StarPower(SH:603290) Xin Lang Cai Jing·2025-10-30 12:27Core Insights - The company reported a revenue of 2.99 billion yuan for Q1-Q3 2025, representing a year-over-year increase of 23.82%, while the net profit attributable to the parent company was 382 million yuan, down 9.80% year-over-year [1] - In Q3 2025, the company achieved a revenue of 1.05 billion yuan, showing a year-over-year increase of 19.58% and a quarter-over-quarter increase of 3.70%, with a net profit of 106 million yuan, down 28.39% year-over-year and 38.05% quarter-over-quarter [1][2] - The strong demand in the new energy vehicle and photovoltaic energy storage markets is driving steady revenue growth for the company [1] Revenue and Profitability - The company's gross margin for Q3 2025 was 24.54%, a decline of 7.46 percentage points year-over-year and 4.62 percentage points quarter-over-quarter [2] - Increased R&D investment has further compressed profit margins, with R&D expenses rising by 37.79 million yuan year-over-year and 22.66 million yuan quarter-over-quarter in Q3 2025 [2] Market Outlook - The sales of new energy vehicles in China reached 4.26 million units in Q3 2025, reflecting a year-over-year and quarter-over-quarter increase of 26.18% and 10.34%, respectively, with expectations for further growth in Q4 2025 [1] - The photovoltaic energy storage sector is showing a strong recovery after a destocking cycle in 2024, which is expected to boost the company's related power product shipments [1] - The company forecasts annual revenue of 4.11 billion yuan for 2025, an increase of 21.35% year-over-year [1][2] Future Projections - Revenue projections for 2025 and 2026 are 4.11 billion yuan and 4.92 billion yuan, respectively, with net profits attributable to the parent company expected to be 521 million yuan and 664 million yuan, corresponding to P/E ratios of 53 and 42 times [2]