Investment Rating - The investment rating for the company is maintained at "Outperform" [3] Core Insights - The company reported a total revenue of 294 million yuan for the first three quarters of 2025, a year-on-year decrease of 28.73%, and a net profit attributable to shareholders of 78 million yuan, down 36.45% year-on-year. However, in Q3 2025, the company achieved a revenue of 141 million yuan, representing a year-on-year growth of 104.36%, and a net profit of 50.05 million yuan, up 85.08% year-on-year. The overall industry remains under pressure, leading to a downward revision of profit forecasts for 2025-2027 [3][4] Financial Summary - For 2025, the company is expected to achieve a net profit of 100 million yuan, with corresponding EPS of 0.66 yuan. The projected P/E ratios for 2025, 2026, and 2027 are 23.8, 19.6, and 17.8 respectively. The company continues to pursue a dual-driven development model focusing on import substitution and international expansion [3][7][9] Capacity Expansion and International Development - The company is advancing its capacity expansion projects, with a total investment of 57.07 million yuan in the "High-efficiency Energy-saving Heat Exchanger Project," achieving a progress rate of 28.72%. Additionally, a wholly-owned subsidiary is planned to be established in Dubai to enhance international business development and meet overseas customer demands [4][5] Policy Environment - Recent policies related to energy conservation and carbon reduction have been introduced, emphasizing the importance of new heat exchanger technologies. The government aims for non-fossil energy consumption to reach around 20% by 2025, with significant energy-saving targets set for key industries [5][6]
广厦环能（920703）：深化国际拓展单季度归母净利+85%，2025Q1-3实现营收2.94亿元