北京君正(300223)：毛利率短期波动 经营趋势逐渐向好

Core Insights - Company reported a revenue of 3.437 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.35%, while net profit attributable to shareholders decreased by 19.75% to 244 million yuan [1] - In Q3 2025, the company achieved a revenue of 1.187 billion yuan, representing an 8.50% year-on-year growth but a slight decline of 0.13% quarter-on-quarter, with net profit down 61.48% year-on-year [1][2] Revenue and Profit Analysis - The company's revenue remained relatively stable, but profit declined mainly due to fluctuations in gross margin, which was 31.63% in Q3 2025, down 5.57 percentage points year-on-year and 3.13 percentage points quarter-on-quarter [2] - The decline in gross margin was attributed to factors such as fluctuations in the TWD exchange rate, impacting the cost of storage chip products [2] Business Line Performance - Computing Chips: Revenue of 304 million yuan in Q3 2025, a year-on-year increase of 4.9% but a quarter-on-quarter decrease of 9.0%. Demand for AIOT chip products is growing, while sales in the smart security market showed slight declines due to increased competition [3] - Storage Products: Revenue of 746 million yuan in Q3 2025, up 11.2% year-on-year and 3.3% quarter-on-quarter. The recovery in automotive and industrial medical markets contributed to this growth, with new DRAM products expected to enhance competitiveness [3] - Analog and Connectivity Chips: Revenue of 130 million yuan in Q3 2025, reflecting a year-on-year increase of 13.0% and a quarter-on-quarter increase of 4.4%, driven by demand recovery in automotive and industrial markets [4] Investment Outlook - The company forecasts net profits attributable to shareholders of 360 million yuan, 700 million yuan, and 1.04 billion yuan for 2025-2027, with corresponding EPS of 0.75, 1.44, and 2.16 yuan per share [5] - The projected PE ratios based on the closing price on October 29, 2025, are 100.8, 52.3, and 34.9 times for the respective years [5]