Ge Long Hui A P P·2025-11-04 06:59Core Viewpoint - The report from Dongwu Securities indicates that Samsung Medical's net profit attributable to shareholders for Q1-Q3 of 2025 is 1.53 billion yuan, a year-on-year decrease of 15.9%, with Q3 net profit at 300 million yuan, down 55.2% year-on-year, primarily due to the impact of declining prices for electric meters and delivery of distribution orders, resulting in performance below market expectations [1] Group 1: Financial Performance - For Q1-Q3 of 2025, the net profit attributable to shareholders is reported at 1.53 billion yuan, reflecting a year-on-year decline of 15.9% [1] - The Q3 net profit is reported at 300 million yuan, showing a significant year-on-year decrease of 55.2% [1] - The comprehensive gross margin has declined by 12.3 percentage points due to significant fluctuations in distribution and electricity prices [1] Group 2: Market Conditions - Domestic electricity prices are under pressure, with the State Grid's second batch of smart meter tenders in 2024 seeing prices drop significantly, with the highest decrease reaching 30% compared to the first batch of 2024 [1] - The implementation of regional centralized procurement for certain distribution materials starting in 2025 has led to a decrease in transformer product prices, which began to reflect in Q3 financial reports [1] Group 3: Future Outlook - The company anticipates a significant improvement in domestic distribution profitability with the expected increase in new electric meter tenders and improvements in centralized procurement scoring standards [1] - The net profit forecasts for 2025-2027 have been revised down to 1.84 billion, 2.44 billion, and 3.09 billion yuan respectively, from previous estimates of 2.51 billion, 3.06 billion, and 3.78 billion yuan [1] - Despite the domestic challenges, the overseas market demand remains strong, leading to a maintained "buy" rating for the company [1]