Core Insights - The company reported a significant increase in Q3 2025 earnings, with revenue reaching 1.085 billion yuan, a year-on-year growth of 108.27% and a quarter-on-quarter growth of 12.05% [1] - The net profit attributable to shareholders was 70 million yuan, marking a year-on-year increase of 186.93% and a quarter-on-quarter increase of 48.09%, indicating a strong recovery trend [1] - The gross margin and net margin for Q3 were 19.48% and 6.45%, respectively, with the net margin improving by 1.77 percentage points year-on-year, reflecting enhanced profitability efficiency [1] Business Performance - The high growth in Q3 performance was primarily driven by the expansion of the new energy vehicle (NEV) business and breakthroughs in overseas customer acquisition [1] - The company focuses on the core sector of onboard power supply, continuously expanding its domestic and international key customer base, with onboard high-voltage power systems accounting for over 90% of revenue [1] - In August 2025, the company's market share in the domestic onboard OBC market increased to 12.0%, with installed capacity growing by 152.3% year-on-year [1] Strategic Developments - The onboard business benefits from the trend of integration and the ramp-up of new customer projects, while the overseas business is supported by the electrification trend in Europe [2] - The company achieved a technological breakthrough in domestic high-power liquid-cooled power modules for non-onboard applications, opening a second growth curve [2] - The implementation of restricted stock incentives is expected to bind core personnel and support long-term growth across various business segments [2] International Expansion - The overseas business is experiencing strong growth momentum due to the electrification trend in Europe, with revenue from overseas reaching 132 million yuan in Q3 2024, a year-on-year increase of 5815.5% [3] - In the first half of 2025, overseas revenue reached 262 million yuan, accounting for 17.76% of total revenue, indicating a rapid increase in international market share [3] - The construction of the Thailand overseas production base is accelerating to expand capacity and meet orders from clients like Renault and Stellantis, optimizing the global supply chain [3] Financial Forecast - The company is expected to continue benefiting from the penetration rate of new energy vehicles, the trend of onboard power integration, and the expansion of overseas markets, leading to rapid growth [3] - The revenue forecasts for 2025-2027 have been adjusted to 3.642 billion, 4.501 billion, and 5.532 billion yuan, respectively, with net profit forecasts of 221 million, 348 million, and 453 million yuan [3]
富特科技(301607)JBDP：三季度盈利修复显著 海内外业务多维驱动收入增长