中科海讯(300810)季报点评：Q3单季度减亏显著 信用减值损失大幅收窄

Core Insights - The company reported a revenue of 145 million yuan for the first three quarters, a year-on-year decrease of 0.41%, with a net profit attributable to shareholders of -76.92 million yuan, narrowing the loss by 16.27% year-on-year [1] - In Q3 alone, the company achieved a revenue of 49.08 million yuan, representing a year-on-year increase of 24.35%, while the net profit attributable to shareholders was -12.25 million yuan, showing a significant reduction in losses [1] Financial Performance - For the first three quarters, the company’s revenue was 145 million yuan, with a net profit of -76.92 million yuan, and a non-recurring net profit of -77.89 million yuan, both showing a year-on-year reduction in losses [1] - In Q3, the gross margin was 33.23%, an increase of 1.38 percentage points year-on-year, while the net margin narrowed to -25.71% [1] Expense Analysis - In Q3, sales expenses were 1.61 million yuan, down 10.12% year-on-year, while management expenses were 11.60 million yuan, up 23.69% year-on-year [2] - Credit impairment losses were significantly reduced, with a provision of 7.97 million yuan in Q3, a year-on-year decrease of 74.77% [2] Balance Sheet Highlights - As of Q3, the company’s contract liabilities reached 158 million yuan, a year-on-year increase of 97.5%, attributed to an increase in received prepayments [2] Strategic Initiatives - The company is deepening its regional layout and enhancing its capabilities in intelligent scenarios, with plans to establish a wholly-owned subsidiary in Guangxi with a registered capital of 8 million yuan [2] - A strategic cooperation agreement was signed with Guangxi Beibu Gulf International Port Group to focus on smart ports and marine big data [2] Incentive Plans - The company announced a stock incentive plan on May 12, 2025, proposing to grant up to 1.49 million restricted shares to 78 individuals, which is about 1.26% of the total share capital [3] - The plan aims to motivate management and key employees, reflecting the company's confidence in future business expansion and performance improvement [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 7 million yuan, 33 million yuan, and 44 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 760, 156, and 116 times [3]