LIANHE TECHNOLOGY(SZ:002250) Xin Lang Cai Jing·2025-11-20 08:33Core Viewpoint - Lianhe Technology reported strong financial performance for the first three quarters of 2025, with significant increases in net profit and operating income, indicating improved profitability and market expectations being exceeded [1][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.718 billion yuan, a year-on-year increase of 8.25% [1]. - The net profit attributable to shareholders reached 316 million yuan, up 871.65% year-on-year, while the net profit excluding non-recurring items was 300 million yuan, reflecting a substantial increase of 1504.44% [1]. - In Q3 2025, the company reported operating income of 1.569 billion yuan, a quarter-on-quarter decrease of 4.34%, and a net profit of 92 million yuan, down 47.26% from the previous quarter [1]. Cost Management - Sales expenses decreased by 1.12% year-on-year, with a sales expense ratio of 0.47%, down 0.04 percentage points [2]. - Financial expenses saw a significant decline of 153.55%, resulting in a negative financial expense ratio of -0.61%, down 1.85 percentage points [2]. - Management expenses fell by 1.96%, with a management expense ratio of 10.83%, down 1.13 percentage points [2]. - R&D expenses increased by 11.06%, with a ratio of 5.06%, up 0.13 percentage points [2]. Cash Flow and Working Capital - Operating cash flow for the first three quarters was 917 million yuan, a slight decrease of 0.60% year-on-year [2]. - Investment cash flow was -246 million yuan, an increase of 48.23% year-on-year [2]. - Financing cash flow was -751 million yuan, a dramatic decline of 1122.11% year-on-year [2]. - The ending cash and cash equivalents balance was 908 million yuan, down 17.86% year-on-year [2]. - Accounts receivable increased by 58.38%, with a turnover rate dropping from 4.01 times to 3.25 times year-on-year [2]. - Inventory rose by 6.04%, with a turnover rate improving from 1.38 times to 1.44 times year-on-year [2]. New Energy Business Development - The company is making progress in its new energy business, focusing on electrolyte products and gradually entering the new energy sector [3]. - The company has achieved stable supply and increasing production of electrolyte products, with plans for further commercialization of related products [3]. - Revenue from the new energy business is expected to break through in 2025, contributing positively to overall performance [3]. Future Outlook - Revenue projections for Lianhe Technology from 2025 to 2027 are 6.882 billion yuan, 7.949 billion yuan, and 9.029 billion yuan, representing year-on-year growth rates of 21.2%, 15.5%, and 13.6% respectively [4]. - Net profit forecasts for the same period are 409 million yuan, 581 million yuan, and 727 million yuan, with growth rates of 296.7%, 41.9%, and 25.3% respectively [4]. - The company maintains a "buy" rating based on the expected profitability from its new energy product segment [4].