Ge Long Hui·2025-11-04 03:09Core Viewpoint - Goldman Sachs reported that Times Electric's third-quarter performance was weak, with revenue, operating profit, and net profit at 6.62 billion, 1.11 billion, and 1.05 billion yuan respectively, reflecting year-on-year growth of 11%, 15%, and 5% [1] Financial Performance - Revenue for the third quarter was 6.62 billion yuan, showing a year-on-year increase of 11% [1] - Operating profit reached 1.11 billion yuan, with a year-on-year growth of 15% [1] - Net profit was 1.05 billion yuan, reflecting a year-on-year increase of 5% [1] - Gross margin, operating margin, and net margin were reported at 33%, 17%, and 16% respectively [1] Forecast Adjustments - Goldman Sachs slightly lowered its revenue forecast for Times Electric for the years 2025 to 2030 by up to 5% [1] - The net income forecast was also reduced by up to 6% to reflect the performance results [1] Target Price Changes - The 12-month target price for Times Electric's A-shares was adjusted from 51 yuan to 49.9 yuan, maintaining a "Neutral" rating [1] - The 12-month target price for H-shares was revised down from 37 Hong Kong dollars to 36.2 Hong Kong dollars, with a "Buy" rating [1]