gross margin was 22.3%, down 2.2 percentage points year-on-year due to a slight decline in raw yarn prices [2]. Cost and Cash Flow - The company's expense ratio for the first three quarters was 11.2%, down 1.7 percentage points year-on-year, with a notable decrease in financial expense ratio due to increased foreign exchange gains [3]. - Operating cash flow for the first three quarters was 210 million yuan, a year-on-year increase of 35.2%, attributed to increased bank deposits recovery and sales collections [3]. Market Outlook - Industry inventory of fiberglass has decreased for two consecutive months, indicating a potential recovery in market demand, with expectations for further sales growth in Q4 2025 [3]. - The company anticipates continued growth in sales volume, particularly in high-end products like wind power yarns, as new production capacity ramps up [3]. Profit Forecast and Valuation - The company maintains its profit forecast, projecting net profits of 400 million yuan, 600 million yuan, and 760 million yuan for 2025-2027 [4]. - The target price is set at 21.56 yuan, with a valuation of 22x PE for 2025, reflecting adjustments due to product structure and short-term margin pressures [4].

据卓创资讯，截至2025年10月17日，国内浮法玻璃均价1276元/吨，环比-2.1%，同比去年+1.5%。库存 天数29.09天，较9月30日增加4.29天。2.0mm镀膜面板主流订单价格13元/平方米左右，环比持平，较上 周暂无变动，样本库存天数约18.87天，环比增加25.64%。当前玻璃龙头估值偏低，看好旗滨集团、山 东药玻、福莱特(A)、福莱特玻璃(H)、信义玻璃、信义光能，关注金晶科技、力诺特玻。 智通财经APP获悉，广发证券发布研报称，二手房高景气叠加补贴政策，零售建材景气率先恢复，龙头 公司经营韧性强。消费建材长期需求稳定性好、行业集中度持续提升、竞争格局好的优质龙头中长期成 长空间仍然很大。下游地产仍在寻底，等待销售企稳好转;核心龙头公司经营韧性强。 广发证券主要观点如下： 水泥：本周全国水泥市场价格环比继续回落0.7% 据数字水泥网，截至2025年10月17日，全国水泥均价347元/吨，环比-2.33元/吨，同比-61.83元/吨;全国 水泥出货率45.20%，环比+0.67pct，同比-10.00pct。随着部分区域水泥价格持续回调至底部区间，预计 后期水泥价格仍将维持小幅震荡调整走势。 ...