研报掘金丨华鑫证券：予立达信“买入”评级，预计经营质量将阶段性改善

Core Viewpoint - Lida's third-quarter performance was significantly pressured, with a net profit of 58 million yuan, a year-on-year decline of 55.18%, primarily due to weak external demand and cost pressures [1] Company Performance - The decline in performance is attributed to weak external demand and pricing pressures from some clients, impacting overall profitability [1] - Approximately 90% of the company's revenue comes from overseas markets, making it vulnerable to fluctuations in export demand [1] Industry Outlook - According to the China Lighting Electrical Association, the total export value of lighting products is expected to be around 25.8 billion USD in the first half of 2025, reflecting a year-on-year decrease of about 6% due to tariff policy fluctuations and cyclical adjustments in market demand driven by product technological innovations [1] - Despite short-term profitability challenges, there is a basis for sequential improvement in performance as export demand gradually recovers [1] Future Prospects - The company is expected to see a phase of operational quality improvement as overseas production capacity ramps up and the proportion of brand business increases [1] - The dual capacity structure of "domestic + overseas" is anticipated to help mitigate uncertainties in trade policies, enhance operational flexibility, and strengthen profitability stability in the medium to long term [1] - The investment rating is set at "Buy" [1]