盛德鑫泰(300881)季报点评：季度业绩环比大增 产品结构有望进一步改善

Core Insights - The company reported a revenue of 2.325 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.01%, while the net profit attributable to the parent company was 152 million yuan, a decrease of 21.38% [1] - The company plans to build an advanced high-nickel seamless pipe manufacturing project, which is expected to enhance its product structure towards high-end products [2] - The company is expanding into the automotive parts industry by acquiring a majority stake in Jiangsu Ruimei Automotive Parts Co., aiming to tap into new profit growth points [3] Financial Performance - For Q3 2025, the company achieved a net profit of 67 million yuan, a year-on-year decline of 3.74% but a quarter-on-quarter increase of 90.82% [1] - The gross profit margins for Q4 2024 to Q3 2025 were 13.86%, 17.39%, 14.99%, and 14.5%, while the net profit margins were 4.94%, 7.89%, 4.07%, and 8.39% [1] - The company expects net profits for 2025 to 2027 to be 217 million yuan, 274 million yuan, and 331 million yuan, with corresponding PE ratios of 17.6, 14.0, and 11.6 [3] Strategic Developments - The company is set to increase its production capacity to 160,000 tons after the launch of a 40,000-ton stainless steel production line, positioning itself as a leader in the domestic market for small-diameter seamless steel pipes for supercritical boilers [2] - The company is collaborating with Xi'an Thermal Engineering Institute to develop new nickel-iron-based high-temperature alloy products for advanced supercritical coal-fired power generation units [2] - The acquisition of Jiangsu Ruimei Automotive Parts Co. allows the company to diversify its operations into two major business segments: traditional energy equipment parts and new energy vehicle parts [3]