Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's non-net profit for the first three quarters of 2025 increased by 38% year-on-year, with a significant improvement in operating cash flow [2][3] - For Q1-3 2025, the company achieved revenue of 343 million yuan, a year-on-year increase of 21.77%, and a net profit attributable to the parent company of 91 million yuan, up 28.88% year-on-year [2] - The gross profit margin for Q1-3 2025 was 40.37%, an increase of 2.84 percentage points year-on-year, while the net profit margin was 26.16%, up 2.43 percentage points year-on-year [2] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 340.47 million yuan, 2024A: 407.95 million yuan, 2025E: 534.23 million yuan, 2026E: 675.31 million yuan, 2027E: 842.74 million yuan, with respective year-on-year growth rates of 20.70%, 19.82%, 30.96%, 26.41%, and 24.79% [1] - Net profit attributable to the parent company is projected to be: 2023A: 81.63 million yuan, 2024A: 100.52 million yuan, 2025E: 133.98 million yuan, 2026E: 171.07 million yuan, 2027E: 215.64 million yuan, with year-on-year growth rates of 28.74%, 23.14%, 33.28%, 27.69%, and 26.05% [1] - The latest diluted EPS is projected to be: 2023A: 0.56 yuan, 2024A: 0.69 yuan, 2025E: 0.92 yuan, 2026E: 1.17 yuan, 2027E: 1.47 yuan [1] Operational Insights - The company has demonstrated strong innovation and research capabilities, breaking the monopoly of DuPont in the aramid paper sector, making China the second country capable of producing aramid paper [4] - The company has established a solid customer base, including well-known domestic and international enterprises such as AVIC Group, CRRC, ABB, Siemens, and Schneider Electric [4] - The report anticipates growth in demand for aramid insulation paper in various sectors, including new energy vehicles, wind power, photovoltaic power, and domestic large aircraft, which will drive future revenue growth [4]
民士达（920394）：25Q1-3扣非业绩同比+38%，经营活动现金流同比显著改善