Core Insights - The company reported strong revenue growth in Q3 2025, driven by high domestic equipment demand and competitive product advantages, particularly in Chiller and L/S equipment [2] - The company is increasing R&D investments, which has temporarily pressured profit margins in Q3 2025 [3] - The company has a significant exposure to storage orders, with expectations of substantial growth in the semiconductor industry [4] - Revenue and profit forecasts have been adjusted upwards for 2025-2027, reflecting the company's growth potential despite increased R&D spending [5] Revenue Performance - For Q1-Q3 2025, the company achieved revenue of 1.103 billion yuan, a year-on-year increase of 42.81%, with Q3 revenue at 368 million yuan, up 37.96% [2] - The company’s core product, Chiller, maintains the largest market share domestically and has adapted to advanced production lines [2] Profitability Analysis - The net profit attributable to the parent company for Q1-Q3 2025 was 129 million yuan, a slight decrease of 0.99% year-on-year, while Q3 net profit was 39 million yuan, down 23.03% [3] - The overall gross margin for Q3 2025 was 32.90%, a decrease of 2.52 percentage points year-on-year, influenced by short-term revenue structure fluctuations [3] R&D and Future Growth - R&D expenses increased significantly in Q3 2025, rising by 61% year-on-year, indicating a strong commitment to innovation and product development [3] - The company is focusing on developing vacuum pump products, which are expected to enhance growth opportunities in the domestic market [4] Market Outlook - The company’s exposure to storage orders is estimated to exceed 60%, with expectations of a doubling in storage capacity expansion in mainland China [4] - The domestic vacuum pump market is valued at over 10 billion yuan, with low domestic penetration, presenting a significant growth opportunity for the company [4] Investment Projections - Revenue forecasts for 2025-2027 have been revised to 1.5 billion, 2.068 billion, and 2.857 billion yuan, reflecting year-on-year growth rates of 46.1%, 37.9%, and 38.1% respectively [5] - The adjusted net profit forecasts for the same period are 204 million, 335 million, and 517 million yuan, with corresponding EPS estimates of 1.21, 1.99, and 3.08 yuan [5]
京仪装备(688652)：25Q3营收同比高增 研发投入影响利润表现