新莱应材(300260)：Q3营收实现环比改善 子公司投建半导体核心零部件新项目

Core Viewpoint - In Q3 2025, the company achieved revenue of 845 million yuan, a year-on-year increase of 13.72% and a quarter-on-quarter increase of 14.76%, indicating continuous improvement in revenue absolute value and growth rate since the beginning of 2025 [1][3] Revenue and Profit Summary - For the first three quarters of 2025, the company reported revenue of 2.255 billion yuan, a year-on-year increase of 4.31%, and a net profit attributable to shareholders of 145 million yuan, a year-on-year decrease of 26.66% [2][4] - In Q3 2025 alone, the company achieved revenue of 845 million yuan, a year-on-year increase of 13.72% and a quarter-on-quarter increase of 14.76% [2][3] Gross Margin and Expense Management - The gross margin for the first three quarters of 2025 was 23.81%, a decrease of 1.19 percentage points year-on-year, attributed to the continued decline in profitability in the downstream semiconductor and pharmaceutical sectors [3][4] - The company maintained expense control with a total expense ratio of 15.86% for the first three quarters of 2025, an increase of 0.97 percentage points year-on-year, with specific increases in sales, management, and R&D expenses [3][4] New Project Development - The wholly-owned subsidiary, Fangxin Precision, signed a project investment framework agreement with the government of Kunshan City on October 23, with a total investment of 2 billion yuan to build a semiconductor core component project, focusing on the R&D, production, and sales of gas distribution plates and aluminum chambers [4] - The project is expected to generate an annual output value exceeding 1.5 billion yuan upon reaching full production, contributing new growth to the semiconductor component and service business [4] Future Revenue and Profit Forecast - The company forecasts revenues of 3.078 billion yuan, 3.394 billion yuan, and 3.839 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 8.03%, 10.27%, and 13.10% respectively [5] - The projected net profits attributable to shareholders for the same years are 210 million yuan, 295 million yuan, and 380 million yuan, with year-on-year growth rates of -7.16%, 40.41%, and 28.95% respectively [5]