CCTC(SZ:300408) Xin Lang Cai Jing·2025-11-12 10:37Core Insights - The company reported a revenue of approximately 6.508 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 20.96% [1] - The net profit attributable to shareholders reached approximately 1.959 billion yuan, with a year-on-year increase of about 22.16% [1] - The company achieved a net profit of approximately 721 million yuan in Q3 alone, reflecting a year-on-year growth of about 24.86% [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was approximately 42.49%, remaining stable compared to the same period last year [2] - The company effectively controlled expenses, with sales, management, and R&D expense ratios at 1.03%, 4.61%, and 6.78% respectively, showing a decrease in management and R&D expense ratios by 0.27 percentage points and 0.68 percentage points year-on-year [2] Business Development - The company has made significant progress in its MLCC (Multi-Layer Ceramic Capacitor) and SOFC (Solid Oxide Fuel Cell) businesses, with a comprehensive product matrix covering various series and applications in multiple industries [3] - The SOFC business achieved a key breakthrough with the launch of a 300 kW commercial demonstration project in collaboration with Shenzhen Gas Group, marking it as the first of its kind in the country [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 9.207 billion, 11.432 billion, and 14.151 billion yuan respectively, with net profits expected to be 2.782 billion, 3.670 billion, and 4.784 billion yuan [4] - Corresponding EPS (Earnings Per Share) is projected to be 1.45, 1.92, and 2.50 yuan, with PE (Price to Earnings) ratios of 33.98, 25.75, and 19.76x [4]