新宝股份(002705)2025年三季报点评：出口回落拖累收入 利润率阶段性承压

Core Viewpoint - The company reported a decline in revenue for Q3 2025, primarily due to significant pressure in overseas business, while domestic business showed signs of recovery with positive growth [2][4]. Group 1: Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 12.284 billion, a year-on-year decrease of 3.20%, and a net profit attributable to shareholders of 841 million, an increase of 7.13% [1]. - In Q3 2025, the company reported a revenue of 4.481 billion, down 9.78% year-on-year, and a net profit of 298 million, down 13.05% year-on-year [1]. - The company's gross profit margin decreased by 0.84 percentage points year-on-year in Q3 2025, contributing to a decline in net profit margin by 0.25 percentage points [3]. Group 2: Business Segments - The overseas business revenue in Q3 2025 fell by 11.9% to 3.695 billion, accounting for 82% of total revenue, indicating significant pressure compared to stable performance in the first half of the year [2]. - Domestic business revenue grew by 1.5% year-on-year to 787 million in Q3 2025, representing a positive turnaround and accounting for 18% of total revenue [2]. Group 3: Cost and Expenses - The company experienced stable expense ratios in sales, management, R&D, and financial costs, with slight variations year-on-year [3]. - Government subsidies increased, but investment income and fair value changes decreased due to exchange rate fluctuations [3]. Group 4: Future Outlook - The company maintains a "buy" rating, anticipating that the strong performance of the Dongling and Baishengtou brands will offset current pressures on the MoFei brand [4]. - Projected net profits for 2025-2027 are estimated at 1.084 billion, 1.251 billion, and 1.448 billion, with corresponding PE ratios of 11.3, 9.8, and 8.5 times [4].