Xin Lang Cai Jing·2025-10-31 12:34Core Insights - The company reported a revenue of 170.57 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.3%, and a net profit attributable to shareholders of 8.88 billion yuan, up 5.7% year-on-year [1] - In Q3 alone, the company achieved a revenue of 57.42 billion yuan, a year-on-year increase of 16.1% and a quarter-on-quarter increase of 3.1%, with a net profit of 3.23 billion yuan, reflecting a year-on-year growth of 29.5% and a quarter-on-quarter growth of 10.3% [1] Financial Performance - Q3 gross profit margin was 21.4%, down 0.7 percentage points year-on-year and 0.8 percentage points quarter-on-quarter, attributed to intensified industry competition, although cost control remained stable [2] - The net profit margin for Q3 reached 5.6%, an increase of 0.6 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, supported by a decrease in the expense ratio to 13.3% [2] Business Growth - The heavy truck industry saw sales of 282,000 units in Q3, a year-on-year increase of 58.1%, with the company's natural gas heavy truck sales reaching 49,000 units, also up 58.2% year-on-year [1] - The company's engine segment revenue grew over 30% year-on-year, achieving record highs, while the new energy business revenue surged by 122% year-on-year, indicating a strong growth trajectory [2] Future Outlook - Revenue projections for 2025-2027 are estimated at 231.67 billion yuan, 252.24 billion yuan, and 264.35 billion yuan respectively, with net profits expected to reach 12.27 billion yuan, 13.45 billion yuan, and 14.33 billion yuan [3] - The company maintains a "recommended" rating, reflecting confidence in its growth potential [3]