Shenwan Hongyuan Securities·2025-10-21 08:14Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported strong resilience in performance, with a revenue of 33.3 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.62%, and a net profit attributable to shareholders of 7.06 billion yuan, up 28.93% year-on-year [5][7] - The ASP (Average Selling Price) of automotive glass is expected to continue rising due to the increasing proportion of high-value-added products, which accounted for 52.22% of revenue in the first three quarters of 2025, up 4.92% year-on-year [7] - The company's core profit margin improved by 1.62% year-on-year, driven by quality enhancement and operational efficiency [7] Financial Data and Earnings Forecast - For 2025, the company is projected to achieve total revenue of 47.08 billion yuan, with a year-on-year growth rate of 19.9% [6] - The net profit attributable to shareholders is forecasted to be 9.42 billion yuan in 2025, reflecting a year-on-year growth of 25.6% [6] - The company maintains a stable ROE (Return on Equity) of 23.2% for 2025, with a PE (Price to Earnings) ratio of 18 [6][7]