Guangdong Hongda (SZ:002683) Xin Lang Cai Jing·2025-10-27 12:39Core Insights - The company reported Q3 2025 results with revenues, net profit attributable to shareholders, and net profit excluding non-recurring items at 1.4552 billion, 653 million, and 643 million yuan respectively, showing year-on-year growth of 55.92%, 0.54%, and 5.49% [1] - In Q3 2025, the company achieved revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 540.1 million, 149 million, and 161 million yuan respectively, reflecting year-on-year changes of +44.14%, -36.93%, and -29.69% [1] - Profit performance was impacted by expenses and impairment provisions, with a credit impairment provision of 70 million yuan in Q3 2025, which affected overall profitability [1] Financial Performance - The company's gross profit margin in Q3 2025 was 20.07%, a decrease of 0.8 percentage points year-on-year, indicating relatively stable profitability [1] - Management expenses increased by 86 million yuan quarter-on-quarter, attributed to higher depreciation and overseas travel costs [1] Business Segment Insights - The mining service business faced revenue growth challenges due to declines in coal production in Xinjiang and overseas projects, with coal production in Xinjiang down by 13.8%, 10.5%, and 6.9% year-on-year for July to September 2025 [2] - The company has over 35 billion yuan in hand orders for its mining service business as of October 2025, with expectations for revenue recovery in Q4 due to a rebound in coal prices and narrowing production declines [2] - Accounts receivable, inventory, and contract assets grew significantly, with year-on-year increases of 93.86%, 288.71%, and 44.25% respectively [2] Profit Forecast and Investment Rating - The company is projected to achieve revenues of 19.131 billion, 22.274 billion, and 26.286 billion yuan for 2025-2027, with year-on-year growth rates of 40.13%, 16.43%, and 18.01% respectively [3] - Net profit attributable to shareholders is expected to be 1.047 billion, 1.260 billion, and 1.558 billion yuan for the same period, with growth rates of 16.68%, 20.30%, and 23.64% respectively [3] - The current stock price corresponds to PE ratios of 28, 23, and 19 for 2025-2027, maintaining a "strong buy" rating [3]