Ge Long Hui·2025-12-11 06:22Core Viewpoint - The report from Guotou Securities indicates that Jinli Permanent Magnet achieved a revenue of 5.373 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 7.16% [1] Revenue Performance - In Q3 2025, the company reported a revenue of 1.866 billion yuan, which is a year-on-year increase of 12.91% [1] - The increase in revenue is primarily driven by the growth in sales from the new energy vehicle and energy-saving air conditioning sectors, with year-on-year sales growth of 23.46% and 18.48% respectively [1] - The overseas business continues to grow, particularly in the U.S. market, where export revenue reached 354 million yuan in the first three quarters, marking a year-on-year increase of 43.92% [1] Profitability - The overall gross margin for the first three quarters was 19.49%, reflecting a year-on-year increase of 9.46 percentage points [1] - The improvement in gross margin is attributed to the release of new production capacity, optimization of product structure, and the company's flexible inventory management strategy to mitigate raw material price fluctuations [1] Valuation - The current price-to-earnings (PE) ratios are 68.1, 49.7, and 40.3 times for the respective years [1] - The company maintains a "Buy-A" rating with a 6-month target price of 38.5 yuan per share, corresponding to an estimated PE of approximately 55 times for 2026 [1]