齐峰新材(002521)：25Q3收入表现稳健 利润同比改善

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.53 billion yuan, a year-on-year decrease of 0.8% [1] - The net profit attributable to the parent company was 100 million yuan, down 3.8% year-on-year, while the net profit excluding non-recurring items was 80 million yuan, a decrease of 10.0% year-on-year [1] - For Q3 2025, the company reported a revenue of 850 million yuan, an increase of 8.1% year-on-year and 0.9% quarter-on-quarter [1] - The net profit attributable to the parent company for Q3 was 40 million yuan, a significant increase of 1608.3% year-on-year, but a decrease of 13.0% quarter-on-quarter [1] - The net profit excluding non-recurring items for Q3 was 30 million yuan, up 655.5% year-on-year, but down 15.2% quarter-on-quarter [1] Profitability Metrics - The gross margin for the first three quarters of 2025 was 11.8%, an increase of 0.5 percentage points year-on-year [1] - The expense ratio for the same period was 6.7%, up 0.3 percentage points year-on-year, leading to a net profit margin of 4.0%, a decrease of 0.1 percentage points year-on-year [1] - In Q3 2025, the gross margin was 12.5%, an increase of 6.1 percentage points year-on-year, while the expense ratio was 6.4%, down 0.2 percentage points year-on-year, resulting in a net profit margin of 4.6%, an increase of 5.0 percentage points year-on-year [1] Strategic Developments - The company has completed its dual-base layout in the north and south, with the Guangxi base introducing larger paper machines to enhance production efficiency [2] - The Guangxi base is expected to lower per-ton manufacturing costs, facilitating market expansion in South China and creating advantages for exports to ASEAN countries [2] - The Shandong base will continue to cater to small-batch, customized products, aligning with the increasing trend for differentiated industry demands [2] Future Outlook - The company is positioned as a leading player in the domestic decorative paper segment, with orderly capacity expansion and active market development [2] - Profit forecasts for the company indicate net profits attributable to the parent company of 150 million yuan, 190 million yuan, and 230 million yuan for 2025, 2026, and 2027, respectively [2]