kxjd(SZ:300092) Xin Lang Cai Jing·2025-10-26 00:29Performance Review - The company reported Q3 2025 revenue of 260 million yuan, a year-on-year decrease of 21.54% [1] - Net profit attributable to shareholders was 2.994 million yuan, down 93.51% year-on-year, with a basic earnings per share of 0.01 yuan, also down 93.53% [1] - The decline in revenue was primarily due to significant changes in product structure and increased workload in large pressure vessel processes, leading to reduced output [1] - The substantial drop in net profit was attributed to a decrease in overall gross margin and an increase in credit impairment provisions [1] Development Trends - The company is facing short-term performance pressure but has a clear long-term strategic layout [2] - It continues to focus on high-end equipment manufacturing, increasing investment in R&D for emerging high-end equipment [2] - To address accounts receivable pressure, the company is enhancing impairment provisions and optimizing its customer structure, targeting large state-owned enterprises and listed companies [2] - The company has deep technical accumulation in core products like large pressure vessels and special equipment, with expectations for performance recovery as downstream demand rebounds [2] Profit Forecast and Valuation - Due to extended payment periods for photovoltaic projects, the company has lowered its 2025 revenue and net profit forecasts by 8.0% and 13.2% to 1.2 billion yuan and 160 million yuan, respectively [3] - The valuation has been adjusted to 2026, with a target price increase of 28% to 18.7 yuan, corresponding to a 25x P/E for 2026 [3] - The target price indicates a potential upside of 13.3% from the current stock price, maintaining an "outperform" rating [3]