Core Insights - The company reported Q3 2025 revenue of 1.305 billion yuan, a year-on-year increase of 32%, but net profit attributable to shareholders dropped to 20 million yuan, a decrease of 77% [1] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 196 million, 507 million, and 666 million yuan respectively, down from previous estimates [1] - Despite the challenges, the company maintains a "buy" rating due to accelerated product launches and the gradual increase in mobile home storage products [1] Revenue Performance - In Q1-Q3 2025, revenue growth in Europe, North America, and Asia (excluding China) was 132%, 41%, and 16% respectively, with independent online and offline channel revenues growing by 48% and 42% [2] - The company's home backup product revenue exceeded 200 million yuan, indicating strong demand [2] - Q3 revenue performance in Japan was impacted by a high base effect from the previous year, but market share in the portable energy storage sector is expected to continue increasing [2] Profitability and Costs - Gross margin for Q1, Q2, and Q3 of 2025 was 44.2%, 39.9%, and 37.1% respectively, reflecting a decline due to seasonal promotions and tariff impacts [3] - Selling expense ratio increased due to promotions and new product marketing, with Q3 expenses rising to 37.7% [3] - The net profit margin for Q3 was 1.5%, down 7.2 percentage points year-on-year, but there is potential for recovery as cost-cutting measures and reduced tariff impacts take effect [3]
华宝新能(301327)：2025Q3业绩受关税影响 关2026 年产能落地+新品放量后的盈利修复