立达信三季度业绩企稳回升，韧性凸显

Core Insights - Lida Xin (605365) reported a slight increase in revenue for the first three quarters of 2025, reaching 4.947 billion yuan, a year-on-year growth of 0.13%, while total profit decreased significantly by 49.53% to 145 million yuan [1] - The company faced challenges in the second quarter due to international trade fluctuations, low industry demand, and intensified competition, leading to a sharp decline in profits [1] - In response to U.S. tariff policies, Lida Xin accelerated its "transit to Thailand" process, resulting in increased costs that impacted the first half of the year [1] - The third quarter saw a substantial recovery in net profit, reaching 58.1473 million yuan, indicating a gradual improvement in performance [1] Financial Performance - For the first three quarters of 2025, Lida Xin's management, sales, and R&D expenses collectively decreased by 1.44% year-on-year, showcasing the company's strong operational resilience and refined management capabilities [1] - Despite the short-term pressures from accelerated capacity expansion in Thailand, the strategic layout established since 2021 has provided a solid foundation for rapid capacity enhancement [1] Strategic Outlook - The construction of production capacity in Thailand is viewed as a proactive response to current challenges and a long-term strategic move to build a more resilient and competitive global supply chain [2] - The company aims to maintain a dual strategy of "brand OEM and dual circulation" domestically and internationally, focusing on structural adjustments and efficiency improvements to achieve sustainable high-quality development [2]