研报掘金丨长江证券：维持正泰电器“买入”评级，预计海外景气度较高

Core Viewpoint - Changjiang Securities report indicates that Chint Electric's revenue slightly declined in Q3, primarily due to pressure in the photovoltaic sector, while the low-voltage electrical business is expected to maintain growth, particularly in overseas markets [1] Financial Performance - For the first three quarters of 2025, the gross profit margin reached 27.51%, an increase of 2.23 percentage points year-on-year [1] - In Q3 2025, the single-quarter gross profit margin was 26.51%, up 1.14 percentage points year-on-year but down 4.05 percentage points quarter-on-quarter [1] Business Segments - The low-voltage electrical segment is experiencing rapid growth, and the AIDC (Automated Identification and Data Capture) layout is expected to contribute to future incremental revenue [1] - The household photovoltaic sector continues to develop rapidly with high turnover rates [1] Profit Forecast - The estimated net profit attributable to shareholders for 2025 is approximately 4.96 billion yuan, corresponding to a price-to-earnings ratio of about 12.4 times [1] - The investment rating is maintained at "Buy" [1]