HST(SH:600817) Xin Lang Cai Jing·2025-10-31 12:29Core Viewpoint - The company reported a revenue of 2.391 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.58%, while the net profit attributable to shareholders reached 187 million yuan, an increase of 43.16% [2] Revenue and Profit Analysis - For the first three quarters of 2025, the company achieved a revenue of 2.391 billion yuan and a net profit of 187 million yuan, with a non-recurring net profit of 111 million yuan, reflecting a year-on-year growth of 14.15% [2] - In Q3 alone, the company reported a revenue of 731 million yuan, a year-on-year decline of 28.65%, while the net profit attributable to shareholders was 68 million yuan, up 44.23% [2] - Excluding the impact of the divested sanitation service business, the core business revenue for the first three quarters was 2.182 billion yuan, a year-on-year increase of 9.5%, with net profit approximately 111 million yuan, a growth of 103.8% [2] Business Segment Performance - The company's new energy equipment business is experiencing rapid growth, particularly in the mining equipment sector, which achieved a revenue of 641 million yuan in the first half of the year, a year-on-year increase of 111.25% [3] - The sanitation equipment segment generated 798 million yuan in revenue in the first half, with new energy product sales growing by 18.25% [3] - The company has strategically focused on core urban areas and key regional markets, enhancing its brand influence through partnerships with governments and sanitation operators [3] Strategic Focus and Product Development - The company has divested its sanitation service subsidiary to concentrate on new energy equipment manufacturing [3] - New products such as pure electric port tire cranes and range-extended electric fracturing vehicles are being introduced to create new growth opportunities [3] - The company is advancing product intelligence and collaborating with leading firms in the autonomous driving sector to promote commercialization [3] Profit Forecast - The company is projected to achieve revenues of 3.882 billion yuan, 4.480 billion yuan, and 5.295 billion yuan for 2025-2027, with year-on-year growth rates of 2.19%, 15.42%, and 18.19% respectively [4] - The net profit attributable to shareholders is expected to be 263 million yuan, 312 million yuan, and 373 million yuan for the same period, with growth rates of 15.72%, 18.75%, and 19.43% respectively [4] - Based on the closing price on October 30, 2025, the corresponding PE ratios are projected to be 23.46, 19.76, and 16.54, with EPS of 0.49, 0.59, and 0.70 yuan [4]