广信材料(300537)2025年三季报点评：光伏胶销售下滑影响当期业绩 关注产能爬坡及新品推广

Core Insights - The company reported a decline in revenue and profit for the first three quarters of 2025, with revenue at 348 million yuan, down 9.86% year-on-year, and net profit attributable to shareholders at 8.77 million yuan, down 76.65% year-on-year [1][2] Financial Performance - In Q3 2025, the company achieved revenue of 115 million yuan, a decrease of 8.78% year-on-year and 9.52% quarter-on-quarter, with a net profit of -4.77 million yuan, reflecting a 159% year-on-year decline and a 226% quarter-on-quarter decline [1][2] - The gross profit margin decreased by 2.4 percentage points to 34.7% due to price reductions in some products [2] - Total expenses slightly decreased by 0.9% year-on-year, but the selling, general, and administrative expense ratio increased by 2.4 percentage points to 26.9% due to reduced revenue [2] Business Developments - The company is expanding its production capacity at the Longnan base, with several projects in progress, including a 50,000-ton annual production capacity for electronic photosensitive materials [3] - New products such as the HIPRO Graphene heavy-duty anti-corrosion coating are expected to achieve large-scale applications in the offshore and high-end equipment manufacturing sectors by mid-2026 [3] Profit Forecast and Valuation - Due to lower-than-expected sales of photovoltaic BC battery insulation glue, the company's profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 2.6 million yuan, 4.8 million yuan, and 8.5 million yuan for the respective years [3] Future Outlook - The company is anticipated to see new growth points from the release of production capacity at the Longnan base and breakthroughs in new products [4]