金雷股份(300443)：Q3经营业绩延续景气 产能建设积极推进

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 2.1 billion and a year-on-year growth of 61%, while net profit attributable to shareholders was approximately 300 million, reflecting a 105% increase [1][2] Revenue Performance - In Q3, the company achieved a revenue of 800 million, marking a 39% year-on-year growth, primarily driven by an increase in product shipment volumes and contributions from wind power assembly business [2] - The gross margin for Q3 was approximately 26%, up by 1.5 percentage points year-on-year, attributed to rising product prices, declining raw material costs, and the dilution effect from increased shipment volumes [2] Profitability Metrics - The net profit margin for Q3 was around 14.1%, which is an increase of 1.5 percentage points year-on-year [2] - The company’s period expense ratio was approximately 9.5%, up by 1.3 percentage points year-on-year, with sales and management expense ratios decreasing slightly [2] R&D and Other Financials - R&D expense ratio increased to about 5.0% in Q3, mainly due to heightened investment in the development of new precision shaft products [2] - The company recorded other income of approximately 4 million and accounted for asset impairment and credit impairment losses totaling about 1 million [2] Inventory and Construction - As of the end of Q3, inventory stood at approximately 1.07 billion, at a historical high, which is expected to support future delivery performance [2] - The company had about 380 million in construction in progress, reflecting increased investment in the high-end transmission equipment industrial park project [2] Future Outlook - The wind power installation market is expected to remain robust in 2026, with the company actively expanding both domestic and international markets [3] - Projected net profits for 2025 and 2026 are approximately 450 million and 630 million, respectively, with corresponding price-to-earnings ratios of about 19 times and 14 times [3]