Core Insights - The company experienced slight revenue pressure in Q3 2025, with total revenue for the first three quarters reaching 18.68 billion yuan, a year-on-year increase of 6.67%, while net profit attributable to shareholders decreased by 14.34% to 2.435 billion yuan [1] - Q3 2025 revenue was 6.019 billion yuan, showing a year-on-year decline of 0.34%, and net profit attributable to shareholders fell by 20.73% to 765 million yuan [1] Financial Performance - The gross profit margin for the first three quarters of 2025 decreased by 5.85 percentage points to 21.96%, while the net profit margin fell by 3.19 percentage points to 13.05% [2] - In Q3 2025, the gross profit margin was 22.19%, down 4.82 percentage points year-on-year but up 1.11 percentage points quarter-on-quarter [2] - The company’s operating cash flow for the first three quarters was 3.763 billion yuan, a year-on-year decrease of 11.49%, with Q3 cash flow at 2.199 billion yuan, down 13.06% year-on-year [2] Operational Efficiency - The net operating cycle for the first three quarters of 2025 was 71.06 days, a decrease of 5.11 days year-on-year, with inventory turnover days at 58.16 days, down 5.33 days [3] - Accounts receivable turnover days increased by 2.54 days to 58.05 days, while accounts payable turnover days rose by 2.32 days to 45.15 days [3] Investment Outlook - The company is expanding its high-potential customer base, and with ongoing capacity release, revenue is expected to maintain healthy growth [4] - Profitability is anticipated to improve slightly in the future as new factory capacities ramp up and worker proficiency increases [4] - The revised profit forecast for 2025-2027 estimates net profit attributable to shareholders at 3.32 billion, 3.91 billion, and 4.63 billion yuan, respectively, with corresponding P/E ratios of 19, 16.5, and 13.9 [4]
华利集团(300979)25Q3业绩点评：盈利能力呈修复态势 新工厂爬坡顺利